TCRLA_Public/110606.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Monday, June 6, 2011, Vol. 12, No. 110

                            Headlines



A N G U I L L A

BARNES BAY: Asks U.S. Court to Undo Anguilla Court Authorization


A R G E N T I N A

BRUFY SA: Applies for Reorganization Proceedings
CORPBANCA CHILE: Fitch Affirms Individual Rating at 'C'
FUNDACION GALICIA: Creditors' Proofs of Debt Due June 28
GALION FEDERAL: Creditors' Proofs of Debt Due August 1
REXCEL SA: Asks for Bankruptcy Proceedings

TEXTIL SD: Creditors' Proofs of Debt Due August 2
TRANSPORTES CAMI: Creditors' Proofs of Debt Due October 24


B R A Z I L

BANCO BMG: Moody's Puts D Bank Fin'l Strength Rating on Review
COMPANHIA DE SANEAMENTO: Fitch Ratings Affirms IDR at 'BB'
ENCO ZOLCSAK EQUIPAMENTOS: Chapter 15 Case Summary


B E R M U D A

BAICO: Bermuda Unit Liquidators Accept Bid for Front Street Bldg.


C A Y M A N   I S L A N D S

BLUE AGUA: Shareholder to Receive Wind-Up Report on June 9
CHINA GREENS: Members' Final Meeting Set for June 15
EDEN CAPITAL: Shareholder to Hear Wind-Up Report on June 27
EUGENIE LIMITED: Members' Final Meeting Set for June 14
FOREST HILL: Members' Final Meeting Set for June 24

IBF CAYMAN: Shareholders Receive Wind-Up Report
ICBC INTERNATIONAL: Shareholders' Final Meeting Set for June 24
KENMAR GLOBAL: Shareholders' Final Meeting Set for June 24
LFI BOND: Shareholders' Final Meeting Set for June 14
NEUBERGER BERMAN: Shareholders' Final Meeting Set for June 20

NEUBERGER BERMAN: Shareholders' Final Meeting Set for June 20
PLATINUM TURNBERRY: Shareholder to Hear Wind-Up Report on June 24
SENEX INVESTMENTS: Shareholder to Hear Wind-Up Report on June 14
SP IGNIS: Shareholders' Final Meeting Set for June 24
SPIRIT MANAGEMENT: Shareholder to Hear Wind-Up Report on June 27

TIBERIUS FUND: Shareholders' Final Meeting Set for June 24


M E X I C O

BANCA MIFEL: S&P Affirms Global Ratings at 'BB-/B'; Outlook Stable
GRUPO PAPELERO: S&P Cuts Global Scale CCR to 'B+'; Outlook Stable


T R I N I D A D  &  T O B A G O

CENTRAL TRINIDAD STEEL: Closes Plant, Axes 250 Jobs
CL FINANCIAL: US$3BB Chinese Bailout Non-Existent, Chairman Says


X X X X X X X X

* BOND PRICING: For the Week May 30, to June 2, 2011




                            - - - - -


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A N G U I L L A
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BARNES BAY: Asks U.S. Court to Undo Anguilla Court Authorization
----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Viceroy Anguilla Resort and Residences on the island
of Anguilla in the British West Indies filed papers asking Judge
Peter J. Walsh of the U.S. Bankruptcy Court for the District of
Delaware to rethink authorization he gave in May allowing buyers
of four units to enforce their rights in the court in Anguilla.

Mr. Rochelle recounts that after the bankruptcy court authorized
an auction for the project to be held in Anguilla on July 27,
purchasers of four units went to court arguing that the U.S. court
had no right to undo prior rulings by a court in Anguilla.  In one
instance, the buyer had an order from the court in Anguilla
prohibiting sale of the specific unit until it was repaid its US$2
million deposit.  Judge Walsh responded by signing an order May 24
allowing four unit purchasers "to pursue whatever rights they
believe they have in their respective units in the Anguillan
court."

According to Mr. Rochelle, in this week's bankruptcy court filing,
the resort argues that the order from May goes too far and would
allow the unit purchasers to attach or seize property in Anguilla.
The resort wants the bankruptcy judge to limit his order by
allowing the court in Anguilla to do nothing more than declare the
rights of the purchasers.

Mr. Rochelle relates that at the auction in July, secured creditor
Starwood Capital Group LLC is expected to be the winner.  Starwood
would take title after a reorganization plan is approved at a
confirmation hearing.

                         About Barnes Bay

Beverly Hills, California-based Barnes Bay Development Ltd., owns
the Viceroy Anguilla Resort & Residences on the British West
Indies island of Anguilla.  Barnes Bay and two affiliates filed
for Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No.
11-10792) on March 17, 2011.  The Debtor disclosed US$3,331,282 in
assets and US$481,840,435 in liabilities as of the Chapter 11
filing.

Akin Gump Straus Hauer & Feld LLP is the Debtors' bankruptcy
counsel, and Keithley Lake & Associates is the Debtors' special
Anguillan counsel.  Kurtzman Carson Consultants LLC is the
Debtors' claims, noticing, solicitation and balloting agent.

