TCRLA_Public/110816.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 16, 2011, Vol. 12, No. 161

                            Headlines



B E R M U D A

DIGICEL GROUP: Claro Dealers Show Concern on Pending Merger


B R A Z I L

BANCO SAFRA: Fitch Affirms Support Rating Floor at 'B+'


C A Y M A N   I S L A N D S

AG CAPITAL: Creditors' Proofs of Debt Due August 31
ALPHATRAN MASTER: Creditors' Proofs of Debt Due August 31
CHRYSALIS HOLDING: Creditors' Proofs of Debt Due August 29
ENDEAVOUR RESOURCES: Creditors' Proofs of Debt Due August 22
FRASER SULLIVAN: Creditors' Proofs of Debt Due August 31

GCORE CAPITAL: Creditors' Proofs of Debt Due August 22
GCORE OFFSHORE: Creditors' Proofs of Debt Due August 22
GOODWILL INVESTMENTS: Creditors' Proofs of Debt Due August 31
JIAOZUO (G.P.): Creditors' Proofs of Debt Due August 22
MAGIC POWER: Creditors' Proofs of Debt Due August 29

NAUTICAL OFFSHORE: Court Appoints Krys and Borrelli as Liquidators
PARCO INTERNATIONAL: Creditors' Proofs of Debt Due August 31
SANDRIDGE LIMITED: Creditors' Proofs of Debt Due August 31
SEER CAPITAL: Creditors' Proofs of Debt Due August 31
ZENKA INDUSTRIES: Creditors' Proofs of Debt Due September 1


J A M A I C A

AIR JAMAICA: RPMs Decline While CAL's Passenger Carriage Doubles


M E X I C O

AUTOPISTA MONTERREY: Moody's Changes Global Scale Rating to 'Ba1'


P U E R T O   R I C O

AUTOS VEGA: Wants to Use Reliable's Cash Collateral Until January


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                            - - - - -


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B E R M U D A
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DIGICEL GROUP: Claro Dealers Show Concern on Pending Merger
-----------------------------------------------------------
RJR News reports that Claro dealers have intensified their
concerns about how the proposed merger with Digicel Group will
affect their operations.

The dealers penned a letter to the Telecommunications Minister,
Daryl Vaz, raising concerns that the merger could leave them with
a "hole in their pocket," according to RJR News.  In the letter,
the dealers complained that they have little stock to sell and,
since the merger announcement, their businesses have been in
decline, the report relates.

RJR News notes that Jacqueline Geddes, who operates Claro stores
in Kingston and Manchester, outlined their concerns.  "The biggest
concern we have I believe is communication, we don't know what's
happening.  With the announcement made in March, fewer customers
are coming in and we have been instructed by Claro that we must
keep it afloat. . .," RJR News quotes Ms. Geddes as saying.

Ms. Geddes said the dealers have been told by Claro that they will
not be compensated, according to the report.  Some dealers have
even contemplated legal action to help recoup expected losses
resulting from the merger, she added, the RJR News relays.

                        About Digicel Group

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

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

                         *     *     *

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


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B R A Z I L
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BANCO SAFRA: Fitch Affirms Support Rating Floor at 'B+'
-------------------------------------------------------
Fitch Ratings has affirmed the ratings of Banco Safra S.A. and
Safra Leasing S.A.- Arrendamento Mercantil as follows:
Banco Safra S.A.

  -- Foreign currency long-term Issuer Default Rating (IDR) at
     'BBB-'; Outlook Stable;
  -- Foreign currency short-term IDR at 'F3';
  -- Local currency long-term IDR at 'BBB-'; Outlook Stable;
  -- Local currency short-term IDR at 'F3';
  -- Individual rating at 'C';
  -- Viability rating at 'bbb-'
  -- Support rating at '4';
  -- Support rating floor at 'B+';
  -- National long-term rating at 'AA+(bra)'; Outlook Stable;
  -- National short-term rating at 'F1+(bra)'.

