TCRLA_Public/111011.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 11, 2011, Vol. 12, No. 201

                            Headlines



A R G E N T I N A

* REPUBLIC OF ARGENTINA: DBRS Upgrades Ratings to 'B'


B E R M U D A

GLOBAL CROSSING: STT Crossing's Equity Stake Down to 0%


B R A Z I L

BLOCKBUSTER INC: Moves to Block Brazil Retailer From Using Name
INDEPENDENCIA SA: Creditors Reject US$376-Mil. Offer for Assets


B O L I V I A

FONDO FINANCIERO: Moody's Raises Currency Deposit Ratings to 'B2'


C A Y M A N   I S L A N D S

CAPTIVA IV FINANCE: Shareholders' Final Meeting Set for Oct. 14
GOLDENTREE HIGH: Shareholders' Final Meeting Set for Oct. 14
GOLDENTREE HIGH: Shareholders' Final Meeting Set for Oct. 14
HK POST: Shareholders' Final Meeting Set for Oct. 14
KFH COMMODITY: Shareholders' Final Meeting Set for Oct. 14

MA MW TOPS: Shareholders' Final Meeting Set for Oct. 14
MA NORTH: Shareholders' Final Meeting Set for Oct. 14
NORTH OF SOUTH: Shareholders' Final Meeting Set for Oct. 14
SIGNUM KESSLER 8: Shareholders' Final Meeting Set for Oct. 14
SIGNUM MIG: Shareholders' Final Meeting Set for Oct. 14

SIGNUM MIG HF: Shareholders' Final Meeting Set for Oct. 14
TENCENT AM BASKET: Shareholders' Final Meeting Set for Oct. 14
VENUS INTERNATIONAL: Shareholders' Final Meeting Set for Oct. 14
ZAMRID 0365: Shareholders' Final Meeting Set for Oct. 14
ZAMRID 0372: Shareholders' Final Meeting Set for Oct. 14


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: IDB Gives US$30MM Loan for Tourism Sector


M E X I C O

FORD CREDIT: Moody's Reviews 'Ba2' Currency Debt Rating
METRO FINANCIERA CONSTRUCTION: S&P Cuts Class A Rating to 'C'


P U E R T O   R I C O

JELD-WEN INC: S&P Assigns 'B' Corporate Credit Rating
JMR DEVELOPMENT: Hires Luis R. Carrasquillo as Accountant
JMR DEVELOPMENT: Taps Charles A. Cuprill as Bankruptcy Attorney


T R I N I D A D  &  T O B A G O

CL FIN'L: BIPA to Ensure 100% Retrieval of Clico Investments


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


* REPUBLIC OF ARGENTINA: DBRS Upgrades Ratings to 'B'
-----------------------------------------------------
DBRS Inc. has upgraded its ratings on the Republic of Argentina's
long-term foreign and local currency securities to "B" from B
(low).  The trends have been revised to Stable.  Underpinning the
upgrade is the progress made in clearing debt arrears and
Argentina's positive growth outlook, with what appears to be a
strong recovery in GDP growth in 2010 and continued high growth
expected in 2011.  Accommodative fiscal and monetary policies are
likely to continue, with presidential and congressional elections
scheduled for October 2011.  Strong growth in neighboring Brazil,
Argentina's main trade partner, and highly favorable world
agricultural commodity prices have contributed to the strong
recovery.  Nonetheless, there are risks of overheating as the
official estimate of monthly growth for the first six months of
2011 was 8.8%, comparable with 2010's 9.2% GDP growth rate.
Additionally, inflationary expectations remain high at 25%.
Furthermore, increasing downside risks in advanced economies have
the potential to cause a significant adverse external shock to the
Argentine economy.

