TCRLA_Public/110621.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, June 21, 2011, Vol. 12, No. 121

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD GROUP: SIPC to Review SEC Direction on Firm Liquidation


A R G E N T I N A

ALBERA SRL: Creditors' Proofs of Debt Due July 14
COLOMBINA SA: Creditors' Proofs of Debt Due October 10
H SZAPU: Creditors' Proofs of Debt Due September 21
LOC AIRE: Creditors' Proofs of Debt Due July 7
LOMA LAUREL: Creditors' Proofs of Debt Due July 15

SOCIEDAD DE INVERSIONES: S&P Affirms 'BB-' Ratings; Outlook Stable


C A Y M A N   I S L A N D S

ABX FINANCING: Shareholders' Final Meeting Set for July 15
ANTEC HOLDING: Members' Final Meeting Set for June 27
CHINA CENTURY: Shareholders' Final Meeting Set for July 13
CQS CREDIT: Shareholders' Final Meeting Set for July 15
CQS DIRECTIONAL: Shareholders' Final Meeting Set for July 15

CQS DIRECTIONAL: Shareholders' Final Meeting Set for July 15
CQS GLOBAL: Shareholders' Final Meeting Set for July 15
CREDIT SUISSE: Shareholders' Final Meeting Set for July 18
JEFFERIES TECHNOLOGY: Shareholders' Final Meeting Set for July 6
JEFFERIES TECHNOLOGY: Shareholders' Final Meeting Set for July 6

KOWLOON PROPERTIES: Shareholder to Hear Wind-Up Report on June 21
MATRIX MACRO: Shareholders' Final Meeting Set for July 8
NORTHERN ISLAND: Shareholders' Final Meeting Set for July 8
O'CONNOR LONG/SHORT: Shareholders' Final Meeting Set for July 13
O'CONNOR LONG/SHORT: Shareholders' Final Meeting Set for July 13


C O L O M B I A

SALUDCOOP: Govt. Rules Out Liquidation, to Continue Intervention


D O M I N I C A N   R E P U B L I C

CARIBBEAN CEMENT: Still Concerned on Exports to Dominican Republic


G U Y A N A

* GUYANA: IDB Approves US$12 Million Loan for Linden Residents


M E X I C O

NAYARIT STATE: Moody's Downgrades Issuer Ratings to 'Ba2'
VITRO SAB: Judge Rejects Bonuses for U.S. Executives


P E R U

* LIMA MUNICIPALITY: Moody's Changes Outlook on Ba1 Issuer Rating


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 GROUP: SIPC to Review SEC Direction on Firm Liquidation
----------------------------------------------------------------
The Securities Investor Protection Corporation, which maintains a
special reserve fund mandated by U.S. Congress to protect the
customers of insolvent brokerage firms, said it will analyze the
referral provided on June 15, 2011, by the U.S. Securities and
Exchange Commission with respect to the Stanford Group Company,
operated by Robert Allen Stanford.

On Feb. 17, 2009, the SEC filed an action in the U.S. District
Court for the Northern District of Texas alleging that Stanford
orchestrated an $8 billion fraud based on false promises of
guaranteed returns related to certificates of deposit ("CDs")
issued by the Antiguan-based Stanford International Bank ("SIB").
The SEC's Complaint alleged that SIB sold approximately
$7.2 billion of CDs to investors by promising returns that were
"improbable, if not impossible." Complaint, SEC v. Stanford
International Bank, Ltd., et al., Case No. 3-09CV0298-L (N.D. Tex.
filed Feb. 17, 2009).

In response to the SEC's request for emergency relief, the Court
immediately issued a temporary restraining order, froze the
defendants' assets, and appointed a receiver to marshal those
assets.  The SEC filed a second amended complaint on June 19,
2009, alleging that Stanford conducted a Ponzi scheme.

SIPC President and CEO Stephen Harbeck said SIPC would take the
SEC's referral in the Stanford case under advisement before
deciding how to proceed.   He indicated that a decision would be
forthcoming in the near future.

Mr. Harbeck said: "SIPC's Board will review the referral, and
analyze the SEC's underlying documentation as quickly as
possible."

The SEC's referral of the matter is the first time the SEC has
informed SIPC of the possibility that the Stanford matter is
appropriate for a proceeding under the Securities Investor
Protection Act.

                            About SIPC

The Securities Investor Protection Corporation is the U.S.
investor's first line of defense in the event a brokerage firm
fails, owing customers cash and securities that are missing from
customer accounts.  SIPC either acts as trustee or works with an
independent court-appointed trustee in a brokerage insolvency case
to recover funds.

The statute that created SIPC provides that customers of a failed
brokerage firm receive all non-negotiable securities -- such as
stocks or bonds -- that are already registered in their names or
in the process of being registered. At the same time, funds from
the SIPC reserve are available to satisfy the remaining claims for
customer cash and/or securities custodied with the broker for up
to a maximum of $500,000 per customer.  This figure includes a
maximum of $250,000 on claims for cash. From the time Congress
created it in 1970 through December 2010, SIPC has advanced $ 1.6
billion in order to make possible the recovery of $109.3 billion
in assets for an estimated 739,000 investors.

                       About Stanford Group

Stanford companies operated by selling certificates of deposit in
more than 100 discrete locations spanning 15 states in the United
States and 13 countries in Europe, the Caribbean, Canada and Latin
America. Stanford claimed to have more than 30,000 clients located
in 133 countries.

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 February 16, 2009, the United States 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 U.S. Securities and Exchange Commission, on Feb. 17, 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 pursued against him in June 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, U.S. District
Court, Southern District of Texas (Houston).  The civil case is
SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).  See:

               http://www.usdoj.gov/criminal/vns


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


ALBERA SRL: Creditors' Proofs of Debt Due July 14
-------------------------------------------------
Susana Edith Sveliza, the court-appointed trustee for Albera SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until July 14, 2011.

