TCRLA_Public/110809.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 9, 2011, Vol. 12, No. 156

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Liquidators Win Bid to Get US$20MM in U.K. Assets


B R A Z I L

BANCO BVA: Fitch Affirms Foreign Currency IDR at 'B-'
BANCO PINE: Fitch Affirms LT Issuer Default Rating at 'BB-'
INVEPAR: Fitch Assigns 'BB-' Issuer Default Ratings
OURINVEST: Moody's Withdraws (P)Ba2(sf) LC Rating of Sr. Shares


C A Y M A N   I S L A N D S

CARNAUBA FUND CLASS E: Shareholders' Final Meeting Set for Aug. 31
CARNAUBA FUND CLASS S: Shareholders' Final Meeting Set for Aug. 31
CIGMA ABSOLUTE: Shareholder Receives Wind-Up Report
CIGMA CHINA: Shareholder Receives Wind-Up Report
CIGMA GLOBAL: Shareholder Receives Wind-Up Report

EPIC CAPITAL: Shareholders' Final Meeting Set for August 19
FOUNDERS CORPORATION: Shareholders' Final Meeting Set for Aug. 16
FRANCK MULTI-ADVISOR CLASS E: Final Meeting Set for August 31
FRANCK MULTI-ADVISOR CLASS S: Final Meeting Set for August 31
ONEWAVE INC: Shareholders' Final Meeting Set for August 9

ONEWAVE LIMITED: Shareholders' Final Meeting Set for August 16
PAN CHINA: Shareholders' Final Meeting Set for August 9
PEQUOT COSMOS OFFSHORE: Shareholders' Final Meeting Set for Aug 19
PEQUOT COSMOS MASTER: Shareholders' Final Meeting Set for Aug. 19
PONTIS LTD: Shareholders' Final Meeting Set for August 19


T R I N I D A D  &  T O B A G O

CL FINANCIAL: CLICO Pays Millions to Two Regional Banks


X X X X X X X X

* S&P Lowers Rating on United States to 'AA+'; Outlook Negative
* 15 Companies in S&P List of Defaulters in Second Quarter
* Large Companies With Insolvent Balance Sheets




                            - - - - -


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


STANFORD INT'L: Liquidators Win Bid to Get US$20MM in U.K. Assets
-----------------------------------------------------------------
Kit Chellel at Bloomberg News reports that London's Central
Criminal Court Judge Elizabeth Gloster ordered the release of
US$20 million of Stanford International Bank Limited assets frozen
in the United Kingdom, with US$5 million to be made available to
Grant Thornton, liquidators of the Antigua-based bank.  The bank
is the center of a multi-billion Ponzi scheme allegedly
orchestrated by its owner Robert Allen Stanford, who is currently
in jail facing criminal and civil charges.

Grant Thornton said it will use the money to fund lawsuits against
banks and advisers who worked with Stanford International Bank,
according to Bloomberg.  The report relates that Grant Thornton
lawyers said the accounting firm also hopes to clawback funds from
investors who profited from the alleged fraud.

As reported in the Troubled Company Reporter-Latin America on
Aug. 5, 2011, The Financial Times said Grant Thornton made an
application for US$20 million to be released from an estimated
US$100 million of assets frozen in the United Kingdom so they can
help recover other assets for victims of Mr. Stanford's alleged
Ponzi scheme.  The court heard that the liquidators would make use
of the funds for lawsuits and to help manage and market property
assets in the West Indies, according to The Financial Times.  The
report noted that the liquidators' application was opposed by
lawyers for the United Kingdom Serious Fraud Office (SFO) on
behalf of the U.S. Department of Justice (DOJ) that said the money
should ultimately be repatriated to the U.S.  The Financial Times
recalled that the assets, mostly invested in hedge funds, were
frozen after an earlier Court of Appeal ruling.

                    About Stanford International Bank

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

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

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

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

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


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


BANCO BVA: Fitch Affirms Foreign Currency IDR at 'B-'
-----------------------------------------------------
Fitch Ratings has affirmed these ratings for Banco BVA S.A.(BVA):

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

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

   -- Local currency IDR at 'B-'; Outlook Stable;

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

   -- Individual rating at 'D/E';

   -- Viability rating at 'b-';

   -- Support rating at '5';

   -- Support rating floor at 'No floor';

   -- National long-term rating at 'BB(bra)'; Outlook Stable;

   -- National short-term rating at 'B(bra)';

   -- Senior unsecured Debt at 'B-/RR4'.

