TCRLA_Public/110628.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 28, 2011, Vol. 12, No. 126

                            Headlines



A R G E N T I N A

* PROVINCE OF CORDOBA: S&P Affirms 'B' Global Scale Credit Rating


B E R M U D A

GROSVENOR SPECIAL: Creditors' Proofs of Debt Due July 20
GROSVENOR SPECIAL: Members' Final Meeting Set for August 2


C A Y M A N   I S L A N D S

B767 OWNER: Creditors' Proofs of Debt Due July 1
CAYMAN LIFE: Creditors' Proofs of Debt Due July 11
CYCLADIC ARCHIPELAGO: Creditors' Proofs of Debt Due July 18
MONZA FUND: Creditors' Proofs of Debt Due July 13
MONZA MASTER: Creditors' Proofs of Debt Due July 13

OBREM CAPITAL: Creditors' Proofs of Debt Due July 21
PERENNIAL MASTER: Creditors' Proofs of Debt Due July 21
SHINHAN CARD 2007-1: Creditors' Proofs of Debt Due July 20
SHINHAN CARD 2007-2: Creditors' Proofs of Debt Due July 20
SILVERSTONE MASTER: Creditors' Proofs of Debt Due July 13

SOTER 2007-CRN2: Creditors' Proofs of Debt Due July 20
SOTER 2007-GSC: Creditors' Proofs of Debt Due July 20
TRITON 245: Creditors' Proofs of Debt Due July 21
TRITON 250: Creditors' Proofs of Debt Due July 21
TRITON 575: Creditors' Proofs of Debt Due July 21

ZAIS INVESTMENT: Files List of Largest Unsecured Creditors


C H I L E

LA POLAR: Faces Bankruptcy, Shareholders Approve Capital Increase


C O L O M B I A

* COLOMBIA: Fitch Upgrades Currency IDR to 'BBB-' From 'BB+'


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Former Chairman Seeks to Delay Investigation
TRINIDAD CEMENT: Annual Meeting Set on July 15


X X X X X X X X

* S&P's Global Corporate Defaults Tally Total 17 So Far In 2011
* Large Companies With Insolvent Balance Sheets




                            - - - - -


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


* PROVINCE OF CORDOBA: S&P Affirms 'B' Global Scale Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its global scale
issuer credit rating on the Province of Cordoba (Republic of
Argentina) at 'B'. "At the same time, S&P affirmed its national
scale rating on Cordoba at 'raAA'.  The recovery rating on the
province's unsecured debt remains unchanged at '3'. The outlook is
stable," S&P said.

"Our ratings on Cordoba are limited by the high risk inherent to
the Republic of Argentina (B/Stable/B). Negative factors locally
include high inflation, low investment, a lack of predictability
as to the direction in which economic policies in Argentina will
go, and an increasingly challenging political environment," said
Standard & Poor's credit analyst Delfina Cavanagh. The province's
relatively weak liquidity position and its underfunded pension
system pose a risk to budgetary performance and the sustainability
of its debt. Somewhat offsetting these risks are Cordoba's good
budgetary performance and manageable contingent liabilities. Also,
its diversified economic structure reduces its vulnerability to
unexpected economic shocks.

In 2010 the unconsolidated balance of the province showed a high
operating surplus of almost 14% of operating revenues and a high
fiscal surplus after capital expenditures of 7.5% of total
revenues (9.4% of operating revenues and 3% of total revenues when
considering the consolidated fiscal balance). "We expect revenues
will keep increasing significantly in 2011, sustained by economic
growth and high inflation. Nevertheless, we also expect
expenditures to increase significantly, based on high inflation
amid presidential and governorship elections that could result in
pressure for higher salaries -- even though salaries' increases
were already determined. Overall, we expect an operating surplus
for 2011, and we believe that the financial result will closely
depend on the speed at which the province executes its public
infrastructure projects. We believe that pension funds could pose
a considerable risk to budgetary performance as long as the
province doesn't enter into long-term negotiations with the
central government to cover Cordoba's pension fund system
deficit," S&P related.

