TCRLA_Public/110524.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 24, 2011, Vol. 12, No. 101

                            Headlines


A R G E N T I N A

AGRO CONNECTION: Creditors' Proofs of Debt Due June 30
DISTRIBEBIDAS SRL: Creditors' Proofs of Debt Due August 1
RADIO TAXI: Creditors' Proofs of Debt Due July 11
RECAFRAM: Creditors' Proofs of Debt Due June 17


B R A Z I L

OGX PETROLEO: Fitch Assigns Issuer Default Rating at 'B+'


C A Y M A N   I S L A N D S

ACCRA INVESTMENTS: Members' Final Meeting Set for May 25
CAPITAL TRADING: Shareholders' Final Meeting Set for June 10
ELEANOR INVESTMENTS: Shareholders' Final Meeting Set for June 10
JAI CAPITAL: Shareholder to Receive Wind-Up Report on June 23
LNCP FUNDING: Members' Final Meeting Set for June 10

MARATHON PETROLEUM: Members' Final Meeting Set for June 10
MARATHON PETROLEUM: Members' Final Meeting Set for June 10
PN ASSURANCE: Members Receive Wind-Up Report
SAX LEASING: Sole Member to Receive Wind-Up Report on June 10
SG BOND: Sole Member to Receive Wind-Up Report on May 31

SHARPS SP I: Members' Final Meeting Set for May 31
SUN ASSET: Shareholders' Final Meeting Set for June 10


M E X I C O

SATELITES MEXICANOS: Can Hire Alfaro as Mexican Financial Advisor
SATELITES MEXICANOS: Can Hire Greenberg Traurig as Bankr. Counsel
SATELITES MEXICANOS: Can Hire Lazard Freres as Investment Banker
SATELITES MEXICANOS: S&P Assigns 'B' Corporate Credit Rating
TV AZTECA: Fitch Assigns 'BB-' on Proposed US$300MM Senior Notes


P U E R T O   R I C O

CARIBE MEDIA: Court Approves Kurtzman Carson as Claims Agents


T R I N I D A D  &  T O B A G O

CL FINANCIAL: CPG Head All for Ex-Chairman's Return
NATIONAL FLOUR MILLS: Seeks Extension of 1Q Results Submission


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


AGRO CONNECTION: Creditors' Proofs of Debt Due June 30
------------------------------------------------------
Juan Carlos de la Piedra, the court-appointed trustee for Agro
Connection SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until June 30, 2011.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 47, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Juan Carlos de la Piedra
         Av. Juan B. Justo 5096
         Argentina


DISTRIBEBIDAS SRL: Creditors' Proofs of Debt Due August 1
---------------------------------------------------------
Estudio Barbeito, the court-appointed trustee for Distribebidas
SRL's reorganization proceedings, will be verifying creditors'
proofs of claim until August 1, 2011.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 37, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 3, 2012.

The Trustee can be reached at:

         Estudio Barbeito
         Ferro y Asoc.; San Martin 1009
         Argentina


RADIO TAXI: Creditors' Proofs of Debt Due July 11
-------------------------------------------------
Luis Ricardo Krajl, the court-appointed trustee for Radio Taxi Sur
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until July 11, 2011.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Luis Ricardo Krajl
         Bouchard 468
         Argentina


RECAFRAM: Creditors' Proofs of Debt Due June 17
-----------------------------------------------
Sonia L. Scotti, the court-appointed trustee for Recafram's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 17, 2011.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 40, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Sonia L. Scotti
         B. Mitre 3419
         Argentina


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


OGX PETROLEO: Fitch Assigns Issuer Default Rating at 'B+'
---------------------------------------------------------
Fitch Ratings has assigned a foreign and local currency Issuer
Default Rating (IDR) of 'B+' to OGX Petroleo e Gas Participacoes
S.A. (OGX). Fitch has also assigned a 'B+/RR4' to the company's
proposed senior unsecured notes issuance due 2018 in the amount of
approximately USD2 billion and a long-term national scale rating
of 'BBB(bra)'. The 'RR4' recovery rating on the issuance reflects
an average expected recovery in the event of default. The Rating
Outlook is Stable.

