TCRLA_Public/110802.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, August 2, 2011, Vol. 12, No. 151

                            Headlines



A R G E N T I N A

PETROBRAS ARGENTINA: Fitch Upgrades Foreign Currency IDR to 'BB'


B E R M U D A

NESTA T LTD: Creditors' Proofs of Debt Due August 5
NESTA T LTD: Members' Final Meeting Set for August 26


C A Y M A N   I S L A N D S

ANTHRACITE BALANCED: Creditors' Proofs of Debt Due August 18
CAPELLA HOLDING: Creditors' Proofs of Debt Due August 17
CARNAUBA FUND: Creditors' Proofs of Debt Due August 31
CATHAY STABILIS: Creditors' Proofs of Debt Due August 17
CAVALRY TECHNOLOGY: Creditors' Proofs of Debt Due August 8

DEMETER (CAYMAN): Creditors' Proofs of Debt Due August 17
DYNAMIC VISION: Creditors' Proofs of Debt Due August 9
FOUNDERS CORPORATION: Creditors' Proofs of Debt Due August 9
FRANCK MULTI-ADVISOR E: Creditors' Proofs of Debt Due August 31
FRANCK MULTI-ADVISOR S: Creditors' Proofs of Debt Due August 31

PEQUOT DIVERSIFIED FUND: Creditors' Proofs of Debt Due August 8
PEQUOT DIVERSIFIED PORTFOLIO: Creditors' Proofs of Debt Due Aug. 8
SIGNUM CGD: Creditors' Proofs of Debt Due August 17
STRAITS LION ASIA: Creditors' Proofs of Debt Due August 17
STRAITS LION SGD: Creditors' Proofs of Debt Due August 17


C H I L E

EMPRESAS LA POLAR: To Renegotiate Repayments & Avert Bankruptcy


J A M A I C A

* JAMAICA: U.S. Debt Crisis May Affect Economy


M E X I C O

COPAMEX SA: Fitch Withdraws 'B+' Issuer Default Ratings
GRUPO ELEKTRA: Fitch Rates Proposed Senior 2018 Notes 'BB-'


P U E R T O   R I C O

AUTOS VEGA: To Have Access to Cash Collateral Until January 2012
AUTOS VEGA: Files Schedules of Assets & Liabilities
CARIBBEAN PETROLEUM: Settles Interstate PR-22 Dispute


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Black Sand Bids for Lascelles de Mercado


V E N E Z U E L A

* VENEZUELA: Fitch Rates US$4200 Million Global Bond 'B+'


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                            - - - - -


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


PETROBRAS ARGENTINA: Fitch Upgrades Foreign Currency IDR to 'BB'
----------------------------------------------------------------
Fitch Ratings has upgraded these ratings of Petrobras Argentina
S.A. (PESA):

   -- Foreign currency Issuer Default Rating (IDR) to 'BB' from
      'BB-';

   -- Senior Unsecured Notes due 2013 to 'BB' from 'BB-'.

In conjunction with this action, Fitch has affirmed these ratings:

   -- Local currency IDR at 'BB';

   -- Guaranteed notes due 2017 at 'BBB'.

The Outlook for all the ratings is Stable.

PESA's ratings are supported by solid credit metrics, an
integrated business profile and a competitive cost structure.  The
two-notch differentiation from Argentina's country ceiling rating
of 'B' incorporates support from PESA's majority shareholder,
Petroleo Brasiliero S.A. (Petrobras; rated 'BBB' by Fitch), strong
internal cash flow generation, dollar-denominated export revenues
that cover all senior unsecured debt, and its right to maintain up
to 70% of export revenues offshore.

PESA is a subsidiary of Petrobras Participaciones SL (Spain) which
in turn is 100% owned by Petrobras.  Petrobras does guarantee
US$300 million notes through Petrobras International Finance Co.
(PIFCO) and although it has no legal tie or cross-default clause
with PESA's senior unsecured debt, Fitch believes that it is
likely that Petrobras would support PESA to meet its debt
obligations in the event of the imposition of transfer and
convertibility (T&C) restrictions by the Argentine government.
This would minimize any negative implications for Petrobras should
one of its key subsidiaries default.

Key credit concerns center on the Argentine government's
interference in the energy sector, the prevailing weak regulatory
framework, PESA's asset and revenue concentration in the domestic
market and declining production and reserve levels.

Petrobras Argentina's credit quality is underpinned by the
operating flexibility and synergies of its vertically integrated
model, a competitive cost structure, and strong diverse downstream
assets in retail gas stations, electric assets in Argentina, and
petrochemicals.  As of December 2010, the refining business
contributed US$1,845 million of revenues and US$96 million of
EBITDA, upstream activities had US$920 million of revenues and
US$474 million of EBITDA, out of total consolidated revenues of
US$3,651 million and total consolidated EBITDA of US$686 million.
This favorably compares with total consolidated revenues of
US$3,170 million and EBITDA of US$613 million as of December 2009
mainly due to improved prices at the pump and their positive
effect on both upstream and downstream operations.  The
continuation of price increases at retail gas stations is
uncertain as it depends on government approval.

In April 2011, the company executed various asset sales that will
significantly reduce the export flows from Argentina to
approximately US$200 million from nearly US$360 million as of
December 2010. Positively, those sales will help to reduce
operating costs and capex needs, as PESA's refining capacity will
be in line with its production levels.  In addition, the liquidity
buffer created by those asset sales, including Refineria San
Lorenzo and other related distribution assets for US$36 million
(representing approximately half of PESA's refining capacity) and
Innova for US$332 million (located in Brazil, representing near
10% of total revenues) will allow the company to continue
deleveraging its capital structure.

As of December 2010, the company's reserves-to-production (R/P)
ratio was seven years, with total combined proved reserves of 250
million barrels of oil equivalent (BOE), of which 57% were
developed.  As of December 2010, PESA's total reserves declined by
14%; over the last two years the decline was almost 50%. That
sharp decrease in reserves has to do with the divestures in Peru,
Ecuador and Colombia.  Over the coming years, PESA's operating
risk will be determined by the negotiation of key concession
contracts. Consequently, Fitch expects declining reserve and
production levels to continue for a couple of years, while capex
will be constrained at low levels until concession contracts are
renegotiated.  PESA's moderate level of production compared to
reserves and competitive cost structure compared to industry peers
indicates the company's ability to generate cash flows.

Fitch's expectation of leverage for PESA incorporates that net
debt to EBITDA will be below 1.0x.  At March 31, 2011, (last 12
months basis), net debt-to-EBITDA was 1.2 times (x), and EBITDA-
to-interest expense was 5.5x, which compared to 1.8x and 4.8x,
respectively, for the same period in 2010.  For this period, total
debt amounted to US$1300 million, of which US$587 million is debt
issued in the capital markets.  PESA holds US$200 million of
senior unsecured debt at the capital markets due 2013, and US$300
million in secured notes due 2017 supported by a stand-by purchase
agreement by PIFCO.  Scheduled maturities are comfortably covered
by PESA's liquidity position, including expected free cash flow
generation and cash balances.

The company's liquidity position is strong.  As of March 31, 2011,
cash balances reached US$557 million on top of cash from
operations during 2010 of US$591 million.  Free cash flow is
expected to remain strong until the company negotiates key
concession contracts due 2015/2016. Low leverage mitigates any
cash shortfall should price trends reverse or capex needs rise
above current levels.