Despite a favorable growth performance, the following three
considerations limit Argentina's creditworthiness: (1) taxation
and expenditure policies lack a long-term economic management
framework.  As a result, the country is reliant on high export
taxes, a financial transactions tax, and transfers of Central Bank
(BCRA) profits and reserves for additional resources.  If
commodity prices were to fall sharply, the ensuing adjustment
could be difficult as access to external market financing is
likely to remain limited and expensive.  (2) There are large
subsidies in place with an unclear economic rationale and a high
financial transaction tax.  These interventions may distort
investment incentives in key sectors and constrain the already
limited development of the financial sector, reducing potential
GDP growth.  (3) Doubts over inflation reporting persist, calling
into question the accuracy of official statistics and the
credibility of macroeconomic policies.

The government is meeting its financing needs through a number of
domestic sources, including the Central Bank.  In addition to high
fiscal revenues, these sources have been sufficient to accommodate
substantial increases in primary spending.  Adjusting revenues for
the transfer of profits from the Central Bank, revenues from the
financial assets of Argentina's national social security program
(ANSES), and the 2010 primary surplus of 1.74% of GDP, falls to a
small primary deficit of 0.28% of GDP.  The brisk increase in
primary spending has continued in 2011, with nominal spending
during the first seven months of 2011 exceeding the same period
last year by 33.6%.  Nevertheless, revenue growth has risen by
28.9% over the same period.

Over the medium term, Argentina's growth prospects appear good,
partly because of its relatively well-educated workforce, a
positive growth outlook for Brazil, which generates demand for
Argentine transportation equipment, and high agricultural
commodity prices.  If favorable terms of trade persist, this would
bode well for export revenue growth while limiting external
financing requirements.  Nevertheless, a reversal of the positive
terms of trade position could lead to an abrupt and potentially
difficult adjustment as access to external financing would likely
be limited.  A scenario with a large adverse external shock has
become more probable as the downside risks to growth in advanced
economies have increased.  Given this environment, should there be
a restoration of confidence in inflation reporting and a more
prudent policy stance, with renewed access to market financing,
Argentina's foreign and local currency ratings could come under
strong upward pressure.


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


GLOBAL CROSSING: STT Crossing's Equity Stake Down to 0%
-------------------------------------------------------
In an amended Schedule 13D filing with the U.S. Securities and
Exchange Commission, Temasek Holdings (Private) Limited, Singapore
Technologies Telemedia Pte Ltd, STT Communications Ltd, and STT
Crossing Ltd, disclosed that they do not beneficially own any
shares of common stock of Global Crossing Limited.  As previously
reported by the TCR on April 18, 2011, STT Crossing and its
affiliates disclosed beneficial ownership of 47,351,431 shares or
60.2% equity stake.  A full-text copy of the latest Schedule 13D
is available for free at http://is.gd/GNCkMA

                       About Global Crossing

Based in Hamilton, Bermuda, Global Crossing Limited (NASDAQ: GLBC)
-- http://www.globalcrossing.com/-- is a global IP, Ethernet,
data center and video solutions provider with the world's first
integrated global IP-based network.

Global Crossing Limited reported a consolidated net loss of
US$172 million on US$2.609 billion of consolidated revenue for the
twelve months ended Dec. 31, 2010, compared with a net loss of
US$141 million on US$2.159 billion of revenue during the prior
year.

The Company's balance sheet at June 30, 2011, showed US$2.28
billion in total assets, US$2.83 billion in total liabilities and
a US$548 million total shareholders' deficit.

                          *     *     *

As reported by the Troubled Company Reporter on March 31, 2010,
Standard & Poor's Ratings Services raised all its ratings on
Global Crossing, including the corporate credit rating to 'B' from
'B-'.  The outlook is stable.  S&P assigned its 'CCC+' issue-level
rating and '6' recovery rating to Global Crossing's proposed
US$150 million of senior unsecured notes due 2019.  The '6'
recovery rating indicates S&P's expectation for negligible (0%-
10%) recovery in the event of a payment default.


