TCRLA_Public/110721.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

             Thursday, July 21, 2011, Vol. 12, No. 143

                            Headlines



A R G E N T I N A

DAVANI SA: Applies for Bankruptcy Proceedings
GARBARINO: Moody's Upgrades LC Corporate Family Rating to 'B1'
GRUPO WAGER: Creditors' Proofs of Debt Due September 12
HOLDING INTERGAS: Creditors' Proofs of Debt Due August 26
METALURGICA FAEM: Creditors' Proofs of Debt Due September 1


B E R M U D A

AIRCRAFT SERVICES: To Close Certain Operations, Cuts 35 Jobs


B R A Z I L

GOL LINHAS: Watchdog May Suspend Purchase of Webjet, Valor Says
USINA VISTA: Fitch Assigns 'B-' Issuer Default Ratings


C A Y M A N   I S L A N D S

KINGDOM 5-KR-101: Shareholders' Final Meeting Set for August 8
KINGDOM 5-KR-104: Shareholders' Final Meeting Set for August 8
KINGDOM 5-KR-106: Shareholders' Final Meeting Set for August 8
KINGDOM 5-KR-108: Shareholders' Final Meeting Set for August 8
KINGDOM 5-KR-111: Shareholders' Final Meeting Set for August 8

KINGDOM 5-KR-113: Shareholders' Final Meeting Set for August 8
KINGDOM 5-KR-121: Shareholders' Final Meeting Set for August 8
KINGDOM 5-KR-148: Shareholders' Final Meeting Set for August 8
KINGDOM 5-KR-149: Shareholders' Final Meeting Set for August 8
KINGDOM 5-KR-151: Shareholders' Final Meeting Set for August 8

KINGDOM 5-KR-154: Shareholders' Final Meeting Set for August 8
KINGDOM 5-KR-156: Shareholders' Final Meeting Set for August 8
KINGDOM 5-KR-163: Shareholders' Final Meeting Set for August 8
KINGDOM 5-KR-186: Shareholders' Final Meeting Set for August 8
KINGDOM 5-KR-196: Shareholders' Final Meeting Set for August 8


M E X I C O

BBVA COLOMBIA: Moody's Assigns 'D+' Bank Financial Strength Rating


P U E R T O   R I C O

CMDA DE: Case Summary & 20 Largest Unsecured Creditors


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


DAVANI SA: Applies for Bankruptcy Proceedings
---------------------------------------------
Davani SA applied for bankruptcy proceedings.

The company has defaulted on its payments due March 1.


GARBARINO: Moody's Upgrades LC Corporate Family Rating to 'B1'
--------------------------------------------------------------
Moody's Latin America upgraded Garbarino's local currency
corporate family rating to B1 from B2 and its Argentina national
scale rating to Aa2.ar from Aa3.ar.  The ratings outlook is
stable.

Ratings Rationale

"The upgrade of the global scale rating to B1 from B2 and national
scale rating to Aa2.ar from Aa3.ar were prompted by Garbarino's
ability to translate consumers' increased spending power as a
result of improved economic fundamentals and more flexible payment
plans rolled out by banks and retailers into meaningful revenue
and earnings growth.  Also supporting the upgrade are the
company's strong execution ability and efficient operations that
have resulted in improved credit fundamentals "said Veronica
Amendola, VP Senior Analyst at Moody's.

The B1 rating now better reflects Garbarino's brand strength,
dominant position in the Argentinean retail market, solid credit
metrics and diversified product lines.  The rating also takes into
consideration the positive impact on its receivables portfolio
from the use of third party credit cards where the risk of default
is being borned by the card issuer rather than the retailer.

Constraining the rating include Garbarino's low geographic
diversity and relatively small scale when compared against its
global peers.  In addition, Garbarino's liquidity position depends
on its ongoing ability to roll over its bank credit lines as well
as the collection of its account receivables and short term
investments as it had less than 50% of cash on hand to meet short
term debt maturities at the end of April 2011.  Continued access
to external funding sources is particularly important during 2011
when most of its outstanding debt comes due.  Finally, the rating
also reflects Moody's expectation that Garbarino's operating
margins are subject to potential downwards pressure given the
country's high inflation rates and the deflationary nature of
consumer electronics business.

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
".ar" for Argentina.

The stable outlook reflects Moody's expectation that Garbarino
will continue to successfully implement its business model, thus
allowing the retailer to preserve adequate access to external
financing sources to meet its short-term debt obligations.  The
stable outlook also reflects Moody's expectation that Garbarino
will be able to maintain adequate access to bank loans and credit
card receivable discounting facilities to drive sales.