Petrobras Argentina is an integrated energy company, engaged in
oil and gas exploration and production, refining, petrochemicals,
electricity generation, transmission and distribution, and
hydrocarbon marketing and transportation.  PESA is an Argentine
corporation with operations concentrated in Argentina.


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


NESTA T LTD: Creditors' Proofs of Debt Due August 5
---------------------------------------------------
The creditors of Nesta T Ltd. are required to file their proofs of
debt by August 5, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 20, 2011.

The company's liquidator is:

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


NESTA T LTD: Members' Final Meeting Set for August 26
-----------------------------------------------------
The members of Nesta T Ltd. will hold their final meeting on
August 26, 2011, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on July 20, 2011.

The company's liquidator is:

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


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


ANTHRACITE BALANCED: Creditors' Proofs of Debt Due August 18
------------------------------------------------------------
The creditors of Anthracite Balanced Company (R-25) Limited are
required to file their proofs of debt by August 18, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 5, 2011.

The company's liquidator is:

         Simon Conway
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         P.O. Box 258 Grand Cayman KY1-1104
         Cayman Islands


CAPELLA HOLDING: Creditors' Proofs of Debt Due August 17
--------------------------------------------------------
The creditors of Capella Holding II are required to file their
proofs of debt by August 17, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 7, 2011.

The company's liquidator is:

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


CARNAUBA FUND: Creditors' Proofs of Debt Due August 31
------------------------------------------------------
The creditors of The Carnauba Fund-Class S are required to file
their proofs of debt by August 31, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 30, 2011.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622 Grand Cayman KY1-1203
         Cayman Islands


CATHAY STABILIS: Creditors' Proofs of Debt Due August 17
--------------------------------------------------------
The creditors of Cathay Stabilis CDO Limited are required to file
their proofs of debt by August 17, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 7, 2011.

The company's liquidator is:

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


CAVALRY TECHNOLOGY: Creditors' Proofs of Debt Due August 8
----------------------------------------------------------
The creditors of Cavalry Technology Institutional, Ltd. are
required to file their proofs of debt by August 8, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 28, 2011.

The company's liquidator is:

         John Milani
         Two Embarcadero Center
         Suite 600
         San Francisco
         California 94111
         United States of America


DEMETER (CAYMAN): Creditors' Proofs of Debt Due August 17
---------------------------------------------------------
The creditors of Demeter (Cayman) Limited are required to file
their proofs of debt by August 17, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 5, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Jennifer Chailler
         Telephone: (345) 814 6847
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


DYNAMIC VISION: Creditors' Proofs of Debt Due August 9
------------------------------------------------------
The creditors of Dynamic Vision Limited are required to file their
proofs of debt by August 9, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 30, 2011.

The company's liquidator is:

         Chwang-Shen Wen
         No. 16 Li-Hsin Road
         Science-Based Industrial Park
         Hsinchu
         Taiwan
         ROC
         Telephone: 03 578 6688
         Facsimile: 03 563 2999


FOUNDERS CORPORATION: Creditors' Proofs of Debt Due August 9
------------------------------------------------------------
The creditors of Founders Corporation are required to file their
proofs of debt by August 9, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 30, 2011.

The company's liquidator is:

         Kazuhiko Yoshida
         15A, Taggart, 109 Repulse Bay Road
         Hong Kong
         Telephone: (852) 2528 5016
         Facsimile: (852) 2528 5020


FRANCK MULTI-ADVISOR E: Creditors' Proofs of Debt Due August 31
---------------------------------------------------------------
The creditors of Franck Multi-Advisor Growth-Class E are required
to file their proofs of debt by August 31, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on June 30, 2011.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622 Grand Cayman KY1-1203
         Cayman Islands


FRANCK MULTI-ADVISOR S: Creditors' Proofs of Debt Due August 31
---------------------------------------------------------------
The creditors of Franck Multi-Advisor Growth-Class S are required
to file their proofs of debt by August 31, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on June 30, 2011.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622 Grand Cayman KY1-1203
         Cayman Islands


PEQUOT DIVERSIFIED FUND: Creditors' Proofs of Debt Due August 8
---------------------------------------------------------------
The creditors of Pequot Diversified Offshore Fund, Ltd. are
required to file their proofs of debt by August 8, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on July 5, 2011.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


PEQUOT DIVERSIFIED PORTFOLIO: Creditors' Proofs of Debt Due Aug. 8
------------------------------------------------------------------
The creditors of Pequot Diversified Offshore Portfolio, Ltd. are
required to file their proofs of debt by August 8, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on July 5, 2011.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


SIGNUM CGD: Creditors' Proofs of Debt Due August 17
---------------------------------------------------
The creditors of Signum CGD Limited are required to file their
proofs of debt by August 17, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 7, 2011.

The company's liquidator is:

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


STRAITS LION ASIA: Creditors' Proofs of Debt Due August 17
----------------------------------------------------------
The creditors of Straits Lion Asia CDO I Limited are required to
file their proofs of debt by August 17, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 7, 2011.

The company's liquidator is:

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


STRAITS LION SGD: Creditors' Proofs of Debt Due August 17
---------------------------------------------------------
The creditors of Straits Lion SGD CDO I Limited are required to
file their proofs of debt by August 17, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 7, 2011.

The company's liquidator is:

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


=========
C H I L E
=========


EMPRESAS LA POLAR: To Renegotiate Repayments & Avert Bankruptcy
---------------------------------------------------------------
Eduardo Thomson at Bloomberg News reports that Empresas La Polar
SA (LAPOLAR), the Chilean retailer that set aside US$900 million
last month for consumer-lending losses, will seek a court
agreement with creditors to renegotiate repayments and avoid
bankruptcy.

The board agreed to file a so-called preventative judicial
agreement that requires support from creditors representing more
than half the outstanding debt to be processed, La Polar said in
an e-mailed statement obtained by the news agency.

Bloomberg says the company would then have 90 days protection
against bankruptcy requests as it seeks an agreement on new
repayment terms from at least two-thirds of creditors.  "We took
this decision due to the difficulty of reaching unanimity with
creditors, a task that would take too long," Bloomberg quoted
Chairman Cesar Barros.  "Also, we seek to wrest unjust veto powers
from some of them that would have led us to defend the company
from requests to declare bankruptcy," he added.

The company disclosed on June 9 that executives restructured
CLP475 billion (US$1 billion) of overdue credit without the
consent of the more than 400,000 customers involved, triggering
regulatory and criminal probes, according to Bloomberg.

Bondholders agreed June 20 on a waiver of covenants that allows
the company to suspend pre-payments while stockholders approved on
June 22 the sale of US$200 million in new shares that Mr. Barros
said would help make the company viable, the report adds.

Empresas La Polar SA (LAPOLAR) is a retailer based in Chile.


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


* JAMAICA: U.S. Debt Crisis May Affect Economy
----------------------------------------------
RJR News reports that Jamaica could feel some of the effects of
the United States debt crisis, which is threatening to trigger
further turmoil in global financial markets.

One area likely to be hit is the international bond market,
according to RJR News.  The report relates that according to
financial analyst, Dennis Chung, the ripple effect will be wide
ranging.