"The stable outlook reflects our expectation that the province
will continue its good budgetary performance in 2011 amid economic
growth and high inflation in Argentina, and that this will
compensate for its weak liquidity position and the risks posed by
its underfunded pension system. A sovereign upgrade on Argentina
could lead to a positive rating action on the province. More
deterioration in liquidity or an increase in debt to an
unsustainable level could prompt us to lower the ratings," S&P
added.


=============
B E R M U D A
=============


GROSVENOR SPECIAL: Creditors' Proofs of Debt Due July 20
--------------------------------------------------------
The creditors of Grosvenor Special Reserve Fund Limited are
required to file their proofs of debt by July 20, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 16, 2011.

The company's liquidators are:

         Charles Thresh
         Mike Morrison
         KPMG Advisory Limited
         Crown House, 4 Par-La-Ville Road
         Hamilton
         Bermuda


GROSVENOR SPECIAL: Members' Final Meeting Set for August 2
----------------------------------------------------------
The members of Grosvenor Special Reserve Fund Limited will hold
their final meeting on August 2, 2011, at 10:00 a.m., to receive
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on June 16, 2011.

The company's liquidators are:

         Charles Thresh
         Mike Morrison
         KPMG Advisory Limited
         Crown House, 4 Par-La-Ville Road
         Hamilton
         Bermuda


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


B767 OWNER: Creditors' Proofs of Debt Due July 1
------------------------------------------------
The creditors of B767 Owner Limited are required to file their
proofs of debt by July 1, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 8, 2011.

The company's liquidator is:

         Charles Meyer
         777 Long Ridge Road
         Bldg C
         Stamford, Connecticut 06927
         USA


CAYMAN LIFE: Creditors' Proofs of Debt Due July 11
--------------------------------------------------
The creditors of Cayman Life Settlements I are required to file
their proofs of debt by July 11, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 6, 2011.

The company's liquidator is:

         William Reeves
         c/o Anchin Block & Anchin LLP
         1375 Broadway, New York
         New York 10018, USA


CYCLADIC ARCHIPELAGO: Creditors' Proofs of Debt Due July 18
-----------------------------------------------------------
The creditors of Cycladic Archipelago Fund are required to file
their proofs of debt by July 18, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 7, 2011.

The company's liquidator is:

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


MONZA FUND: Creditors' Proofs of Debt Due July 13
-------------------------------------------------
The creditors of Monza Fund are required to file their proofs of
debt by July 13, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 8, 2011.

The company's liquidator is

         Ogier
         c/o Jacqueline Haynes
         Telephone: (345) 815-1759
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


MONZA MASTER: Creditors' Proofs of Debt Due July 13
---------------------------------------------------
The creditors of Monza Master Fund are required to file their
proofs of debt by July 13, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 8, 2011.

The company's liquidator is

         Ogier
         c/o Jacqueline Haynes
         Telephone: (345) 815-1759
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


OBREM CAPITAL: Creditors' Proofs of Debt Due July 21
----------------------------------------------------
The creditors of Obrem Capital Offshore, Ltd., are required to
file their proofs of debt by July 21, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 31, 2011.

The company's liquidator is:

         K.D. Blake
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         c/o Corinne Bateman
         Telephone: 345-815-2606 / 345-949-4800
         Facsimile: 345-949-7164 / 345-949-7164


PERENNIAL MASTER: Creditors' Proofs of Debt Due July 21
-------------------------------------------------------
The creditors of The Perennial Master Fund Limited are required to
file their proofs of debt by July 21, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 8, 2011.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


SHINHAN CARD 2007-1: Creditors' Proofs of Debt Due July 20
----------------------------------------------------------
The creditors of Shinhan Card 2007-1 International Ltd are
required to file their proofs of debt by July 20, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 6, 2011.

