TCRLA_Public/111004.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, October 4, 2011, Vol. 12, No. 196

                            Headlines


A R G E N T I N A

AES CHIVOR: S&P Raises Issuer Credit Rating From 'BB+' to 'BBB-'
COMPANIA SUD: S&P Cuts Rating to 'B-' on Weak Performance


B E R M U D A

ADIA FUNDING: Creditors' Proofs of Debt Due Oct. 7
ADIA FUNDING: Sole Member to Receive Wind-Up Report on Oct. 27
CIT VENDOR: Creditors' Proofs of Debt Due Oct. 7
CIT VENDOR: Sole Member to Receive Wind-Up Report on Oct. 27
LAP MAN IP 220: Creditors' Proofs of Debt Due Oct. 5

LAP MAN IP 220: Member to Receive Wind-Up Report on Oct. 28
SAGECREST LTD: Court Appoints Calow as Provisional Liquidator


B R A Z I L

* BRAZIL: IDB Oks US$15MM Loan to Revamp Federal Assets Division


C A Y M A N   I S L A N D S

CAPTIVA IV FINANCE: Creditors' Proofs of Debt Due Oct. 12
GARTMORE LATIN: Creditors' Proofs of Debt Due Oct. 12
GOLDENTREE HIGH I: Creditors' Proofs of Debt Due Oct. 12
GOLDENTREE HIGH II: Creditors' Proofs of Debt Due Oct. 12
GOLDENTREE HIGH II: Creditors' Proofs of Debt Due Oct. 12

INTEGRAL ADMINISTRATIVE: Creditors' Proofs of Debt Due Oct. 12
KFH COMMODITY: Creditors' Proofs of Debt Due Oct. 12
MA MW TOPS: Creditors' Proofs of Debt Due Oct. 12
MA NORTH: Creditors' Proofs of Debt Due Oct. 12
SIGNUM KESSLER 8: Creditors' Proofs of Debt Due Oct. 12

SIGNUM MIG: Creditors' Proofs of Debt Due Oct. 12
TCW LINC III: Creditors' Proofs of Debt Due Oct. 12
VENUS INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 12
ZAMRID 0365: Creditors' Proofs of Debt Due Oct. 12
ZAMRID 0372: Creditors' Proofs of Debt Due Oct. 12


M E X I C O

TUBO DE PASTEJE: Reorganization Plan Took Effect Sept. 9


P U E R T O   R I C O

GARAGE RUBEN: Case Summary & 20 Largest Unsecured Creditors


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


AES CHIVOR: S&P Raises Issuer Credit Rating From 'BB+' to 'BBB-'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its issuer credit rating
on Colombia-based power generation company Aes Chivor & CIA S.C.A.
E.S.P. to 'BBB-' from 'BB+'.  The outlook is stable.

"Standard & Poor's Ratings Services' ratings on Chivor reflect the
company's relatively strong competitive position as a low-cost
power generator, its sizable dam and the favorable hydrology
within its region, its large portfolio of short- and medium-term
power sales contracts, and its strong credit metrics," said
Standard & Poor's credit analyst Javier Cobas.  "The difficulties
of operating in the highly competitive and largely hydro-based
Colombian power system, its single-asset nature, and its exposure
to hydrological conditions partially offset the strengths.  We
assess Chivor's business risk profile as fair, and its financial
risk profile as intermediate."

"The upgrade is based on our perception of an improved business
climate in Colombia because of an increasingly resilient economy.
It also considers our view of political consensus on market-
friendly economic policies combined with a sound financial
performance even under changing hydrological conditions and
energy spot price volatility.  In addition, we believe that
leverage and interest expenses will remain low, offsetting the
currency mismatch risks related to revenue sources that are linked
to the Colombian peso compared with dollar-denominated debt," S&P
said.

"The stable outlook incorporates our expectation that Chivor will
maintain relatively sound financial metrics mainly as a result of
its adequate competitive position in a growing economy with
increasing demand.  We also expect strong FFO to debt and debt to
EBITDA through 2012.  We could lower the ratings if we see
significant deterioration in cash-flow generation with debt
to EBITDA exceeding 2x or if there is evidence of a more
aggressive financial policy.  An upgrade is unlikely because of
the single-asset nature of the company and the inherent volatility
of hydropower generation," S&P stated.


COMPANIA SUD: S&P Cuts Rating to 'B-' on Weak Performance
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Compania
Sud Americana de Vapores (CSAV) to 'B-' from 'B'.  The outlook is
stable.

"The rating action follows CSAV's very weak performance in first-
half 2011 and the potential for continuing bad results and cash
drains in the next two to three quarters," said Standard & Poor's
credit analyst Diego Ocampo.

Very challenging conditions are impairing the profitability of
most industry players.

"Historically low tariffs and peak fuel costs are the main reasons
for the crisis," Mr. Ocampo added.  "The former is a consequence
of a mix of overcapacity in some trades with the effects of larger
and more efficient vessels coming in and economic turmoil in
Europe.  The latter is mainly consequence of political upheaval in
some of the producing countries."