The Debtors' Chapter 11 plan is intended to facilitate the sale of
the Viceroy Anguilla Resort and Residences.

The U.S. Trustee appointed five members to the official committee
of unsecured creditors in the Debtors' cases.  Brown Rudnick LLP
serves as the Committee's co-counsel, and Womble Carlyle Sandridge
& Rice, PLLC, as its Delaware co-counsel.  C.R. Hodge & Associates
is the Committee's foreign counsel.  FTI Consulting, Inc.,
serves as the Committee's financial advisors.


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


BRUFY SA: Applies for Reorganization Proceedings
------------------------------------------------
Brufy SA applied for reorganization proceedings.


CORPBANCA CHILE: Fitch Affirms Individual Rating at 'C'
--------------------------------------------------------
Fitch Ratings has affirmed Corpbanca (Chile)'s ratings:

   -- Foreign and local currency Long-term Issuer Default Rating
      (IDR) at 'BBB+';

   -- Foreign and local currency Short-term IDR at 'F2';

   -- Individual Rating at 'C';

   -- Support Rating at '3';

   -- Support Rating Floor at 'BB-';

   -- USD200 million bonds programme foreign currency long-term
      rating at 'BBB+'.

The Rating Outlook on the IDRs is Stable.

Corpbanca's ratings have a Stable Outlook. Upward ratings
potential stems from a consolidation of the improvement seen in
profitability, a loan book more balanced between commercial and
retail lending and continued improvements in its capital and
funding structure. Downward rating pressure could occur if its
capitalization ratios decline significantly or if the composition
of its capital deteriorates.

The ratings assigned to Corpbanca reflect its adequate financial
performance through the cycle, the improvement seen in its
profitability, its good asset quality and cost efficiency, and its
adequate liquidity and capital base. The ratings also reflect some
dependence on concentrated time deposits, although these have
proved stable and the concentration has decreased as it
diversifies its funding sources, and the higher reliance of its
capital on subordinated debt issuance.

Corpbanca's profitability has improved markedly since 1Q09 based
on higher operating revenues boosted by loan growth, efficient
balance sheet management, lower loan loss provisions (LLP) and
improved productivity. Fitch considers the main challenge for
Corpbanca is to consolidate the growing revenue trend and the
expansion of retail lending to obtain a more balanced loan book.

Corpbanca's conservative approach to credit risk leads to healthy
asset quality ratios, with a non-performing to total loans ratio
of 2.03% at March 31, 2011; loan loss reserve coverage of its
impaired loans was sound at 94.0% and LLP and charge-offs fell by
27.3% and represented 0.80% of total loans and 24.43% of the
bank's profit before taxes and provisions.

The bank has actively diversified its funding sources by accessing
the local and international capital markets. However, its funding
is still dominated by time deposits, which are largely wholesale
and somewhat concentrated.

Corpbanca's capitalization is adequate, although it is now more
reliant on subordinated debt which, together with improved
profitability, have compensated for strong growth and higher
dividends. At March 31, 2011, its Fitch core and eligible capital
ratios were 7.81% and 11.16%, respectively, and its regulatory
capital to risk weighted assets was 12.33%. Although these ratios
are somewhat low by international standards (the average Fitch
core capital ratio for banks the in the same rating category as
Corpbanca was 11.34%), Corpbanca is in the process of issuing
USD400m fresh capital. Although Corpbanca's capital adequacy
ratios will rise after the capital increase, Fitch estimates that
they are likely to go down in the medium term as the bank
continues to grow. Fitch will monitor the quality and composition
of Corpbanca's capital base and the evolution of its Fitch core
capital ratio given its strong growth plans, and a significant
deterioration could put pressure on the bank's ratings

Corpbanca is a mid-sized bank that operates in almost all market
segments, through a multi-product strategy. At March 31, 2011 it
had 114 branches and 7.0% of the Chilean financial system's loans
and 7.5% and 3.3% in time and sight deposits, respectively. It is
49.59% owned by Corp Group Banking S.A. (CGB), 8.71% by Cia.
Inmobiliaria y de Inversiones SAGA (entity controlled by Alvaro
Saieh Bendeck and his family), and the balance is widely held by
domestic and foreign institutional investors. In turn, CGB is
controlled by a group of Chilean businessmen, in which the main
individual shareholder is Alvaro Saieh, who together with his
family indirectly control a 75.64% of Corpbanca.


FUNDACION GALICIA: Creditors' Proofs of Debt Due June 28
--------------------------------------------------------
Estudio Conti-Costa, the court-appointed trustee for Fundacion
Galicia Saude's reorganization proceedings, will be verifying
creditors' proofs of claim until June 28, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on April 5, 2012.

