TCRLA_Public/110726.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Tuesday, July 26, 2011, Vol. 12, No. 146


A N T I G U A  &  B A R B U D A

STANFORD INT'L: SEC & SIPC Argue Over Reimbursement for Victims


COMPANIA LATINOAMERICANA: Fitch Rates Issuer Default Ratings at B


BROOKFIELD INCORPORACOES: Moody's Rates Corp Family Rating at Ba2
ISA CAPITAL: Fitch Affirms Issuer Default Ratings at 'BB+'


* MEXICO: Gets US$190 Million IDB Loan for Government Programs


* PERU: IDB Approves US$25 Million for Sustainable Energy Matrix

P U E R T O   R I C O

COSTA DORADA: Meeting of Creditors Continued Until Aug. 3
COSTA DORADA: Court OKs Lugo Mender & Co. as Legal Representative


* Large Companies With Insolvent Balance Sheets

                            - - - - -

A N T I G U A  &  B A R B U D A

STANFORD INT'L: SEC & SIPC Argue Over Reimbursement for Victims
Robert Schmidt and Josua Gallu at Bloomberg News report that the
U.S. Securities and Exchange Commission and Securities Investor
Protection Corp. (SIPC), an investor protection fund, are arguing
over whether to reimburse victims of Robert Allen Stanford's
alleged US$7-billion fraud.

Bloomberg notes that the SEC recommended in June that SIPC offer
some buyers of Stanford Group's certificates of deposit as much as
US$500,000 each.  However, Bloomberg relates, the SIPC maintained
that Stanford investors aren't eligible for restitution.

Bloomberg recalls that SIPC President Stephen P. Harbeck advised a
court-appointed receiver two years ago that Stanford investors
wouldn't be eligible for reimbursement because Stanford's Houston
brokerage didn't steal the CDs.  The money was sent to an
affiliated bank, and the now-worthless CDs were delivered to the
investors, according to Bloomberg.

Mr. Harbeck said that the SIPC only protects securities that are
stolen or lost in the collapse of a brokerage and not losses from
fraud.  "It is very difficult to explain the difference between
theft and fraud," Bloomberg quoted Mr. Harbeck as saying. "Nobody
is saying these people weren't defrauded," he added.

The SEC initially agreed with that analysis but changed its mind,
several people familiar with the matter said, after two years of
pressure from more than 50 lawmakers, Bloomberg discloses.

On June 15, Bloomberg notes, the SEC told the SIPC to liquidate
the Stanford Group brokerage and review thousands of accounts for
possible restitution, threatening to sue if the SIPC didn't do so.

Bloomberg discloses that the SEC argues that the brokerage and the
bank are effectively one entity because the investors gave cash to
the brokerage that makes the brokerage, a member of the SIPC,
responsible, no matter whom actually maintained possession of the
CDs.  The question won't be settled until September, when the SIPC
board is set to meet.

Some Stanford investors believe the dispute will be settled in
their favor, Bloomberg adds.

                            About SIPC

Congress established the Securities Investor Protection Corp.
(SIPC) in 1970 to help investors whose brokers go bankrupt or
disappear with their securities.  Funded by assessments from
brokerages, it isn't a government agency, though it's overseen by
the SEC and its board is appointed by the President and other
agencies.  The SIPC's fund now holds about US$1.3 billion; the
maximum payout is US$500,000 per investor.

               About Stanford International Bank

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

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

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

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

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


COMPANIA LATINOAMERICANA: Fitch Rates Issuer Default Ratings at B
Fitch Ratings has assigned these ratings to Compania
Latinoamericana de Infraestructura y Servicios S.A. (CLISA):

   -- Foreign currency Issuer Default Rating (IDR) at 'B';

   -- Local currency Issuer Default Rating at 'B';

   -- Proposed USD250 million senior unsecured notes due 2021 at

   -- Proposed USD250 million senior unsecured notes due 2021
      national scale rating at A+(arg).

The Rating Outlook is Stable.

The 'B' ratings of CLISA reflect its strong market position as one
of Argentina's largest privately owned industrial conglomerates,
the consolidation of its operating strategy diversified among
different business units, its strong liquidity and moderate
leverage.  The ratings also incorporate CLISA's sizeable backlog,
which provides some certainty to the company's cash generation
over the medium term.  CLISA's ratings are constrained by its
exposure to devaluation (cash flow generation in Pesos and a
substantial part of its debt denominated in Dollars), to the
volatility of the construction industry, and to collection risk
derived from having the government as main counterparty.  The
ratings are further limited by the risks associated with
generating its EBITDA in Argentina, which is also rated 'B' by

CLISA was founded in 1996 to consolidate the infrastructure and
public services activities of the Roggio Group.  The group has
around 15,200 employees and a 100-year history under the same
family ownership.  CLISA operates in four main businesses:
construction and toll road concessions (through Benito Roggio e
Hijos -BRH-); water treatment; waste management (CLIBA) and
transportation.  Over the last four years, CLISA's cash flow
generation grew steadily, following positive trends for
construction (primarily driven by public works).  For the fiscal
year ended (FYE) December 31, 2010, the group reported sales of
US$737 million. Construction, waste management and transportation
represented 37.4%, 30.2% and 21.1%, of consolidated revenues,

Cash flow is exposed to the intrinsic volatility of the
construction industry in Argentina.  While infrastructure demand
remains high, the sustainability of the current level of public
works will depend among others, on government's available funding.
The company is also exposed to high regulatory risk as a
concessionaire (i.e. in the case of mass transportation through
Metrovias) and to collection risk derived from having the
government as its main counterparty.  In the construction segment,
BRH collects its revenues upon the delivery of certificates
indicating the completion of works.  Price adjustment clauses are
established upon certain cost index exceeding 10% increase,
although this mechanism is not automatic.