Ms. Sveliza will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, 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:

         Susana Edith Sveliza
         Avenida Cramer 2111
         Argentina


COLOMBINA SA: Creditors' Proofs of Debt Due October 10
------------------------------------------------------
Jorge Omar Bermudez, the court-appointed trustee for Colombina
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until October 10, 2011.

Mr. Bermudez 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.

The Trustee can be reached at:

         Jorge Omar Bermudez
         Av. Belgrano 845
         Argentina


H SZAPU: Creditors' Proofs of Debt Due September 21
---------------------------------------------------
Ricardo Jose Lisio, the court-appointed trustee for H Szapu y
Compania's reorganization proceedings, will be verifying
creditors' proofs of claim until September 21, 2011.

Mr. Lisio 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.

The Trustee can be reached at:

         Ricardo Jose Lisio
         Habana 4315
         Argentina


LOC AIRE: Creditors' Proofs of Debt Due July 7
----------------------------------------------
Miguel Angel Visco, the court-appointed trustee for Loc Aire SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until July 7, 2011.

Mr. Visco will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 13
in Buenos Aires, with the assistance of Clerk No. 25, 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.


LOMA LAUREL: Creditors' Proofs of Debt Due July 15
--------------------------------------------------
Cristina Alicia Mattioni, the court-appointed trustee for Loma
Laurel SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until July 15, 2011.

Ms. Mattioni will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, 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:

         Cristina Alicia Mattioni
         Uruguay 385
         Argentina


SOCIEDAD DE INVERSIONES: S&P Affirms 'BB-' Ratings; Outlook Stable
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on Chilean
holding company Sociedad de Inversiones Pampa Calichera S.A. at
'BB-'. The outlook remained stable.

"The ratings on Pampa continue to reflect the combination of a
weak business risk profile and an aggressive financial risk
profile," said Standard & Poor's credit analyst Diego Ocampo. "We
now expect higher dividends from its operating subsidiary for at
least the next two to three years, which would reduce Pampa's and
Oro Blanco's refinancing needs."

Pampa's business risk profile includes a portfolio concentrated in
operating subsidiary Sociedad Quimica y Minera de Chile S.A. (SQM;
BBB/Stable/--), the company's source of dividends, and Pampa's low
liquidity standards when compared with those of other rated peers.

Also, because SQM's business is in commodities, its net income is
inherently volatile, and so are its dividend payments, given that
net income is the base for calculating dividends.

Partly counterbalancing these factors is SQM's relatively good
credit quality.

Volatile cash flows and relatively high leverage, resulting in
relatively weak coverage metrics, underpin Pampa's aggressive
financial risk profile.


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


ABX FINANCING: Shareholders' Final Meeting Set for July 15
----------------------------------------------------------
The shareholders of ABX Financing Company will hold their final
meeting on July 15, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ANTEC HOLDING: Members' Final Meeting Set for June 27
-----------------------------------------------------
The members of Antec Holding Corporation will hold their final
meeting on June 27, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Andrew Yihchung, Lee
         c/o Michelle R. Bodden-Moxam
         Telephone: 345-946-6145
         Facsimile: 345-946-9146
         Portcullis TrustNet (Cayman) Ltd.
         The Grand Pavilion Commercial Centre
         Oleander Way, 802 West Bay Road
         P.O. Box 32052, Grand Cayman KY1-1203
         Cayman Islands


CHINA CENTURY: Shareholders' Final Meeting Set for July 13
----------------------------------------------------------
The shareholders of China Century Investment Fund Limited will
hold their final meeting on July 13, 2011, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CQS CREDIT: Shareholders' Final Meeting Set for July 15
-------------------------------------------------------
The shareholders of CQS Credit Volatility and Correlation Feeder
Fund Limited will hold their final meeting on July 15, 2011, at
9:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


CQS DIRECTIONAL: Shareholders' Final Meeting Set for July 15
------------------------------------------------------------
The shareholders of CQS Directional Credit Feeder Fund Limited
will hold their final meeting on July 15, 2011, at 9:40 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CQS DIRECTIONAL: Shareholders' Final Meeting Set for July 15
-------------------------------------------------------------
The shareholders of CQS Directional Credit Master Fund Limited
will hold their final meeting on July 15, 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:

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


CQS GLOBAL: Shareholders' Final Meeting Set for July 15
-------------------------------------------------------
The shareholders of CQS Global Volatility Master Fund Limited will
hold their final meeting on July 15, 2011, at 9:50 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CREDIT SUISSE: Shareholders' Final Meeting Set for July 18
----------------------------------------------------------
The shareholders of Credit Suisse Global Senior Loan Fund, Ltd.
will hold their final meeting on July 18, 2011, at 9:10 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


JEFFERIES TECHNOLOGY: Shareholders' Final Meeting Set for July 6
----------------------------------------------------------------
The shareholders of Jefferies Technology Fund (Cayman), Ltd will
hold their final meeting on July 6, 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


JEFFERIES TECHNOLOGY: Shareholders' Final Meeting Set for July 6
----------------------------------------------------------------
The shareholders of Jefferies Technology Master Fund, Ltd will
hold their final meeting on July 6, 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


KOWLOON PROPERTIES: Shareholder to Hear Wind-Up Report on June 21
-----------------------------------------------------------------
The shareholder of Kowloon Properties Ltd. will receive on
June 21, 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


MATRIX MACRO: Shareholders' Final Meeting Set for July 8
--------------------------------------------------------
The shareholders of Matrix Macro Fund will hold their final
meeting on July 8, 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