These developments have caused CSAV to report negative EBITDA cash
flow from operations, resulting in a discretionary cash shortfall
of US$675 million in first-half 2011.

Management is implementing a major turnaround process aimed at
reducing the business scale and improving profitability, but the
effects of this will not be visible until year-end 2011 or first-
quarter 2012.

In the meantime, the two shareholding groups, the Claro and the
Luksic families, have committed US$350 million in credit lines
(still undrawn) and underwritten US$1.1 billion of a future
capital increase announced for US$1.2 billion.

"We consider these measures vital for CSAV to sail away from a
potential distress scenario in the short term," said Mr. Ocampo.


=============
B E R M U D A
=============


ADIA FUNDING: Creditors' Proofs of Debt Due Oct. 7
--------------------------------------------------
The creditors of Adia Funding Limited are required to file their
proofs of debt by Oct. 7, 2011, to be included in the company's
dividend distribution.

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

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


ADIA FUNDING: Sole Member to Receive Wind-Up Report on Oct. 27
--------------------------------------------------------------
The sole member of Adia Funding Limited will receive on Oct. 27,
2011, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


CIT VENDOR: Creditors' Proofs of Debt Due Oct. 7
------------------------------------------------
The creditors of CIT Vendor Finance Note Purchasing, Ltd. are
required to file their proofs of debt by Oct. 7, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 20, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


CIT VENDOR: Sole Member to Receive Wind-Up Report on Oct. 27
------------------------------------------------------------
The sole member of CIT Vendor Finance Note Purchasing, Ltd. will
receive on Oct. 27, 2011, at 9:30 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


LAP MAN IP 220: Creditors' Proofs of Debt Due Oct. 5
----------------------------------------------------
The creditors of LAP Man IP 220 Class U2 USD Trading Ltd are
required to file their proofs of debt by Oct. 5, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 16, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


LAP MAN IP 220: Member to Receive Wind-Up Report on Oct. 28
-----------------------------------------------------------
The sole member of LAP Man IP 220 Class U2 USD Trading Ltd will
receive on Oct. 28, 2011, at 9:30 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9


SAGECREST LTD: Court Appoints Calow as Provisional Liquidator
-------------------------------------------------------------
On Sept. 13, 2011, the Supreme Court of Bermuda appointed Garth
Calow as provisional liquidator of Sagecrest Ltd.


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


* BRAZIL: IDB Oks US$15MM Loan to Revamp Federal Assets Division
----------------------------------------------------------------
The Inter-American Development Bank approved a US$15 million loan
to revamp Brazil's Federal Assets Division (SPU), which
administers properties owned by the federal government.  The five-
year program aims to improve the overall management and expansion
of SPU's property database, potentially identifying 100,000 new
properties.

"The project will propose new business models to put government
properties to a better use, creating social as well as economic
benefits," said Pedro Farias, IDB project team leader.  "We expect
legalization of previously illegal or irregular settlements to
benefit a total of 50,000 families, most of them living in poverty
or in precarious conditions."

In addition, system upgrades and training will ramp up revenue and
help SPU increase its productivity by 20%.  Annual revenue is
expected to grow by US$156 million, totaling $411 million by the
last year of the operation.

A new geo-referenced information system developed as part of the
program aims to integrate all SPU processes, supporting decision-
making and management of government properties.

New communication technologies will facilitate information-sharing
between SPU headquarters and the 27 property management offices
across the country.  Files and documents will be stored digitally,
making access and management more secure and providing a
convenient way of consulting and expanding information in the
future.

The total cost of the program will be US$30 million, including
US$15 million in counterpart funds provided by the Government of
Brazil.  The IDB loan has an amortization period of 20 years, with
a five-year grace period, at a LIBOR-based interest rate.


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


CAPTIVA IV FINANCE: Creditors' Proofs of Debt Due Oct. 12
---------------------------------------------------------
The creditors of Captiva IV Finance Ltd. are required to file
their proofs of debt by Oct. 12, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 1, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


GARTMORE LATIN: Creditors' Proofs of Debt Due Oct. 12
-----------------------------------------------------
The creditors of Gartmore Latin America L/S Trading Limited are
required to file their proofs of debt by Oct. 12, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 1, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


GOLDENTREE HIGH I: Creditors' Proofs of Debt Due Oct. 12
--------------------------------------------------------
The creditors of Goldentree High Yield Opportunities (Offshore) I,
Ltd. are required to file their proofs of debt by Oct. 12, 2011,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 1, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


GOLDENTREE HIGH II: Creditors' Proofs of Debt Due Oct. 12
---------------------------------------------------------
The creditors of Goldentree High Yield Opportunities (Offshore)
II, Ltd. are required to file their proofs of debt by Oct. 12,
2011, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 1, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