The Trustee can be reached at:

         Estudio Conti-Costa
         Avenida Corrientes 1967
         Argentina


GALION FEDERAL: Creditors' Proofs of Debt Due August 1
------------------------------------------------------
Carlos Federico Berger, the court-appointed trustee for Galion
Federal Corp's bankruptcy 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. 12 in Buenos Aires, with the assistance of Clerk
No. 24, 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:

         Carlos Federico Berger
         Suipacha 1172
         Argentina


REXCEL SA: Asks for Bankruptcy Proceedings
------------------------------------------
Rexcel SA asked for bankruptcy proceedings.


TEXTIL SD: Creditors' Proofs of Debt Due August 2
-------------------------------------------------
Manuel Palmeiro, the court-appointed trustee for Textil SD SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until August 2, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 23, 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:

         Manuel Palmeiro
         Arcos 4033
         Argentina


TRANSPORTES CAMI: Creditors' Proofs of Debt Due October 24
----------------------------------------------------------
Luis Traverso, the court-appointed trustee for Transportes Cami
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until October 24, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 43, 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 June 26, 2012.

The Trustee can be reached at:

         Luis Traverso
         Reconquista 642
         Argentina


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


BANCO BMG: Moody's Puts D Bank Fin'l Strength Rating on Review
--------------------------------------------------------------
Moody's Investors Service placed the D bank financial strength
rating (BFSR) of Banco BMG S.A. (BMG), on review for possible
downgrade. The Ba2 long-term global local and foreign currency
deposit ratings were also placed on review for downgrade, as well
as BMG's Aa3.br Brazilian national scale deposit rating. BMG's
long-term foreign currency senior unsecured and subordinated debt
ratings of Ba2 and Ba3, respectively, were also placed on review
for downgrade. All short-term ratings remained unchanged.

At the same time, Moody's downgraded the BFSR assigned to Banco
Schahin S.A. (Schahin) to E+ from D-. The bank's long-term local
and foreign currency deposit ratings were also lowered to B2 from
Ba3, as well as the long-term Brazilian national scale deposit
rating to Ba2.br from A2.br, and short-term to BR-4 from BR-2.
Schahin's long-term foreign currency senior unsecured debt rating
of Ba3 and subordinated debt rating of B1, were also downgraded to
B2 and B3, respectively. The outlook on all ratings of Schahin
remained negative.

The action follows the announcement that Banco BMG has signed an
agreement of intent to acquire control of Banco Schahin for
approximately R$230 million in a tender offer. The acquisition is
subject to a due diligence process by BMG and to regulatory
approval .

These ratings assigned to Banco BMG were placed on review for
downgrade:

Bank Financial Strength Rating: D

Long-term Global Local Currency Deposit Rating: Ba2

Long-term Foreign Currency Deposit Rating: Ba2

Long-term Foreign Currency Senior Unsecured Debt Rating: Ba2

Long-term Foreign Currency Subordinated Debt Rating: Ba3

Long-term Brazilian National Scale Deposit Rating in Brazil:
Aa3.br

The following ratings assigned to Banco BMG remained unchanged:

Short-term Global Local Currency Deposit Rating: Not Prime

Short-term Foreign Currency Deposit Rating: Not Prime

Short-term National Scale Rating in Brazil: BR-1

The following ratings assigned to Banco Schahin were downgraded:

Bank Financial Strength Rating to E+ from D-; with negative
outlook

Long-term Global Local Currency Deposit Rating to B2 from Ba3;
with negative outlook

Long-term Foreign Currency Deposit Rating to B2 from Ba3; with
negative outlook

Long-term Foreign Currency Senior Unsecured Debt Rating to B2 from
Ba3; with negative outlook

Long-term Foreign Currency Subordinated Debt Rating to B3 from B1;
with negative outlook

Long-term National Scale Rating in Brazil to Ba2.br from A2.br,
with negative outlook

Short-term National Scale Rating in Brazil to BR-4 from BR-2

The following ratings assigned to Banco Schahin remain unchanged:

Short-term Global Local Currency Deposit Rating: Not Prime

Short-term Foreign Currency Deposit Rating: Not Prime

Rating Rationale

                             Banco Bmg

According to Moody's, the review process will assess the effect
that the acquisition of Schahin -- if indeed completed -- could
have on BMG's franchise and financial performance, and
particularly on its capital structure and profitability. Moody's
notes that BMG's capital levels have come under pressure because
of the recent requirement for additional capital allocation on
longer dated loans, as well as by the decision to retain loans in
its balance sheet, as securitizations and loan sales become less
attractive. In addition, BMG's Tier 1 equity ratio at 9.88% (total
BIS ratio of 14.1%), as of March 2011, reveals that the bank's
capital is already challenged by the upcoming accounting change on
credit sales, which could reduce the pace of capital replenishment
through earnings. These concerns had already been raised in
December, when Moody's assigned a negative outlook on BMG's
ratings, but they can be potentially exacerbated with the
acquisition of Banco Schahin.

However, Moody's acknowledges that the bank's established position
in the payroll lending business, with a market share of 18%, is a
positive consideration for the ratings, particularly when compared
to its niche peers. The bank has managed to maintain stable
volumes of loan origination over the past three months, in view of
its ability to access other long term funding alternatives in
foreign and domestic markets, thus complementing the funds
originated from credit sales.