NORTHERN ISLAND: Shareholders' Final Meeting Set for July 8
-----------------------------------------------------------
The shareholders of Northern Island Tower will hold their final
meeting on July 8, 2011, at 11:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


O'CONNOR LONG/SHORT: Shareholders' Final Meeting Set for July 13
----------------------------------------------------------------
The shareholders of O'Connor Long/Short Focused Research Master
Limited will hold their final meeting on July 13, 2011, at
9:15 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Graham Robinson
         c/o Omar Grant
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P. O. Box 897, Windward 1
         Regatta Office Park Grand Cayman KY1-1103
         Cayman Islands


O'CONNOR LONG/SHORT: Shareholders' Final Meeting Set for July 13
----------------------------------------------------------------
The shareholders of O'Connor Long/Short Focused Research Limited
will hold their final meeting on July 13, 2011, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Graham Robinson
         c/o Omar Grant
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P. O. Box 897, Windward 1
         Regatta Office Park Grand Cayman KY1-1103
         Cayman Islands


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


SALUDCOOP: Govt. Rules Out Liquidation, to Continue Intervention
----------------------------------------------------------------
Colombia Reports, citing Caracol Radio, says the Superintendent of
Health has said the government will not liquidate the troubled
health insurance company (EPS) Saludcoop, but will extend the
intervention until the company reaches an "economic equilibrium."

According to Colombia Reports, the EPS was re-possessed by the
government in May for inconsistencies found in its financial
operations and the flow of money in the treasury in regards to
debt payments.

"We are absolutely sure that we are not talking about any case of
liquidation, however for the administration to resolve the
financial problems and be able to continue operating it's very
possible that the intervention will be extended," Colombia Reports
quotes Superintendent of Health Conrado Gomez as saying.

Colombia Reports discloses that the new director of Saludcoop
Wilson Sanchez Hernandez, an economist with experience in
reconstruction of liabilities, will be in charge of making
financial and legal decisions for the EPS in efforts to
re-establish the legitimacy of the private insurance company in
charge of public health care provided by government funds.

Colombia Reports adds that weekly Semana said employees of
Saludcoop were not paid for the month of May.  The Superintendent
promised to pay the back salary to employees by June 18.

"In this order of priorities, we have to begin with unproductive
assets and those of little use. In about three weeks we are going
to present to the country the financial reality of the EPS,"
Mr. Gomez told Colombia Reports.


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D O M I N I C A N   R E P U B L I C
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CARIBBEAN CEMENT: Still Concerned on Exports to Dominican Republic
------------------------------------------------------------------
RJR News reports that Caribbean Cement Company Limited is
admitting that it still has lingering concerns about its exports
to the Dominican Republic.

In a statement on June 15, the company responded to claims that
the matter had been resolved, according to RJR News.

The report notes that a shipment of Caribbean Cement to the
Dominican Republic in April was detained for 49 days resulting in
significant financial losses for the company and its distributor
in the Spanish speaking country.  RJR News relates that this
occurred despite certification from the Bureau of Standards
Jamaica and confirmation by independent and internationally
recognized laboratories that the cement met all the standards
required.

The company said that while the shipment was eventually released
there has been no clarity as to whether future shipments will be
subjected to similar non-tariff barriers, RJR News says.  The
company added that it will continue to feel the pinch if its
future shipments to the Dominican Republic are held at the port
for an unnecessarily long time, RJR News says.

Caribbean Cement Company Limited manufactures and sells cement.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 10, 2010, RadioJamaica reports that Caribbean Cement Company
Limited said the cost of redundancy carried out in the third
quarter of its financial year was JM$93 million.  The report
related that the company did not reveal how much workers were
affected by the cost cutting measure.

According to a TCRLA report on Dec. 9, 2010, RadioJamaica said
that Caribbean Cement Company's balance sheet for the nine month
period January to September show it racked up a net loss of JM$1.1
billion from JM$75 million loss suffered during the corresponding
period last year.  According to RadioJamaica, during the third
quarter Caribbean Cement suffered a JM$925 million deficit that
was largely due to the shutdown of the new Kiln for 40 days during
August and September, a JM$300 million reduction in domestic sales
revenues and costs associated with a staff rationalization
program.

A TCRLA report on Dec. 18, 2009, citing RJR News related that
Caribbean Cement Company Limited has admitted to its shareholders
that it is struggling to pay back the US$15 million it got from
its parent company Trinidad Cement Limited, RadioJamaica reports.
According to the report, the company said that because the loans
are US dollar denominated, Caribbean Cement is worried that if the
Jamaican currency further loses value its debt servicing costs
will skyrocket and translate into an even greater liability on its
balance sheet.


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G U Y A N A
===========


* GUYANA: IDB Approves US$12 Million Loan for Linden Residents
--------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a US$12
million loan to improve efficiency, quality and sustainability of
the drinking water service in Linden, Guyana's second largest
city.

The funds will help the city, located 100 kilometers inland from
the Atlantic coast, to cut energy use; improve pressure, quality
and continuity of the water supply system; reduce the level of
revenue loss due to physical and commercial reasons; and
strengthen the operation and maintenance performance of the
country's public utility, Guyana Water Incorporated (GWI).

The Bank's financing consists of a US$6 million loan from its
ordinary capital for a 30-year term, with a six-year grace period
and a variable interest rate based on Libor, and another credit
also of US$6 million from the IDB's concessional Fund for Special
Operations for a 40-year term, with 40 years of grace and 0.25%
interest.