GOLDENTREE HIGH II: Creditors' Proofs of Debt Due Oct. 12
---------------------------------------------------------
The creditors of Goldentree High Yield Opportunities (Offshore-
Debt Securities) II, Ltd. are required to file their proofs of
debt by Oct. 12, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Sept. 1, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


INTEGRAL ADMINISTRATIVE: Creditors' Proofs of Debt Due Oct. 12
--------------------------------------------------------------
The creditors of Integral Administrative Partner III Ltd. are
required to file their proofs of debt by Oct. 12, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 1, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


KFH COMMODITY: Creditors' Proofs of Debt Due Oct. 12
----------------------------------------------------
The creditors of KFH Commodity Portfolio are required to file
their proofs of debt by Oct. 12, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 1, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


MA MW TOPS: Creditors' Proofs of Debt Due Oct. 12
-------------------------------------------------
The creditors of MA MW Tops Worldwide Limited are required to file
their proofs of debt by Oct. 12, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 1, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


MA NORTH: Creditors' Proofs of Debt Due Oct. 12
-----------------------------------------------
The creditors of MA North of South Limited are required to file
their proofs of debt by Oct. 12, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 1, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


SIGNUM KESSLER 8: Creditors' Proofs of Debt Due Oct. 12
-------------------------------------------------------
The creditors of Signum Kessler 8 Limited are required to file
their proofs of debt by Oct. 12, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 1, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


SIGNUM MIG: Creditors' Proofs of Debt Due Oct. 12
-------------------------------------------------
The creditors of Signum MIG Limited are required to file their
proofs of debt by Oct. 12, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 1, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


TCW LINC III: Creditors' Proofs of Debt Due Oct. 12
---------------------------------------------------
The creditors of TCW Linc III CBO Ltd. are required to file their
proofs of debt by Oct. 12, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 1, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


VENUS INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 12
----------------------------------------------------------
The creditors of Venus International Limited are required to file
their proofs of debt by Oct. 12, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 1, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


ZAMRID 0365: Creditors' Proofs of Debt Due Oct. 12
--------------------------------------------------
The creditors of Zamrid 0365 Limited are required to file their
proofs of debt by Oct. 12, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 1, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


ZAMRID 0372: Creditors' Proofs of Debt Due Oct. 12
--------------------------------------------------
The creditors of Zamrid 0372 Limited are required to file their
proofs of debt by Oct. 12, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 1, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


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


TUBO DE PASTEJE: Reorganization Plan Took Effect Sept. 9
--------------------------------------------------------
Tubo de Pasteje, S.A., de C.V., informed Judge Kevin J. Carey of
the U.S. Bankruptcy Court for the District of Delaware that its
plan of reorganization became effective on Sept. 9, 2011.

Judge Carey confirmed the plan of reorganization of the Debtor on
August 25, 2011, after determining that it complies with the
confirmation requirements laid out under Section 1129(a) of the
Bankruptcy Code.

The Plan provides for restructuring transactions contemplating:

   (a) the cancellation of the Old 2016 Notes and the ESBDS I Loan
       and the Series B Eligible Debt; and

   (b) the issuance of new debt securities, which New Series A
       Notes will be guaranteed by Tubo and secured by the capital
       stock of CLH to the holders of the Old 2016 Notes and the
       ESBDS I Loan and new debt securities, which will be on
       substantially the same terms as the New Series A Notes but
       will not be secured by any assets of the Reorganized
       Debtors, to holders of the Copper Debt and holders of the
       Commercial Paper who elect to accept the New Series B Notes
       in exchange for their Series B Eligible Debt.

As reported in the Troubled Company Reporter-Latin America on
Aug. 29, 2011, Michael Bathon at Bloomberg News says holders of
US$200 million in 11.5% notes will get the new Series A notes in
the same amount plus interest, which will be secured by the stock
of Tubo's U.S. unit, Cambridge-Lee Holdings Inc.  Lenders that
extended about US$803,000 of credit will share in the Series A
notes.  Holders of more than US$145 million in so-called "copper
debt notes" and holders of US$24.5 million of commercial paper
will get unsecured Series B notes in exchange for their claims.
The company will reinstate about US$39.8 million in debt owed on a
Bank of America Corp. loan, as well as about US$62.3 million owed
on a General Electric Capital Corp. loan.

