TCRLA_Public/110718.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

              Monday, July 18, 2011, Vol. 12, No. 140

                            Headlines



A N T I G U A  &  B A R B U D A

CL FINANCIAL: CLICO Policyholders Could Get Bonds


A R G E N T I N A

ODS: Moody's Assigns 'B3/Baa1' Ratings to US$150MM Senior Notes
SALTA HYDROCARBON: Fitch Affirms US$234-Mil. Notes at 'B'


B E R M U D A

FOUNDING PARTNERS: Creditors' Proofs of Debt Due August 4
MOLTECH SYSTEMS: Creditors' Proofs of Debt Due July 22
MOLTECH SYSTEMS: Member to Receive Wind-Up Report on August 9
OLD MUTUAL: Creditors' Proofs of Debt Due July 22
OLD MUTUAL: Members' Final Meeting Set for August 11


B R A Z I L

GOL LINHAS: Assigns 'Ba3' Rating to BRL500-Million Debentures


C A Y M A N   I S L A N D S

ASPIN NOUVEAU: Shareholders' Final Meeting Set for August 5
ATON CAPITAL: Moody's Assigns B2/Not Prime Issuer Ratings
AVCAN LEASING: Creditors' Proofs of Debt Due August 5
BALLON NOUVEAU: Shareholders' Final Meeting Set for August 5
BULL CAPITOL: Commences Liquidation Proceedings

DARNAY NOUVEAU: Shareholders' Final Meeting Set for August 5
EVO GOLDEN: Members' Final Meeting Set for August 2
EVO GOLDEN: Members' Final Meeting Set for August 2
FRONTPOINT OFFSHORE: Creditors' Proofs of Debt Due August 5
FURSA OFFSHORE: Creditors' Proofs of Debt Due August 5

LYDIAN OVERSEAS: Shareholders' Final Meeting Set for August 5
MLMI CAYMAN: Shareholders' Final Meeting Set for August 5
QCR FUNDING: Shareholders' Final Meeting Set for August 16
SPREAD PROFIT: Members' Final Meeting Set for August 4
T.O. OFFSHORE: Shareholders' Final Meeting Set for August 5

URUGUAY FUTURO: Shareholders' Final Meeting Set for August 5


J A M A I C A

DIGICEL GROUP: Decision on Claro Deal to be Revealed Soon


P U E R T O   R I C O

MCS: Not Headed for Bankruptcy, Insurance Commissioner Says


V E N E Z U E L A

VITRO SAB: Asks U.S. Judge to Enforce Mexican Plan
* VENEZUELA: Moody's Says Chavez Illness Means Uncertain Future


X X X X X X X X

* BOND PRICING: For the Week July 11 to July 15, 2011


                            - - - - -


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


CL FINANCIAL: CLICO Policyholders Could Get Bonds
-------------------------------------------------
Caribbean360.com reports that Trinidad & Tobago Finance Minister
Winston Dookeran said that he will soon seek Cabinet and
parliamentary approvals to pay Colonial Life Insurance Company
(Trinidad) Limited (CLICO) policyholders, who hold balances over
TT$75,000, in the form of 20-year bonds.

Recipients will not have to wait for 20 years to be paid, but once
bonds are issued, they can be redeemed at a discounted rate,
according to Caribbean360.com.  The report relates that Mr.
Dookeran said the Ministry was working out the effective
discounted rate which should be applied without putting the
country's debt profile at risk.

                     About CL Financial

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

                         *     *     *

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

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


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


ODS: Moody's Assigns 'B3/Baa1' Ratings to US$150MM Senior Notes
---------------------------------------------------------------
Moody's Latin America has assigned B3/Baa1.ar ratings to ODS'
proposed up to US$150 million senior unsecured notes, with a
stable outlook.

This is the first time Moody's has rated ODS.

ODS intends to use proceeds from the notes to refinance its short
term bank debt and for working capital needs. The notes will
constitute senior unsecured obligations for the issuer and will be
unconditionally guaranteed on a senior unsecured basis by ODS'
main subsidiaries.

Ratings Rationale

The ratings are supported by ODS' solid business model, strong
growth and cash generation and modest leverage.  Those factors are
offset by ODS' dependence on public works in Argentina and
exposure to different levels of Argentine' government risk
(B3/Stable).

Similar to other construction companies, ODS has seen strong
growth in recent years, fostered by increased spending on public
works and infrastructure investments by federal and local
governments in Argentina. Public spending on infrastructure has
risen from less than 0.5% of GDP in 2002 to close to 2.5% in 2010,
while GDP has been growing at more than 8% p.a. over the same
period. For 2011, we expect public spending for these projects to
increase by 12,5% over the previous year.

