TCRLA_Public/110712.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 12, 2011, Vol. 12, No. 136

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INTERNATIONAL: Receiver Not Returning Money to Victims


A R G E N T I N A

TARJETAS CURYANA: Fitch Affirms Local Currency IDR at 'B'
TARJETA NARANJA: Fitch Affirms 'B' Issuer Default Rating


B E R M U D A

MC & MAN: Creditors' Proofs of Debt Due July 13
MC & MAN: Member to Receive Wind-Up Report on August 5
SMART HOME: Creditors' Proofs of Debt Due July 13
SMART HOME: Members' Final Meeting Set for August 3
SMART HOME: Creditors' Proofs of Debt Due July 13

SMART HOME: Members' Final Meeting Set for August 3


B R A Z I L

BANCO DE SERVICIOS: Moody's Rates Local Currency Debt 'Ba2'
COSAN OVERSEAS: Fitch Rates Proposed Reopening of Notes at 'BB'


C A Y M A N   I S L A N D S

AALL STAR: Creditors' Proofs of Debt Due August 4
BT CAYMAN: Creditors' Proofs of Debt Due August 4
CALIBURN SPECIAL: Creditors' Proofs of Debt Due August 5
CDG COMPANY: Creditors' Proofs of Debt Due August 4
CENTRAL MASSACHUSETTS: Creditors' Proofs of Debt Due September 29

ICE CAPS: Creditors' Proofs of Debt Due August 4
M&G MANAGED: Creditors' Proofs of Debt Due August 4
POLYGON GENERAL: Creditors' Proofs of Debt Due August 5
POLYGON GLOBAL: Creditors' Proofs of Debt Due August 5
TIVOLI FINANCE: Creditors' Proofs of Debt Due August 4

KINGDOM 5-KR-163: Commences Liquidation Proceedings
KINGDOM 5-KR-186: Commences Liquidation Proceedings
KINGDOM 5-KR-196: Commences Liquidation Proceedings
KINGDOM 5-KR-197: Commences Liquidation Proceedings


C O S T A   R I C A

BANCO INTERNATIONAL: Fitch Affirms Long-Term IDR at 'BB+'


D O M I N I C A N  R E P U B L I C

CARIBBEAN CEMENT: Faces More Opposition in Dominican Republic
* DOMINICAN REPUBLIC: Senate OKs US$184.2MM Bond on Budget Deficit


J A M A I C A

WINDALCO: In Talks Over Non-Compliance to Environmental License


M E X I C O

CEMEX SAB: Fitch Rates Reopening of Notes Due 2018


T R I N I D A D  &  T O B A G O

* T&T: Business Associations Urge Gov't & Unions to Ease Tension


U R U G U A Y

NUEVO BANCO: Fitch Upgrades Currency Long-Term IDRs from 'BB-'


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


STANFORD INTERNATIONAL: Receiver Not Returning Money to Victims
---------------------------------------------------------------
Caribbean360.com reports that a motion filed on behalf of the
investors who lost money in Robert Allen Stanford's alleged Ponzi
scheme claims that court-appointed receiver, Ralph Janvey, is
using up the money instead of helping the victims.

The investors said that since the U.S. Securities and Exchange
Commission shut down Stanford International Bank Limited in 2009,
the money collected, which were intended to help them recover
their losses, has mostly been used to pay expenses, according to
Caribbean360.com.  The report relates that according to the motion
filed by Kachroo Legal Services, P.C. and its principal, Gaytri
Kachroo, out of the US$7 billion which investors were allegedly
defrauded out of, Mr. Janvey has collected US$1.5 million
excluding expenses.

"Whereas, through January 2011 the receivership estate has paid
out a massive US$118.2 million in expenses, but none to the
investors.  As a result, there remains only US$1.5 million for the
Stanford victims from the efforts of the receiver.  This equates
to US$71.42 per investor, but even this small amount will likely
be consumed by the receiver," the Stanford International Victims
Group said in a statement obtained by the news agency.  "It is
clear that the receiver has not added any substantial value to the
estate, and failed in his directive," the statement added.

In the motion led by Catherine Burnell of Antigua and the U.K.,
Ursula Mesa of Florida and Peru, Marcelo Avila of Ecuador, and
Steven Graham of Louisiana -- representatives of the international
breadth of investment into the alleged Ponzi scheme -- investors
state that Mr. Janvey has taken all US$120 million of the assets
thus far collected by him and already existing in the estate,
Caribbean360 notes.

The report relays that investors also claim that the attorneys who
were installed on the Stanford Investors Committee, which is
responsible for holding the receiver accountable, had struck a
deal to make themselves a preapproved 25% on all the fraudulent
conveyance cases launched by the receivership.

Investors said "no party to the receivership is acting as a check
on the excessive fees and expenses compared to the minimal
recovery, challenging the contingency fee arrangement, the
operation of the receivership, and otherwise voicing concern over
the ineffectiveness of this receivership," the report adds.

                 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
=================


TARJETAS CURYANA: Fitch Affirms Local Currency IDR at 'B'
---------------------------------------------------------
Fitch Ratings has affirmed Tarjetas Cuyanas S.A.'s (TC) ratings:

   -- Long-term local currency Issuer Default Rating (IDR) at 'B';

   -- Short-term local currency IDR at 'B';

   -- Individual rating at 'D';

   -- Support rating at '5';

   -- US$65 million unsubordinated fixed-rate debt long-term local
      currency rating at 'B/RR4'.

The Rating Outlook is Stable.

TC's national ratings were affirmed on July 4, 2011:

   -- National long-term rating at 'AA-(arg)', Stable Outlook;

   -- National short-term rating at 'A1(arg)';

   -- Unsubordinated fixed-rate notes totaling USD85 million
      national long-term rating at 'AA-(arg)';

   -- Short-term notes totaling ARS90 million national short-term
      rating at 'A1(arg)'.

   -- Fitch also assigned a national long-term rating of 'AA-
      (arg)' to TC's class V series II notes for up to ARS40
      million and a national short-term rating of 'A1(arg)' to
      class V series I short-term notes for up to ARS30 million.

TC's ratings reflect its strong growth, maintenance of its sound
historical profitability and asset quality and its satisfactory
liquidity and capital base.  They also reflect the benefits of
belonging to the Tarjetas Regionales Group (owned by Banco de
Galicia y Buenos Aires [Banco Galicia]), which has ample
experience in the credit card business.  Additionally, they also
take into account the potentially volatile operating environment
in Argentina and the small size of the company.

The low sovereign ratings add significant ratings compression to
most Argentine issuers. Upside rating potential for TC lies in a
sovereign upgrade.  Downside potential exists in significant
reduction of its capitalization or deterioration in the operating
environment affecting TC's asset quality.  TC's profitability
remains sound and is based on strong revenue generation and growth
and healthy asset quality.  Fitch expects TC's profitability to
remain robust in the medium term, in line with the good economic
prospects.  TC's lending has grown significantly in recent years.
In 2010 loan growth resumed after a sharp slowdown suffered in
2009 due to lower deman d and a self-imposed restriction following
the economic slowdown.  Total loans, net of loan loss reserves,
grew by 74.3% year-over-year (YOY) at March 31, 2011.  Fitch
considers such growth rates to be a source of potential risks but
it takes some comfort from TC's track record of good asset quality
and sound risk management, which, together with the positive
economic prospects, should allow the company to keep asset quality
under control.  Non-performing loans (NPLs) have declined since
2009 due to the economy's recovery and growth and accounted for a
low 2.91% of the total at March 31, 2011 and were 152.5% reserved.

TC's liquidity is adequate, supported by the short-term nature of
its lending. Also, it has had access to capital market funds
through bond issuance, interbank lending, and loan
securitizations.  Exposure to foreign currency risk is low.