"Interest rates (and) commodity prices would go up.  I think we
would see the stock markets overseas fall out, which means that
you'll have less income in the United States and it might even go
as far as Europe and start affecting the European markets and
since they're already in their debt crisis, then it could have a
significant impact.  Christine Lagarde, the chief of the
International Monetary Fund has even said herself that if they
don't reach an agreement, it's going to be calamitous.  It will
definitely be worse that what happened in 2008," Mr. Chung told
the news agency in an interview.

The U.S. government's authority to borrow more money has expired,
and the country risks a first-ever default on its debt obligations
if Congressional and White House negotiators are unable to agree
on a plan to increase the debt limit by Aug. 2, RJR News
discloses.

                        *     *     *

As of May 14, 2011, Jamaica continues to carry Standard and Poor's
"B-" currency long-term debt ratings and "C" currency short term
debt ratings.


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


COPAMEX SA: Fitch Withdraws 'B+' Issuer Default Ratings
-------------------------------------------------------
Fitch Ratings has withdrawn its ratings on Copamex, S.A. de C.V.
(Copamex).  Consistent with Fitch's policies, it will no longer
provide analytical coverage of Copamex.  The company no longer has
outstanding market debt issuances following last year's
refinancing of its entire debt with a syndicated loan.

Fitch has withdrawn these ratings:

   -- Foreign Currency Issuer Default Rating (IDR) 'B+';

   -- Local Currency IDR 'B+';

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

   -- National scale short-term rating 'F3(mex)';

   -- Short-term local 'Certificados Bursatiles' program
      'F3(mex)'.


GRUPO ELEKTRA: Fitch Rates Proposed Senior 2018 Notes 'BB-'
-----------------------------------------------------------
Fitch Ratings has assigned these ratings to Grupo Elektra, S.A.B.
de C.V. (Elektra):

  -- Foreign and Local Currency Issuer Default Ratings (IDRs)
     'BB-';

  -- Proposed US$350 million senior notes due 2018 'BB-'.

The proposed notes will be unsecured and have the guarantee of all
non-regulated subsidiaries: Elektra del Milenio, S.A. de C.V.;
Salinas y Rocha, S.A. de C.V.; Comercializadora de Motocicletas de
Calidad, S.A. de C.V.; Inmuebles Ardoma, S.A. de C.V.,
Procuraduria de Cobranza Judicial, S.A. de C.V.; Elektra Guatemala
S.A. de C.V.; Servicios de Telecomunicaciones Viva, S.A. de C.V.;
and GS Distribucion, S.A. de C.V.

Proceeds from the proposed issuance will be used to refinance
existing debt amounting to MXN$3.3 billion (approximately US$$280
million) and general corporate uses, including working capital and
Capex.

Fitch currently rates Grupo Elektra:

  -- Long-term National Scale Rating 'A(mex)';

  -- Short-term National Scale Rating 'F2(mex)';

  -- MXN4,000 million long-term Certificados Bursatiles issuances
     (ELEKTRA10, ELEKTRA10-2 y ELEKTRA11) 'A(mex)';

  -- MXN5,000 million short- and long-term Certificados
     Bursatiles program 'F2(mex)' and 'A(mex)', respectively.


The Rating Outlook is Stable.

Elektra's ratings reflect its operation's geographical
diversification, its market position both in the retail and
finance business, the latter including Banco Azteca (BAZ,; rated
'A(mex)' by Fitch), as well as the strong linkage between both
operations.  On the retail side, the ratings are supported by its
market share, being one of the leading chains in its sector, with
considerable brand equity (Elektra), supported by and extensive
retail network across Mexico and, increasingly, in countries such
as Guatemala, Honduras, Panama, El Salvador, Peru, Brazil and
Argentina.  Grupo Elektra's retail operations are strongly linked
to those of Banco Azteca, a result of the retail business strategy
of selling on credit.  BAZ's credit quality is supported by its
management expertise in consumer credit, asset quality, strong
liquidity and the credit risk of its portfolio.

Fitch believes that the retail operation, by focusing on
consolidating operations under the Elektra banner over the last
few quarters, in introducing new products (motorcycles), and in
diversifying geographically across parts of Latin America, tempers
its business risk (operations in Mexico, both retail and
financial, generate about 87% of the Group's consolidated
revenues).  The company competes in a highly competitive market,
in which other participants have increased their footprint.

A better business climate, the discontinuation of low
profitability product lines, and changes in marketing strategies,
have resulted in revenues increasing 13.3% in 2010, above 2009
levels.  Operating margins climbed to 15.0%, above the 11.2%
registered the previous year.  This is in contrast with the stable
sales and decreasing operating margins between 2007 and 2009.

BAZ's ratings reflect its broad experience and competitive
advantage in consumer finance, the recent recovery in asset
quality and profitability ratios towards historical levels (trends
that Fitch expects to further consolidate in the near future), as
well as an ample, stable and diversified base of core customer
deposits, which allows the bank to maintain robust liquidity.  The
ratings also consider the strong growth of its loan portfolio and
management's challenge to sustain recent improvement in its
financial performance amid an increasingly challenging competitive
environment, given the high relative level of operating costs
associated with its business model.

Credit risk is BAZ's major exposure.  While commercial loans have
grown considerably in recent years, the portfolio is still mainly
composed of consumer loans (65.6% of total portfolio).  Adverse
economic conditions affected its borrowers' payment capacity,
deteriorating its asset quality indicators; however, enhanced
collection efforts and sizable charge-offs allowed the bank to
strengthen its past due loans and coverage ratios (first quarter
2011 (1Q'11): 3.7% and 146.4%, respectively).  Commercial loans
(31.8% of total portfolio) are highly concentrated and the 20
largest exposures accounted for 1.8 times (x) equity.  In Fitch's
opinion, BAZ has a low risk appetite in its securities portfolio
and at 1Q'11 this was composed of government bonds (66.2%), bank
debt (28.2%), with the balance made of investments in mutual funds
and securities issued by state-owned companies.

BAZ's funding mix and costs remain among its main strengths.
Current customer deposits (96% of total deposits) are highly
diversified and have demonstrated stability through different
phases of the economic cycle.  In Fitch's opinion, the high
portion of liquid assets in the securities portfolio and the
stability of deposits are critical factors that significantly
mitigate the bank's liquidity risk.

For the last 12 months (LTM) ended June 30, 2011 and in
consolidated terms, debt to EBITDA (including bank deposits), has
kept constant at 9.9x compared to 10.0x over the same period the
previous year.

Nonetheless, with regard to the retail operation's leverage (which
excludes BAZ and other financial businesses), Fitch estimates that
debt to EBITDA (LTM June 2011) is above 2.0x, slightly higher than
the same period the previous year.  Fitch considers that this
ratio could be around 2.5x at the end of 2011, as a result of
additional debt required to finance capex and including the
proposed issuance.

As of June 2011, the retail business' total debt (excluding BAZ
and other financial businesses) amounted to MXN$11.1 billion,
48.5% above the same period in 2010.  This debt is made up of bank
loans, debt issuances and structured issuances.  Remaining
amortizations for 2011 total MXN$3.9 billion.  Elektra has paid
annual dividends of about MXN$350 million and Fitch expects that
this amount will increase moderately.  For 2011, total capex will
be about MXN$2 billion, mainly to be used for branch remodeling in
Mexico and point of sales growth.