The ratings also considers ODS' strong competitive position for
bidding on future public works that will presumably continue to
grow over the next years.  It has been the federal government's
policy during recent years to stimulate economic growth with
investment in public work projects, which has had a direct impact
on the growth of the construction business.  Over the past three
years the construction industry has accounted for approximately 5%
of Argentina's GDP and employed approximately 4% of its labor
force.  ODS benefited from this policy and it is expected to
continue to benefit in the upcoming years.  ODS's construction
revenues have grown from ARS900 million in 2008 to more than
ARS2,200 million in 2010.

The ratings are constrained by ODS' exposure to Argentine's
government credit risk, geographic concentration in Argentina, and
focus on a limited number of segments of the construction market,
with civil works and electromechanical works accounting for more
than 80% of total revenues.

Additional factors include the high degree of revenues and profits
volatility given the high inflation environment in Argentina.
ODS's contracts that include price-adjustment clauses may
translate in lower than anticipated profits for the company due to
delays or frictions in passing on increased costs or due to the
inflationary process.

Although ODS's leverage is modest and positions it well in the
current rating category, Moody's note that ODS' debt is higher
than that of its Argentine peers. ODS' rapid growth requires
stepped up investments in capex and working capital that have been
debt financed, resulting in debt metrics that are weaker than
those of its peers.  In addition, the notes will be dollar
denominated while ODS' revenues are generated in pesos, in
Argentina.

Liquidity

Moody's considers ODS' liquidity position as adequate.  As of
March 31, 2011, ODS had cash and short term investments of
approximately ARS420 million, an amount almost equivalent to its
short term debt of ARS400 million at the same date.

ODS main source of funding has been short term debt from local
Argentine financial institutions, advance payments from clients
and suppliers' financing.

Through the proposed notes offering, ODS intends to extend its
maturity profile by using the proceeds to substantially reduce
accounts payable and short term bank debt.  Moody's believes the
issuance of the notes will increase ODS' financial flexibility
make resources available to continue to develop new projects.

The stable outlook considers Moody's expectation of continued
growth in ODS's construction revenues, supported by the many
public works under development in Argentina.  The outlook also
reflects Moody's expectation of margin stabilization and the
maintenance of moderate leverage.

An upgrade of the ratings or outlook could occur if ODS is able to
lower its exposure to the public sector in Argentina to below 60%
while stabilizing its construction margins.  A reduction in
leverage leading to a debt to EBITDA ratio of less than 1.5 times
could also add upward rating pressure.

The ratings could be negatively impacted by a substantial increase
in leverage, the company's inability to stabilize its profits or a
deterioration in liquidity.  Quantitatively, a debt to EBITDA of
more than 4 times and operating profits declining to below 6%
could add negative pressure on the ratings.  In addition, the
ratings could come under downward pressure by a material decrease
in public works in Argentina or by a deterioration in the terms of
payment from its main clients.

Based in Argentina, ODS is a holding company engaged in the
construction and real estate businesses, operating through its
main subsidiaries Iecsa (construction business) and Creaurban
(real estate development).  Both, Iecsa and Creaurban, are in turn
the guarantors under the notes.  ODS is a full-scope provider of
engineering, procurement and construction services; it designs and
builds large-scale infrastructure and other projects, including
highways, railways, bridges, buildings, dams, power generation
facilities, oil and gas pipelines and distribution networks,
transmission lines and transformation stations and sanitation
plants, as well as provide toll-road concession services.

Ghella s.p.a (not rated) is ODS' main shareholder.  Ghella is an
Italian construction company, created in 1884, with a long and
diversified international track record and specialization in the
construction of tunnels and subterranean works.


SALTA HYDROCARBON: Fitch Affirms US$234-Mil. Notes at 'B'
---------------------------------------------------------
Effective as of July 11, 2011, Fitch Ratings affirms Salta
Hydrocarbon Royalty Trust's global scale foreign currency rating
for its US$$234 million targeted amortization notes at 'B'.  The
Rating Outlook is Stable.  This rating level is equal to
Argentina's sovereign and country ceiling ratings and addresses
the timely payment of interest and ultimate payment of principal
by the final maturity date: Dec. 28, 2015.  The target maturity
date is Dec. 28, 2012.

The bonds continue to amortize with the target schedule being the
outstanding balance of USD$62.8 million.  Recent collections have
been decreasing due to lower oil and gas production levels
registered in the last two years that have not been off-set by
prices. In 2010, the oil and gas production of the Province of
Salta declined 16.0% and 11.5%, respectively, while the royalties
were reduced in 11.2% compared to 2009 figures.  In the first four
months of 2011 the production and royalties continue the negative
trend with -13.3%; -8.6% and -17.7%, respectively, over the same
period of 2010. The agency expects that the royalties will
continue to reduce due to the depletion of the existing wells and
the fact that they will not be replaced with new reserves.  This
situation could imply that the bonds may not reach the target
amortization, extending full amortization of the notes beyond
2012.