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


BLOCKBUSTER INC: Moves to Block Brazil Retailer From Using Name
---------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Blockbuster Inc.'s
new owners want a bankruptcy judge to halt Brazilian retail giant
Lojas Americanas S.A.'s use of the movie renter's iconic blue-and-
yellow logo on Lojas's stores and video kiosks in the South
American country.

Blockbuster Inc., the movie rental chain with a library of more
than 125,000 titles, along with 12 U.S. affiliates, initiated
Chapter 11 bankruptcy proceedings with a pre-arranged
reorganization plan in Manhattan (Bankr. S.D.N.Y. Case No. 10-
14997) on Sept. 23, 2010.  It disclosed assets of US$1 billion and
debts of US$1.4 billion at the time of the filing.

Martin A. Sosland, Esq., and Stephen Karotkin, Esq., at Weil,
Gotshal & Manges, serve as counsel to the U.S. Debtors.
Rothschild Inc. is the financial advisor.  Alvarez & Marsal is the
restructuring advisor with A&M managing director Jeffery J.
Stegenga as chief restructuring officer.  Kurtzman Carson
Consultants LLC is the claims and notice agent.  The Official
Committee of Unsecured Creditors retained Cooley LLP as its
counsel.

In April 2011, Blockbuster conducted a bankruptcy court-sanctioned
auction for all the assets.  Dish Network Corp. won with an offer
having a gross value of US$320 million.


INDEPENDENCIA SA: Creditors Reject US$376-Mil. Offer for Assets
---------------------------------------------------------------
Lucia Kassai at Bloomberg News reports that creditors of
Independencia SA rejected a BRL706.9 million (US$376 million)
offer for the company's assets from investors Alfredo Kaefer &
Cia. Ltda. and Unibrax Investimentos & Participacoes SA.

As reported in the Troubled Company Reporter-Latin America on
Aug. 25, 2011, Bloomberg News said that Independencia SA creditors
postponed a meeting to assess bids for the company's assets.  The
report relates that Bankruptcy Trustee Fernando Chad said the vote
on whether to accept the bids for the assets was delayed until
Oct. 3.  A separate TCRLA report on May 11, 2011, citing
Bloomberg, related that Independencia SA will auction assets for
at least BRL706.9 million (US$440 million) to help pay debt.
Independencia accepted bids through July 12.  The sale includes
three slaughterhouses, three plots of land and two warehouses,
according to Bloomberg.  Bloomberg said that under the plan, which
was approved by creditors in a meeting on March 3, bidders will be
required to inject at least BRL150 million into the company.

                      About Independencia SA

Independencia SA -- http://www.independencia.com.br/-- is
Brazil's fourth largest meat exporter.  It filed for bankruptcy
protection in 2010, after the global economic crisis caused
exports to slump.  Independencia S.A. filed its Chapter 15
petition on March 27, 2009 (Bankr. S.D. N.Y., Case No. 09-10903).
Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch LLP, is the
Debtor's counsel.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 4, 2010, Fitch Ratings downgraded Independencia S.A's
local and foreign currency issuer default rating to 'D' from
'C'; and National scale rating to 'D(bra)' from 'C(bra)'.


=============
B O L I V I A
=============


FONDO FINANCIERO: Moody's Raises Currency Deposit Ratings to 'B2'
-----------------------------------------------------------------
Moody's Investors Service upgraded Fondo Financiero Privado Fassil
S.A.'s global local and foreign currency deposit ratings to B2
from B3 due to the upgrade in the baseline credit assessment to B2
from B3.  At the same time, Moody's Latin America upgraded
Fassil's National Scale Rating for both local and foreign currency
deposits to Aa3.bo from A1.bo.

As a consequence of the aforementioned rating action, the rating
agency also upgraded Fassil's foreign currency subordinated debt
ratings to B3, from Caa1, on the global scale, and to A1.bo, from
A3.bo, on the national scale.

The bank financial strength rating of E+ and the short term global
local and foreign currency deposit ratings of Not Prime were
affirmed, as were the short term local and foreign currency
deposit ratings of BO-1.