OGX's ratings reflect the company's sizable and diversified oil
and gas resources, its experienced management team and its
expected ability to execute the start up of production from its
shallow water Campos blocks using standard and proven technology.
Primary concerns include; the potential for a delay in
incorporating proven reserves, unforeseen production delays that
could result from delays in critical equipment delivery and/or
lower than expected ramp-up of production volumes, and exposure to
contracted, yet, unlocked leasing fees for key production
equipment. These factors could result in the need for additional
financing for OGX over the medium term. Initially, production risk
is mitigated to some extent as key equipment has been secured and
procurement is in an advanced stage for additional equipment to
meet production targets.

Large Contingent and Prospective Resources:

OGX estimates it has a portfolio potential of approximately 10.8
billion of recoverable barrels of oil equivalent (boe). In total,
the company has 34 offshore and onshore exploratory blocks; 29 of
the blocks are located in Brazil, and five of the blocks are
located in Colombia. These blocks cover an offshore area of
approximately 7,000 square kilometers, as well as an onshore area
of 34,000 square kilometers. In Brazil, 90% of the portfolio is
located in shallow waters or onshore.

The bulk of the company's resources are comprised of contingent
and prospective resources, with no proven oil and gas reserves to
date. As of December 2010, a DeGolyer & MacNaughton (D&M) report
indicated OGX's Campos blocks hold 3.0 billion boe of total net 3C
contingent resources, 1.3 billion boe of delineation prospective
resources (high estimates not Pg adjusted), and 1.4 billion boe of
exploration prospective resource (mean estimate Pg adjusted) based
on the drilling results of 19 wells through December 1, 2010.
Since that time, 15 additional wells were drilled that hit and
further support the D&M data and extended the area with resources.

Contingent and potential resources are defined as the quantities
of petroleum estimated to be potentially recoverable from known
and undiscovered accumulations, respectively. Contingent resources
are expected to be converted into proved reserves upon declaration
of commerciality.

Start-up Operation Yield Higher Risks:

OGX is in the production start-up phase after completing over 42
exploration wells over the last two years. While unproven
production volumes and the start-up phase of oil production
greatly add to OGX's business risk, the company's initial drilling
campaign was highly successful and was focused on several of the
Campos basin blocks, which are directly adjacent to other
producing blocks; the Campos basin currently produces
approximately 1.6 million BOE/d for Petrobras. The blocks are in
shallow water and technology risks are low; the oil gravity is 20
degrees API for first field to be developed.

OGX is targeting to begin production in October 2011 in the Campos
basin - Waimea Complex, where it has developed an aggressive
drilling campaign. As of April 2011, 35 exploratory wells have
been drilled in the Campos basin with a 100% success rate. OGX has
received approval from Brazil's National Petroleum Agency (ANP) to
perform an extended well test. All critical equipment and services
are in place and the horizontal well has been drilled and
successfully tested. The initial well should begin producing by
October, 2011.

The company expects production to ramp-up in a second area in
Campos called the Waikiki project in the second half of 2013. By
2013, the company expects to have approximately 10 horizontal
production wells each producing approximately 15,000 - 20,000
boe/d.

OGX has secured seven offshore rigs under contract and its first
FPSO, OSX-1, is expected to arrive mid-year; other production
equipment to meet these goals, includes two additional FPSOs, OSX-
2 and OSX-3, which will be constructed in Singapore.

OGX is also expected to begin its exploratory drilling campaign in
the Espirito Santos basin in the second half of this year and
ramp-up exploratory drilling in the Parnaiba basin. The company
will also begin seismic shooting of its Colombian blocks.