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


AUTOS VEGA: To Have Access to Cash Collateral Until January 2012
----------------------------------------------------------------
Autos Vega, Inc., and secured creditor Reliable Finance Holding
Company ask the U.S. Bankruptcy Court for the District of Puerto
Rico to approve their joint stipulation authorizing Debtor's use
of Reliable's cash collateral, on an interim basis, for the period
commencing on July 6, 2011, through and including Jan. 31, 2012.

The Debtor needs cash collateral for the purchase of new motor
vehicle inventory.

The Debtor will deposit into the Banco Santander account to be
opened all funds received from the sale of vehicles subject to
Reliable's pre- and post-petition liens immediately upon receipt.
The Debtor will pay Reliable the amounts owed on a per-unit basis
on the vehicles sold subject to its liens.  Upon payment to
Reliable, the Debtor will transfer any remaining funds to its DIP
account for the Debtor's operational expenses.

As of the Petition Date, the Debtor owed Reliable the principal
amount of US$14,710,558 plus interest and related fees under the
Financing Agreements, as amended.  The obligations to Reliable are
secured by substantially all of the Debtor's assets, which
primarily consist of Debtor's inventory of vehicles, and proceeds
thereof, among others.

As adequate protection, the Debtor proposes to grant Reliable
additional collateral, in the form of a post petition pledge of
US$1,000,000, and a postpetition, first priority security interest
on any the vehicles, assets and collateral acquired by the debtor
with the proceeds from Reliable's cash collateral on and after the
petition date.  The Debtor will continue making monthly regular
payments on the interest accrued as invoiced by Reliable, and will
pay the expenses as invoiced by Reliable in the ordinary course of
its operations.

The Debtor agrees and ratifies that, if the replacement liens and
other forms of protection described above are inadequate to
protect Reliable's interests, Reliable's claim, including any
unpaid invoices for monthly interest charges and monthly invoices
for expenses, will be entitled to priority under Sections 363(c)
(1) and 507 (b) of the Code over all other expenses of
administration of the estate.  Any deficiency will also be secured
by all Pre-Petition collateral.

Finally, Reliable will not consent to the continued use of its
cash collateral unless the Cash Deposit is delivered to Reliable
on or before July 26, 2011, or the date the Bankruptcy Court has
approved the delivery of the Cash Deposit to Reliable, whichever
is later.  Therefore, the Debtor will open all required Debtor-in-
Possession bank accounts and the Collateral Clearing Account by
July 26, 2011.

The amount of US$430,133 advanced by Reliable for the purchase of
additional new motor vehicle inventory in the ordinary course of
business from July 6, 2011, to date will be recognized as an
administrative priority expense owing to Reliable, and the Debtor
will provide the appropriate replacement liens or collateral
guarantees as may be necessary to protect Reliable's interest in
said amount prior to the entry of the appropriate Court Order.

The Debtor also asks the Court for authorization to obtain
postpetition secured financing in connection with the increase by
Reliable of the credit line from $10,000,000 to $13,000,000.

Counsel for Reliable may be reached at:

         Patrick D. O'Neill, Esq.
         Charles P. Gilmore, Esq.
         O'NEILL & GILMORE, P.S.C.
         Suite 1701, Citibank Towers
         252 Ponce de Leon Avenue
         San Juan, PR 00918
         Tel: (787) 620-0670
         Fax: (787) 620-0671
         E-mail: pdo@go-law.com
                 cpg@go-law.com

                        About Autos Vega

Autos Vega, Inc., is a car dealership engaged in the sales of new
and used cars and trucks car parts, accessories and providing
vehicle repair and maintenance, based in San Juan, Puerto Rico.
The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
P.R. Case No. 11-05773) on July 6, 2011.  The case has been
assigned to Judge Sara E. DeJesus Kellogg.  The Debtor estimated
its assets and debts at US$10 million to US$50 million.

Antonio A. Arias-Larcada, Esq., and Yarilyn C. Perez-Colon, Esq.,
at McConnell Valdes LLC, in San Juan, Puerto Rico, serve as
counsel to the Debtor.  Luis R. Carrasquillo Ruiz, CPA, is the
Debtor's accountant.


AUTOS VEGA: Files Schedules of Assets & Liabilities
---------------------------------------------------
Autos Vega, Inc., filed with the U.S. Bankruptcy Court for the
District of Puerto Rico, its schedules of assets and liabilities,
disclosing:

  Name of Schedule               Assets              Liabilities
  ----------------              -------              -----------
A. Real Property                      US$0
B. Personal Property           $22,959,296
C. Property Claimed as
   Exempt
D. Creditors Holding
   Secured Claims                                  US$13,640,998
E. Creditors Holding
   Unsecured Priority
   Claims                                             $1,657,742
F. Creditors Holding
   Unsecured Non-priority
   Claims                                            $18,925,582
                               -----------          -------------
      TOTAL                   US$22,959,296         US$34,224,323

                         About Autos Vega

Autos Vega, Inc., is a car dealer and automotive parts wholesaler
based in San Juan, Puerto Rico.  The Company filed for Chapter 11
bankruptcy protection (Bankr. D. P.R. Case No. 11-05773) on
July 6, 2011.  The case has been assigned to Judge Sara E. De
Jesus Kellogg.  The Debtor estimated its assets and debts at US$10
million to US$50 million.

Antonio A. Arias-Larcada, Esq., at McConnell Valdes LLC, in San
Juan, Puerto Rico -- aaa@mcvpr.com -- serves a counsel to the
Debtor.  Luis R. Carrasquillo Ruiz, CPA, is the Debtor's
accountant.


CARIBBEAN PETROLEUM: Settles Interstate PR-22 Dispute
-----------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved a
settlement and release agreement dated May 17, 2011, among
Caribbean Petroleum Corporation and its debtor affiliates, Puma
Energy Caribe, LLC, Puerto Nuevo Development Corp., Jupiter
Property Management, LLC, and Jupiter Property Management, Inc.

The settlement will resolve the disputes related to the ownership
of a strip of approximately six acres of land located on the south
side of Interstate PR-22 in Puerto Rico and the claims related to
the subject property.

The consideration to be paid by Puma to Puerto Nuevo under the
agreement and release of claims related to the subject property is
fair, equitable, and reasonable.

In an effort to avoid the substantial risk, expense, and burden of
further and additional disputes and ongoing litigation in Puerto
Rico, with respect to the subject property, the Debtors, Puma and
Puerto Nuevo engaged in extensive, good faith negotiations to
settle, resolve and terminate any and all disputes and obligations
arising from, related to the subject property and the claims
related thereto.

The key terms of the agreement includes:

   -- On the effective date, (a) any interest or claim of Puerto
   Nuevo in the subject property will be deemed irrevocably waived
   and released to the Debtors; and (b) any interest or claims
   that Puerto Nuevo may have in the subject property will be
   deemed automatically and irrevocably transferred to the Debtors
   without the need to execute any other document.

   -- On the effective date, (a) any interest of the Debtors in
   funds held in escrow in connection with the pending actions
   will be deemed waived and released to Puerto Nuevo; and (b) any
   interest or claim that the Debtors may have in such funds will
   be deemed automatically transferred to Puerto Nuevo without the
   need to execute any other document.  The subject property will
   then be transferred to Puma as an acquired asset pursuant to
   the asset purchase agreement for no further consideration.  The
   parties to the agreement have further agreed to take all
   actions necessary to further document and formalize the waiver
   and transfer.