                           Banco Schahin

Moody's explained that Banco Schahin's BFSR was lowered to E+ from
D- reflecting concerns about its financial metrics, particularly
its liquidity position and capitalization. The bank has not
released financial statements for the periods 4Q10 and 1Q11;
however, preliminary data available at the central bank points to
poor profitability, reflecting the negative effects of more
expensive cost of funding, and much weakened capitalization
ratios, also a result of the regulatory measures that require
additional capital allocation for long tenor consumer loans.
Moreover, Schahin has faced much tighter liquidity conditions as
loan sales and securitizations became limited, with resultant
growing reliance of the bank on DPGEs (guaranteed time deposits by
the Deposit Insurance Fund) to support its lending activities.

Moody's explained that such reliance on this source of funding
also places important pressure around its business continuity,
because these resources are scheduled to be phased out starting
January 2012. These challenges, combined with increasing
competition in its core markets of car finance and payroll loans,
will likely reduce the bank's ability to generate earnings to
support its capitalization and thus, growth in the near future.

The last rating action on Banco BMG S.A. occurred on April 04,
2011 when Moody's rated Ba2 the US$300 million senior unsecured
notes due 2018, with a negative outlook. The other ratings
remained unchanged.

The last rating action on Banco Schahin S.A. occurred on December
09, 2010 when Moody's changed to negative from stable the outlook
on the bank's ratings.

The principal methodologies used in these banks were "Bank
Financial Strength Ratings: Global Methodology" published in
February 2007, and "Incorporation of Joint Default Analysis into
Moody's Bank Ratings: A Refined Methodology" published in March
2007.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".br" for Brazil. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating
Implementation Guidance published in August 2010 entitled "Mapping
Moody's National Scale Ratings to Global Scale Ratings."

Based in Belo Horizonte, Banco BMG S.A. had total assets of
approximately R$11.6 billion (US$7.1 billion) and equity of R$2.16
billion (US$1.33 billion) as of March 31, 2011.

Based in Sao Paulo, Banco Schahin S.A. had total assets of
approximately R$2.6 billion (US$1.42 billion) and equity of R$229
million (US$127 million) as of June 30, 2010.


COMPANHIA DE SANEAMENTO: Fitch Ratings Affirms IDR at 'BB'
----------------------------------------------------------
Fitch Ratings affirmed these ratings for Companhia de Saneamento
Basico do Estado de Sao Paulo (Sabesp):

   -- Local Currency Long-Term Issuer Default Rating (IDR) at
      'BB';

   -- Foreign Currency Long-Term IDR at 'BB';

   -- International Long-Term Rating for the USD140 million notes
      at 'BB';

   -- International Long-Term Rating for the USD350 million bonds
      at 'BB';

   -- National Long-Term Rating at 'A+(bra)'; and

   -- Long-Term National Rating for the ninth debenture issuance
      in the amount of BRL220 million at 'A+(bra)'.

The Outlook for the corporate ratings is Stable.

Sabep's ratings are based on the company's solid financial profile
with adequate margins and robust cash flow from operations (CFFO).
The ratings are also supported by Sabesp's almost monopolistic
position in its business area, as well as its economies of scale
as the largest basic sanitation utility company in the Americas by
number of customers. Sabesp's ratings are limited by the company's
recurring need to roll over significant debt amounts, by the
uncertainties regarding the review and tariff readjustment
effective from September 2012 onwards, in addition to its
aggressive investment program for the next few years. The
classification also factors in, albeit to a lesser degree, the
company's exposure to hydrological conditions and to the political
risks inherent to its government control, together with the
moderate regulatory risk due to the recent and unproven legal
framework of the basic sanitation sector.

Sound Operational Cash Generation; Investments Pressure Free Cash
Flow:

Sabesp's sound operating performance has shown consistent growth.
The net revenue of BRL9.4 billion during the LTM ended March 31st
2011 benefited from the 4.0% tariff readjustment in September 2010
and 4.4% in September 2009, besides a 3.8% increase in the volume
of water and sewage invoiced, compared to the same period in 2009.
During the LTM ended March 31st 2011, Sabesp's EBITDA, of BRL3.0
billion and 33% margin, was pressured in the last nine months by
the BRL237 million of additional expenses related with the new
contract with the municipality of Sao Paulo. According to this
agreement, Sabesp is to transfer to a municipality fund 7.5% of
the gross revenue generated in the city of Sao Paulo, excluding
construction revenues and net of PIS, Cofins and the municipality
delinquency. The municipality of Sao Paulo represents around 55%
of the company's revenue. Considering the same accounting basis,
Sabesp recorded net revenue and EBITDA of BRL8.6 billion and BRL
2.7 billion, respectively, in 2009, with a 31% margin.