Experienced, Knowledgeable Management:

The management team is experienced in the oil and gas sector with
an average of 31 years of experience in the Brazilian oil and gas
industry. The company's General Executive Officer of Exploration
and Production, Paulo Mendonca, was the former head of Petrobras'
exploration department from 2002 until 2007; a successful period
for Petrobras' discovery, development and production of offshore
hydrocarbons. Further, the majority of the remaining senior
management team comes from Petrobras. They have extensive working
experience in the basins where OGX is expected to produce. This
experience and firsthand knowledge somewhat lowers uncertainty
regarding the ability to execute its production plans.

The company also intends to keep a balance of intellectual capital
and project management skills and outsource many of the production
aspects with reputable, international oil and gas service
companies wherever possible. As of April 2011, OGX's direct
employees totaled 260, total direct and indirect including
subcontractors is more than 6,000.

Significant Capital Investment:

OGX has a very aggressive growth strategy that envisions growing
production from zero today to over 730 thousand boe per day
(kboe/d) in approximately five years. This growth plan will
require large capital investments that will be needed to bring
production on line. The company's initial production phase will
focus on the Campos and Parnaiba blocks, which will account for
the bulk of the company's total investment program of up to USD5.0
billion through 2013. As a result, OGX is expected to report
negative free cash flow over the next three years.

OGX expects to finance its capital investment requirements and
other start-up costs with USD2.5 billion of cash on hand, the
proposed USD2 billion debt issuance proceeds and, to a lesser
extent, from internal cash flow generation once production begins
to come online. OGX's funding needs and internal cash flow
generation could be compromised by delays in production equipment
delivery, cost overruns, lower than expected production volumes,
and weaker crude prices. Alternative sources of financing include
potential partial asset sales of exiting blocks, and new equity
issuances, although the latter appears less unlikely.

High Expected Leveraged and Ample Liquidity:

OGX has a satisfactory liquidity position of approximately
USD2.5billion and no funded debt as of March 2011. OGX's
concessions and initial exploration activities have been fully
financed with the proceeds from two equity issuances. In November
2007, OGX raised USD1.3 billion through a private placement equity
offering. In June 2008, the company raised an additional USD4.1
billion through an IPO. The cash on hand is the remaining cash
from the first two equity issuances. OGX expects to issue
approximately USD2 - 3 billion in unsecured notes that are
expected to fund the initial production ramp-up through 2015.

Fitch estimates that as production ramps up over the next two
years, through 2013, leverage as measured by total adjusted debt
to EBITDA, will fall from non-meaningful levels today (no
operating cash flow) to levels in the high single digits. Fitch
expects leverage should substantially decline to below 4.0 times
(x) after adjusting debt for operating leases in 2014 and 2015 as
production comes on line and operating cash flow increases. Fitch
also expects the vast majority of incremental total adjusted debt
will be associated with operating leases for production equipment
with affiliate company, OSX.

Fitch projects EBITDA will grow to between USD6.0 - USD8.0 billion
by 2015 using Fitch's published mid-cycle price deck and by
applying significant discounts to management's production targets;
Fitch's base case is significantly lower than management's
expectations. Over the same period, Fitch projects funded debt
will remain at approximately USD3.0 billion although Fitch's net
adjusted debt for operating leases will increase total net
adjusted obligations to slightly greater than USD10.0 billion by
2015. Leverage based on debt to proven reserves is expected to be
below USD3.0 per barrel assuming 4.0 billion boe are proved out
over the next few years. These estimates may vary depending on
eventual production rates/levels, the level of proven reserves,
and ultimately crude prices.

Rating Drivers:

Catalysts for a negative rating action include a significant delay
in bringing production online, coupled with lower than expected
discovery levels and incorporating reserves, which could result in
increased funding needs and deteriorate OGX's credit quality. A
positive rating action could result from satisfactory production
volumes, coupled with lower uncertainties regarding reserves.