   -- In exchange for the waiver and transfer of the subject
   property, Puerto Nuevo will receive: (a) payment of $300,000 in
   immediately available funds from Puma on the effective date; or
   (b) receipt and transfer of the specified escrowed funds; and
   (c) the release specifically set forth in the agreement.

   -- The effective date of the agreement will be the date on
   which the cash payment to be made by Puma is received by Puerto
   Nuevo.

   -- Within 10 days of the effective date, Puerto Nuevo and the
   Debtors will execute and file the appropriate court papers
   dismissing with prejudice the pending actions, and such
   dismissal will direct that, as between the parties, all
   escrowed funds that are to be released at any time thereafter
   will be paid to Puerto Nuevo.

  -- on the effective date, any and all proofs of claim, requests
  for payment of administrative expenses, and claims of any other
  kinds or priority filed otherwise held by Puerto Nuevo relating
  to the subject property will be deemed released, dismissed and
  otherwise expunged.

               About Caribbean Petroleum Corporation

San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products.  Caribbean Petroleum sought Chapter 11
protection (Bankr. D. Del. Case No. 10-12553) on Aug. 12, 2010,
nearly 10 months after a massive explosion at its major Puerto
Rican fuel storage depot virtually shut down the company's
operations.  The Debtor estimated assets of US$100 million to
US$500 million and debts of US$500 million to US$1 billion as of
the Petition Date.

Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on Aug. 12, 2010.

John J. Rapisardi, Esq., George A. Davis, Esq., Peter Friedman,
Esq., and Zachary H. Smith, Esq., of Cadwalader, Wickersham & Taft
LLP, in New York, serve as lead counsel to the Debtors.  Mark D.
Collins, Esq., and Jason M. Madron, Esq., of Richards, Layton &
Finger, P.A., in Wilmington, Delaware, serve as local counsel.
The Debtors' financial advisor is FTI Consulting Inc.  The
Debtors' chief restructuring officer is Kevin Lavin of FTI
Consulting Inc.  Kurtzman Carson Consultants LLC serves as the
noticing, claims and balloting agent to the Debtors.

In December 2010, the Debtor won bankruptcy court approval to sell
its business to Puma Energy International for US$82 million.  Puma
obtained Capeco's entire retail network, which consists of 157
locations, gasoline, diesel and other fuel storage facilities as
well as undeveloped land and a private deep water jetty.

This is Caribbean Petroleum's second stint in Chapter 11.

Fourth Amended Joint Plan of Liquidation for
Caribbean Petroleum Corp. and its debtor affiliates effective on
June 3, 2011.


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


CL FINANCIAL: Black Sand Bids for Lascelles de Mercado
------------------------------------------------------
Trinidad Express reports that St. Lucia-registered business
company, Black Sand Acquisition, made a bid on July 29, 2011, to
take over Lascelles de Mercado & Company.  Lascelles de Mercado is
controlled by CL Spirits, a subsidiary of CL Financial Limited.

Trinidad Express notes that Black Sand plans to acquire 90% of
Lascelles de Mercado's ordinary shares, all its 6% preference
shares and its 15% preference shares.  Lascelles de Mercado's
shares are traded on the Jamaican Stock Exchange.

In a statement from Jamaica-based Pan Caribbean Financial Services
Ltd, the principal broker of the bid, Black Sand said Lascelles
shareholders US$3.86 each for ordinary shares and US$0.29 for its
six-per-cent preference shares and US$0.23 for its 15-per-cent
preference shares.

The offer launched on July 29, and will close on September 19.

As reported in the Troubled Company Reporter-Europe on Aug. 1,
2011, RJR News said that Lascelles de Mercardo former boss William
McConnell will lead Black Sand in the takeover.  RJR News related
that Black Sand said it's seeking to take over the company because
it believes the future of the company is in serious jeopardy.

CL Spirits defaulted on US$342 million of notes issued in Trinidad
and Tobago and Jamaica that are secured by a pledge of CL
Financial's shares in Lascelles de Mercado, Black Sand said in a
statement obtained by Trinidad Express.  "Given the continued
uncertainty of repayment of all of CL's creditors...as well as
recent corporate actions taken by the CL-controlled board of
directors of the company, it is our belief that the future of the
company is now in serious jeopardy," the statement added.

                        About CL Financial

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

                        *     *     *

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

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


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


* VENEZUELA: Fitch Rates US$4200 Million Global Bond 'B+'
---------------------------------------------------------
Fitch Ratings has assigned a long-term foreign currency rating of
'B+' to the Bolivarian Republic of Venezuela US$4200 million
Global bond (11.95% coupon) maturing in 2031.

The rating is in line with Venezuela's foreign currency Issuer
Default Rating (IDR).  Venezuela's ratings are underpinned by its
manageable debt service profile, relative financing flexibility
and good record of servicing debt even under political and
economic stress in recent years.  In addition to international
reserves, the sovereign has sizable foreign currency liquid assets
that could be used for debt service.

Venezuela's credit strengths are balanced by a volatile
macroeconomic performance and an exchange regime that leads to
lower growth, higher inflation and the deterioration of external
credit metrics.  The importance of international oil prices for
external and public accounts has increased in recent years.  At
the same time, there is limited transparency regarding the
administration and use of the government's financial assets as
well as the 'oil and devaluation related' windfalls.


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


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

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

ARGENTINA

IMPSAT FIBER-$US       IMPTD AR          535007008       -17164978
IMPSAT FIBER-CED       IMPT AR           535007008       -17164978
IMPSAT FIBER-BLK       IMPTB AR          535007008       -17164978
IMPSAT FIBER-C/E       IMPTC AR          535007008       -17164978
IMPSAT FIBER NET       XIMPT SM          535007008       -17164978
IMPSAT FIBER NET       330902Q GR        535007008       -17164978
IMPSAT FIBER NET       IMPTQ US          535007008       -17164978
SOC COMERCIAL PL       COMED AR        175824387.4      -338338057
SOC COMERCIAL PL       CAD IX          175824387.4      -338338057
SOC COMERCIAL PL       COMEC AR        175824387.4      -338338057
SOC COMERCIAL PL       CADN SW         175824387.4      -338338057
COMERCIAL PLA-BL       COMEB AR        175824387.4      -338338057
SOC COMERCIAL PL       CADN EO         175824387.4      -338338057
SOC COMERCIAL PL       CADN EU         175824387.4      -338338057
COMERCIAL PL-ADR       SCPDS LI        175824387.4      -338338057
SOC COMERCIAL PL       COME AR         175824387.4      -338338057
SOC COMERCIAL PL       CVVIF US        175824387.4      -338338057
SOC COMERCIAL PL       SCDPF US        175824387.4      -338338057
SOCOTHERM-SP ADR       SOCOY US        101075648.4     -3157975.35
SOCOTHERM-5 VT-A       STHE5 AR        101075648.4     -3157975.35
SOCOTHERM SA-B         STHE AR         101075648.4     -3157975.35
SNIAFA SA-B            SDAGF US        11229696.22     -2670544.88
SNIAFA SA              SNIA AR         11229696.22     -2670544.88
SNIAFA SA-B            SNIA5 AR        11229696.22     -2670544.88