TC's capital base is adequate, with an equity/assets ratio of
18.42% at March 31, 2011.  Although TC's capitalization has
decreased due to the significant growth, its strong internal
capital generation should allow it to maintain a satisfactory
capital base.

TC is a credit card issuer created in 1996 in the Cuyo region
(provinces of Mendoza, San Juan and San Luis) and is now the
leading issuer in that region.  Since 1996, it has expanded into
the west, northwest, and south of Argentina.  At March 31, 2011,
TC had about 450,000 credit cards issued and 39 branches and
commercial offices.

TC is 60% indirectly owned by Banco de Galicia y Buenos Aires, the
third largest private sector bank in Argentina by deposits.


TARJETA NARANJA: Fitch Affirms 'B' Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has affirmed Tarjeta Naranja S.A.'s (TN) ratings:

   -- Long-term local and foreign currency Issuer Default Rating
      (IDR) at 'B';

   -- Short-term local and foreign currency IDRs at 'B';

   -- National long-term rating at 'AA(arg)';

   -- National short-term rating at 'A1+(arg)';

   -- Individual rating at 'D';

   -- Support rating at '5';

   -- USD300 million unsubordinated fixed-rate debt long-term
      local currency rating at 'B/RR4' and National long-term
      rating at 'AA(arg)';

   -- USD50 million unsubordinated fixed-rate notes National long-
      term rating at 'AA(arg)';

   -- ARS80 million short-term notes National short-term rating at
      'A1+(arg)'.

The Rating Outlook is Stable.

TN's ratings reflect its strong growth; maintenance of its sound
historical profitability, asset quality, and liquidity; and its
satisfactory capital base.  They also reflect the benefits of
belonging to the Tarjetas Regionales Group (owned by Banco de
Galicia y Buenos Aires), which has ample experience in the credit
card business.  Additionally, the potentially volatile operating
environment in Argentina was also factored in the ratings.

Despite TN's stand-alone strength, the low sovereign ratings add
significant ratings compression to most Argentine issuers.  Upside
rating potential for TN lies in a sovereign upgrade.  Downside
potential exists in significant deterioration in the operating
environment, affecting TN's asset quality and capitalization.
Given its strong historical performance, Fitch views TN's
individual rating as stable.  Downward pressure could arise from a
significant rise in loan loss provisions that affect the bank's
profitability or from markedly lower capitalization.

TN's sound profitability is based on strong revenue generation and
growth, adequate cost efficiency and healthy asset quality.  Fitch
expects TN's profitability to remain robust in 2011 as the
economic environment is set to remain benign.

TN's lending has grown significantly in recent years. In 2010,
loan growth resumed after a sharp slowdown suffered in 2009 due to
lower demand and a self-imposed restriction following the economic
slowdown.  Asset quality ratios have historically been very good
considering its activity and the segments served, based on
conservative credit limits and good scoring systems.  NPLs have
declined since 2009 due to the economy's recovery, accounting for
a low 3.16% of total loans at March 31, 2011, and were fully
reserved.

TN's liquidity is strong, supported by the short-term nature of
its lending.  Also, it has had access to capital market funds
through bond issuance, interbank lending, and loan
securitizations, helping extend funding maturity.  Exposure to
foreign currency risk is low.

TN's capital base is ample, with an equity/assets ratio of 21.73%
at March 31, 2011.  Despite significant growth, strong internal
capital generation has allowed it to maintain a satisfactory
capital base.

TN was established in 1985 in the Province of Cordoba.  Since 1996
it has expanded significantly and now operates in most of the
country.  At March 31, 2011 TN had about 4.7 million credit cards
and 171 branches and commercial offices.

TN is 80% owned by Banco de Galicia y Buenos Aires, the third
largest private sector bank in Argentina by deposits.


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


MC & MAN: Creditors' Proofs of Debt Due July 13
-----------------------------------------------
The creditors of MC & Man Ltd are required to file their proofs of
debt by July 13, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 22, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MC & MAN: Member to Receive Wind-Up Report on August 5
------------------------------------------------------
The member of MC & Man Ltd will receive on August 5, 2011, at
9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on June 22, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


SMART HOME: Creditors' Proofs of Debt Due July 13
-------------------------------------------------
The creditors of Smart Home Reinsurance 2005-1 Limited are
required to file their proofs of debt by July 13, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 27, 2011.

The company's liquidator is:

         John C. McKenna
         CA of Finance & Risk Services Ltd.
         Suite 502, 26 Bermudiana Road
         Hamilton HM 11
         Bermuda


SMART HOME: Members' Final Meeting Set for August 3
---------------------------------------------------
The members of SMART HOME Reinsurance 2005-1 Limited will hold
their final meeting on August 3, 2011, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on June 27, 2011.

The company's liquidator is:

         John C. McKenna
         CA of Finance & Risk Services Ltd.
         Suite 502, 26 Bermudiana Road
         Hamilton HM 11
         Bermuda


SMART HOME: Creditors' Proofs of Debt Due July 13
-------------------------------------------------
The creditors of SMART HOME Reinsurance 2004-1 Limited are
required to file their proofs of debt by July 13, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 27, 2011.

The company's liquidator is:

         John C. McKenna
         CA of Finance & Risk Services Ltd.
         Suite 502, 26 Bermudiana Road
         Hamilton HM 11
         Bermuda


SMART HOME: Members' Final Meeting Set for August 3
---------------------------------------------------
The members of SMART HOME Reinsurance 2004-1 Limited will hold
their final meeting on August 3, 2011, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on June 27, 2011.

The company's liquidator is:

         John C. McKenna
         CA of Finance & Risk Services Ltd.
         Suite 502, 26 Bermudiana Road
         Hamilton HM 11
         Bermuda


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


BANCO DE SERVICIOS: Moody's Rates Local Currency Debt 'Ba2'
-----------------------------------------------------------
Moody's Investors Service assigned a Ba2 long term global local
currency debt rating to the expected second issuance of Banco de
Servicios Financieros S.A. (BSF), up to the amount of
AR$75 million, to be issued in under the already rated program of
AR$300 million.  The outlook for the rating is stable.

At the same time, Moody's Latin America assigned Aa1.ar national
scale local currency debt rating to BSF's debt rating to the
expected second issuance.

These ratings were assigned to Banco de Servicios Financieros
S.A.:

  Second Issuance of AR$ 75 million:

  Global Local Currency debt rating: Ba2, stable outlook

  National Scale rating for local currency debt: Aa1.ar

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from BSF's Ba2 global local currency deposit
rating.  Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

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

Banco de Servicios Financieros is headquartered in Buenos Aires,
Argentina, and had assets of AR$0.6 billion (US$0.15 billion) and
deposits for AR$0.1 billion (US$0.02 billion) as of March 2011.


COSAN OVERSEAS: Fitch Rates Proposed Reopening of Notes at 'BB'
---------------------------------------------------------------
Fitch rates Cosan Overseas Limited's proposed reopening of its
perpetual notes, in the amount of USD150 million, 'BB'. The notes
are unconditionally guaranteed by Cosan S/A Industria e Comercio
(Cosan) and Cosan Combustiveis e Lubrificantes S.A. (CCL), which
is responsible for the lubes business. With the consummation of
the joint venture between Cosan and Shell International Petroleum
Company Limited (Shell), on June 1, 2011, Cosan's sugar and
ethanol assets, CCL's fuels distribution assets and BRL5.24
billion of net debt, including BRL300 million of adjustments in
assets and liabilities connected to Zanin mill that was acquired
in February 2011, have been transferred to the joint venture. The
expected new bond issuance should not rank pari passu with the
current outstanding bond issuances, which were contributed into
the joint venture (JV). Net proceeds will be used for general
corporate purposes.

Fitch currently rates Cosan, CCL, and Cosan Overseas:

Cosan

   -- Foreign Currency IDR 'BB';

   -- Local Currency IDR 'BB';

   -- National Scale Rating 'A+(bra)'.