The company's liquidator is:

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


SHINHAN CARD 2007-2: Creditors' Proofs of Debt Due July 20
----------------------------------------------------------
The creditors of Shinhan Card 2007-2 International Ltd are
required to file their proofs of debt by July 20, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 6, 2011.

The company's liquidator is:

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


SILVERSTONE MASTER: Creditors' Proofs of Debt Due July 13
---------------------------------------------------------
The creditors of Silverstone Master Fund are required to file
their proofs of debt by July 13, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 8, 2011.

The company's liquidator is

         Ogier
         c/o Jacqueline Haynes
         Telephone: (345) 815-1759
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


SOTER 2007-CRN2: Creditors' Proofs of Debt Due July 20
------------------------------------------------------
The creditors of Soter 2007-CRN2, Ltd. are required to file their
proofs of debt by July 20, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 6, 2011.

The company's liquidator is:

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


SOTER 2007-GSC: Creditors' Proofs of Debt Due July 20
-----------------------------------------------------
The creditors of Soter 2007-GSC, Ltd. are required to file their
proofs of debt by July 20, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 6, 2011.

The company's liquidator is:

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


TRITON 245: Creditors' Proofs of Debt Due July 21
-------------------------------------------------
The creditors of Triton 245 Ltd. are required to file their proofs
of debt by July 21, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 8, 2011.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


TRITON 250: Creditors' Proofs of Debt Due July 21
-------------------------------------------------
The creditors of Triton 250 Ltd. are required to file their proofs
of debt by July 21, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 8, 2011.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


TRITON 575: Creditors' Proofs of Debt Due July 21
-------------------------------------------------
The creditors of Triton 575 Ltd. are required to file their proofs
of debt by July 21, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 8, 2011.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


ZAIS INVESTMENT: Files List of Largest Unsecured Creditors
----------------------------------------------------------
Zais Investment Grade Limited VII filed with the U.S. Bankruptcy
Court for the District of New Jersey a list of its largest
unsecured creditors, disclosing:

   Name of Creditor      Nature of Claim    Amount of Claim
   ----------------      ---------------    ----------------
The Bank of New York     Indenture Trustee   US$365,500,000
Mellon Trust Company,
N.A., as indenture
trustee under indenture
dated as of Oct. 19, 2005
c/o Emmet Marvin &
Martin, LLP
177 Madison Avenue
Morristown, NJ 07960

Anchorage Capital        Noteholder           $82,726,290
Master Offshore,
Ltd.
c/o Fox Rothschild LLP
Princeton Pike
Corporate Center
997 Lenox Drive, 3rd Fl.
Lawrenceville, NJ 08648

Anchorage Illiquid       Noteholder           $42,620,235
Opportunities Offshore
Master. L.P.
c/o Fox Rothschild LLP
Princeton Pike
Corporate Center
997 Lenox Drive, 3rd Fl
Lawrenceville, NJ 08648

BNYMEL/TST               Noteholder           Unknown

Brown Bros               Noteholder           Unknown

CGM/SAL BR               Noteholder           Unknown

Citibank                 Noteholder           Unknown

Company                  Trade                Unknown
Announcements Office

Goldman                  Noteholder           Unknown

GRF Master Fund, L.P.    Noteholder             $7,925,615
c/o Fox Rothschild LLP
Princeton Pike
Corporate Center
997 Lenox Drive 3rd Fl
Lawrenceville, NJ 08648

Issuer Services          Noteholder           Unknown

JPMCBNA                  Noteholder           Unknown

Jones Day                Trade                    $201,647

MapleFS Limited          Trade                Unknown

Maples and Calder        Trade                     $62,397

MLPFS/FIX                Noteholder           Unknown

Moody's Investor's       Trade                Unknown
Service

Natixis Financial        SWAP                 Unknown
Products LLC             Counterparty

Registrar                Government           Unknown

SSB&T CO                 Noteholder           Unknown

Standard & Poor's        Trade                Unknown
Structure Finance
Ratings

WELLS BKNA               Noteholder           Unknown

ZAIS Group, LLC          Trade                Unknown

                 About Zais Investment Grade

Zais Investment Grade Limited VII is based in Grand Cayman.