The negative trend in production level is in line with key credit
concerns for the energy sector in Argentina.  Government
interference is evidenced through price control and export taxes
among other items, affecting new investment decisions.  This
situation implies that the country ceiling rating acts as a cap
for this rating.

The notes have this credit enhancement:

   i) Liquidity Reserve: equivalent to six-month of interest (as
      of June 2011, US$$3.6 million,

  ii) Insurance policy covering timely interest payments given by
      Ace Bermuda Insurance Ltd.  The policy covers political
      risks comprising inconvertibility of pesos into dollars and
      non-transferability outside of Argentina in a timely manner;
      expropriation, confiscation, nationalization or other
      discriminatory legislative action depriving the Trust to use
      or control their accounts ('inconvertibility events').

iii) Holdback events that upon the occurrence and during the
      continuance of each of them, the Trustee will retain all
      excess collections.  These holdback events are related to
      production levels, reserves, and debt service coverage
      ratios.  As of June, 2011, all the ratios were not
      triggered; nevertheless, the production ratio is at 0.907,
      very near to the threshold level of 0.90.

The majority of the transaction's legal documents are governed
under foreign law.  The transaction was structured as a true sale
and securitized certain future royalty payments due to the
province of Salta from the oil and gas companies.  The oil and gas
companies signed notice and acknowledgement contracts which
obligate them to make payments into the collection account.  In
accordance with the documents, the cash flows should be legally
protected under Argentine law.  While these protections exist, the
rating on this transaction has always anticipated a heightened
degree of political risk given the onshore nature of these cash
flows.

The risk of a potential restructuring has been reduced over the
past year as the province continues to receive excess collections
and has shown relatively good economic performance.  Fitch does
not believe that the current administration, which has recently
renewed its mandate until 2015 (legal maturity of the notes), has
any intention of restructuring these notes.


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


FOUNDING PARTNERS: Creditors' Proofs of Debt Due August 4
---------------------------------------------------------
The creditors of Founding Partners Global Fund Inc & Founding
Partners Global Fund Ltd are required to file their proofs of debt
by August 4, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Ian Stokoe
         c/o Elizabeth Osborne
         Telephone: (345) 914 8686
         Facsimile: (345) 945 4237
         P.O. Box 258 Grand Cayman KY1-1104
         Cayman Islands


MOLTECH SYSTEMS: Creditors' Proofs of Debt Due July 22
------------------------------------------------------
The creditors of Moltech Systems Limited are required to file
their proofs of debt by July 22, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 7, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


MOLTECH SYSTEMS: Member to Receive Wind-Up Report on August 9
-------------------------------------------------------------
The member of Moltech Systems Limited will receive on August 9,
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 July 7, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


OLD MUTUAL: Creditors' Proofs of Debt Due July 22
-------------------------------------------------
The creditors of Old Mutual Group Limited are required to file
their proofs of debt by July 22, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 7, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


OLD MUTUAL: Members' Final Meeting Set for August 11
----------------------------------------------------
The members of Old Mutual Group Limited will hold their final
meeting on August 11, 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 July 7, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


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


GOL LINHAS: Assigns 'Ba3' Rating to BRL500-Million Debentures
-------------------------------------------------------------
Moody's Investors Service has affirmed its Ba3 corporate family
rating and senior unsecured ratings for Gol Linhas Aereas
Inteligentes S.A. and Gol Finance, but revised the ratings outlook
to negative from stable.  At the same time Moody's America Latina
Ltda. has assigned a Ba3 global scale and A3.br national scale
ratings to the BRL500 million senior unsecured debentures of VRG
Linhas Aereas S.A., Gol's wholly-owned subsidiary.

The change in the outlook to negative reflects the challenging
operating environment with increasing competition and higher
operating costs, and the anticipated increase in leverage from
these factors and the proposed acquisition of Webjet.

The company announced on July 8 that it has entered into a
memorandum of understanding for the acquisition of Webjet Linhas
Aereas SA, Brazil's fourth largest airline.  The completion of the
proposed transaction is subject to legal and technical due
diligence, shareholder and regulatory approvals.  The deal is
expected to close by mid 2012.

Ratings affirmed are:

Issuer: Gol Linhas Aereas Inteligentes S.A.