CCL

   -- Foreign Currency IDR 'BB';

   -- Local Currency IDR 'BB';

   -- National Scale rating 'A+(bra)';

   -- US$350 million senior unsecured notes due 2014 'BB'.

Cosan Overseas Limited

   -- US$300 million senior unsecured perpetual notes 'BB'.

In addition, Fitch has assigned a 'BB' FC IDR to Cosan Overseas
Limited.

The Rating Outlooks are Stable.

The ratings reflect Cosan and CCL's stronger business and
financial profiles after the JV partnership with Shell. As part of
the JV agreement Shell and Cosan will create two joint ventures
involving certain of their respective assets.  The association was
approved by the European Commission in January 2011 and it is
still pending the approval from CADE (the Brazilian Antitrust
Association); however, that does not preclude the integration
process of the JVs. Fitch believes that the likelihood of
completion of this transaction is high.  In case it does not
happen, the ratings could be revised.

The ratings also reflect Cosan's strong market position as Latin
America's largest agroenergy company.  This position has enabled
the company to access both the equity and debt capital markets
frequently, mitigating to an extent the company's exposure to
commodity price cyclicality and its volatile cash flow generation.
The robustness of Cosan's businesses should lead to a more
disciplined growth strategy.  Fitch sees the recent partnerships
with strategic investors to develop investment opportunities as
positive, and has lowered the impact on leverage.  Additionally,
the association with Shell also strengthens Cosan's overall
business profile as an integrated player, probably leading to a
slower pace for investments not contemplated in the current
business plan for the next few years.

Stronger Operational Profile Partially Mitigates Business
Volatility

The two operating JVs will have one focused on the sugar and
ethanol and co-generation businesses (called Raizen Energia S.A.)
and one on the fuel distribution business (Raizen Combustiveis
S.A.).  Cosan will hold 51% of the voting shares of Raizen Energia
while Shell will hold 51% of the voting shares of Raizen
Combustiveis.  However, the economic interest is 50%/50%.  The
management of both JVs will be shared.  Fitch intends to analyse
the JVs as a combined entity provided that all relevant debt under
the JVs will count on cross guarantees and their cash will be also
managed on a consolidated basis.  The underlying credit quality of
the JVs is likely stronger than Cosan on its own and holds the
potential to be rated higher.

The association with Shell will result in a stronger business
profile in the fuel distribution segment, associated with the
larger combined size and market share, as the third largest fuel
distributor in Brazil.  Moreover, the fuel distribution business
generates more predictable cash flows and will represent a more
relevant portion of Cosan's consolidated EBITDA, around 30% to
35%.  Fitch expects that Shell and Cosan will operate this JV with
low leverage given the narrow margins characteristic of the fuel
distribution business.  Fitch also believes that Shell and Cosan
will be able to capture some synergies with the sugar and ethanol
businesses.

The increase in EBITDA in the latest 12 months (LTM) ended March
2011 to BRL2.7 billion (versus BRL 2.1 billion in the previous
period), reflected, among other things, relevant BRL530 million
net adjustments derived from the implementation of the
International Financial Reporting Standards (IFRS).  In spite of
lower than expected sugar and ethanol sales volumes for the LTM
ended on March 31, 2011 due to lower than expected sugar cane
crushing volume, consolidated EBITDA benefited from the
maintenance of solid sugar and ethanol prices, the robust
performance of the fuel distribution business, which registered a
12% increase over the previous period and the continuity of the
growth of the logistics operations carried out by Rumo, a company
that is not part of the JV.

Cash and Assets Contributions Enhance Financial Profile

On a consolidated basis, Cosan will benefit from Shell's USD1.6
billion cash contribution into the JVs (to be effective in three
phases, within two years, with an initial cash contribution of
BRL815 million) and additional EBITDA, which Fitch calculates to
be around USD300 million.  Cosan will allocate BRL5.24 billion of
net debt to the two JVS, an amount higher than the BRL4.6 billion
previously announced.  This adjustment reflects some changes that
occurred up to the JVs closing date, mainly related to the raising
of new debt from BNDES to finance investments that will migrate to
Raizen Energia and the acquisition of Zanin mill, which occurred
in February 2011.

Fitch estimates that the initial pro forma leverage incorporating
Cosan's equity participations in both JVs, and its other
businesses that will not be part of the JVs, such as the logistics
and lubricants businesses, would result in a total debt/EBITDA
ratio of 2.2 times (x), which compares positively to actual
consolidated total debt/EBITDA of 2.7x reached at LTM ended March
2011 as per the IFRS.  On a net basis, the pro forma and actual
ratios would be 1.4x and 2.3x, respectively.  Going forward, the
still favorable scenario for sugar and ethanol prices should
continue to support the results.  In Fitch's view, Cosan's main
challenges, through Raizen, should be the integration of the
downstream business, in order to realize the expected synergies,
and managing the mix toward sugar or ethanol.

Solid Credit Metrics at the Holding Company Level

Following the JV closing, debt at the Cosan level will be subject
to structural subordination to the obligations of the operational
subsidiaries. Considering the estimated dividend cash flow, Cosan
should present adequate debt service coverage.  As per Fitch
estimates, coverage would be above 140% for the coming year.

Robust Liquidity Also Supports the Ratings

As of March 31, 2011, Cosan's cash position amounted to BRL1.3
billion and covered its short-term debt of BRL1,038 million by
1.2x.  Consolidated adjusted total debt, including off-balance
sheet obligations, was BRL7.3 billion, composed of capital markets
instruments (34%), loans from the BNDES and Finame (31%), export
financing lines (13%), rescheduled taxes (9%), and other lines
(13%).

Potential Rating or Outlook Drivers

Positive rating action could be driven by lower than expected
consolidated leverage and more stable and predictable cash flows.
Factors that could lead to a Negative Outlook or downgrade include
the failure by CADE to approve the JV agreement, further
acquisitions or investments not contemplated in the current
business plan that could result in leverage levels beyond
expectations, and/or material refinancing needs.


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


AALL STAR: Creditors' Proofs of Debt Due August 4
-------------------------------------------------
The creditors of AALL Star Financial Group Ltd. are required to
file their proofs of debt by August 4, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 14, 2011.

The company's liquidator is:

         Patrick Shaunessy
         Telephone: (345) 949-5588
         Facsimile: (345) 945-5772
         The Crighton Building, Suite 201
         256 Crewe Road
         P.O. Box 1166 Grand Cayman, KY1-1102
         Cayman Islands


BT CAYMAN: Creditors' Proofs of Debt Due August 4
-------------------------------------------------
The creditors of BT Cayman Income No.1 are required to file their
proofs of debt by August 4, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 23, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


CALIBURN SPECIAL: Creditors' Proofs of Debt Due August 5
--------------------------------------------------------
The creditors of Caliburn Special Situations Ltd. are required to
file their proofs of debt by August 5, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 15, 2011.

The company's liquidator is:

         David A.K. Walker
         c/o Kadi Merren
         Telephone: (345) 914 8639
         Facsimile: (345) 945 4237
         P.O. Box 258 Grand Cayman KY1-1104
         Cayman Islands


CDG COMPANY: Creditors' Proofs of Debt Due August 4
---------------------------------------------------
The creditors of CDG Company Limited are required to file their
proofs of debt by August 4, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 23, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


CENTRAL MASSACHUSETTS: Creditors' Proofs of Debt Due September 29
-----------------------------------------------------------------
The creditors of Central Massachusetts Indemnity Company, Ltd. are
required to file their proofs of debt by September 29, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 13, 2011.

