TCRLA_Public/110531.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 31, 2011, Vol. 12, No. 106

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: SEC to Decide if Fraud Victims Get SIPC Protection


B R A Z I L

SUL AMERICA: Fitch Affirms Issuer Default Ratings at 'BB+'


C A Y M A N   I S L A N D S

DEEPHAVEN MAC 89: Creditors' Proofs of Debt Due June 14
GALAXY CHINA: Creditors' Proofs of Debt Due June 23
GALAXY CHINA: Creditors' Proofs of Debt Due June 23
HAR LAVAN: Creditors' Proofs of Debt Due June 24
NAUTICAL OFFSHORE: Commences Liquidation Proceedings

NEUBERGER BERMAN: Creditors' Proofs of Debt Due June 13
NEUBERGER BERMAN: Creditors' Proofs of Debt Due June 13
ONE EAST: Creditors' Proofs of Debt Due June 14
QARAVEL INVESTMENTS: Creditors' Proofs of Debt Due June 22
ROARING BROOK: Creditors' Proofs of Debt Due June 27

ROARING BROOK: Creditors' Proofs of Debt Due June 27
SEER CAPITAL: Creditors' Proofs of Debt Due June 22
SERRA-SECA INVESTMENTS: Creditors' Proofs of Debt Due June 22
SIRIUS INTERNATIONAL: Creditors' Proofs of Debt Due June 23
SOLSONA INVESTMENTS: Creditors' Proofs of Debt Due June 22

ZAIS INVESTMENT: Taps Maples and Calder as Cayman Islands Counsel
ZAIS INVESTMENT: Amends Schedules of Assets and Liabilities
ZAIS INVESTMENT: Wants to Hire Jones Day as Special Counsel


C O L O M B I A

LA CORTEZ ENERGY: Reports US$2.3-Mil. Net Income in First Quarter


J A M A I C A

AIR JAMAICA: No Job Loss From Merger With Caribbean Airlines
CABLE & WIRELESS: Incurs JM$6-Billion Loss in Year Ended March 31
DIGICEL GROUP: Merger Deal With Claro Hits a Snag


M E X I C O

BANCO AHORRO: S&P Rates Global Scale Counterparty Credit 'B'
VITRO SAB: U.S. Trustee Forms Creditors Committee for U.S. Units


P U E R T O   R I C O

SWISS CHALET: Case Summary & 20 Largest Unsecured Creditors


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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

STANFORD INT'L: SEC to Decide if Fraud Victims Get SIPC Protection
------------------------------------------------------------------
Joshua Gallu at Bloomberg News reports that the U.S. Securities
and Exchange Commission, faulted for missing Robert Allen
Stanford's alleged US$7 billion fraud, said it will decide "in the
near future" whether victims should receive federal insurance
payments.

SEC enforcement director Robert Khuzami and inspections chief
Carlo di Florio said the SEC has devoted "substantial time and
effort" to determine whether the Securities Investor Protection
Corp. erred in denying Stanford International investors coverage,
according to Bloomberg.

The report relates that investors, lawmakers and the SEC's
inspector general have accused the agency and the Financial
Industry Regulatory Authority of ignoring warnings about Mr.
Stanford years before he was arrested.  FINRA, the industry-funded
brokerage regulator, oversaw the Stanford unit that sold the
certificates of deposit.

Bloomberg discloses that Stephen Harbeck, the president of the
Securities Investor Protection Corp., said in an August 2009
letter that Stanford investors weren't eligible for insurance
payments because the government-sponsored regulator doesn't
protect people who are sold worthless securities.  Bloomberg
relates that SIPC, which was chartered to guard investors against
broker theft or brokerage failure, is overseen by the SEC.

Missing Mr. Stanford's alleged fraud wasn't a matter of faulty
regulations so much as a failure to enforce existing statutes,
FINRA chairman and chief executive officer Richard Ketchum told
lawmakers, Bloomberg notes.

Bloomberg discloses that Julie Preuitt, a SEC employee who worked
on an examination of Stanford's business in 1997, said she had
been rebuffed by supervisors after flagging possible fraud and
pushing for a more thorough investigation.  Bloomberg relates that
Ms. Preuitt said she was also reprimanded by management after
complaining about changes to the examination program in 2007.

Bloomberg notes that SEC Inspector General H. David Kotz urged in
a report last year that the SEC is considering taking disciplinary
action against two managers in the Fort Worth office who punished
Ms. Preuitt.

"That hasn't happened," Ms. Preuitt said, Bloomberg adds.

               About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On Feb. 16, 2009, the U.S. District Court for the Northern
District of Texas, Dallas Division, signed an order appointing
Ralph Janvey as receiver for all the assets and records of
Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate; and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on an
US$8 billion Certificate of Deposit program.

A criminal case was also pursued against Mr. Stanford in June 2009
before the U.S. District Court in Houston, Texas.  Mr. Stanford
pleaded not guilty to 21 charges of multi-billion dollar fraud,
money-laundering and obstruction of justice.  Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges.  Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for his
arrest on the criminal charges.

The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.).  The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).


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


SUL AMERICA: Fitch Affirms Issuer Default Ratings at 'BB+'
----------------------------------------------------------

Fitch Ratings has affirmed Sul America S.A.'s (Sasa) ratings and
revised their Rating Outlook to Positive from Stable:

   -- Foreign and Local Currency Long-Term Issuer Default Ratings
      (IDRs) at 'BB+'; Positive Outlook;

   -- Foreign and Local Currency Short-Term IDRs at 'B';

   -- National Long-Term Rating at 'AA(bra)'; Positive Outlook;

   -- National Short-Term Rating at 'F1+(bra)';

   -- USD200 million senior notes due February 2012 Foreign
      Currency Long-Term Rating at 'BB'.

The Positive Outlook on the ratings of Sasa, the holding company
of the Brazilian insurance group Sul America Seguros (SAS),
reflects the maintenance of good and consistent operating
performance despite increasing competition and the termination of
an important joint venture with Banco do Brasil S.A. (BdB) in the
auto segment in 2010. Sasa's performance has been supported by
continued intense commercial business activities through its broad
base of local brokers. To strengthen its competitiveness in the
retail market and maintain its position in its main business
niches, Sasa has also been expanding the number of its
partnerships, mainly with financial groups, since SAS is among the
few independent insurance groups in Latin America. In addition,
the ratings also take into account Sasa's recent acquisitions and
coinsurance agreements in the health and auto segments, which are
expected to contribute to growth and profitability.

A future upgrade of the ratings will depend on the ability of Sasa
to further consolidate the recently expanded distribution network
(mostly partnerships). A stable performance in terms of claims
ratio and overall profitability would also be needed in order for
the Positive Outlook to lead to a rating upgrade. A more
conservative approach in terms of leverage and the newly enhanced
liquidity levels could also trigger a positive rating action. A
deterioration in its operating performance, leverage or liquidity
may trigger a change on the Outlook back to Stable, or even
negatively affect the ratings depending on the materiality of the
deterioration.