For the LTM ended March 31, 2011, CLISA recorded sales and EBITDA
of US$823 million and US$121 million, respectively, an improvement
from the US$737 million and US$111 million at FYE 2010 and the
US$550 million and US$86 million at FYE 2009.  Such improvement
evidences the positive performance of all business units,
particularly construction, transportation and waste management.
CLISA's EBITDA margin remained at 15%, after stabilizing the
margin on the environmental services business unit, upon the
renegotiation of several waste management contracts.  From a cash
flow perspective, CLISA generated US$88 million funds from
operations (FFO). Large working capital needs were triggered by
the sound growth in the construction activity.

CLISA's leverage is moderate.  For the LTM ended March 31, 2011,
CLISA had US$263.4 million of debt, translating into 2.2 times (x)
debt/EBITDA ratio.  Recent issuances have allowed the company to
extend its debt maturity profile and gain financial flexibility.
CLISA's liquidity at March 31, 2011 was strong.  The company had
US$102 million of cash and marketable securities, and US$107
million of short-term debt.  Indebtedness issued at a holding
level is guaranteed on a senior unsecured level by operating
companies BRH and CLIBA (which jointly account for approximately
75% of the group's consolidated operating results).

CLISA's decision to issue the proposed notes is part of a
liability management exercise.  It is expected that the proceeds
from the issuance will be used to finance investments in
Argentina, working capital needs, refinance existing debt and/or
make equity contributions to subsidiaries.  Fitch expects debt to
EBITDA to increase to around 3.5x and decrease thereafter, whereas
net debt to EBITDA is expected to remain below 2.5x.

Potential Rating and Outlook Drivers:

The Stable Outlook reflects Fitch's expectations that CLISA will
manage its balance sheet to a targeted ratio of debt-to-EBITDA of
around 3.5x.  Under a conservative scenario, Fitch estimates the
company's interest coverage to be above 2.5x.  Any significant
increase in CLISA's targeted leverage ratio would threaten credit
quality and could result in a negative rating action.


BROOKFIELD INCORPORACOES: Moody's Rates Corp Family Rating at Ba2
Moody's America Latina has assigned a Ba2/ rating to
Brookfield Incorporacoes S.A.'s proposed BRL 300 million senior
unsecured debentures with maturity in 4 and 5 years. At the same
time, Moody's affirmed Brookfield's Ba2/ corporate family
ratings.  The outlook for the ratings is stable.

Ratings Assigned:

  * BRL 300 million senior unsecured debentures with maturity in 4
    and 5 years: Ba2 (global scale) / (Brazil national

Ratings Affirmed:

  * Corporate Family Rating: Ba2 (global scale) / (Brazil
    national scale)

Ratings Rationale

"Brookfield's Ba2 rating reflects its position among the top four
largest homebuilders in Brazil with strong brand name, long track
record, diversity in terms of product offering ranging from
economic to high income apartments and office buildings.", said
Moody's Analyst, Marcos Schmidt.  "The rating also considers the
company's significant market share in its geographic markets,
strong corporate governance standards, increasing geographic
diversity, satisfactory leverage, adequate profitability, and the
fact that Brookfield Asset Management Inc (Baa2/STA) is indirectly
the largest individual shareholder.  Conservative financial
policies grant adequate debt protection metrics and liquidity for
this rating level", added Mr. Schmidt.

On the other hand, Brookfield's rating is constrained by the
company's land bank geographic concentration in Sao Paulo and Rio
de Janeiro (70% of total) and aggressive growth through the
acquisitions of Company and MB Engenharia in 2008 that more than
doubled the size of the company.  Focus on the high-rise segment
that pressures working capital and free cash flow due to the
extended construction periods and potential increase in leverage
over the next three years also constrain Brookfield's ratings.

Brookfield's shares are listed on the Bovespa's "Novo Mercado",
which is the highest level of corporate governance standards in
the Brazilian stock market and is also Sarbanes-Oxley (SOX)
compliant through its controlling shareholder.

With some BRL 3.57 billion of net revenues in LTM ending in March
2011, Brookfield is one of the 4 largest players in Brazil. The
company's launches during 2010 were distributed across Sao Paulo
(25%), Rio de Janeiro (21%), Goiania (22%) and Brasilia (18%),
regions that together account for around 54% of Brazil's GDP, Sao
Paulo alone concentrates 33% of the country's GDP and 42% of
Brazil's real estate financing.

Brookfield's rapid growth especially through acquisitions has
resulted in negative free cash flow over the last several years,
which has negatively impacted the company's leverage as measured
by total adjusted debt to book capitalization (50.2% pro-forma in
comparison to 33.1% in 2009).  However, it is important to mention
that 22% or BRL 695 million of pro-forma total adjusted debt of
BRL 3.2 billion is comprised of debt with Sistema Financeiro de
Habita‡ao (SFH), while 22% are working capital loans linked to
construction, 40% are local debentures and the remaining 16% are
receivable backed loans, an operation that has grown in
Brookfield's financing strategy recently.  According to the debt
maturity schedule most of the loans coming due in 2011 and 2012
are linked to construction and should be repaid with the proceeds
from finished units.

Given high commitments in the beginning of the construction phase,
Brazilian homebuilders generally have substantial working capital
requirements before construction financing kicks in, 20% of the
construction costs on average.  This 20% is a use of the company's
working capital, funded mostly through client's down payment or
internal cash generation from finished projects being delivered.
The financing for all the projects launched by Brookfield has
already been committed and will be disbursed according to the
construction progress.  The company will not build any project
without having secured the respective financing.

Brookfield's pro-forma cash position at the end of March 2011 was
BRL 1.3 billion while ST debt was BRL 773 million and working
capital consumption including land accounts payable was BRL 400
million per quarter on average.  ST debt although is mostly
comprised by SFH and working capital loans directly linked to
construction that will be repaid at the end of each project, most
of the working capital requirements will be financed by the BRL
2.2 billion in contracted SFH loans plus BRL 1.2 billion already
approved by the local banks.  The company also has BRL 827 million
in receivables from finished units and BRL 1.2 billion book value
of its land bank that could be used as an alternative source of
liquidity if needed.