BVA's ratings reflect its guarantee's follow-up controls, wide
expertise over its medium and small customer's portfolios, and
acceptable liquidity.  However, they also consider its high
leverage, considerable concentration of assets and liabilities,
the bank's overall revenue generation dependency on credit
origination, low products and regional diversification, fast
growth in recent years and small size.

After being able to sustain a stable deposits base during the 2008
crisis, albeit with reduced profitability due to lower credit
origination, BVA has tripled its credit portfolio, following the
resumption of Brazil's GDP growth since 2H'09.  Nonetheless, Fitch
notes that the bank's provisioning coverage decreased along with
this aggressive growth.  Its focus continues to be on Middle
Market companies, offering plain vanilla credits facilities,
primarily Cedulas de Credito Bancario (CCBs), which are
securitizable, receivables discount and other financial services.

The bank has lengthened its credit portfolio considerably since
2008, mainly with funding from corporate and individual
depositors, and sales of portfolios to other securitization
vehicles (FDICs).  BVA is using close to 100% of its DPGE issuance
limit (BRL577 million in December 2010) set by Brazil's Central
Bank (Bacen) and, therefore, has low room for further deposits
lengthening through the use of this facility, which represent 19%
of total deposits.

BVA's asset quality indicators are distorted by the fast loan
growth in recent years.  BVA reduced its credit portfolio growth
from 242% in 2009 to a still aggressive 68% in 2010, while NPLs as
a share of total loans grew to 5.25% in FY10, from 3.9% in FY09.
Thus, Fitch notes that the real quality of BVA's portfolio will be
known only after it is seasoned, which might occur in 2011 and
2012 following economic tightening from the government.

BVA's results have improved in 2009 and 2010, as lower Net
Interest Margins due to growing competition were compensated by
higher revenues from CCB issuances (BRL 245 million in 2010 and
BRL243 million in 2009), which only occur when new credits are
originated.

From 2008 to 1Q'11, BVA received capital injections of BRL338
million and paid no dividends in order to support its growth.
However, given BVA' hybrid instruments which Fitch deducted on its
Fitch core capital ratio, of 11.6% in 1Q'11 (7.4% in 2010), the
agency highlights BVA's elevated leverage.

Slower portfolio growth, increasing funding sources, as well as
funding tenor and costs, aligned with an improvement in Fitch Core
Capital to closer to peer average (provided asset quality remains
stable), could trigger an upgrade.  Further deterioration on these
aspects could trigger a downgrade.

Fitch believes BVA would seek support from its shareholders in
case of difficulties.  Nevertheless, Fitch believes this support
is possible but not certain, even though some capital injections
were made by shareholders recently.

Launched in 1994, and based in Sao Paulo, BVA focuses its
activities on middle market companies with sales mostly
concentrated in the local market.


BANCO PINE: Fitch Affirms LT Issuer Default Rating at 'BB-'
-----------------------------------------------------------
Fitch Ratings has affirmed the ratings of Banco Pine S.A. (Pine):

   -- Long-term Issuer Default Rating (IDR) at 'BB-'; Stable
      Outlook;

   -- Short-term IDR at 'B';

   -- Local currency Long-Term IDR at 'BB-'; Stable Outlook;

   -- Local currency Short-Term IDR at 'B';

   -- Individual rating at 'C/D';

   -- Viability rating at 'bb-'

   -- Support rating at '5';

   -- Support rating Floor 'NF'

   -- National long-term rating at 'A(bra)'; Stable Outlook;

   -- National short-term rating at 'F1(bra)'

   -- Banco Pine S.A. USD 125million Subordinated notes at 'B'.

Fitch also withdraws its expected rating of 'BB-(exp)' that was
previously assigned to an expected Senior Unsecured Note issuance
that was postponed by the issuer prior to the issuance.

The above ratings reflect Pine's continued strengthening of its
position in its operating niche which focuses primarily on upper
middle and low corporate segments, its focused strategy further
improved profitability through the cross selling of products other
than loans which now represent over 30% of revenues, its strong
asset quality and conservative provisioning, its liquidity and
greater diversification of funding sources.

The bank's ratings are driven by the Viability Rating that
reflects the above mentioned strengths and also takes into account
the still concentrated funding and capital base that is slightly
inferior to its peers.