During the LTM ended on March 31, 2011, Sabesp registered robust
FFO equivalent to BRL2.0 billion, in line with this figure
recorded in 2009. However, the free cash flow was negative at
BRL265 million, impacted by the aggressive investments, which
summed BRL1.9 billion, in addition to dividend distribution in the
amount of BRL 398 million in the same period. Over the next few
years, Sabesp is expected to continue reporting negative FCF as a
result of high capital expenditures estimated in approximately
BRL2 billion annually.

Historically, investments have not contributed to Sabesp's CFFO as
the company does not transfer into the tariff the investments in
the expansion of sewage treatment capacity, for example.

Credit Metrics Moderately Pressured by Debt Increase:

Sabesp's financial leverage has been moderately pressured by the
higher debt level to support the company's investments, without
materially affecting, however, the credit fundamentals of the
company. By the end of March 2011, Sabesp's total adjusted debt
increased to BRL10.6 billion from BRL7.2 billion reported by year-
end December 2009. This was mainly due to BRL1.5 billion relative
adjustments on actuarial liabilities in 2010, and by the increment
of BRL1.6 billion in the volume of cash and marketable securities,
as well as the need to finance the negative FCF.

As of Mar 31st 2011, Sabesp leverage remained consistent with the
ratings assigned. During the period, Sabesp's total adjusted debt-
to-EBITDA ratio was 3.5 times (x), while the net adjusted debt-to-
EBITDA registered 2.7x, which compares with 2.6x and 2.4x
respectively reported by the year-end of 2009. Fitch believes that
the company should keep its net adjusted debt-to-EBITDA ratio
below 3.0x, being 2.7x in 2011, which will be important for
maintaining the current ratings. The company continues to have a
relevant portion of its debt (BRL2.6 billion or 24% of the total
adjusted debt) exposed to foreign currency fluctuations, which may
negatively impact its credit measures in the event of a
devaluation of the real, at relevant levels.

Uncertainties related with the Tariff Revision Reduces Cash
Generation Predictability:

Sabesp has always had the predictability of its operating cash
generation as one of its major ratings support strengths. However,
there are uncertainties regarding the new tariff environment and
its robustness. This scenario should remain until the readjustment
formulas and company tariff review is defined, which is currently
under discussion by the regulatory agent, and effective by
September 2012. The determination of the new calculation for
tariff readjustment has the positive aspect of granting a more
consistent regulatory support to Sabesp's future readjustments.
However, until May 2011, uncertainties remained as to the real
impact of the outcome of this process on the company's cash
generation capacity. Fitch's preliminary expectation is that the
new tariff readjustment should preserve adequate tariff levels to
sustain the company's credit quality.

Recurring Need for Debt Refinancing:

The high volume of financial obligation due in the next few years,
associated to negative free cash flows, indicate the need to roll
over relevant debt volumes. Such refinancing risk has been
partially mitigated by Sabesp's positive track record of accessing
the debt market, in view of its strong business and its
satisfactory liquidity position. At the end of March 2011, Sabesp
liquidity was supported by total cash and marketable securities of
BRL2.4 billion, against a BRL1.3 billion of short-term debt.
Sabesp has secured funding for debt roll over regarding its debt
maturing in 2011 but the company may access the capital market in
the next quarters for additional resources of around BRL800
million to complement its refinancing needs related with the
company's 2012 financial obligations. The company's debt
amortization schedule is adequate and does not present strong
concentration on any period.

Low Business Risk:

Sabesp's low business risk is based on its almost monopolistic
position as the provider of water and sewage services and was
confirmed by its resilient performance during the global economic
crisis. Competition is limited in its business and the company
benefits from the large gains of scale compared with other
companies in the sector. Sabesp has been efficient in reducing
losses and has made progress in signing concession contracts with
the municipalities it serves. As to the political risk, Fitch has
not noted any relevant change in company's risk after the change
of government in the state of Sao Paulo, in early 2011.


ENCO ZOLCSAK EQUIPAMENTOS: Chapter 15 Case Summary
--------------------------------------------------
Chapter 15 Debtor: Enco Zolcsak Equipamentos Industriais Ltda.
                   c/o Edward H. Davis, Jr.
                   Astigarraga Davis
                   701 Brickell Ave., 16th Floor
                   Miami, FL 33131
                   Tel: (305) 372-8282

Chapter 15 Case No.: 11-22924

About the Business: Before its bankruptcy in 1997, Enco, the main
                    company of the Zolcsak group of companies, had
                    at its peak over 1,200 employees and supplied
                    about 70% of painting equipment for the major
                    automotive companies in Brazil.  Enco's
                    financial condition deteriorated after a
                    debilitating stoke hit the founder Istvan
                    Zolcsak and the son was named provisory
                    guardian, and an ensuing disputes among the
                    heirs.  The petitioner is seeking U.S.
                    recognition of the bankruptcy proceeding in
                    the 4th Civil Court of Sao Bernardo do Campo,
                    Sao Paulo, Brazil as the "foreign main
                    proceeding."