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


NAYARIT STATE: Moody's Downgrades Issuer Ratings to 'Ba2'
---------------------------------------------------------
Moody's de Mexico downgraded the State of Nayarit's issuer ratings
to Ba2 (Global Scale, local currency) and A2.mx (Mexico National
Scale) from Ba1 and A1.mx, respectively. The outlook on the issuer
ratings remains negative. Moody's also downgraded the debt ratings
assigned to Nayarit's syndicated MXN 1.25 billion enhanced loan
(original face value) and MXN 300 million enhanced loan (original
face value) from Banorte to Ba2/A2.mx and Baa3/Aa3.mx
respectively. In addition, Moody's assigned ratings of Baa3/Aa3.mx
to two enhanced loans of MXN 200 million, one from Banorte and the
other one from BBVA-Bancomer.

Ratings Rationale

The downgrades reflect a greater than expected deterioration in
Nayarit's financial and debt indicators in 2010. Specifically, the
state registered 1) a sizable consolidated deficit, 2) cash
financing requirements for the fifth consecutive year, 3) a
continued increase in its high debt levels and expected increase
for 2011 to roughly 24% of total revenues, and 4) a very tight
liquidity position. These concerns are partially offset by
Nayarit's growing economy and trend of increasing, albeit still
low own-source revenues, which should enhance its financial
flexibility in the medium-term. The ratings assigned to the two
MXN 200 million enhanced loans reflect credit enhancements
consistent with two notches of uplift from the issuer rating.

On March 2011, Moody's revised the outlook to negative from stable
due to the deterioration of financial, debt and liquidity
indicators but recognizing that the trend could be corrected in
the near to medium term. However, the downgrade recognizes that
the financial performance by year end 2010 was weaker than
expected, as reflected by:

a) The 2010 cash financing deficit of -10.9% to total revenues was
   larger than the expected level of -6.3%. This was driven by
   higher than expected operating expenditures, which are in
   general more difficult to reduce than capital expenditures. As
   a result, Moody's expects these deficits to be more persistent
   than previously.

b) Net direct and indirect debt to total revenues ratio of 12.5%
   in 2010 was lower than the projected 16%. However, this was due
   to the state's reliance on financing from its suppliers, which
   has already been refinanced with debt. In fact, Moody's
   expectations for 2011 debt levels are even higher than they
   were previously, and will roughly reach 24%, a level higher
   than Ba peers. This reflects an additional MXN 2 billion in
   debt already been approved by State's Congress, MXN 300 million
   more than previously considered.

c) Liquidity used to be a strength for Nayarit but in 2009 it
   turned negative (net working capital of -4.4% of total
   expenses). While it appeared to have improved somewhat by the
   end of 2010 to -3.8%, this was lower than the expected level of
   -1.8%. Moreover, the ratio is significantly distorted since the
   approved loans for 2011 of MXN 1.7 billion were registered as
   current assets. Adjusting for this, the liquidity ratio would
   be approximately -14%, a very low level.

The negative outlook reflects Moody's expectation regarding the
challenges that the State faces to improve the financial
performance in the short to medium term.

All the loans benefit from a strong trust structure based on an
irrevocable notification to the federal treasury regarding the
transfer of rights and flows of participation revenues to the
trust. The MXN 300 million loan and the two MXN 200 million loans
all have similar terms and conditions including reserves equal to
2.5-3 months of debt service and are all expected to exhibit solid
debt service coverage levels. For the three loans, minimum
coverages are projected to range from 2.0x-3.2x in Moody's base
case and 1.7x-3.6x in Moody's stress case, which in all cases is
consistent with two notches of uplift from the issuer rating
according to Moody's methodology for enhanced loan ratings.
Moody's notes that the Bancomer loan has the lowest coverages of
the three and as a result would likely be downgraded sooner than
the rest if coverages fall short of Moody's expectations.

While the MXN 1.25 billion loan is projected to have similar
coverages, it has a lower rating because it has cross default
clauses that permit the lenders to declare an early amortization
if the borrower defaults on any of its other obligations coupled
with the fact that there are multiple lenders participating in the
loan, which could expose any individual lender to the decision of
other lenders to trigger the cross default clause.

The two MXN 200 million loans are paid through the same trust as
the MXN 300 million Banorte loan (BBVA Bancomer 47201-9). Both
loans are general obligations of the State of Nayarit. The state
has also pledged the flows and rights of 3% of its federal
participation transfers to the BBVA Bancomer loan and 3.4% to the
MXN 200 million Banorte loan. The loans are denominated in Mexican
pesos with maturity of 20 years and the Bancomer loan will pay an
interest rate composed of the 28-day Mexican Interbank Interest
Rate (TIIE) plus a spread of 165 basis points, with a grace period
for principal payments of 24 months, while the Banorte loan will
have a spread of 175 bps and a 12 month grace period.

Although Moody's does not expect upward pressure on the ratings in
the near term, if Nayarit experiences a structural realignment in
revenue and expenditure, leading to a reduction in annual
borrowing requirements and a significant improvement of the
state's tight liquidity position, the outlook could be revised to
stable.

If Nayarit fails to realign revenues and expenditures that will
result in further deterioration in the state's liquidity position,
and/or significant increases in direct or indirect debt
obligations, there could be further downward pressure on the
ratings.

The ratings assigned to the enhanced loans could face upward or
downward rating pressure if actual debt service coverages
materially better or worse than Moody's projections. Given the
links between the loans and the credit quality of the obligor, a
downgrade of the Nayarit's issuer ratings could also exert
downward pressure on debt ratings for the loans. Conversely, an
upgrade of Nayarit's issuer ratings could result in an upgrade of
the ratings on the loans.

The principal methodologies used in this rating were Regional and
Local Governments Outside the US published in May 2008 and
Enhanced Municipal and State Loans in Mexico published in January
2011.

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 ".mx" for Mexico.
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."


VITRO SAB: Judge Rejects Bonuses for U.S. Executives
----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the creditors' committee for U.S. subsidiaries of
Vitro SAB prevailed on the bankruptcy judge to disapprove bonuses
for the top two executives of the U.S. units undergoing Chapter 11
reorganization in Dallas.