An upgrade of the ratings, while unlikely over the near-to-medium
term, could result from sustained improvements in operating
margins, increased size and geographical diversification.
Quantitatively, upward momentum could result if Garbarino's total
adjusted debt to EBITDA is drops to below 2.5 times on a
sustainable basis (3.1 times as of the last twelve months ended in
April 30, 2011) and EBITDA margin above 15% (9.5% as of the last
twelve months ended in April 30, 2011).  Additionally, a more
predictable outlook for economic activity in Argentina would be
important for upwards ratings pressure.

Downward pressure could result from reduced availability of
consumer loans in 2011-2012 and a sustained deterioration in
operating margins.  Quantitatively, a downgrade could result from
a drop in Garbarino's EBIT margin to below 3.0% on a three-year
average basis or a significant increase in financial leverage,
with total adjusted debt to EBITDA of above 6 times. Indications
of a weakening market share in the domestic retail market could
also drive negative pressure.

Headquartered in Buenos Aires, Argentina, Garbarino is one of the
largest home appliance retailers in Argentina.  With total
revenues of ARS5.6 billion (US$1.4 billion) and 5,800 employees as
of the last twelve months ended in April 30, 2011, Garbarino was
founded in 1951 and has developed into a widely and well-known
brand name in the local retail market.


GRUPO WAGER: Creditors' Proofs of Debt Due September 12
-------------------------------------------------------
Ricardo Adrogue, the court-appointed trustee for Grupo Wager SAC's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until September 12, 2011.

Mr. Adrogue will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 7, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Ricardo Adrogue
         Bouchard 468
         Argentina


HOLDING INTERGAS: Creditors' Proofs of Debt Due August 26
---------------------------------------------------------
Elsa Ester Andrade, the court-appointed trustee for Holding
Intergas SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until August 26, 2011.

Ms. Andrade will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 7, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Elsa Ester Andrade
         Avenida Callao 449
         Argentina


METALURGICA FAEM: Creditors' Proofs of Debt Due September 1
-----------------------------------------------------------
Maria Alejandro Barbieri, the court-appointed trustee for
Metalurgica Faem SA's reorganization proceedings, will be
verifying creditors' proofs of claim until September 1, 2011.

Ms. Barbieri will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 42, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on August 13, 2012.

The Trustee can be reached at:

         Maria Alejandro Barbieri
         Avenida Cabildo 2040
         Argentina


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


AIRCRAFT SERVICES: To Close Certain Operations, Cuts 35 Jobs
------------------------------------------------------------
Alex Wright at The Royal Gazette Online reports that Bermuda
Aviation Services (BAS) said 35 people will be made redundant at
its subsidiary, Aircraft Services Bermuda Ltd (ABS), following the
closure of certain parts of Aircraft Services' airport operations.

ASB's commercial aircraft ramp operations, passenger and check-in
services and aircraft technical services will all shut and the
company is negotiating the sale of its related equipment, BAS said
in a statement obtained by The Royal Gazette Online.

The Royal Gazette Online discloses that the closures, which come
into effect on August 31, are due to financial pressure from
commercial airlines looking to contain costs and the impact of
competition.

"These are business segments that ASB operated on a thin or sub-
marginal basis as it was a broader corporate objective to keep
Bermudians employed," the statement said, The Royal Gazette Online
relates.  "Whil[e] we are appreciative of Government's intent to
encourage competition in the aviation handling service sector, BAS
has always held the view that Bermuda, as a jurisdiction, is too
small for multiple service providers," the statement added.

Ken Joaquin, president and chief executive officer of BAS, said
that it was not possible to assimilate the 35 employees in the
other parts of the company due to the different skill sets, but
added that the company would retain seven staff to continue to
operate its cargo customer service division providing cargo
clearance and handling services, its garage service providing
internal and external vehicular maintenance and the private jet
base, The Royal Gazette discloses.

"The commercial airlines have been putting pressure on our rates
for the last couple of years as they look to cut their own costs
where they can and as a result our revenue has been getting
thinner and thinner," The Royal Gazette Online quoted Mr. Joaquin
as saying.  New rivals Renaissance Aviation, who had the contracts
for British Airways, American Airlines and Air Canada, had been
able to put in more competitively-priced bids due to lower labor
costs and the market as being big enough for the two companies in
the future, he added.


