TCRLA_Public/110906.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, September 6, 2011, Vol. 12, No. 176

                            Headlines



B E R M U D A

DIGICEL GROUP: Conditions on Claro Merger Give Dealers New Hope


C A Y M A N   I S L A N D S

ACA CLO 2007-3: Creditors' Proofs of Debt Due September 15
ASIAN DRAGON: Creditors' Proofs of Debt Due September 15
EMF DIVERSIFIED: Creditors' Proofs of Debt Due September 15
FREERIDER LIMITED: Creditors & Contributories to Meet on Sept. 7
FVP KAIROS: Creditors' Proofs of Debt Due September 15

JAZZ HOLDINGS: Commences Liquidation Proceedings
KPC HOLDINGS: Creditors' Proofs of Debt Due September 15
LONG SHORT: Creditors' Proofs of Debt Due September 15
MEDIA PRESS: Shareholders' Final Meeting Set for September 19
NET JETS: Commences Liquidation Proceedings

PEQUOT DIVERSIFIED: Shareholder to Hear Wind-Up Report Sept. 16
PREMIER ADVISORS: Placed Under Voluntary Wind-Up
PREMIER ADVISORS: Creditors' Proofs of Debt Due October 14
QUADRANGLE OFFSHORE: Creditors' Proofs of Debt Due September 15
TRIUMPH ASSETS: Creditors' Proofs of Debt Due September 15


J A M A I C A

WINDALCO: Plant Reopening Plans Still on Track, Minister Says


M E X I C O

ALESTRA S.: S&P Affirms 'B+' Ratings; Outlook Negative
BENEMERITA UNIVERSIDAD: Moody's Raises Rating to Baa3 from Ba1
VITRO SAB: Unit Files Schedules of Assets and Liabilities


P A R A G U A Y

* REPUBLIC OF PARAGUAY: S&P Ups Foreign Currency Rating to 'BB-'


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: Conditions on Claro Merger Give Dealers New Hope
---------------------------------------------------------------
Jamaica Gleaner reports that Yisraeline Geddes, the chief
spokesperson for Claro dealers, has endorsed Prime Minister Bruce
Golding's edict to reject the planned integration of Claro
Jamaica and Digicel Jamaica's networks, saying the separation
could revive business for the dealers.

"We would have a better chance in that scenario.  It is a
workable scenario -- the better option of the two . . . .  I am
waiting to hear more on that," Jamaica Gleaner quoted Mr. Geddes
as saying.

As reported in the Troubled Company Reporter-Latin America on
Sept. 2, 2011, The Gleaner related that the Jamaican government
has approved Digicel Group's acquisition of Claro Jamaica.  Prime
Minister Bruce Golding, however, said that the approval is on the
proviso that Digicel Group continues to operate two separate
networks, in what is meant to be a check on the market leader's
dominance, according to The Gleaner.  The Gleaner noted that
Digicel Group wanted to integrate the operations into a single
network, but Prime Minister Golding rejected that plan.

However, Jamaica Gleaner notes that despite Mr. Golding's
announcement the dealers remain uncertain.  "The market has died
. . . . and Claro is not talking at all . . . .  We are still
uncertain until we get clear word from Claro," Jamaica Gleaner
quoted Mr. Geddes as saying.

                        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 Group 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.


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


ACA CLO 2007-3: Creditors' Proofs of Debt Due September 15
----------------------------------------------------------
The creditors of ACA CLO 2007-3, Limited, are required to file
their proofs of debt by September 15, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 5, 2011.

The company's liquidator is:

         Mervin Solas
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


ASIAN DRAGON: Creditors' Proofs of Debt Due September 15
--------------------------------------------------------
The creditors of Asian Dragon Limited are required to file their
proofs of debt by September 15, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 4, 2011.

The company's liquidator is:

         Mervin Solas
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


EMF DIVERSIFIED: Creditors' Proofs of Debt Due September 15
-----------------------------------------------------------
The creditors of EMF Diversified Fixed Income Fund, Ltd. are
required to file their proofs of debt by September 15, 2011, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on August 4, 2011.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


FREERIDER LIMITED: Creditors & Contributories to Meet on Sept. 7
----------------------------------------------------------------
The creditors and contributories of Freerider Limited will hold
their annual meetings on September 7, 2011, at 10:00 a.m. and
11:00 a.m., respectively.

The company's liquidator is:

         Robin Lee Mcmahon
         c/o Geoff Baker
         Ernst & Young Ltd.
         62 Forum Lane, Camana Bay
         P.O. Box 510, Grand Cayman KY1-1106
         Cayman Islands
         Facsimile: (345) 949 8529
         e-mail: geoff.baker@ky.ey.com


FVP KAIROS: Creditors' Proofs of Debt Due September 15
------------------------------------------------------
The creditors of FVP Kairos Credit Fund I Limited are required to
file their proofs of debt by September 15, 2011, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on August 3, 2011.

The company's liquidator is:

         Chandrakant Mohanty
         Unit 901A
         Kinwick Centre
         32 Hollywood Road
         Central, Hong Kong


JAZZ HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------
On July 25, 2011, the shareholders of Jazz Holdings Limited
passed a resolution that liquidates the company's business.

