TCRLA_Public/110829.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

             Monday, August 29, 2011, Vol. 12, No. 170

                            Headlines



A R G E N T I N A

AVENIDA INDEPENDENCIA: Creditors' Proofs of Debt Due October 18
BANCO FINANSUR: Moody's Puts 'B1' Global LC Rating to ARS25MM Bond
BARRACA CERVINO: Creditors' Proofs of Debt Due September 27
COLORTEL SRL: Declares Bankruptcy, Defaults on Payments
CONFECCIONES MELINA: Creditors' Proofs of Debt Due September 26

DOCUMENTA CENTRO: Creditors' Proofs of Debt Due September 28
ELECTROMETALURGICA SAL-VAL: Creditors' Proofs of Debt Due Sept. 29
ESCOLTA ARGENTINA: Creditors' Proofs of Debt Due October 24
FORN CONSTRUCCIONES: Creditors' Proofs of Debt Due October 7
INSTALACIONES Y SERVICIOS: Creditors' Proofs of Debt Due Sept. 28

LA SENDA: Creditors' Proofs of Debt Due September 26
LUXMARINO SA: Creditors' Proofs of Debt Due September 14
PERIOPONTIS SA: Creditors' Proofs of Debt Due September 30
SARKIS KIRCOS: Applies for Bankruptcy Protection
VINA ONA: Creditors' Proofs of Debt Due September 30


B R A Z I L

BV FINANCIERA: Moody's Gives (P)Caa1 LC Rating to Class B Shares


M E X I C O

EMPRESAS ICA: Moody's Puts 'Ba3' CFR for Possible Downgrade
TUBO DE PASTEJE: Court Approves Bankruptcy Restructuring Plan


T R I N I D A D  &  T O B A G O

CL FIN'L: Completes Primera Group Sale to Touchstone Exploration


X X X X X X X X

* BOND PRICING: For the Week August 22, to August 26, 2011




                            - - - - -


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


AVENIDA INDEPENDENCIA: Creditors' Proofs of Debt Due October 18
---------------------------------------------------------------
Jose Maria Colace, the court-appointed trustee for Avenida
Independencia 2001 SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until October 18, 2011.

Mr. Colace will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 8, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Jose Maria Colace
         Alsina 833
         Argentina


BANCO FINANSUR: Moody's Puts 'B1' Global LC Rating to ARS25MM Bond
------------------------------------------------------------------
Moody's Latin America assigned an Aa3.ar National Scale local
currency debt rating to Banco Finansur's proposed bond issuance
for up to ARS25 million, under its existing ARS70 million short-
term debt program.  The notes, the ninth issuance under the
program, will mature in 270 days.  At the same time, Moody's
Investors Service assigned a B1 global local-currency rating to
Finansur's bonds.

The outlook on all ratings is stable.

These ratings were assigned to Banco Finansur's ARS25 million debt
issuance:

Global Local-Currency Debt Rating: B1, stable outlook

National Scale Local-Currency Debt Rating: Aa3.ar, stable outlook

Banco Finansur is headquartered in Buenos Aires, Argentina, and it
had assets of ARS846 million and deposits of ARS544 million, as of
June 2011.


BARRACA CERVINO: Creditors' Proofs of Debt Due September 27
-----------------------------------------------------------
Rosa Alba Ramilo, the court-appointed trustee for Barraca Cervino
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until September 27, 2011.

Ms. Ramilo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 45, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Rosa Alba Ramilo
         Carabobo 91
         Argentina


COLORTEL SRL: Declares Bankruptcy, Defaults on Payments
-------------------------------------------------------
Colortel SRL declared bankruptcy.

The company defaulted on its payments last April 20.


CONFECCIONES MELINA: Creditors' Proofs of Debt Due September 26
---------------------------------------------------------------
Julio Cesar Capovilla, the court-appointed trustee for
Confecciones Melina SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until September 26, 2011.

Mr. Capovilla will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Julio Cesar Capovilla
         avenida Corrientes 3859
         Argentina


DOCUMENTA CENTRO: Creditors' Proofs of Debt Due September 28
------------------------------------------------------------
Miguel Angel Troisi, the court-appointed trustee for Documenta
Centro de Servicios SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until September 28, 2011.

