TCRLA_Public/110630.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

            Thursday, June 30, 2011, Vol. 12, No. 128

                            Headlines



A R G E N T I N A

BANCO BILBAO: S&P Affirms Counterparty Credit Ratings at 'B+/B'


B R A Z I L

MINERVA SA: S&P Affirms Corp. Credit Rating at 'B'; Outlook Pos.


C A Y M A N   I S L A N D S

ACCENTO FUNDING: Creditors' Proofs of Debt Due July 20
AXA INVESTMENT: Creditors' Proofs of Debt Due July 20
ECM MAC 94: Members' Final Meeting Set for July 11
EMROSE OFFSHORE: Shareholders' Final Meeting Set for July 22
ENERGY AND CLIMATE: Shareholders' Final Meeting Set for July 22

KANAGAWA HOLDING: Creditors' Proofs of Debt Due July 20
NORTH SEA: Shareholder to Hear Wind-Up Report on July 21
NORTH SEA T.K.B: Shareholder to Hear Wind-Up Report on July 21
PINPOINT ASSET: Shareholder to Hear Wind-Up Report on July 25
SCP ATLANTIC: Creditors' Proofs of Debt Due July 18

SCP OCEAN: Creditors' Proofs of Debt Due July 18
SCP SAKONNET: Creditors' Proofs of Debt Due July 18
SPIRIT CREDIT: Shareholder to Hear Wind-Up Report on July 18
STERLING CAPITAL: Shareholders' Final Meeting Set for July 22
TWIN REGENCY: Members' Final Meeting Set for July 11


J A M A I C A

SUGAR COMPANY: NWU & Ministry of Agriculture May Hold Meeting


M E X I C O

CEMEX SAB: IDB to Provide US$10 Million for Microfinance Program
MEXICANA AIRLINE: Pilots Union Files Lawsuit Against Former Owners


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Closer to Agreement on Re-profiling With Lenders


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


BANCO BILBAO: S&P Affirms Counterparty Credit Ratings at 'B+/B'
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+/B' global
scale counterparty credit ratings on Banco Bilbao Vizcaya
Argentaria Paraguay S.A. (BBVA Paraguay). The outlook remains
positive.

"The uncertainty intrinsic to Paraguay's financial system and the
country's high sovereign risk constrain our ratings on BBVA
Paraguay," said Standard & Poor's credit analyst Delfina Cavanagh.
"Also, the bank's portfolio concentration and relatively weak
operating risk management, together with a highly competitive
environment, are factors that constrain the rating."

"However, the bank's good market position and its healthy
financials support the ratings," Ms. Cavanagh added.

"The ratings on BBVA Paraguay also take into consideration our
group methodology, by which we consider BBVA Paraguay a
strategically important subsidiary of Banco Bilbao Vizcaya
Argentaria S.A. (BBVA; AA/Negative/A-1+)," S&P related.

BBVA Paraguay is the second-largest bank in Paraguay, after Banco
Regional. The bank offers a wide array of products through its 22
branches, with a high concentration on corporate loans, but it is
focusing increasingly on retail.

The positive outlook on the global scale ratings reflects that on
the sovereign credit ratings on the Republic of Paraguay
(B+/Positive/B).

"We could raise the ratings on the bank based on the explicit
support that the bank's parent company, BBVA, provides enhances
its stand-alone credit strength, but the ratings are limited by
those on the sovereign," S&P noted.

"We could lower the ratings on the bank if Paraguay's economy
weakens significantly or if BBVA Paraguay's financials
deteriorate," S&P added.


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


MINERVA SA: S&P Affirms Corp. Credit Rating at 'B'; Outlook Pos.
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on Minerva S.A. "At the same time, we have
revised the outlook to positive from stable," S&P said.

The rating action reflects Minerva's improving capital structure,
as it has successfully reduced short-term refinancing risks and
improved its overall debt-amortization schedule after it issued
mandatorily convertible debentures. "It also reflects Minerva's
stable (and, under our projections, improving) credit metrics,
even in a domestic environment of high cattle costs, which have so
far been passed on to end customers. Minerva's liquidity has also
improved. Minerva still reports credit ratios in the highly-
leveraged category; however, we believe they will improve because
the company will gradually generate higher cash flows as its
greenfield projects ramp up beef production. Although we don't
expect Minerva to make significant capital expenditures, the ramp-
up of production will likely require further investments in
working capital, which will cause free operating cash flow (FOCF)
to remain negative or low, thus reducing its ability to pay down
debt in the intermediate term," S&P related.