A full-text copy of the Confirmation Order is available for free
at http://ResearchArchives.com/t/s?76c5

                      About Tubo de Pasteje

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

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


=====================
P U E R T O   R I C O
=====================


GARAGE RUBEN: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Garage Ruben Inc.
        PMB 487, Suite 140
        Ave Rafael Cordero 200
        Caguas, PR 00725

Bankruptcy Case No.: 11-08334

Chapter 11 Petition Date: September 29, 2011

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Wigberto Lugo Mender, Esq.
                  LUGO MENDER & CO
                  Centro Internacional De Mercadeo
                  Carr 165 Torre 1, Suite 501
                  Guaynabo, PR 00968
                  Tel: (787) 707-0404
                  E-mail: wlugo@lugomender.com

Estimated Assets: US$1,000,001 to US$10,000,000

Estimated Debts: US$1,000,001 to US$10,000,000

Affiliates that simultaneously filed separate Chapter 11
petitions:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
Inmobiliaria Agy, Inc.                11-08332          09/29/11
Assets: US$1,000,001 to US$10,000,000
Debts: US$1,000,001 to US$10,000,000

Industrias Automotrices Figueroa Inc. 11-08333          09/29/11
Assets: US$0 to US$50,000
Debts: US$1,000,001 to US$10,000,000

Garage Ruben's list of its 20 largest unsecured creditors filed
with the petition is available for free at:

            http://bankrupt.com/misc/prb11-08334.pdf

Inmobiliaria Agy's list of its nine largest unsecured creditors
filed with the petition is available for free at:

            http://bankrupt.com/misc/prb11-08332.pdf

Industrias Automotrices' list of its 20 largest unsecured
creditors filed with the petition is available for free at:

            http://bankrupt.com/misc/prb11-08333.pdf

The petitions were signed by Luis A. Figueroa Rivera, president.


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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

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

ARGENTINA

IMPSAT FIBER-$US        IMPTD AR        535007008        -17164978
IMPSAT FIBER-CED        IMPT AR         535007008        -17164978
IMPSAT FIBER NET        XIMPT SM        535007008        -17164978
IMPSAT FIBER-BLK        IMPTB AR        535007008        -17164978
IMPSAT FIBER NET        330902Q GR      535007008        -17164978
IMPSAT FIBER-C/E        IMPTC AR        535007008        -17164978
IMPSAT FIBER NET        IMPTQ US        535007008        -17164978
SOC COMERCIAL PL        CADN EO         177502185       -343324574
SOC COMERCIAL PL        CADN SW         177502185       -343324574
SOC COMERCIAL PL        SCDPF US        177502185       -343324574
SOC COMERCIAL PL        CVVIF US        177502185       -343324574
SOC COMERCIAL PL        CAD IX          177502185       -343324574
SOC COMERCIAL PL        COME AR         177502185       -343324574
SOC COMERCIAL PL        COMED AR        177502185       -343324574
COMERCIAL PL-ADR        SCPDS LI        177502185       -343324574
SOC COMERCIAL PL        COMEC AR        177502185       -343324574
COMERCIAL PLA-BL        COMEB AR        177502185       -343324574
SOC COMERCIAL PL        CADN EU         177502185       -343324574
SOCOTHERM-5 VT-A        STHE5 AR        101075648      -3157975.35
SOCOTHERM SA-B          STHE AR         101075648      -3157975.35
SOCOTHERM-SP ADR        SOCOY US        101075648      -3157975.35
SNIAFA SA-B             SDAGF US        11229696       -2670544.88
SNIAFA SA               SNIA AR         11229696       -2670544.88
SNIAFA SA-B             SNIA5 AR        11229696       -2670544.88