The company's liquidators are:

         Christopher D. Johnson
         Russell Homer
         Johnson Smith Associates Ltd.
         Elizabethan Square
         80 Shedden  Road
         P.O. Box 2499, Grand Cayman KY1-1104
         Cayman Islands


ICE CAPS: Creditors' Proofs of Debt Due August 4
------------------------------------------------
The creditors of Ice Caps Limited are required to file their
proofs of debt by August 4, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 23, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


M&G MANAGED: Creditors' Proofs of Debt Due August 4
---------------------------------------------------
The creditors of M&G Managed CSO Limited are required to file
their proofs of debt by August 4, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 23, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


POLYGON GENERAL: Creditors' Proofs of Debt Due August 5
-------------------------------------------------------
The creditors of Polygon General Partner Limited are required to
file their proofs of debt by August 5, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 10, 2011.

The company's liquidator is:

         Ian D. Stokoe
         c/o Jodi Jones
         Telephone: (345) 914 8694
         Facsimile: (345) 945 4237
         P.O. Box 258 Grand Cayman KY1-1104
         Cayman Islands


POLYGON GLOBAL: Creditors' Proofs of Debt Due August 5
------------------------------------------------------
The creditors of Polygon Global Opportunities Fund are required to
file their proofs of debt by August 5, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 10, 2011.

The company's liquidator is:

         Ian D. Stokoe
         c/o Jodi Jones
         Telephone: (345) 914 8694
         Facsimile: (345) 945 4237
         P.O. Box 258 Grand Cayman KY1-1104
         Cayman Islands


TIVOLI FINANCE: Creditors' Proofs of Debt Due August 4
------------------------------------------------------
The creditors of Tivoli Finance Limited are required to file their
proofs of debt by August 4, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 23, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands



KINGDOM 5-KR-163: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-163, Ltd. resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center-Floor 66
         P.O. Box 1 Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-186: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-186, Ltd. resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center-Floor 66
         P.O. Box 1 Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-196: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-196, Ltd. resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center-Floor 66
         P.O. Box 1 Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-197: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-197, Ltd. resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center-Floor 66
         P.O. Box 1 Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


===================
C O S T A   R I C A
===================


BANCO INTERNATIONAL: Fitch Affirms Long-Term IDR at 'BB+'
---------------------------------------------------------
Fitch Ratings has affirmed Banco Internacional de Costa Rica's
(BICSA) long-term Issuer Default Rating (IDR) at 'BB+'.  The
Rating Outlook is Stable.

BICSA IDRs reflect Fitch's opinion that the bank would receive
support from its shareholders, Banco de Costa Rica (BCR, 'BB+'
IDR), if needed.  The individual rating reflects BICSA's adequate
capitalization, conservative risk management, good asset quality,
and enhanced profitability metrics, which previously were
considered to be modest.  However, high borrower and creditor
concentrations continue to limit the bank's individual
creditworthiness. BICSA's IDRs could be positively influenced by
an upgrade of BCR's IDRs.  Alternatively, BICSA's IDRs could
benefit from an upgrade if its individual rating, which is
possible in the medium/long term should the bank's performance
continues to improve as the current strategy successfully
consolidates.  Downside risk for BICSA's IDRs would stem from a
downward pressure on BCR's IDRs.  In turn, BICSA's Individual
rating could be negatively affected by a sharp deterioration in
asset quality that would affect performance and erode the
capital/reserve cushion.

BICSA's operative performance has gradually improved over the past
years and its profitability metrics are now comparables to that of
regional corporate-oriented banks.  An increased net interest
margin couple with a strengthened efficiency and controlled credit
costs has boosted profitability.  Fitch expects profits to improve
over 2011 as well-contained costs combined with higher business
volumes should benefit the bank's performance.

BICSA's asset quality is sound, reflecting its moderate risk
appetite.  However, borrower concentrations remain high and are
not expected to decrease over the foreseeable future.  Loan loss
reserves cover 211.7% of non-performing loans but are low in view
of the concentrated portfolio.  Positively, the enhanced risk
management provides some comfort relating to likely growing credit
costs.

Customer deposits are the main funding source, but these are
highly concentrated and potentially less stable (the 20 largest
depositors accounted for 50% of total deposits as of March 2011).
Offsetting factors are the short-term nature of most assets and a
reasonable cushion of liquid assets.

Although it has recently reduced to 10.33%, the capital-to-assets
ratio is sound and mostly unencumbered.  Internal capital
generation should continue to improve to strengthen the bank's
ability to absorb unexpected losses and sustain loan growth.

Fitch has affirmed these ratings on BICSA:

International ratings

   -- Long-term IDR at 'BB+'; Outlook Stable;

   -- Short-term IDR at 'B';

   -- Individual at 'C/D';

   -- Support at '3'.

National ratings

   -- Long-term rating at 'AA-(pan)'; Outlook Stable;

   -- Short-term rating at 'F1+(pan)';

   -- Long-term rating of Bonos Corporativos at 'AA-(pan)' and
      'AA+(slv)';

   -- Short-term of Valores Comerciales Negociables at 'F1+(pan)'.


==================================
D O M I N I C A N  R E P U B L I C
==================================


CARIBBEAN CEMENT: Faces More Opposition in Dominican Republic
-------------------------------------------------------------
RJR News reports that cement makers in Dominican Republic
complained that Caribbean Cement Company Limited's Jamaican cement
is being sold without undergoing the required tests for quality.

The Dominican Republic's cement makers also claim that the
Jamaican product is being sold without the Public Works Ministry
permit, according to RJR News.  The report relates that the
shipment of Caribbean Cement was dispatched to the Dominican
Republic earlier this week.

As reported in the Troubled Company Reporter-Latin America on
June 21, 2011, RJR News said that Caribbean Cement Company is
admitting that it still has lingering concerns about its exports
to the Dominican Republic.  RJR News noted that a shipment of
Caribbean Cement to the Dominican Republic in April was detained
for 49 days resulting in significant financial losses for the
company and its distributor in the Spanish speaking country.  RJR
News related that this occurred despite certification from the
Bureau of Standards Jamaica and confirmation by independent and
internationally recognized laboratories that the cement met all
the standards required.  The company said that while the shipment
was eventually released there has been no clarity as to whether
future shipments will be subjected to similar non-tariff barriers,
RJR News said.  The company added that it will continue to feel
the pinch if its future shipments to the Dominican Republic are
held at the port for an unnecessarily long time, RJR News related.

RJR News notes that Dominican Republic's cement makers accused the
Carib Cement of having little regard for the rules in their
country.  RJR News relates that they warned consumers that the
Carib Cement is being marketed "irregularly" and it does not have
the quality certificate or the required permit from the Public
Works Ministry.

Caribbean Cement Company Limited manufactures and sells cement.


* DOMINICAN REPUBLIC: Senate OKs US$184.2MM Bond on Budget Deficit
------------------------------------------------------------------
Dominican Today reports that the Dominican Republic Senate
authorized the Treasury Ministry to issue a RD$7.0 billion bond
(US$184.2 million) to partially pay the government's pending
national debt, an Executive Branch initiative that will now go to
the Chamber of Deputies.

The Senate also approved a EUR78.5 million loan from France for a
water treatment projects in San Cristobal, Azua, Independencia
Montecristi, and San Jose de Ocoa provinces, according to
Dominican Republic.

Moreover, the report notes, the legislators also study an
amendment to this year's Budget of RD$390.5 billion, which looks
for an additional RD$20.7 billion to face the shortfall, required
for the electrical sector.


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


WINDALCO: In Talks Over Non-Compliance to Environmental License
---------------------------------------------------------------
RJR News reports that West Indies Alumina Company (WINDALCO)
Kirkvine Works in Manchester is working to become compliant with
certain regulations regarding its operations.

The National Environment and Planning Agency (NEPA) said the
operators of the company presently have an Environmental License,
but they are not in full compliance with the conditions, according
to RJR News.  The report relates that NEPA said it has been in
dialogue with the operators for them to become compliant.