Banco Safra Senior notes due 2016

  -- Long-term Foreign Currency rating at 'BBB-(emr)'.

Banco Safra Senior notes due 2017

  -- Long-term Foreign Currency rating at 'BBB-(emr)'.

Safra Leasing S.A. Arrendamento Mercantil

  -- National long-term rating at 'AA+(bra)'; Outlook Stable;
  -- National short-term rating at 'F1+(bra)'.

Safra Leasing S.A. Arrendamento Mercantil - 12th, 13th, 14th and
15th Debenture Issuances

  -- National long-term rating at 'AA(bra)'.

Safra's rating may be upgraded due to a higher diversification of
its revenue stream and a more diluted funding source; making the
bank more flexible to sudden changes on market conditions.  In the
other hand, a deterioration of its asset quality and profitability
that hinders its capital base, would have negative rating
implications.

Safra's ratings reflect the bank's proven agility and ability to
manage risks and adapt its balance sheet during periods of
economic volatility, its consistent performance, conservative
practices in managing credit exposures, and good controls on the
collateral received from its borrowers.  The ratings also consider
its relative dependence on institutional and large corporate
funding.

Safra has continued to grow its balance sheet since the crisis in
2008.  With continuous focus on its core business of providing
credit facilities and services to SMEs and corporate clients, the
bank recorded a 33% growth in credit during 2010 followed by a
cautious 4% growth during the 1Q'11.  Despite Brazil's continued
favorable economic scenario, Fitch expects that Safra will
continue to grow at moderate pace and in a controlled fashion in
2011 given the recent economic tightening cycle.  Returns may be
lower due to continuous spread competition and the strong
liquidity of local credit markets.

With an asset quality better than its peers, Safra continued its
year-on-year trend of improved asset quality, attesting it strong
expertise in credit origination with middle-market companies.

While the total regulatory capital rose to 15.9% as of March 31,
2011, Fitch core capital was 12%. Given the very good track record
in terms of asset quality and profitability, even in time of
stress, Safra's capital base is considered adequate even though
its business model is relatively more concentrated than
other similarly rated universal banks.  Also, the bank as a
precautionary measure manages ample liquidity levels, while its
deposits normally fund the totality of its loans.

Safra is 99.9% controlled by Joseph Safra and his family and was
the sixth largest privately owned bank in Brazil in terms of total
assets as of December 2010.


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C A Y M A N   I S L A N D S
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AG CAPITAL: Creditors' Proofs of Debt Due August 31
---------------------------------------------------
The creditors of AG Capital Fund SPC are required to file their
proofs of debt by August 31, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 15, 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


ALPHATRAN MASTER: Creditors' Proofs of Debt Due August 31
---------------------------------------------------------
The creditors of Alphatran Master Fund are required to file their
proofs of debt by August 31, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 20, 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


CHRYSALIS HOLDING: Creditors' Proofs of Debt Due August 29
----------------------------------------------------------
The creditors of Chrysalis Holding Limited are required to file
their proofs of debt by August 29, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 8, 2011.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170 Grand Cayman KY1-1102
         Cayman Islands


ENDEAVOUR RESOURCES: Creditors' Proofs of Debt Due August 22
------------------------------------------------------------
The creditors of Endeavour Resources Limited are required to file
their proofs of debt by August 22, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 27, 2011.

The company's liquidator is:

         Woodward L. Terry
         c/o Woodward Terry & Company
         Suite #10, 2nd Floor
         Jack & Jill Building
         19 Fort Street, P.O. Box 822
         Grand Cayman KY1-1103
         Cayman Islands
         Telephone: (345) 945-2800
         Facsimile: (345) 945-2727


FRASER SULLIVAN: Creditors' Proofs of Debt Due August 31
--------------------------------------------------------
The creditors of Fraser Sullivan Credit Strategies Funding Ltd.
are required to file their proofs of debt by August 31, 2011, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on July 13, 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


GCORE CAPITAL: Creditors' Proofs of Debt Due August 22
------------------------------------------------------
The creditors of GCORE Capital Master Fund Ltd. are required to
file their proofs of debt by August 22, 2011, to be included in
the company's dividend distribution.

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

The company's liquidator is:

         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


GCORE OFFSHORE: Creditors' Proofs of Debt Due August 22
-------------------------------------------------------
The creditors of GCORE Capital Offshore Fund Ltd. are required to
file their proofs of debt by August 22, 2011, to be included in
the company's dividend distribution.

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

The company's liquidator is:

         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


GOODWILL INVESTMENTS: Creditors' Proofs of Debt Due August 31
-------------------------------------------------------------
The creditors of Goodwill Investments Ltd. 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 July 8, 2011.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694 Grand Cayman
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626


JIAOZUO (G.P.): Creditors' Proofs of Debt Due August 22
-------------------------------------------------------
The creditors of Jiaozuo (G.P.) Corporation are required to file
their proofs of debt by August 22, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 12, 2011.

The company's liquidator is:

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


MAGIC POWER: Creditors' Proofs of Debt Due August 29
----------------------------------------------------
The creditors of Magic Power Holdings Limited are required to file
their proofs of debt by August 29, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 8, 2011.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170 Grand Cayman KY1-1102
         Cayman Islands


NAUTICAL OFFSHORE: Court Appoints Krys and Borrelli as Liquidators
------------------------------------------------------------------
On July 8, 2011, the Grand Court of Cayman Islands appointed
Cosimo Borrelli and Kenneth Krys as liquidators of Nautical
Offshore Services.

The Liquidators can be reached at:

         Cosimo Borrelli
         Borrelli Walsh Pte Limited
         #14-04 City House, 36 Robinson Road
         Singapore 068877; and

         Kenneth Krys
         Krys Global, Governors Square
         Building 6, 2nd Floor
         23 Lime Tree Bay Avenue
         P.O. Box 31237, George Town, Grand Cayman KY1-1205
         Cayman Islands


PARCO INTERNATIONAL: Creditors' Proofs of Debt Due August 31
------------------------------------------------------------
The creditors of Parco International Corp 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 July 8, 2011.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694 Grand Cayman
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626


SANDRIDGE LIMITED: Creditors' Proofs of Debt Due August 31
----------------------------------------------------------
The creditors of Sandridge Limited are required to file their
proofs of debt by August 31, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 15, 2011.

The company's liquidator is:

         M. Erik Monsen
         Telephone: (345) 949-5588
         Facsimile: (345) 945-5772
         The Crighton Building, Suite 201
         256 Crewe Road
         P.O. Box 1166, Grand Cayman, KY1-1102
         Cayman Islands


SEER CAPITAL: Creditors' Proofs of Debt Due August 31
-----------------------------------------------------
The creditors of Seer Capital Master Credit Fund Ltd. are required
to file their proofs of debt by August 31, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 8, 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


ZENKA INDUSTRIES: Creditors' Proofs of Debt Due September 1
-----------------------------------------------------------
The creditors of Zenka Industries Ltd. are required to file their
proofs of debt by September 1, 2011, to be included in the
company's dividend distribution.

The company's liquidator is:

         Dr. Andreas Maag
         Riesbachstrasse 57
         Postfach 1071
         Ch-8034 Zurich


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J A M A I C A
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AIR JAMAICA: RPMs Decline While CAL's Passenger Carriage Doubles
----------------------------------------------------------------
Jamaica Observer reports that last January would have marked the
twenty-eighth consecutive month of decline in revenue passenger
miles (RPMs) to and from the U.S. for Air Jamaica Limited, even
while its new owner, Caribbean Airlines Limited (CAL), saw a near
doubling of its passenger carriage over the same period.

The U.S. Bureau of Transportation Statistics (BTS) said that Air
Jamaica, which was enjoying increases in the amount of plane seats
filled up to March 2010, has since only seen decline in its load
factor, according to Jamaica Observer.

The report recalls that the Jamaica government commenced planning
of its divestment strategy for Air Jamaica in late 2008 and this
year agreed to sell the airline to Caribbean Airlines.  However,
Jamaica Observer relates that, during that time, Caribbean
Airlines was undertaking an aggressive expansion thrust into the
U.S. from the region, increasing its RPMs from 416 million in 2007
to just under a billion by the end of 2009.

Conversely, Jamaica Observer relates Air Jamaica saw its RPMs fall
from 1.4 billion in 2007 to 1.1 billion by end of 2009.  The
report discloses that during 2010, the year that CAL took over Air
Jamaica, the former national carrier saw its RPMs plummet to 744
million by the end of 2010, even while its new owner increased its
passenger movement to the U.S. from the region and back by a
further 10% to 1.1 billion RPMs.

Jamaica Observer says that the increase for CAL involved a
considerable increase in flights to and from the U.S., from 1,752
in 2007 to 4,005 in 2010, which meant that CAL was able to move
more passengers over longer distances, given that it primarily
serviced the eastern Caribbean before taking over Air Jamaica.
Air Jamaica, on the other hand, saw a cut in flights -- from 9,508
in 2007 to 5,862 last year -- coupled with a reduction in
passengers from 1.4 million in 2007 to 744,000 last year, the
report notes.

But the reduction in flights didn't actually improve the load
factor, Jamaica Observer says.  Air Jamaica's load factor, which
climbed from 70.29% in 2008 to 76.64% in 2009, fell again in 2010
to 70.59, the report relates.

Jamaica Observer notes that over the same period, CAL did manage
to maintain a much higher load factor for its own fleet:

   -- 86.67% in 2008,
   -- 86.01% in 2009, and
   -- 85.48% in 2010.

Since July 2010, Jamaica Observer discloses that CAL had been
carrying more passengers under its own brand than Air Jamaica,
although, in a press statement issued in April 2011, Air Jamaica
said "there was a 15% increase in passenger numbers for March when
compared to the same period in 2010".

In January 2011, however, the passenger count for Air Jamaica was
50% lower than a year before while load factor was at 62.4%,
Jamaica Observer adds.

                         About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1,
2010, acquired Air Jamaica for US$50 million and operated six Air
Jamaica aircraft and eight of its routes.  Jamaica got a 16% stake
in the merged operation, with CAL owning 84%.  According to a TCR-
LA report on June 29, 2009, RadioJamaica News said the Jamaican
government indicated it will name a buyer for cash-strapped Air
Jamaica.  RadioJamaica related the airline has been hemorrhaging
over US$150 million per annum and the government has had to foot
the massive bill.  In addition, RadioJamaica said, Air Jamaica
currently has over US$600 million in loans outstanding.

As of Aug. 18, 2010, the airline continues to carry Moody's "B3"
long-term corporate family, and senior unsecured debt ratings.


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M E X I C O
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AUTOPISTA MONTERREY: Moody's Changes Global Scale Rating to 'Ba1'
-----------------------------------------------------------------
Moody's has downgraded the Mexico National Scale rating of
Autopista Monterrey Cadereyta to A1.mx from Aa2.mx. The global
scale rating was changed to Ba1 from Baa2.  The rating action is
spurred by the continued decline in traffic through the first half
of the year and which does not show clear signs of changing
trajectory.  In step with the traffic declines, revenues are also
down significantly and the debt service coverage ratio (DSCR) for
the principal and interest payment is notably below that of
previous years and the road has the added pressures of funding the
reconstruction of the portion of the road that was destroyed by
Hurricane Alex in June 2010. Should the trend in traffic and
revenue continue through the year, as is a very likely, DSCR for
the second debt payment to be made in Dec 2011 will also be very
narrow. Providing support to the structure is a fully funded 12
month debt service reserve and a fully funded major maintenance
reserve which covers one year of related costs.

The negative outlook on the rating reflects Moody's view that even
though it is possible that current traffic levels represent the
new normal, a downward trajectory still a plausible scenario and
continued drops in traffic could lead to revenue levels that would
not be sufficient to fully cover debt service payments.

Rating Rationale

Beginning in calendar year 2010 the state of Nuevo Leon and the
area, including the toll road, have faced several challenges.  In
June, just as the nation and region was beginning to recover from
the effects of the financial crisis, the area got hit by Hurricane
Alex, the strongest one in history.  The storm wiped out two of
the four lanes on a 3km portion of the toll road, and damaged many
other areas that feed into the road which then began to negatively
affect the usage of the toll road. The reconstruction of the
relatively small portion of the road is not yet complete.

Adding to the pressures is the, traffic on Autopista Monterrey
Cadereyta has been negatively affected in a sustained and
important magnitude by traveler concerns of safety on the toll
road and other connecting federal roads given the drug related
violence that has escalated in the region.  After what appeared to
be a slow-down in the decline around the spring break holiday,
traffic has continued to decline precipitously and is now, in
Moody's opinion, at the point where even a stabilization of the
situation would likely leave the road at a level of traffic,
revenues, and DSCR -- over the medium term -- that are more in
line with the current rating.

Following a decline in traffic of 21% for the full year 2010
compared to the previous year, use of the road is down another 20%
through June of this year compared to the same period last year.
If the current levels of traffic hold, the final count for 2011
would be around 35% less than that experienced in 2008 which is
most indicative of a normal situation previous to the economic
crisis and other events that have affected the region. Previous to
2010, the road had been performing extremely well with growth in
the 8-9% in 2007 and 2008, and the 6% decline in 2009 was in line
with that of toll roads in Mexico and in the U.S.  Even through
2009, these traffic figures were anywhere from 25-30% above
original projections.

Revenues through this year are down 11% and were down 14% in 2010
compared to 2009.  In the last year, debt service coverage has
weakened and the flows transferred to the trust from REA in 2010
provided debt service coverage, as calculated by Moody's, of 1.33x
compared to 1.84x in the previous year.  Debt service coverage for
the principal and interest payment that was made in June 2011 --
after accounting for capital expenditures - was close to
breakeven.  The coverage by net operating revenues previous to
capital expenditures was a more healthy 1.26x, which does show
that there is some limited flexibility to the issuer in the event
of even more declines in revenue.  On a relative basis compared to
similar roads rated by Moody's, the levels of coverage after
accounting for all spending is low.

Moody's notes that until this last semester the toll road had been
not only able to pay its debt fully but to prepay debt as required
by the indenture.  At June 2010, the last payment period in which
prepayments were made, the debt in UDIs was at a level lose to
that which was anticipated for June 2018 under the base case.

Moody's believes the toll road has sufficient fundamental
strengths and liquidity to weather the situation which it has
faced until now and still meet its debt service obligations.
However, continued pressures on traffic and revenue, due to
reasons that are beyond the control of the REA, have resulted in a
level of revenue and debt service coverage that is more in line
with the currently assigned rating and outlook.


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P U E R T O   R I C O
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AUTOS VEGA: Wants to Use Reliable's Cash Collateral Until January
-----------------------------------------------------------------
Debtor 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 Finance Holding Company's cash
collateral, on an interim basis, for the period commencing on
July 6, 2011, through and including Jan. 31, 2012.

As of Petition Date, the Debtor owed Reliable US$14,710,558 plus
interest and related fees under the Financing Agreements.  As
security, the Debtor pledged their inventory, parts and
accessories inventory, equipment, accounts receivables, contract
rights, negotiable instruments, agreements, rents, cash accounts,
income arising therefrom, and other related intangibles.

The Debtor needs cash collateral for the purchase of new motor
vehicle inventory.  Without the use of Reliable's cash collateral,
the Debtor would be unable to purchase new inventory and be
required to cease operations, resulting in the immediate
liquidation and possible devaluation of all assets.

The Debtor will grant Reliable additional collateral, replacement
liens and super priority status and providing any other adequate
protection that is just and proper under the circumstances.

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 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 US$10,000,000 to US$13,000,000.

Reliable Finance Holding Company is represented by:

         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.


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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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