The outlook on all the ratings is stable.

These ratings of Fondo Financiero Privado Fassil S.A. were
upgraded:

  Long term global Local and Foreign- currency deposit ratings:
  B2 from B3, stable outlook.

  Long-Term National Scale Local and Foreign-Currency Deposit
  Rating: Aa3.bo from A1.bo, stable outlook.

  Long-Term Foreign-currency debt ratings: B3 from Caa1, stable
  outlook.

  Long-Term National Scale Foreign Currency Debt Rating: A1.bo
  from A3.bo, stable outlook.

These ratings were affirmed:

  Bank Financial Strength Rating: E+, stable outlook.

  Short term global local and foreign-currency deposit ratings:
  Not Prime, stable outlook.

  Short term National Scale local and foreign-currency deposit
  ratings: BO-1

Ratings Rationale

The recent rating actions reflect Fassil's improved market
position and growing operations among the Bolivian private
financial fund (FFP) segment, which is composed of five entities,
specialized in microfinance.  Fassil's growth has been supported
by an increasing deposit base and capital injections from its
shareholders, which combined have allowed it to expand
geographically, while building the necessary infrastructure to
serve a growing client universe.  As part of its strategy, Fassil
has been focused on leveraging existing borrowers, with a proven
credit track record.

The expansion of Fassil's operations and business volumes reflects
in improving profitability and should allow the entity to benefit
from economies of scale as it consolidates its new branches and
customer base.  Investments in IT and human resources should also
benefit Fassil's operating efficiency in the future.

Moody's notes that Fassil's capitalization ratio of 8.6% in June
2011 should allow it to further expand its balance sheet, although
currently growth rates have already been very robust.  While fast
growth rates may result in asset quality deterioration as loans
season, Fassil's loan portfolios is predominantly granular, as its
caters primarily to microlending and small companies.  To date,
delinquency rates are under control, but could weaken over the
medium term.  At the same time the company maintained a balanced
funding diversification, concentrated mainly in deposits which
represented 87.4% as of June 2011.  Since the beginning of its
operations, Fassil has been managed to avoid currency and term
mismatches even if it meant compromising profitability.

The agency however considers that this small entity within the
Bolivian banking system faces the challenge of increasing
competition, which could affect its margins and put pressure on
its profitability as well as its capitalization.

Fondo Financiero Privado Fassil S.A. is headquartered in Santa
Cruz de la Sierra, Bolivia, and it had assets of Bs 1,241 million
and equity of Bs 106 million as of June 2011.


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


CAPTIVA IV FINANCE: Shareholders' Final Meeting Set for Oct. 14
---------------------------------------------------------------
The shareholders of Captiva IV Finance Ltd. will hold their final
meeting on Oct. 14, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


GOLDENTREE HIGH: Shareholders' Final Meeting Set for Oct. 14
------------------------------------------------------------
The shareholders of Goldentree High Yield Opportunities (Offshore)
II, Ltd. will hold their final meeting on Oct. 14, 2011, to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


GOLDENTREE HIGH: Shareholders' Final Meeting Set for Oct. 14
------------------------------------------------------------
The shareholders of Goldentree High Yield Opportunities (Offshore-
Debt Securities) II, Ltd. will hold their final meeting on
Oct. 14, 2011, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


HK POST: Shareholders' Final Meeting Set for Oct. 14
----------------------------------------------------
The shareholders of HK Post Basket Fund will hold their final
meeting on Oct. 14, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


KFH COMMODITY: Shareholders' Final Meeting Set for Oct. 14
----------------------------------------------------------
The shareholders of KFH Commodity Portfolio will hold their final
meeting on Oct. 14, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


MA MW TOPS: Shareholders' Final Meeting Set for Oct. 14
-------------------------------------------------------
The shareholders of MA MW Tops Worldwide Limited will hold their
final meeting on Oct. 14, 2011, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