Natalie Fearon, NEPA corporate communications manager, said that a
plan is to be agreed on for the required actions, RJR News relays.

                            About WINDALCO

West Indies Alumina Company is situated on the island of Jamaica
in the Caribbean.  The company comprises two alumina refineries
(Ewarton Works and Kirkvine Works), a shipping port (Port
Esquivel) and also bauxite mines in Schwallenburgh (Ewarton) and
Russell Place (Kirkvine) and farms in Manchester and St. Ann.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 8, 2010, Jamaica Gleaner said that West Indies Alumina
Company will end its bauxite production in Jamaica and make 762
permanent jobs redundant.  The report related that the redundancy
exercise comes a year after the company suspended production at
its Kirkvine, Manchester, and Ewarton, St. Catherine, refineries
because of reduced demand for aluminium on the world market.  The
company is 93% owned by Russian entity, UC Rusal.


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


CEMEX SAB: Fitch Rates Reopening of Notes Due 2018
--------------------------------------------------
Fitch rates the reopening of the 2018 bond program of Cemex,
S.A.B. de C.V.'s (CEMEX) issuance of up to USD650 million
'B+/RR3'.  Proceeds from the notes are expected to be used for
general corporate purposes, including the repayment of debt.

The notes are unconditionally guaranteed by CEMEX Mexico, S.A. de
C.V., New Sunward Holding B.V., and CEMEX Espana, S.A. and will be
secured with a first priority interest over a collateral package
consisting of substantially all of the shares of CEMEX Mexico,
S.A. de C.V., Centro Distribuidor de Cemento, S.A. de C.V.,
Mexcement Holdings, S.A. de C.V., Corporacion Gouda, S.A. de C.V.,
CEMEX Trademarks Holding Ltd., New Sunward Holding B.V. and CEMEX
Espana, S.A.

Fitch currently rates CEMEX:

  -- Issuer Default Rating 'B';

  -- Senior unsecured notes 'B+/RR3';

  -- National scale long-term rating 'BB-(mex)';

  -- National scale short-term rating 'B (mex)'.

The Rating Outlook is Positive.

The 'B' ratings of CEMEX and its subsidiary, CEMEX Espana, reflect
the company's high leverage and the weak, near-term cash flow
prospects for two of the company's three key markets -- the United
States and Spain.  The 'RR3' Recovery Rating (RR) on the company's
unsecured debt indicates above average recovery prospects for
holders of the proposed notes in the event of default.  The
collateral package for the proposed notes is similar to that for
the debt associated with the Aug. 14, 2009 Financing Agreement, as
well as substantially all of the company's capital markets debt.

The Positive Outlook reflects the company's success in accessing
the capital markets and refinancing its bank debt.  It also
reflects the very strong market positions of CEMEX in its key
markets, as well as the favorable demographic trends for these
markets over the long term.

A positive rating action could result from a signal that the
company's operations in the U.S. have hit a bottom and that the
turnaround of profitability is beginning. In contrast, a negative
rating action could occur, if CEMEX's sales volumes unexpectedly
deteriorate in Mexico, the key source of the company's current
operating cash flow.

CEMEX had US$18.2 billion of total debt and US$656 million of cash
and marketable securities as of March 31, 2011.  The company
raised approximately US$3.5 billion of funds through the debt
capital markets during the first five months of 2011. Proceeds
were used to refinance existing debt and to improve the company's
liquidity position.  As a result, the company has lowered its debt
amortizations for the remainder of 2011 to US$66 million, for 2012
to USD390 million and for 2013 to US$762 million.  During 2014,
the company faces debt amortizations of nearly US$8.3 billion.
Most of this debt is associated with the August 2009 Financing
Agreement and will likely have to be refinanced by the company
during 2012.

During 2010, CEMEX generated US$2.3 billion of EBITDA, a decline
from US$2.7 billion during 2009.  The company's cash flow from
operations (CFFO) also declined during this time period to US$1.7
billion from US$2.6 billion.  The drop in operating cash flow was
primarily due to weaker demand for cement and ready mix in the
U.S., Spain and Mexico, as well as lower prices in the U.S. and
Europe. CEMEX's most important market in terms of EBITDA during
2010 was Mexico.  CEMEX generated US$1.150 billion of EBITDA in
this market during 2010, a US$300 million decline from the peak
EBITDA figure in this market of US$1.450 billion during 2008.

Europe represented US$434 million of EBITDA, while the Caribbean,
South and Central America accounted for US$460 million of EBITDA.
In the U.S., CEMEX's EBITDA was a negative US$45 million during
2010.  This compares with a Fitch calculated pro forma EBITDA
(including Rinker) of USD2.345 billion during 2006.

Cash flow is projected to remain relatively flat during 2011.
Positively, the pricing environment should improve in many of the
company's markets, after declining during 2010 due to large
inventory levels.  The company could also benefit from a stronger
Mexican peso and Euro versus the U.S. dollar.  Challenges faced by
the company include extremely weak demand for ready mix and cement
in both the U.S. and Spain.  The company's profitable Egyptian
operations will also suffer due to the recent political turmoil in
that market.  To offset some of these challenges, CEMEX has
announced spending reductions in excess of US$250 million for
2011.  These spending reductions will come from areas such as a
rationalization of the company's U.S. operations, a lowering of
staffing levels globally, and an increase in the use of
alternative fuels.


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


* T&T: Business Associations Urge Gov't & Unions to Ease Tension
----------------------------------------------------------------
Camille Bethel at Trinidad Express reports that business
associations are calling on both the Trinidad and Tobago
government and the country's trade unions to think about the very
fragile state of the economy, even as the trade unions get ready
to make good on their promise to shut down the country.

The union heads, who issued the threat in Fyzabad during Labour
Day celebrations, restated their intent to bring the country to a
halt, according to Trinidad Express.

President of the Downtown Owners and Merchants Association (DOMA),
Gregory Aboud, said that DOMA is very concerned about the possible
disruption in the running of the country's day to day operations.

"We have concerns about the fragile state of the Trinidad and
Tobago economy and many of the unresolved issues, not only dealing
with these negotiations but also with respect to matters involving
the weak state of investment and the weak levels of investment,"
the report quoted Mr. Aboud as saying.  The continued decline in
the activities of many key sectors including the construction
sector is cause for worry in that any type of disruption will only
worsen a situation that is currently fragile, he added.

Imtiaz Ali, president of the San Juan Business Association, said:
"When we look at the economic climate, when you take that kind of
action, it will make things worse.  If the government is saying a
five per cent cap we would hope that they would negotiate in good
faith and get the union to hold on whatever decision they are
making that would impact negatively on the economy of the
country," Trinidad Express relays.

Mr. Ali, Trinidad Express notes, said there was the question of
tripartite talks that were supposed to take place but never did.


=============
U R U G U A Y
=============


NUEVO BANCO: Fitch Upgrades Currency Long-Term IDRs from 'BB-'
--------------------------------------------------------------
Fitch Ratings has upgraded Nuevo Banco Comercial's (NBC) ratings
after the regulatory approval of the acquisition of NBC by Bank of
Nova Scotia (BNS; Fitch Issuer Default Rating of 'AA-') of 60% of
the bank's equity:

   -- Foreign currency long-term IDR to 'BBB-'from 'BB-';

   -- Local currency long-term IDR to 'BBB' from 'BB-';

   -- National Long-term rating to 'AAA(ury)' from 'AA(ury)';

   -- Support Rating to '2' from '4'.

At the same time, the agency has withdrawn the support rating
floor of 'B'.

The Rating Outlook on the IDRs is Positive, the same as on the
sovereign's IDRs, and the Outlook on the National long-term rating
is Stable.  NBC's foreign currency IDR rating is constrained by
the country ceiling and further rating actions will mirror any
rating action on the sovereign.  These ratings, along with the
bank's support rating, reflect the potential support from BNS.