Mr. Troisi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 23, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Miguel Angel Troisi
         Cerrito 146
         Argentina


ELECTROMETALURGICA SAL-VAL: Creditors' Proofs of Debt Due Sept. 29
------------------------------------------------------------------
Luis Juan Kuklis, the court-appointed trustee for
Electrometalurgica Sal-Val SRL's bankruptcy proceedings, will be
verifying creditors' proofs of claim until September 29, 2011.

Mr. Kuklis will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 35, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Luis Juan Kuklis
         Uruguay 390


ESCOLTA ARGENTINA: Creditors' Proofs of Debt Due October 24
-----------------------------------------------------------
Ruben Alberto Viva, the court-appointed trustee for Escolta
Argentina SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until October 24, 2011.

Mr. Viva will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 13
in Buenos Aires, with the assistance of Clerk No. 26, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

         Ruben Alberto Viva
         Tte. Gral. Juan Domingo Peron 1561
         Argentina


FORN CONSTRUCCIONES: Creditors' Proofs of Debt Due October 7
------------------------------------------------------------
Roberto Alfredo Mazzarella, the court-appointed trustee for Forn
Construcciones SRL's reorganization proceedings, will be verifying
creditors' proofs of claim until October 7, 2011.

Mr. Mazzarella will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Roberto Alfredo Mazzarella
         Ortega y Gasset 1827
         Argentina


INSTALACIONES Y SERVICIOS: Creditors' Proofs of Debt Due Sept. 28
-----------------------------------------------------------------
Marta Cristina Lucena, the court-appointed trustee for
Instalaciones y Servicios Integrales Amer SA's bankruptcy
proceedings, will be verifying creditors' proofs of claim until
September 28, 2011.

Ms. Lucena will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 21, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Marta Cristina Lucena
         Lavalle 1718
         Argentina


LA SENDA: Creditors' Proofs of Debt Due September 26
----------------------------------------------------
Luis Gabriel Plizzo, the court-appointed trustee for La Senda SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until September 26, 2011.

Mr. Plizzo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Luis Gabriel Plizzo
         avenida Belgrano 1185
         Argentina


LUXMARINO SA: Creditors' Proofs of Debt Due September 14
--------------------------------------------------------
Jorge Bernardo Podhorzer, the court-appointed trustee for
Luxmarino SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until September 14, 2011.

Mr. Podhorzer will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 4, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Jorge Bernardo Podhorzer
         Pasaje del Carmen 716
         Argentina


PERIOPONTIS SA: Creditors' Proofs of Debt Due September 30
----------------------------------------------------------
Jorge Alberto Guaita, the court-appointed trustee for Periopontis
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until September 30, 2011.

Mr. Guaita will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 15 in Buenos Aires, with the assistance of Clerk
No. 29, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Jorge Alberto Guaita
         Carlos Calvo 839
         Argentina


SARKIS KIRCOS: Applies for Bankruptcy Protection
------------------------------------------------
Sarkis Kircos SACIM applied for bankruptcy protection.


VINA ONA: Creditors' Proofs of Debt Due September 30
----------------------------------------------------
Natalio Maydan, the court-appointed trustee for Vina Ona SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until September 30, 2011.

Mr. Maydan will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 28, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Natalio Maydan
         Maipu 42
         Argentina


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


BV FINANCIERA: Moody's Gives (P)Caa1 LC Rating to Class B Shares
----------------------------------------------------------------
Moody's America Latina (Moody's) has assigned provisional ratings
of (P)Aaa.br (sf) (Brazilian National Scale) and of (P)Baa3 (sf)
(Global Scale, Local Currency) to the second series of Senior
Shares and (P)B3.br (sf) (Brazilian National Scale) and of (P)Caa1
(sf) (Global Scale, Local Currency) to the second series of Class
B Subordinated Shares to be issued by BV Financeira -- FIDC II
(FIDC BV II or the Issuer), a securitization backed by a pool of
vehicle loans originated by BV Financeira S.A. -- Credito,
Financiamento e Investimento (BV Financeira or the Seller).  FIDC
BV II (Second Series) is the sixth securitization of vehicle loans
sponsored by BV Financeira and rated by Moody's.