In March 2011, Brookfield raised BRL 300 million 4 and 5-year
debenture in line with the company's strategy of reducing the cost
of capital and lengthening the debt maturity profile, which
partially explain the higher leverage as of March 2011.
Brookfield has consistently improved the debt profile by reducing
the short term portion in relation to total debt from 46% in 2008
to 24% pro-forma as of March 2011.

The proposed unsecured debentures issuance will be effectively
subordinated to Brookfield's existing secured debt.  Despite the
effective subordination they are rated at the same level as
Brookfield's CFR given the high amount of unencumbered assets that
in case of a default that should provide good recovery for the
unsecured instruments.  As of March 31, 2011, and pro-forma for
the new transaction, 38% of Brookfield's outstanding debt is
secured.  Much of the secured debt are the SFH loans or
securitizations, which are only secured by the specific projects
and related receivables.

The proceeds from the proposed debentures will be used to improve
Brookfield's debt profile though the lengthening of debt schedule
as well as to support additional liquidity needs arising from the
company's ongoing projects and to reinforce its cash position.

A meaningful change in the proportion of secured versus unsecured
debt (38% pro-forma as of March 2011) or a decrease in the amount
of unencumbered assets that could be used to pay down the
unsecured debentures could result in a downgrade of Brookfield's
unsecured ratings.

The stable outlook takes into consideration that Brookfield will
continue to maintain adequate liquidity on its balance sheet to
execute its launched projects and growth plans, preserving a
minimum cash balance to face weaker economic environments and
honor its debt obligations during a downturn in the homebuilding
industry.  The stable outlook also assumes that Brookfield Asset
Management will remain the largest shareholder of the company
demonstrating its commitment to Brookfield's operations.

Brookfield's rating or outlook could experience upward pressure if
the company is able to further diversify its land bank outside the
state of Sao Paulo, at the same time maintain its leverage metrics
and increase profitability as well as interest coverage.
Quantitatively, positive pressure could arise from an increase in
gross margin to the upper 30% (32.8% in the last twelve months
ended in March 2011), maintenance of total debt to capitalization
in the 40% range (50.2% in the pro-forma last twelve months ended
in March 2011), and increase in interest coverage (EBIT to
Interest expense) to above 4.5 times (2.5 times for the last
twelve months ended in March 2011) on a sustainable basis.

Brookfield's ratings would likely be downgraded if Total Debt to
Capitalization increased above the mid 50% range (50.2% in the
pro-forma last twelve months ended in March 2011) on a sustainable
basis or if the company were to face a significant deterioration
in its liquidity profile due to a downturn in the homebuilding
industry or due to excessive dividend payout that could instead be
used in the down payment of debt or in the built up of a liquidity
cushion.  Negative pressure could arise if the company's cash
balance decreases to a level that would not be sufficient to meet
the company's short term financial obligations and minimum working
capital requirements or in case of a breach in the company's
internal leverage and minimum cash policies.

Headquartered in Rio de Janeiro, Brookfield Incorporacoes S.A.
("Brookfield ") is a vertically integrated real estate developer
with activities focused mainly in the states of Sao Paulo, Rio de
Janeiro, Santa Catarina and the mid-west region of Brazil
including the Federal District, it develops, builds and sales
residential projects in virtually all price segments as well as
office buildings. The largest shareholder is Brookfield Asset
Management (Baa2/STA) with an indirect stake of 42.6% of the
shares. During the last twelve months ended in March 2011 the
company had net revenues of BRL 3.57 billion.

ISA CAPITAL: Fitch Affirms Issuer Default Ratings at 'BB+'
Fitch Ratings has affirmed ISA Capital do Brasil S.A.'s (ISA
Capital) foreign and local currency Issuer Default Ratings (IDRs)
at 'BB+', and simultaneously assigned a National scale rating of
'AA-(bra)'.  In addition, Fitch has affirmed the company's USD31.6
million of senior secured notes outstanding at 'BBB-'.  The Rating
Outlook is Stable.

ISA Capital do Brasil's ratings reflect the strong credit quality
of CTEEP [Fitch IDR of 'AA+(bra)'], its sole revenue source and
only operating asset.  CTEEP's strong credit quality is
attributable to its monopoly position, its stable and predictable
operating cash flow and its financially sound credit profile.  The
ratings also reflect the noteholders' structural subordination to
CTEEP's obligations, as well as the company's concession renewal
and refinancing risks.

The one-notch rating difference for ISA Capital's outstanding
bonds reflects its enhanced recovery prospects due to the
refinancing of the majority of its debt with (subordinated, debt-
like) preferred equity.

The 2017 bonds are currently over-collateralized. The USD31.6
million (BRL57 million) of outstanding debt is secured by a
significant portion of ISA Capital's shares of CTEEP.

Structural Subordination:

ISA Capital's credit quality reflects its structural subordination
to CTEEP's obligations given that ISA Capital owns only 37.6% of
CTEEP's total capital and does not receive the full benefits of
operating cash flow.  CTEEP's leverage is considered adequate for
the rating category, and ISA's capital structure has marginally
improved after the company repurchased the bulk of its debt
outstanding and refinanced it with preferred equity.  As of Dec.
31, 2010, ISA Capital consolidated debt amounted to approximately
BRL2.7 billion.  This debt consisted of approximately BRL1.5
billion at CTEEP and BRL1.2 billion at ISA Capital (including its
preferred shares).  This translates into a leverage ratio of 2.3
times (x) on a consolidated basis.

Strong Credit Metrics:

CTEEP's cash flow generation and cash flow distributions
(dividends) to ISA Capital are stable and predictable. ISA
Capital's consolidated funds from operations interest coverage
ratio of approximately 7.0x as of Dec. 31, 2010 was considered
strong for the rating category.  During 2010, ISA Capital received
approximately BRL288 million of dividends from CTEEP.  Going
forward, distributions from CTEEP's are expected to range between
BRL250 million and BRL300 million per year, which ISA Capital will
use to pay dividends on preferred equity and service the remaining
portion of the 2017 bonds not tendered during 2010.