Only creditors who were able to file their proofs of debt by
September 5, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Jamal Young
         Rankin's Plaza, 21 Eclipse Drive
         P.O. Box 10734, Grand Cayman  KY1-1007
         Cayman Islands


KPC HOLDINGS: Creditors' Proofs of Debt Due September 15
--------------------------------------------------------
The creditors of KPC Holdings (Cayman) Inc. are required to file
their proofs of debt by September 15, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 3, 2011.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


LONG SHORT: Creditors' Proofs of Debt Due September 15
------------------------------------------------------
The creditors of Long Short Trading Ltd. are required to file
their proofs of debt by September 15, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 5, 2011.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


MEDIA PRESS: Shareholders' Final Meeting Set for September 19
-------------------------------------------------------------
The shareholders of Media Press Ltd. will hold their final
meeting on September 19, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Probitas Limited
         Equitas Limited
         Clifton House
         75 Fort Street
         P.O. Box 1350 Grand Cayman KY1-1108
         Cayman Islands


NET JETS: Commences Liquidation Proceedings
-------------------------------------------
On July 25, 2011, the shareholders of Net Jets Europe LP passed a
resolution that liquidates the company's business.

Only creditors who were able to file their proofs of debt by
September 5, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Jamal Young
         Rankin's Plaza, 21 Eclipse Drive
         P.O. Box 10734, Grand Cayman  KY1-1007
         Cayman Islands


PEQUOT DIVERSIFIED: Shareholder to Hear Wind-Up Report Sept. 16
---------------------------------------------------------------
The sole shareholder of Pequot Diversified Master Fund, Ltd. will
receive on September 16, 2011, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877


PREMIER ADVISORS: Placed Under Voluntary Wind-Up
------------------------------------------------
On July 21, 2011, the Grand Court of Cayman Islands entered an
order that winds up the operations of Premier Advisors Fund
Offshore Limited.

The company's liquidators are:

         Christopher Dorrien Johnson
         Niall GoodsirCullen
         Chris Johnson Associates Ltd
         80 Shedden Road, Elizabethan Square Phase III
         P.O. Box 2499, George Town
         Grand Cayman KY1-1104
         Cayman Islands


PREMIER ADVISORS: Creditors' Proofs of Debt Due October 14
----------------------------------------------------------
The creditors of Premier Advisors Fund Offshore Limited are
required to file their proofs of debt by October 14, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 20, 2011.

The company's liquidators are:

         Christopher Dorrien Johnson
         Niall GoodsirCullen
         Chris Johnson Associates Ltd
         80 Shedden Road, Elizabethan Square Phase III
         P.O. Box 2499, George Town
         Grand Cayman KY1-1104
         Cayman Islands


QUADRANGLE OFFSHORE: Creditors' Proofs of Debt Due September 15
---------------------------------------------------------------
The creditors of Quadrangle Offshore (Cayman) LLC are required to
file their proofs of debt by September 15, 2011, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on August 4, 2011.

The company's liquidator is:

         Mervin Solas
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


TRIUMPH ASSETS: Creditors' Proofs of Debt Due September 15
----------------------------------------------------------
The creditors of Triumph Assets Limited are required to file
their proofs of debt by September 15, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 4, 2011.

The company's liquidator is:

         Victor Murray
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


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J A M A I C A
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WINDALCO: Plant Reopening Plans Still on Track, Minister Says
-------------------------------------------------------------
RJR News reports that Jamaica Minister Mining Clive Mullings said
despite recent upheavals in the global economy, plans are still
on track for the reopening West Indies Alumina Company's
Manchester plant.

Mr. Mulling said that further progress is being made in
negotiations with WINDALCO's owners, according to RJR News.
"Well yes discussions are going okay; in fact there are some
terms to be ironed out very shortly.  One should also understand
that existing contracts also need to be fulfilled.  In the short
to medium term, we will ensure that the mines are open to meet
those contractual arrangements that they have" RJR News quoted
Mr. Mulling as saying.

As reported in the Troubled Company Reporter-Latin America on
Feb. 16, 2011, RadioJamaica said that the board of UC Rusal has
approved the reopening of the Windalco-Kirkvine Plant.  However,
RadioJamaica related, the restart of mining activities is subject
to the approval by UC Rusal's international lenders and further
discussions with its partners on the project.  Production at the
Windalco-Kirkvine Plant was temporarily suspended in April 2009
due to cost-cutting measures, RadioJamaica recounted.
RadioJamaica, citing an internet report, noted that the cost of
the restart of operations is expected to be approximately
US$9 million while the plant commissioning budget is
approximately US$17 million.

                          About WINDALCO

West Indies Alumina Company is situated on the island of Jamaica
in the Caribbean.  The company comprises two alumina refineries
(Ewarton Works and Kirkvine Works), a shipping port (Port
Esquivel) and also bauxite mines in Schwallenburgh (Ewarton) and
Russell Place (Kirkvine) and farms in Manchester and St. Ann.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 8, 2010, Jamaica Gleaner said that West Indies Alumina
Company will end its bauxite production in Jamaica and make 762
permanent jobs redundant.  The report related that the redundancy
exercise comes a year after the company suspended production at
its Kirkvine, Manchester, and Ewarton, St. Catherine, refineries
because of reduced demand for aluminium on the world market.  The
company is 93% owned by Russian entity, UC Rusal.


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M E X I C O
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ALESTRA S.: S&P Affirms 'B+' Ratings; Outlook Negative
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' ratings on
Mexico-based phone company Alestra S. de R.L. de C.V. and removed
the ratings from CreditWatch with negative implications where S&P
placed them on April 19, 2011.  "The recovery rating of . . . .
indicating our expectation of meaningful (50%-70%) recovery in
the event of a payment default, remains unchanged.  The outlook
is negative.  The CreditWatch removal is based on our review of
the company's business and financial profiles following the
completion of Alfa S.A.B. de C.V.'s purchase of AT&T Inc.'s 49%
stake in Alestra," S&P related.