   -- Corporate Family Rating: Ba3

Issuer: Gol Finance

   -- 7.5% US$225 million senior unsecured notes due 2017:
      Ba3/Negative

   -- 8.75% US$200 million senior unsecured perpetual notes:
      Ba3/Negative

New rating assigned:

Issuer: VRG Linhas Aereas S.A

   -- BRL500 million senior unsecured notes: Ba3/A3.br/Negative

Ratings Rationale

While favorable macro economic conditions in Brazil continue to
enhance the upward social mobility of the country and the
attractiveness of air travel, yields for the industry have been on
a decline since 2004 as new entrants such as Azul and Webjet have
used aggressive pricing as a means to gain market share.  This
contributed to the industry's overall reported operating losses of
more than BRL5.7 billion over the last five years, according to
data from ANAC (the Brazilian civil aviation agency).  Gol has
been steadily losing market share over this timeframe and we
expect this negative trend to continue for the foreseeable future
offset in part by the increasing volume of air traffic.
Additionally, the stubbornly high fuel costs, including the
increase in cracking costs, particularly hurts low-fare operators
like Gol, given their inability to fully hedge fuel cost and pass
on the increases to consumers.

The proposed acquisition of Webjet will strenghten's Gol position
in a number of key markets like Sao Paulo (Guarulhos), Rio de
Janeiro (Santo Dumont and Galeo), Brasilia (President Jucelino
Kubitchek) and Bello Horizonte (Confins).  Gol should also be able
to materially improve Webjet's operating margins by gradually
replacing its aging fleet that consists of B7373-300 aircrafts
with the more fuel efficient and low maintenance B737-700 and -800
NG aircrafts.

The acquisition price of BRL311 million includes a cash payment of
BRL96 million and the assumption of BRL214.7 million of net debt
(excluding aircraft leases).  Pro-forma for this transaction,
Moody's expects the company's lease adjusted leverage to increase
7.0 times at the end of 2011, up from 5.3 times at the end of
2010.

The Ba3 global scale and A3.br national scale rating assigned to
the BRL$500 million local debt issuance by Varig Linhas Areas
S.A., Gol's principal operating subsidiary, reflects its strong
position in the still attractive macro-economic environment in
Brazil, which continues to support high-single to low-double digit
demand growth for air travel.

It also reflects the company's commitment to reduce leverage to
below 4.5x on a lease adjusted basis, pursue disciplined capacity
expansion and maintain its focus on reducing operating costs.
Proceeds from the debt issuance will allow Gol to strengthen its
financial flexibility and maintain cash and short-term investments
equal to 25% of LTM revenues.

While it is unlikely that ratings would experience upward pressure
over the near- to medium-term, upward pressure on the outlook or
rating is possible if Gol is able to:

   (i) reduce its lease adjusted leverage to below 4.0x on a gross
       basis (5.38x in the LTM ended in March 2011);

  (ii) generate adjusted retained cash flow to net debt of between
       25% and 35% (17.0% in the LTM ended in March 2011);

(iii) maintain EBIT to interest coverage of about 4x (1.6x in
       the LTM ended in March 2011); and

  (iv) further strengthen its financial flexibility.

On the other hand, downward pressure on Gol's ratings could occur
if:

   (i) it is unlikely to bring down its leverage to
       pre-acquisition levels within two years;

  (ii) fuel prices remain persistently high;

(iii) the Brazilian real is weak;

  (iv) there is further deterioration in the competitive
       environment;

   (v) it pursues additional debt financed acquisitions; and

  (vi) it sees a meaningful deterioration in financial
       flexibility.

A departure from the company's current low-cost business model
would also be viewed as a negative development and could
potentially result in a ratings downgrade.

Moody's last rating action on Gol Finance and Gol Linheas Aereas
Inteligentes S.A. was on July 14, 2010, when Moody's raised the
company's CFR to Ba3 from B1 and similarly raised the ratings on
its senior unsecured notes.

Gol Linheas Aereas Inteligentes S.A. ("Gol"), the second-largest
Brazilian carrier by market share, as provided by ANAC, operates
as a low-cost carrier. It provides passenger airline service to
all Brazil's major cities and a number of destinations across
South America.

Webjet is a low-cost domestic carrier operating 154 daily flights
to 13 domestic destinations, such as Guarulhos, Galeao, Brasilia
and Salvador. It has a fleet of 24 aircrafts, all of which are
B737-300s. The airline, founded in 2005 and owned by Brazilian
tour operator CVC, has been growing rapidly over the last few
years and had a 5% share of the market at the end of 2010.


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


ASPIN NOUVEAU: Shareholders' Final Meeting Set for August 5
-----------------------------------------------------------
The shareholders of Aspin Nouveau Investments Limited will hold
their final meeting on August 5, 2011, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ATON CAPITAL: Moody's Assigns B2/Not Prime Issuer Ratings
---------------------------------------------------------
Moody's Investors Service has assigned global scale ratings to
Aton Capital Group ("ACG"): B2/Not Prime long-term and short-term
foreign currency and local currency issuer ratings.  The outlook
for the long-term ratings is stable.