Low Business Risk and Stable Cash Flow Generation:

CTEEP's monopoly position stems from its exclusive right to
provide electricity transmission services through its two
concessions, which expire in 2015 and 2031.  Furthermore, two
CTEEP concessions are located in the state of Sao Paulo, which
accounts for one-third of Brazil's overall GDP, making it one of
the largest electricity consumers in the country.  CTEEP's strong
market position should further benefit the company when it
participates in future bids for new transmission lines.  Whether
or not the regulator renews the company's concession in 2015 is

CTEEP cash flow generation is very stable and predictable,
exhibiting the low business risk profile of an electric
transmission utility company.  CTEEP's tariff-setting mechanism is
straightforward, receiving minor intervention from its regulator.
The company's tariffs are fixed and adjusted by inflation every
year, and 77.3% of its revenues will not be revised by the
regulator until 2015.  The balance is revised every four years.
Furthermore, CTEEP's revenues are exempt from volumetric risk as
its maximum permitted annual revenue (PAR) is based on the
electricity transmission assets available to users, instead of the
transmitted electricity.

Concession Renewal Risk:

CTEEP generates the majority of its revenue through a concession
that expires in 2015, which is automatically adjusted annually by
inflation and regulator-approved investments.  Whether or not the
government renews the company's concession in 2015 is uncertain,
and this risk has been incorporated in the rating.  This
concession can be renewed for a period of 20 years at the
government's discretion.  Should the government not renew CTEEP's
concession in 2015, the company is entitled to receive
compensation for the value of its assets net of depreciation.  If
this were to happen, the expected compensation plus CTEEP's
retained earnings is expected to generate enough for the holding
company to service its financial obligations.

Key Rating Drivers:

Any ISA Capital rating changes will reflect changes in CTEEP's
credit quality, which could be negatively affected by a
significant, or above-expectation increase in leverage; regulatory
intervention in the tariff adjustment process; heightened
uncertainty regarding concession renegotiation process; and if
relevant off-balance-sheet contingencies become mandatory.
Improving macroeconomic conditions in Brazil coupled with a
Sovereign rating upgrade and a continuously strong corporate
financial profile could lead to a positive ratings impact.


* MEXICO: Gets US$190 Million IDB Loan for Government Programs
The Inter-American Development Bank approved a US$190 million loan
to Mexico to promote sustainable increases in agriculture and
fisheries productivity.  The Mexican government, through its
Department of Agriculture (SAGARPA, for its Spanish acronym), will
contribute US$74.4 million, bringing the total investments to
US$264.4 million and benefitting around five million rural

Resources will be used to strengthen food safety, to generate and
transfer farming and forestry technological innovations, expand
the capacity for marine and fisheries research, and achieve
greater efficiency, quality and transparency in the support and
services provided to producers.

"These investments will allow Mexico to raise its animal and plant
health and food safety standards and make progress on its research
and innovation agenda, within a framework of sustainable
management of its resources and climate change," said IDB natural
resources lead specialist Nancy Jesurun-Clements.

About US$70 million of the IDB loan will be used for the control
and eradication of livestock and crop pests and diseases.  A new
facility will be built to double the country's capacity to protect
its growers and exporters from the Mediterranean fruit fly.
Although Mexico has been free of this pest since 1982, trade
liberalization and rising regional commerce has increased the
vulnerability of Mexican agriculture.

More than US$60 million have been allocated for farming and
forestry innovation, which will benefit some 1.4 million rural
producers.  The expansion of scientific research by the National
Institute for Forestry, Agriculture and Fisheries Researchwill
result in greater access to better services to its producers.

The Producer Services Program will receive US$31 million, which
will benefit more than 3.4 million clients whose livelihoods
depend on agriculture.  SAGARPA's system for support and service
delivery will improve in terms of quality, efficiency and
transparency.  Bureaucratic procedures, which at present can take
more than 60 days to complete, will be cut to 8 hours by 2013.

In addition, US26 million will be invested in biological and
fisheries research, including the collection of fish stock data
using state-of-the-art technologies.  This information will be
used to sustainably manage resources, opening up the potential for
developing new fisheries that will benefit the entire value chain.
Mexico has the world's ninth largest maritime area.

The loan is for a 25-year term, with a three-year grace period and
an interest rate based on LIBOR.


* PERU: IDB Approves US$25 Million for Sustainable Energy Matrix
The Inter-American Development Bank approved the third transaction
of a programmatic policy-based loan (PBL) designed to help Peru
develop a sustainable energy matrix.  The amount of this
transaction, the third of four that make up the program, is
US$25 million.

PBLs are flexible instruments whose funds may be disbursed rapidly
to provide support for institutional changes and policies at the
sectoral or subsectoral level, through an agreed-upon reform

Peru is seeking to increase the efficiency of its energy matrix so
as to make more optimal use of natural gas and electricity
resources.  This could lead to a reduction of up to 50% in the
growth rate of natural gas consumed in producing electricity.  In
turn, this reduction may generate additional benefits for the
country, with surpluses available for industrial and household use
or for natural gas exports.

As part of the program, Peru will undertake one of the first
strategic environmental assessments of sectoral policies. In
addition, the government will seek to apply best practices in the
management of revenues derived from the energy sector.

In 2009 and 2010, the IDB approved the first two loans in the
program, and Peru undertook reforms to promote the use of
renewable energy and energy efficiency, improve inter-
institutional coordination, update the national energy balance,
support the inclusion of biofuels in commercial fuel mixes,
formulate a National Agricultural Energy Plan and create a
Multisectoral Commission on Bioenergy, among other achievements.

The IDB loan is granted for a 20-year term, with a 5-year grace
period and an interest rate based on LIBOR.  The executing agency
will be Peru's Ministry of the Economy and Finance.

P U E R T O   R I C O

COSTA DORADA: Meeting of Creditors Continued Until Aug. 3
Wigberto Lugo Mender, attorney for Costa Dorada Apartments Corp.,
dba Villas De Costa Dorada, disclosed that the a continuance of
the meeting of creditors pursuant to 11 U.S.C. Section 341 set for
July 11, 2011, at 1:00 p.m. has been re-scheduled for Aug. 3, at
1:00 p.m.