SAS has a diversified product mix, highlighted by its strong
presence in the health and auto segments in Brazil, which have a
high correlation with its operational performance. Its ratings
also consider its good controls and constant improvements in its
underwriting practices and management of reserves. Furthermore,
they reflect expectations for the maintenance of the adequacy of
capital and leverage and satisfactory liquidity ratios, which
would enable profitability to remain at satisfactory levels, in
line with its international peers, notwithstanding greater
competition.

Despite greater focus on risk underwriting which could be
detrimental to market share, Sasa maintained strong premium growth
in 2010 in its main business segments - a trend that may continue
during 2011 based on its expanded distribution network and the
expected economic growth in Brazil. Despite the termination of its
partnership with BdB, its established and solid franchise and
effective commercial business strategies have allowed the entity
to continue with its growth strategy without sacrificing prices.

Loss ratio is expected to remain stable in 2011, in line with
local peers, despite cautious pricing, cost control and isolated
rate adjustments. The combined ratio is expected to stay below
100%, now incorporating the strengthening of reserves and
occasional adjustments to its cost structure. This will also
include a small contribution from the extension of the back office
contract with BdB. Although returns could come under pressure and
even decrease in the long term, they are expected to remain
favorable in 2011 and compare well with those of its peers,
benefiting from growth, good financial earnings and effective cost
management.

Sasa's liquid assets were strengthened with the sale of
participations and real estate in 2010 and are expected to remain
high through 2011/2012, even if SAS intends to take advantage of
potential business opportunities and redeem its eurobond issuance.
Following the payment of dividends, it stood around BRL800million
in May 2011, which was equivalent to nearly 2.3 times total
financial indebtedness. Fitch expects that Sasa will maintain
sufficient liquidity to support growth independent of potential
acquisitions.

Sasa is the second largest health insurance provider in Brazil and
the third largest in auto. It is 33.28% controlled by Sulasapar
Participacoes (Sulasapar), 21.47% by ING Insurance International
BV (ING) and a further 38.40% is the market float. ING's group
support was not incorporated into the company's ratings by Fitch.
Recently, ING announced that it is reviewing its global strategy
and intends to sell its insurance operations. Fitch is monitoring
the progress of changes in Sasa's shareholder composition and the
possible impacts on its ratings, even though the benefit of ING's
support has not been incorporated into the ratings.


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


DEEPHAVEN MAC 89: Creditors' Proofs of Debt Due June 14
-------------------------------------------------------
The creditors of Deephaven Mac 89 Ltd. are required to file their
proofs of debt by June 14, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 11, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


GALAXY CHINA: Creditors' Proofs of Debt Due June 23
---------------------------------------------------
The creditors of Galaxy China Deep Value Master Fund are required
to file their proofs of debt by June 23, 2011, to be included in
the company's dividend distribution.

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

The company's liquidator is:

         Tse Tim
         Admiralty Centre
         Unit 603, 6th Floor, Tower 1
         18 Harcourt Road
         Hong Kong


GALAXY CHINA: Creditors' Proofs of Debt Due June 23
---------------------------------------------------
The creditors of Galaxy China Deep Value Fund SPC are required to
file their proofs of debt by June 23, 2011, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Tse Tim
         Admiralty Centre
         Unit 603, 6th Floor, Tower 1
         18 Harcourt Road
         Hong Kong


HAR LAVAN: Creditors' Proofs of Debt Due June 24
------------------------------------------------
The creditors of Har Lavan International S.A. are required to file
their proofs of debt by June 24, 2011, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Ogier Fiduciary Services (Cayman) Limited
         c/o Colin J. MacKay
         Telephone: (345) 949 9876
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


NAUTICAL OFFSHORE: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary meeting held on April 29, 2011, the members of
Nautical Offshore Services resolved to voluntarily liquidate the
company's business.

The company's liquidators are:

         Kenneth Krys
         Krys Global, Governors Square
         Building 6, 2nd Floor
         23 Lime Tree Bay Avenue
         P.O. Box 31237, George Town
         Grand Cayman KY1-1205
         Cayman Islands; and

         Cosimo Borrelli
         c/o Borrelli Walsh Pte Limited
         #14-04 City House, 36 Robinson Road
         Singapore 068877


NEUBERGER BERMAN: Creditors' Proofs of Debt Due June 13
-------------------------------------------------------
The creditors of Neuberger Berman Q Master Fund Ltd. are required
to file their proofs of debt by June 13, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on April 29, 2011.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 77366
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


NEUBERGER BERMAN: Creditors' Proofs of Debt Due June 13
-------------------------------------------------------
The creditors of Neuberger Berman Q Fund Ltd. are required to file
their proofs of debt by June 13, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 29, 2011.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 77366
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


ONE EAST: Creditors' Proofs of Debt Due June 14
-----------------------------------------------
The creditors of One East Liquidity International, Ltd. are
required to file their proofs of debt by June 14, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 5, 2011.

The company's liquidator is:

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


QARAVEL INVESTMENTS: Creditors' Proofs of Debt Due June 22
----------------------------------------------------------
The creditors of Qaravel Investments (Cayman) Ltd. are required to
file their proofs of debt by June 22, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 11, 2011.

The company's liquidator is:

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


ROARING BROOK: Creditors' Proofs of Debt Due June 27
----------------------------------------------------
The creditors of Roaring Brook Capital Offshore, Ltd are required
to file their proofs of debt by June 27, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on May 11, 2011.

The company's liquidator is:

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


ROARING BROOK: Creditors' Proofs of Debt Due June 27
----------------------------------------------------
The creditors of Roaring Brook Capital Master Fund, Ltd are
required to file their proofs of debt by June 27, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 11, 2011.

The company's liquidator is:

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


SEER CAPITAL: Creditors' Proofs of Debt Due June 22
---------------------------------------------------
The creditors of Seer Capital Offshore Credit Fund Ltd. are
required to file their proofs of debt by June 22, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 19, 2011.

The company's liquidator is:

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


SERRA-SECA INVESTMENTS: Creditors' Proofs of Debt Due June 22
-------------------------------------------------------------
The creditors of Serra-Seca Investments Limited are required to
file their proofs of debt by June 22, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 6, 2011.

The company's liquidator is:

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


SIRIUS INTERNATIONAL: Creditors' Proofs of Debt Due June 23
-----------------------------------------------------------
The creditors of Sirius International Limited are required to file
their proofs of debt by June 23, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 9, 2011.