Company Profile

OGX is a Brazilian Oil and Gas company 61.2% owned by EBX Group.
OGX has a portfolio of 34 blocks, of which 29 are located in
Brazil (22 are offshore) and 5 in Colombia. In Brazil, OGX's
blocks are located in the Campos, Santos, Espirito Santo, Para-
Maranhao and Parnaiba Basins - covering an area of 28,500 square
kilometers. In Colombia, OGX acquired five blocks in the 2010 open
auctions, with a total area of 12,500 square kilometers in the
Cesar-Rancheria and Magdalena Basins. OGX was created in 2007 and
has financed its acquisitions and drilling activities with
proceeds from a USD1.3 billion private equity placement in
November 2007 and a R$6.7 billion (USD4.1 billion) IPO in June
2008.


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


ACCRA INVESTMENTS: Members' Final Meeting Set for May 25
--------------------------------------------------------
The members of Accra Investments Limited will hold their final
meeting on May 25, 2011, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         First Caribbean House, 4th Floor
         P.O. Box 487, Grand Cayman KY1-1106
         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


ELEANOR INVESTMENTS: Shareholders' Final Meeting Set for June 10
----------------------------------------------------------------
The shareholders of Eleanor Investments Limited will hold their
final meeting on June 10, 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:

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


JAI CAPITAL: Shareholder to Receive Wind-Up Report on June 23
-------------------------------------------------------------
The shareholder of Jai Capital Partners Cayman, Ltd. will receive
on June 23, 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


LNCP FUNDING: Members' Final Meeting Set for June 10
----------------------------------------------------
The members of LNCP Funding Company will hold their final meeting
on June 10, 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:

         Bernard McGrath
         69 Dr. Roy's Drive
         P.O. Box 1043, George Town
         Grand Cayman KY1-1102
         Cayman Islands


MARATHON PETROLEUM: Members' Final Meeting Set for June 10
----------------------------------------------------------
The members of Marathon Petroleum Angola Block 31 Limited will
hold their final meeting on June 10, 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:

         Y.R. Kunetka
         5555 San Felipe St.
         Houston, Texas 77056
         U.S.A.


MARATHON PETROLEUM: Members' Final Meeting Set for June 10
----------------------------------------------------------
The members of Marathon Petroleum Angola Block 32 Limited will
hold their final meeting on June 10, 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:

         Y.R. Kunetka
         5555 San Felipe St.
         Houston, Texas 77056
         U.S.A.


PN ASSURANCE: Members Receive Wind-Up Report
--------------------------------------------
The members of PN Assurance Limited received on May 2, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

Megan Ogden of Marsh Management Services Cayman Ltd is the
company's liquidator.


SAX LEASING: Sole Member to Receive Wind-Up Report on June 10
-------------------------------------------------------------
The sole member of Sax Leasing No. 7 will receive on June 10,
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:

         Martin Prinsloo
         1st Floor
         Samuel Harris House
         St Georges Street
         Douglas IM1 1AJ, Isle of Man


SG BOND: Sole Member to Receive Wind-Up Report on May 31
--------------------------------------------------------
The sole member of SG Bond Plus Fund 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's liquidator is:

         Richard Finlay
         c/o Krysten Lumsden
         Telephone: (345) 814 7366
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


SHARPS SP I: Members' Final Meeting Set for May 31
--------------------------------------------------
The members of Sharps SP I LLC Net Interest Margin 2005-WF1N will
hold their final meeting on May 31, 2011, at 12:00 noon, to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Alan Turner
         Turner & Roulstone
         Strathvale House, 3rd Floor
         90 North Church Street
         George Town, Grand Cayman KY1-1102
         P.O. Box 2636
         Cayman Islands
         c/o Andrea Dunsby
         Telephone: (345) 943-5555
         Facsimile: (345) 943-9999


SUN ASSET: Shareholders' Final Meeting Set for June 10
------------------------------------------------------
The shareholders of Sun Asset Holding will hold their final
meeting on June 10, 2011, at 9:15 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


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


SATELITES MEXICANOS: Can Hire Alfaro as Mexican Financial Advisor
-----------------------------------------------------------------
Satelites Mexicanos, S.A. de C.V., et al., sought and obtained
authorization from Hon. Christopher S. Sontchi of the U.S.
Bankruptcy Court for the District of Delaware to employ Alfaro,
Davila y Rios, S.C., as Mexican financial advisor, nunc pro tunc
to the Petition Date.