The meeting will be held at

         Edificio Ochoa
         Calle Tanca
         Comercio, Piso 1,
         San Juan, P.R.

Attendance by the Debtors' creditors at the meeting is welcome,
but not required.  The Section 341(a) meeting offers the creditors
a one-time opportunity to examine the Debtor's representative
under oath about the Debtor's financial affairs and operations
that would be of interest to the general body of creditors.

                   About Costa Dorada Apartments

Costa Dorada Apartments Corp., dba Villas De Costa Dorada, in
Isabela, Puerto Rico, filed for Chapter 11 bankruptcy (Bankr. D.
P.R. Case No. 11-03960) on May 10, 2011.  In its petition, the
Debtor estimated $10 million to US$50 million in assets and debts.
The petition was signed by Carlos R. Fernandez Rodriguez, its

COSTA DORADA: Court OKs Lugo Mender & Co. as Legal Representative
The U.S. Bankruptcy Court of Puerto Rico has approved Costa Dorada
Apartments Corp.'s application to employ Lugo Mender & Co. as its
legal representative.

The firm's rates are:

     Wigberto Lugo Mender, Esq.         US$265 per hour
     Associate Staff Attorney             $150 per hour
     Legal and Financial Assistants       $100 per hour

The firm has received US$10,000 as retainer.  According to papers
filed in Court, the sum was generated by the Debtor from the
regular operations of its farm.

Wigberto Lugo Mender, Esq., attests that his firm has no
connection with the Debtors, the creditors, any party in interest,
their attorneys, their accountants and the U.S. Trustee's Office
or any person employed by said office, except that Wigberto Lugo
Mender, Esq. was an employee of the U.S. Trustee's Office until
September 15, 1995.  In addition, he is currently appointed to the
Panel of private trustees for the Judicial District of Puerto

Wigberto Lugo Mender and his law firm are disinterested persons
within the definition provided by the Bankruptcy Code.

The firm may be reached at:

          Wigberto Lugo Mender, Esq.
          LUGO MENDER & CO.
          Centro Internacional de Mercadeo
          Carr. 165 Torre I Suite 501
          Guaynabo, PR 00968
          Tel: (787)707-0404
          Fax: (787)7007-0412

                 About Costa Dorada Apartments

Costa Dorada Apartments Corp., dba Villas De Costa Dorada, in
Isabela, Puerto Rico, filed for Chapter 11 bankruptcy (Bankr. D.
P.R. Case No. 11-03960) on May 10, 2011.  In its petition, the
Debtor estimated US$10 million to US$50 million in assets and
debts.  The petition was signed by Carlos R. Fernandez Rodriguez,
its president.