The company's liquidator is:

         Simon Conway
         Priscilla Connor
         Telephone:  (345) 914 8745
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


SOLSONA INVESTMENTS: Creditors' Proofs of Debt Due June 22
----------------------------------------------------------
The creditors of Solsona Investments Limited are required to file
their proofs of debt by June 22, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 6, 2011.

The company's liquidator is:

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


ZAIS INVESTMENT: Taps Maples and Calder as Cayman Islands Counsel
-----------------------------------------------------------------
Zais Investment Grade Limited VII asks the U.S. Bankruptcy Court
for the District of New Jersey for permission to employ Maples and
Calder to serve as its Cayman Islands counsel.

Maples and Calder will advise and provide consultation to the
Debtor with respect to matters of Cayman Islands law, including,
without limitation, all implications of Cayman Islands concerning
the Debtor's day-to-day operations and day-to-day bankruptcy
proceedings.

The Debtor proposes to pay Maples and Calder's standard hourly
rates.

To the best of the Debtor's knowledge, Maples and Calder is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

              About Zais Investment Grade Limited VII

Zais Investment Grade Limited VII is based in Grand Cayman.

On April 1, 2011, Anchorage Capital Master Offshore, Ltd., GRF
Master Fund, L.P., and Anchorage Illiquid Opportunities Offshore
Masters, L.P. filed an involuntary Chapter 11 petition against
Zais Investment Grade Limited VII.  On April 26, 2011, the U.S.
Bankruptcy Court for the District of New Jersey entered an order
for relief under chapter 11 of the Bankruptcy Code.

The Debtor tapped Wollmuth Maher & Deutsch LLP as general
bankruptcy counsel, and Jones Day as special counsel.

The Debtor disclosed US$504 in assets and US$365,771,549 in
liabilities.


ZAIS INVESTMENT: Amends Schedules of Assets and Liabilities
-----------------------------------------------------------
Zais Investment Grade Limited VII delivered to the U.S. Bankruptcy
Court for the District of New Jersey amended schedules of assets
and liabilities, disclosing:

     Name of Schedule              Assets       Liabilities
     ----------------            -----------  ----------------
  A. Real Property                      US$0
  B. Personal Property                  $504
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                             US$365,500,000
  E. Creditors Holding
     Unsecured Priority
     Claims                                                 $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                           $271,549
                                 -----------   ---------------
        TOTAL                         US$504    US$365,771,549

Zais Investment Grade Limited VII is based in Grand Cayman.

On April 1, 2011, Anchorage Capital Master Offshore, Ltd., GRF
Master Fund, L.P., and Anchorage Illiquid Opportunities Offshore
Masters, L.P. filed an involuntary Chapter 11 petition against
Zais Investment Grade Limited VII.  On April 26, 2011, the U.S.
Bankruptcy Court for the District of New Jersey entered an order
for relief under chapter 11 of the Bankruptcy Code.

The Debtor tapped Wollmuth Maher & Deutsch LLP as general
bankruptcy counsel, Maples and Calder as Cayman Islands counsel,
and Jones Day as special counsel.


ZAIS INVESTMENT: Wants to Hire Jones Day as Special Counsel
-----------------------------------------------------------
Zais Investment Grade Limited VII asks the U.S. Bankruptcy Court
for the District of New Jersey for permission to employ Jones Day
as its special counsel.

Jones Day will, among other things:

   -- advise the Debtor regarding matters relating to the
      derivatives trades between the Debtor and the counterparties
      to the trades;

   -- advise regarding issues relating to the structure of the
      Debtor's collateralized debt obligations; and

   -- represent the Debtor in any litigation arising out of the
      Debtor's corporate and debt structure that is not direcly
      related to the administration of the Debtor's estate.

By separate application, the Debtor also sought the Court's
approval to employ Wollmuth Maher & Deutsch LLP as general
bankruptcy counsel and Maples and Calder as Cayman Islands
counsel.

The hourly rates of Jones Day personnel are:

         Partners                US$700 - 950
         Associates              US$315 - $600
         Paralegals              US$190 - $225

Jones Day tells the Court that as of the Petition Date, the Debtor
owes it US$201,647 in unpaid fees and expenses.  Jones Day does
not intend to waive its right to the payment.

To the best of the Debtor's knowledge, Jones Day is a
"disinterested person" as that term is defined under Section
101(14 of the Bankruptcy Code.

About Zais Investment Grade Limited VII

Zais Investment Grade Limited VII is based in Grand Cayman.

On April 1, 2011, Anchorage Capital Master Offshore, Ltd., GRF
Master Fund, L.P., and Anchorage Illiquid Opportunities Offshore
Masters, L.P. filed an involuntary Chapter 11 petition against
Zais Investment Grade Limited VII.  On April 26, 2011, the U.S.
Bankruptcy Court for the District of New Jersey entered an order
for relief under chapter 11 of the Bankruptcy Code.  The Debtor
disclosed US$504 in assets and US$365,771,549 in liabilities.


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


LA CORTEZ ENERGY: Reports US$2.3-Mil. Net Income in First Quarter
-----------------------------------------------------------------
La Cortez Energy, Inc., filed its quarterly report on Form 10-Q,
reporting a net income of US$2.3 million on US$363,433 of oil
revenues for the three months ended March 31, 2011, compared with
a net loss of  US$835,072 on US$90,383 of oil revenues for the
same period in 2010.

The Company's balance sheet as of March 31, 2011, showed
US$28.8 million in total assets, US$5.6 million in total
liabilities, and shareholders' equity of US$23.2 million.

BDO USA, LLP, in Houston, Texas, expressed substantial doubt
about La Cortez Energy's ability to continue as a going concern,
following the release of the Company's 2010 results.  The
independent auditors noted that the Company has limited operating
history, no historical profitability, and has limited available
funds.

A full-text copy of the Form 10-Q is available for free at:

                       http://is.gd/SC6SA2

Headquartered in Bogota, Colombia, La Cortez Energy, Inc. (OTC BB:
LCTZ) -- http://www.lacortezenergy.com/-- is an early stage oil
and gas exploration and production company currently pursuing a
business strategy in the energy sector in South America, with an
initial focus on identifying oil and gas exploration and
production opportunities in Colombia.  To that end, the Company
has established a branch, La Cortez Energy Colombia, Inc., with
offices in Bogota, Colombia, and has signed a Joint Operating
Agreement for a 50% working interest in the Putumayo 4 block and a
Joint Venture agreement for a 20% working interest in the Maranta
block and has acquired the interests of Avante Colombia in the Rio
de Oro and the Puerto Barco fields, all in Colombia.


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


AIR JAMAICA: No Job Loss From Merger With Caribbean Airlines
------------------------------------------------------------
Trinidad and Tobago Newsday reports that Jamaica Minister of
Finance and Public Service Audley Shaw gave his assurance that
there will be no further substantial job losses at Caribbean
Airlines Limited and Air Jamaica Limited due to the two entities'
merger.