"Although we believe that Alestra's competitive position has
weakened following the loss of its key strategic partner, AT&T,
we expect Alestra to try to offset this loss by focusing on new
offerings within its value-added services (VAS) portfolio.
However, revenues and EBITDA could come under pressure at the
end of 2012 when AT&T's contracts phase out, given that about 20%
of Alestra's revenues come from AT&T customers.  We could lower
the ratings if the leasing of network infrastructure to AT&T and
expansion of its VAS are not enough to compensate for AT&T's
loss," S&P related.


BENEMERITA UNIVERSIDAD: Moody's Raises Rating to Baa3 from Ba1
--------------------------------------------------------------
Moody's de Mexico upgraded the issuer ratings of the Benemerita
Universidad Autonoma de Puebla (BUAP) to Aa3.mx from A1.mx
(Mexico National Scale) and to Baa3 from Ba1 (Global Scale, local
currency).  The outlook on the ratings is stable.

Ratings Rationale

"The upgrade reflects (1) a sustainable trend of strong operating
margins, driven by an established and strong market position in
higher education for the region, (2) growth in operating revenues
in conjunction with the management's ability to contain operating
expenditures, (3) low debt levels, and (4) very high liquidity
levels, offset by a large and growing unfunded pension
liability", says Roxana Munoz, Analyst.

BUAP benefits from strong student demand, driven by state
population growth and a well established academic reputation,
which allows the university to remain selective.  Despite the
recent expansion of university facilities, including the
development of 9 regional campuses, only 42% of applicants were
offered admission to BUAP in 2010, of which roughly 95% are
matriculated, a high level.

In the last five years, BUAP's credit profile has been
strengthened by the recording of strong positive operating
margins (operating revenues minus operating spending, including
interest payments) that have generated pay-as-you-go financing
for a considerable portion of capital projects.  The university
posted positive gross operating balances during the 2006-2010
period averaging 12% of operating revenues, a very high level for
the Mexican context.  This performance reflects gains in own-
source revenues and in state and federal transfers in conjunction
with a successful implementation of cost rationalization
measures. Between 2006 and 2010, operating revenues expanded at a
compound annual growth rate (CAGR) of 10%, outpacing the
equivalent 9% CAGR for operating expenditures.

As a result, on a consolidated basis (taking into account capital
revenues and expenditures), BUAP has registered cash financing
surpluses averaging 1% of total revenues between 2006 and 2010.
Given these financial results, the university did not contract
additional debt during 2010 for financing capital expenditures.

As such, BUAP's debt burden declined significantly in 2010.
Specifically, direct debt as a percentage of total revenues
decreased to 5.0% in 2010 from a recent peak of 12% in 2009.
"Given our expectations of balanced consolidated fiscal results
over the near term, Moody's expects debt levels to continue to
decrease in the following years" says Mrs. Munoz.  Moody's notes
however, that unfunded pension obligations, equivalent in 2010 to
285% of total revenues, continue to be a challenge as they
continue growing.

The Aa3.mx/Baa3 ratings also reflect BUAP's very high net working
capital (current assets less current liabilities) as a percentage
of total expenditures, which, on average, has been equivalent to
25% for the 2006-2010 period.

The principal methodologies used in this rating were Public
Universities Outside the US published in August 2007 and
Government Related Issuers published in July 2010.


VITRO SAB: Unit Files Schedules of Assets and Liabilities
---------------------------------------------------------
Vitro America LLC filed with the U.S. Bankruptcy Court for
the Northern District of Texas its schedules of assets and
liabilities, and statements of financial affairs, disclosing:

     Name of Schedule              Assets          Liabilities
     ----------------           ------------       -----------
  A. Real Property              US$7,401,547
  B. Personal Property           $79,620,380
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                              US$13,323,959
  E. Creditors Holding
     Unsecured Priority
     Claims                                       $240,636,305
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                     $1,237,003,159
                                ------------    --------------
        TOTAL                  US$87,021,927  US$1,490,963,424

A full-text copy of the Schedules is available for free at:

          http://bankrupt.com/misc/VITROAMERICA_sal.pdf

                          About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is the
largest manufacturer of glass containers and flat glass in
Mexico, with consolidated net sales in 2009 of MXN23,991 million
(US$137 billion).

Vitro defaulted on its debt in 2009 and sought to restructure
around US$1 billion in debt, including US$1 billion in notes.
Vitro launched an offer to buy back or swap US$1 billion in debt
from bondholders.  The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States.  Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.

           Concurso Mercantil & Chapter 15 Proceedings

Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for
Civil and Labor Matters for the State of Nuevo Leon, commencing
its voluntary concurso mercantil proceedings -- the Mexican
equivalent of a prepackaged Chapter 11 reorganization.  Vitro SAB
also commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  The judge said Vitro couldn't push
through a plan to buy back or swap US$1 billion in debt from
bondholders based on the vote of US$1 billion of intercompany
debt when third-party creditors were opposed.  Vitro as a result
dismissed the first Chapter 15 petition following the ruling by
the Mexican court.

On April 12, 2011, an appellate court in Mexico reinstated the
reorganization.  Accordingly, Vitro SAB on April 14 re-filed a
petition for recognition of its Mexican reorganization in U.S.
Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-
11754).

In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.

On June 29, 2011, Vitro Packaging de Mexico S.A. de C.V.
commenced a voluntary judicial reorganization proceeding under
the Ley de Concursos Mercantiles before the Federal District
Court for Civil and Labor Matters for the State of Nuevo Leon,
the United Mexican States.  On June 30, 2011, Vitro Packaging
filed a chapter 15 petition (Bankr. N.D. Tex. Case No. 11-34224).