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

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

The Debtor disclosed $365,771,549 in liabilities in its schedules.


=========
C H I L E
=========


LA POLAR: Faces Bankruptcy, Shareholders Approve Capital Increase
-----------------------------------------------------------------
Jude Webber at Financial Times reports that La Polar shareholders
approved a US$212 million capital increase that could prove a
lifeline as the company reels from a customer credit scandal that
wiped US$1 billion off its market value and left it a facing
bankruptcy for the second time in its history.

After plunging 80% in two weeks, shares in the company rallied
ahead of the shareholder meeting, and were 15% higher when they
were suspended early in the session, according to Financial Times.

The report notes that the company's shares closed on Tuesday,
June 21, 2011, at CLP467.26, giving La Polar a market value of
CLP116 billion (US$246 million) from CLP581 billion on June 8,
before the scandal erupted.

"The shares have rallied because the chances of reaching a deal to
salvage the company have increased," Financial Times quotes
Francisco Errandonea, an analyst at Santander Investment in Chile,
as saying.

Financial Times notes that the company is battling to stay afloat
amid market speculation about potential purchasers.  It went
bankrupt 12 years ago and was bought by Southern Cross Group, the
private equity group, which subsequently sold its shares, the
report recalls.

Financial Times says pension funds had imposed tough conditions on
their support for the share increase, including a freezing of the
company's investment plan, a halt to expansion in Colombia, where
it opened its first store this year, and a block on executive
stock options.

The company has admitted to restructuring about US$1 billion of
overdue credit without informing either the 400,000 customers
involved or the board, in what critics say was an attempt to keep
a lid on bad loss provisions, Financial Times says.  It has debts
of some US$850 million and now said it will have to set aside
nearly US$900 million in loan loss provisions, double its initial
estimates, the report relates.

Financial Times notes that the company has fired several of its
staff and its interim chairman stepped down this week citing
"fraud."  The report says the former chairman's replacement, Cesar
Barros, led Chile's salmon exporters' association and renegotiated
with lenders after a credit crunch in the sector.  Mr. Barros has
vowed to get to the bottom of the scandal, and the government has
opened a criminal investigation, the report adds.

La Polar, which caters to less affluent customers than its larger
rivals Cencosud, Falabella and Ripley, sells everything from
washing machines through computers to children's toys and has
operations in Chile and Colombia.


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


* COLOMBIA: Fitch Upgrades Currency IDR to 'BBB-' From 'BB+'
------------------------------------------------------------
Fitch Ratings has upgraded these ratings for Colombia:

   -- Foreign currency IDR to 'BBB-' from 'BB+';

   -- Local currency IDR to 'BBB' from 'BBB-';

   -- Foreign currency short-term IDR to 'F3' from 'B';

   -- Country ceiling to 'BBB' from 'BBB-'.

The Rating Outlook is revised to Stable from Positive.

Colombia's upgrade to investment grade is supported by its track
record of prudent economic policies, demonstrated resilience to
external and domestic shocks, as well as the improvement in its
external credit metrics. Moreover, the administration of President
Juan Manuel Santos has moved forward an extensive reform agenda to
bolster the credibility and predictability of public finances and
enhance the country's growth trajectory.

"Increased macroeconomic policy credibility, a flexible exchange
rate regime, strengthened external liquidity position and moderate
external debt have steadily improved the economy's capacity to
absorb external shocks," said Erich Arispe, Director in Fitch's
Sovereign Group.

Colombia's five-year average growth is expected to equal 4.2% in
2011, above the 3.1% of the 'BBB' median. The new government's
pro-growth strategy provides upside risk to growth over the
forecast period. Colombia is also likely to maintain broad
macroeconomic stability with inflation slightly above 3% in 2011
and 2012.