As reported in the Troubled Company Reporter-Latin America on
May 30, 2011, Trinidad Express said the merger between
Caribbean Airlines and Air Jamaica was sealed on May 26, 2011,
with the signing of the shareholder agreement which gives CAL
legal access to all routes operated by Air Jamaica.  Trinidad and
Tobago Finance Minister Winston Dookeran said the merger will make
way for the expansion of CAL, which will have a positive impact on
revenue, according to Trinidad Express.  Jamaican Finance Minister
Audley Shaw said there was a capital base of some TT$500 million
in the merger, according to the report.

"Previous job losses would have already taken place," Trinidad
Express quoted Mr. Shaw as saying.  "I don't anticipate that there
will be any cause for alarm," he added.

Meanwhile, Trinidad Express notes that Prime Minister Kamla
Persad-Bissessar said the Air Jamaica brand would remain intact,
but did not elaborate.

                         About Air Jamaica

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

                         *     *     *

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

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


CABLE & WIRELESS: Incurs JM$6-Billion Loss in Year Ended March 31
-----------------------------------------------------------------
RJR News reports that Cable and Wireless Jamaica racked up a JM$6
billion loss for its financial year ended March 31.

The company's audited statements show that during the 12 months,
losses deteriorated from JM$3.3 billion in 2010 to JM$6.1 billion
due in part to Cable and Wireless earning less revenues, according
to RJR News.

RJR News notes that the company saw inflows into its coffers drop
by 6% to JM$20.7 billion arising from decreases in fixed voice and
mobile revenues.  RJR News relates that this was mitigated
somewhat by a 10% increase in broadband earnings.

At the same time, advertising and marketing activities, higher
employee costs, and increased property costs pushed up expenses by
6% to JM$10.4 billion, RJR News says.

The Board of Cable and Wireless says it will not recommend a
dividend for the year, RJR News discloses.

                     About Cable & Wireless

Cable & Wireless Communications PLC is a global provider of
telecommunication and Internet services.  The Group's global
communication services offer IP voice and hosting services to
businesses located the UK, USA, Europe and Cable & Wireless
telecommunication services provide fixed and mobile voice, data
and IP services to consumers and business located in the
Caribbean.

                              *     *     *

As of February 14, 2011, the Company continues to carry Standard
and Poor's "B" short-term issuer credit ratings.  The Company also
continues to carry Moody's "B1" senior unsecured debt rating.


DIGICEL GROUP: Merger Deal With Claro Hits a Snag
-------------------------------------------------
RJR News reports that planned deal between Digicel Group Limited
and Claro has hit a snag.

The snag comes just weeks before the merger is expected to get
regulatory approval, according to RJR News.

As reported by the Troubled Company Reporter-Latin America on
March 23, 2011, RadioJamaica said that Digicel signed the
agreement with America Movil.  The deal will also see Digicel
selling its business in El Salvador and Honduras to America Movil,
according to RadioJamaica.  The RJR News related that
telecommunication company LIME Jamaica has asked the government,
the Office of Utilities Regulations, and the Fair Trading
Commission to assess the deal.  LIME asserted that assessment
should be done before approval of the deal is given by the
relevant minister, the RJR News stated.

RJR News says that the deal was expected to be completed by the
end of June, but it now appears that time line may not hold as the
competition watchdog of El Salvador, the Superintendencia de
Competencia, has rejected the proposed merger.

RJR News, citing Superintendencia de Competencia, relates the
companies failed to submit the complete information related to the
merger process and so with that, the regulator said both firms
will have to restart the merger application process.  This,
however, does not mean the merger will not materialize.

The regulator added that the application was required to be re-
submitted as one document and that has now been done, RJR News
notes.

Meanwhile, RJR News discloses, Phillip Paulwell, the Opposition
Spokesman on Telecommunications, says the latest developments will
have implications for the Jamaican operations of both Digicel and
Claro.  RJR News relates that Mr. Paulwell expressed
disappointment that the government has yet to engage the
Opposition on the issue.

                       About Digicel Group

Digicel Group Limited -- http://www.digicelgroup.com/-- is
renowned for competitive rates, unbeatable coverage, superior
customer care, a wide variety of products and services and state-
of-the-art handsets.  By offering innovative wireless services and
community support, Digicel has become a leading brand across its
31 markets worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide.  Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos.  The Caribbean company also has
coverage in St. Martin and St. Barths.  Digicel Pacific comprises
Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu.

                         *     *     *

As of Jan. 14, 2010, the company continues to carry Moody's "Caa1"
senior unsecured debt rating.


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


BANCO AHORRO: S&P Rates Global Scale Counterparty Credit 'B'
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' global scale
counterparty credit ratings to Banco Ahorro Famsa, SA, Institucion
de Banca Multiple (BAF). "We also assigned our 'mxBBB-/mxA-3'
Mexican CaVal national scale ratings. The outlook is stable," S&P
stated.

"The ratings on BAF reflect its high concentration in credit cards
for Famsa stores, its short track record in the banking industry,
and its weak asset quality compared with the sector," said
Standard & Poor's credit analyst Ricardo Grisi. "The high
integration between the bank and its group generates strategic,
growth, and risk management benefits for BAF. Additionally, BAF
has achieved adequate levels of funding, liquidity, and capital.
However, we believe that the bank faces the risk of a potential
aggressive growth strategy for the group at the expense of asset
quality at the bank, mainly because of high operating margins."

"We consider BAF to be a captive finance company of Grupo Famsa,
S.A.B. de C.V. (Grupo Famsa; B/Stable/--) because the bank's
business activities are mainly related to the group and most of
BAF's products are for Famsa stores, other subsidiaries'
customers, and suppliers. Although the close relationship
between the group's stores and the bank provides BAF with a
natural financing business and a customer base with credit
history, any potential business problems at the group might affect
the bank. Therefore, the ratings on Grupo Famsa limit the ratings
on BAF. The bank's main business line is focused on consumer loans
through an exclusive credit card, which represented 85% of its
total portfolio at the end of March 2011, and commercial loans,
which represented 14% at of March 2011. We don't expect BAF's
exposure to the group's businesses to decrease significantly," S&P
explained.

BAF's capitalization is adequate for its rating level. As of March
2011, the bank reported an adjusted total equity (ATE)-to-adjusted
assets ratio of 14%, which improved compared with 12.8% at the end
of 2010 because of net profits. "Additionally, the bank's
regulatory capital was 13.98% as of February 2011, which we
consider adequate, but it is less than the industry average of
16.91%. In our opinion, BAF has the necessary capital and
financial flexibility to maintain its daily operations. We expect
BAF's capital levels to gradually increase in 2011 because we
believe that it will begin to generate internal capital," S&P
noted.