BELIZE

VARIG SA-PREF           VARGPN BZ       966298026      -4695211316
VARIG SA                VARGON BZ       966298026      -4695211316
VARIG SA-PREF           VAGV4 BZ        966298026      -4695211316
VARIG SA                VAGV3 BZ        966298026      -4695211316
AGRENCO LTD             AGRE LX         637647275       -312199404
AGRENCO LTD-BDR         AGEN11 BZ       637647275       -312199404
BOMBRIL-RIGHTS          BOBR1 BZ        451055441        -71738547
BOMBRIL CIRIO SA        BOBRON BZ       451055441        -71738547
BOMBRIL CIRIO-PF        BOBRPN BZ       451055441        -71738547
BOMBRIL-RGTS PRE        BOBR2 BZ        451055441        -71738547
BOMBRIL                 BMBBF US        451055441        -71738547
BOMBRIL-PREF            BOBR4 BZ        451055441        -71738547
BOMBRIL SA-ADR          BMBBY US        451055441        -71738547
BOMBRIL                 BOBR3 BZ        451055441        -71738547
BOMBRIL SA-ADR          BMBPY US        451055441        -71738547
CIA PETROLIFERA         1CPMON BZ       377602195      -3014291.72
CIA PETROLIF-PRF        1CPMPN BZ       377602195      -3014291.72
CIA PETROLIF-PRF        MRLM4B BZ       377602195      -3014291.72
CIA PETROLIF-PRF        MRLM4 BZ        377602195      -3014291.72
CIA PETROLIFERA         MRLM3 BZ        377602195      -3014291.72
CIA PETROLIFERA         MRLM3B BZ       377602195      -3014291.72
BATTISTELLA             BTTL3 BZ        355816098       -2564562.7
BATTISTELLA-RECE        BTTL9 BZ        355816098       -2564562.7
BATTISTELLA-RI P        BTTL2 BZ        355816098       -2564562.7
BATTISTELLA-RIGH        BTTL1 BZ        355816098       -2564562.7
BATTISTELLA-RECP        BTTL10 BZ       355816098       -2564562.7
BATTISTELLA-PREF        BTTL4 BZ        355816098       -2564562.7
DOCA INVESTIMENT        DOCA3 BZ        354715604       -119368960
DOCAS SA-RTS PRF        DOCA2 BZ        354715604       -119368960
DOCAS SA-PREF           DOCAPN BZ       354715604       -119368960
DOCAS SA                DOCAON BZ       354715604       -119368960
DOCA INVESTI-PFD        DOCA4 BZ        354715604       -119368960
TELEBRAS-CED C/E        TEL4C AR        280204646      -21109882.4
TELEBRAS-CEDE PF        RCT4D AR        280204646      -21109882.4
TELEBRAS-CM RCPT        TBRTF US        280204646      -21109882.4
TELEBRAS-CEDEA $        TEL4D AR        280204646      -21109882.4
TELEBRAS-ADR            TBAPY US        280204646      -21109882.4
TELEBRAS-COM RT         TELB1 BZ        280204646      -21109882.4
TELEBRAS-RTS PRF        TLCP2 BZ        280204646      -21109882.4
TELEBRAS-PF RCPT        RCTB42 BZ       280204646      -21109882.4
TELEBRAS SA-PREF        TELB4 BZ        280204646      -21109882.4
TELEBRAS SA             TELB3 BZ        280204646      -21109882.4
TELEBRAS-ADR            TBASY US        280204646      -21109882.4
TELEBRAS-PF BLCK        TELB40 BZ       280204646      -21109882.4
TELEBRAS-RTS PRF        RCTB2 BZ        280204646      -21109882.4
TELEBRAS SA             TLBRON BZ       280204646      -21109882.4
TELEBRAS-CM RCPT        RCTB32 BZ       280204646      -21109882.4
TELEBRAS-ADR            TBX GR          280204646      -21109882.4
TELEBRAS-CM RCPT        RCTB30 BZ       280204646      -21109882.4
TELEBRAS-PF RCPT        TLBRUP BZ       280204646      -21109882.4
TELEBRAS-CEDE BL        RCT4B AR        280204646      -21109882.4
TELEBRAS-CEDE PF        TELB4 AR        280204646      -21109882.4
TELEBRAS-PF RCPT        RCTB41 BZ       280204646      -21109882.4
TELEBRAS-PF RCPT        CBRZF US        280204646      -21109882.4
TELEBRAS SA-PREF        TLBRPN BZ       280204646      -21109882.4
TELEBRAS-RECEIPT        TLBRUO BZ       280204646      -21109882.4
TELEBRAS-CM RCPT        TELE31 BZ       280204646      -21109882.4
TELEBRAS-PF RCPT        RCTB40 BZ       280204646      -21109882.4
TELEBRAS-RCT PRF        TELB10 BZ       280204646      -21109882.4
TELEBRAS/W-I-ADR        TBH-W US        280204646      -21109882.4
TELEBRAS-RTS CMN        TCLP1 BZ        280204646      -21109882.4
TELEBRAS SA-RT          TELB9 BZ        280204646      -21109882.4
TELEBRAS-PF RCPT        TBAPF US        280204646      -21109882.4
TELEBRAS-PF RCPT        TELE41 BZ       280204646      -21109882.4
TELEBRAS-CM RCPT        RCTB31 BZ       280204646      -21109882.4
TELEBRAS-CEDE PF        RCT4C AR        280204646      -21109882.4
TELECOMUNICA-ADR        81370Z BZ       280204646      -21109882.4
TELEBRAS-BLOCK          TELB30 BZ       280204646      -21109882.4
TELEBRAS-RCT            RCTB33 BZ       280204646      -21109882.4