According to the report, U.S. Bankruptcy Judge Harlin "Cooter"
Hale agreed with the committee's argument that the incentive
bonuses were in reality retention bonuses that Congress banned for
companies in bankruptcy.  The bonus proposal "seems largely to
be based on retaining the two top executives through the sale
process," Judge Hale said.

With "very little currently available for unsecured creditors,"
the judge said he saw no justification for paying bonuses to
executives who may be employed by the buyer, the report discloses.
Judge Hale did give the executives a chance to seek a bonus under
another provision in bankruptcy law authorizing payments for
making a substantial contribution in the case.

                      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.

On June 13, 2011, U.S. Bankruptcy Judge Harlin "Cooter" Hale
authorized the U.S. Debtors to sell their businesses to an
affiliate of Sun Capital Partners Inc. for what the creditor's
committee described as a gross price of $64.4 million.


=======
P E R U
=======


* LIMA MUNICIPALITY: Moody's Changes Outlook on Ba1 Issuer Rating
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook on the Ba1 local
currency issuer rating of the City of Lima to positive from
stable, reflecting the positive outlook assigned on Peru's Baa3
foreign and local currency government bond ratings coupled with
the moderate likelihood that the government of Peru
(Baa3/Positive) would act to avoid a default by the city, should
this event ever appear likely to occur. Moody's notes that the
positive outlook on Lima's issuer rating does not reflect any
improved prospects for the city's fundamental underlying credit
risk in and of itself.

Ratings Rationale

"The positive outlook on Lima's rating indirectly reflects the
improved operating environment in Peru, characterized by a
favorable assessment of the country's long-term economic growth,
efforts to institutionalize fiscal discipline and a commitment to
preserve the fundamentals of its macroeconomic policy framework",
said Moody's analyst Patricio Esnaola.

The moderate likelihood of extraordinary support reflects the
relatively high degree of monitoring from the central government.
Furthermore, "Moody's believes that the central government's
guarantee of Lima's external debt -- made up of loans from the
World Bank and the IDB -- reflects the importance the central
government places on helping the city access low cost financing
and suggests that should the city of Lima face financial distress,
the central government may ultimately come to its aid by
supporting the internal debt as well," said Mr. Esnaola.

In this context, according to Moody's rating methodology for
regional and local governments, given the moderate likelihood of
extraordinary support, an upgrade on Peru's Baa3 local currency
government bond rating could potentially trigger an upgrade on the
Ba1 Lima's issuer rating.

The last rating action with respect to the City of Lima was taken
on December 23rd, 2010 when Moody's assigned a Ba1/stable local
currency issuer rating.

The principal methodologies used in this rating were "Regional and
Local Governments Outside the US" published in May 2008, and "The
Application of Joint Default Analysis to Regional and Local
Governments," published in December 2008.