Issuer: FIDC BV II

Senior Shares - (P)Aaa.br (sf) (National Scale) & (P)Baa3 (sf)
(Global Scale, Local Currency)

Class B Subordinated Shares - (P)B3.br (sf) (National Scale) &
(P)Caa1 (sf) (Global Scale, Local Currency)

Ratings Rationale

The ratings are based on the following factors, among others:

- The substantial subordination provided to the Senior Shares;

- The role of BV Financeira as Originator, Seller and Primary
  Servicer of the transaction;

- The stable performance of the outstanding vehicle securitization
  transactions sponsored by BV Financeira and rated by Moody's;

- The quality of collateral benefitting from BV Financeira's
  established underwriting standards, geographical pool
  diversification and pool granularity;

- The transaction structure and its legal framework, including the
  bankruptcy remoteness of the issuer and well-established
  Brazilian laws and regulations for the securitization of vehicle
  loans; and

- No credit enhancement in the form of subordination for the Class
  B Shares: the Class B Shares are subordinated to Class A Shares
  for the purposes of redemption.  Also, no credit enhancement in
  the form of net excess spread for the Class B Shares given the
  tight 145% of DI discount rate and considering base case credit
  losses of 5.7% per annum.  The resulting lack of credit
  enhancement for the Class B Shares is reflected in the highly
  speculative rating assigned to the Class B shares.

FIDC BV II is a closed-ended multi-series FIDC with legal final
maturity 600 months.  The provisional ratings are assigned to the
second series of Senior Shares and the second series of Class B
Subordinated Shares to be distributed to qualified investors.  The
Class A Subordinated Shares will be entirely retained by the
Seller.  The Senior Shares and the Class B Subordinated Shares
will accrue, on a daily basis, a floating-rate interest equivalent
to 110% and 115% of DI Rate (Brazilian Interbank Rate) per annum,
respectively.  The accrual of interest of the Class B Subordinated
Share is subject to the value of the Class A Subordinated Shares
not falling below original principal amount.

The final maturity of the Senior Shares and Class B Shares will
take place 36 months after the first issuance of the second series
of Senior Shares; principal and interest will be paid in a single
bullet payment.  No payments are allowed to the Class A and Class
B Subordinated Shares as long as there are Senior Shares
outstanding.

The fund indenture does not contain provisions for minimum
subordination level, but it stipulates that the Seller will
subscribe a fixed amount of BRL 50 million of Class A Shares,
which in fact represent a minimum credit enhancement floor for the
Senior Shares.  Moody's modeled the transaction with no minimum
subordination triggers.  Final rating confirmation will depend on
the actual amount of Shares issued and final capital structure.

The transaction structure includes certain revision events.  
Should a revision event occur, a shareholders meeting will be
called; shareholders may decide to place the fund into early
liquidation.

Key revision event triggers include:

- Breach of Minimum Excess Spread (1%) for 2 consecutive
  verification dates (monthly) or 3 verification dates occurring
  within a 180 day period;

- Intervention, liquidation or administration of BV Financeira or
  formal request for bankruptcy proceedings;

- Total Fund expenses exceeding 1% of Fund's Net Assets, verified
  monthly;

- Non-compliance by BV Financeira of any of its obligations under
  the Sale Agreement;

- Termination of Custody Agreement without a replacement;

- Termination of Collection Agent Agreement between the Master
  Servicer, BV Financeira and the Collection Agent without a
  replacement; and

- BV Financeira default to third parties in excess of BRL10
  million.

The assets backing FIDC BV II are vehicle loans originated by BV
Financeira.  The financed vehicle must have been pledged as
collateral to the loan contract by means of alienacao fiduciaria.

Key eligibility criteria include the following:

- Loans are in respect of obligors that are current in respect to
  the Fund

- Maximum concentration per type of vehicle as following:
  motorcycle (10%), vans and heavy vehicles (20%) and sedans
  (100%)

- A nominal sum of installments of no more than BRL 200,000 per
  obligor (companies or individuals)

Banco Bradesco S.A. will act as Master Servicer (Custodiante) of
the transaction as well as Payment Bank.  Its responsibilities
include, among other duties, verifying that all receivables
purchased by the fund meet the eligibility criteria, monitoring
the early amortization triggers, in addition to managing all of
the issuer's daily financial and operating activities.

Votorantim Asset Management DTVM S.A. will be the Trustee.

BV Financeira, the originator of the securitized loans, is fully
controlled by Banco Votorantim S.A. (which Moody's rates A3 Long-
Term Bank Deposits in the Global Scale, Local Currency and Aaa.br
rating in the Brazilian National Scale).

In assigning the ratings to this transaction, Moody's evaluated
the Seller's receivables' portfolio for 36 month period starting
February 1, 2007 and ending January 31, 2010.  During this period,
BV Financeira originated vehicle loans financing for an amount of
BRL 33 billion (corresponding to BRL 54.5 billion nominal
installments).  The average ticket size of the contracts was BRL
12.9 thousand (corresponding to BRL 21.2 thousand nominal
installments) and the average effective interest rate was
approximately 30% per annum.  Additionally, Moody's received
information from the issuer for data up to March 2011.


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


EMPRESAS ICA: Moody's Puts 'Ba3' CFR for Possible Downgrade
-----------------------------------------------------------
Moody's Investors Service placed the Ba3 Corporate Family and
Senior Unsecured Ratings of Empresas ICA, S.A.B. de C.V. (ICA) and
its US$500 million in global notes due 2021 under review for
possible downgrade.

The review for possible downgrade was prompted by a significant
increase in consolidated debt leverage that compares unfavorably
with original estimates, and generally tight liquidity.  "The
ratings review was driven by Moody's view that ICA's higher than
expected working capital needs and consolidated debt burden will
not decline rapidly and will have a negative impact on financial
expenses and related coverage credit metrics", said a Moody's Vice
President-Senior Analyst, Nymia Almeida.

During the first half of 2011, the company's working capital needs
increased materially, mostly related to certain construction
projects.  A larger than forecast debt burden has reduced ICA's
funding capacity and has increased the financial cost of the
projects.  In addition, in early August 2011, the company
announced that it entered into two new concessions, which will
need an additional MXN8,300 million in funding; while the debt on
these concessions has no legal recourse to ICA, Moody's believes
that, in case of need, ICA would probably support the debt at the
concession business given its high margin and long-term profile.

During the ratings review period, Moody's will analyze the
company's ability and willingness to reduce leverage in the medium
term, its intermediate term business prospects, and its ability to
strengthen its liquidity profile.

ICA is a Mexican holding company which began operations in 1947.
The company is the largest engineering, procurement and
construction company in Mexico and the largest provider in Mexico
of construction services to both public and private-sector
clients.  It is engaged in a full range of construction and
related activities, involving the construction of infrastructure
facilities, as well as industrial, urban and housing construction.
In addition, it is engaged in the development and marketing of
real estate, the construction, maintenance and operation of
airports, highways, bridges and tunnels and in the management and
operation of water supply systems and solid waste disposal systems
under concessions granted by governmental authorities. During the
last twelve months ended in June 30, 2011, its revenues and
adjusted EBITDA amounted to US$3.1 billion and US$500 million,
respectively.


TUBO DE PASTEJE: Court Approves Bankruptcy Restructuring Plan
-------------------------------------------------------------
Michael Bathon at Bloomberg News reports that U.S. Bankruptcy
Judge Kevin Carey approved Tubo de Pasteje SA's plan to swap debt
at a hearing in Wilmington, Delaware.  Bloomberg relates that
creditors overwhelmingly supported the turnaround plan, which
didn't receive any objections at the hearing.

The plan is "designed to maximize recoveries to all creditors and
enhance the financial stability" of the reorganized company, Tubo
said in court papers obtained by Bloomberg.

Bloomberg says that the reorganization plan stated holders of
US$200 million in 11.5% notes will get new Series A notes in the
same amount plus interest, which will be secured by the stock of
Tubo's U.S. unit, Cambridge-Lee Holdings Inc.

Court papers, Bloomberg notes, showed that under the plan, lenders
that extended about US$803,000 of credit will share in the Series
A notes.  Bloomberg relates that holders of more than US$145
million in so-called "copper debt notes" and holders of US$24.5
million of commercial paper will get unsecured Series B notes in
exchange for their claims.

Bloomberg adds that the company will reinstate about US$39.8
million in debt owed on a Bank of America Corp. loan, as well as
about US$62.3 million owed on a General Electric Capital Corp.
loan.

                      About Tubo de Pasteje

Tubo de Pasteje SA and subsidiary Cambridge-Lee Holdings Inc.
filed Chapter 11 petitions (Bankr. D. Del. Case No. 09-14353) on
Dec. 7, 2009, following a Nov. 15 payment default on US$200
million in 11.5% senior notes due 2016.  Tubo and its subsidiary
sought bankruptcy protection when the 30-day grace period was
nearing its end.

Tubo is a subsidiary of Mexico City-based Industrias Unidas SA de
CV, a manufacturer of copper and electrical products.  The U.S.
subsidiary Cambridge-Lee is based in Reading, Pennsylvania.  IUSA
is the issuer of the notes which were secured by a pledge of
Cambridge-Lee stock.


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


CL FIN'L: Completes Primera Group Sale to Touchstone Exploration
----------------------------------------------------------------
Guardian Media reports that CL Financial Group Limited has
completed the sale of all the issued and outstanding shares of the
Primera Group to Canadian junior energy firm, Touchstone
Exploration Inc.

As reported in the Troubled Company Reporter-Latin America on
July 20, 2011, Touchstone Exploration Inc., through its indirect
wholly owned subsidiary, Territorial Services Limited, concluded
negotiations and has entered into a definitive share purchase
agreement with respect to the previously announced acquisition of
all of the issued and outstanding shares of Primera Oil & Gas
Ltd., Primera Oilfield Management Services Ltd., and Primera East
Brighton Ltd. from CL Financial.  The Primera Group consists of
equity interests in three privately owned Trinidad-based companies
engaged in the exploration for and development and production of
oil and gas reserves in Trinidad and Tobago.  The underlying
assets associated with the Primera Group consists of 16 oil and
gas properties comprising 7 on-shore producing oil and gas
properties, 1 on-shore exploration property, 1 offshore
exploration property and 7 undeveloped properties.  All of the
properties are located within the Southern Sedimentary and
Columbus Basins of Trinidad and Tobago which have a long
production history.  Touchstone will also acquire technical
support, equipment and equipment rentals as well as various
administrative and management services with respect to the
exploration, development and production of crude oil and natural
gas resources in the Trinidad & Tobago region.  The total purchase
price, net of liabilities assumed, is US$50,700,000.  A deposit of
US$1,000,000.00 has been paid into escrow concurrent with the
execution of the share purchase agreement, and the balance of
US$4,070,000.00 will be paid within seven days of the execution of
the share purchase agreement.  The cash consideration payable will
be paid by the Company from proceeds from the recently completed
debenture unit offering and subscription receipt offering.  An
aggregate of US$23.3 million of the purchase price will be
financed by way of vendor take-back notes due two years from
closing bearing coupon interest at a rate of 8% per annum and
secured exclusively against the Primera Group assets to be
acquired.  Certain assets of the Primera Group are subject to
contractual rights of first refusal or non-binding post-completion
arrangements for sale, the proceeds from which will be used to
firstly pay-down the vender take-back notes, and any amount in
excess of the vendor take back notes will be paid to the benefit
of the vendor.

                        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
===============


* BOND PRICING: For the Week August 22, to August 26, 2011
----------------------------------------------------------

Issuer              Coupon   Maturity     Currency          Price
------              ------   --------     --------          -----


ARGENTINA
---------

ARGENT- DIS          5.83   12/31/2033       ARS               153
ARGENT-PAR           1.18   12/31/2038       ARS             53.86
ARGENT- DIS          7.82   12/31/2033       EUR              65.5
ARGENT- DIS          7.82   12/31/2033       EUR                67
ARGENT- DIS          4.33   12/31/2033       JPY                42
ARGENT- PAR&GDP      0.45   12/31/2038       JPY                 8
BODEN 2014           2       9/30/2014       ARS             32.75
BOGAR 2018           2        2/4/2018       ARS               138
PRO12                2        1/3/2016       ARS             113.9

CAYMAN ISLAND
-------------

BANCO BPI (CI)         4.15   11/14/2035       EUR           27.09
BCP FINANCE BANK       5.01    3/31/2024       EUR           73
BCP FINANCE CO         4.23                    EUR           38
BCP FINANCE CO         5.54                    EUR           39.34
BES FINANCE LTD        5.58                    EUR           36.91
BES FINANCE LTD        4.5                     EUR           41.32
BES FINANCE LTD        5.7      2/7/2035       EUR           47.83
BES FINANCE LTD        6.6                     EUR           50
CHAODA MOD AGRI        3.7      9/1/2015       USD           76
CHINA MED TECH         6.25   12/15/2016       USD           61
CHINA MED TECH         4       8/15/2013       USD           70
CHINA SUNERGY          4.75    6/15/2013       USD           50.56
EFG ORA FUNDING        1.7    10/29/2014       EUR           51.88
ESFG INTERNATION       5.75                    EUR           40.87
IMCOPA INTL CAYM       5      12/19/2014       USD           33
JINKOSOLAR HOLD        4       5/15/2016       USD           66.63
PUBMASTER FIN          5.94   12/30/2024       GBP           77.64
SOLARFUN POWER H       3.5     1/15/2018       USD            70.5
SOLARFUN POWER H       3.5     1/15/2018       USD           70.12
SUNTECH POWER          3       3/15/2013       USD           73.04
SUNTECH POWER          3       3/15/2013       USD           69

CHILE
-----

AGUAS NUEVAS            3.4     5/15/2012      CLP           1.016
CGE DISTRIBUCION        3.25    12/1/2012      CLP           29.62
ESVAL S.A.              3.8     7/15/2012      CLP           24.75
LA POLAR SA             3.8    10/10/2017      CLP           50.65
MASISA                  4.25   10/15/2012      CLP           29.44
QUINENCO SA             3.5     7/21/2013      CLP             
24.74

PUERTO RICO
-----------

PUERTO RICO CONS         6.2    5/1/2017       USD           59.56
PUERTO RICO CONS         6.5    4/1/2016       USD           65.44


VENEZUELA
---------

PETROLEOS DE VEN         5.5    4/12/2037      USD           45.69
PETROLEOS DE VEN         5.37   4/12/2027      USD           48.27
PETROLEOS DE VEN         5.25   4/12/2017      USD           59.39
PETROLEOS DE VEN         5.12  10/28/2016      USD           61.46
PETROLEOS DE VEN         5     10/28/2015      USD           66.37
PETROLEOS DE VEN         8.5    11/2/2017      USD           70.74
PETROLEOS DE VEN         8.5    11/2/2017      USD            70.2
PETROLEOS DE VEN         4.9   10/28/2014      USD           74.39
VENEZUELA                7      3/31/2038      USD           55.25
VENEZUELA                7       3/31/2038      USD          55.72
VENEZUELA                6       12/9/2020      USD           59.1
VENEZUELA                7.65    4/21/2025      USD           60
VENEZUELA                8.25   10/13/2024      USD           63.5
VENEZUELA                9.25     5/7/2028      USD           66.5
VENEZUELA                7.75   10/13/2019      USD           68
VENEZUELA                9        5/7/2023      USD           67
VENEZUELA                7       12/1/2018      USD           68.5
VENEZUELA                9.25    9/15/2027      USD          69.25
VENEZUELA                9.25    9/15/2027      USD          69.55
VENZOD - 189000          9.37    1/13/2034      USD


                            ***********


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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