TELEBRAS-ADR            TBRAY GR        280204646      -21109882.4
TELEBRAS SA             TBASF US        280204646      -21109882.4
TELEBRAS-ADR            RTB US          280204646      -21109882.4
TELEBRAS-RTS CMN        RCTB1 BZ        280204646      -21109882.4
TELEBRAS-ADR            TBH US          280204646      -21109882.4
TELEBRAS-CEDE PF        RCTB4 AR        280204646      -21109882.4
HOTEIS OTHON SA         HOTHON BZ       255036150      -42606769.7
HOTEIS OTHON SA         HOOT3 BZ        255036150      -42606769.7
HOTEIS OTHON-PRF        HOTHPN BZ       255036150      -42606769.7
HOTEIS OTHON-PRF        HOOT4 BZ        255036150      -42606769.7
TEKA                    TKTQF US        246866965       -392777063
TEKA-PREF               TKTPF US        246866965       -392777063
TEKA-ADR                TEKAY US        246866965       -392777063
TEKA-PREF               TEKAPN BZ       246866965       -392777063
TEKA-ADR                TKTPY US        246866965       -392777063
TEKA                    TEKAON BZ       246866965       -392777063
TEKA-ADR                TKTQY US        246866965       -392777063
TEKA                    TEKA3 BZ        246866965       -392777063
TEKA-PREF               TEKA4 BZ        246866965       -392777063
PET MANG-RECEIPT        RPMG9 BZ        231024467       -184606117
PET MANG-RT             RPMG2 BZ        231024467       -184606117
PET MANG-RT             4115360Q BZ     231024467       -184606117
PETRO MANGUINHOS        MANGON BZ       231024467       -184606117
PETRO MANGUIN-PF        MANGPN BZ       231024467       -184606117
PET MANG-RT             RPMG1 BZ        231024467       -184606117
PET MANGUINH-PRF        RPMG4 BZ        231024467       -184606117
PET MANG-RT             4115364Q BZ     231024467       -184606117
PET MANG-RECEIPT        RPMG10 BZ       231024467       -184606117
PETRO MANGUINHOS        RPMG3 BZ        231024467       -184606117
PET MANG-RIGHTS         3678569Q BZ     231024467       -184606117
PET MANG-RIGHTS         3678565Q BZ     231024467       -184606117
SANSUY SA               SNSYON BZ       200809365       -115213257
SANSUY                  SNSY3 BZ        200809365       -115213257
SANSUY SA-PREF B        SNSYBN BZ       200809365       -115213257
SANSUY SA-PREF A        SNSYAN BZ       200809365       -115213257
SANSUY-PREF A           SNSY5 BZ        200809365       -115213257
SANSUY-PREF B           SNSY6 BZ        200809365       -115213257
D H B-PREF              DHBI4 BZ        185992309       -151323933
DHB IND E COM-PR        DHBPN BZ        185992309       -151323933
DHB IND E COM           DHBON BZ        185992309       -151323933
D H B                   DHBI3 BZ        185992309       -151323933
BALADARE                BLDR3 BZ        159454016      -52992212.8
FABRICA RENAUX          FTRX3 BZ        109683744      -48836146.4
FABRICA RENAUX          FRNXON BZ       109683744      -48836146.4
FABRICA RENAUX-P        FRNXPN BZ       109683744      -48836146.4
FABRICA TECID-RT        FTRX1 BZ        109683744      -48836146.4
FABRICA RENAUX-P        FTRX4 BZ        109683744      -48836146.4
WETZEL SA-PREF          MWELPN BZ       100017711      -5359345.82
WETZEL SA               MWET3 BZ        100017711      -5359345.82
WETZEL SA               MWELON BZ       100017711      -5359345.82
WETZEL SA-PREF          MWET4 BZ        100017711      -5359345.82
ESTRELA SA              ESTRON BZ       89585906       -80761486.8
ESTRELA SA-PREF         ESTRPN BZ       89585906       -80761486.8
ESTRELA SA-PREF         ESTR4 BZ        89585906       -80761486.8
ESTRELA SA              ESTR3 BZ        89585906       -80761486.8
ACO ALTONA              EALT3 BZ        89152030       -9848587.47
ACO ALTONA-PREF         EALT4 BZ        89152030       -9848587.47
ACO ALTONA SA           EAAON BZ        89152030       -9848587.47
ACO ALTONA-PREF         EAAPN BZ        89152030       -9848587.47
VARIG PART EM SE        VPSC3 BZ        83017829        -495721700
VARIG PART EM-PR        VPSC4 BZ        83017829        -495721700
RENAUXVIEW SA           TXRX3 BZ        73095834        -103943206
TEXTEIS RENA-RCT        TXRX10 BZ       73095834        -103943206
TEXTEIS RENAU-RT        TXRX2 BZ        73095834        -103943206
TEXTEIS RENAU-RT        TXRX1 BZ        73095834        -103943206
TEXTEIS RENAUX          RENXPN BZ       73095834        -103943206
TEXTEIS RENAUX          RENXON BZ       73095834        -103943206
RENAUXVIEW SA-PF        TXRX4 BZ        73095834        -103943206
TEXTEIS RENA-RCT        TXRX9 BZ        73095834        -103943206
SCHLOSSER               SCLO3 BZ        73036750       -34357832.6