* Large Companies With Insolvent Balance Sheets

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


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


VARIG SA             VARGON BZ      966298026    -4695211316
VARIG SA-PREF        VAGV4 BZ       966298026    -4695211316
VARIG SA-PREF        VARGPN BZ      966298026    -4695211316
VARIG SA             VAGV3 BZ       966298026    -4695211316
AGRENCO LTD          AGRE LX        637647275     -312199404
AGRENCO LTD-BDR      AGEN11 BZ      637647275     -312199404
LAEP-BDR             MILK11 BZ      439175082      -60172005
LAEP INVESTMENTS     LEAP LX        439175082      -60172005
CIA PETROLIF-PRF     MRLM4 BZ       377602195    -3014291.72
CIA PETROLIF-PRF     MRLM4B BZ      377602195    -3014291.72
CIA PETROLIFERA      1CPMON BZ      377602195    -3014291.72
CIA PETROLIF-PRF     1CPMPN BZ      377602195    -3014291.72
CIA PETROLIFERA      MRLM3B BZ      377602195    -3014291.72
CIA PETROLIFERA      MRLM3 BZ       377602195    -3014291.72
DOCA INVESTIMENT     DOCA3 BZ       354715604     -119368960
DOCA INVESTI-PFD     DOCA4 BZ       354715604     -119368960
DOCAS SA-PREF        DOCAPN BZ      354715604     -119368960
DOCAS SA             DOCAON BZ      354715604     -119368960
DOCAS SA-RTS PRF     DOCA2 BZ       354715604     -119368960
BATTISTELLA-PREF     BTTL4 BZ       349898179    -3135090.39
BATTISTELLA-RECE     BTTL9 BZ       349898179    -3135090.39
BATTISTELLA-RECP     BTTL10 BZ      349898179    -3135090.39
BATTISTELLA-RI P     BTTL2 BZ       349898179    -3135090.39
BATTISTELLA          BTTL3 BZ       349898179    -3135090.39
BATTISTELLA-RIGH     BTTL1 BZ       349898179    -3135090.39
BOMBRIL-RIGHTS       BOBR1 BZ       316331265     -123554206
BOMBRIL              BMBBF US       316331265     -123554206
BOMBRIL CIRIO-PF     BOBRPN BZ      316331265     -123554206
BOMBRIL SA-ADR       BMBBY US       316331265     -123554206
BOMBRIL-PREF         BOBR4 BZ       316331265     -123554206
BOMBRIL              BOBR3 BZ       316331265     -123554206
BOMBRIL SA-ADR       BMBPY US       316331265     -123554206
BOMBRIL CIRIO SA     BOBRON BZ      316331265     -123554206
BOMBRIL-RGTS PRE     BOBR2 BZ       316331265     -123554206
TELEBRAS-CED C/E     TEL4C AR       269372906    -13465060.7
TELEBRAS-CEDE PF     RCTB4 AR       269372906    -13465060.7
TELEBRAS-CEDE PF     RCT4D AR       269372906    -13465060.7
TELEBRAS-CM RCPT     TBRTF US       269372906    -13465060.7
TELEBRAS-CEDEA $     TEL4D AR       269372906    -13465060.7
TELEBRAS-ADR         TBAPY US       269372906    -13465060.7
TELEBRAS-ADR         TBASY US       269372906    -13465060.7
TELEBRAS-COM RT      TELB1 BZ       269372906    -13465060.7
TELEBRAS SA          TELB3 BZ       269372906    -13465060.7
TELEBRAS SA-PREF     TELB4 BZ       269372906    -13465060.7
TELEBRAS-RTS PRF     TLCP2 BZ       269372906    -13465060.7
TELEBRAS-PF BLCK     TELB40 BZ      269372906    -13465060.7
TELEBRAS-RTS PRF     RCTB2 BZ       269372906    -13465060.7
TELEBRAS-PF RCPT     RCTB40 BZ      269372906    -13465060.7
TELEBRAS-PF RCPT     RCTB42 BZ      269372906    -13465060.7
TELEBRAS-CM RCPT     RCTB32 BZ      269372906    -13465060.7
TELEBRAS-ADR         TBX GR         269372906    -13465060.7
TELEBRAS SA          TLBRON BZ      269372906    -13465060.7
TELEBRAS-CM RCPT     RCTB30 BZ      269372906    -13465060.7
TELEBRAS-PF RCPT     TLBRUP BZ      269372906    -13465060.7
TELEBRAS-CEDE BL     RCT4B AR       269372906    -13465060.7
TELEBRAS-CEDE PF     TELB4 AR       269372906    -13465060.7
TELEBRAS-CM RCPT     RCTB31 BZ      269372906    -13465060.7
TELEBRAS-PF RCPT     CBRZF US       269372906    -13465060.7
TELEBRAS SA-PREF     TLBRPN BZ      269372906    -13465060.7
TELEBRAS-RECEIPT     TLBRUO BZ      269372906    -13465060.7
TELEBRAS-CM RCPT     TELE31 BZ      269372906    -13465060.7
TELEBRAS-RCT PRF     TELB10 BZ      269372906    -13465060.7
TELEBRAS/W-I-ADR     TBH-W US       269372906    -13465060.7
TELEBRAS-RTS CMN     TCLP1 BZ       269372906    -13465060.7
TELEBRAS-PF RCPT     TBAPF US       269372906    -13465060.7
TELEBRAS SA-RT       TELB9 BZ       269372906    -13465060.7
TELEBRAS-PF RCPT     RCTB41 BZ      269372906    -13465060.7
TELEBRAS-PF RCPT     TELE41 BZ      269372906    -13465060.7
TELEBRAS-CEDE PF     RCT4C AR       269372906    -13465060.7
TELECOMUNICA-ADR     81370Z BZ      269372906    -13465060.7
TELEBRAS-BLOCK       TELB30 BZ      269372906    -13465060.7
TELEBRAS-RCT         RCTB33 BZ      269372906    -13465060.7
TELEBRAS-ADR         TBRAY GR       269372906    -13465060.7
TELEBRAS SA          TBASF US       269372906    -13465060.7
TELEBRAS-ADR         RTB US         269372906    -13465060.7
TELEBRAS-RTS CMN     RCTB1 BZ       269372906    -13465060.7
TELEBRAS-ADR         TBH US         269372906    -13465060.7
HOTEIS OTHON SA      HOTHON BZ      255036150    -42606769.7
HOTEIS OTHON-PRF     HOOT4 BZ       255036150    -42606769.7
HOTEIS OTHON SA      HOOT3 BZ       255036150    -42606769.7
HOTEIS OTHON-PRF     HOTHPN BZ      255036150    -42606769.7
TEKA                 TEKAON BZ      246866965     -392777063
TEKA                 TKTQF US       246866965     -392777063
TEKA-PREF            TEKAPN BZ      246866965     -392777063
TEKA-ADR             TKTQY US       246866965     -392777063
TEKA-PREF            TKTPF US       246866965     -392777063
TEKA-ADR             TKTPY US       246866965     -392777063
TEKA-PREF            TEKA4 BZ       246866965     -392777063
TEKA                 TEKA3 BZ       246866965     -392777063
TEKA-ADR             TEKAY US       246866965     -392777063