Alejandro Francisco Sanchez-Mujica and Javier Arechavaleta Santos
serve as Foreign Representatives of Vitro S.A.B. de C.V. and
Vitro Packaging de Mexico S.A. de C.V.  The Foreign
Representatives are represented by David M. Bennett, Esq.,
Katharine E. Battaia, Esq., and Cassandra A. Sepanik, Esq., at
Thompson & Knight LLP, and Andrew M. Leblanc, Esq., Risa M.
Rosenberg, Esq., Thomas J. Matz, Esq., and Jeremy C. Hollembeak,
Esq., at Milbank Tweed Hadley & McCloy LLP.

Attorneys for the Ad Hoc Group of Vitro Noteholders are Jeff P.
Prostok, Esq., and Lynda L. Lankford, Esq., at Forshey & Prostok,
LLP, and Allan S. Brilliant, Esq., Benjamin E. Rosenberg, Esq.,
Craig P. Druehl, Esq., and Dennis H. Hranitzky, Esq., at Dechert
LLP.

                     Chapter 11 Proceedings

A group of noteholders, namely Knighthead Master Fund, L.P., Lord
Abbett Bond-Debenture Fund, Inc., Davidson Kempner Distressed
Opportunities Fund LP, and Brookville Horizons Fund, L.P.,
opposed the exchange.  Together, they held US$75 million, or
approximately 6% of the outstanding bond debt.  The Noteholder
group commenced involuntary bankruptcy cases under Chapter 11 of
the U.S. Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D.
Tex. Case No. 10-47470) and 15 other affiliates on Nov. 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise
in the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has
expressed concerns over the exchange offer.  The group says the
exchange offer exposes Noteholders who consent to potential
adverse consequences that have not been disclosed by Vitro.  The
group is represented by John Cunningham, Esq., and Richard
Kebrdle, Esq., at White & Case LLP.

The U.S. affiliates subject to the involuntary petitions are
Vitro Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No.
10- 47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-
47473); Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-
47474); Super Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-
47475); Super Sky International, Inc. (Bankr. N.D. Tex. Case No.
10-47476); VVP Holdings, LLC (Bankr. N.D. Tex. Case No. 10-
47477); Amsilco Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-
47478); B.B.O. Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-
47479); Binswanger Glass Company (Bankr. N.D. Tex. Case No. 10-
47480); Crisa Corporation (Bankr. N.D. Tex. Case No. 10-47481);
VVP Finance Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP
Auto Glass, Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47484); and Vitro
Packaging, LLC (Bankr. N.D. Tex. Case No. 10-47485).

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were
subject to the involuntary petitions into voluntary Chapter 11.
The Texas Court on April 21 denied involuntary petitions against
the eight U.S. subsidiaries that didn't consent to being in
Chapter 11.  The U.S. subsidiaries subsequently sold their
businesses to an affiliate of Sun Capital Partners Inc. for US$55
million.

Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al.  Alvarez & Marsal North America LLC is the
Debtors' operations and financial advisor.

The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah
Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
Dallas, Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq.,
and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP,
in New York, as counsel.


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P A R A G U A Y
===============


* REPUBLIC OF PARAGUAY: S&P Ups Foreign Currency Rating to 'BB-'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term foreign
and local currency ratings on the Republic of Paraguay to 'BB-'
from 'B+'.

"At the same time, we affirmed our 'B' short-term foreign and
local currency ratings on the sovereign.  The outlook is stable,"
S&P related.

"The upgrade reflects improvements to external and fiscal
flexibility provided by the recently enacted agreement with the
Brazilian government to raise Paraguay's share of revenues from
the Itapu Dam, a hydroelectric power plant on the Paran River
near the Brazil-Paraguay border," said Standard & Poor's credit
analyst Richard Francis.  In accordance with legislation passed
by the Brazilian Congress in May 2011, Paraguay's annual revenues
from the Itapu facility are projected to increase by an estimated
1.5% of GDP.  This strengthens the ability of the Paraguayan
government to continue to expand social programs and much-needed
infrastructure while maintaining fiscal discipline, which will
likely help lower poverty rates and boost economic growth
prospects.

Paraguay's weak political institutions, less developed economy,
and limited monetary flexibility constrain the ratings.  However,
strengthened economic fundamentals and the country's political
maturation support the ratings.  Since 2004, the central
government has run fiscal surpluses, resulting in a steadily
declining general government debt burden, which it expects to
reach 14% of GDP in 2011.

At the same time, the country has witnessed continued
strengthening of its external indicators as a result of solid
export growth (except in 2009) and rising international reserves,
which now cover more than three months of current account
payments.  "We expect Paraguay's economy to remain solid in 2011,
with per capita GDP growth of 3.7%, down from more than 13% in
2010, which was unusually high because of the rebound from 2009
and a record soya harvest," S&P related.

The stable outlook balances the country's narrow economy and
substantial infrastructure needs against the government's
improving fiscal underpinnings and low debt.  The ratings could
improve further if important investment projects are undertaken,
such as a possible aluminum smelter, further boosting growth
prospects and external indicators.  Additional reform measures in
the areas of debt management, financial supervision, and the
recapitalization of the central bank, a precursor to inflation
targeting, would also improve rating prospects.  On the other
hand, rapid credit growth that impairs external and fiscal
flexibility or leads to financial sector problems could put
downward pressure on the ratings.