BELIZE

VARIG SA               VARGON BZ       966298025.5     -4695211316
VARIG SA-PREF          VARGPN BZ       966298025.5     -4695211316
VARIG SA-PREF          VAGV4 BZ        966298025.5     -4695211316
VARIG SA               VAGV3 BZ        966298025.5     -4695211316
AGRENCO LTD-BDR        AGEN11 BZ         637647275      -312199404
AGRENCO LTD            AGRE LX           637647275      -312199404
LAEP INVESTMENTS       LEAP LX         439175081.9       -60172005
LAEP-BDR               MILK11 BZ       439175081.9       -60172005
CIA PETROLIF-PRF       MRLM4 BZ        377602195.2     -3014291.72
CIA PETROLIFERA        1CPMON BZ       377602195.2     -3014291.72
CIA PETROLIF-PRF       MRLM4B BZ       377602195.2     -3014291.72
CIA PETROLIF-PRF       1CPMPN BZ       377602195.2     -3014291.72
CIA PETROLIFERA        MRLM3B BZ       377602195.2     -3014291.72
CIA PETROLIFERA        MRLM3 BZ        377602195.2     -3014291.72
DOCA INVESTIMENT       DOCA3 BZ        354715604.5      -119368960
DOCA INVESTI-PFD       DOCA4 BZ        354715604.5      -119368960
DOCAS SA-PREF          DOCAPN BZ       354715604.5      -119368960
DOCAS SA               DOCAON BZ       354715604.5      -119368960
DOCAS SA-RTS PRF       DOCA2 BZ        354715604.5      -119368960
BATTISTELLA            BTTL3 BZ        349898178.9     -3135090.39
BATTISTELLA-RECP       BTTL10 BZ       349898178.9     -3135090.39
BATTISTELLA-RI P       BTTL2 BZ        349898178.9     -3135090.39
BATTISTELLA-PREF       BTTL4 BZ        349898178.9     -3135090.39
BATTISTELLA-RIGH       BTTL1 BZ        349898178.9     -3135090.39
BATTISTELLA-RECE       BTTL9 BZ        349898178.9     -3135090.39
BOMBRIL-RIGHTS         BOBR1 BZ        316331264.9      -123554206
BOMBRIL                BMBBF US        316331264.9      -123554206
BOMBRIL SA-ADR         BMBBY US        316331264.9      -123554206
BOMBRIL-PREF           BOBR4 BZ        316331264.9      -123554206
BOMBRIL                BOBR3 BZ        316331264.9      -123554206
BOMBRIL SA-ADR         BMBPY US        316331264.9      -123554206
BOMBRIL CIRIO SA       BOBRON BZ       316331264.9      -123554206
BOMBRIL CIRIO-PF       BOBRPN BZ       316331264.9      -123554206
BOMBRIL-RGTS PRE       BOBR2 BZ        316331264.9      -123554206
TELEBRAS-CED C/E       TEL4C AR        280204646.3     -21109882.4
TELEBRAS-ADR           TBH US          280204646.3     -21109882.4
TELEBRAS-CEDE PF       RCTB4 AR        280204646.3     -21109882.4
TELEBRAS-CEDE PF       RCT4D AR        280204646.3     -21109882.4
TELEBRAS-CEDEA $       TEL4D AR        280204646.3     -21109882.4
TELEBRAS-ADR           TBAPY US        280204646.3     -21109882.4
TELEBRAS-ADR           TBASY US        280204646.3     -21109882.4
TELEBRAS-CM RCPT       TBRTF US        280204646.3     -21109882.4
TELEBRAS SA            TELB3 BZ        280204646.3     -21109882.4
TELEBRAS SA-PREF       TELB4 BZ        280204646.3     -21109882.4
TELEBRAS-COM RT        TELB1 BZ        280204646.3     -21109882.4
TELEBRAS-PF BLCK       TELB40 BZ       280204646.3     -21109882.4
TELEBRAS-RTS PRF       RCTB2 BZ        280204646.3     -21109882.4
TELEBRAS-RTS PRF       TLCP2 BZ        280204646.3     -21109882.4
TELEBRAS-PF RCPT       RCTB42 BZ       280204646.3     -21109882.4
TELEBRAS-CM RCPT       RCTB32 BZ       280204646.3     -21109882.4
TELEBRAS-ADR           TBX GR          280204646.3     -21109882.4
TELEBRAS SA            TLBRON BZ       280204646.3     -21109882.4
TELEBRAS-CM RCPT       RCTB30 BZ       280204646.3     -21109882.4
TELEBRAS-PF RCPT       TLBRUP BZ       280204646.3     -21109882.4
TELEBRAS-CEDE BL       RCT4B AR        280204646.3     -21109882.4
TELEBRAS-CEDE PF       TELB4 AR        280204646.3     -21109882.4
TELEBRAS-CM RCPT       RCTB31 BZ       280204646.3     -21109882.4
TELEBRAS-PF RCPT       CBRZF US        280204646.3     -21109882.4
TELEBRAS SA-PREF       TLBRPN BZ       280204646.3     -21109882.4
TELEBRAS-RECEIPT       TLBRUO BZ       280204646.3     -21109882.4
TELEBRAS-CM RCPT       TELE31 BZ       280204646.3     -21109882.4
TELEBRAS-PF RCPT       RCTB40 BZ       280204646.3     -21109882.4
TELEBRAS-RCT PRF       TELB10 BZ       280204646.3     -21109882.4
TELEBRAS/W-I-ADR       TBH-W US        280204646.3     -21109882.4
TELEBRAS-RTS CMN       TCLP1 BZ        280204646.3     -21109882.4
TELEBRAS-PF RCPT       TBAPF US        280204646.3     -21109882.4
TELEBRAS SA-RT         TELB9 BZ        280204646.3     -21109882.4
TELEBRAS-PF RCPT       RCTB41 BZ       280204646.3     -21109882.4
TELEBRAS-PF RCPT       TELE41 BZ       280204646.3     -21109882.4
TELEBRAS-CEDE PF       RCT4C AR        280204646.3     -21109882.4
TELECOMUNICA-ADR       81370Z BZ       280204646.3     -21109882.4
TELEBRAS-BLOCK         TELB30 BZ       280204646.3     -21109882.4
TELEBRAS-RCT           RCTB33 BZ       280204646.3     -21109882.4
TELEBRAS-ADR           TBRAY GR        280204646.3     -21109882.4
TELEBRAS SA            TBASF US        280204646.3     -21109882.4
TELEBRAS-ADR           RTB US          280204646.3     -21109882.4
TELEBRAS-RTS CMN       RCTB1 BZ        280204646.3     -21109882.4
HOTEIS OTHON SA        HOTHON BZ       255036149.9     -42606769.7
HOTEIS OTHON-PRF       HOOT4 BZ        255036149.9     -42606769.7
HOTEIS OTHON-PRF       HOTHPN BZ       255036149.9     -42606769.7
HOTEIS OTHON SA        HOOT3 BZ        255036149.9     -42606769.7
TEKA-ADR               TKTPY US          246866965      -392777063
TEKA                   TEKA3 BZ          246866965      -392777063
TEKA-PREF              TEKAPN BZ         246866965      -392777063
TEKA-ADR               TEKAY US          246866965      -392777063
TEKA                   TEKAON BZ         246866965      -392777063
TEKA                   TKTQF US          246866965      -392777063
TEKA-ADR               TKTQY US          246866965      -392777063
TEKA-PREF              TEKA4 BZ          246866965      -392777063
TEKA-PREF              TKTPF US          246866965      -392777063