Moody's assessment of the issuer's ratings is largely based on
ACG's audited financial statements for 2010, 2009 and 2008
prepared under IFRS.

Ratings Rationale

Moody's observes that ACG's issuer ratings reflect (i) risky and
unstable markets in which the group operates, aggravated by
concentration of revenues on a limited number of products and lack
of international geographical diversification; (ii) lack of scale
and modest positions outside its core business of retail
brokerage, which could make it difficult to withstand intensifying
competition and exposes the company to the risk of additional
operating losses owing to its sizeable investments in
infrastructure and people; (iii) a complex organisational
structure consisting of a large number of individual entities,
which could result in some structural subordination from operating
entities and exposure to various legal risks as well as
transparency issues (whereby some businesses and risks could
reside outside the ACG umbrella); (iv) poor regulation of the
majority of markets in which the group operates may fail to limit
and control industry-related and company-specific risks; (v)
volatile earnings which have substantial correlation to the
Russian securities markets; and (vi) some appetite (albeit
currently low) for financing of investment projects and other
long-term financing -- including those of shareholders; ACG's
liquidity, capital and brand could be jeopardized if large-scale
projects are pursued.

At the same time, Moody's notes that ACG's ratings are supported
by: (i) its reasonable position in retail brokerage which benefits
from a good geographical platform in Russia; (ii) moderate market
risk appetite and conservative liquidity management, which
positions the company favourably to withstand significant market
stress; (iii) low appetite for those products in which the company
lacks experience; and (iv) good capital position due to the
company's low-leverage policy, which is sufficient to accommodate
credit and market risks.

In light of the aforementioned constraints, ACG's ratings are
unlikely to be upgraded in the medium term.  However, positive
rating drivers would include (i) continuous franchise development
and (ii) improved diversification in terms of asset class
instruments, clients and geography, which could result in lower
volatility of earnings.  In Moody's opinion, a lower risk profile
-- stemming from improved risk management practices -- and the
maturing of Russia's financial markets should also represent
positive rating drivers.  Downward pressure could be exerted on
the ratings as a result of significant liquidity deterioration and
significant capital erosion due to high credit risks mainly
associated with related-party or other long-term financing.  The
rating agency adds that significant loss of franchise, leading to
reduced revenue streams which could not be compensated by
appropriate cost-cutting measures, could also have negative rating
implications.

Based in the Cayman Islands, ACG is the holding company which
unites under its umbrella a number of sub-holding and operating
companies in various jurisdictions while the majority of business
is related to Russia.  ACG recorded total assets of US$540 million
and equity of US$234 million at YE2010 according to audited
financial statements.


AVCAN LEASING: Creditors' Proofs of Debt Due August 5
-----------------------------------------------------
The creditors of Avcan Leasing 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 15, 2011.

The company's liquidator is:

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


BALLON NOUVEAU: Shareholders' Final Meeting Set for August 5
------------------------------------------------------------
The shareholders of Ballon Nouveau Investments Limited will hold
their final meeting on August 5, 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:

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


BULL CAPITOL: Commences Liquidation Proceedings
-----------------------------------------------
On June 23, 2011, the shareholder of Bull Capitol, Inc. resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
July 5, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


DARNAY NOUVEAU: Shareholders' Final Meeting Set for August 5
------------------------------------------------------------
The shareholders of Darnay Nouveau Investments Limited will hold
their final meeting on August 5, 2011, at 9:45 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


EVO GOLDEN: Members' Final Meeting Set for August 2
---------------------------------------------------
The members of Evo Golden State Fund Ltd. will hold their final
meeting on August 2, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


EVO GOLDEN: Members' Final Meeting Set for August 2
---------------------------------------------------
The members of Evo Golden State Master Fund Ltd will hold their
final meeting on August 2, 2011, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


FRONTPOINT OFFSHORE: Creditors' Proofs of Debt Due August 5
-----------------------------------------------------------
The creditors of Frontpoint Offshore Leveraged Multi-Strategy Fund
Series A, 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 20, 2011.