===============
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-C/E     IMPTC AR          535007008        -17164978
IMPSAT FIBER NET     IMPTQ US          535007008        -17164978
IMPSAT FIBER NET     XIMPT SM          535007008        -17164978
IMPSAT FIBER-BLK     IMPTB AR          535007008        -17164978
IMPSAT FIBER NET     330902Q GR        535007008        -17164978
IMPSAT FIBER-CED     IMPT AR           535007008        -17164978
SOC COMERCIAL PL     CADN SW           177502185       -343324573
SOC COMERCIAL PL     CAD IX            177502185       -343324573
SOC COMERCIAL PL     CADN EU           177502185       -343324573
SOC COMERCIAL PL     SCDPF US          177502185       -343324573
SOC COMERCIAL PL     CVVIF US          177502185       -343324573
SOC COMERCIAL PL     CADN EO           177502185       -343324573
SOC COMERCIAL PL     COME AR           177502185       -343324573
COMERCIAL PL-ADR     SCPDS LI          177502185       -343324573
SOC COMERCIAL PL     COMEC AR          177502185       -343324573
COMERCIAL PLA-BL     COMEB AR          177502185       -343324573
SOC COMERCIAL PL     COMED AR          177502185       -343324573
SOCOTHERM-SP ADR     SOCOY US          101075648         -3157975
SOCOTHERM SA-B       STHE AR           101075648         -3157975
SOCOTHERM-5 VT-A     STHE5 AR          101075648         -3157975
SNIAFA SA-B          SNIA5 AR           11229696         -2670544
SNIAFA SA            SNIA AR            11229696         -2670544
SNIAFA SA-B          SDAGF US           11229696         -2670544