Chapter 15 Petition Date: May 11, 2011

Court: U.S. Bankruptcy Court
       Southern District of Florida (Miami)

Chapter 15 Petitioner: Alfredo Luiz Kugelmas, as trustee

Petitioner's Counsel: Jeremy O. Harwood, Esq.
                      BLANK ROME, LLP
                      405 Lexington Avenue
                      New York, NY 10174
                      Tel: (212) 885-5000
                      Fax: (212) 885-5001
                      E-mail: jharwood@blankrome.com

Estimated Assets: Not stated

Estimated Debts: Not stated


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B E R M U D A
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BAICO: Bermuda Unit Liquidators Accept Bid for Front Street Bldg.
-----------------------------------------------------------------
The Royal Gazette Online reports that liquidators of the folded
Bermuda branch of the British American Insurance Company (BAICO)
have struck a deal to sell the insurer's Front Street building.

The sum raised by the sale, which has been agreed subject to
contract, has not been revealed and nor has the identity of the
buyer, according to The Royal Gazette Online.  But if and when the
sale is finalized, the money will add to the funds available to
disperse among policyholders, the report relates.

The building at 133 Front Street is 40% owned by BAICO and 60%
owned by the BAICO Bermuda pension scheme.

The Royal Gazette Online notes that Mike Morrison, of liquidator's
agents KPMG Advisory Ltd., who told The Royal Gazette in April
that the building had a price tag of $3.6 million, said only: "We
were pretty close to our asking price.  It's a tough market, but
we did see some competition."

The Royal Gazette Online discloses that the news comes after
policyholders voted overwhelmingly in favor of the scheme of
arrangement drawn up by the liquidators that will give them less
than 50 cents on the dollar of the value of their policies.

There are approximately 3,800 policyholders and 6,000 existing
policies, the report says.  The branch's assets total almost $11
million and its liabilities around $21 million.  BAICO's Bermuda
business, which is a branch of its parent company in the Bahamas,
went into receivership in August 2009.

                            About BAICO

British American Insurance Company is a Bahamian company, which is
owned by Trinidad-based parent CL Financial.

Casey McDonald, the British Virgin Islands liquidator for British
American Isle of Venice (BVI), Ltd, filed a Chapter 11 petition
(Bankr. S.D. Fla. Case No. 10-21627) on April 29, 2010.  Mr.
McDonald is represented by Leyza F. Blanco, Esq., at Gray Robinson
in Miami, Fla.  At the time of the filing, the liquidator
estimated British American Isle of Venice (BVI), Ltd's asset at
less than US$10 million and its debts at more than US$100 million.
Two affiliates -- British American Insurance Company Limited
(Bankr. S.D. Fla. Case No. 09-31881) and British American
Insurance Company Limited (Bankr. S.D. Fla. Case No. 09-35888) --
are also subject to the jurisdiction of the U.S. Bankruptcy Court.


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


BLUE AGUA: Shareholder to Receive Wind-Up Report on June 9
----------------------------------------------------------
The shareholder of Blue Agua Ltd. will receive on June 9, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Darryl Myers
         Telephone:  +1 345 949 0699
         Facsimile:  +1 345 949 8171
         c/o Thorp Alberga
         Harbour Place, 2nd Floor
         103 South Church Street
         George Town
         Grand Cayman KY1-1106
         Cayman Islands


CHINA GREENS: Members' Final Meeting Set for June 15
----------------------------------------------------
The members of China Greens Limited will hold their final meeting
on June 15, 2011, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Shen Ji Ye
         c/o Maples and Calder, Attorneys-at-law
         P.O. Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


EDEN CAPITAL: Shareholder to Hear Wind-Up Report on June 27
-----------------------------------------------------------
The shareholder of Eden Capital Management Ltd. will receive on
June 27, 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:

         Ogier
         c/o Jacqueline Haynes
         Telephone: (345) 815-1759
         Facsimile: (345) 949-9877


EUGENIE LIMITED: Members' Final Meeting Set for June 14
-------------------------------------------------------
The members of Eugenie Limited will hold their final meeting on
June 14, 2011, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


FOREST HILL: Members' Final Meeting Set for June 24
---------------------------------------------------
The members of Forest Hill Select Offshore Ltd will hold their
final meeting on June 24, 2011, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd
         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


IBF CAYMAN: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of IBF Cayman Ltd. received on June 4, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone:  945-8859
         Facsimile:  949-9793
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


ICBC INTERNATIONAL: Shareholders' Final Meeting Set for June 24
---------------------------------------------------------------
The shareholders of ICBC International Investment Fund SPC will
hold their final meeting on June 24, 2011, at 4:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

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


KENMAR GLOBAL: Shareholders' Final Meeting Set for June 24
----------------------------------------------------------
The shareholders of Kenmar Global Agricultural and Softs Fund SPC
Limited will hold their final meeting on June 24, 2011, at
10:30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


LFI BOND: Shareholders' Final Meeting Set for June 14
-----------------------------------------------------
The shareholders of LFI Bond Investments Ltd. will hold their
final meeting on June 14, 2011, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David A.K. Walker
         c/o Adam Keenan
         Telephone: (345) 914 8743
         Facsimile:  (345) 945 4237
         P.O. Box 258, Grand Cayman KY1-1104
         Cayman Islands


NEUBERGER BERMAN: Shareholders' Final Meeting Set for June 20
-------------------------------------------------------------
The shareholders of Neuberger Berman Q Fund Ltd. will hold their
final meeting on June 20, 2011, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


NEUBERGER BERMAN: Shareholders' Final Meeting Set for June 20
-------------------------------------------------------------
The shareholders of Neuberger Berman Q Master Fund Ltd. will hold
their final meeting on June 20, 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:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


PLATINUM TURNBERRY: Shareholder to Hear Wind-Up Report on June 24
-----------------------------------------------------------------
The shareholder of Platinum Turnberry Fund Limited will receive on
June 24, 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
         Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877


SENEX INVESTMENTS: Shareholder to Hear Wind-Up Report on June 14
----------------------------------------------------------------
The shareholder of Senex Investments Limited will receive on
June 14, 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:

         Ying Hing Chiu
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


SP IGNIS: Shareholders' Final Meeting Set for June 24
-----------------------------------------------------
The shareholders of SP Ignis Offshore, Ltd. will hold their final
meeting on June 24, 2011, at 10:15 a.m., to receive 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


SPIRIT MANAGEMENT: Shareholder to Hear Wind-Up Report on June 27
----------------------------------------------------------------
The shareholder of Spirit Management Ltd. will receive on June 27,
2011, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jacqueline Haynes
         Telephone: (345) 815-1759
         Facsimile: (345) 949-9877


TIBERIUS FUND: Shareholders' Final Meeting Set for June 24
----------------------------------------------------------
The shareholders of The Tiberius Fund Ltd. will hold their final
meeting on June 24, 2011, at 10:00 a.m., to receive 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


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


BANCA MIFEL: S&P Affirms Global Ratings at 'BB-/B'; Outlook Stable
------------------------------------------------------------------
Standard & Poor's Rating affirmed its ratings on Mexican based
Banca Mifel S.A., including the 'BB-/B' counterparty credit rating
and the 'mxBBB+/mxA-2' national scale (CaVal) counterparty credit
rating. The outlook is stable. "We also affirmed our 'B-' rating
on Mifel's $100 million perpetual, noncumulative, nonpreferred
subordinated notes," S&P stated.

"The ratings reflect the bank's limited capitalization and
pressured profitability resulting from its expansion plans. Its
improvements in asset-quality indicators and its stable and loyal
client base offset the negative factors," said Standard & Poor's
credit analyst Laurence Wattraint. The ratings on Mifel's notes
reflect their subordination, the potential deferment of interest
payments, and the bank's overall financial strength.

The ratings also consider expected plans to raise capital that
will substantially improve the bank's capital base and enable it
to achieve its growth plans for the coming years. "We believe that
this capital injection could raise the bank's competitiveness in
the local market, but Mifel's main challenge is to manage growth
in a very competitive market," S&P said.

One of Mifel's major strengths is its stable and loyal deposit
base. Branch openings resulted in 48% growth in deposits during
2010 and another 24% by March 2011 since the end of 2010. However,
the deposit base shows some concentration. "Its ratio of loans to
deposits plus long-term funding reached 72% in first-quarter 2011,
and we expect this figure to remain less than 90% throughout 2011
thanks to an expanded deposit base and stable facilities from
development banks in Mexico. The bank will have trouble improving
asset quality and growing its portfolio, but we expect improved
risk-management practices to yield better results than in the
past," S&P continued.

"The stable outlook reflects the bank's financial performance and
expected improvements in profitability in the medium term. If the
bank improves its asset quality and completes a capitalization
plan that raises its RAC ratio before diversification to around
6.5%, we could raise the ratings," S&P noted.

Conversely, the ratings could be under negative pressure if
Mifel's capital, profitability, and/or asset quality indicators
weaken.


GRUPO PAPELERO: S&P Cuts Global Scale CCR to 'B+'; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
corporate credit rating on Grupo Papelero Scribe S.A. de C.V.
(Scribe) to 'B+' from 'BB-'. "In addition, we are lowering our
senior unsecured debt rating on Scribe's $300 million senior
unsecured notes to 'B+' from 'BB-'. The outlook is stable. We
affirmed our recovery rating of '4'," S&P related.

"Our ratings on Mexico-based paper products manufacturer Scribe
reflect the company's weak business risk profile and aggressive
financial risk profile," said Standard & Poor's credit analyst
Monica Ponce. The rating considers the company's relatively high
debt leverage, its position as a segment player in a seasonal and
somewhat mature industry, and its exposure to pulp price
volatility and exchange rate fluctuations. The company's strong
brand recognition in Mexico, its leadership in the notebook market
(with a market share of 80%), a solid position in the paper and
office (P&O) supplies markets, and its relatively low-cost
production partially offset the negative factors.