PET MANG-RT          4115360Q BZ    231024467     -184606117
PET MANG-RIGHTS      3678569Q BZ    231024467     -184606117
PETRO MANGUIN-PF     MANGPN BZ      231024467     -184606117
PET MANG-RECEIPT     RPMG10 BZ      231024467     -184606117
PETRO MANGUINHOS     MANGON BZ      231024467     -184606117
PET MANG-RECEIPT     RPMG9 BZ       231024467     -184606117
PET MANG-RT          RPMG1 BZ       231024467     -184606117
PETRO MANGUINHOS     RPMG3 BZ       231024467     -184606117
PET MANG-RIGHTS      3678565Q BZ    231024467     -184606117
PET MANG-RT          4115364Q BZ    231024467     -184606117
PET MANG-RT          RPMG2 BZ       231024467     -184606117
PET MANGUINH-PRF     RPMG4 BZ       231024467     -184606117
SANSUY SA-PREF A     SNSYAN BZ      200809365     -115213257
SANSUY SA            SNSYON BZ      200809365     -115213257
SANSUY               SNSY3 BZ       200809365     -115213257
SANSUY-PREF B        SNSY6 BZ       200809365     -115213257
SANSUY-PREF A        SNSY5 BZ       200809365     -115213257
SANSUY SA-PREF B     SNSYBN BZ      200809365     -115213257
BALADARE             BLDR3 BZ       159454016    -52992212.8
DHB IND E COM-PR     DHBPN BZ       151796583     -160270949
D H B-PREF           DHBI4 BZ       151796583     -160270949
DHB IND E COM        DHBON BZ       151796583     -160270949
D H B                DHBI3 BZ       151796583     -160270949
FABRICA RENAUX-P     FTRX4 BZ       109683744    -48836146.4
FABRICA RENAUX       FTRX3 BZ       109683744    -48836146.4
FABRICA RENAUX-P     FRNXPN BZ      109683744    -48836146.4
FABRICA RENAUX       FRNXON BZ      109683744    -48836146.4
FABRICA TECID-RT     FTRX1 BZ       109683744    -48836146.4
WETZEL SA            MWET3 BZ       100017711    -5359345.82
WETZEL SA            MWELON BZ      100017711    -5359345.82
WETZEL SA-PREF       MWELPN BZ      100017711    -5359345.82
WETZEL SA-PREF       MWET4 BZ       100017711    -5359345.82
DOC IMBITUBA-RTC     8174503Q BZ     96977064    -42592602.5
DOCAS IMBITUB-PR     IMBIPN BZ       96977064    -42592602.5
DOC IMBITUBA-RTP     8174507Q BZ     96977064    -42592602.5
DOC IMBITUB-PREF     IMBI4 BZ        96977064    -42592602.5
DOC IMBITUBA         IMBI3 BZ        96977064    -42592602.5
DOC IMBITUBA-RT      8218594Q BZ     96977064    -42592602.5
DOCAS IMBITUBA       IMBION BZ       96977064    -42592602.5
DOC IMBITUBA-RT      IMBI1 BZ        96977064    -42592602.5
ESTRELA SA           ESTR3 BZ        89585906    -80761486.8
ESTRELA SA-PREF      ESTRPN BZ       89585906    -80761486.8
ESTRELA SA           ESTRON BZ       89585906    -80761486.8
ESTRELA SA-PREF      ESTR4 BZ        89585906    -80761486.8
ACO ALTONA           EALT3 BZ        89152030    -9848587.47
ACO ALTONA SA        EAAON BZ        89152030    -9848587.47
ACO ALTONA-PREF      EAAPN BZ        89152030    -9848587.47
ACO ALTONA-PREF      EALT4 BZ        89152030    -9848587.47
VARIG PART EM-PR     VPSC4 BZ        83017829     -495721700
VARIG PART EM SE     VPSC3 BZ        83017829     -495721700
RENAUXVIEW SA-PF     TXRX4 BZ        73095834     -103943206
TEXTEIS RENAUX       RENXPN BZ       73095834     -103943206
TEXTEIS RENAUX       RENXON BZ       73095834     -103943206
TEXTEIS RENA-RCT     TXRX10 BZ       73095834     -103943206
RENAUXVIEW SA        TXRX3 BZ        73095834     -103943206
TEXTEIS RENA-RCT     TXRX9 BZ        73095834     -103943206
TEXTEIS RENAU-RT     TXRX1 BZ        73095834     -103943206
TEXTEIS RENAU-RT     TXRX2 BZ        73095834     -103943206
SCHLOSSER SA-PRF     SCHPN BZ        73036750    -34357832.6
SCHLOSSER            SCLO3 BZ        73036750    -34357832.6
SCHLOSSER-PREF       SCLO4 BZ        73036750    -34357832.6
SCHLOSSER SA         SCHON BZ        73036750    -34357832.6
MINUPAR SA-PREF      MNPRPN BZ       63144534    -60655823.4
MINUPAR-PREF         MNPR4 BZ        63144534    -60655823.4
MINUPAR              MNPR3 BZ        63144534    -60655823.4
MINUPAR-RCT          9314634Q BZ     63144534    -60655823.4
MINUPAR SA           MNPRON BZ       63144534    -60655823.4
MINUPAR-RT           MNPR1 BZ        63144534    -60655823.4
MINUPAR-RCT          MNPR9 BZ        63144534    -60655823.4
MINUPAR-RT           9314542Q BZ     63144534    -60655823.4
IGB ELETRONICA       IGBR3 BZ        61088978     -282692297
GRADIENTE EL-PRA     IGBAN BZ        61088978     -282692297
GRADIENTE EL-PRC     IGBCN BZ        61088978     -282692297
GRADIENTE-PREF C     IGBR7 BZ        61088978     -282692297
GRADIENTE ELETR      IGBON BZ        61088978     -282692297
GRADIENTE EL-PRB     IGBBN BZ        61088978     -282692297
GRADIENTE-PREF A     IGBR5 BZ        61088978     -282692297
GRADIENTE-PREF B     IGBR6 BZ        61088978     -282692297
VARIG PART EM TR     VPTA3 BZ        49432124     -399290396
VARIG PART EM-PR     VPTA4 BZ        49432124     -399290396
CIMOB PARTIC SA      GAFON BZ        44047412    -45669963.6
CIMOB PART-PREF      GAFPN BZ        44047412    -45669963.6
CIMOB PART-PREF      GAFP4 BZ        44047412    -45669963.6
CIMOB PARTIC SA      GAFP3 BZ        44047412    -45669963.6
WIEST                WISA3 BZ        34108201     -126997429
WIEST-PREF           WISA4 BZ        34108201     -126997429
WIEST SA-PREF        WISAPN BZ       34108201     -126997429
WIEST SA             WISAON BZ       34108201     -126997429
RECRUSUL - RT        RCSL2 BZ        31427766    -30307605.7
RECRUSUL             RCSL3 BZ        31427766    -30307605.7
RECRUSUL - RT        RCSL1 BZ        31427766    -30307605.7
RECRUSUL SA-PREF     RESLPN BZ       31427766    -30307605.7