PET MANG-RIGHTS        3678569Q BZ     231024467.2      -184606117
PET MANG-RT            RPMG2 BZ        231024467.2      -184606117
PET MANG-RECEIPT       RPMG9 BZ        231024467.2      -184606117
PET MANG-RT            4115360Q BZ     231024467.2      -184606117
PETRO MANGUINHOS       MANGON BZ       231024467.2      -184606117
PET MANG-RT            RPMG1 BZ        231024467.2      -184606117
PETRO MANGUIN-PF       MANGPN BZ       231024467.2      -184606117
PET MANGUINH-PRF       RPMG4 BZ        231024467.2      -184606117
PETRO MANGUINHOS       RPMG3 BZ        231024467.2      -184606117
PET MANG-RT            4115364Q BZ     231024467.2      -184606117
PET MANG-RIGHTS        3678565Q BZ     231024467.2      -184606117
PET MANG-RECEIPT       RPMG10 BZ       231024467.2      -184606117
SANSUY-PREF B          SNSY6 BZ        200809364.6      -115213257
SANSUY                 SNSY3 BZ        200809364.6      -115213257
SANSUY SA-PREF A       SNSYAN BZ       200809364.6      -115213257
SANSUY SA              SNSYON BZ       200809364.6      -115213257
SANSUY-PREF A          SNSY5 BZ        200809364.6      -115213257
SANSUY SA-PREF B       SNSYBN BZ       200809364.6      -115213257
BALADARE               BLDR3 BZ        159454015.9     -52992212.8
DHB IND E COM-PR       DHBPN BZ        151796583.3      -160270949
D H B-PREF             DHBI4 BZ        151796583.3      -160270949
DHB IND E COM          DHBON BZ        151796583.3      -160270949
D H B                  DHBI3 BZ        151796583.3      -160270949
FABRICA TECID-RT       FTRX1 BZ        109683743.8     -48836146.4
FABRICA RENAUX         FTRX3 BZ        109683743.8     -48836146.4
FABRICA RENAUX-P       FTRX4 BZ        109683743.8     -48836146.4
FABRICA RENAUX         FRNXON BZ       109683743.8     -48836146.4
FABRICA RENAUX-P       FRNXPN BZ       109683743.8     -48836146.4
WETZEL SA-PREF         MWELPN BZ       100017711.4     -5359345.82
WETZEL SA              MWET3 BZ        100017711.4     -5359345.82
WETZEL SA              MWELON BZ       100017711.4     -5359345.82
WETZEL SA-PREF         MWET4 BZ        100017711.4     -5359345.82
DOCAS IMBITUBA         IMBION BZ        96977064.5     -42592602.5
DOC IMBITUBA-RT        8218594Q BZ      96977064.5     -42592602.5
DOC IMBITUBA-RTC       8174503Q BZ      96977064.5     -42592602.5
DOC IMBITUBA-RT        IMBI1 BZ         96977064.5     -42592602.5
DOC IMBITUBA-RTP       8174507Q BZ      96977064.5     -42592602.5
DOC IMBITUBA           IMBI3 BZ         96977064.5     -42592602.5
DOC IMBITUB-PREF       IMBI4 BZ         96977064.5     -42592602.5
DOCAS IMBITUB-PR       IMBIPN BZ        96977064.5     -42592602.5
DOC IMBITUBA-RT        9866923Q BZ      96977064.5     -42592602.5
ESTRELA SA-PREF        ESTR4 BZ         89585906.2     -80761486.8
ESTRELA SA             ESTR3 BZ         89585906.2     -80761486.8
ESTRELA SA-PREF        ESTRPN BZ        89585906.2     -80761486.8
ESTRELA SA             ESTRON BZ        89585906.2     -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        83017828.56      -495721700
VARIG PART EM SE       VPSC3 BZ        83017828.56      -495721700
RENAUXVIEW SA-PF       TXRX4 BZ        73095833.69      -103943206
TEXTEIS RENAUX         RENXPN BZ       73095833.69      -103943206
TEXTEIS RENAUX         RENXON BZ       73095833.69      -103943206
TEXTEIS RENA-RCT       TXRX10 BZ       73095833.69      -103943206
RENAUXVIEW SA          TXRX3 BZ        73095833.69      -103943206
TEXTEIS RENA-RCT       TXRX9 BZ        73095833.69      -103943206
TEXTEIS RENAU-RT       TXRX1 BZ        73095833.69      -103943206
TEXTEIS RENAU-RT       TXRX2 BZ        73095833.69      -103943206
SCHLOSSER SA-PRF       SCHPN BZ        73036749.69     -34357832.6
SCHLOSSER              SCLO3 BZ        73036749.69     -34357832.6
SCHLOSSER-PREF         SCLO4 BZ        73036749.69     -34357832.6
SCHLOSSER SA           SCHON BZ        73036749.69     -34357832.6
MINUPAR SA-PREF        MNPRPN BZ       63144533.79     -60655823.4
MINUPAR-PREF           MNPR4 BZ        63144533.79     -60655823.4
MINUPAR                MNPR3 BZ        63144533.79     -60655823.4
MINUPAR-RCT            9314634Q BZ     63144533.79     -60655823.4
MINUPAR SA             MNPRON BZ       63144533.79     -60655823.4
MINUPAR-RT             MNPR1 BZ        63144533.79     -60655823.4
MINUPAR-RCT            MNPR9 BZ        63144533.79     -60655823.4
MINUPAR-RT             9314542Q BZ     63144533.79     -60655823.4
IGB ELETRONICA         IGBR3 BZ        61088977.95      -282692297
GRADIENTE EL-PRA       IGBAN BZ        61088977.95      -282692297
GRADIENTE EL-PRC       IGBCN BZ        61088977.95      -282692297
GRADIENTE-PREF C       IGBR7 BZ        61088977.95      -282692297
GRADIENTE ELETR        IGBON BZ        61088977.95      -282692297
GRADIENTE EL-PRB       IGBBN BZ        61088977.95      -282692297
GRADIENTE-PREF A       IGBR5 BZ        61088977.95      -282692297
GRADIENTE-PREF B       IGBR6 BZ        61088977.95      -282692297
VARIG PART EM TR       VPTA3 BZ        49432124.18      -399290396
VARIG PART EM-PR       VPTA4 BZ        49432124.18      -399290396
CIMOB PARTIC SA        GAFON BZ         44047411.7     -45669963.6
CIMOB PART-PREF        GAFPN BZ         44047411.7     -45669963.6
CIMOB PART-PREF        GAFP4 BZ         44047411.7     -45669963.6
CIMOB PARTIC SA        GAFP3 BZ         44047411.7     -45669963.6
WIEST                  WISA3 BZ        34108201.43      -126997429
WIEST-PREF             WISA4 BZ        34108201.43      -126997429
WIEST SA-PREF          WISAPN BZ       34108201.43      -126997429
WIEST SA               WISAON BZ       34108201.43      -126997429
RECRUSUL - RT          RCSL2 BZ        31427766.04     -30307605.7
RECRUSUL               RCSL3 BZ        31427766.04     -30307605.7
RECRUSUL - RT          RCSL1 BZ        31427766.04     -30307605.7
RECRUSUL SA-PREF       RESLPN BZ       31427766.04     -30307605.7