MA NORTH: Shareholders' Final Meeting Set for Oct. 14
-----------------------------------------------------
The shareholders of MA North of South Limited will hold their
final meeting on Oct. 14, 2011, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


NORTH OF SOUTH: Shareholders' Final Meeting Set for Oct. 14
-----------------------------------------------------------
The shareholders of North of South Trading Limited will hold their
final meeting on Oct. 14, 2011, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


SIGNUM KESSLER 8: Shareholders' Final Meeting Set for Oct. 14
-------------------------------------------------------------
The shareholders of Signum Kessler 8 Limited will hold their final
meeting on Oct. 14, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


SIGNUM MIG: Shareholders' Final Meeting Set for Oct. 14
-------------------------------------------------------
The shareholders of Signum MIG Limited will hold their final
meeting on Oct. 14, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


SIGNUM MIG HF: Shareholders' Final Meeting Set for Oct. 14
----------------------------------------------------------
The shareholders of Signum MIG HF Limited will hold their final
meeting on Oct. 14, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


TENCENT AM BASKET: Shareholders' Final Meeting Set for Oct. 14
--------------------------------------------------------------
The shareholders of Tencent AM Basket Fund will hold their final
meeting on Oct. 14, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


VENUS INTERNATIONAL: Shareholders' Final Meeting Set for Oct. 14
----------------------------------------------------------------
The shareholders of Venus International Limited will hold their
final meeting on Oct. 14, 2011, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


ZAMRID 0365: Shareholders' Final Meeting Set for Oct. 14
--------------------------------------------------------
The shareholders of Zamrid 0365 Limited will hold their final
meeting on Oct. 14, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


ZAMRID 0372: Shareholders' Final Meeting Set for Oct. 14
--------------------------------------------------------
The shareholders of Zamrid 0372 Limited will hold their final
meeting on Oct. 14, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


===================================
D O M I N I C A N   R E P U B L I C
===================================


* DOMINICAN REPUBLIC: IDB Gives US$30MM Loan for Tourism Sector
---------------------------------------------------------------
The Dominican Republic will promote tourism in the Colonial City
of Santo Domingo to generate income and create jobs for the
capital's residents, in a program financed with a US$30 million
loan approved by the Inter-American Development Bank.

Tourism is a key sector in the Dominican economy generating 6.3%
of its gross domestic product and 64 percent of its foreign
exchange (US$4.1 billion) in 2009.  Tourism also provided some
200,000 jobs and brought in 9% in foreign direct investment.
Tourism activities in the country are currently concentrated in
beach destinations such as Punta Cana, La Romana, Puerto Plata,
and Samana.

The new IDB-financed program will help the Dominican Republic to
reposition itself as a major tourism center in the region, opening
new market niches to complement its "sun and sand" destinations,
and promoting tourism based on its cultural and historical
heritage and social inclusion.

The program will include restoration of the Colonial City, which
is a UNESCO World Heritage Site, promotion of the tourism
production chain, and support for tourism activities provided by
local people, whose culture and lifestyle are one of the area's
attractions.  The objective is for residents of the Colonial City
take the role of protagonists of tourism development and receive
the principal economic benefits.

"The program will develop tourism in the Colonial City with a
comprehensive vision to ensure that growth in the sector is not
only quantitative but above all qualitative, and that it takes
place in an orderly and sustainable manner that ensures the
participation of local people and good experiences for visitors,"
said Mercedes Velasco, head of the IDB project team.

The loan was extended for a term of 25 years with a grace period
of five years and a variable interest rate based on LIBOR.  There
will be an additional contribution of US$1.15 million in local
counterpart funds.


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


FORD CREDIT: Moody's Reviews 'Ba2' Currency Debt Rating
-------------------------------------------------------
Moody's Investors Service placed Ford Credit de Mexico, S.A. de
C.V., SOFOM E.N.R. (Ford Credit de Mexico)'s global local currency
long term debt rating of Ba2 on review for possible upgrade. At
the same time, Moody's de Mexico placed Ford Credit de Mexico's
Mexican National Scale long term debt rating of A2.mx on review
for possible upgrade.