SCHLOSSER-PREF          SCLO4 BZ        73036750       -34357832.6
SCHLOSSER SA-PRF        SCHPN BZ        73036750       -34357832.6
SCHLOSSER SA            SCHON BZ        73036750       -34357832.6
MINUPAR SA-PREF         MNPRPN BZ       63144534       -60655823.4
MINUPAR-RT              MNPR1 BZ        63144534       -60655823.4
MINUPAR-PREF            MNPR4 BZ        63144534       -60655823.4
MINUPAR-RCT             9314634Q BZ     63144534       -60655823.4
MINUPAR                 MNPR3 BZ        63144534       -60655823.4
MINUPAR-RT              9314542Q BZ     63144534       -60655823.4
MINUPAR-RCT             MNPR9 BZ        63144534       -60655823.4
MINUPAR SA              MNPRON BZ       63144534       -60655823.4
GRADIENTE ELETR         IGBON BZ        61088978        -282692297
GRADIENTE-PREF C        IGBR7 BZ        61088978        -282692297
GRADIENTE EL-PRB        IGBBN BZ        61088978        -282692297
GRADIENTE-PREF A        IGBR5 BZ        61088978        -282692297
GRADIENTE-PREF B        IGBR6 BZ        61088978        -282692297
IGB ELETRONICA          IGBR3 BZ        61088978        -282692297
GRADIENTE EL-PRC        IGBCN BZ        61088978        -282692297
GRADIENTE EL-PRA        IGBAN BZ        61088978        -282692297
VARIG PART EM TR        VPTA3 BZ        49432124        -399290396
VARIG PART EM-PR        VPTA4 BZ        49432124        -399290396
CIMOB PARTIC SA         GAFON BZ        44047412       -45669963.6
CIMOB PARTIC SA         GAFP3 BZ        44047412       -45669963.6
CIMOB PART-PREF         GAFPN BZ        44047412       -45669963.6
CIMOB PART-PREF         GAFP4 BZ        44047412       -45669963.6
WIEST                   WISA3 BZ        34108201        -126997429
WIEST SA                WISAON BZ       34108201        -126997429
WIEST SA-PREF           WISAPN BZ       34108201        -126997429
WIEST-PREF              WISA4 BZ        34108201        -126997429
RECRUSUL                RCSL3 BZ        31427766       -30307605.7
RECRUSUL-BON RT         RCSL11 BZ       31427766       -30307605.7
RECRUSUL - RT           4529781Q BZ     31427766       -30307605.7
RECRUSUL - RT           RCSL2 BZ        31427766       -30307605.7
RECRUSUL - RCT          RCSL9 BZ        31427766       -30307605.7
RECRUSUL SA-PREF        RESLPN BZ       31427766       -30307605.7
RECRUSUL - RCT          4529793Q BZ     31427766       -30307605.7
RECRUSUL - RT           RCSL1 BZ        31427766       -30307605.7
RECRUSUL-PREF           RCSL4 BZ        31427766       -30307605.7
RECRUSUL - RCT          RCSL10 BZ       31427766       -30307605.7
RECRUSUL - RCT          4529789Q BZ     31427766       -30307605.7
RECRUSUL SA             RESLON BZ       31427766       -30307605.7
RECRUSUL - RT           4529785Q BZ     31427766       -30307605.7
RECRUSUL-BON RT         RCSL12 BZ       31427766       -30307605.7
SANESALTO               SNST3 BZ        31044053       -1843297.83
BOTUCATU-PREF           STRP4 BZ        27663605       -7174512.03
STAROUP SA-PREF         STARPN BZ       27663605       -7174512.03
STAROUP SA              STARON BZ       27663605       -7174512.03
BOTUCATU TEXTIL         STRP3 BZ        27663605       -7174512.03
CONST BETER SA          COBEON BZ       25469474        -4918659.9
CONST BETER-PF B        COBE6B BZ       25469474        -4918659.9
CONST BETER-PF B        1COBBN BZ       25469474        -4918659.9
CONST BETER-PR A        1008Q BZ        25469474        -4918659.9
CONST BETER SA          1COBON BZ       25469474        -4918659.9
CONST BETER-PF B        COBE6 BZ        25469474        -4918659.9
CONST BETER-PR B        1009Q BZ        25469474        -4918659.9
CONST BETER-PFA         COBE5B BZ       25469474        -4918659.9
CONST BETER SA          1007Q BZ        25469474        -4918659.9
CONST BETER SA          COBE3B BZ       25469474        -4918659.9
CONST BETER-PR A        COBEAN BZ       25469474        -4918659.9
CONST BETER SA          COBE3 BZ        25469474        -4918659.9
CONST BETER-PF A        1COBAN BZ       25469474        -4918659.9
CONST BETER-PF A        COBE5 BZ        25469474        -4918659.9
CONST BETER-PR B        COBEBN BZ       25469474        -4918659.9
FERRAGENS HAGA          HAGAON BZ       23732827       -65883555.8
HAGA                    HAGA3 BZ        23732827       -65883555.8
FER HAGA-PREF           HAGA4 BZ        23732827       -65883555.8
FERRAGENS HAGA-P        HAGAPN BZ       23732827       -65883555.8
ALL ORE MINERACA        STLB3 BZ        23040051       -8699861.07
STEEL - RT              STLB1 BZ        23040051       -8699861.07