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


GOL LINHAS: Watchdog May Suspend Purchase of Webjet, Valor Says
---------------------------------------------------------------
Guillermo Parra-Bernal at Reuters reports that local newspaper
Valor Economico said Brazilian antitrust regulators, Cade, could
suspend Gol Linhas Aereas' purchase of rival airline Webjet,
citing potential harm to competition in the industry.

Valor said Cade could better assess the real implications of the
deal if it is suspended, according to Reuters.  Valor, Reuters
relates, said Gol Linhas and Webjet have yet to surrender key
information on the deal to civil aviation and antitrust
regulators.

Reuters notes that Valor reported Cade opposes Gol Linhas's plan
to eliminate the Webjet brand, and is growing more concerned that
the civil aviation industry is slowly turning into an oligopoly.

Gol Linhas will pay BRL96 million (US$60 million) to Webjet
shareholders and assume about BRL214 million reais of Webjet debt,
Reuters says.

Cade, which evaluates whether companies gain excessive pricing
control over customers and suppliers through mergers, has been
long criticized for being too lenient in its analyses, Reuters
discloses.

                       About Gol Linhas

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provide
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay.  The company's services include passenger, cargo, and
charter services.  As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft.  The company was founded in 2001.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 18, 2011, 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.


USINA VISTA: Fitch Assigns 'B-' Issuer Default Ratings
------------------------------------------------------
Fitch Ratings has assigned foreign and local currency Issuer
Default Ratings (IDR) of 'B-' to Agro Industrial Vista Alegre Ltda
(Usina Vista Alegre or UVA), as well as a national scale rating of
'BBB-(bra)'.  At the same time, Fitch has assigned foreign and
local currency IDRs of 'B-' to UVA Overseas Ltda I. (UVA
Overseas). The Rating Outlook is Stable.

In conjunction with these rating actions, Fitch has assigned a 'B-
/RR4' rating to UVA Overseas' proposed senior unsecured note
issuance of approximately USD150 million due 2018 that will be
guaranteed by UVA and Agricola Almeida (not rated by Fitch).  The
'RR4' recovery rating on the company's unsecured debt issuance
reflects average recovery prospects in the event of default.

UVA's ratings reflect its small business scale and its exposure to
the volatility of sugar and ethanol industry.  The ratings also
reflect UVA's high leverage, tight liquidity, refinancing risks
and additional needs to finance its activity expansion and crop
investments.  The ratings also consider UVA's logistic advantage
as it is well geographically located, close to consumer markets
and to sugar's exports channels.  The ratings further incorporate
UVA's attractive cost structure, a result of Brazil's competitive
advantage in producing sugar and ethanol and the favorable outlook
for ethanol consumption in the country.

Competitive Advantages Offset by Smaller Business Scale:
UVA's scale is small relative to the Brazilian sugar and ethanol
market, which is highly competitive.  Several of its competitors
are larger in size, enjoy broader geographic diversification and
have greater access to credit market.  UVA's business model counts
on a competitive advantage in terms of logistics.  Its location
near the main Brazilian consumer markets for ethanol, and close
location to the main exporting channel in Brazil, the port of
Santos, contributes to its margin formation as it sells its
products with a premium spread.  UVA had recently increased its
crushing capacity to around 2.3 million tons.  UVA's cash flow
generation is subject to volatility of the sugar and ethanol
industry, as a result of supply and demand imbalances,
governmental agricultural and trade restrictions or other causes.

UVA counts on its affiliated company, Agricola Almeida Ltda (not
rated by Fitch), to supply the majority of its crushed sugarcane,
harvested in owned or leased lands, mitigating the risks of lack
of raw materials, given the current high demand in the Brazilian
sugarcane production driven by the high domestic consumption of
ethanol and strong prices of sugar in international markets.
Agricola Almeida Ltda is also a guarantor of the proposed issuance
from UVA Overseas, altogether with Usina Vista Alegre.  A large
proportion of owned sugar cane plantations lowers vulnerability to
rising sugarcane costs but also leads to a comparatively high
level of fixed costs.  Positively on its business profile, is the
increasing presence of operating cash flow from a more stable and
predictable segment (energy cogeneration).  UVA has a long term
contract with one of a Brazilian distributors which contributes
with profitable margins and helps to minimize the volatility of
the company's core activity (sugar and
ethanol).