Rating Rationale

The rating upgrade follows Moody's rating action on parent company
Ford Motor Credit Company LLC, whose ratings were placed on review
for possible upgrade.  For further detail on this rating action
please refer to Moody's press release "Moody's reviews Ford
ratings for possible upgrade -- CFR at Ba2", dated October 5,
2011.

Ford Credit de Mexico's debt ratings are based on an irrevocable
and unconditional guarantee provided by Ford Motor Credit Company
LLC.

The last rating action taken on Ford Credit de Mexico was on
September 12, 2011, when Moody's assigned debt ratings to Ford
Credit de Mexico's debt program of Certificados Bursatiles for
MXN8 billion and to the first issuance of MXN$1 billion.


METRO FINANCIERA CONSTRUCTION: S&P Cuts Class A Rating to 'C'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating on
the class A notes from Metrofinanciera Construction Loan Trust
#650 to 'C (sf)' from 'CC (sf)' and lowered its Mexican national
scale rating to 'mxCC (sf)' from 'mxCCC (sf)'.

"At the same time, we affirmed the 'mxCC (sf)' rating on the
subordinated class B notes. The certificates are backed by a
portfolio of Mexican construction loans originated and serviced by
Metrofinanciera S.A.P.I. de C.V. SOFOM E.N.R. and transferred to
trust No. 650 constituted at Banco Invex S.A. Institucion de Banca
Multiple," S&P related.

The rating actions follow the notification from the Bank of New
York Mellon, the indenture trustee, stating that no interest
payment was made to class A noteholders Sept. 26, 2011, because
the trust's payment account had insufficient funds.  Interest for
the class B notes has not been paid and has been capitalizing
since 2009, after the controlling party declared an early
amortization event.

"Our ratings on both classes indicate the probability that all
capitalized interests for both classes will be paid by their
maturity date, as per the transaction documents.  Our 'C (sf)' and
'mxCC (sf)' ratings for class A and our 'mxCC (sf)' rating for
class B reflect that, although there has been missed interest
payments under both classes, the ultimate payment obligation
of capitalized interest is due at maturity.  According to our
criteria and rating definitions, we do not consider a nonpayment
of interest as a default if the interest payments can be deferred
and capitalized," S&P related.

"The ratings on both classes also reflect the weak performance of
the portfolio backing the certificates. Currently, 90-plus-day
delinquencies total approximately 98%, and we don't expect the
notes to be able to meet their payment obligations at legal
maturity if performance does not improve significantly," S&P said.

Ratings Lowered

Metrofinanciera Construction Loan Trust #650
                Rating             Outstanding amount
Series     To           From        (MXN million)
Class A    C (sf)      CC (sf)       1,031.85
Class A    mxCC (sf)   mxCCC (sf)    1,031.85

Ratings Affirmed

Metrofinanciera Construction Loan Trust #650
                                Outstanding amount
Series          Rating          (MXN million)
Class B         mxCC (sf)        214.00


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


JELD-WEN INC: S&P Assigns 'B' Corporate Credit Rating
-----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Klamath Falls, Ore.-based Jeld-Wen Inc.  "At the
same time, we assigned a 'B-' issue-level rating (one notch below
the corporate credit rating) to JELD-WEN's US$460 million senior
secured notes due 2017.  The recovery rating is '5', indicating
our expectation for modest (10% to 30%) recovery for lenders in
the event of a payment default. The rating outlook is stable," S&P
related.

The company partially refinanced its existing debts with the notes
proceeds.  In conjunction with this transaction, private equity
firm Onex Corp. invested US$700 million in convertible preferred
stock and US$189 million in an 18-month bridge loan (also
convertible into preferred convertible stock if not repaid  before
maturity) to complete the refinancing of existing debt of
approximately US$1.2 billion.