BELIZE

VARIG SA-PREF        VARGPN BZ         966298025      -4695211316
VARIG SA             VARGON BZ         966298025      -4695211316
VARIG SA-PREF        VAGV4 BZ          966298025      -4695211316
VARIG SA             VAGV3 BZ          966298025      -4695211316
AGRENCO LTD-BDR      AGEN11 BZ         637647275       -312199404
AGRENCO LTD          AGRE LX           637647275       -312199404
BOMBRIL              BMBBF US          451055441        -71738547
BOMBRIL-RGTS PRE     BOBR2 BZ          451055441        -71738547
BOMBRIL CIRIO-PF     BOBRPN BZ         451055441        -71738547
BOMBRIL SA-ADR       BMBBY US          451055441         71738547
BOMBRIL              BOBR3 BZ          451055441        -71738547
BOMBRIL-RIGHTS       BOBR1 BZ          451055441        -71738547
BOMBRIL SA-ADR       BMBPY US          451055441        -71738547
BOMBRIL CIRIO SA     BOBRON BZ         451055441        -71738547
BOMBRIL-PREF         BOBR4 BZ          451055441        -71738547
CIA PETROLIFERA      MRLM3 BZ          377602195         -3014291
CIA PETROLIF-PRF     MRLM4B BZ         377602195         -3014291
CIA PETROLIFERA      1CPMON BZ         377602195         -3014291
CIA PETROLIF-PRF     1CPMPN BZ         377602195         -3014291
CIA PETROLIF-PRF     MRLM4 BZ          377602195         -3014291
CIA PETROLIFERA      MRLM3B BZ         377602195         -3014291
BATTISTELLA-RI P     BTTL2 BZ          355816098         -2564562
BATTISTELLA-RIGH     BTTL1 BZ          355816098         -2564562
BATTISTELLA-RECE     BTTL9 BZ          355816098         -2564562
BATTISTELLA-RECP     BTTL10 BZ         355816098         -2564562
BATTISTELLA          BTTL3 BZ          355816098         -2564562
BATTISTELLA-PREF     BTTL4 BZ          355816098         -2564562
DOCAS SA             DOCAON BZ         354715604       -119368960
DOCA INVESTI-PFD     DOCA4 BZ          354715604       -119368960
DOCAS SA-PREF        DOCAPN BZ         354715604       -119368960
DOCA INVESTIMENT     DOCA3 BZ          354715604       -119368960
DOCAS SA-RTS PRF     DOCA2 BZ          354715604       -119368960
TELEBRAS-PF BLCK     TELB40 BZ         280204646        -21109882
TELEBRAS-RTS PRF     RCTB2 BZ          280204646        -21109882
TELEBRAS-COM RT      TELB1 BZ          280204646        -21109882
TELEBRAS-CED C/E     TEL4C AR          280204646        -21109882
TELEBRAS-ADR         TBASY US          280204646        -21109882
TELEBRAS-CM RCPT     TBRTF US          280204646        -21109882
TELEBRAS-CEDE PF     RCT4D AR          280204646        -21109882
TELEBRAS-CEDE PF     RCTB4 AR          280204646        -21109882
TELEBRAS-PF RCPT     RCTB41 BZ         280204646        -21109882
TELEBRAS-RTS CMN     RCTB1 BZ          280204646        -21109882
TELEBRAS-RECEIPT     TLBRUO BZ         280204646        -21109882
TELEBRAS-CM RCPT     TELE31 BZ         280204646        -21109882
TELEBRAS SA-PREF     TLBRPN BZ         280204646        -21109882
TELEBRAS SA          TBASF US          280204646        -21109882
TELEBRAS-PF RCPT     RCTB40 BZ         280204646        -21109882
TELEBRAS-CM RCPT     RCTB31 BZ         280204646        -21109882
TELEBRAS-RCT         RCTB33 BZ         280204646        -21109882
TELEBRAS-RCT PRF     TELB10 BZ         280204646        -21109882
TELEBRAS-RTS PRF     TLCP2 BZ          280204646        -21109882
TELEBRAS-BLOCK       TELB30 BZ         280204646        -21109882
TELEBRAS-ADR         TBRAY GR          280204646        -21109882
TELEBRAS-PF RCPT     CBRZF US          280204646        -21109882
TELEBRAS-RTS CMN     TCLP1 BZ          280204646        -21109882
TELECOMUNICA-ADR     81370Z BZ         280204646        -21109882
TELEBRAS-ADR         TBH US            280204646        -21109882
TELEBRAS-CEDEA $     TEL4D AR          280204646        -21109882
TELEBRAS-CEDE PF     RCT4C AR          280204646        -21109882
TELEBRAS-PF RCPT     TBAPF US          280204646        -21109882
TELEBRAS-ADR         TBAPY US          280204646        -21109882
TELEBRAS SA-RT       TELB9 BZ          280204646        -21109882
TELEBRAS SA-PREF     TELB4 BZ          280204646        -21109882
TELEBRAS/W-I-ADR     TBH-W US          280204646        -21109882
TELEBRAS-PF RCPT     TELE41 BZ         280204646        -21109882
TELEBRAS-CEDE PF     TELB4 AR          280204646        -21109882
TELEBRAS SA          TELB3 BZ          280204646        -21109882
TELEBRAS-PF RCPT     RCTB42 BZ         280204646        -21109882
TELEBRAS-ADR         RTB US            280204646        -21109882
TELEBRAS-CM RCPT     RCTB32 BZ         280204646        -21109882
TELEBRAS-ADR         TBX GR            280204646        -21109882
TELEBRAS SA          TLBRON BZ         280204646        -21109882
TELEBRAS-CM RCPT     RCTB30 BZ         280204646        -21109882
TELEBRAS-CEDE BL     RCT4B AR          280204646        -21109882
TELEBRAS-PF RCPT     TLBRUP BZ         280204646        -21109882
HOTEIS OTHON SA      HOOT3 BZ          255036149       -426067695
HOTEIS OTHON-PRF     HOOT4 BZ          255036149       -426067695
HOTEIS OTHON-PRF     HOTHPN BZ         255036149       -426067695
HOTEIS OTHON SA      HOTHON BZ         255036149       -426067695
TEKA                 TKTQF US          246866965       -392777063
TEKA-ADR             TKTPY US          246866965       -392777063
TEKA-PREF            TEKAPN BZ         246866965       -392777063
TEKA-ADR             TKTQY US          246866965        392777063
TEKA                 TEKAON BZ         246866965       -392777063
TEKA                 TEKA3 BZ          246866965       -392777063
TEKA-ADR             TEKAY US          246866965       -392777063
TEKA-PREF            TEKA4 BZ          246866965       -392777063
TEKA-PREF            TKTPF US          246866965       -392777063
PETRO MANGUIN-PF     MANGPN BZ         231024467       -184606117
PET MANG-RECEIPT     RPMG9 BZ          231024467       -184606117
PETRO MANGUINHOS     MANGON BZ         231024467       -184606117
PET MANG-RIGHTS      3678565Q BZ       231024467       -184606117
PET MANG-RT          RPMG1 BZ          231024467       -184606117
PET MANGUINH-PRF     RPMG4 BZ          231024467       -184606117
PET MANG-RIGHTS      3678569Q BZ       231024467       -184606117
PETRO MANGUINHOS     RPMG3 BZ          231024467       -184606117
PET MANG-RT          4115360Q BZ       231024467       -184606117
PET MANG-RT          4115364Q BZ       231024467       -184606117
PET MANG-RECEIPT     RPMG10 BZ         231024467       -184606117
PET MANG-RT          RPMG2 BZ          231024467       -184606117
SANSUY               SNSY3 BZ          200809364       -115213256
SANSUY-PREF A        SNSY5 BZ          200809364       -115213256
SANSUY SA-PREF B     SNSYBN BZ         200809364       -115213256
SANSUY SA-PREF A     SNSYAN BZ         200809364       -115213256
SANSUY-PREF B        SNSY6 BZ          200809364       -115213256
SANSUY SA            SNSYON BZ         200809364       -115213256
D H B-PREF           DHBI4 BZ          185992309       -151323933
D H B                DHBI3 BZ          185992309       -151323933
DHB IND E COM-PR     DHBPN BZ          185992309       -151323933
DHB IND E COM        DHBON BZ          185992309       -151323933
BALADARE             BLDR3 BZ          159454015       -529922121
FABRICA RENAUX-P     FRNXPN BZ         109683743       -488361468
FABRICA TECID-RT     FTRX1 BZ          109683743       -488361468
FABRICA RENAUX-P     FTRX4 BZ          109683743       -488361468
FABRICA RENAUX       FTRX3 BZ          109683743       -488361468
FABRICA RENAUX       FRNXON BZ         109683743       -488361468
WETZEL SA            MWET3 BZ          100017711       -535934519
WETZEL SA            MWELON BZ         100017711       -535934519
WETZEL SA-PREF       MWELPN BZ         100017711       -535934519
WETZEL SA-PREF       MWET4 BZ          100017711       -535934519
DOC IMBITUBA-RT      IMBI1 BZ          96977064        -425926022
DOC IMBITUBA-RTP     8174507Q BZ       96977064        -425926022
DOC IMBITUBA         IMBI3 BZ          96977064        -425926022
DOC IMBITUBA-RT      8218594Q BZ       96977064        -425926022