ALL ORE MINERACA        AORE3 BZ        23040051       -8699861.07
STEEL - RCT ORD         STLB9 BZ        23040051       -8699861.07
NOVA AMERICA-PRF        NOVA4B BZ       21287489        -183535527
NOVA AMERICA SA         NOVA3 BZ        21287489        -183535527
NOVA AMERICA SA         NOVA3B BZ       21287489        -183535527
NOVA AMERICA-PRF        NOVAPN BZ       21287489        -183535527
NOVA AMERICA SA         NOVAON BZ       21287489        -183535527
NOVA AMERICA-PRF        1NOVPN BZ       21287489        -183535527
NOVA AMERICA-PRF        NOVA4 BZ        21287489        -183535527
NOVA AMERICA SA         1NOVON BZ       21287489        -183535527
CAF BRASILIA            CAFE3 BZ        21097370        -903951461
CAFE BRASILIA SA        CSBRON BZ       21097370        -903951461
CAF BRASILIA-PRF        CAFE4 BZ        21097370        -903951461
CAFE BRASILIA-PR        CSBRPN BZ       21097370        -903951461
TECEL S JOSE-PRF        FTSJPN BZ       19067323       -52580501.1
TECEL S JOSE-PRF        SJOS4 BZ        19067323       -52580501.1
TECEL S JOSE            FTSJON BZ       19067323       -52580501.1
TECEL S JOSE            SJOS3 BZ        19067323       -52580501.1
NORDON METAL            NORDON BZ       15354597       -26859636.7
NORDON MET-RTS          NORD1 BZ        15354597       -26859636.7
NORDON MET              NORD3 BZ        15354597       -26859636.7
REII INC                REIC US         14423532          -3506007
LATTENO FOOD COR        LATF US         14423532          -3506007
B&D FOOD CORP           BDFCE US        14423532          -3506007
B&D FOOD CORP           BDFC US         14423532          -3506007
CHIARELLI SA-PRF        CCHI4 BZ        14300741       -46729432.5
CHIARELLI SA            CCHON BZ        14300741       -46729432.5
CHIARELLI SA            CCHI3 BZ        14300741       -46729432.5
CHIARELLI SA-PRF        CCHPN BZ        14300741       -46729432.5
HERCULES                HETA3 BZ        12689117        -170680899
HERCULES-PREF           HETA4 BZ        12689117        -170680899
HERCULES SA             HERTON BZ       12689117        -170680899
HERCULES SA-PREF        HERTPN BZ       12689117        -170680899
GAZOLA-RCPTS CMN        GAZO9 BZ        12452144       -40298531.2
GAZOLA-RCPT PREF        GAZO10 BZ       12452144       -40298531.2
GAZOLA SA-DVD CM        GAZO11 BZ       12452144       -40298531.2
GAZOLA-PREF             GAZO4 BZ        12452144       -40298531.2
GAZOLA                  GAZO3 BZ        12452144       -40298531.2
GAZOLA SA               GAZON BZ        12452144       -40298531.2
GAZOLA SA-DVD PF        GAZO12 BZ       12452144       -40298531.2
GAZOLA SA-PREF          GAZPN BZ        12452144       -40298531.2
ARTHUR LAN-DVD C        ARLA11 BZ       11642256       -17154461.9
ARTHUR LANGE-PRF        ARLA4 BZ        11642256       -17154461.9
ARTHUR LAN-DVD P        ARLA12 BZ       11642256       -17154461.9
ARTHUR LANGE            ARLA3 BZ        11642256       -17154461.9
ARTHUR LANG-RT P        ARLA2 BZ        11642256       -17154461.9
ARTHUR LANG-RT C        ARLA1 BZ        11642256       -17154461.9
ARTHUR LANG-RC C        ARLA9 BZ        11642256       -17154461.9
ARTHUR LANGE-PRF        ALICPN BZ       11642256       -17154461.9
ARTHUR LANG-RC P        ARLA10 BZ       11642256       -17154461.9
ARTHUR LANGE SA         ALICON BZ       11642256       -17154461.9
FERREIRA GUIMARA        FGUION BZ       11016542        -151840377
F GUIMARAES-PREF        FGUI4 BZ        11016542        -151840377
F GUIMARAES             FGUI3 BZ        11016542        -151840377
FERREIRA GUIM-PR        FGUIPN BZ       11016542        -151840377


CHILE

EMPRESA DE LOS F        2940894Z CI     1.934E+09        -50416404
CLARO COM SA            CHILESAT CI     1.157E+09       -122555290
CHILESAT CORP SA        TELEX CI        1.157E+09       -122555290
TELEX-RTS               TELEXO CI       1.157E+09       -122555290
TELEX-A                 TELEXA CI       1.157E+09       -122555290
TELMEX CORP-ADR         CSAOY US        1.157E+09       -122555290
CHILESAT CO-ADR         TL US           1.157E+09       -122555290
CHILESAT CO-RTS         CHISATOS CI     1.157E+09       -122555290


PUERTO RICO

TEXTIL SAN CRI-C        SNCR/C PE       59428058      -8824587.31
TEXTIL SAN CRI-C        SNCRISC1 PE     59428058      -8824587.31


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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


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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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