The rating action follows the acquisition of NBC by Bank of Nova
Scotia (IDR rated 'AA-') of 60% of the bank's capital, held by a
consortium of foreign investors led by Advent International; the
Uruguayan government owns the remaining 40% in the form of
preferred stock with no voting rights.

NBC is the fourth-largest private sector bank in Uruguay.  Its
market presence is significant in all segments and it had 5.71% of
the banking system's assets at April 30, 2011.



===============
X x x x x x x x
===============



* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                     Total
                                   Total        Shareholders
                                   Assets            Equity
Company               Ticker       (US$MM)          (US$MM)
-------               ------       ---------        -------

ARGENTINA

IMPSAT FIBER-$US     IMPTD AR       535007008      -17164978
IMPSAT FIBER NET     XIMPT SM       535007008      -17164978
IMPSAT FIBER-CED     IMPT AR        535007008      -17164978
IMPSAT FIBER NET     IMPTQ US       535007008      -17164978
IMPSAT FIBER NET     330902Q GR     535007008      -17164978
IMPSAT FIBER-C/E     IMPTC AR       535007008      -17164978
IMPSAT FIBER-BLK     IMPTB AR       535007008      -17164978
SOC COMERCIAL PL     COME AR        175824387     -338338057
SOC COMERCIAL PL     CADN EU        175824387     -338338057
SOC COMERCIAL PL     CVVIF US       175824387     -338338057
SOC COMERCIAL PL     CADN SW        175824387     -338338057
SOC COMERCIAL PL     COMEC AR       175824387     -338338057
COMERCIAL PL-ADR     SCPDS LI       175824387     -338338057
SOC COMERCIAL PL     CADN EO        175824387     -338338057
SOC COMERCIAL PL     COMED AR       175824387     -338338057
SOC COMERCIAL PL     CAD IX         175824387     -338338057
COMERCIAL PLA-BL     COMEB AR       175824387     -338338057
SOC COMERCIAL PL     SCDPF US       175824387     -338338057
SOCOTHERM-5 VT-A     STHE5 AR       101075648    -3157975.35
SOCOTHERM SA-B       STHE AR        101075648    -3157975.35
SOCOTHERM-SP ADR     SOCOY US       101075648    -3157975.35
SNIAFA SA-B          SDAGF US        11229696    -2670544.88
SNIAFA SA            SNIA AR         11229696    -2670544.88
SNIAFA SA-B          SNIA5 AR        11229696    -2670544.88