DOC IMBITUB-PREF     IMBI4 BZ          96977064        -425926022
DOCAS IMBITUB-PR     IMBIPN BZ         96977064        -425926022
DOC IMBITUBA-RTC     8174503Q BZ       96977064        -425926022
DOCAS IMBITUBA       IMBION BZ         96977064        -425926022
DOC IMBITUBA-RT      9866923Q BZ       96977064        -425926022
ESTRELA SA-PREF      ESTRPN BZ         89585906        -807614863
ESTRELA SA-PREF      ESTR4 BZ          89585906        -807614863
ESTRELA SA           ESTRON BZ         89585906        -807614863
ESTRELA SA           ESTR3 BZ          89585906        -807614863
ACO ALTONA-PREF      EALT4 BZ          89152030        -984858771
ACO ALTONA           EALT3 BZ          89152030        -984858771
ACO ALTONA SA        EAAON BZ          89152030        -984858771
ACO ALTONA-PREF      EAAPN BZ          89152030        -984858771
VARIG PART EM SE     VPSC3 BZ          830178286       -495721699
VARIG PART EM-PR     VPSC4 BZ          830178286       -495721699
TEXTEIS RENA-RCT     TXRX9 BZ          730958339       -103943205
TEXTEIS RENAU-RT     TXRX2 BZ          730958339       -103943205
TEXTEIS RENAUX       RENXON BZ         730958339       -103943205
TEXTEIS RENA-RCT     TXRX10 BZ         730958339       -103943205
RENAUXVIEW SA-PF     TXRX4 BZ          730958339       -103943205
TEXTEIS RENAU-RT     TXRX1 BZ          730958339       -103943205
RENAUXVIEW SA        TXRX3 BZ          730958339       -103943205
TEXTEIS RENAUX       RENXPN BZ         730958339       -103943205
SCHLOSSER SA-PRF     SCHPN BZ          730367499       -343578329
SCHLOSSER            SCLO3 BZ          730367499       -343578329
SCHLOSSER-PREF       SCLO4 BZ          730367499       -343578329
SCHLOSSER SA         SCHON BZ          730367499       -343578329
MINUPAR-RCT          9314634Q BZ       631445339       -606558236
MINUPAR SA           MNPRON BZ         631445339       -606558236
MINUPAR-RT           MNPR1 BZ          631445339       -606558236
MINUPAR-RCT          MNPR9 BZ          631445339       -606558236
MINUPAR              MNPR3 BZ          631445339       -606558236
MINUPAR-PREF         MNPR4 BZ          631445339       -606558236
MINUPAR-RT           9314542Q BZ       631445339       -606558236
MINUPAR SA-PREF      MNPRPN BZ         631445339       -606558236
GRADIENTE EL-PRC     IGBCN BZ          610889775       -282692297
GRADIENTE ELETR      IGBON BZ          610889775       -282692297
GRADIENTE EL-PRB     IGBBN BZ          610889775       -282692297
GRADIENTE-PREF C     IGBR7 BZ          610889775       -282692297
GRADIENTE-PREF A     IGBR5 BZ          610889775       -282692297
GRADIENTE-PREF B     IGBR6 BZ          610889775       -282692297
IGB ELETRONICA       IGBR3 BZ          610889775       -282692297
GRADIENTE EL-PRA     IGBAN BZ          610889775       -282692297
VARIG PART EM-PR     VPTA4 BZ          494321248       -399290396
VARIG PART EM TR     VPTA3 BZ          494321248       -399290396
CIMOB PART-PREF      GAFP4 BZ          44047411        -456699639
CIMOB PART-PREF      GAFPN BZ          44047411        -456699639
CIMOB PARTIC SA      GAFP3 BZ          44047411        -456699639
CIMOB PARTIC SA      GAFON BZ          44047411        -456699639
WIEST                WISA3 BZ          341082013       -126997429
WIEST SA-PREF        WISAPN BZ         341082013       -126997429
WIEST SA             WISAON BZ         341082013       -126997429
WIEST-PREF           WISA4 BZ          341082013       -126997429
RECRUSUL - RCT       RCSL10 BZ         31427766        -303076056
RECRUSUL - RCT       RCSL9 BZ          31427766        -303076056
RECRUSUL             RCSL3 BZ          31427766        -303076056
RECRUSUL SA          RESLON BZ         31427766        -303076056
RECRUSUL - RT        RCSL2 BZ          31427766        -303076056
RECRUSUL SA-PREF     RESLPN BZ         31427766        -303076056
RECRUSUL-PREF        RCSL4 BZ          31427766        -303076056
RECRUSUL - RCT       4529793Q BZ       31427766        -303076056
RECRUSUL-BON RT      RCSL12 BZ         31427766        -303076056
RECRUSUL-BON RT      RCSL11 BZ         31427766        -303076056
RECRUSUL - RT        4529785Q BZ       31427766        -303076056
RECRUSUL - RT        4529781Q BZ       31427766        -303076056
RECRUSUL - RCT       4529789Q BZ       31427766        -303076056
RECRUSUL - RT        RCSL1 BZ          31427766        -303076056
SANESALTO            SNST3 BZ          310440535       -184329732
STAROUP SA-PREF      STARPN BZ          276636045        -7174512
STAROUP SA           STARON BZ          276636045        -7174512
BOTUCATU TEXTIL      STRP3 BZ           276636045        -7174512
BOTUCATU-PREF        STRP4 BZ           276636045        -7174512
CONST BETER SA       COBE3 BZ           254694742      -491865999
CONST BETER SA       COBEON BZ          254694742      -491865999
CONST BETER-PF B     1COBBN BZ          254694742      -491865999
CONST BETER-PR B     COBEBN BZ          254694742      -491865999
CONST BETER-PF B     COBE6 BZ           254694742      -491865999
CONST BETER-PF A     1COBAN BZ          254694742      -491865999
CONST BETER-PR A     COBEAN BZ          254694742      -491865999
CONST BETER SA       1COBON BZ          254694742      -491865999
CONST BETER SA       COBE3B BZ          254694742      -491865999
CONST BETER-PR B     1009Q BZ           254694742      -491865999
CONST BETER-PR A     1008Q BZ           254694742      -491865999
CONST BETER-PF A     COBE5 BZ           254694742      -491865999
CONST BETER SA       1007Q BZ           254694742      -491865999
FERRAGENS HAGA-P     HAGAPN BZ          237328278      -658835559
FER HAGA-PREF        HAGA4 BZ           237328278      -658835559
HAGA                 HAGA3 BZ           237328278      -658835559
FERRAGENS HAGA       HAGAON BZ          237328278      -658835559
ALL ORE MINERACA     STLB3 BZ           23040051         -8699861
ALL ORE MINERACA     AORE3 BZ           23040051         -8699861
STEEL - RCT ORD      STLB9 BZ           23040051         -8699861
STEEL - RT           STLB1 BZ           23040051         -8699861
NOVA AMERICA-PRF     NOVAPN BZ          21287489       -183535527
NOVA AMERICA-PRF     1NOVPN BZ          21287489       -183535527
NOVA AMERICA SA      1NOVON BZ          21287489       -183535527
NOVA AMERICA SA      NOVA3 BZ           21287489       -183535527
NOVA AMERICA SA      NOVA3B BZ          21287489       -183535527
NOVA AMERICA-PRF     NOVA4 BZ           21287489       -183535527
NOVA AMERICA SA      NOVAON BZ          21287489       -183535527
NOVA AMERICA-PRF     NOVA4B BZ          21287489       -183535527
CAFE BRASILIA SA     CSBRON BZ          210973691      -903951460
CAF BRASILIA         CAFE3 BZ           210973691      -903951460
CAF BRASILIA-PRF     CAFE4 BZ           210973691      -903951460
CAFE BRASILIA-PR     CSBRPN BZ          210973691      -903951460
TECEL S JOSE         SJOS3 BZ           190673232       -52580501
TECEL S JOSE-PRF     SJOS4 BZ           190673232       -52580501
TECEL S JOSE         FTSJON BZ          190673232       -52580501
TECEL S JOSE-PRF     FTSJPN BZ          190673232       -52580501
NORDON METAL         NORDON BZ          153545974      -268596368
NORDON MET           NORD3 BZ           153545974      -268596368
NORDON MET-RTS       NORD1 BZ           153545974      -268596368
LATTENO FOOD COR     LATF US            14423532         -3506007
B&D FOOD CORP        BDFCE US           14423532         -3506007
B&D FOOD CORP        BDFC US            14423532         -3506007
REII INC             REIC US            14423532         -3506007
CHIARELLI SA         CCHI3 BZ           14300741       -467294324
CHIARELLI SA-PRF     CCHI4 BZ           14300741       -467294324
CHIARELLI SA         CCHON BZ           14300741       -467294324
CHIARELLI SA-PRF     CCHPN BZ           14300741       -467294324
HERCULES SA          HERTON BZ          126891179      -170680899
HERCULES             HETA3 BZ           126891179      -170680899
HERCULES-PREF        HETA4 BZ           126891179      -170680899
HERCULES SA-PREF     HERTPN BZ          126891179      -170680899
GAZOLA               GAZO3 BZ           124521441       -40298531