Due to the cross-border nature of their business and operations,
the Debtors have required and utilized financial advisory services
in the U.S. as well as in Mexico and the rest of Latin America
prior to the commencement of the proceedings and in connection
with the proposed restructuring.  The Debtors are seeking to
employ ADR, a strategic alliance partner of Lazard Freres & Co.
LLC based in Mexico, with respect to the Mexican and Latin
American aspects of these proceedings and the restructuring of the
Debtors.

ADR will, among other things:

         a. advise with regard to possible affiliations with
            strategic operators;

         b. advise with regard to divestitures of non-strategic
            assets; and

         c. provide the Debtors with other financial restructuring
            advice.

ADR will be paid, among other things:

         a. a monthly fee of $175,000 for the first two months of
            Lazard's engagement, and $150,000 for each additional
            month of engagement;

         b. a fee equal to $2 million; and

         c. a fee equal to $8 million.

More information on ADR's fee structure is available for free at:

                         http://is.gd/4VsvY4

                        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.


SATELITES MEXICANOS: Can Hire Greenberg Traurig as Bankr. Counsel
-----------------------------------------------------------------
Satelites Mexicanos, S.A., de C.V., et al., obtained authorization
from Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware to employ the law firm of Greenberg
Traurig, LLP, as their bankruptcy counsel, nunc pro tunc to the
Petition Date.

Greenberg Traurig can be reached at:

                  Attn: Victoria Watson Counihan, Esq.
                  Greenberg Traurig, LLP
                  The Nemours Building
                  1007 North Orange Street, Suite 1200
                  Wilmington, DE 19801
                  Tel: (302) 661-7000
                  Fax: (302) 661-7360
                  E-mail: bankruptcydel@gtlaw.com

As reported by the Troubled Company Reporter on April 13, 2011,
the Debtors sought court approval to employ Greenberg Traurig.
The hourly rates applicable to the Greenberg Traurig principal
attorneys and paralegals proposed to represent the Debtors are:

     Professional                         Rate Per Hour
     ------------                         -------------
     Nancy A. Mitchell                          $945
     Maria DiConza                              $730
     Victoria W. Counihan                       $665
     Paul J. Keenan Jr.                         $600
     Alexandra Aquino-Fike                      $420
     Aviram Fox                                 $395
     Matthew L. Hinker                          $315
     Elizabeth Thomas                           $235

Other Greenberg Traurig attorneys and paralegals will render
services to the Debtors, as needed.  The firms' hourly rates are:

     Professional                        Rate Per Hour
     ------------                        -------------
     Shareholders                            $340-$1,090
     Of counsel                              $360-$935
     Associates                              $175-$610
     Legal Assistants/Paralegals              $60-$310

                        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.

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.


SATELITES MEXICANOS: Can Hire Lazard Freres as Investment Banker
----------------------------------------------------------------
Satelites Mexicanos, S.A. de C.V., et al., obtained authorization
from Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware to employ Lazard Freres & Co. LLC as
investment banker and financial advisor, nunc pro tunc to the
Petition Date.

As reported by the Troubled Company Reporter on April 14, 2011,
the Debtors sought court approval to hire Lazard Freres to, among
other things:

     a. review and analyze the Debtors' business, operations and
        financial projections;

     b. evaluating the Debtors' potential debt capacity and
        capital expenditure requirements in light of its projected
        cash flows;

     c. assist in the determination of a capital structure for the
        Debtors; and

     d. assist in the determination of a range of values for the
        Debtors on a going concern basis.