Fitch continues to be comfortable with regard to Pine's strategy,
risk management controls and systems combined with its
conservative provisioning.  Also the continuous diversification of
its revenue mix is a positive trend.  Pine has shown a healthy
growth in its loan portfolio while maintaining asset quality.  It
faces the challenge of maintaining performance consistency in view
of the expected greater competition stemming from banks that are
increasing their focus to the middle-market corporate segment.
Despite recent improvements, funding diversification and the
maintenance of a stronger capital base are other challenges for
the bank.  The bank has been able to access alternative sources of
funding; however, its funding still remains concentrated. In
addition, high dividend payout ratios have reduced Fitch Core
Capital to 13.6%, reflecting a slightly weaker capital base. As of
March 31, 2011 Pine's total regulatory capital BIS ratio was
17.1%.

A more diversified funding base and a more comfortable Tier I
capital ratio combined with the continuation of favorable
liquidity, asset quality and profitability could lead to an
improvement in the ratings.

Founded in 1997, Pine is controlled by Noberto Pinheiro and is
listed on the Sao Paulo stock exchange (Bovespa) since 2007. The
bank operates through 10 branches and focuses its activities to
middle-market companies, especially the upper-middle and low
corporate segments (whose net sales exceed BRL500 million).


INVEPAR: Fitch Assigns 'BB-' Issuer Default Ratings
---------------------------------------------------
Fitch Ratings has assigned foreign and local currency Issuer
Default Ratings (IDRs) of 'BB-' to Investimentos e Participacoes
em Infraestrutura S.A. (Invepar).  Fitch has also assigned Invepar
a Long-Term National Scale Rating of 'A(bra)'.  The Rating Outlook
is Stable.

These ratings reflect the group's solid business profile, based on
a diversified portfolio of strong cash-generating assets in the
Brazilian infrastructure sector.  Invepar's ratings are also based
on the robust and already proven financial support capacity of its
main shareholders, which include the largest pension funds in the
country.

The ratings are constrained by the company's highly leveraged
capital structure, resulting from a high level of investments.
The company has a weak liquidity position.  The ratings
incorporate Fitch's expectations that Invepar will be successful
in rolling over its short-term debt.

Invepar's asset portfolio comprises: control of Concessao
Metroviaria do Rio de Janeiro S.A.  (Metro Rio), which accounted
for around 48% of pro forma EBITDA and 63% of pro forma debt in
2010; Linha Amarela S/A - LAMSA (Lamsa), which accounted for
around 32% of the pro forma EBITDA and 4.5% of pro forma debt;
Concessionaria Litoral Norte S.A.  (CLN) (approximately 2% of pro
forma EBITDA and 1% of the pro forma debt); and Concessionaria
Auto Raposo Tavares (CART) (around 15% of pro forma EBITDA and 29%
of pro forma debt).  The latter three companies are toll road
companies.

Invepar's portfolio also includes two joint ventures with the
Odebrecht group (50% participation): Concessionaria Bahia Norte
S.A. (CBN) and Concessionaria Rota do Atlantico S.A. (Rota do
Atlantico), which are still pre-operational, and a 24.9%
participation in Concessionaria Rio Teresopolis S.A. (CRT).

Adequate Business Profile Sustains the Group's Fund Generating
Capacity

Invepar's business profile benefits from its strong and
diversified portfolio of assets in the toll road and public
transportation sectors.  These businesses offer relatively
predictable cash flows.  For the latest 12 months (LTM) ended
March 31, 2011, Invepar generated BRL329 million of consolidated
EBITDA and BRL193 million of cash flow from operations (CFFO).
Fitch expects Invepar's EBITDA to climb to about BRL400 million
during 2011.  Invepar's consolidated free cash flow (FCF) has been
negative since 2009, due to a high level of investments. During
2009 and 2010, the group invested about BRL2.9 billion in new
projects, resulting in negative FCF of about BRL1.7 billion in
2009 and BRL796 million in 2010.  Investments of around BRL2.7
billion until 2015 should continue to pressure the group's cash
flow and will lead to additional debt.

Commitment of Invepar Shareholders Supports the Group's Financial
Flexibility

Invepar is controlled by Previ, Funcef and Petros, the three
largest pension funds in Brazil, and by group OAS, one of the
largest of the heavy construction companies in the country.  Since
2009, they have jointly injected around BRL1.73 billion of cash
into Invepar, through capital increases (BRL1.4 billion) and the
subscription of debentures (BRL338 million).  Determining factors
for the assigned ratings were the high financial support capacity
of Invepar's shareholders and their proven support for Invepar.
This support has allowed the company to expand its operations.