GAZOLA SA-DVD PF     GAZO12 BZ          124521441      -40298531
GAZOLA-RCPT PREF     GAZO10 BZ          124521441      -40298531
GAZOLA SA-DVD CM     GAZO11 BZ          124521441      -40298531
GAZOLA-PREF          GAZO4 BZ           124521441      -40298531
GAZOLA SA            GAZON BZ           124521441      -40298531
GAZOLA-RCPTS CMN     GAZO9 BZ           124521441      -40298531
GAZOLA SA-PREF       GAZPN BZ           124521441      -40298531
ARTHUR LANG-RC C     ARLA9 BZ           116422552     -171544616
ARTHUR LAN-DVD P     ARLA12 BZ          116422552     -171544616
ARTHUR LANG-RC P     ARLA10 BZ          116422552     -171544616
ARTHUR LANGE         ARLA3 BZ           116422552     -171544616
ARTHUR LANGE SA      ALICON BZ          116422552     -171544616
ARTHUR LANGE-PRF     ALICPN BZ          116422552     -171544616
ARTHUR LANG-RT C     ARLA1 BZ           116422552     -171544616
ARTHUR LANG-RT P     ARLA2 BZ           116422552     -171544616
ARTHUR LANGE-PRF     ARLA4 BZ           116422552     -171544616
ARTHUR LAN-DVD C     ARLA11 BZ          116422552     -171544616
F GUIMARAES-PREF     FGUI4 BZ           110165424     -151840377
F GUIMARAES          FGUI3 BZ           110165424     -151840377
FERREIRA GUIMARA     FGUION BZ          110165424     -151840377
FERREIRA GUIM-PR     FGUIPN BZ          110165424     -151840377


CHILE

EMPRESA DE LOS F     2940894Z CI       1933599104      -50416404
CHILESAT CORP SA     TELEX CI          1156945109     -122555289
TELEX-A              TELEXA CI         1156945109     -122555289
TELMEX CORP-ADR      CSAOY US          1156945109     -122555289
TELEX-RTS            TELEXO CI         1156945109     -122555289
CHILESAT CO-ADR      TL US             1156945109     -122555289
CLARO COM SA         CHILESAT CI       1156945109     -122555289
CHILESAT CO-RTS      CHISATOS CI       1156945109     -122555289

PUERTO RICO

TEXTIL SAN CRI-C     SNCRISC1 PE       59428057         -8824587
TEXTIL SAN CRI-C     SNCR/C PE         59428057         -8824587


                            ***********


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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