The company's liquidator is:

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


FURSA OFFSHORE: Creditors' Proofs of Debt Due August 5
------------------------------------------------------
The creditors of Fursa Offshore Global Event Driven Fund 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:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344
         Grand Cayman KY1-1108
         Cayman Islands


LYDIAN OVERSEAS: Shareholders' Final Meeting Set for August 5
-------------------------------------------------------------
The shareholders of Lydian Overseas Partners, Ltd. will hold their
final meeting on August 5, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MLMI CAYMAN: Shareholders' Final Meeting Set for August 5
---------------------------------------------------------
The shareholders of MLMI Cayman NIM 2005-NC1, Ltd. will hold their
final meeting on August 5, 2011, at 8:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


QCR FUNDING: Shareholders' Final Meeting Set for August 16
----------------------------------------------------------
The shareholders of QCR Funding, Inc. will hold their final
meeting on August 16, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Lisa Clarke
         Telephone: (345) 945-2187
         Facsimile: (345) 945-2197
         P.O. Box 30464 Grand Cayman KY1-1202
         Cayman Islands


SPREAD PROFIT: Members' Final Meeting Set for August 4
------------------------------------------------------
The members of Spread Profit International Holding (Cayman
Islands) Company Limited will hold their final meeting on
August 4, 2011, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Kuan, Yu-Wen
         Michelle R. Bodden-Moxam
         Telephone: 946-6145
         Facsimile: 946-6145
         Portcullis TrustNet (Cayman) Ltd.
         The Grand Pavilion Commercial Centre
         Oleander Way 802 West Bay Road
         P.O. Box 32052 Grand Cayman KY1-1208
         Cayman Islands


T.O. OFFSHORE: Shareholders' Final Meeting Set for August 5
-----------------------------------------------------------
The shareholders of T.O. Offshore Fund, Ltd. will hold their final
meeting on August 5, 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:

         Titan Advisors, LLC
         2 International Drive, Suite 200
         Rye Brook, NY 10573
         USA


URUGUAY FUTURO: Shareholders' Final Meeting Set for August 5
------------------------------------------------------------
The shareholders of Uruguay Futuro will hold their final meeting
on August 5, 2011, at 8:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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



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


DIGICEL GROUP: Decision on Claro Deal to be Revealed Soon
---------------------------------------------------------
Caribbean360.com reports that Digicel Group will find out soon
whether its proposed takeover of the Jamaican operations of mobile
provider, Claro, will be approved, more than three months after
the deal was announced.

Minister with responsibility for Information, Telecommunications
and Special Projects, Daryl Vaz, said a final joint decision is
expected within the next two weeks from the Spectrum Management
Authority, the Office of Utilities Regulation and the Fair Trading
Commission, according to Caribbean360.com.

As reported in the Troubled Company Reporter-Latin America on
May 31, 2011, RJR News related that planned deal between Digicel
Group Limited and Claro has hit a snag.  The snag comes just weeks
before the merger is expected to get regulatory approval, the
report noted.  A separate TCRLA report on March 23, 2011, citing
RadioJamaica, related that Digicel signed the agreement with
America Movil.  The deal will also see Digicel selling its
business in El Salvador and Honduras to America Movil, according
to RadioJamaica.  The RJR News noted that telecommunication
company LIME Jamaica has asked the government, the Office of
Utilities Regulations, and the Fair Trading Commission to assess
the deal.  LIME asserted that assessment should be done before
approval of the deal is given by the relevant minister, the RJR
News stated.

                        About Digicel Group

Digicel Group Limited -- http://www.digicelgroup.com/-- is
renowned for competitive rates, unbeatable coverage, superior
customer care, a wide variety of products and services and state-
of-the-art handsets.  By offering innovative wireless services and
community support, Digicel has become a leading brand across its
31 markets worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide.  Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos.  The Caribbean company also has
coverage in St. Martin and St. Barths.  Digicel Pacific comprises
Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu.

                         *     *     *

As of Jan. 14, 2010, the company continues to carry Moody's "Caa1"
vsenior unsecured debt rating.


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


MCS: Not Headed for Bankruptcy, Insurance Commissioner Says
-----------------------------------------------------------
Caribbean Business reports that Puerto Rico Insurance Commissioner
Ramon Cruz said that MCS remains solvent and is not headed toward
bankruptcy.

There has been speculation in the media that MCS may seek
bankruptcy protection in the wake of the exit of its MCS-HMO unit
from the government-funded Mi Salud program and the related
impending loss of some 850,000 beneficiaries, according to
Caribbean Business.

"The company remains solvent. Allegations that MCS may file for
bankruptcy area incorrect," Mr. Cruz said after a meeting of Gov.
Luis Fortu¤o's Economic Advisory Council, Caribbean Business
relates.

Insurance companies in Puerto Rico are regulated by the Insurance
Commissioner's Office.

"In cases of insolvency it is the Insurance Commissioner's Office
that turns to the court and it is the office that handles any
insolvency process, which is not something we are contemplating
for MCS," he said.

MCS maintains that its other two business lines remain money-
making enterprises, the report adds.