Aggressive Volume of Investments Should Maintain High Leverage

Invepar's consolidated leverage is high for the rating category;
most of it is associated with projects under development.  The
risk of high leverage is partially mitigated by the historical
support from shareholders, as well as by the potential capacity of
future cash generation by the company from projects under
development.  On a consolidated basis, the company reported
leverage, as measured by the ratio of net debt/EBITDA, of 7.0
times (x) for the LTM ended March 31, 2011.  During this period,
total consolidated debt was BRL2.4 billion, while cash and
marketable securities was BRL132 million.  At the holding company
level, total debt was BRL481 million, with BRL54 million falling
due in the next 12 months.  Cash was low at BRL6 million. The
company has already contracted long-term financing in order to
roll over its short-term debt, and a few others credit lines are
being contracted, which helps to mitigate refinancing risks.

Debt Service Coverage Ratio at the Holding Company is Manageable

In 2010, Invepar covered debt service at the holding company by a
ratio of 4.5x through dividends received from Lamsa and interest
received on a debenture issued by Metro Rio, which was acquired by
Invepar.  Fitch projects this ratio to weaken to about 1.2x by
2012, when the company starts to amortize long-term debt.  This
coverage metric could fall below 1.0x if only the dividend from
Lamsa was considered. Currently, the cash flow from Metro Rio is
under pressure due to significant investments.

Key Rating Drivers

A potential rating upgrade may take place in the case of
consistent improvement in consolidated credit measures and a
sustained improvement in the company's liquidity position.  The
ratings might be lowered if shareholders do not continue
supporting the company through capital injections.  The ratings
may also be downgraded if the performance of the group's operating
subsidiaries deteriorates.  Increases of consolidated leverage
ratios above those initially estimated by Fitch could also lead to
negative rating action, as would large investments or acquisitions
not anticipated by Fitch.


OURINVEST: Moody's Withdraws (P)Ba2(sf) LC Rating of Sr. Shares
---------------------------------------------------------------
Moody's America Latina has withdrawn the definitive ratings of the
senior shares of Ourinvest Fundo de Investimento em Direitos
Creditorios Financeiros -- Suppliercard ("Ourinvest FIDC --
Suppliercard").

Details on the relevant notes are provided below:

Issuer: Ourinvest FIDC - Suppliercard

Senior Shares, Withdrawn; previously on Feb 15, 2007 assigned
preliminary ratings of (P) Ba2 (sf) (Global Scale, Local Currency)
and (P) Aa2.br (sf) (National Scale, Local Currency)

Senior Shares, Withdrawn; previously on Dec 21, 2007 assigned
definitive ratings of Ba2 (sf) (Global Scale, Local Currency) and
Aa2.br (sf) (National Scale, Local Currency)


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


CARNAUBA FUND CLASS E: Shareholders' Final Meeting Set for Aug. 31
------------------------------------------------------------------
The shareholders of The Carnauba Fund-Class E will hold their
final meeting on August 31, 2011, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


CARNAUBA FUND CLASS S: Shareholders' Final Meeting Set for Aug. 31
------------------------------------------------------------------
The shareholders of The Carnauba Fund-Class S will hold their
final meeting on August 31, 2011, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


CIGMA ABSOLUTE: Shareholder Receives Wind-Up Report
---------------------------------------------------
The sole shareholder of Cigma Absolute Strategies Fund received on
August 8, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Barry Wang Chi Lau
         Telephone: (852) 2217 3487
         Facsimile: (345) 949-9877
         89 Nexus Way
         Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


CIGMA CHINA: Shareholder Receives Wind-Up Report
------------------------------------------------
The sole shareholder of Cigma China Evolution Fund Limited
received on August 8, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Barry Wang Chi Lau
         Telephone: (852) 2217 3487
         Facsimile: (345) 949-9877
         89 Nexus Way
         Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


CIGMA GLOBAL: Shareholder Receives Wind-Up Report
-------------------------------------------------
The sole shareholder of Cigma Global Strategies Fund received on
August 8, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Barry Wang Chi Lau
         Telephone: (852) 2217 3487
         Facsimile: (345) 949-9877
         89 Nexus Way
         Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