Lazard Freres will be paid, among other things:

     a. a monthly fee of $175,000 for the first two months of its
        engagement, and $150,000 for each additional month of
        engagement;

     b. a fee equal to $2 million, payable upon the earlier (i)
        execution of a binding term sheet by, or similar binding
        agreement in principle among, a sufficient number of the
        Debtors' stakeholders to proceed with the implementation
        of a restructuring, (ii) execution of definitive
        agreements with respect to a pre-packaged or pre-arranged
        plan of reorganization by a number of the Debtors'
        stakeholders as is necessary to bind the Debtors'
        stakeholders to the plan, and (iii) delivery of binding
        consents to, or execution of, a prepackaged plan by a
        number of the Debtors' stakeholders as is necessary to
        file the plan; and

     c. a fee equal to $8 million, payable upon consummation of a
        restructuring.

More information on the compensation structure of Lazard Freres is
available at the letter agreement, a copy of which is available
for free at:

http://bankrupt.com/misc/SATELITES_MEXICANOS_letteragreement.pdf

                        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.
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.


SATELITES MEXICANOS: S&P Assigns 'B' Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B'
corporate credit rating to Mexico-based satellite operator
Satelites Mexicanos S.A. de C.V. (Satmex). The outlook is stable.

"At the same time, we assigned Satmex's US$325 million senior
secured notes our preliminary issue rating of 'B' (at the same
level as the preliminary 'B' corporate credit rating) with a
preliminary recovery rating of '3', indicating our expectation of
meaningful (50%-70%) recovery for debt holders in the event
of a payment default," S&P said.

"The rating reflects the company's announcement that the U.S.
Bankruptcy Court for the District of Delaware confirmed the
company's prepackaged plan of reorganization under the Chapter 11
of the U.S. Bankruptcy Code," said Standard & Poor's credit
analyst Marcela Duenas. Under the terms of the plan, Satmex would
reduce its total debt to approximately US$325 million from
approximately US$440 million. The preliminary ratings are subject
to Satmex's timely emergence from bankruptcy and consummation of
its plan of reorganization in line with our expectations. "The
preliminary ratings are also subject to the first- and second-lien
secured notes being redeemed on substantially the same terms as
represented to us. Any meaningful changes to the capital structure
may result in Standard & Poor's assigning different ratings. If
the company emerges from bankruptcy with a significantly different
capital structure, we could withdraw the preliminary ratings and
assign a lower issuer credit rating. The preliminary and expected
ratings are also subject to final documentation and our review of
legal matters that we believe are relevant to our analysis, as
outlined in our criteria."

"The preliminary ratings on Satmex reflect its highly leveraged
financial risk profile, our expectation of negative free operating
cash flow (FOCF) in the next two years, the company's weak
business risk profile as a result of strong competition from
regional and global satellite companies in the same markets where
it operates, its limited fleet, customer concentration risk, and
risks regarding the launch of a new satellite. Partially
mitigating these factors are some features inherent to the fixed
satellite services (FSS) industry such as high barriers of entry
given the scarcity of licenses for orbital slots (Satmex holds
three orbital locations); the high cost of building, insuring,
launching and operating satellites; the longer-term nature of
transponder contracts; attractive orbital locations and elevation
angles that provide robust coverage to 90% of the Americas
population; high utilization rates; and adequate pro forma
liquidity. U.S. dollar-denominated contracts mitigate foreign
exchange risk," according to S&P.

"The stable outlook would reflect Satmex's adequate pro forma
liquidity and our view that, pro forma for the restructure, Satmex
will maintain stable financial indicators and would be able to
service its debt, and fund the last stage of construction and
launch of Satmex 8. Delays or failing to launch Satmex 8,
additional indebtedness that leads to higher leverage, customers
switching to other satellite providers, or higher-than-expected
capital expenditures may lead us to lower the ratings. If Satmex's
operations grow, turning FOCF positive sooner than we expect, and
the company's leverage remains under 3.0x, it is possible that we
may raise the ratings," S&P added.


TV AZTECA: Fitch Assigns 'BB-' on Proposed US$300MM Senior Notes
----------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to TV Azteca, S.A.B. de
CV proposed US$300 million senior notes due 2018. Proceeds from
the proposed issuance will be used to repay existing indebtedness
and general corporate uses, including working capital and capex.