=================
V E N E Z U E L A
=================


VITRO SAB: Asks U.S. Judge to Enforce Mexican Plan
--------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports Vitro SAB had a pivotal hearing July 14 in U.S. Bankruptcy
Court in Dallas, where the Mexican glassmaker will try to persuade
the judge to enforce whatever bankruptcy reorganization a court in
Mexico eventually approves.  The hearing is to decide whether
Vitro's Mexican bankruptcy should be recognized as the "foreign
main proceeding" under Chapter 15 of U.S. bankruptcy law.

According to the report, the Mexican and U.S. bankruptcies are
being opposed by holders of some of the US$1.2 billion in bonds in
default for more than two years.  The bondholders contend the U.S.
court ultimately shouldn't enforce a Mexican reorganization if
Vitro succeeds in persuading the Mexican judge to cram it down on
bondholders by using US$1.9 billion in intercompany claims voting
in favor of the reorganization.  The bondholders contend that
Vitro is ineligible for Chapter 15 because only the conciliator
from the Mexican proceeding is entitled to represent the company
in courts abroad.

Mr. Rochelle reports that Vitro argued in papers filed this week
that the company itself is entitled to file under Chapter 15, just
like a U.S. company is a debtor-in-possession in Chapter 11 cases.

Mr. Rochelle notes that if the bankruptcy judge in Dallas doesn't
approve Vitro's Chapter 15 petition for whatever reason, even a
successful outcome in Mexico may be futile since Vitro could be
unable to enforce the Mexican reorganization plan in the U.S.

                         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 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.

On June 29, 2011, Vitro Packaging de Mexico S.A. de C.V. commenced
a voluntary judicial reorganization proceeding under the Ley de
Concursos Mercantiles before the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, the United Mexican
States.  On June 30, 2011, Vitro Packaging filed a chapter 15
petition (Bankr. N.D. Tex. Case No. 11-34224).

Alejandro Francisco Sanchez-Mujica and Javier Arechavaleta Santos
serve as Foreign Representatives of Vitro S.A.B. de C.V. and Vitro
Packaging de Mexico S.A. de C.V.  The Foreign Representatives are
represented by David M. Bennett, Esq., Katharine E. Battaia, Esq.,
and Cassandra A. Sepanik, Esq., at Thompson & Knight LLP, and
Andrew M. Leblanc, Esq., Risa M. Rosenberg, Esq., Thomas J. Matz,
Esq., and Jeremy C. Hollembeak, Esq., at Milbank Tweed Hadley &
McCloy LLP.

Attorneys for the Ad Hoc Group of Vitro Noteholders are Jeff P.
Prostok, Esq., and Lynda L. Lankford, Esq., at Forshey & Prostok,
LLP, and Allan S. Brilliant, Esq., Benjamin E. Rosenberg, Esq.,
Craig P. Druehl, Esq., and Dennis H. Hranitzky, Esq., at Dechert
LLP.

                    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, they held US$75 million, or approximately
6% of the outstanding bond debt.  The Noteholder group commenced
involuntary bankruptcy cases under Chapter 11 of the U.S.
Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D. Tex. Case
No. 10-47470) and 15 other affiliates on Nov. 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer.  The group says the exchange
offer exposes Noteholders who consent to potential adverse
consequences that have not been disclosed by Vitro.  The group is
represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at
White & Case LLP.

The U.S. affiliates subject to the involuntary petitions are Vitro
Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10-
47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473);
Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super
Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky
International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O.
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger
Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa
Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance
Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass,
Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC
(Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC
(Bankr. N.D. Tex. Case No. 10-47485).

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were subject
to the involuntary petitions into voluntary Chapter 11.  The Texas
Court on April 21 denied involuntary petitions against the eight
U.S. subsidiaries that didn't consent to being in Chapter 11.

Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al.  Alvarez & Marsal North America LLC is the
Debtors' operations and financial advisor.

The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah Link
Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas,
Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq., and Alexis
Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York,
as counsel.


* VENEZUELA: Moody's Says Chavez Illness Means Uncertain Future
---------------------------------------------------------------
In light of Venezuelan President Hugo Chavez's recent cancer
surgery and still-uncertain health, the outcome of next year's
presidential election could have far reaching credit implications
for a country whose debt metrics have deteriorated markedly over
the last two years, says Moody's Investors Service.

Mr. Chavez returned to Caracas on July 4 after a three-week stay
in Cuba where he was treated for cancer.  Projecting an image of
strength since his return, Mr. Chavez is certain to run for re-
election in 2012 unless physically unable to do so.

"A Chavez victory would reassert his grip on power and guarantee
relative political stability, at least in the near term, and also
mean a continuation of his policy of timely debt service
payments," said Moody's Vice President and Senior Analyst Patrick
Esteruelas, author of the report.  "Also, Venezuela's favorable
amortization profile over the next several years will limit
rollover risks despite the recent notable decline in liquid
external assets."