Favorable Industry Fundamentals Supports Incremental Cash Flow
Generation:

UVA generated BRL55 million of EBITDA and BRL48 million of funds
from operations (FFO) during the fiscal year ended March 31, 2011
(2010/11).  These figures, respectively compare with BRL24 million
and BRL8 million during the fiscal year ended March 31, 2010
(2009/10), free cash flow (FCF), defined as cash flow from
operations less dividends and investments, was negative BRL35
million in 2010/11.  For 2011/12, Fitch expects UVA's EBITDA to be
about BRL70 million and FCF will likely be negative due to
increasing needs to finance its crop investments and ethanol
inventory levels.

High Leverage Expected to Decrease, Tight Liquidity:
UVA's high leverage mainly reflects its expansion program (BRL400
million) that was financed with a mix of own funds (BRL120
million) and debt (BRL280 million). Considering the combined
financial statements of UVA and its affiliate Agricola Almeida
Ltda, the leverage ratio measured by net adjusted debt to EBITDAR
reached 5.3 times (x) in the fiscal year ended March 31, 2011
(2010/11) and 10.0x the previous year (2009/10).  FFO adjusted
leverage ratio of 5.0x in 2010/11 and 12.5x in 2009/10.  This
leverage reduction reflects the increase of its crushing
operations in the last crop, which consequently benefited its
operating cash flow generation.  EBITDA margin rose to 46.2% in
2010/11 from 27.2% in 2009/10.  Fitch expects leverage to decline
going forward as the company increases its production under a
scenario of strong price and costs fundamentals.

On March 31, 2011, UVA had BRL364 million of total adjusted debt,
based on Fitch calculations.  This debt consisted of BRL153
million of BNDES and BRL156 million in banking loans.  At this
date, UVA had BRL12.8 million of cash and marketable securities
and BRL124.5 million of short-term debt.  Short-term debt coverage
ratios, as measured by cash plus FFO to short-term debt, was weak
at 0.4x. UVA intends to repay a portion of short-term banking
lines with proceeds from the note issuance.

Potential Rating or Outlook Drivers:

The ratings could be positively affected by a faster than expected
deleveraging trend of UVA in the mid-term, with sustainable
adequate liquidity position.  Negative rating actions could occur
if the company is not able to refinance a portion of short-term
debt or a significant deterioration in the company's cash
generation and operating margins.

                        About Usina Vista

Usina Vista Alegre is a small sized sugarcane mill located in the
state of Sao Paulo with crushing capacity of 2.3 million tons of
sugar cane (1.7 million crushed in the 2010/12 crop) with capacity
to produce ethanol and sugar (with flexibility to achieve 60% of
total crushing capacity for each).  It also has energy generation
fueled by bagasse, with a nominal generation capacity of 60MWh.
Its production is fully integrated and counts on sugarcane
supplying from affiliate company Agricola Almeida Ltda, that
supplied over 80% of UVA's needs with own produced sugarcane
produced on own and leased lands.


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


KINGDOM 5-KR-101: Shareholders' Final Meeting Set for August 8
--------------------------------------------------------------
The shareholders of Kingdom 5-KR-101, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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-104: Shareholders' Final Meeting Set for August 8
--------------------------------------------------------------
The shareholders of Kingdom 5-KR-104, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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-106: Shareholders' Final Meeting Set for August 8
--------------------------------------------------------------
The shareholders of Kingdom 5-KR-106, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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-108: Shareholders' Final Meeting Set for August 8
--------------------------------------------------------------
The shareholders of Kingdom 5-KR-108, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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-111: Shareholders' Final Meeting Set for August 8
--------------------------------------------------------------
The shareholders of Kingdom 5-KR-111, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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-113: Shareholders' Final Meeting Set for August 8
--------------------------------------------------------------
The shareholders of Kingdom 5-KR-113, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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-121: Shareholders' Final Meeting Set for August 8
--------------------------------------------------------------
The shareholders of Kingdom 5-KR-121, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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-148: Shareholders' Final Meeting Set for August 8
--------------------------------------------------------------
The shareholders of Kingdom 5-KR-148, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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-149: Shareholders' Final Meeting Set for August 8
--------------------------------------------------------------
The shareholders of Kingdom 5-KR-149, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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-151: Shareholders' Final Meeting Set for August 8
--------------------------------------------------------------
The shareholders of Kingdom 5-KR-151, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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-154: Shareholders' Final Meeting Set for August 8
--------------------------------------------------------------
The shareholders of Kingdom 5-KR-154, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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-156: Shareholders' Final Meeting Set for August 8
--------------------------------------------------------------
The shareholders of Kingdom 5-KR-156, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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-163: Shareholders' Final Meeting Set for August 8
--------------------------------------------------------------
The shareholders of Kingdom 5-KR-163, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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: Shareholders' Final Meeting Set for August 8
--------------------------------------------------------------
The shareholders of Kingdom 5-KR-186, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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: Shareholders' Final Meeting Set for August 8
--------------------------------------------------------------
The shareholders of Kingdom 5-KR-196, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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