Although the bank has a short track record, it has begun to
generate profits. At the end of March 2011, the bank reported net
income of MXN257 million with a return on assets (ROA) of 8.7%.
"However, we will not see the actual profitability levels of the
bank until another few quarters. We consider that good net
interest margin and the benefits from having in-store branches
will result in good profitability to support business growth," S&P
stated.

The outlook mirrors the outlook on Grupo Famsa. The ratings on the
bank will move in tandem with the ratings on the group as long as
the high integration between both persists.


VITRO SAB: U.S. Trustee Forms Creditors Committee for U.S. Units
----------------------------------------------------------------
William T. Neary, the U.S. Trustee for Region 6, appointed nine
members to the official committee of unsecured creditors in the
Chapter 11 cases of the U.S. units of Vitro, S.A.B. de C.V.

The Creditors Committee members are:

      1. Adam Berman
         Wilmington Trust FSB
         166 Mercer Street, Suite 2-R
         New York, NY 10012-3249
         Tel: (212) 941-4415
         e-mail: ABerman@wilmingtontrust.com

       2. Laura L. Moran, Vice President
          Corporate Trust Services
          One Federal Street, 3rd Floor
          Boston, MA 02110
          Tel: (617) 603-6429
          e-mail: laura.moran@usbank.com

       3. Dan Gropper, Managing Director
          Aurelius Capital Management, LP
          535 Madison Avenue, 22nd Floor
          New York, NY 10022
          Tel: (646) 445-6570
          e-mail: dgropper@aurelius-capital.com

       4. James Timothy Kelley
          Tristar Glass, Inc.
          5566 S. Garnett Road
          Tulsa, OK 74146
          Tel: (918) 392-9678
          e-mail: timk@tristarglass.com

       5. Erin Kim
          Pension Benefit Guaranty Corporation
          1200 K Street NW
          Washington, DC 20005
          Tel: (202) 326-4020
          e-mail: kim.erin@pbgc.gov

       6. Mollie L. Hines, Esq.
          Vice President Legal
          Oldcastle Building Envelope
          2745 Dallas Parkway
          Suite 560
          Plano, TX 75093
          Tel: (469) 241-3805
          e-mail: MHines@OldcastleBE.com

        7. Gary J. Meyers
           International Painters and Allied Trades Industry
           Pension Fund
           7234 Parkway Drive
           Hanover, MD 21076
           Tel: (410) 564-5502
           e-mail: gmeyers@iupat.org

                          About Vitro SAB

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

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

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

           Concurso Mercantil & Chapter 15 Proceedings

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

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

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

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

                     Chapter 11 Proceedings

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

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

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

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

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

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

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


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


SWISS CHALET: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Swiss Chalet, Inc.
        P.O. Box 12038
        San Juan, PR 00914

Bankruptcy Case No.: 11-04414

Chapter 11 Petition Date: May 27, 2011

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

About the Debtor: In its schedules, the Debtor disclosed $71.1
                  million in real property and $47.4 million in
                  personal property.  It has a $118.5 million debt
                  to CPG/GS PR NPL, LLC, with the debt secured by
                  the Debtor's real property.

Debtor's Counsel: Charles Alfred Cuprill, Esq.
                  CHARLES A. CURPILL, PSC LAW OFFICE
                  356 Calle Fortaleza, Second Floor
                  San Juan, PR 00901
                  Tel: (787) 977-0515
                  E-mail: cacuprill@cuprill.com

Debtor's
Financial
Consultant:       CPA LUIS R. CARRASQUILLO & CO.

Scheduled Assets: $118,521,510

Scheduled Debts:  $132,741,094

The petition was signed by Arnold Benus, director.

Debtor's List of 20 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
CPG/GS PR NPL, LLC                 Loan              US$47,412,722
270 Munoz Rivera Avenue, 3rd Floor
San Juan, PR 00918

Desarollos Metropolitanos LLC      Construction         $7,499,531
P.O. Box 9417                      Contractors
San Juan, PR 00908-0417

Metropolitan Builders, LLC         Construction         $3,283,583
P.O. Box 9417                      Contractors
San Juan, PR 00908-0417

Imperial Credit Corp.              --                      $72,782

Mojica Air Conditioning            Air Conditioning        $61,780

Bustillo & Asoc.                   --                      $61,700

Courtyard Isla Verde  HR           --                      $46,254
Properties, Inc.

Publicaciones Tere Suarez          --                      $43,870

Crim                               Proeprty Tax            $33,819

McP&G, Inc.                        --                      $32,843

PR Electric Power (PREPA)          Electric Power          $29,243
                                   Services

Blackpoint                         --                      $23,989

Desarrollos Metropolitanos LLC     Construction            $23,782
                                   Contractors

PR Electric Power (PREPA)          Electric Power          $23,560
                                   Services