Fitch currently rates TV Azteca:

   -- Long-term Issuer Default Rating (IDR) 'BB-';

   -- Local currency IDR 'BB-'.

The Rating Outlook is Stable.

TV Azteca's ratings reflect its business position as the second
largest TV broadcaster in Mexico with national presence and one of
the largest Spanish speaking TV companies worldwide. The ratings
consider the company's financial profile and strong cash
generation, which in turn has been used in past years to finance
growth, pay dividends, capital reductions and share repurchases.
TV Azteca's ratings are limited by the mature stage of the
industry, high competition from traditional and new distribution
platforms, limited revenue diversification base, as well as the
company's debt structure and financial flexibility.

TV Azteca's business position reflects its stable market share in
the domestic market. Mexico's TV broadcasting market is comprised
of two national networks (Grupo Televisa, S.A.B. and TV Azteca)
and smaller regional and local broadcasters. Television continues
to be the most important mass media in Mexico for advertisers. The
company's revenues are supported in the attractiveness of its
internally produced content which allows it to align advertisers
with specific demographics.

Traditionally, advertisers with presence in broadcasted TV in
Mexico are engaged in less cyclical segments such as consumer
goods and services, which in turn have been translated into stable
cash flows during economic cycles. During 2010, TV Azteca's
revenues grew 15.9% versus 2009, compared to a national GDP growth
of 5.5%. This increase reflects TV Azteca's market share gains
during 2010, as well as increased revenues coming from the World
Cup during June-July 2010 and improved economic conditions.
Special events such as Olympics and World Cup are recurrent
sources of revenues; however, they are not present every year.

TV Azteca's profitability has remained strong reflecting higher
and stable audience ratings, which in turn have translated into
better pricing (price linked to rating points) and management's
strict cost and expenses control. Management has implemented
incentives to sales force in function of ratings; on the costs and
expenses side, while COGS has remained relatively stable at 51%-
52% of revenues, despite the World Cup special events, SG&A have
declined as a percentage of sales to 11% in 2010, from 12% in
2009, 12.8% in 2008 and 13.2% in 2007. As a result, EBITDA margin
reached 40.9% in 2010, similar to 41.4% at year-end 2009.

TV Azteca's financial profile is strong for the rating category
and has been stable in recent years. Total debt to EBITDA for 2010
was 2.0 times (x) compared to 2.2x and 2.5x at year-end 2009 and
2008, respectively. For the same periods, interest expense covered
by EBITDA was 4.8x, compared to 4.4x and 3.9x, respectively. Fitch
expects that TV Azteca's main credit metrics will remain strong as
a result of stable cash generation and debt amortization.

In recent years internally generated cash has been the company's
main source to finance growth and cash distributions to
shareholders. The company's strategy continues to be focused in
the production of robust programming which requires investment in
talent and facilities. Management guidance for 2011 includes
maintenance capex of approximately US$30 million, increased
production capacity of US$30 million and dividend payments of
approximately US$25 million, which Fitch sees manageable for the
company's forecasted cash generation and that those levels will
remain relatively stable in the near future.

While liquidity risk is low and the pro forma debt maturity
profile is adequate, it is important to remark that a
significative portion of the company's total debt is secured by
different schemes; 63% is secured by 22% of national advertising
revenues, 3.7% is secured by assets and 12% is guaranteed by TV
Azteca's main subsidiaries. Total debt as of March 31, 2011 was
MXN9.251 million, with short-term debt of MXN1.916 million (which
is expected to be refinanced with the proposed issuance proceeds)
and cash of MXN5.658 million. Historically, the company has
supported its liquidity requirements with uncommitted short-term
credit facilities.

TV Azteca's debt is comprised of structured Certificados
Bursatiles of MXN6,000 million which start amortizing in 2011
through 2020, bank loans of MXN1,818 million and MXN1,433 million
(US$120 million) financing with American Tower Corp. maturing in
2069. With the proposed senior notes issuance the company plans to
repay most of its short-term debt balance, allowing it to extend
debt maturities and improve its liquidity position. Fitch does not
expect material changes in TV Azteca's main credit metrics after
the transaction.