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

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



BRAZIL

ACO ALTONA           EALT3 BZ          89152030        -9848587.47
ACO ALTONA SA        EAAON BZ          89152030        -9848587.47
ACO ALTONA-PREF      EAAPN BZ          89152030        -9848587.47
ACO ALTONA-PREF      EALT4 BZ          89152030        -9848587.47
AGRENCO LTD          AGRE LX           637647275        -312199404
AGRENCO LTD-BDR      AGEN11 BZ         637647275        -312199404
ALL ORE MINERACA     STLB3 BZ          23040051        -8699861.07
ALL ORE MINERACA     AORE3 BZ          23040051        -8699861.07
B&D FOOD CORP        BDFCE US          14423532           -3506007
B&D FOOD CORP        BDFC US           14423532           -3506007
BALADARE             BLDR3 BZ          159454016       -52992212.8
BATTISTELLA          BTTL3 BZ          349898179       -3135090.39
BATTISTELLA-PREF     BTTL4 BZ          349898179       -3135090.39
BATTISTELLA-RECE     BTTL9 BZ          349898179       -3135090.39
BATTISTELLA-RECP     BTTL10 BZ         349898179       -3135090.39
BATTISTELLA-RI P     BTTL2 BZ          349898179       -3135090.39
BATTISTELLA-RIGH     BTTL1 BZ          349898179       -3135090.39
BOMBRIL              BMBBF US          316331265        -123554206
BOMBRIL              BOBR3 BZ          316331265        -123554206
BOMBRIL CIRIO SA     BOBRON BZ         316331265        -123554206
BOMBRIL CIRIO-PF     BOBRPN BZ         316331265        -123554206
BOMBRIL SA-ADR       BMBBY US          316331265        -123554206
BOMBRIL SA-ADR       BMBPY US          316331265        -123554206
BOMBRIL-PREF         BOBR4 BZ          316331265        -123554206
BOMBRIL-RGTS PRE     BOBR2 BZ          316331265        -123554206
BOMBRIL-RIGHTS       BOBR1 BZ          316331265        -123554206
BOTUCATU TEXTIL      STRP3 BZ          27663605        -7174512.03
BOTUCATU-PREF        STRP4 BZ          27663605        -7174512.03
CAF BRASILIA         CAFE3 BZ          21097370         -903951461
CAF BRASILIA-PRF     CAFE4 BZ          21097370         -903951461
CAFE BRASILIA SA     CSBRON BZ         21097370         -903951461
CAFE BRASILIA-PR     CSBRPN BZ         21097370         -903951461
CHIARELLI SA         CCHON BZ          14300741        -46729432.5
CHIARELLI SA         CCHI3 BZ          14300741        -46729432.5
CHIARELLI SA-PRF     CCHI4 BZ          14300741        -46729432.5
CHIARELLI SA-PRF     CCHPN BZ          14300741        -46729432.5
CIA PETROLIFERA      1CPMON BZ         377602195       -3014291.72
CIA PETROLIFERA      MRLM3B BZ         377602195       -3014291.72
CIA PETROLIFERA      MRLM3 BZ          377602195       -3014291.72
CIA PETROLIF-PRF     1CPMPN BZ         377602195       -3014291.72
CIA PETROLIF-PRF     MRLM4 BZ          377602195       -3014291.72
CIA PETROLIF-PRF     MRLM4B BZ         377602195       -3014291.72
CIMOB PARTIC SA      GAFP3 BZ          44047412        -45669963.6
CIMOB PARTIC SA      GAFON BZ          44047412        -45669963.6
CIMOB PART-PREF      GAFP4 BZ          44047412        -45669963.6
CIMOB PART-PREF      GAFPN BZ          44047412        -45669963.6
CONST BETER SA       1COBON BZ         25469474         -4918659.9
CONST BETER SA       COBE3B BZ         25469474         -4918659.9
CONST BETER SA       1007Q BZ          25469474         -4918659.9
CONST BETER SA       COBE3 BZ          25469474         -4918659.9
CONST BETER SA       COBEON BZ         25469474         -4918659.9
CONST BETER-PF A     COBE5 BZ          25469474         -4918659.9
CONST BETER-PF A     1COBAN BZ         25469474         -4918659.9
CONST BETER-PF B     COBE6 BZ          25469474         -4918659.9
CONST BETER-PF B     1COBBN BZ         25469474         -4918659.9
CONST BETER-PR A     1008Q BZ          25469474         -4918659.9
CONST BETER-PR A     COBEAN BZ         25469474         -4918659.9
CONST BETER-PR B     1009Q BZ          25469474         -4918659.9
CONST BETER-PR B     COBEBN BZ         25469474         -4918659.9
D H B                DHBI3 BZ          151796583        -160270949
D H B-PREF           DHBI4 BZ          151796583        -160270949
DHB IND E COM        DHBON BZ          151796583        -160270949
DHB IND E COM-PR     DHBPN BZ          151796583        -160270949
DOC IMBITUBA         IMBI3 BZ          96977064        -42592602.5
DOC IMBITUBA-RT      8218594Q BZ       96977064        -42592602.5
DOC IMBITUBA-RT      IMBI1 BZ          96977064        -42592602.5
DOC IMBITUBA-RTC     8174503Q BZ       96977064        -42592602.5
DOC IMBITUBA-RTP     8174507Q BZ       96977064        -42592602.5
DOC IMBITUB-PREF     IMBI4 BZ          96977064        -42592602.5
DOCA INVESTIMENT     DOCA3 BZ          354715604        -119368960
DOCA INVESTI-PFD     DOCA4 BZ          354715604        -119368960
DOCAS IMBITUBA       IMBION BZ         96977064        -42592602.5
DOCAS IMBITUB-PR     IMBIPN BZ         96977064        -42592602.5
DOCAS SA             DOCAON BZ         354715604        -119368960
DOCAS SA-PREF        DOCAPN BZ         354715604        -119368960
DOCAS SA-RTS PRF     DOCA2 BZ          354715604        -119368960
ESTRELA SA           ESTR3 BZ          89585906        -80761486.8
ESTRELA SA           ESTRON BZ         89585906        -80761486.8
ESTRELA SA-PREF      ESTR4 BZ          89585906        -80761486.8
ESTRELA SA-PREF      ESTRPN BZ         89585906        -80761486.8
FABRICA RENAUX       FRNXON BZ         109683744       -48836146.4
FABRICA RENAUX       FTRX3 BZ          109683744       -48836146.4
FABRICA RENAUX-P     FRNXPN BZ         109683744       -48836146.4
FABRICA RENAUX-P     FTRX4 BZ          109683744       -48836146.4
FABRICA TECID-RT     FTRX1 BZ          109683744       -48836146.4