Publicidad Tere Suarez             --                      $21,816

Imperial Credit Corp.              --                      $17,512

Guest Supply                       --                      $12,115

Imperial Credit Corp.              --                       $9,149

Universal Equipment Sales Corp.    Equipment Supplier       $8,483

Caribbean Business                 Advertising              $7,154


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

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


BRAZIL

VAGV3 BZ        VARIG SA              966298026      -4695211316
VAGV4 BZ        VARIG SA-PREF         966298026      -4695211316
VARGPN BZ       VARIG SA-PREF         966298026      -4695211316
VARGON BZ       VARIG SA              966298026      -4695211316
AGRE LX         AGRENCO LTD           637647275       -312199404
AGEN11 BZ       AGRENCO LTD-BDR       637647275       -312199404
LEAP LX         LAEP INVESTMENTS      439175082        -60172005
MILK11 BZ       LAEP-BDR              439175082        -60172005
MRLM3 BZ        CIA PETROLIFERA       377602195      -3014291.72
1CPMPN BZ       CIA PETROLIF-PRF      377602195      -3014291.72
1CPMON BZ       CIA PETROLIFERA       377602195      -3014291.72
MRLM4B BZ       CIA PETROLIF-PRF      377602195      -3014291.72
MRLM4 BZ        CIA PETROLIF-PRF      377602195      -3014291.72
MRLM3B BZ       CIA PETROLIFERA       377602195      -3014291.72
DOCA3 BZ        DOCA INVESTIMENT      354715604       -119368960
DOCA4 BZ        DOCA INVESTI-PFD      354715604       -119368960
DOCAON BZ       DOCAS SA              354715604       -119368960
DOCAPN BZ       DOCAS SA-PREF         354715604       -119368960
DOCA2 BZ        DOCAS SA-RTS PRF      354715604       -119368960
BTTL1 BZ        BATTISTELLA-RIGH      349898179      -3135090.39
BTTL4 BZ        BATTISTELLA-PREF      349898179      -3135090.39
BTTL10 BZ       BATTISTELLA-RECP      349898179      -3135090.39
BTTL9 BZ        BATTISTELLA-RECE      349898179      -3135090.39
BTTL2 BZ        BATTISTELLA-RI P      349898179      -3135090.39
BTTL3 BZ        BATTISTELLA           349898179      -3135090.39
BMBBF US        BOMBRIL               316331265       -123554206
BMBPY US        BOMBRIL SA-ADR        316331265       -123554206
BOBR3 BZ        BOMBRIL               316331265       -123554206
BMBBY US        BOMBRIL SA-ADR        316331265       -123554206
BOBR2 BZ        BOMBRIL-RGTS PRE      316331265       -123554206
BOBRON BZ       BOMBRIL CIRIO SA      316331265       -123554206
BOBR1 BZ        BOMBRIL-RIGHTS        316331265       -123554206
BOBRPN BZ       BOMBRIL CIRIO-PF      316331265       -123554206
BOBR4 BZ        BOMBRIL-PREF          316331265       -123554206
TBASY US        TELEBRAS-ADR          269372906      -13465060.7
TELB3 BZ        TELEBRAS SA           269372906      -13465060.7
TELB1 BZ        TELEBRAS-COM RT       269372906      -13465060.7
TBASF US        TELEBRAS SA           269372906      -13465060.7
TLBRPN BZ       TELEBRAS SA-PREF      269372906      -13465060.7
TELB40 BZ       TELEBRAS-PF BLCK      269372906      -13465060.7
RCTB2 BZ        TELEBRAS-RTS PRF      269372906      -13465060.7
TLBRUO BZ       TELEBRAS-RECEIPT      269372906      -13465060.7
TELE31 BZ       TELEBRAS-CM RCPT      269372906      -13465060.7
TBRAY GR        TELEBRAS-ADR          269372906      -13465060.7
RTB US          TELEBRAS-ADR          269372906      -13465060.7
RCTB40 BZ       TELEBRAS-PF RCPT      269372906      -13465060.7
RCTB33 BZ       TELEBRAS-RCT          269372906      -13465060.7
TELB10 BZ       TELEBRAS-RCT PRF      269372906      -13465060.7
TELB4 BZ        TELEBRAS SA-PREF      269372906      -13465060.7
TELB30 BZ       TELEBRAS-BLOCK        269372906      -13465060.7
TBRTF US        TELEBRAS-CM RCPT      269372906      -13465060.7
TBH-W US        TELEBRAS/W-I-ADR      269372906      -13465060.7
81370Z BZ       TELECOMUNICA-ADR      269372906      -13465060.7
TCLP1 BZ        TELEBRAS-RTS CMN      269372906      -13465060.7
RCT4D AR        TELEBRAS-CEDE PF      269372906      -13465060.7
RCT4C AR        TELEBRAS-CEDE PF      269372906      -13465060.7
RCT4B AR        TELEBRAS-CEDE BL      269372906      -13465060.7
TELB4 AR        TELEBRAS-CEDE PF      269372906      -13465060.7
TBAPF US        TELEBRAS-PF RCPT      269372906      -13465060.7
RCTB4 AR        TELEBRAS-CEDE PF      269372906      -13465060.7
TELB9 BZ        TELEBRAS SA-RT        269372906      -13465060.7
TELE41 BZ       TELEBRAS-PF RCPT      269372906      -13465060.7
RCTB31 BZ       TELEBRAS-CM RCPT      269372906      -13465060.7
RCTB41 BZ       TELEBRAS-PF RCPT      269372906      -13465060.7
TBH US          TELEBRAS-ADR          269372906      -13465060.7
CBRZF US        TELEBRAS-PF RCPT      269372906      -13465060.7
TLCP2 BZ        TELEBRAS-RTS PRF      269372906      -13465060.7
RCTB1 BZ        TELEBRAS-RTS CMN      269372906      -13465060.7
TEL4C AR        TELEBRAS-CED C/E      269372906      -13465060.7
RCTB42 BZ       TELEBRAS-PF RCPT      269372906      -13465060.7
TEL4D AR        TELEBRAS-CEDEA $      269372906      -13465060.7
RCTB32 BZ       TELEBRAS-CM RCPT      269372906      -13465060.7
TBX GR          TELEBRAS-ADR          269372906      -13465060.7
TLBRON BZ       TELEBRAS SA           269372906      -13465060.7
RCTB30 BZ       TELEBRAS-CM RCPT      269372906      -13465060.7
TBAPY US        TELEBRAS-ADR          269372906      -13465060.7
TLBRUP BZ       TELEBRAS-PF RCPT      269372906      -13465060.7
HOOT3 BZ        HOTEIS OTHON SA       255036150      -42606769.7
HOOT4 BZ        HOTEIS OTHON-PRF      255036150      -42606769.7
HOTHPN BZ       HOTEIS OTHON-PRF      255036150      -42606769.7
HOTHON BZ       HOTEIS OTHON SA       255036150      -42606769.7
TEKAPN BZ       TEKA-PREF             246866965       -392777063
TEKAON BZ       TEKA                  246866965       -392777063
TKTPF US        TEKA-PREF             246866965       -392777063
TEKA4 BZ        TEKA-PREF             246866965       -392777063
TEKA3 BZ        TEKA                  246866965       -392777063