BELIZE

VARIG SA             VARGON BZ      966298026    -4695211316
VARIG SA-PREF        VAGV4 BZ       966298026    -4695211316
VARIG SA-PREF        VARGPN BZ      966298026    -4695211316
VARIG SA             VAGV3 BZ       966298026    -4695211316
AGRENCO LTD          AGRE LX        637647275     -312199404
AGRENCO LTD-BDR      AGEN11 BZ      637647275     -312199404
LAEP-BDR             MILK11 BZ      439175082      -60172005
LAEP INVESTMENTS     LEAP LX        439175082      -60172005
CIA PETROLIF-PRF     MRLM4 BZ       377602195    -3014291.72
CIA PETROLIF-PRF     MRLM4B BZ      377602195    -3014291.72
CIA PETROLIFERA      1CPMON BZ      377602195    -3014291.72
CIA PETROLIF-PRF     1CPMPN BZ      377602195    -3014291.72
CIA PETROLIFERA      MRLM3B BZ      377602195    -3014291.72
CIA PETROLIFERA      MRLM3 BZ       377602195    -3014291.72
DOCA INVESTIMENT     DOCA3 BZ       354715604     -119368960
DOCA INVESTI-PFD     DOCA4 BZ       354715604     -119368960
DOCAS SA-PREF        DOCAPN BZ      354715604     -119368960
DOCAS SA             DOCAON BZ      354715604     -119368960
DOCAS SA-RTS PRF     DOCA2 BZ       354715604     -119368960
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          BTTL3 BZ       349898179    -3135090.39
BATTISTELLA-RIGH     BTTL1 BZ       349898179    -3135090.39
BOMBRIL-RIGHTS       BOBR1 BZ       316331265     -123554206
BOMBRIL              BMBBF US       316331265     -123554206
BOMBRIL CIRIO-PF     BOBRPN BZ      316331265     -123554206
BOMBRIL SA-ADR       BMBBY US       316331265     -123554206
BOMBRIL-PREF         BOBR4 BZ       316331265     -123554206
BOMBRIL              BOBR3 BZ       316331265     -123554206
BOMBRIL SA-ADR       BMBPY US       316331265     -123554206
BOMBRIL CIRIO SA     BOBRON BZ      316331265     -123554206
BOMBRIL-RGTS PRE     BOBR2 BZ       316331265     -123554206
TELEBRAS-CED C/E     TEL4C AR       269372906    -13465060.7
TELEBRAS-CEDE PF     RCTB4 AR       269372906    -13465060.7
TELEBRAS-CEDE PF     RCT4D AR       269372906    -13465060.7
TELEBRAS-CM RCPT     TBRTF US       269372906    -13465060.7
TELEBRAS-CEDEA $     TEL4D AR       269372906    -13465060.7
TELEBRAS-ADR         TBAPY US       269372906    -13465060.7
TELEBRAS-ADR         TBASY US       269372906    -13465060.7
TELEBRAS-COM RT      TELB1 BZ       269372906    -13465060.7
TELEBRAS SA          TELB3 BZ       269372906    -13465060.7
TELEBRAS SA-PREF     TELB4 BZ       269372906    -13465060.7
TELEBRAS-RTS PRF     TLCP2 BZ       269372906    -13465060.7
TELEBRAS-PF BLCK     TELB40 BZ      269372906    -13465060.7
TELEBRAS-RTS PRF     RCTB2 BZ       269372906    -13465060.7
TELEBRAS-PF RCPT     RCTB40 BZ      269372906    -13465060.7
TELEBRAS-PF RCPT     RCTB42 BZ      269372906    -13465060.7
TELEBRAS-CM RCPT     RCTB32 BZ      269372906    -13465060.7
TELEBRAS-ADR         TBX GR         269372906    -13465060.7
TELEBRAS SA          TLBRON BZ      269372906    -13465060.7
TELEBRAS-CM RCPT     RCTB30 BZ      269372906    -13465060.7
TELEBRAS-PF RCPT     TLBRUP BZ      269372906    -13465060.7
TELEBRAS-CEDE BL     RCT4B AR       269372906    -13465060.7
TELEBRAS-CEDE PF     TELB4 AR       269372906    -13465060.7
TELEBRAS-CM RCPT     RCTB31 BZ      269372906    -13465060.7
TELEBRAS-PF RCPT     CBRZF US       269372906    -13465060.7
TELEBRAS SA-PREF     TLBRPN BZ      269372906    -13465060.7
TELEBRAS-RECEIPT     TLBRUO BZ      269372906    -13465060.7
TELEBRAS-CM RCPT     TELE31 BZ      269372906    -13465060.7
TELEBRAS-RCT PRF     TELB10 BZ      269372906    -13465060.7
TELEBRAS/W-I-ADR     TBH-W US       269372906    -13465060.7
TELEBRAS-RTS CMN     TCLP1 BZ       269372906    -13465060.7
TELEBRAS-PF RCPT     TBAPF US       269372906    -13465060.7
TELEBRAS SA-RT       TELB9 BZ       269372906    -13465060.7
TELEBRAS-PF RCPT     RCTB41 BZ      269372906    -13465060.7
TELEBRAS-PF RCPT     TELE41 BZ      269372906    -13465060.7
TELEBRAS-CEDE PF     RCT4C AR       269372906    -13465060.7
TELECOMUNICA-ADR     81370Z BZ      269372906    -13465060.7
TELEBRAS-BLOCK       TELB30 BZ      269372906    -13465060.7
TELEBRAS-RCT         RCTB33 BZ      269372906    -13465060.7
TELEBRAS-ADR         TBRAY GR       269372906    -13465060.7
TELEBRAS SA          TBASF US       269372906    -13465060.7
TELEBRAS-ADR         RTB US         269372906    -13465060.7
TELEBRAS-RTS CMN     RCTB1 BZ       269372906    -13465060.7
TELEBRAS-ADR         TBH US         269372906    -13465060.7
HOTEIS OTHON SA      HOTHON BZ      255036150    -42606769.7
HOTEIS OTHON-PRF     HOOT4 BZ       255036150    -42606769.7
HOTEIS OTHON SA      HOOT3 BZ       255036150    -42606769.7
HOTEIS OTHON-PRF     HOTHPN BZ      255036150    -42606769.7
TEKA                 TEKAON BZ      246866965     -392777063
TEKA                 TKTQF US       246866965     -392777063
TEKA-PREF            TEKAPN BZ      246866965     -392777063
TEKA-ADR             TKTQY US       246866965     -392777063
TEKA-PREF            TKTPF US       246866965     -392777063
TEKA-ADR             TKTPY US       246866965     -392777063
TEKA-PREF            TEKA4 BZ       246866965     -392777063
TEKA                 TEKA3 BZ       246866965     -392777063
TEKA-ADR             TEKAY US       246866965     -392777063
PET MANG-RT          4115360Q BZ    231024467     -184606117
PET MANG-RIGHTS      3678569Q BZ    231024467     -184606117
PETRO MANGUIN-PF     MANGPN BZ      231024467     -184606117
PET MANG-RECEIPT     RPMG10 BZ      231024467     -184606117
PETRO MANGUINHOS     MANGON BZ      231024467     -184606117
PET MANG-RECEIPT     RPMG9 BZ       231024467     -184606117
PET MANG-RT          RPMG1 BZ       231024467     -184606117
PETRO MANGUINHOS     RPMG3 BZ       231024467     -184606117
PET MANG-RIGHTS      3678565Q BZ    231024467     -184606117
PET MANG-RT          4115364Q BZ    231024467     -184606117
PET MANG-RT          RPMG2 BZ       231024467     -184606117
PET MANGUINH-PRF     RPMG4 BZ       231024467     -184606117
SANSUY SA-PREF A     SNSYAN BZ      200809365     -115213257
SANSUY SA            SNSYON BZ      200809365     -115213257
SANSUY               SNSY3 BZ       200809365     -115213257
SANSUY-PREF B        SNSY6 BZ       200809365     -115213257
SANSUY-PREF A        SNSY5 BZ       200809365     -115213257
SANSUY SA-PREF B     SNSYBN BZ      200809365     -115213257
BALADARE             BLDR3 BZ       159454016    -52992212.8
DHB IND E COM-PR     DHBPN BZ       151796583     -160270949
D H B-PREF           DHBI4 BZ       151796583     -160270949
DHB IND E COM        DHBON BZ       151796583     -160270949
D H B                DHBI3 BZ       151796583     -160270949
FABRICA RENAUX-P     FTRX4 BZ       109683744    -48836146.4
FABRICA RENAUX       FTRX3 BZ       109683744    -48836146.4
FABRICA RENAUX-P     FRNXPN BZ      109683744    -48836146.4
FABRICA RENAUX       FRNXON BZ      109683744    -48836146.4
FABRICA TECID-RT     FTRX1 BZ       109683744    -48836146.4
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
DOC IMBITUBA-RTC     8174503Q BZ     96977064    -42592602.5
DOCAS IMBITUB-PR     IMBIPN BZ       96977064    -42592602.5
DOC IMBITUBA-RTP     8174507Q BZ     96977064    -42592602.5
DOC IMBITUB-PREF     IMBI4 BZ        96977064    -42592602.5
DOC IMBITUBA         IMBI3 BZ        96977064    -42592602.5
DOC IMBITUBA-RT      8218594Q BZ     96977064    -42592602.5
DOCAS IMBITUBA       IMBION BZ       96977064    -42592602.5
DOC IMBITUBA-RT      IMBI1 BZ        96977064    -42592602.5
ESTRELA SA           ESTR3 BZ        89585906    -80761486.8
ESTRELA SA-PREF      ESTRPN BZ       89585906    -80761486.8
ESTRELA SA           ESTRON BZ       89585906    -80761486.8
ESTRELA SA-PREF      ESTR4 BZ        89585906    -80761486.8
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
VARIG PART EM-PR     VPSC4 BZ        83017829     -495721700
VARIG PART EM SE     VPSC3 BZ        83017829     -495721700
RENAUXVIEW SA-PF     TXRX4 BZ        73095834     -103943206
TEXTEIS RENAUX       RENXPN BZ       73095834     -103943206
TEXTEIS RENAUX       RENXON BZ       73095834     -103943206
TEXTEIS RENA-RCT     TXRX10 BZ       73095834     -103943206
RENAUXVIEW SA        TXRX3 BZ        73095834     -103943206