FER HAGA-PREF        HAGA4 BZ          21299043        -62858780.7
FERRAGENS HAGA       HAGAON BZ         21299043        -62858780.7
FERRAGENS HAGA-P     HAGAPN BZ         21299043        -62858780.7
GAZOLA               GAZO3 BZ          12452144        -40298531.2
GAZOLA SA            GAZON BZ          12452144        -40298531.2
GAZOLA SA-DVD CM     GAZO11 BZ         12452144        -40298531.2
GAZOLA SA-DVD PF     GAZO12 BZ         12452144        -40298531.2
GAZOLA SA-PREF       GAZPN BZ          12452144        -40298531.2
GAZOLA-PREF          GAZO4 BZ          12452144        -40298531.2
GAZOLA-RCPT PREF     GAZO10 BZ         12452144        -40298531.2
GAZOLA-RCPTS CMN     GAZO9 BZ          12452144        -40298531.2
GRADIENTE ELETR      IGBON BZ          61088978         -282692297
GRADIENTE EL-PRA     IGBAN BZ          61088978         -282692297
GRADIENTE EL-PRB     IGBBN BZ          61088978         -282692297
GRADIENTE EL-PRC     IGBCN BZ          61088978         -282692297
GRADIENTE-PREF A     IGBR5 BZ          61088978         -282692297
GRADIENTE-PREF B     IGBR6 BZ          61088978         -282692297
GRADIENTE-PREF C     IGBR7 BZ          61088978         -282692297
HAGA                 HAGA3 BZ           21299043       -62858780.7
HERCULES             HETA3 BZ           12689117        -170680899
HERCULES SA          HERTON BZ          12689117        -170680899
HERCULES SA-PREF     HERTPN BZ          12689117        -170680899
HERCULES-PREF        HETA4 BZ           12689117        -170680899
HOTEIS OTHON SA      HOTHON BZ          255036150      -42606769.7
HOTEIS OTHON SA      HOOT3 BZ           255036150      -42606769.7
HOTEIS OTHON-PRF     HOOT4 BZ           255036150      -42606769.7
HOTEIS OTHON-PRF     HOTHPN BZ          255036150       42606769.7
IGB ELETRONICA       IGBR3 BZ           61088978        -282692297
LAEP INVESTMENTS     LEAP LX            439175082        -60172005
LAEP-BDR             MILK11 BZ          439175082        -60172005
LATTENO FOOD COR     LATF US            14423532          -3506007
MINUPAR              MNPR3 BZ           63144534       -60655823.4
MINUPAR SA           MNPRON BZ          63144534       -60655823.4
MINUPAR SA-PREF      MNPRPN BZ          63144534       -60655823.4
MINUPAR-PREF         MNPR4 BZ           63144534       -60655823.4
MINUPAR-RCT          MNPR9 BZ           63144534       -60655823.4
MINUPAR-RT           MNPR1 BZ           63144534       -60655823.4
NORDON MET           NORD3 BZ           15354597       -26859636.7
NORDON METAL         NORDON BZ          15354597       -26859636.7
NORDON MET-RTS       NORD1 BZ           15354597       -26859636.7
NOVA AMERICA SA      NOVA3B BZ          21287489        -183535527
NOVA AMERICA SA      NOVAON BZ          21287489        -183535527
NOVA AMERICA SA      1NOVON BZ          21287489        -183535527
NOVA AMERICA SA      NOVA3 BZ           21287489        -183535527
NOVA AMERICA-PRF     NOVAPN BZ          21287489        -183535527
NOVA AMERICA-PRF     NOVA4B BZ          21287489        -183535527
NOVA AMERICA-PRF     NOVA4 BZ           21287489        -183535527
NOVA AMERICA-PRF     1NOVPN BZ          21287489        -183535527
PET MANG-RECEIPT     RPMG9 BZ           231024467       -184606117
PET MANG-RECEIPT     RPMG10 BZ          231024467       -184606117
PET MANG-RIGHTS      3678569Q BZ        231024467       -184606117
PET MANG-RIGHTS      3678565Q BZ        231024467       -184606117
PET MANG-RT          RPMG2 BZ           231024467       -184606117
PET MANG-RT          4115364Q BZ        231024467       -184606117
PET MANG-RT          RPMG1 BZ           231024467       -18460611
PET MANG-RT          4115360Q BZ        231024467       -184606117
PET MANGUINH-PRF     RPMG4 BZ           231024467       -184606117
PETRO MANGUINHOS     RPMG3 BZ           231024467       -184606117
PETRO MANGUINHOS     MANGON BZ          231024467       -184606117
PETRO MANGUIN-PF     MANGPN BZ          231024467       -184606117
RECRUSUL             RCSL3 BZ           31427766       -30307605.7
RECRUSUL - RCT       RCSL9 BZ           31427766       -30307605.7
RECRUSUL - RCT       4529793Q BZ        31427766       -30307605.7
RECRUSUL - RCT       4529789Q BZ        31427766       -30307605.7
RECRUSUL - RCT       RCSL10 BZ          31427766       -30307605.7
RECRUSUL - RT        4529785Q BZ        31427766       -30307605.7
RECRUSUL - RT        RCSL2 BZ           31427766       -30307605.7
RECRUSUL - RT        4529781Q BZ        31427766       -30307605.7
RECRUSUL - RT        RCSL1 BZ           31427766       -30307605.7
RECRUSUL SA          RESLON BZ          31427766       -30307605.7
RECRUSUL SA-PREF     RESLPN BZ          31427766       -30307605.7
RECRUSUL-BON RT      RCSL11 BZ          31427766       -30307605.7
RECRUSUL-BON RT      RCSL12 BZ          31427766       -30307605.7
RECRUSUL-PREF        RCSL4 BZ           31427766       -30307605.7
REII INC             REIC US            14423532          -3506007
RENAUXVIEW SA        TXRX3 BZ           73095834        -103943206
RENAUXVIEW SA-PF     TXRX4 BZ           73095834        -103943206
SANESALTO            SNST3 BZ           31044053       -1843297.83
SANSUY               SNSY3 BZ           200809365       -115213257
SANSUY SA            SNSYON BZ          200809365       -115213257
SANSUY SA-PREF A     SNSYAN BZ          200809365       -115213257
SANSUY SA-PREF B     SNSYBN BZ          200809365       -115213257
SANSUY-PREF A        SNSY5 BZ           200809365       -115213257
SANSUY-PREF B        SNSY6 BZ           200809365       -115213257
SCHLOSSER            SCLO3 BZ           73036750       -34357832.6
SCHLOSSER SA         SCHON BZ           73036750       -34357832.6