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


BBVA COLOMBIA: Moody's Assigns 'D+' Bank Financial Strength Rating
------------------------------------------------------------------
Moody's Investors Service assigned Banco Bilbao Vizcaya Argentaria
Colombia S.A. (BBVA Colombia) a first time D+ bank financial
strength rating (BFSR), Baa1/Prime-2 long-/short-term local
currency deposit ratings, and Baa3/Prime-3 long-/short-term
foreign currency deposit ratings.  BBVA Colombia's D+ BFSR
translates into a baseline credit assessment (BCA) of Ba1.  All
ratings have a stable outlook.

These ratings were assigned to BBVA Colombia:

* Bank financial strength rating of D+

* Long term local currency deposit rating of Baa1

* Short term local currency deposit rating of Prime-2

* Long term foreign currency deposit rating of Baa3

* Short term foreign currency deposit rating of Prime-3

Ratings Rationale

The D+ BFSR assigned to BBVA Colombia reflects its diversified
universal banking franchise, which is supported by significant
retail operations and good access to core funding.  The bank's
ratings also incorporate the stability of its financial
fundamentals, particularly its profitability and capitalization,
and adequate risk management.

Moody's noted that, as the fourth largest bank in Colombia, BBVA
has important market position as suggested by its 9.4% share of
the banking system's deposits and loans and 18% of the mortgage
finance market.  Nevertheless, the ratings reflect the bank's
challenges to continue expanding and strengthening its franchise
presence in the context of tough competition from locally-owned
much larger and more entrenched institutions.

The bank reports good profitability, based on ample net interest
margins and good efficiency, as well as solid capitalization.  The
bank's largely low risk operations include loans to large
corporations, which are among the best credits in the country, and
conservative mortgage lending, both of which reflect in adequate
asset quality.  BBVA Colombia's ample reserve coverage, proactive
risk management and infrastructure, and solid earnings have proven
adequate in light of limited asset quality stress experienced
during the global crisis.  Moreover, the bank's increasing focus
on secured lending -- via payroll loans and its traditional
residential mortgage business -- should support adequate
performance of its loan book.

Moody's notes that the bank's conservative risk profile is
exhibited by its well diversified operations between retail and
wholesale operations, adherence to best corporate governance
practices, good liquidity management, and limited market risk
appetite.  BBVA Colombia's ownership by Banco Bilbao Vizcaya
Argentaria, S.A. of Spain, which is rated B- for bank financial
strength, is reflected in the bank's conservative risk management
practices and provides the bank with products, management
expertise, and access to technology.

The local currency deposit rating of Baa1 assigned to BBVA
Colombia, is three notches above the bank's BCA of Ba1, given that
Moody's incorporates a very high probability of both parental and
systemic support in case of stress, the latter in light of the
bank's considerable market shares in deposits and loans and as the
second largest mortgage provider in the country.

BBVA Colombia's Baa3 foreign currency deposit rating is
constrained by Colombia's foreign currency ceiling for deposits
(Baa3).

BBVA Colombia is headquartered in Bogot , Distrito Capital and had
US$11.5 billion in assets, US$ 7.59 billion in loans, US$8 billion
in due to customers, US$ 1,2 billion in shareholders' equity, and
US$221.8 million in net income, as of year-end 2010.


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


CMDA DE: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------
Debtor: CMDA De Puerto Rico Inc.
        P.O. BOX 6181
        Bayamon, PR 00961

Bankruptcy Case No.: 11-05973

Chapter 11 Petition Date: July 14, 2011

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Wanda I. Luna Martinez, Esq.
                  LUNA LAW OFFICES
                  PMB 389
                  P.O. Box 194000
                  San Juan, PR 00919-4000
                  Tel: (787) 998-2356
                  Fax: (787) 200-8837
                  E-mail: quiebra@gmail.com

Scheduled Assets: US$747,664

Scheduled Debts: US$2,545,365

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/prb11-05973.pdf

The petition was signed by Jose Angel Olalde Rangel, president.


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            ***********


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 * * *