RECRUSUL - RCT       4529793Q BZ     31427766    -30307605.7
RECRUSUL - RCT       RCSL10 BZ       31427766    -30307605.7
RECRUSUL - RT        4529781Q BZ     31427766    -30307605.7
RECRUSUL-BON RT      RCSL11 BZ       31427766    -30307605.7
RECRUSUL-PREF        RCSL4 BZ        31427766    -30307605.7
RECRUSUL - RCT       4529789Q BZ     31427766    -30307605.7
RECRUSUL SA          RESLON BZ       31427766    -30307605.7
RECRUSUL - RCT       RCSL9 BZ        31427766    -30307605.7
RECRUSUL - RT        4529785Q BZ     31427766    -30307605.7
RECRUSUL-BON RT      RCSL12 BZ       31427766    -30307605.7
SANESALTO            SNST3 BZ        31044053    -1843297.83
STAROUP SA-PREF      STARPN BZ       27663605    -7174512.03
BOTUCATU TEXTIL      STRP3 BZ        27663605    -7174512.03
BOTUCATU-PREF        STRP4 BZ        27663605    -7174512.03
STAROUP SA           STARON BZ       27663605    -7174512.03
CONST BETER-PR A     COBEAN BZ       25469474     -4918659.9
CONST BETER-PR B     COBEBN BZ       25469474     -4918659.9
CONST BETER-PR B     1009Q BZ        25469474     -4918659.9
CONST BETER SA       COBE3 BZ        25469474     -4918659.9
CONST BETER-PF B     1COBBN BZ       25469474     -4918659.9
CONST BETER SA       COBEON BZ       25469474     -4918659.9
CONST BETER SA       1COBON BZ       25469474     -4918659.9
CONST BETER-PF A     COBE5 BZ        25469474     -4918659.9
CONST BETER-PF B     COBE6 BZ        25469474     -4918659.9
CONST BETER SA       1007Q BZ        25469474     -4918659.9
CONST BETER-PF A     1COBAN BZ       25469474     -4918659.9
CONST BETER SA       COBE3B BZ       25469474     -4918659.9
CONST BETER-PR A     1008Q BZ        25469474     -4918659.9
ALL ORE MINERACA     STLB3 BZ        23040051    -8699861.07
ALL ORE MINERACA     AORE3 BZ        23040051    -8699861.07
STEEL - RT           STLB1 BZ        23040051    -8699861.07
STEEL - RCT ORD      STLB9 BZ        23040051    -8699861.07
FER HAGA-PREF        HAGA4 BZ        21299043    -62858780.7
FERRAGENS HAGA       HAGAON BZ       21299043    -62858780.7
FERRAGENS HAGA-P     HAGAPN BZ       21299043    -62858780.7
HAGA                 HAGA3 BZ        21299043    -62858780.7
NOVA AMERICA SA      NOVAON BZ       21287489     -183535527
NOVA AMERICA SA      NOVA3B BZ       21287489     -183535527
NOVA AMERICA-PRF     NOVAPN BZ       21287489     -183535527
NOVA AMERICA-PRF     1NOVPN BZ       21287489     -183535527
NOVA AMERICA SA      NOVA3 BZ        21287489     -183535527
NOVA AMERICA SA      1NOVON BZ       21287489     -183535527
NOVA AMERICA-PRF     NOVA4B BZ       21287489     -183535527
NOVA AMERICA-PRF     NOVA4 BZ        21287489     -183535527
CAF BRASILIA-PRF     CAFE4 BZ        21097370     -903951461
CAFE BRASILIA-PR     CSBRPN BZ       21097370     -903951461
CAFE BRASILIA SA     CSBRON BZ       21097370     -903951461
CAF BRASILIA         CAFE3 BZ        21097370     -903951461
TECEL S JOSE-PRF     SJOS4 BZ        19067323    -52580501.1
TECEL S JOSE         SJOS3 BZ        19067323    -52580501.1
TECEL S JOSE-PRF     FTSJPN BZ       19067323    -52580501.1
TECEL S JOSE         FTSJON BZ       19067323    -52580501.1
NORDON METAL         NORDON BZ       15354597    -26859636.7
NORDON MET           NORD3 BZ        15354597    -26859636.7
NORDON MET-RTS       NORD1 BZ        15354597    -26859636.7
B&D FOOD CORP        BDFC US         14423532       -3506007
LATTENO FOOD COR     LATF US         14423532       -3506007
REII INC             REIC US         14423532       -3506007
B&D FOOD CORP        BDFCE US        14423532       -3506007
CHIARELLI SA         CCHON BZ        14300741    -46729432.5
CHIARELLI SA         CCHI3 BZ        14300741    -46729432.5
CHIARELLI SA-PRF     CCHPN BZ        14300741    -46729432.5
CHIARELLI SA-PRF     CCHI4 BZ        14300741    -46729432.5
HERCULES             HETA3 BZ        12689117     -170680899
HERCULES SA-PREF     HERTPN BZ       12689117     -170680899
HERCULES-PREF        HETA4 BZ        12689117     -170680899
HERCULES SA          HERTON BZ       12689117     -170680899
GAZOLA               GAZO3 BZ        12452144    -40298531.2
GAZOLA SA-PREF       GAZPN BZ        12452144    -40298531.2
GAZOLA SA-DVD PF     GAZO12 BZ       12452144    -40298531.2
GAZOLA SA            GAZON BZ        12452144    -40298531.2
GAZOLA SA-DVD CM     GAZO11 BZ       12452144    -40298531.2
GAZOLA-RCPT PREF     GAZO10 BZ       12452144    -40298531.2
GAZOLA-PREF          GAZO4 BZ        12452144    -40298531.2
GAZOLA-RCPTS CMN     GAZO9 BZ        12452144    -40298531.2
ARTHUR LANGE-PRF     ARLA4 BZ        11642256    -17154461.9
ARTHUR LANGE SA      ALICON BZ       11642256    -17154461.9
ARTHUR LAN-DVD C     ARLA11 BZ       11642256    -17154461.9
ARTHUR LANGE         ARLA3 BZ        11642256    -17154461.9
ARTHUR LANG-RT P     ARLA2 BZ        11642256    -17154461.9
ARTHUR LAN-DVD P     ARLA12 BZ       11642256    -17154461.9
ARTHUR LANG-RT C     ARLA1 BZ        11642256    -17154461.9
ARTHUR LANGE-PRF     ALICPN BZ       11642256    -17154461.9
ARTHUR LANG-RC C     ARLA9 BZ        11642256    -17154461.9
ARTHUR LANG-RC P     ARLA10 BZ       11642256    -17154461.9
FERREIRA GUIM-PR     FGUIPN BZ       11016542     -151840377
FERREIRA GUIMARA     FGUION BZ       11016542     -151840377
F GUIMARAES-PREF     FGUI4 BZ        11016542     -151840377
F GUIMARAES          FGUI3 BZ        11016542     -151840377


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


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to


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.

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