SCHLOSSER SA-PRF     SCHPN BZ           73036750       -34357832.6
SCHLOSSER-PREF       SCLO4 BZ           73036750       -34357832.6
STAROUP SA           STARON BZ          27663605       -7174512.03
STAROUP SA-PREF      STARPN BZ          27663605       -7174512.03
STEEL - RCT ORD      STLB9 BZ           23040051       -8699861.07
STEEL - RT           STLB1 BZ           23040051       -8699861.07
TECEL S JOSE         FTSJON BZ          19067323       -52580501.1
TECEL S JOSE         SJOS3 BZ           19067323       -52580501.1
TECEL S JOSE-PRF     FTSJPN BZ          19067323       -52580501.1
TECEL S JOSE-PRF     SJOS4 BZ           19067323       -52580501.1
TEKA                 TEKAON BZ          246866965       -392777063
TEKA                 TKTQF US           246866965       -392777063
TEKA                 TEKA3 BZ           246866965       -392777063
TEKA-ADR             TEKAY US           246866965       -392777063
TEKA-ADR             TKTPY US           246866965       -392777063
TEKA-ADR             TKTQY US           246866965       -392777063
TEKA-PREF            TKTPF US           246866965       -392777063
TEKA-PREF            TEKA4 BZ           246866965       -392777063
TEKA-PREF            TEKAPN BZ          246866965       -392777063
TELEBRAS SA          TLBRON BZ          269372906      -13465060.7
TELEBRAS SA          TELB3 BZ           269372906      -13465060.7
TELEBRAS SA          TBASF US           269372906      -13465060.7
TELEBRAS SA-PREF     TELB4 BZ           269372906      -13465060.7
TELEBRAS SA-PREF     TLBRPN BZ          269372906      -13465060.7
TELEBRAS SA-RT       TELB9 BZ           269372906      -13465060.7
TELEBRAS/W-I-ADR     TBH-W US           269372906      -13465060.7
TELEBRAS-ADR         TBAPY US           269372906      -13465060.7
TELEBRAS-ADR         TBASY US           269372906      -13465060.7
TELEBRAS-ADR         TBRAY GR           269372906      -13465060.7
TELEBRAS-ADR         RTB US             269372906      -13465060.7
TELEBRAS-ADR         TBX GR             269372906      -13465060.7
TELEBRAS-ADR         TBH US             269372906      -13465060.7
TELEBRAS-BLOCK       TELB30 BZ          269372906      -13465060.7
TELEBRAS-CED C/E     TEL4C AR           269372906      -13465060.7
TELEBRAS-CEDE BL     RCT4B AR           269372906      -13465060.7
TELEBRAS-CEDE PF     TELB4 AR           269372906      -13465060.7
TELEBRAS-CEDE PF     RCT4C AR           269372906      -13465060.7
TELEBRAS-CEDE PF     RCTB4 AR           269372906      -13465060.7
TELEBRAS-CEDE PF     RCT4D AR           269372906      -13465060.7
TELEBRAS-CEDEA $     TEL4D AR           269372906      -13465060.7
TELEBRAS-CM RCPT     RCTB30 BZ          269372906      -13465060.7
TELEBRAS-CM RCPT     RCTB31 BZ          269372906      -13465060.7
TELEBRAS-CM RCPT     RCTB32 BZ          269372906      -13465060.7
TELEBRAS-CM RCPT     TELE31 BZ          269372906      -13465060.7
TELEBRAS-CM RCPT     TBRTF US           269372906      -13465060.7
TELEBRAS-COM RT      TELB1 BZ           269372906      -13465060.7
TELEBRAS-PF BLCK     TELB40 BZ          269372906      -13465060.7
TELEBRAS-PF RCPT     TLBRUP BZ          269372906      -13465060.7
TELEBRAS-PF RCPT     TBAPF US           269372906      -13465060.7
TELEBRAS-PF RCPT     RCTB41 BZ          269372906      -13465060.7
TELEBRAS-PF RCPT     CBRZF US           269372906      -13465060.7
TELEBRAS-PF RCPT     RCTB40 BZ          269372906      -13465060.7
TELEBRAS-PF RCPT     TELE41 BZ          269372906      -13465060.7
TELEBRAS-PF RCPT     RCTB42 BZ          269372906      -13465060.7
TELEBRAS-RCT         RCTB33 BZ          269372906      -13465060.7
TELEBRAS-RCT PRF     TELB10 BZ          269372906      -13465060.7
TELEBRAS-RECEIPT     TLBRUO BZ          269372906      -13465060.7
TELEBRAS-RTS CMN     TCLP1 BZ           269372906      -13465060.7
TELEBRAS-RTS CMN     RCTB1 BZ           269372906      -13465060.7
TELEBRAS-RTS PRF     RCTB2 BZ           269372906      -13465060.7
TELEBRAS-RTS PRF     TLCP2 BZ           269372906      -13465060.7
TELECOMUNICA-ADR     81370Z BZ          269372906      -13465060.7
TEXTEIS RENA-RCT     TXRX9 BZ           73095834        -103943206
TEXTEIS RENA-RCT     TXRX10 BZ          73095834        -103943206
TEXTEIS RENAU-RT     TXRX1 BZ           73095834        -103943206
TEXTEIS RENAU-RT     TXRX2 BZ           73095834        -103943206
TEXTEIS RENAUX       RENXPN BZ          73095834        -103943206
TEXTEIS RENAUX       RENXON BZ          73095834        -103943206
VARIG PART EM SE     VPSC3 BZ           83017829        -495721700
VARIG PART EM TR     VPTA3 BZ           49432124        -399290396
VARIG PART EM-PR     VPSC4 BZ           83017829        -495721700
VARIG PART EM-PR     VPTA4 BZ           49432124        -399290396
VARIG SA             VARGON BZ          966298026      -4695211316
VARIG SA             VAGV3 BZ           966298026      -4695211316
VARIG SA-PREF        VARGPN BZ         966298026       -4695211316
VARIG SA-PREF        VAGV4 BZ          966298026       -4695211316
WETZEL SA            MWET3 BZ          100017711       -5359345.82
WETZEL SA            MWELON BZ         100017711       -5359345.82
WETZEL SA-PREF       MWELPN BZ         100017711       -5359345.82
WETZEL SA-PREF       MWET4 BZ          100017711       -5359345.82
WIEST                WISA3 BZ          34108201        -126997429
WIEST SA             WISAON BZ         34108201        -126997429
WIEST SA-PREF        WISAPN BZ         34108201        -126997429
WIEST-PREF           WISA4 BZ          34108201        -126997429


CHILE

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

                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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