The government of Venezuela has a foreign-currency rating of B2
and a local-currency rating of B1, both with a stable outlook, but
its metrics have suffered as a result of growing macroeconomic
imbalances, the public sector's growing indebtedness, and a
declining cushion of external liquid assets.

"Chavez's re-election would also likely be accompanied by a steady
deterioration of Venezuela's credit fundamentals over the longer
term," said Mr. Esteruelas.  "Continued reliance on price and
foreign exchange controls, aggressive state encroachment, and
regular intimidation of the private sector will reinforce
distortions and put renewed pressure on public external
liquidity."

An opposition victory, says the Moody's report, could be
accompanied by a more market-oriented policy mix supported by
capital inflows and enhanced investment prospects, but the
transition would be very challenging and with potentially large
near-term negative credit surprises.

"The opposition to Chavez has become more competitive since
performing well in the 2008 gubernatorial and mayoral elections
and in last year's congressional elections, and is rallying around
younger, more charismatic candidates" said Mr. Esteruelas.
"However, a new opposition government would have to contend with a
Chavista movement with deep roots across Venezuela's institutional
and economic structure, setting the stage for a potentially
damaging conflict."

The report, "Venezuela faces an uncertain political future with
mixed credit implications," is available at moodys.com.


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


* BOND PRICING: For the Week July 11 to July 15, 2011
-----------------------------------------------------


Issuer              Coupon     Maturity     Currency       Price
------              ------     --------     --------        ----


ARGENTINA
---------

ARGENT- DIS           5.83      12/31/2033   ARS            153.79
ARGENT-PAR            1.18      12/31/2038   ARS             56.84
ARGENT-DIS            7.82      12/31/2033   EUR             71.75
ARGENT-DIS           7.82      12/31/2033   EUR              70
ARGENT-DIS           4.33      12/31/2033   JPY              42
ARGENT-PAR&GDP       0.45      12/31/2038   JPY               8
BODEN 2014            2          9/30/2014   ARS             33.25
BOGAR 2018            2           2/4/2018   ARS             32.15
PRO12                 2           1/3/2016   ARS             116.2


CAYMAN ISLAND
-------------

BANCO BPI (CI)        4.15    11/14/2035     EUR             26.86
BCP FINANCE BANK      5.01     3/31/2024     EUR             39.93
BCP FINANCE BANK      5.31    12/10/2023     EUR             42.23
BCP FINANCE CO        4.23                   EUR             44.55
BCP FINANCE CO        5.54                   EUR             43.62
BES FINANCE LTD       5.58                   EUR             44.05
BES FINANCE LTD       4.5                    EUR             44.37
BES FINANCE LTD       6.62                   EUR             54.99
BES FINANCE LTD       5.77     2/7/2035      EUR             55.06
CHINA MED TECH        4        8/15/2013     USD             73.25
EFG ORA FUNDING       1.7     10/29/2014     EUR             53.61
ESFG INTERNATION      5.75                   EUR             45.5
IMCOPA INTL CAYM     10.37    12/19/2014     USD             36.15
SOLARFUN POWER H      3.5      1/15/2018     USD             68.94

CHILE
-----

AGUAS NUEVAS          3.4       5/15/2012    CLP             0.64
CGE DISTRIBUCION      3.25      12/1/2012    CLP            29.41
ESVAL S.A.            3.8       7/15/2012    CLP            38.03
LA POLAR SA           3.8      10/10/2017    CLP            50.03
MASISA                4.25     10/15/2012    CLP            28.85
QUINENCO SA           3.5       7/21/2013    CLP            38.33


PUERTO RICO
-----------

PUERTO RICO CONS      6.2     5/1/2017       USD             57
PUERTO RICO CONS      6.5     4/1/2016       USD             63.65


VENEZUELA
---------

PETROLEOS DE VEN      5.5     4/12/2037      USD             49.77
PETROLEOS DE VEN      5.3     4/12/2027      USD             52.01
PETROLEOS DE VEN      5.25    4/12/2017      USD             63.73
PETROLEOS DE VEN      5.12   10/28/2016      USD             64.67
PETROLEOS DE VEN      5      10/28/2015      USD             69.53
VENEZUELA             7       3/31/2038      USD             59.65
VENEZUELA             7       3/31/2038      USD             59.83

VENEZUELA             6       12/9/2020      USD             63
VENEZUELA             7.65     4/21/2025     USD             66
VENEZUELA             8.25    10/13/2024     USD             69.25
VENEZUELA             7       12/1/2018      USD             72
VENEZUELA             9.25     5/7/2028      USD             72.75
VENEZUELA             9        5/7/2023      USD             73.25
VENEZUELA             7.75    10/13/2019     USD             73
VENZOD - 189000       9.37     1/13/2034     USD             73


                            ***********


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 * * *