EPIC CAPITAL: Shareholders' Final Meeting Set for August 19
-----------------------------------------------------------
The shareholders of Epic Capital Offshore Inc. will hold their
final meeting on August 19, 2011, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FOUNDERS CORPORATION: Shareholders' Final Meeting Set for Aug. 16
-----------------------------------------------------------------
The shareholders of Founders Corporation will hold their final
meeting on August 16, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FRANCK MULTI-ADVISOR CLASS E: Final Meeting Set for August 31
-------------------------------------------------------------
The shareholders of Franck Multi-Advisor Growth-Class E will hold
their final meeting on August 31, 2011, at 12:00 noon, to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

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 CLASS S: Final Meeting Set for August 31
-------------------------------------------------------------
The shareholders of Franck Multi-Advisor Growth-Class S will hold
their final meeting on August 31, 2011, at 12:00 noon, to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


ONEWAVE INC: Shareholders' Final Meeting Set for August 9
---------------------------------------------------------
The shareholders of Onewave Inc. will hold their final meeting on
August 9, 2011, at 9:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Krysten Lumsden
         Telephone: (345) 814 7366
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


ONEWAVE LIMITED: Shareholders' Final Meeting Set for August 16
--------------------------------------------------------------
The shareholders of Onewave Limited will hold their final meeting
on August 16, 2011, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Sun Yilang
         Telephone: (86 21) 6142 1822
         Facsimile: (86 21) 6181 8388
         Mirae Asset Tower, 6th Floor
         No. 166, Lujiazui Ring Rd.
         Shanghai, PRC 200120


PAN CHINA: Shareholders' Final Meeting Set for August 9
-------------------------------------------------------
The shareholders of Pan China Land (Holdings) Corporation will
hold their final meeting on August 9, 2011, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Krysten Lumsden
         Telephone: (345) 814 7366
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


PEQUOT COSMOS OFFSHORE: Shareholders' Final Meeting Set for Aug 19
------------------------------------------------------------------
The shareholders of Pequot Cosmos Offshore Fund, Ltd. will hold
their final meeting on August 19, 2011, at 11:15 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PEQUOT COSMOS MASTER: Shareholders' Final Meeting Set for Aug. 19
-----------------------------------------------------------------
The shareholders of Pequot Cosmos Master Fund, Ltd. will hold
their final meeting on August 19, 2011, at 11:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PONTIS LTD: Shareholders' Final Meeting Set for August 19
---------------------------------------------------------
The shareholders of Pontis Ltd. will hold their final meeting on
August 19, 2011, at 10:45 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


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


CL FINANCIAL: CLICO Pays Millions to Two Regional Banks
-------------------------------------------------------
Jada Loutoo at Trinidad & Tobago Newsday reports that Colonial
Life Insurance Company (Trinidad) Limited (CLICO) has paid out
millions to regional banks, Bank of Nevis (BN) and Bank of Nevis
International (BNI) Limited, after a default judgment was entered
against the company in the local courts.  CLICO is a subsidiary of
CL Financial Limited.

CLICO had been taken to court by the two regional banks for the
full repayment of all outstanding principal, and interest
payments, according to T&T Newsday.  The report relates that both
banks held Executive Flexible Premium Annuity policies.

T&T Newsday notes that the banks' lawsuits were dated May 17,
2010, and judgment was awarded in default of appearance by Clico's
attorneys on June 14, 2010.

The court ordered Clico to pay BNI the sum of GBP550,003,
EUR851,189, and US$2,000,010, and BN GBP150,002 and EUR200,000,
T&T Newsday discloses.  The insurance company was placed under
direct control of the Central Bank in 2009.

The report notes that on July 8, 2010, Central Bank filed an
application seeking to have the default judgment set aside.  As
part of its argument, T&T Newsday relates, Clico maintained that
BNI was not entitled to the payment of the US$$2,000,010 sum under
the EFPA policy as the guaranteed interests rate was 2%, and not
8%, as the bank sought to surrender the EFPA on March 17, 2010,
and not March 18, 2010, which was the calculated maturity date for
the policy.

T&T Newsday discloses that in an apparent change of heart, Clico
was given leave on October 10, 2010, to withdraw its objection to
the default judgment, and agreed to pay.  According to the banks'
consolidated financial statements for the year ended June 30,
2010, noted that at the time of approval of the statements, all
payments had been honored.

This about turn by Clico is now troubling EFPA policyholders, who
are now questioning a recent decision by Finance Minister Winston
Dookeran, to appeal a similar judgment of the high court that
compelled the insurance company to pay six EFPA policy holders
more than TT$58.7 million, T&T Newsday relates.

As reported in the Troubled Company Reporter-Latin America on
July 28, 2011, Caribbean News Now said the Trinidad and Tobago
Ministry of Finance has advised CLICO intends to appeal the July
22 High Court judgment against the company.

The judgment arose out of claims brought against CLICO by the
following claimants:

   -- St. Christopher and Nevis Social Security Board;
   -- Alvin Fitzpatrick;
   -- Darryl Goede and Nancy Goede;
   -- Lesley-Ann Lucky-Samaroo;
   -- Vindra Amar; and
   -- David Knott

The High Court found that, while the six claims were different in
form, they substantially related to the repayment or return of
monies paid by the claimants to CLICO under CLICO's Executive
Flexible Premium Annuity Plans (the EFPA agreements), according to
Caribbean News Now.  Madam Justice Rajnauth-Lee issued a judgment
in favor of each of the claimants and against CLICO in respect of
the EFPAs, the report related.

                             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.


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


* S&P Lowers Rating on United States to 'AA+'; Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services on Friday lowered its long-term
sovereign credit rating on the United States of America to 'AA+'
from 'AAA'.  Standard & Poor's also said that the outlook on the
long-term rating is negative.  At the same time, Standard &
Poor's affirmed its 'A-1+' short-term rating on the U.S. In
addition, Standard & Poor's removed both ratings from CreditWatch,
where they were placed on July 14, 2011, with negative
implications.

The transfer and convertibility (T&C) assessment of the U.S. --
S&P's assessment of the likelihood of official interference in the
ability of U.S.-based public- and private-sector issuers to secure
foreign exchange for debt service -- remains 'AAA'.

"We lowered our long-term rating on the U.S. because we believe
that the prolonged controversy over raising the statutory debt
ceiling and the related fiscal policy debate indicate that further
near-term progress containing the growth in public spending,
especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain
a contentious and fitful process.  We also believe that the fiscal
consolidation plan that Congress and the Administration agreed to
this week falls short of the amount that we believe is necessary
to stabilize the general government debt burden by the middle of
the decade," S&P said in a statement.

"Our lowering of the rating was prompted by our view on the rising
public debt burden and our perception of greater policymaking
uncertainty, consistent with our criteria (see "Sovereign
Government Rating Methodology and Assumptions," June 30, 2011,
especially Paragraphs 36-41). Nevertheless, we view the U.S.
federal government's other economic, external, and monetary
credit attributes, which form the basis for the sovereign rating,
as broadly unchanged.

"We have taken the ratings off CreditWatch because the Aug. 2
passage of the Budget Control Act Amendment of 2011 has removed
any perceived immediate threat of payment default posed by delays
to raising the government's debt ceiling. In addition, we believe
that the act provides sufficient clarity to allow us to evaluate
the likely course of U.S. fiscal policy for the next few years.

"The political brinksmanship of recent months highlights what we
see as America's governance and policymaking becoming less stable,
less effective, and less predictable than what we previously
believed.  The statutory debt ceiling and the threat of default
have become political bargaining chips in the debate over fiscal
policy. Despite this year's wide-ranging debate, in our view, the
differences between political parties have proven to be
extraordinarily difficult to bridge, and, as we see it, the
resulting agreement fell well short of the comprehensive fiscal
consolidation program that some proponents had envisaged until
quite recently.  Republicans and Democrats have only been able to
agree to relatively modest savings on discretionary spending while
delegating to the Select Committee decisions on more comprehensive
measures.  It appears that for now, new revenues have dropped down
on the menu of policy options.  In addition, the plan envisions
only minor policy changes on Medicare and little change in other
entitlements, the containment of which we and most other
independent observers regard as key to long-term fiscal
sustainability.

"Our opinion is that elected officials remain wary of tackling the
structural issues required to effectively address the rising U.S.
public debt burden in a manner consistent with a 'AAA' rating and
with 'AAA' rated sovereign peers (see Sovereign Government Rating
Methodology and Assumptions," June 30, 2011, especially Paragraphs
36-41).  In our view, the difficulty in framing a consensus on
fiscal policy weakens the government's ability to manage public
finances and diverts attention from the debate over how to achieve
more balanced and dynamic economic growth in an era of fiscal
stringency and private-sector deleveraging (ibid).  A new
political consensus might (or might not) emerge after the 2012
elections, but we believe that by then, the government debt burden
will likely be higher, the needed medium-term fiscal adjustment
potentially greater, and the inflection point on the U.S.
population's demographics and other age-related spending drivers
closer at hand (see "Global Aging 2011: In The U.S., Going Gray
Will Likely Cost Even More Green, Now," June 21, 2011)."

"Standard & Poor's takes no position on the mix of spending and
revenue measures that Congress and the Administration might
conclude is appropriate for putting the U.S.'s finances on a
sustainable footing.  The act calls for as much as US$2.4 trillion
of reductions in expenditure growth over the 10 years through
2021.  These cuts will be implemented in two steps: the US$917
billion agreed to initially, followed by an additional US$1.5
trillion that the newly formed Congressional Joint Select
Committee on Deficit Reduction is supposed to recommend by
November 2011.  The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend
them.

"The act further provides that if Congress does not enact the
committee's recommendations, cuts of US$1.2 trillion will be
implemented over the same time period.  The reductions would
mainly affect outlays for civilian discretionary spending,
defense, and Medicare.  We understand that this fall-back
mechanism is designed to encourage Congress to embrace a more
balanced mix of expenditure savings, as the committee might
recommend.

"We note that in a letter to Congress on Aug. 1, 2011, the
Congressional Budget Office (CBO) estimated total budgetary
savings under the act to be at least US$2.1 trillion over the next
10 years relative to its baseline assumptions.  In updating our
own fiscal projections, with certain modifications outlined below,
we have relied on the CBO's latest "Alternate Fiscal Scenario" of
June 2011, updated to include the CBO assumptions contained in its
Aug. 1 letter to Congress. In general, the CBO's "Alternate
Fiscal Scenario" assumes a continuation of recent Congressional
action overriding existing law.

"We view the act's measures as a step toward fiscal consolidation.
However, this is within the framework of a legislative mechanism
that leaves open the details of what is finally agreed to until
the end of 2011, and Congress and the Administration could modify
any agreement in the future.  Even assuming that at least US$2.1
trillion of the spending reductions the act envisages are
implemented, we maintain our view that the U.S. net general
government debt burden (all levels of government combined,
excluding liquid financial assets) will likely continue to grow.
Under our revised base case fiscal scenario--which we consider to
be consistent with a 'AA+' long-term rating and a negative
outlook--we now project that net general government debt
would rise from an estimated 74% of GDP by the end of 2011 to 79%
in 2015 and 85% by 2021.  Even the projected 2015 ratio of
sovereign indebtedness is high in relation to those of peer
credits and, as noted, would continue to rise under the act's
revised policy settings.

Compared with previous projections, our revised base case scenario
now assumes that the 2001 and 2003 tax cuts, due to expire by the
end of 2012, remain in place.  We have changed our assumption on
this because the majority of Republicans in Congress continue to
resist any measure that would raise revenues, a position we
believe Congress reinforced by passing the act.  Key macroeconomic
assumptions in the base case scenario include trend real GDP
growth of 3% and consumer price inflation near 2% annually over
the decade.

"Our revised upside scenario--which, other things being equal, we
view as consistent with the outlook on the 'AA+' long-term rating
being revised to stable--retains these same macroeconomic
assumptions.  In addition, it incorporates US$950 billion of new
revenues on the assumption that the 2001 and 2003 tax cuts for
high earners lapse from 2013 onwards, as the Administration is
advocating.  In this scenario, we project that the net general
government debt would rise from an estimated 74% of GDP by the end
of 2011 to 77% in 2015 and to 78% by 2021.

Our revised downside scenario--which, other things being equal, we
view as being consistent with a possible further downgrade to a
'AA' long-term rating--features less-favorable macroeconomic
assumptions, as outlined below and also assumes that the second
round of spending cuts (at least US$1.2 trillion) that the act
calls for does not occur. This scenario also assumes somewhat
higher nominal interest rates for U.S. Treasuries.  We still
believe that the role of the U.S. dollar as the key reserve
currency confers a government funding advantage, one that could
change only slowly over time, and that Fed policy might lean
toward continued loose monetary policy at a time of fiscal
tightening.  Nonetheless, it is possible that interest rates could
rise if investors re-price relative risks.  As a result, our
alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from
2013 onwards. In this scenario, we project the net public debt
burden would rise from 74% of GDP in 2011 to 90% in 2015 and to
101% by 2021.

"Our revised scenarios also take into account the significant
negative revisions to historical GDP data that the Bureau of
Economic Analysis announced on July 29.  From our perspective, the
effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government.
First, the revisions show that the recent recession was deeper
than previously assumed, so the GDP this year is lower than
previously thought in both nominal and real terms. Consequently,
the debt burden is slightly higher.  Second, the revised data
highlight the sub-par path of the current economic recovery when
compared with rebounds following previous post-war recessions. We
believe the sluggish pace of the current economic recovery could
be consistent with the experiences of countries that have had
financial crises in which the slow process of debt deleveraging in
the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real
trend GDP growth of 2.5% and inflation of near 1.5% annually going
forward."

"When comparing the U.S. to sovereigns with 'AAA' long-term
ratings that we view as relevant peers -- Canada, France, Germany,
and the U.K. -- we also observe, based on our base case scenarios
for each, that the trajectory of the U.S.'s net public debt is
diverging from the others.  Including the U.S., we estimate that
these five sovereigns will have net general government debt to GDP
ratios this year ranging from 34% (Canada) to 80% (the U.K.), with
the U.S. debt burden at 74%. By 2015, we project that their net
public debt to GDP ratios will range between 30% (lowest, Canada)
and 83% (highest, France), with the U.S. debt burden at 79%.
However, in contrast with the U.S., we project that the net public
debt burdens of these other sovereigns will begin to decline,
either before or by 2015.

"Standard & Poor's transfer T&C assessment of the U.S. remains
'AAA'.  Our T&C assessment reflects our view of the likelihood of
the sovereign restricting other public and private issuers' access
to foreign exchange needed to meet debt service.  Although in our
view the credit standing of the U.S. government has deteriorated
modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or
the Administration.  Consequently, we continue to view this risk
as being highly remote."

"The outlook on the long-term rating is negative.  As our downside
alternate fiscal scenario illustrates, a higher public debt
trajectory than we currently assume could lead us to lower the
long-term rating again.  On the other hand, as our upside scenario
highlights, if the recommendations of the Congressional Joint
Select Committee on Deficit Reduction -- independently or coupled
with other initiatives, such as the lapsing of the 2001 and 2003
tax cuts for high earners -- lead to fiscal consolidation measures
beyond the minimum mandated, and we believe they are likely to
slow the deterioration of the government's debt dynamics, the
long-term rating could stabilize at 'AA+'."

On Monday, S&P will issue separate releases concerning affected
ratings in the funds, government-related entities, financial
institutions, insurance, public finance, and structured finance
sectors.


* 15 Companies in S&P List of Defaulters in Second Quarter
----------------------------------------------------------
Globally, 15 companies (13 public and two confidentially rated)
defaulted in the second quarter of 2011.  The volume of rated debt
affected by defaulters in the second quarter was US$39.5 billion,
up from five defaults in the first quarter with US$3.6 billion in
debt, said an article published Friday by Standard & Poor's Global
Fixed Income Research, titled "Quarterly Global Corporate Default
Update And Rating Transitions."

Of the 15 defaults in second-quarter 2011, eight were domiciled in
the U.S., two in Canada, two in New Zealand, and one each in
U.A.E, Russia, and France.

"On a trailing-12-month basis, the global speculative-grade
default rate as of June 2011 was 2%, down slightly from 2.08% at
the end of March and 5.12% at the same time in 2010," said Diane
Vazza, head of Standard & Poor's Global Fixed Income Research.
"The default rate is now at its lowest point since August 2008,
the last reading prior to the collapse of Lehman Brothers and the
ensuing recession in the U.S."

"Overall, credit quality has, in our view, continued to stabilize
over the past 18 months, as the number of downgrades has decreased
slightly across all regions," said Ms. Vazza. "The downgrade-to-
upgrade ratio fell to 0.64% in second-quarter 2011 from 1.10% in
the previous quarter."

The decrease from the first quarter is the result of a slight
uptick in upgrades -- to 3.5% from 2.45% -- along with a decrease
in downgrades--to 2.25% from 2.7%.


* 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.


                   * * * End of Transmission * * *