The company also acquired a processing plant in Uruguay that
corresponds to 13% of its overall capacity. "In our opinion, this
acquisition will improve Minerva's profitability because that
plant is allowed to supply premium markets such as the U.S. and
Canada. The company has successfully passed through cattle price
increases, partly because of favorable domestic demand, and that
has helped EBITDA margins to remain quite stable around 7% in past
quarters. We expect margins to hover in the 5%-8% range in the
next few years," S&P continued.

"The positive outlook reflects our expectations that Minerva will
report stronger credit metrics thanks to improving cash flows. We
also believe that Minerva will continue improving its capital
structure and sustaining adequate liquidity. We can raise the
rating if credit metrics consistently improve to an adjusted total
debt-to-EBITDA ratio of less than 5.0x and an FFO-to-debt ratio
close to 12%, which depends, in our view, on a successful ramp-up
of its greenfield projects, favorable market conditions in Brazil
(including stable cattle prices), and efficient working-capital
management. We could lower the rating if liquidity starts to
decline and the adjusted total debt-to-EBITDA ratio remains
consistently more than 7.0x, signaling higher debt to sustain
working capital needs, a reversal in market trends, or other
operating challenges," S&P said.


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


ACCENTO FUNDING: Creditors' Proofs of Debt Due July 20
------------------------------------------------------
The creditors of Accento Funding 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 liquidation proceedings on June 10, 2011.

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


AXA INVESTMENT: Creditors' Proofs of Debt Due July 20
-----------------------------------------------------
The creditors of AXA Investment Managers & Advisors, 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 7, 2011.

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


ECM MAC 94: Members' Final Meeting Set for July 11
--------------------------------------------------
The members of ECM Mac 94 Ltd. will hold their final meeting on
July 11, 2011, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


EMROSE OFFSHORE: Shareholders' Final Meeting Set for July 22
------------------------------------------------------------
The shareholders of Emrose Offshore Fund will hold their final
meeting on July 22, 2011, at 8:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ENERGY AND CLIMATE: Shareholders' Final Meeting Set for July 22
---------------------------------------------------------------
The shareholders of Energy and Climate Advisors will hold their
final meeting on July 22, 2011, at 8:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


KANAGAWA HOLDING: Creditors' Proofs of Debt Due July 20
-------------------------------------------------------
The creditors of Kanagawa Holding Cayman Co., 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 10, 2011.

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


NORTH SEA: Shareholder to Hear Wind-Up Report on July 21
--------------------------------------------------------
The sole shareholder of North Sea Transportation Limited will
receive on July 21, 2011, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877


NORTH SEA T.K.B: Shareholder to Hear Wind-Up Report on July 21
--------------------------------------------------------------
The sole shareholder of North Sea T.K.B. Holdings Ltd. will
receive on July 21, 2011, at 10:05 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877


PINPOINT ASSET: Shareholder to Hear Wind-Up Report on July 25
-------------------------------------------------------------
The sole shareholder of Pinpoint Asset Management Company Ltd.
will receive on July 25, 2011, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Wang Qiang
         Two International Finance Centre, Level 33
         8 Finance Street, Central
         Hong Kong
         Telephone: +852 25235990
         Facsimile: +852 25235993


SCP ATLANTIC: Creditors' Proofs of Debt Due July 18
---------------------------------------------------
The creditors of SCP Atlantic Fund Ltd 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 liquidators are:

         Mr. Robin Lee Mcmahon
         Mr. Roy Bailey
         c/o Lynden John
         Telephone: (345) 814 8915
         Facsimile: (345) 814 8529
         Ernst & Young Ltd
         62 Forum Lane, Camana Bay
         P.O. Box 510, Grand Cayman KY1-1106
         Cayman Islands


SCP OCEAN: Creditors' Proofs of Debt Due July 18
------------------------------------------------
The creditors of SCP Ocean Fund Ltd 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 liquidators are:

         Mr. Robin Lee Mcmahon
         Mr. Roy Bailey
         c/o Lynden John
         Telephone: (345) 814 8915
         Facsimile: (345) 814 8529
         Ernst & Young Ltd
         62 Forum Lane, Camana Bay
         P.O. Box 510, Grand Cayman KY1-1106
         Cayman Islands


SCP SAKONNET: Creditors' Proofs of Debt Due July 18
---------------------------------------------------
The creditors of SCP Sakonnet Fund Ltd 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 liquidators are:

         Mr. Robin Lee Mcmahon
         Mr. Roy Bailey
         c/o Lynden John
         Telephone: (345) 814 8915
         Facsimile: (345) 814 8529
         Ernst & Young Ltd
         62 Forum Lane, Camana Bay
         P.O. Box 510, Grand Cayman KY1-1106
         Cayman Islands


SPIRIT CREDIT: Shareholder to Hear Wind-Up Report on July 18
------------------------------------------------------------
The sole shareholder of Spirit Credit Opportunities, Ltd. will
receive on July 18, 2011, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


STERLING CAPITAL: Shareholders' Final Meeting Set for July 22
-------------------------------------------------------------
The shareholders of Sterling Capital Holdings SPC will hold their
final meeting on July 22, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TWIN REGENCY: Members' Final Meeting Set for July 11
----------------------------------------------------
The members of Twin Regency Limited will hold their final meeting
on July 11, 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:

         Lion International Management Limited
         P.O. Box 71, Craigmuir Chambers
         Road Town, Tortola
         British Virgin Islands


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


SUGAR COMPANY: NWU & Ministry of Agriculture May Hold Meeting
-------------------------------------------------------------
RJR News reports that a meeting between National Workers' Union
and the Ministry of Agriculture may be held this week to discuss
the fate of Sugar Company of Jamaica Holdings Limited's workers
following the takeover of its sugar factories by the Chinese firm
Complant in a little over a month.   The report relates that NWU,
which represents a majority of SCJ employees, has made a request
to the Ministry of Agriculture for urgent talks.

The union wants answers on how the workers' displacement will be
handled when Complant takes full control of the sugar factories,
according to RJR News.  "At the end of this crop, the industry
will no longer be employed to the Government . . . the workers are
presently engaged to the Government through the Sugar Divestment
Enterprise.  But Complant will be taking over the industry at the
end of the sugar crop and therefore, we have said to the minister
at a meeting three weeks ago, that it's important that we look at
all (the) outstanding (issues), especially terminal arrangements
for the presently engaged workers,"  RJR News quoted Vincent
Morrison, NWU President, as saying.

Last year, RJR News recalls, Complant spent US$9 million to
acquire the Frome, Bernard Lodge, and Monymusk sugar factories. It
delayed its formal takeover until a due diligence is completed,
the report adds.

                          About SCJ

The Sugar Company of Jamaica Holdings Limited, a.k.a. SCJ, was
formed in November 1993 by a consortium made up of J. Wray &
Nephew Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, the Jamaica Gleaner reported that Agriculture and
Fisheries Minister Christopher Tufton said that if a new deal is
not inked soon for the divestment of SCJ's factories, the public
will be called on again to plug a projected US$4.2 billion hole --
representing a US$2 billion operational loss, and bank penalties
-- apparently from continuous hefty overdrafts.  The loss was
incurred by the SCJ's four factories during the 2008/2009 season.
The Gleaner related the enterprise has a US$21-billion debt and
losses totaling more than US$14 billion since 2005.


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M E X I C O
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CEMEX SAB: IDB to Provide US$10 Million for Microfinance Program
----------------------------------------------------------------
The Inter-American Developmental Bank will support expansion of
CEMEX, S.A.B. de C.V.'s microfinance program for low-income
families.

More than 750,000 low-income families in Mexico, Colombia, Costa
Rica, Nicaragua and the Dominican Republic to benefit from the
project.

Patrimonio Hoy, the housing microfinance program of CEMEX, will
expand lending to low-income families in Mexico and four other
Latin American countries with a partial credit guarantee of up to
US$10 million from IDB.  As many as 750,000 families over the next
five years are expected to benefit from this project.

The IDB guarantee will allow the company to expand its offering of
credit products that will, for example, allow them to pay for
labor costs related to construction besides materials.  The
guarantee will also pave the way for the company to scale up its
operations in Colombia, Costa Rica, Nicaragua and the Dominican
Republic.

The partial credit guarantee was approved on June 22 and the
signing agreement will occur during the BASE, the First Forum for
the Development of the Base of the Pyramid, in Sao Paulo on
June 28.

Patrimonio Hoy was created in 1998 to meet the rising need for
housing microfinance among low-income families, which are at the
base of the pyramid in Mexico.  This segment of the population
lack access to bank credit and government housing finance
programs.

Through the program, CEMEX has supported more than 300,000 low-
income families with the provision of microloans to finance
construction material purchases and technical assistance with the
participation of distributors.  The program has also created a
network of promoters made up mostly of female entrepreneurs from
the own communities, helping generate an important number of jobs.