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


CARIBE MEDIA: Court Approves Kurtzman Carson as Claims Agents
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Caribe Media Inc. and CII Acquisition Holding Inc. to employ
Kurtzman Carson Consultants LLC as claims and notice agent.

KCC can be reached at:

          Drake D. Foster
          KURTZMAN CARSON CONSULTANTS LLC
          2335 Alaska Ave.
          El Segundo, CA 90245
          Tel: (310) 823-9000
          Fax: (310) 823-9133
          E-mail: dfoster@kccllc.com

Albert H. Kass, vice president of Corporate Restructuring Services
at KCC, attests that his firm does not hold or represent an
interest materially adverse to the Debtors' estates in connection
with any matter on which it would be employed and that it is a
"disinterested person" as referenced by Section 324(a) of the
Bankruptcy Code and as defined by Section 101(14) of the
Bankruptcy Code.

                        About Caribe Media

Caribe Media Inc. owns publication rights for certain print and
Internet directories in the Dominican Republic and Puerto Rico.
Caribe Media owns 60% of Axesa Servicios de Informacion, S. en C.,
a Yellow Pages publisher in Puerto Rico and the official publisher
of all telephone directories for Puerto Rico Telephone Company,
Inc., the largest local exchange carrier in Puerto Rico, and
US$100% of Caribe Servicios de Informacion Dominicana, S.A., the
sole directory publisher in the Dominican Republic with the
exclusive right to publish under the brand of Codetel, the largest
telecom operator in the Dominican Republic.  Caribe Media is
wholly owned by CII Acquisition Holding Inc.  They are affiliates
of Local Insight Media Holdings, Inc.

Caribe Media and CII filed for Chapter 11 bankruptcy protection
(Bankr. D. Del. Case Nos. 11-11387 and 11-11388) on May 3, 2011.
Caribe Media is being represented by lawyers at Kirkland & Ellis
LLP and Pachulski Stang Ziehl & Jones LLP as bankruptcy counsel.
Lawyers at Curtis, Mallet-Prevost, Colt & Mosle LLP will serve as
conflicts counsel.

Local Insight Media is also a debtor in its own Chapter 11 pending
in Delaware.  Local Insight Media filed in 2010.  It is also being
represented by lawyers at Kirkland and Pachulski.


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


CL FINANCIAL: CPG Head All for Ex-Chairman's Return
---------------------------------------------------
Trinidad Express reports that Chairman of the Colonial Life
Insurance Company (CLICO) Policyholders Group Peter Permell is not
opposed to the return of former chairman Lawrence Duprey to the
helm of CL Financial Limited.

CLICO is a subsidiary of CL Financial Limited.

Cabinet is said to be close to a decision on the Government's
"exit strategy" which could see Mr. Duprey once again running the
beleaguered company, according to Trinidad Express.

Trinidad Express, citing a press release, Mr. Permell cited Mr.
Duprey as the most appropriate person to oversee the repayment of
policyholders.

                      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.


NATIONAL FLOUR MILLS: Seeks Extension of 1Q Results Submission
--------------------------------------------------------------
Trinidad and Tobago Newsday reports that National Flour Mills
Limited (NFM) has requested a one-month extension of the deadline
for the submission of its first quarter 2011 results.  In a
statement from the Trinidad and Tobago Stock Exchange (TTSE), they
said the new Board has requested additional time to review and
deliberate on its financials, according to T&T Newsday.

On March 3, a new Board was appointed, including chairman
Jacqueline Burgess.

In February, the report recalls, the TTSE strongly reprimanded NFM
for not informing it that five of the company's six directors had
resigned, the effective date of their resignation or disclosing
the notice of the convening of the special meeting.

The length of time that NFM took to fill the vacancies also meant
that NFM was in breach of Section 64 of the Companies Act, which
provides that a public company will have no fewer than three
directors, T&T Newsday says.


===============
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-USD       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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