TKTPY US        TEKA-ADR              246866965       -392777063
TKTQF US        TEKA                  246866965       -392777063
TEKAY US        TEKA-ADR              246866965       -392777063
TKTQY US        TEKA-ADR              246866965       -392777063
RPMG9 BZ        PET MANG-RECEIPT      231024467       -184606117
4115364Q BZ     PET MANG-RT           231024467       -184606117
3678569Q BZ     PET MANG-RIGHTS       231024467       -184606117
MANGPN BZ       PETRO MANGUIN-PF      231024467       -184606117
RPMG1 BZ        PET MANG-RT           231024467       -184606117
3678565Q BZ     PET MANG-RIGHTS       231024467       -184606117
RPMG3 BZ        PETRO MANGUINHOS      231024467       -184606117
MANGON BZ       PETRO MANGUINHOS      231024467       -184606117
RPMG10 BZ       PET MANG-RECEIPT      231024467       -184606117
RPMG2 BZ        PET MANG-RT           231024467       -184606117
4115360Q BZ     PET MANG-RT           231024467       -184606117
RPMG4 BZ        PET MANGUINH-PRF      231024467       -184606117
SNSY6 BZ        SANSUY-PREF B         200809365       -115213257
SNSYBN BZ       SANSUY SA-PREF B      200809365       -115213257
SNSY3 BZ        SANSUY                200809365       -115213257
SNSY5 BZ        SANSUY-PREF A         200809365       -115213257
SNSYAN BZ       SANSUY SA-PREF A      200809365       -115213257
SNSYON BZ       SANSUY SA             200809365       -115213257
BLDR3 BZ        BALADARE              159454016      -52992212.8
DHBI4 BZ        D H B-PREF            151796583       -160270949
DHBON BZ        DHB IND E COM         151796583       -160270949
DHBPN BZ        DHB IND E COM-PR      151796583       -160270949
DHBI3 BZ        D H B                 151796583       -160270949
FTRX3 BZ        FABRICA RENAUX        109683744      -48836146.4
FRNXPN BZ       FABRICA RENAUX-P      109683744      -48836146.4
FTRX4 BZ        FABRICA RENAUX-P      109683744      -48836146.4
FTRX1 BZ        FABRICA TECID-RT      109683744      -48836146.4
FRNXON BZ       FABRICA RENAUX        109683744      -48836146.4
MWET3 BZ        WETZEL SA             100017711      -5359345.82
MWELPN BZ       WETZEL SA-PREF        100017711      -5359345.82
MWELON BZ       WETZEL SA             100017711      -5359345.82
MWET4 BZ        WETZEL SA-PREF        100017711      -5359345.82
8174503Q BZ     DOC IMBITUBA-RTC      96977064      -42592602.5
IMBIPN BZ       DOCAS IMBITUB-PR      96977064      -42592602.5
IMBI1 BZ        DOC IMBITUBA-RT       96977064      -42592602.5
IMBION BZ       DOCAS IMBITUBA        96977064      -42592602.5
IMBI3 BZ        DOC IMBITUBA          96977064      -42592602.5
8218594Q BZ     DOC IMBITUBA-RT       96977064      -42592602.5
IMBI4 BZ        DOC IMBITUB-PREF      96977064      -42592602.5
8174507Q BZ     DOC IMBITUBA-RTP      96977064      -42592602.5
ESTR3 BZ        ESTRELA SA            89585906      -80761486.8
ESTRPN BZ       ESTRELA SA-PREF       89585906      -80761486.8
ESTRON BZ       ESTRELA SA            89585906      -80761486.8
ESTR4 BZ        ESTRELA SA-PREF       89585906      -80761486.8
EALT4 BZ        ACO ALTONA-PREF       89152030      -9848587.47
EALT3 BZ        ACO ALTONA            89152030      -9848587.47
EAAON BZ        ACO ALTONA SA         89152030      -9848587.47
EAAPN BZ        ACO ALTONA-PREF       89152030      -9848587.47
VPSC3 BZ        VARIG PART EM SE      83017829       -495721700
VPSC4 BZ        VARIG PART EM-PR      83017829       -495721700
TXRX4 BZ        RENAUXVIEW SA-PF      73095834       -103943206
TXRX1 BZ        TEXTEIS RENAU-RT      73095834       -103943206
TXRX10 BZ       TEXTEIS RENA-RCT      73095834       -103943206
RENXON BZ       TEXTEIS RENAUX        73095834       -103943206
TXRX9 BZ        TEXTEIS RENA-RCT      73095834       -103943206
TXRX2 BZ        TEXTEIS RENAU-RT      73095834       -103943206
TXRX3 BZ        RENAUXVIEW SA         73095834       -103943206
RENXPN BZ       TEXTEIS RENAUX        73095834       -103943206
SCHPN BZ        SCHLOSSER SA-PRF      73036750      -34357832.6
SCLO3 BZ        SCHLOSSER             73036750      -34357832.6
SCHON BZ        SCHLOSSER SA          73036750      -34357832.6
SCLO4 BZ        SCHLOSSER-PREF        73036750      -34357832.6
MNPRON BZ       MINUPAR SA            63144534      -60655823.4
MNPR1 BZ        MINUPAR-RT            63144534      -60655823.4
MNPR4 BZ        MINUPAR-PREF          63144534      -60655823.4
MNPR3 BZ        MINUPAR               63144534      -60655823.4
MNPRPN BZ       MINUPAR SA-PREF       63144534      -60655823.4
MNPR9 BZ        MINUPAR-RCT           63144534      -60655823.4
IGBR7 BZ        GRADIENTE-PREF C      61088978       -282692297
IGBAN BZ        GRADIENTE EL-PRA      61088978       -282692297
IGBBN BZ        GRADIENTE EL-PRB      61088978       -282692297
IGBCN BZ        GRADIENTE EL-PRC      61088978       -282692297
IGBR5 BZ        GRADIENTE-PREF A      61088978       -282692297
IGBR6 BZ        GRADIENTE-PREF B      61088978       -282692297
IGBR3 BZ        IGB ELETRONICA        61088978       -282692297
IGBON BZ        GRADIENTE ELETR       61088978       -282692297
VPTA4 BZ        VARIG PART EM-PR      49432124       -399290396
VPTA3 BZ        VARIG PART EM TR      49432124       -399290396
GAFP4 BZ        CIMOB PART-PREF       44047412      -45669963.6
GAFP3 BZ        CIMOB PARTIC SA       44047412      -45669963.6
GAFON BZ        CIMOB PARTIC SA       44047412      -45669963.6
GAFPN BZ        CIMOB PART-PREF       44047412      -45669963.6
WISAON BZ       WIEST SA              34108201       -126997429
WISA4 BZ        WIEST-PREF            34108201       -126997429
WISAPN BZ       WIEST SA-PREF         34108201       -126997429
WISA3 BZ        WIEST                 34108201       -126997429
RCSL4 BZ        RECRUSUL-PREF         31427766      -30307605.7
RCSL11 BZ       RECRUSUL-BON RT       31427766      -30307605.7
RCSL2 BZ        RECRUSUL - RT         31427766      -30307605.7
RCSL1 BZ        RECRUSUL - RT         31427766      -30307605.7
4529789Q BZ     RECRUSUL - RCT        31427766      -30307605.7
4529781Q BZ     RECRUSUL - RT         31427766      -30307605.7