"Scribe's financial performance for the past 12 months ended March
31, 2011, has been below our expectations. During that time,
Scribe posted adjusted EBITDA interest coverage and total debt-to-
EBITDA ratios of 1.7x and 5.0x, which compare unfavorably with
4.7x, and 3.7x from the same period a year ago as a consequence of
lower EBITDA generation. We expect modest improvement in Scribe's
gross margin to drive Scribe's total debt-to-EBITDA ratio to 4.9x
in 2011. Scribe continues to be somewhat exposed to a sharp drop
in the value of the Mexican peso because its outstanding debt
is denominated in U.S. dollars and most of its sales are
denominated in Mexican pesos. However, weakness in the Mexican
peso reduces the competitiveness of imported products, favoring
Scribes competitive position," S&P related.

S&P continued, "The stable outlook reflects our expectations of a
gradual recovery in the company's operating results in the next
couple of years, which should translate into stronger key credit
metrics, particularly an adjusted debt-to-EBITDA ratio of less
than 5.0x. We could lower the rating if the recovery doesn't
materialize and there is a further financial deterioration, such
as if the company reports an adjusted debt to EBITDA at more than
5.5x. Higher pulp prices coupled with the continued strength of
the Mexican peso could lead to further weakness in the issuer's
gross margin. We could also lower the rating if the company incurs
additional debt that would be a breach of covenants under the
notes. But a strong financial performance, most likely because of
lower pulp prices and a depreciation of the Mexican peso, could
lead to a positive rating action, particularly if the company
posts adjusted debt to EBITDA of less than 3.5x."


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


CENTRAL TRINIDAD STEEL: Closes Plant, Axes 250 Jobs
------------------------------------------------------
Trinidad Express reports that Central Trinidad Steel Ltd (Centrin)
closed its factory and retrenched 250 workers.

The company said it could no longer make a profit because the
price of raw material purchased from the ArcelorMittal steel plant
was too high, according to Trinidad Express.

"It is not the intention of the company to shut down operations
permanently.  We are temporarily suspending operations until we
can get back on the bargaining table and set a better price."
Centrin purchases its raw material (billets) to make rebar steel
used in construction projects," Trinidad Express quotes Centrin
Marketing Manager Balliram John as saying.

Trinidad Express notes that some workers protested on the
company's compound, calling on Prime Minister Kamla Persad-
Bissessar, Minister of Trade Stephen Cadiz and Minister of Labor
Errol McLeod to intervene.  The report relates that the workers
said government needed to regulate the price of billets since
there was alleged price manipulation on the steel market.


CL FINANCIAL: US$3BB Chinese Bailout Non-Existent, Chairman Says
----------------------------------------------------------------
Trinida Express reports that CL Financial Limited Chairman Gerald
Yetming said the US$3 billion investment proposed by a Hong Kong-
based business consortium to bail out the company is non-existent.

The company, Centerpoint Holdings Ltd., through mediator Roy Dan,
offered the multibillion-dollar investment to offset the costs of
all the financial payouts of the beleaguered company and to take
over operations of CL Financial, according to Trinidad Express.
The report relates that Mr. Yetming said Mr. Dan wanted to appoint
a former minister as chairman once the deal was signed.

Trinidad Express notes that Mr. Yetming initially remained mum on
the investment rumor when Opposition MP Colm Imbert raised the
issue but broke his silence, saying the entire issue needed to be
put to rest.  "The public and the shareholders need to know that
there is no investor," Trinidad Express quoted Mr. Yetming as
saying.

The report notes that Mr. Yetming said the frontman for the
investors, Mr. Dan, met with him and Central Bank Governor Ewart
Williams twice recently, but nothing tangible came out of the
meeting.

Trinidad Express discloses that Mr. Yetming said the offer was
actually a US$3 billion loan over a ten-year period, with a
moratorium for the first two years on the principal and the
interest.  The loan accrued a 3 to 5% interest rate.

CL Financial would have to put up 10% of the loan figure, roughly
$2 billion, in a cash deposit and Centerpoint would hold the
security liens on the company, Trinidad Express notes.

"The investors needed CL Financial to demonstrate the financial
viability to support the loan repayment," Trinidad Express quotes
Mr. Yetming as saying.  "But they would hold all the assets and
the revenue streams," he added.

Trinidad Express notes that Mr. Yetming said that Mr. Dan was
informed that according to the 2009 agreement between the then
People's National Movement (PNM) government and CL Financial,
neither government nor the management of CL Financial had the
authority to borrow money in the company's name.  The report
Relates that Mr. Yetming learned Mr. Dan had spoken to Government
ministers, but they did not have the authority to borrow any money
for CL either.

Mr. Yetming said CL Financial is expected to table its first
audited accounts since 2007 at a June 22 board meeting, the report
adds.

                      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.


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


* BOND PRICING: For the Week May 30, to June 2, 2011
----------------------------------------------------

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


ARGENTINA
---------

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


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

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

CHILE
-----

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


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

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


VENEZUELA
---------

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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *