TCRLA_Public/110705.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, July 5, 2011, Vol. 12, No. 131

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: SIPC to Disclose Liquidation Decision in Mid-Sept.


A R G E N T I N A

SOCIEDAD CONCESIONARIA: S&P Affirms 'BB' SPUR; Outlook Stable
* ARGENTINA: Bankruptcy Code Changes Favor Workers Over Creditors


C A Y M A N   I S L A N D S

ACCENTO FUNDING: Shareholders' Final Meeting Set for July 27
ARES VI: Shareholders' Final Meeting Set for July 27
AXA INVESTMENT: Shareholders' Final Meeting Set for July 21
BLINK ASSET: Shareholders' Final Meeting Set for July 13
DK EUROTUNNEL: Shareholders' Final Meeting Set for July 22

HI INVESTMENT: Shareholder to Receive Wind-Up Report on July 21
INVESTMENTS ONE: Shareholder to Receive Wind-Up Report on Aug. 5
KANAGAWA HOLDING: Shareholders' Final Meeting Set for July 27
KAPITALO INVESTMENTS: Shareholders' Final Meeting Set for July 22
LANGCREST HOLDINGS: Shareholders' Final Meeting Set for July 22

LATITUDE CHINA: Shareholders' Final Meeting Set for July 22
NYLON ENHANCED: Shareholder to Receive Wind-Up Report on August 22
NYLON ENHANCED: Shareholder to Receive Wind-Up Report on August 22
QRT OFFSHORE: Shareholder to Receive Wind-Up Report on July 21


J A M A I C A

AIR JAMAICA: To Make More Job Cuts Following Merger


M E X I C O

VITRO SAB: No Ruling Yet on Involuntaries Against U.S. Units


P U E R T O   R I C O

FIRST BANK: Moody's Review 'B3' Deposit Rating for Upgrade
SWISS CHALET: Inks Agreement on Use of CPG/GS Cash Collateral
SWISS CHALET: Files Schedules of Assets & Liabilities


P A N A M A

HILLVIEW ENTERPRISES: S&P Rates Corp. Credit & Secured Debt 'B'


X X X X X X X X

* NBC Bookseller's Filing Raises S&P's 2011 Default Tally to 18
* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


STANFORD INT'L: SIPC to Disclose Liquidation Decision in Mid-Sept.
------------------------------------------------------------------
The Securities Investor Protection Corporation (SIPC), which
maintains a special reserve fund mandated by Congress to protect
the customers of insolvent brokerage firms, said that it expects
its Board of Directors to announce on or about September 15, 2011,
its decision about the referral provided by the U.S. Securities
and Exchange Commission with respect to the Stanford Group
Company, operated by Robert Allen Stanford.

On February 17, 2009, the SEC filed an action in the U.S. District
Court for the Northern District of Texas alleging that Stanford
orchestrated an US$8 billion fraud based on false promises of
guaranteed returns related to certificates of deposit issued by
the Antiguan-based Stanford International Bank.

The SEC's Complaint alleged that SIB sold approximately
US$7.2 billion of CDs to investors by promising returns that were
"improbable, if not impossible."  See Complaint, SEC v. Stanford
International Bank, Ltd., et al., Case No. 3:09-CV-0298-N (N.D.
Tex. filed February 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 Chief Executive Officer Stephen Harbeck said
that SIPC has already started conferring with the SEC and the
Stanford receiver regarding the SEC's referral in the Stanford
matter.

The SEC's referral on June 15, 2011 was the first time the SEC had
informed SIPC of the possibility that the Stanford matter was
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 US$500,000 per customer.  This figure includes a
maximum of US$250,000 on claims for cash.  From the time Congress
created it in 1970 through December 2010, SIPC has advanced US$
1.6 billion in order to make possible the recovery of US$109.3
billion in assets for an estimated 739,000 investors.

                 About Stanford International Bank

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

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

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

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

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


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


SOCIEDAD CONCESIONARIA: S&P Affirms 'BB' SPUR; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' underlying
rating (SPUR) on Sociedad Concesionaria Vespucio Norte Express
S.A. (VNE).  The outlook is stable.  The 'BB' senior secured debt
rating on VNE reflects the higher of the project's SPUR and the
rating on bond insurance provider MBIA Insurance Corp.
(B/Negative/--).

"The affirmation of the SPUR reflects our expectation that the
project would get substantial insurance coverage for property
damages and business interruption under its existing policies.
The affirmation also reflects our expectation that the final
financial effect of the damage would not materially affect the
project's liquidity provisions," S&P said.

"In addition, although the damage will delay previously expected
revenue improvements, VNE's long-term traffic fundamentals remain
adequate," said Standard & Poor's credit analyst Javier Cobas.

The stable outlook on the SPUR reflects the project's strong
liquidity provisions that would provide adequate protection
against potential cash shortfalls in the medium term.  "We could
lower the SPUR if we find evidence of poor long-term traffic
fundamentals, if final insurance coverage for earthquake-related
effects results in well-below-actual reconstruction costs
or if the DSCR falls below 1.05x, excluding insurance
compensations.  However, we could raise the SPUR if the project
shows significant progress in matching original revenue
expectations," S&P stated.


* ARGENTINA: Bankruptcy Code Changes Favor Workers Over Creditors
-----------------------------------------------------------------
Ken Parks at Dow Jones Newswires reports that Argentina President
Cristina Fernandez has signed into law modifications to the
country's bankruptcy code that will give workers greater power to
take over bankrupt firms at the expense of creditors such as
banks.

Among the more controversial aspects of the law in the Official
Bulletin is a provision that allows the workers of a bankrupt firm
who set up a cooperative to ask a judge to suspend for up to two
years the ability of creditors to execute guarantees backed by the
company's property or assets, according to Dow Jones Newswires.

Dow Jones Newswires notes that Martin Garces, an attorney at legal
firm Baker & McKenzie, said the law will probably drive up the
cost of credit for businesses.  "Whoever is going to make a
commercial loan to a company is going to have to take into account
the possible two-year suspension," Mr. Garces told Dow Jones
Newswires in an interview.

Dow Jones Newswires notes that workers seized hundreds of bankrupt
firms to protect their jobs as a result of Argentina's 2001-2002
economic crisis that triggered a wave of defaults and business
failures.  The government said that there are about 300 so-called
"recovered" companies employing around 20,000 people, the report
relates.

Dow Jones Newswires adds that the new law dovetails with President
Cristina Kirchner's policies of promoting employment through
measures that include import barriers and soft loans to companies.

                           *     *     *

As of July 2, 2010, the Argentina republic continues to carry
Moody's "Caa1" country ceiling long-term foreign bank deposit
rating and "B2" country ceiling long-term currency debt ratings.

The country also continues to carry Standard and Poor's "B-"
currency long-term debt ratings and "C" currency ST debt ratings.


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


ACCENTO FUNDING: Shareholders' Final Meeting Set for July 27
------------------------------------------------------------
The shareholders of Accento Funding Limited will hold their final
meeting on July 27, 2011, at 9:20 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


ARES VI: Shareholders' Final Meeting Set for July 27
----------------------------------------------------
The shareholders of Ares VI CLO Ltd. will hold their final meeting
on July 27, 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:

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


AXA INVESTMENT: Shareholders' Final Meeting Set for July 21
-----------------------------------------------------------
The shareholders of AXA Investment Managers & Advisors, Ltd. will
hold their final meeting on July 21, 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


BLINK ASSET: Shareholders' Final Meeting Set for July 13
--------------------------------------------------------
The shareholders of Blink Asset Management Limited will hold their
final meeting on July 13, 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:

         Rainer Hok Chung Lam
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         P.O. Box 258 Grand Cayman KY1-1104
         Cayman Islands


DK EUROTUNNEL: Shareholders' Final Meeting Set for July 22
----------------------------------------------------------
The shareholders of DK Eurotunnel Ltd. will hold their final
meeting on July 22, 2011, at 12:15 p.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


HI INVESTMENT: Shareholder to Receive Wind-Up Report on July 21
---------------------------------------------------------------
The sole shareholder of HI Investment Funds SPC will receive on
July 21, 2011, at 12:00 noon, 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


INVESTMENTS ONE: Shareholder to Receive Wind-Up Report on Aug. 5
----------------------------------------------------------------
The sole shareholder of Investments One Inc. will receive on
August 5, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945-4777
         Facsimile: 945-4799
         PO Box 707 Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


KANAGAWA HOLDING: Shareholders' Final Meeting Set for July 27
-------------------------------------------------------------
The shareholders of Kanagawa Holding Cayman Co., Ltd. will hold
their final meeting on July 27, 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


KAPITALO INVESTMENTS: Shareholders' Final Meeting Set for July 22
-----------------------------------------------------------------
The shareholders of Kapitalo Investments Fund Limited will hold
their final meeting on July 22, 2011, at 11:30 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


LANGCREST HOLDINGS: Shareholders' Final Meeting Set for July 22
---------------------------------------------------------------
The shareholders of Langcrest Holdings will hold their final
meeting on July 22, 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:

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


LATITUDE CHINA: Shareholders' Final Meeting Set for July 22
-----------------------------------------------------------
The shareholders of Latitude China Holdings will hold their final
meeting on July 22, 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 Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


NYLON ENHANCED: Shareholder to Receive Wind-Up Report on August 22
------------------------------------------------------------------
The sole shareholder of Nylon Enhanced Fund Limited will receive
on August 22, 2011, at 10:15 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Alan Tooker
         A.R.C. Directors Ltd.
         Grand Pavilion Commercial Centre
         802 West Bay Road
         P.O. Box 10250, Grand Cayman KY1-1003
         Cayman Islands
         Telephone: 1-345-769-3401
         Facsimile: 1:345-769-3404


NYLON ENHANCED: Shareholder to Receive Wind-Up Report on August 22
------------------------------------------------------------------
The sole shareholder of Nylon Enhanced Master Fund Limited will
receive on August 22, 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:

         Alan Tooker
         A.R.C. Directors Ltd.
         Grand Pavilion Commercial Centre
         802 West Bay Road
         P.O. Box 10250, Grand Cayman KY1-1003
         Cayman Islands
         Telephone: 1-345-769-3401
         Facsimile: 1:345-769-3404


QRT OFFSHORE: Shareholder to Receive Wind-Up Report on July 21
--------------------------------------------------------------
The sole shareholder of QRT Offshore, Ltd. 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 Jonathan McLean
         Telephone: (345) 815-1805
         Facsimile: (345) 949-9877


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


AIR JAMAICA: To Make More Job Cuts Following Merger
---------------------------------------------------
Janet Silvera and Leaon Nash at The Gleaner report that Air
Jamaica Limited will make additional set of jobs redundant as
Caribbean Airlines Limited takes over all operations.

The positions that are likely to go include ground handlers,
information technology, flight operations and stores, according to
The Gleaner.  The airline's reservations department, the report
relates, is also being relocated to Trinidad and Tobago.

It is still unclear as to how many persons would be out of a job.

The latest round of job cuts follows the termination of 54
positions in May and a long list of dismissals since Caribbean
Airlines took over a year ago and promised a leaner operation, The
Gleaner notes.

Unnamed sources at the airline told The Gleaner that the takeover
has seen the majority of customer service staff having their
positions downgraded to part-time.  At the same time, The Gleaner
relates that they have had to accept a 50% cut in salary.

Those who were retained from the previous cut were given two-month
contracts which reportedly expired on Wednesday.

Those who signed Caribbean Airline contracts in May were given
six-month probation, but it is not clear what their current fate
is, The Gleaner adds.


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


VITRO SAB: No Ruling Yet on Involuntaries Against U.S. Units
------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that at a June 28 hearing, bondholders were asking U.S.
Bankruptcy Judge Harlin Hale to reconsider a ruling from April
declining to put several of Vitro SAB's U.S. subsidiaries into
Chapter 11 involuntarily.  Judge Hale said he would need a "short
amount of time" to write his ruling, Allan Brilliant, a lawyer for
bondholders, said in an interview.  Mr. Brilliant is with the New
York office of Dechert LLP.

At the same hearing, the company was asking Judge Hale to force
the bondholders to disclose details of their trading in Vitro
bonds.  Mr. Brilliant said the judge likewise would decide soon on
that request, Bloomberg cites.

Judge Hale didn't say how he would rule on either dispute, Mr.
Brilliant said, Bloomberg relates.

Mr. Rochelle also discloses that a hearing to grant the Vitro
parent's petition for protection in the U.S. under Chapter 15 was
scheduled for June 28.  Success in Chapter 15 is necessary so the
U.S. court could enforce whatever reorganization Vitro works out
in a Mexican court.  The Chapter 15 hearing was postponed until
July 14 in view of the decision last week in which Judge Hale said
Vitro couldn't use Chapter 15 to protect subsidiaries not
themselves in bankruptcy in the U.S. or Mexico.

                      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, namely Knighthead Master Fund, L.P., Lord
Abbett Bond-Debenture Fund, Inc., Davidson Kempner Distressed
Opportunities Fund LP, and Brookville Horizons Fund, L.P. opposed
the exchange.  Together, the group 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 Vitro-
issued senior notes due 2012, 2013 and 2017 -- 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 four 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 US$64.4 million.


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


FIRST BANK: Moody's Review 'B3' Deposit Rating for Upgrade
----------------------------------------------------------
Moody's Investors Service placed the long-term ratings of
FirstBank Puerto Rico (FirstBank; long-term deposits at B3) under
review for possible upgrade.  The bank's unsupported bank
financial strength rating (BFSR) of E+ mapping to a B3 on the
long-term scale, and short-term rating of Not-Prime were affirmed.
FirstBank is the primary operating subsidiary of First BanCorp,
which is unrated.

Ratings Rationale

The review follows First BanCorp's announcement on June 28, 2011
that it has entered into a definitive agreement with Oaktree
Capital Management, L.P., whereby Oaktree would purchase US$175.5
million of common stock.  This would be done on essentially the
same terms as the definitive agreement that First BanCorp had
entered into on May 31, 2011 with Thomas H. Lee Partners, L.P.
where THL had similarly agreed to purchase US$175.5 million of
common stock as part of a proposed aggregate US$500 to US$550
million capital raise.  First BanCorp also announced on June 28,
2011, that it had entered into additional investment agreements
with institutional investors and other private equity firms for
the issuance of approximately US$164 million of the company's
common stock, which together with the Oaktree and THL investments
totals US$515 million in commitments.

Oaktree's and THL's investments will represent 24.9% of the
outstanding shares of the Company's common stock upon completion
of the capital raise and the conversion into common stock of the
US$424.2 million of Series G Mandatorily Convertible Preferred
Stock held by the United States Department of the Treasury.

Both the Oaktree and THL investments are contingent upon several
conditions, including, (a) the Corporation raises a total of at
least US$500 million but no more than US$550 million of new
capital, (b) conversion of the Series G Preferred Stock, (c)
approval by the Corporation's stockholders of the issuance of
shares of common stock, and (d) required regulatory approvals.

If the contingencies are met and the capital infusion is
completed, FirstBank would have capital ratios in excess of the
guidelines set by its regulator and the well-capitalized minimums,
and this is likely to lead to Moody's upgrading the bank's long-
term ratings.

During its review Moody's will focus on First BanCorp's ability to
complete this transaction.  During the review period, Moody's will
also evaluate how this investment will influence the strategic
direction and franchise of the company.

Moody's last rating action on FirstBank was on April 25, 2011,
when Moody's downgraded the long-term ratings (deposits to B3 from
B2, senior unsecured to Caa2 from B3).  FirstBank's unsupported
BFSR was confirmed at E+.

First BanCorp headquartered in San Juan, Puerto Rico, reported
total assets of US$15.1 billion at March 31, 2011.

On Review for Possible Upgrade:

   Issuer: FirstBank Puerto Rico

   -- Issuer Rating, Placed on Review for Possible Upgrade,
      currently Caa2

   -- OSO Senior Unsecured OSO Rating, Placed on Review for
      Possible Upgrade, currently Caa2

   -- Senior Unsecured Regular Bond/Debenture, Placed on Review
      for Possible Upgrade, currently Caa2

   -- Senior Unsecured Deposit Rating, Placed on Review for
      Possible Upgrade, currently B3

Outlook Actions:

   Issuer: FirstBank Puerto Rico

   --Outlook, Changed To Rating Under Review From Negative


SWISS CHALET: Inks Agreement on Use of CPG/GS Cash Collateral
-------------------------------------------------------------
Swiss Chalet, Inc., asks the U.S. Bankruptcy Court for the
District of Puerto Rico to approve a stipulation entered into with
CPG/GS PR NPL LLC for the use of cash collateral subject to
adequate protection.

As previously reported by The Troubled Company Reporter on
June 22, 2011, CPG/GS asked the Court to prohibit the Debtor from
using its cash collateral without providing adequate protection.

After substantial negotiations, the Debtor and CPG/GS agreed to
the stipulation whereby, among other things, CPG/GS consents to
the Debtor's limited use of certain cash collateral securing the
Debtor's indebtedness to CPG/GS to satisfy certain operating
expenses until August 31, 2011.

CPG/GS is purchaser and successor-in-interest of certain assets of
First Bank Puerto Rico, including, among others, credit facilities
pursuant to the loans of approximately US$119 million.

According to the Debtor's counsel, Charles A. Cuprill, Esq., at
Charles A. Cuprill, P.S.C. Law Offices, in San Juan, Puerto Rico
-- ccuprill@cuprill.com -- the Debtor has no debtor-in-possession
financing and, thus, requires the use of cash collateral to
satisfy operating expenses pending the approval and consummation
of the sale of certain assets; the operation of the DoubleTree
Hotel; and other approved expenses.

As adequate protection to CPG/GS, Debtor will make monthly
payments to CPG/GS, to be paid on the first day of each calendar
month, from the cash, receivables collections, and other revenues
received by Debtor during the previous month from Debtor's
consolidated operations in excess of its consolidated operating
costs.  The Debtor countered that CPG/GS is adequately protected
in the Debtor's use of receivables considering CPG/GS's
encumbrances on the Debtor's assets principally real property, the
pertinent portion of which are well maintained and in excellent
condition, with the taxes relative thereto being current, as well
as the insurance thereon.

CPG/GS and Debtor recognize that there are certain expenses at
Atlantis and Gallery Plaza, like insurance costs, maintenance,
utilities, and others necessary for the maintenance of the
Collateral, which are partially paid from the income generated
from the operations of the DoubleTree Hotel.  Therefore, the
monthly payments to be made by Debtor to CPG/GS as adequate
protection will be the lesser of US$75,000, or the difference
between the total monthly income generated by Debtor's
consolidated operations less Debtor's consolidated operating
costs for the same month.  These payments will be applied to the
principal balance of CPG/GS secured claim without prejudice to
reapplication of those payments to interest and other charges as
permitted by the Bankruptcy Code if and when the value of CPG/GS'
collateral is determined.

As further adequate protection, the Debtor grants CPG/GS:

   -- a replacement lien and a postpetition security interest on
      all of the assets and Collateral acquired by Debtor after
      the Petition Date; and

   -- a super-priority claim in an amount equal to any diminution
      in value of the prepetition Collateral.

As additional adequate protection, the Debtor will:

   -- permit designated agents of CPG/GS to visit the premises of
      the DoubleTree Hotel, Gallery Plaza and Atlantis
      Condominiums Hotel and make available to them all of
      Debtor's books and records, for the purpose of inspecting
      and auditing the operations of each of the DoubleTree,
      Gallery Plaza and Atlantis Condominium;

   -- submit to CPG/GS monthly reports detailing: (a) the amount,
      aging, and description of all of Debtor's accounts
      receivable, inventory and other Cash Collateral; (b) the
      amount of Cash Collateral collected and used to satisfy
      Permitted Expenses; (c) monthly income statements, (d)
      monthly expense statements; (e) monthly reports on the
      marketing and sales efforts for the Gallery Plaza and
      Atlantis Condominiums.

As additional adequate protection, the Debtor agrees that upon the
consummation of any sale of substantially all or any of its assets
all of the net proceeds of that sale will be paid immediately and
indefeasibly to CGP/GS in an amount equivalent to the outstanding
balance of the Loans, plus any postpetition interest and charge
that may have accrued to the extent permitted by the Bankruptcy
Code.

The Debtor also covenants and agrees to waive any and all rights
under Section 506(c) of the Bankruptcy Code as to any of the
Collateral.  The Debtor will also grant CPG/GS access to monitor
its debtor-in-possession accounts and the payments and deposits
made therein or therefrom.

The postpetition Collateral under the Replacement Liens and the
prepetition Collateral will all serve as cross-Collateral for the
Loans and any and all other amounts disbursed by CPG/GS under the
Financing Agreements.

CPG/GS will have the right to credit bid the indebtedness owed
under the Loan Agreements and Loan Documents, in whole or in part,
in connection with any sale or disposition of the Debtor's assets,
and the Debtor hereby waives all rights to oppose such credit bid
rights of CPG/GS.

Objections are due July 5, 2011.  If no objection or other
response is received within the time allowed, the motion will be
deemed unopposed and a final order may be entered approving the
stipulation.  If a timely objection is filed, a hearing will be
held on July 7, 2011, at 9:30 a.m.

Attorneys for CPG/GS are:

     David P. Freedman, Esq.
     Hermann D. Bauer, Esq.
     O'Neill & Borges
     American International Plaza
     250 Munoz Rivera Avenue, Suite 800
     San Juan, Puerto Rico 00918-1813
     Tel: (787) 764-8181
     Fax: (787) 753-8944
     E-Mail: David.Freedman@oneillborges.com
             Hermann.bauer@oneillborges.com

                        About Swiss Chalet

The Swiss Chalet Inc., which owns the Best Western Hotel Pierre in
San Juan, Puerto Rico, filed a Chapter 11 petition (Bankr. D. P.R.
Case No. 11-04414) on May 27, 2011.  Charles A. Cuprill, P.S.C.
Law Offices serves as its bankruptcy counsel.  In its Schedules,
the Debtor disclosed total assets of US$118,521,510 and total
debts of US$132,741,094.  The petition was signed by Arnold Benus,
director.


SWISS CHALET: Files Schedules of Assets & Liabilities
-----------------------------------------------------
Swiss Chalet Inc. filed with the U.S. Bankruptcy Court for the
District of Puerto Rico its schedules of assets and liabilities,
disclosing:

  Name of Schedule               Assets               Liabilities
  ----------------              -------               -----------
A. Real Property             US$69,473,628
B. Personal Property           $45,668,034
C. Property Claimed as
   Exempt
D. Creditors Holding
   Secured Claims                                  US$118,566,626
E. Creditors Holding
   Unsecured Priority
   Claims                                                $326,064
F. Creditors Holding
   Unsecured Non-priority
   Claims                                             $19,754,881
                              ------------         --------------
      TOTAL                 US$115,141,662         US$138,646,572

                          About Swiss Chalet

The Swiss Chalet Inc., which owns the Best Western Hotel Pierre in
San Juan, Puerto Rico, filed a Chapter 11 petition (Bankr. D. P.R.
Case No. 11-04414) on May 27, 2011.  Charles A. Cuprill, P.S.C.
Law Offices serves as its bankruptcy counsel.  In its Schedules,
the Debtor disclosed total assets of US$118,521,510 and total
debts of US$132,741,094.  The petition was signed by Arnold Benus,
director.


===========
P A N A M A
===========


HILLVIEW ENTERPRISES: S&P Rates Corp. Credit & Secured Debt 'B'
---------------------------------------------------------------
Standard & Poor's Rating Services assigned a 'B' long-term
corporate credit rating to Panama-based gaming holding company
Hillview Enterprises and a 'B' senior secured debt rating to its
proposed five-year US$100 million 144A bond issuance.  The outlook
is stable.

"The ratings on Hillview reflect mainly its asset concentration in
Argentina and the risks inherent to operating in that country,
such as the volatile regulatory environment, high inflation
levels, and currency volatility," said Standard & Poor's credit
analyst Diego Ocampo.  The company somewhat mitigates those
factors with its relatively good competitive position, which is
backed by a benign regulatory framework that presents high entry
barriers for new players, and its relatively high profitability,
supported by its efficient cost structure.

"An ample ability to generate discretionary cash flows, based on
its positive cash cycle and low operating leverage levels,
together with a conservative indebtedness and an adequate
liquidity position underpin Hillview's financial risk profile,
which we characterize as aggressive under our criteria.  Partially
counterbalancing those positives are the company's limited track
record with debt markets and its focus on shareholder value
creation that might reduce flexibility on dividends, investments,
and financing," S&P stated.

Because Hillview is a holding company that has no material assets
other than the interests in three operating subsidiaries, holders
of debt issued at the parent would be structurally subordinated to
priority claims at the subsidiaries.  "However, we rate Hillview's
senior secured debt at the same level as the corporate credit
rating because of the low level of subsidiary liabilities.  We
expect third-party debt at the subsidiary level to remain low.
Furthermore, the terms and conditions of the new bonds include
covenants that limit the ability of restricted subsidiaries to
take on additional debt," S&P related.

Hillview is majority owned by an investment fund that controls
60.241% of the company's voting stock.  In 2007, the company
acquired the 99.6% of three Argentine gaming halls in the Buenos
Aires province through a US$77.5 million loan from its main
shareholder and US$24.1 million in equity contributions.  Two
gaming halls are located in Avellaneda neighborhood, and the third
in Florencio Varela, covering a densely populated area of about
1.8 million inhabitants. The gaming facilities have an aggregated
capacity of 1,363 slot machines, 221 electronic roulette
positions, 20 electronic poker seats, and approximately 2,828
bingo seats. During fiscal 2010, 93% of the revenues came from
slot machines, 5% from bingo operations, and the rest from food
and beverage sales.

"The stable outlook reflects our expectation that the company
should sustain relatively good free cash-flow generation
throughout the bond's life and will be able to achieve some degree
of cash build up that would mitigate its exposure to refinancing
risk in 2016.  In that respect we expect dividends to remain
flexible to buffer any potential deterioration in cash-generation
capacity.  Upside potential will remain closely linked to our
opinion on Argentina's business environment and transfer and
convertibility risks, unless geographic diversification increases.
On the contrary, a downgrade may follow a deterioration of the
business environment that significantly hurts Hillview's financial
flexibility," S&P stated.


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


* NBC Bookseller's Filing Raises S&P's 2011 Default Tally to 18
---------------------------------------------------------------
U.S.-based bookseller NBC Acquisition Corp. filed a voluntary
petition under Chapter 11 of the U.S. Bankruptcy Code last week to
implement its restructuring plan.  This raises the 2011 global
corporate default tally to 18, said an article published Friday by
Standard & Poor's Global Fixed Income Research, titled "Global
Corporate Default Update (June 24 - 29, 2011) (Premium)."

Of the total, 11 issuers were based in the U.S., two each were
based in Canada and 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 five,
three 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 our default expectations relatively upbeat in the next 12
months.  We are seeing stronger credit quality, as reflected in
fewer downgrades and lower negative bias," S&P said.

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

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


* 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, Ivy B.
Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors.

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

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

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

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


                   * * * End of Transmission * * *