RESLON BZ       RECRUSUL SA           31427766      -30307605.7
RCSL9 BZ        RECRUSUL - RCT        31427766      -30307605.7
4529785Q BZ     RECRUSUL - RT         31427766      -30307605.7
RCSL12 BZ       RECRUSUL-BON RT       31427766      -30307605.7
RCSL3 BZ        RECRUSUL              31427766      -30307605.7
RCSL10 BZ       RECRUSUL - RCT        31427766      -30307605.7
4529793Q BZ     RECRUSUL - RCT        31427766      -30307605.7
RESLPN BZ       RECRUSUL SA-PREF      31427766      -30307605.7
SNST3 BZ        SANESALTO             31044053      -1843297.83
STARON BZ       STAROUP SA            27663605      -7174512.03
STRP3 BZ        BOTUCATU TEXTIL       27663605      -7174512.03
STRP4 BZ        BOTUCATU-PREF         27663605      -7174512.03
STARPN BZ       STAROUP SA-PREF       27663605      -7174512.03
COBE5 BZ        CONST BETER-PF A      25469474       -4918659.9
COBEAN BZ       CONST BETER-PR A      25469474       -4918659.9
COBEBN BZ       CONST BETER-PR B      25469474       -4918659.9
COBEON BZ       CONST BETER SA        25469474       -4918659.9
1007Q BZ        CONST BETER SA        25469474       -4918659.9
1COBBN BZ       CONST BETER-PF B      25469474       -4918659.9
COBE3 BZ        CONST BETER SA        25469474       -4918659.9
1COBAN BZ       CONST BETER-PF A      25469474       -4918659.9
1009Q BZ        CONST BETER-PR B      25469474       -4918659.9
COBE6 BZ        CONST BETER-PF B      25469474       -4918659.9
COBE3B BZ       CONST BETER SA        25469474       -4918659.9
1008Q BZ        CONST BETER-PR A      25469474       -4918659.9
1COBON BZ       CONST BETER SA        25469474       -4918659.9
STLB3 BZ        ALL ORE MINERACA      23040051      -8699861.07
STLB9 BZ        STEEL - RCT ORD       23040051      -8699861.07
AORE3 BZ        ALL ORE MINERACA      23040051      -8699861.07
STLB1 BZ        STEEL - RT            23040051      -8699861.07
HAGAPN BZ       FERRAGENS HAGA-P      21299043      -62858780.7
HAGA3 BZ        HAGA                  21299043      -62858780.7
HAGA4 BZ        FER HAGA-PREF         21299043      -62858780.7
HAGAON BZ       FERRAGENS HAGA        21299043      -62858780.7
NOVAON BZ       NOVA AMERICA SA       21287489       -183535527
NOVAPN BZ       NOVA AMERICA-PRF      21287489       -183535527
1NOVPN BZ       NOVA AMERICA-PRF      21287489       -183535527
NOVA4 BZ        NOVA AMERICA-PRF      21287489       -183535527
1NOVON BZ       NOVA AMERICA SA       21287489       -183535527
NOVA3B BZ       NOVA AMERICA SA       21287489       -183535527
NOVA4B BZ       NOVA AMERICA-PRF      21287489       -183535527
NOVA3 BZ        NOVA AMERICA SA       21287489       -183535527
CSBRON BZ       CAFE BRASILIA SA      21097370       -903951461
CAFE3 BZ        CAF BRASILIA          21097370       -903951461
CSBRPN BZ       CAFE BRASILIA-PR      21097370       -903951461
CAFE4 BZ        CAF BRASILIA-PRF      21097370       -903951461
FTSJPN BZ       TECEL S JOSE-PRF      19067323      -52580501.1
FTSJON BZ       TECEL S JOSE          19067323      -52580501.1
SJOS3 BZ        TECEL S JOSE          19067323      -52580501.1
SJOS4 BZ        TECEL S JOSE-PRF      19067323      -52580501.1
NORDON BZ       NORDON METAL          15354597      -26859636.7
NORD1 BZ        NORDON MET-RTS        15354597      -26859636.7
NORD3 BZ        NORDON MET            15354597      -26859636.7
BDFCE US        B&D FOOD CORP         14423532         -3506007
BDFC US         B&D FOOD CORP         14423532         -3506007
REIC US         REII INC              14423532         -3506007
LATF US         LATTENO FOOD COR      14423532         -3506007
CCHI4 BZ        CHIARELLI SA-PRF      14300741      -46729432.5
CCHON BZ        CHIARELLI SA          14300741      -46729432.5
CCHI3 BZ        CHIARELLI SA          14300741      -46729432.5
CCHPN BZ        CHIARELLI SA-PRF      14300741      -46729432.5
HETA4 BZ        HERCULES-PREF         12689117       -170680899
HERTON BZ       HERCULES SA           12689117       -170680899
HETA3 BZ        HERCULES              12689117       -170680899
HERTPN BZ       HERCULES SA-PREF      12689117       -170680899
GAZON BZ        GAZOLA SA             12452144      -40298531.2
GAZO3 BZ        GAZOLA                12452144      -40298531.2
GAZO4 BZ        GAZOLA-PREF           12452144      -40298531.2
GAZO12 BZ       GAZOLA SA-DVD PF      12452144      -40298531.2
GAZO9 BZ        GAZOLA-RCPTS CMN      12452144      -40298531.2
GAZPN BZ        GAZOLA SA-PREF        12452144      -40298531.2
GAZO10 BZ       GAZOLA-RCPT PREF      12452144      -40298531.2
GAZO11 BZ       GAZOLA SA-DVD CM      12452144      -40298531.2
ARLA4 BZ        ARTHUR LANGE-PRF      11642256      -17154461.9
ARLA11 BZ       ARTHUR LAN-DVD C      11642256      -17154461.9
ARLA1 BZ        ARTHUR LANG-RT C      11642256      -17154461.9
ARLA3 BZ        ARTHUR LANGE          11642256      -17154461.9
ALICON BZ       ARTHUR LANGE SA       11642256      -17154461.9
ARLA2 BZ        ARTHUR LANG-RT P      11642256      -17154461.9
ARLA9 BZ        ARTHUR LANG-RC C      11642256      -17154461.9
ALICPN BZ       ARTHUR LANGE-PRF      11642256      -17154461.9
ARLA10 BZ       ARTHUR LANG-RC P      11642256      -17154461.9
ARLA12 BZ       ARTHUR LAN-DVD P      11642256      -17154461.9
FGUI4 BZ        F GUIMARAES-PREF      11016542       -151840377
FGUI3 BZ        F GUIMARAES           11016542       -151840377
FGUIPN BZ       FERREIRA GUIM-PR      11016542       -151840377
FGUION BZ       FERREIRA GUIMARA      11016542       -151840377


CHILE

2940894Z CI     EMPRESA DE LOS F      1.934E+09        -50416404
TELEXO CI       TELEX-RTS             1.075E+09      -61844614.3
TELEX CI        CHILESAT CORP SA      1.075E+09      -61844614.3
TELEXA CI       TELEX-A               1.075E+09      -61844614.3
TL US           CHILESAT CO-ADR       1.075E+09      -61844614.3
CHILESAT CI     TELMEX CORP SA        1.075E+09      -61844614.3
CSAOY US        TELMEX CORP-ADR       1.075E+09      -61844614.3
CHISATOS CI     CHILESAT CO-RTS       1.075E+09      -61844614.3


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *