TCRLA_Public/110830.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 30, 2011, Vol. 12, No. 171



DIGICEL GROUP: Denies Reports of Gov't Approval of Claro Takeover


FIDC CDC: Moody's Assigns (P)Ba3 (sf) Ratings to Senior Shares

C A Y M A N   I S L A N D S

ANALYTIC US MARKET: Creditors' Proofs of Debt Due September 5
BEACON FUND: Commences Liquidation Proceedings
BORD HOLDINGS: Creditors' Proofs of Debt Due September 7
CASTLE POINT: Creditors' Proofs of Debt Due September 14
CBC PARTNERS: Creditors' Proofs of Debt Due September 5

CHINA MILK: Placed Under Provisional Liquidation
FOUNDERS CORPORATION: Creditors' Proofs of Debt Due September 6
PEQUOT DIVERSIFIED: Creditors' Proofs of Debt Due September 5
PETROEXPORT LTD: Creditors and Contributories to Meet on Sept. 15
POLAR CAPITAL: Creditors' Proofs of Debt Due September 5

SILVER CREEK: Creditors' Proofs of Debt Due September 14
SIMPLE LIFE: Creditors' Proofs of Debt Due September 14
SPRINGLAND INTERNATIONAL: Commences Liquidation Proceedings
WFS (CAYMAN): Creditors' Proofs of Debt Due September 14

T R I N I D A D  &  T O B A G O

* TRINIDAD & TOBAGO: Government Seeks to Borrow TT$16 Billion


* Large Companies With Insolvent Balance Sheets

                            - - - - -


DIGICEL GROUP: Denies Reports of Gov't Approval of Claro Takeover
RJR News reports that Digicel Group Limited has dismissed media
reports that it has already received approval from the government
for its proposed takeover of Claro.

The company said in a statement that it is awaiting the official
announcement from the government, according to RJR News.

RJR News notes that Digicel Group was adamant that no such
confirmation has come, but hopes to have it by sometime next week.

As reported in the Troubled Company Reporter-Latin America on
Aug. 24, 2011, RJR News said Claro dealers are contemplating legal
action after complaining that they have been left in the dark on
the status of the proposed Claro/Digicel Group merger, which was
initially expected to be completed by the end of June. The dealers
are upset that there has been no formal response to a request sent
to Daryl Vaz, the Minister responsible for Information, seeking a
meeting to discuss their concerns about the merger, according to
RJR News.  The report related that Claro dealers claimed they were
racking up debts as they had received little or no goods from the
company to sell and were uncertain about how they would be
affected if the merger with Digicel Group went through.

                        About Digicel Group

Digicel Group Limited -- 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.


FIDC CDC: Moody's Assigns (P)Ba3 (sf) Ratings to Senior Shares
Moody's America Latina has assigned provisional ratings of
(P) (sf) (Brazilian National Scale) and of (P)Ba3 (sf)
(Global Scale, Local Currency) to the Senior Shares to be issued
by Fundo de Investimento em Direitos Creditorios CDC Financiamento
de Veiculos Banif (FIDC BANIF or the Issuer), a securitization
backed by a pool of auto loans originated by Banif -- Banco
Internacional do Funchal (Brasil) S.A. (Banif Brasil). FIDC BANIF
is the first securitization of vehicle loans sponsored by Banif
Brasil rated by Moody's.


Senior Shares - (P) (sf) (National Scale) & (P)Ba3 (sf)
(Global Scale, Local Currency)

Ratings Rationale

The ratings are based on these factors, among others:

- The minimum 30% credit enhancement, at closing and during the
  life of the transaction, in the form of subordination supporting
  the Senior Shares;

- The static nature of the transaction, with no on-going revolving
  purchases. Any additional future portfolio sales would require
  issuance of new Senior Shares and confirmation of the
  outstanding rating on this transaction, given the (sf)
  minimum rating requirement in the fund indenture;

- Fast deleveraging of transaction with monthly principal and
  interest cash flows to the Senior Shares starting on the first
  month of the transaction;

- The discount rate stipulated in transaction documents at 190% of
  the DI Rate, considered appropriate in light of the overall risk
  profile of the portfolio;

- 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

- Operational mitigants to commingling risk allowing for a de-
  linkage from the Banif Brasil's credit rating given the role of
  Banco Bradesco as the Master Servicer, Trustee and Payment Agent
  of the transaction. Monthly payments made by the borrowers will
  be made via bank vouchers; collections will be deposited
  directly into a segregated bank account in the name of the fund
  (Conta Autorizada do Fundo) held at the Master Servicer

FIDC BANIF is a newly incorporated closed-ended FIDC with
unspecified legal final maturity. It has the ability to issue
multiple series of Shares.  The provisional ratings are assigned
to the first series of Senior Shares to be distributed to
qualified investors.  The Junior Shares will be entirely retained
by the seller, Banif Brasil.  The Senior Shares will accrue a
floating-rate interest of DI Rate (Brazilian Interbank Rate) plus
an annual spread of 3.85% per annum with daily accrual.

The final maturity of the Senior Shares will take place 60 months
after closing.  Payments to Junior Shares are permitted on a semi-
annual basis as long as the minimum subordination ratio of 30% is
maintained and subject to the general discretion of the Trustee

The assets backing FIDC BANIF are vehicle loans originated by
Banif Brasil.  Most of the securitized pool will be represented by
light vehicles (sedans); trucks and heavy vehicles can represent
up to a maximum of 30% of the fund net assets.  Loans for
motorcycles are not allowed. The maximum single borrower
concentration accepted is 0.35%.

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

Key revision event triggers include:

- Downgrade of the Senior Shares by Moody's;

- Failure of Trustee, Custodian Bank or Seller to carry out its

- One day increase of the DI Rate above 130%;

- Failure to establish Payment Reserve Account for 3 consecutive
  business days;

- Failure to establish Liquidity Reserve Account for 3 consecutive
  business days;

- Breach of certain delinquency triggers stipulated in fund

- Breach of Minimum Subordination Level (30%) for 3 consecutive
  business days;

- Early redemption of the Senior Shares to reestablish the minimum
  subordination level;

- Three or more repurchases by the Seller in a 12 month window
  exceeding 0.8% of outstanding loans;

- Errors in formalization that account for more than 1% of
  underlying loan contracts or guarantees during a quarterly

Key eligibility criteria and conditions of sale:

- Loans must have tenor of maximum 60 months

- The contracts must have a final maturity date before the legal
  final maturity of the Senior Shares

- Maximum concentration for trucks: 30% of the fund net assets

- Obligors must not have restrictions with the credit bureaus

- Maximum concentration of 0.35% of fund net assets per borrower

- Loans must not have any encumbrances or third party pledges

- The financed vehicle must be less than 10 years old

- The financed vehicle must have been pledged as collateral to the
  loan contract by means of fiduciary assignment (alienacao

- The loans must have no installments in arrears at the moment of

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.

BEM DTVM S.A. (Banco Bradesco Group) will be the Trustee.

Banco Internacional do Funchal (Brasil) S.A. (Banif Brasil) has an
E+ Bank Financial Strength Rating, B1 Long-term Bank Deposit
Rating in the Global Scale, Local Currency, and rating in
the Brazilian National Scale. It is a subsidiary of Banif SGPS
S.A., a financial conglomerate headquartered in Portugal.

In assigning the ratings to this transaction, Moody's evaluated  a
receivables' portfolio for 35 month period starting July 1, 2008
and ending May 31, 2011.  During this period, Banif Brasil
originated vehicle loans financing for an amount of BRL 452.0
million (corresponding to BRL 831.7 million nominal installments).
The average ticket size of the contracts was BRL 24 thousand
(corresponding to BRL 44.5 thousand nominal installments) and the
average effective interest rate was approximately 31.8% per annum.

Moody's key ratings-model assumptions for this transaction include
various performance statistics, including log normal estimate of
the annual loss rate with mean loss 8.0% per annum and a standard
deviation of 5.0% per annum.  Other model input assumptions
include an annual prepayment rate of 6% per annum and a discount
rate of 190% of the DI Rate used for the purchase of the assets by
the FIDC.  The DI Rate was stressed from 12.4% per annum at
closing of transaction to 21.0% at month 60 after closing.

These factors were incorporated in a cash flow model that takes
into account all the relevant structural features of the fund's
assets and liabilities as defined in the transaction documents.
Monte Carlo simulations were run for a large number of scenarios,
whereby the annual credit loss assumption for the pool was drawn
in each scenario from the lognormal distribution described above.
Other risk factors, such as rising interest rates and prepayments
were statically stressed commensurate with the (P)Ba3
(sf)/(P) (sf) rating level.  The resulting cash flows
available to the Senior Share holders for each scenario was then
discounted using an estimated DI Rate plus an annual spread of
3.85%, the promised coupon to investors, to determine if, and the
amount of, loss to the Senior Shares.  Expected loss and
probability of default on the Senior Shares are then computed
across all scenarios.  These statistics were finally translated
into Moody's global scale rating using Moody's idealized loss
tables.  The global scale rating was then mapped to a national
scale rating using Moody's published national scale mappings.

Moody's sensitivity analysis provides a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's-rated structured finance security may vary if certain
input parameters used in the initial rating process differed.
Qualitative factors are also taken into consideration in the
ratings process, so the actual ratings that would be assigned in
each case could vary from the information presented in the
parameter sensitivity analysis.  The results generated by rating
models are one of many inputs to the rating process. Ratings are
determined collectively through the exercise of judgment by rating
committees, which evaluate many quantitative and qualitative

Moody's evaluated deterministic rating sensitivities by running
the model and varying single input assumptions while remaining all
other assumptions equal.  For example, by increasing the base case
annual loss rate from 8% to 10%, the probability of default on the
senior shares would increase and resulting rating of (P)Ba3 (sf)
(global scale) would drop one notch to (P)B1 (sf) (global scale).

Moody's also performed deterministic break-even analysis to assess
the maximum annual credit loss rate the transaction can support
before senior shareholders suffer losses.  Senior Shares would
start to suffer a loss if the annual credit loss rate on the
performing pool would exceed 18.6% per annum or a 2.3x coverage
assuming base case 8.0% per annum credit losses.

The main concern of this transaction relates to the limited
historical data available, comprising a 35-month of period,
whereby the first 12 month of data during the start up operations
of Banif Brasil vehicle lending business may not be statistically

C A Y M A N   I S L A N D S

ANALYTIC US MARKET: Creditors' Proofs of Debt Due September 5
The creditors of Analytic US Market Neutral Offshore, Ltd. are
required to file their proofs of debt by September 5, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 27, 2011.

The company's liquidator is:

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

BEACON FUND: Commences Liquidation Proceedings
On August 1, 2011, a resolution was passed that liquidates the
business of Beacon Fund.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Kenrich Partners Pte Ltd
         77 Science Park Drive
         #02-11 Cintech III
         Singapore 118256

BORD HOLDINGS: Creditors' Proofs of Debt Due September 7
The creditors of Bord Holdings Limited are required to file their
proofs of debt by September 7, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 28, 2011.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands

CASTLE POINT: Creditors' Proofs of Debt Due September 14
The creditors of Castle Point Capital Fund, Ltd. are required to
file their proofs of debt by September 14, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 22, 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

CBC PARTNERS: Creditors' Proofs of Debt Due September 5
The creditors of CBC Partners Holding Corporation are required to
file their proofs of debt by September 5, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 26, 2011.

The company's liquidator is:

         Ming-Shan Cheng
         No. 3, Li Hsin 5 Road, Science Park
         Taiwan, R.O.C.

CHINA MILK: Placed Under Provisional Liquidation
On July 22, 2011, China Milk Products Group Limited was placed
under provisional liquidation by the Grand Court of the Cayman

The provisional liquidators are:

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

         Cosimo Borrelli
         Borrelli Walsh Limited
         Level 17, Tower 1
         Admiralty Centre, 18 Harcourt Road
         Hong Kong; and

         Jason Kardachi
         Borrelli Walsh Pte Limited
         14-04 City House, 36 Robinson Road

FOUNDERS CORPORATION: Creditors' Proofs of Debt Due September 6
The creditors of Founders Corporation are required to file their
proofs of debt by September 6, 2011, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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

PEQUOT DIVERSIFIED: Creditors' Proofs of Debt Due September 5
The creditors of Pequot Diversified Master Fund, Ltd. are required
to file their proofs of debt by September 5, 2011, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on July 22, 2011.

The company's liquidator is:

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

PETROEXPORT LTD: Creditors and Contributories to Meet on Sept. 15
The creditors and contributories of Petroexport Limited will hold
their annual meetings on September 15, 2011, at 11:00 a.m.

The company's liquidator is:

         Roy Bailey
         c/o Lynden John
         Ernst & Young Ltd
         62 Forum Lane, Camana Bay
         P.O. Box 510, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: (345) 814 8915
         Facsimile: (345) 949 8529

POLAR CAPITAL: Creditors' Proofs of Debt Due September 5
The creditors of Polar Capital Discovery Fund Limited are required
to file their proofs of debt by September 5, 2011, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on July 15, 2011.

The company's liquidator is:

         Avalon Management Limited
         Reference: GL
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351
         Landmark Square
         64 Earth Close, 1st Floor
         West Bay Beach
         P.O. Box 715, George Town
         Grand Cayman KY1-1107
         Cayman Islands

SILVER CREEK: Creditors' Proofs of Debt Due September 14
The creditors of Silver Creek FHM SPV, Ltd. are required to file
their proofs of debt by September 14, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 19, 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

SIMPLE LIFE: Creditors' Proofs of Debt Due September 14
The creditors of Simple Life Company are required to file their
proofs of debt by September 14, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 26, 2011.

The company's liquidator is:

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

SPRINGLAND INTERNATIONAL: Commences Liquidation Proceedings
At an extraordinary general meeting held on July 12, 2011, the
members of Springland International Assurance Company resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

         Marsh Management Services Cayman Ltd.
         Governors Square
         Building 4, 2nd Floor
         23 Lime Tree Bay Avenue
         P.O. Box 1051, Grand Cayman KY1-1102
         Cayman Islands

WFS (CAYMAN): Creditors' Proofs of Debt Due September 14
The creditors of WFS (Cayman) Limited are required to file their
proofs of debt by September 14, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 21, 2011.

The company's liquidator is:

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

T R I N I D A D  &  T O B A G O

* TRINIDAD & TOBAGO: Government Seeks to Borrow TT$16 Billion
Andre Bagoo at Trinidad & Tobago Newsday reports that the Trinidad
government is moving to authorize TT$16 billion in State company
borrowing in a series of motions which are to be voted on in

In the latest Order Paper, Minister of Finance Winston Dookeran is
to table three motions which will authorize the state to borrow a
total of TT$16 billion "internally or externally", and to shift
the limit of how much State company borrowing can be guaranteed by
the Treasury, according to T&T Newsday.

T&T Newsday says that one motion on the Order Paper notes that "it
is necessary for the Government to borrow further sums of money"
for the purposes set out under the Development Loans Act.

That act authorizes the government to borrow for the purpose of
"financing general development in Trinidad and Tobago, repayment
of borrowing effected for general development" by State
enterprises and the University of the West Indies, T&T Newsday
discloses.  The motion calls for the statutory borrowing limit in
this regard to be pushed to no more than TT$10 billion, T&T
Newsday relates.

T&T Newsday relays that another motion authorizes borrowing up to
TT$6 billion in relation to the External Loans Act, also for
"general development".  A third motion on the Order Paper notes
that "it is now necessary to increase the aggregate amount of all
borrowing by companies that are guaranteed by the Government. . .
. by a further sum of (TT$16 billion)" and calls on Parliament to
authorize such guarantee, the report adds.


* Large Companies With Insolvent Balance Sheets

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


IMPSAT FIBER-$US       IMPTD AR          535007008       -17164978
IMPSAT FIBER-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


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


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


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


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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