The partial credit guarantee was provided by the IDB's
Opportunities for the Majority Initiative (OMJ).  In 2008, the
initiative approved a US$10 million partial credit guarantee to
support the expansion of CEMEX's Mejora tu Calle, an urban
infrastructure improvement program in partnership with local
governments that provides microcredit for families to finance
street paving and the construction of sidewalks.

Created three years ago, OMJ has invested more than US$160 million
to help develop novel base-of-the-pyramid business models to
integrate the poor into the formal economy, improve their
standards of living and promote greater social inclusion.

                         About Cemex SAB

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 12, 2010, CEMEX, S.A.B. de C.V. reached an agreement to sell
some non-core assets in Kentucky for US$90 million in order to pay
down some of its debt, Paul Kiernan at Dow Jones Newswires
reports.  According to the report, Cemex acquired the assets in
2007 as part of its US$15.5 billion buyout of Australia's Rinker,
which left the company with a huge debt load, almost in default,
and high exposure to the U.S. home construction market which
withered soon after.

As reported in the Troubled Company Reporter-Latin America on
June 27, 2011, Standard & Poor's Ratings Services assigned its 'B'
senior secured debt rating, and recovery rating of '3', to the
issuance of up to $650 million in long-term notes due 2019
proposed by Cemex S.A.B de C.V.


MEXICANA AIRLINE: Pilots Union Files Lawsuit Against Former Owners
------------------------------------------------------------------
Mexican Airline Pilots Union (ASPA) has filed a criminal complaint
with the Attorney General's Office against Grupo Posadas SAB
Chairman Gaston Azcarraga for violating the securities laws,
various reports say.  Grupo Posadas SAB was the owner of Compania
Mexicana de Aviacion or Mexicana Airlines before it went bankrupt.

The Wall Street Journal reports that Grupo Posadas said at the
time of Mexicana airline's bankruptcy it had ceded its 30.4% stake
in the airline, the value of which it had written off as zero in
December 2008.

The Journal notes that ASPA Secretary General Fernando Perfecto
said the union is charging that Grupo Posadas failed to notify the
market when it reduced its stake in Mexicana's holding company
from 100%.  Jonathan Roeder at Bloomberg News, citing an e-mail
statement, relates that ASPA said that Grupo Posadas also failed
to alert investors about loans given to the airline by Grupo
Financiero Banorte SAB and Banco Nacional de Comercio Exterior.

The union also charges that Grupo Posadas didn't advise its
investors when Mexicana and its subsidiaries sought bankruptcy
protection last year, the Journal notes.

Meanwhile, the Journal discloses that Group Posadas said in a
statement that the complaint is based on false premises, and that
the company is confident authorities will reject it, "since the
information relevant to public investors has been disclosed by the
company in a timely way, and securities authorities haven't made
any observations about it."

The charges come as Grupo Posadas, which runs more than 100 hotels
in Mexico and other parts of Latin America, is considering options
for its future, including a capital increase, new partners, or
even a possible sale, the Journal adds.

                   About Mexicana Airlines

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/--is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than US$1
billion.  William C. Heuer, Esq., at Duane Morris LLP, serves as
counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings did
not affect the operations of Click Mexicana and Mexicana Link,
which are independent companies from Mexicana de Aviacion.


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


TRINIDAD CEMENT: Closer to Agreement on Re-profiling With Lenders
-----------------------------------------------------------------
Darcel Choy at Trinidad & Tobago Newsday reports that Trinidad
Cement Limited (TCL) Group is assuring shareholders the company's
dialogue with lenders has been productive and it was drawing
closer to an agreement on the material terms of the re-profiling
of the company.  T&T Newsday relates that the Group said they
submitted proposals for the re-profiling of its debt portfolio to
Lenders.

The Group explained the current proposal for restructuring its
debt considered an eight-year transaction with interest rates
consistent with the risk profile, along with the payment of a
consent fee to lenders, according to T&T Newsday.  Outstanding
interest due to lenders will be capitalized at closing and
quarterly periods thereafter through June 2012, the report
discloses.

As reported in the Troubled Company Reporter-Latin America on
Jan. 19, 2011, RadioJamaica said Trinidad Cement Limited has
unveiled a major plan to restructure its debt to allow the Group
to remain in business given the severe effect of the economic
decline on all its markets.  The report related 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.  RadioJamaica said
TCL, along with the Committee and its advisor, will present the
debt restructure plan to its lenders and investors for approval.

Meanwhile, T&T Newsday relates that in the company's audited
yearly results, it showed TCL recorded a 101% decline in revenue
of TT$179 million in 2010, following the 16& decline of TT$333
million recorded in 2009.

Trinidad Cement Limited is a cement company.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


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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


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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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