TEXTEIS RENA-RCT     TXRX9 BZ        73095834     -103943206
TEXTEIS RENAU-RT     TXRX1 BZ        73095834     -103943206
TEXTEIS RENAU-RT     TXRX2 BZ        73095834     -103943206
SCHLOSSER SA-PRF     SCHPN BZ        73036750    -34357832.6
SCHLOSSER            SCLO3 BZ        73036750    -34357832.6
SCHLOSSER-PREF       SCLO4 BZ        73036750    -34357832.6
SCHLOSSER SA         SCHON BZ        73036750    -34357832.6
MINUPAR SA-PREF      MNPRPN BZ       63144534    -60655823.4
MINUPAR-PREF         MNPR4 BZ        63144534    -60655823.4
MINUPAR              MNPR3 BZ        63144534    -60655823.4
MINUPAR-RCT          9314634Q BZ     63144534    -60655823.4
MINUPAR SA           MNPRON BZ       63144534    -60655823.4
MINUPAR-RT           MNPR1 BZ        63144534    -60655823.4
MINUPAR-RCT          MNPR9 BZ        63144534    -60655823.4
MINUPAR-RT           9314542Q BZ     63144534    -60655823.4
IGB ELETRONICA       IGBR3 BZ        61088978     -282692297
GRADIENTE EL-PRA     IGBAN BZ        61088978     -282692297
GRADIENTE EL-PRC     IGBCN BZ        61088978     -282692297
GRADIENTE-PREF C     IGBR7 BZ        61088978     -282692297
GRADIENTE ELETR      IGBON BZ        61088978     -282692297
GRADIENTE EL-PRB     IGBBN BZ        61088978     -282692297
GRADIENTE-PREF A     IGBR5 BZ        61088978     -282692297
GRADIENTE-PREF B     IGBR6 BZ        61088978     -282692297
VARIG PART EM TR     VPTA3 BZ        49432124     -399290396
VARIG PART EM-PR     VPTA4 BZ        49432124     -399290396
CIMOB PARTIC SA      GAFON BZ        44047412    -45669963.6
CIMOB PART-PREF      GAFPN BZ        44047412    -45669963.6
CIMOB PART-PREF      GAFP4 BZ        44047412    -45669963.6
CIMOB PARTIC SA      GAFP3 BZ        44047412    -45669963.6
WIEST                WISA3 BZ        34108201     -126997429
WIEST-PREF           WISA4 BZ        34108201     -126997429
WIEST SA-PREF        WISAPN BZ       34108201     -126997429
WIEST SA             WISAON BZ       34108201     -126997429
RECRUSUL - RT        RCSL2 BZ        31427766    -30307605.7
RECRUSUL             RCSL3 BZ        31427766    -30307605.7
RECRUSUL - RT        RCSL1 BZ        31427766    -30307605.7
RECRUSUL SA-PREF     RESLPN BZ       31427766    -30307605.7
RECRUSUL - RCT       4529793Q BZ     31427766    -30307605.7
RECRUSUL - RCT       RCSL10 BZ       31427766    -30307605.7
RECRUSUL - RT        4529781Q BZ     31427766    -30307605.7
RECRUSUL-BON RT      RCSL11 BZ       31427766    -30307605.7
RECRUSUL-PREF        RCSL4 BZ        31427766    -30307605.7
RECRUSUL - RCT       4529789Q BZ     31427766    -30307605.7
RECRUSUL SA          RESLON BZ       31427766    -30307605.7
RECRUSUL - RCT       RCSL9 BZ        31427766    -30307605.7
RECRUSUL - RT        4529785Q BZ     31427766    -30307605.7
RECRUSUL-BON RT      RCSL12 BZ       31427766    -30307605.7
SANESALTO            SNST3 BZ        31044053    -1843297.83
STAROUP SA-PREF      STARPN BZ       27663605    -7174512.03
BOTUCATU TEXTIL      STRP3 BZ        27663605    -7174512.03
BOTUCATU-PREF        STRP4 BZ        27663605    -7174512.03
STAROUP SA           STARON BZ       27663605    -7174512.03
CONST BETER-PR A     COBEAN BZ       25469474     -4918659.9
CONST BETER-PR B     COBEBN BZ       25469474     -4918659.9
CONST BETER-PR B     1009Q BZ        25469474     -4918659.9
CONST BETER SA       COBE3 BZ        25469474     -4918659.9
CONST BETER-PF B     1COBBN BZ       25469474     -4918659.9
CONST BETER SA       COBEON BZ       25469474     -4918659.9
CONST BETER SA       1COBON BZ       25469474     -4918659.9
CONST BETER-PF A     COBE5 BZ        25469474     -4918659.9
CONST BETER-PF B     COBE6 BZ        25469474     -4918659.9
CONST BETER SA       1007Q BZ        25469474     -4918659.9
CONST BETER-PF A     1COBAN BZ       25469474     -4918659.9
CONST BETER SA       COBE3B BZ       25469474     -4918659.9
CONST BETER-PR A     1008Q BZ        25469474     -4918659.9
ALL ORE MINERACA     STLB3 BZ        23040051    -8699861.07
ALL ORE MINERACA     AORE3 BZ        23040051    -8699861.07
STEEL - RT           STLB1 BZ        23040051    -8699861.07
STEEL - RCT ORD      STLB9 BZ        23040051    -8699861.07
FER HAGA-PREF        HAGA4 BZ        21299043    -62858780.7
FERRAGENS HAGA       HAGAON BZ       21299043    -62858780.7
FERRAGENS HAGA-P     HAGAPN BZ       21299043    -62858780.7
HAGA                 HAGA3 BZ        21299043    -62858780.7
NOVA AMERICA SA      NOVAON BZ       21287489     -183535527
NOVA AMERICA SA      NOVA3B BZ       21287489     -183535527
NOVA AMERICA-PRF     NOVAPN BZ       21287489     -183535527
NOVA AMERICA-PRF     1NOVPN BZ       21287489     -183535527
NOVA AMERICA SA      NOVA3 BZ        21287489     -183535527
NOVA AMERICA SA      1NOVON BZ       21287489     -183535527
NOVA AMERICA-PRF     NOVA4B BZ       21287489     -183535527
NOVA AMERICA-PRF     NOVA4 BZ        21287489     -183535527
CAF BRASILIA-PRF     CAFE4 BZ        21097370     -903951461
CAFE BRASILIA-PR     CSBRPN BZ       21097370     -903951461
CAFE BRASILIA SA     CSBRON BZ       21097370     -903951461
CAF BRASILIA         CAFE3 BZ        21097370     -903951461
TECEL S JOSE-PRF     SJOS4 BZ        19067323    -52580501.1
TECEL S JOSE         SJOS3 BZ        19067323    -52580501.1
TECEL S JOSE-PRF     FTSJPN BZ       19067323    -52580501.1
TECEL S JOSE         FTSJON BZ       19067323    -52580501.1
NORDON METAL         NORDON BZ       15354597    -26859636.7
NORDON MET           NORD3 BZ        15354597    -26859636.7
NORDON MET-RTS       NORD1 BZ        15354597    -26859636.7
B&D FOOD CORP        BDFC US         14423532       -3506007
LATTENO FOOD COR     LATF US         14423532       -3506007
REII INC             REIC US         14423532       -3506007
B&D FOOD CORP        BDFCE US        14423532       -3506007
CHIARELLI SA         CCHON BZ        14300741    -46729432.5
CHIARELLI SA         CCHI3 BZ        14300741    -46729432.5
CHIARELLI SA-PRF     CCHPN BZ        14300741    -46729432.5
CHIARELLI SA-PRF     CCHI4 BZ        14300741    -46729432.5
HERCULES             HETA3 BZ        12689117     -170680899
HERCULES SA-PREF     HERTPN BZ       12689117     -170680899
HERCULES-PREF        HETA4 BZ        12689117     -170680899
HERCULES SA          HERTON BZ       12689117     -170680899
GAZOLA               GAZO3 BZ        12452144    -40298531.2
GAZOLA SA-PREF       GAZPN BZ        12452144    -40298531.2
GAZOLA SA-DVD PF     GAZO12 BZ       12452144    -40298531.2
GAZOLA SA            GAZON BZ        12452144    -40298531.2
GAZOLA SA-DVD CM     GAZO11 BZ       12452144    -40298531.2
GAZOLA-RCPT PREF     GAZO10 BZ       12452144    -40298531.2
GAZOLA-PREF          GAZO4 BZ        12452144    -40298531.2
GAZOLA-RCPTS CMN     GAZO9 BZ        12452144    -40298531.2
ARTHUR LANGE-PRF     ARLA4 BZ        11642256    -17154461.9
ARTHUR LANGE SA      ALICON BZ       11642256    -17154461.9
ARTHUR LAN-DVD C     ARLA11 BZ       11642256    -17154461.9
ARTHUR LANGE         ARLA3 BZ        11642256    -17154461.9
ARTHUR LANG-RT P     ARLA2 BZ        11642256    -17154461.9
ARTHUR LAN-DVD P     ARLA12 BZ       11642256    -17154461.9
ARTHUR LANG-RT C     ARLA1 BZ        11642256    -17154461.9
ARTHUR LANGE-PRF     ALICPN BZ       11642256    -17154461.9
ARTHUR LANG-RC C     ARLA9 BZ        11642256    -17154461.9
ARTHUR LANG-RC P     ARLA10 BZ       11642256    -17154461.9
FERREIRA GUIM-PR     FGUIPN BZ       11016542     -151840377
FERREIRA GUIMARA     FGUION BZ       11016542     -151840377
F GUIMARAES-PREF     FGUI4 BZ        11016542     -151840377
F GUIMARAES          FGUI3 BZ        11016542     -151840377


CHILE

EMPRESA DE LOS F     2940894Z CI    1.934E+09      -50416404
TELMEX CORP-ADR      CSAOY US       1.157E+09     -122555290
CHILESAT CORP SA     TELEX CI       1.157E+09     -122555290
CLARO COM SA         CHILESAT CI    1.157E+09     -122555290
CHILESAT CO-RTS      CHISATOS CI    1.157E+09     -122555290
TELEX-A              TELEXA CI      1.157E+09     -122555290
CHILESAT CO-ADR      TL US          1.157E+09     -122555290
TELEX-RTS            TELEXO CI      1.157E+09     -122555290


                            ***********


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 * * *