Colombia's general government deficit at nearly 3% of GDP in 2010
was higher than peers and is likely to decline gradually over the
forecast period due to high expenditure rigidity and sustained
spending pressures. Moreover, Colombia's revenue base remains
relatively low compared with investment grade peers. However,
Fitch considers that the present administration has worked to
develop its fiscal responsibility credentials during its first
year in office by implementing revenue-enhancing measures and
outperforming its 2010 fiscal targets in spite of the Winter
Emergency.

More importantly, Colombia's Congress has recently approved three
key pieces of legislation. The Fiscal Sustainability Reform
provides the government with the legal tools to manage expenditure
pressures, while the Fiscal Rule and Reform to the Royalty System
could prove to be useful mechanisms both to increase the counter-
cyclical capacity of the general government as well as provide a
credible path toward fiscal consolidation.

"While Colombia's general government debt, at 42% of GDP, remains
above rating peers, its favorable currency composition, a
manageable amortization profile and the sovereign's impeccable
debt repayment record mitigate this credit weakness," added
Mr. Arispe. In addition, continued growth and fiscal consolidation
could result in lower debt levels in comparison with the 'BBB'
median over the forecast period.

The country's external debt, at 22.5% of GDP, is lower than peers,
and Colombia's external liquidity, at 194%, is stronger than the
134% 'BBB' median. The sovereign remains a net external debtor in
contrast to the net creditor position of the 'BBB' median. This
balance sheet weakness is partly mitigated by the manageable
sovereign external debt amortization profile and strong external
liquidity position. Moreover, Colombia's access to the IMF's
Flexible Credit Facility (FCL) further reduces its vulnerabilities
to external shocks.

A favorable growth trajectory, further strengthening of the
external balance sheet, as well as successful implementation of
the recently passed fiscal reforms that deliver fiscal
consolidation and debt reduction would be viewed positively. While
not Fitch's base case, persistent fiscal deterioration leading to
negative debt dynamics would be negative for the ratings.


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


CL FINANCIAL: Former Chairman Seeks to Delay Investigation
----------------------------------------------------------
Renuka Singh at Trinidad Express reports that former CL Financial
Limited Chairman Lawrence Duprey made moves to stall the
Commission of Enquiry into probing into the collapse of his
company.  The report relates that the Enquiry, which had a
procedural hearing in April, is scheduled to begin receiving
evidence between June 27, 2011, and July 8, at Winsure Building,
Richmond Street, Port of Spain.

Mr. Duprey claimed that a lawsuit filed by the Central Bank
against him and other former company officials, will strain his
legal resources as both proceedings will overlap, according to
Trinidad Express.

The report notes that a five-page document issued by the legal
team representing Mr. Duprey was delivered to Commissioner Sir
Anthony Coleman and all other interested parties to the
proceedings, requesting that the Enquiry be put off until the
civil lawsuit between the Central Bank and Mr. Duprey was
resolved.

As reported in the Troubled Company Reporter-Latin America on
June 10, 2011, Jamaica Observer said that the Central Bank of
Trinidad and Tobago (CBTT) and CLICO have filed civil proceedings
against Mr. Duprey.  CBTT said in a statement obtained by the news
agency that the civil proceedings have been filed against Mr.
Duprey, former director Andre Monteil as well as CL Financial,
Dalco Capital Management Limited and Stone Street Capital Limited
arising from the failure of CLICO.  "The claims include
allegations of mismanagement of CLICO and misapplication and
misappropriation of its income and assets to the detriment of its
policyholders and mutual fund investors.  CBTT and CLICO are
seeking damages, equitable compensation and declarations related
to certain agreements and property of CLICO, Jamaica Observer
quoted CBTT as saying.

Trinidad Express says that legal sources said that if the Enquiry
is not voluntarily rescheduled Mr. Duprey's legal team are
prepared to head to High Court to seek an injunction blocking the
proceedings.

Meanwhile, Trinidad Express notes, the Enquiry was also appointed
to investigate the collapse of the Hindu Credit Union.