RECRUSUL - RCT         4529793Q BZ     31427766.04     -30307605.7
RECRUSUL - RCT         RCSL10 BZ       31427766.04     -30307605.7
RECRUSUL - RT          4529781Q BZ     31427766.04     -30307605.7
RECRUSUL-BON RT        RCSL11 BZ       31427766.04     -30307605.7
RECRUSUL-PREF          RCSL4 BZ        31427766.04     -30307605.7
RECRUSUL - RCT         4529789Q BZ     31427766.04     -30307605.7
RECRUSUL SA            RESLON BZ       31427766.04     -30307605.7
RECRUSUL - RCT         RCSL9 BZ        31427766.04     -30307605.7
RECRUSUL - RT          4529785Q BZ     31427766.04     -30307605.7
RECRUSUL-BON RT        RCSL12 BZ       31427766.04     -30307605.7
SANESALTO              SNST3 BZ        31044053.25     -1843297.83
STAROUP SA-PREF        STARPN BZ       27663604.95     -7174512.03
BOTUCATU TEXTIL        STRP3 BZ        27663604.95     -7174512.03
BOTUCATU-PREF          STRP4 BZ        27663604.95     -7174512.03
STAROUP SA             STARON BZ       27663604.95     -7174512.03
CONST BETER-PR A       COBEAN BZ       25469474.32      -4918659.9
CONST BETER-PR B       COBEBN BZ       25469474.32      -4918659.9
CONST BETER-PR B       1009Q BZ        25469474.32      -4918659.9
CONST BETER SA         COBE3 BZ        25469474.32      -4918659.9
CONST BETER-PF B       1COBBN BZ       25469474.32      -4918659.9
CONST BETER SA         COBEON BZ       25469474.32      -4918659.9
CONST BETER SA         1COBON BZ       25469474.32      -4918659.9
CONST BETER-PF A       COBE5 BZ        25469474.32      -4918659.9
CONST BETER-PF B       COBE6 BZ        25469474.32      -4918659.9
CONST BETER SA         1007Q BZ        25469474.32      -4918659.9
CONST BETER-PF A       1COBAN BZ       25469474.32      -4918659.9
CONST BETER SA         COBE3B BZ       25469474.32      -4918659.9
CONST BETER-PR A       1008Q BZ        25469474.32      -4918659.9
FER HAGA-PREF          HAGA4 BZ        23732827.38     -65883555.8
FERRAGENS HAGA         HAGAON BZ       23732827.38     -65883555.8
FERRAGENS HAGA-P       HAGAPN BZ       23732827.38     -65883555.8
HAGA                   HAGA3 BZ        23732827.38     -65883555.8
ALL ORE MINERACA       STLB3 BZ         23040051.4     -8699861.07
ALL ORE MINERACA       AORE3 BZ         23040051.4     -8699861.07
STEEL - RT             STLB1 BZ         23040051.4     -8699861.07
STEEL - RCT ORD        STLB9 BZ         23040051.4     -8699861.07
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        21097369.71      -903951461
CAFE BRASILIA-PR       CSBRPN BZ       21097369.71      -903951461
CAFE BRASILIA SA       CSBRON BZ       21097369.71      -903951461
CAF BRASILIA           CAFE3 BZ        21097369.71      -903951461
TECEL S JOSE-PRF       SJOS4 BZ        19067323.42     -52580501.1
TECEL S JOSE           SJOS3 BZ        19067323.42     -52580501.1
TECEL S JOSE-PRF       FTSJPN BZ       19067323.42     -52580501.1
TECEL S JOSE           FTSJON BZ       19067323.42     -52580501.1
NORDON METAL           NORDON BZ       15354597.14     -26859636.7
NORDON MET             NORD3 BZ        15354597.14     -26859636.7
NORDON MET-RTS         NORD1 BZ        15354597.14     -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        14300741.22     -46729432.5
CHIARELLI SA           CCHI3 BZ        14300741.22     -46729432.5
CHIARELLI SA-PRF       CCHPN BZ        14300741.22     -46729432.5
CHIARELLI SA-PRF       CCHI4 BZ        14300741.22     -46729432.5
HERCULES               HETA3 BZ        12689117.49      -170680899
HERCULES SA-PREF       HERTPN BZ       12689117.49      -170680899
HERCULES-PREF          HETA4 BZ        12689117.49      -170680899
HERCULES SA            HERTON BZ       12689117.49      -170680899
GAZOLA                 GAZO3 BZ        12452144.11     -40298531.2
GAZOLA SA-PREF         GAZPN BZ        12452144.11     -40298531.2
GAZOLA SA-DVD PF       GAZO12 BZ       12452144.11     -40298531.2
GAZOLA SA              GAZON BZ        12452144.11     -40298531.2
GAZOLA SA-DVD CM       GAZO11 BZ       12452144.11     -40298531.2
GAZOLA-RCPT PREF       GAZO10 BZ       12452144.11     -40298531.2
GAZOLA-PREF            GAZO4 BZ        12452144.11     -40298531.2
GAZOLA-RCPTS CMN       GAZO9 BZ        12452144.11     -40298531.2
ARTHUR LANGE-PRF       ARLA4 BZ        11642255.92     -17154461.9
ARTHUR LANGE SA        ALICON BZ       11642255.92     -17154461.9
ARTHUR LAN-DVD C       ARLA11 BZ       11642255.92     -17154461.9
ARTHUR LANGE           ARLA3 BZ        11642255.92     -17154461.9
ARTHUR LANG-RT P       ARLA2 BZ        11642255.92     -17154461.9
ARTHUR LAN-DVD P       ARLA12 BZ       11642255.92     -17154461.9
ARTHUR LANG-RT C       ARLA1 BZ        11642255.92     -17154461.9
ARTHUR LANGE-PRF       ALICPN BZ       11642255.92     -17154461.9
ARTHUR LANG-RC C       ARLA9 BZ        11642255.92     -17154461.9
ARTHUR LANG-RC P       ARLA10 BZ       11642255.92     -17154461.9
FERREIRA GUIM-PR       FGUIPN BZ       11016542.14      -151840377
FERREIRA GUIMARA       FGUION BZ       11016542.14      -151840377
F GUIMARAES-PREF       FGUI4 BZ        11016542.14      -151840377
F GUIMARAES            FGUI3 BZ        11016542.14      -151840377


CHILE

EMPRESA DE LOS F       2940894Z CI      1933599104       -50416404
TELMEX CORP-ADR        CSAOY US         1156945109      -122555290
CHILESAT CORP SA       TELEX CI         1156945109      -122555290
CLARO COM SA           CHILESAT CI      1156945109      -122555290
TELEX-A                TELEXA CI        1156945109      -122555290
CHILESAT CO-ADR        TL US            1156945109      -122555290
TELEX-RTS              TELEXO CI        1156945109      -122555290
CHILESAT CO-RTS        CHISATOS CI      1156945109      -122555290


PUERTO RICO

TEXTIL SAN CRI-C       SNCRISC1 PE     59428057.88     -8824587.31
TEXTIL SAN CRI-C       SNCR/C PE       59428057.88     -8824587.31


                            ***********


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.


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