                      About CL Financial

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

                         *     *     *

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

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


TRINIDAD CEMENT: Annual Meeting Set on July 15
----------------------------------------------
Trinidad Cement Limited has advised the Exchange that its Board of
Directors has fixed Friday, July 15, 2011 as the date for the
Company's Annual Meeting.  The Directors have also fixed June 20,
2011 as the record date for shareholders entitled to receive
notice of the meeting.

Trinidad Cement Limited is a cement company.

                           *     *     *

As reported in the Troubled Company Reporter on Jan. 19, 2011,
RadioJamaica reports that Trinidad Cement Limited has unveiled a
major plan to restructure its debt.  The exercise is being
undertaken to allow the Group to remain in business given the
severe effect of the economic decline on all its markets,
according to the report.  RadioJamaica noted that the TCL has
disclosed that a creditor committee comprising large domestic and
international institutional lenders representing 75% of its total
debt, has been established.  An independent advisor is to be hired
to the Committee to assess the cash generating capability,
operations and structure of the TCL Group, the report noted.


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


* S&P's Global Corporate Defaults Tally Total 17 So Far In 2011
---------------------------------------------------------------
French pharmaceutical services company Novasep Holding S.A.S. last
week opted to use its 30-day grace period for the interest payment
on its senior secured notes due in 2016.  Under Standard & Poor's
Ratings Services' criteria, this payment deferral as tantamount to
a selective default.  This raises the 2011 global corporate
default tally to 17, said an article published Friday by Standard
& Poor's Global Fixed Income Research, titled "Global Corporate
Default Update (June 17 - 23, 2011) (Premium)."

Ten of this year's defaults were based in the U.S., two were based
in Canada, another two were based in New Zealand, and one each was
based in the Czech Republic, France, and Russia.  By comparison,
45 global corporate issuers had defaulted by this time in 2010. Of
these defaulters, 32 were U.S.-based issuers, two were European
issuers, four were from the emerging markets, and seven were in
the other developed region (Australia, Canada, Japan, and New
Zealand).

Seven of this year's defaults were due to missed interest or
principal payments and six were due to distressed exchanges--both
among the top reasons for default in 2010.  Of the remaining four,
two issuers defaulted after they filed for bankruptcy, another had
its banking license revoked by its country's central bank, and the
fourth was forced into liquidation as a result of regulatory
action.  Of the defaults in 2010, 28 defaults resulted from missed
interest or principal payments, 25 resulted from Chapter 11 and
foreign bankruptcy filings, 23 from distressed exchanges, three
from receiverships, one from regulatory directives, and one from
administration.

Standard & Poor's baseline projection for the U.S. corporate
trailing 12-month speculative-grade default rate for March 2012 is
1.6%.  A total of 24 issuers would need to default from April 2011
to March 2012 to reach the forecast.  The projection of 1.6% is
another 0.86-percentage-point (or another 35%) decline from the
2.46% default rate in March 2011.  This rate of decline would be
sharp, but slower than the decline over the past 16 months.
Improved lending conditions and a lower cost of capital are
keeping S&P's default expectations relatively upbeat in the next
12 months.  S&P is seeing stronger credit quality, as reflected in
fewer downgrades and lower negative bias.

In addition to its baseline projection, S&P forecasts the default
rate in our optimistic and pessimistic scenarios.  In its
optimistic default rate forecast scenario, the economy and the
financial markets improve more than expected.  As a result, S&P
would expect the default rate to be 1.2% (18 defaults in the next
12 months).

On the other hand, if the economic recovery stalls and the
financial markets deteriorate -- which is its pessimistic scenario
-- S&P expects the default rate to be 3.3% (50 defaults) by March
2012.  S&P bases its forecasts on quantitative and qualitative
factors that it considers, including, but not limited to, Standard
& Poor's proprietary default model for the U.S. corporate
speculative-grade bond market.  S&P updates its outlook for the
U.S. issuer-based corporate speculative-grade default rate each
quarter after analyzing the latest economic data and expectations.


* 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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