"The 'B' rating on JELD-WEN reflects what we consider to be the
company's highly leveraged financial risk profile, resulting from
its high debt and relatively modest free cash flow generation,"
said Standard & Poor's credit analyst Thomas Nadramia.  "We expect
total pro forma adjusted debt (including US$700 million preferred
convertible stock) will be in excess of 10x EBITDA."

"The ratings also reflect what we consider to be the company's
weak business risk profile because JELD-WEN is highly dependent on
the currently depressed residential construction and remodeling
end markets, has thin operating profit margins, and operates in
highly competitive markets," added Mr. Nadramia.  Still, the
company maintains a leading position in residential doors in North
America, Europe, and Australia, and possesses good geographic
diversity, with more than 50% of revenues and profits from outside
of the U.S.

"The rating and outlook incorporates our expectation that demand
for JELD-WEN's window and door products, which the company sells
primarily to residential end markets and account for approximately
90% of sales, will continue to face difficulties over the next
several quarters as housing and remodeling markets remain near
cyclically low levels.  We believe repair and replacement markets,
which constitute about 47% of JELD-WEN's sales, will be flat for
the remainder of 2011.  Weak housing markets in both the U.S. and
Europe will likely continue to affect new residential
construction, which accounts for 41% of JELD-WEN's worldwide
sales.  In the U.S., Standard & Poor's economists expect
approximately 590,000 total housing starts for 2011, roughly the
same as 2010 and still well below historical averages.  The
weakness in U.S. markets will be partially offset by better market
conditions in Canada, Europe, and Australia, where JELD-WEN
derives over 50% of its revenues.  We expect sales of the
company's products related to commercial end markets in Europe,
which represent about 12% of recent sales, to remain flat for the
remainder of 2011 and into 2012," S&P stated.

"The stable rating outlook reflects our expectation that JELD-
WEN's operating performance during the next several quarters will
likely be flat to showing modest improvement, primarily thanks to
internal cost saving measures, as we expect market conditions to
remain weak.  As a result, we expect credit measures to remain in
line with the ratings given the company's weak business risk
profile.  We expect adjusted leverage to be about 10x over the
next year based on adjusted EBITDA of about $150 million and cash
interest coverage of about 2x. The stable rating outlook also
reflects our expectation that liquidity will be adequate to meet
all of the company's obligations over the next year, given the
expected US$50 million in cash as well as nearly full availability
under the new US$300 million revolving credit facility," S&P
stated.

"We could take a negative rating action if sales and adjusted
EBITDA were to fall below our projected level of about US$150
million in 2011 and 2012, which could result from a double-dip
recession and reduced construction activity, or if the company
fails to achieve benefits derived from its ongoing restructuring
efforts," S&P related.

For a lower rating, EBITDA would have to decline about 25% from
projected levels for interest coverage to fall below 1.5x.
Downward rating pressure could also occur if a decline in EBITDA
caused the company to use cash to fund operating losses, resulting
in a drop in liquidity materially below the projected US$350
million of combined cash on hand and revolver availability.

"A positive rating action, although unlikely in the near term,
could occur if a greater-than-expected recovery in residential and
commercial construction were to result in leverage to fall below
7x. For this to occur we project EBITDA would have to improve to
US$250 million or higher," S&P said.


JMR DEVELOPMENT: Hires Luis R. Carrasquillo as Accountant
---------------------------------------------------------
JRM Development Group Corporation asks permission from the U.S.
Bankruptcy Court for the District of Puerto Rico to appoint CPA
Luis R. Carrasquillo & CO., P.S.C as financial accountant.

Upon retention, the firm will, among other things:

   (a) assist the Debtor in the financial restructuring of its
       affairs by providing advice in strategic planning;

   (b) prepare the Debtor's plan of reorganization, disclosure
       statement and business plan; and

   (c) participate in the Debtor's negotiations with creditors.

The Debtor has retained Carrasquillo on the basis of US$10,000
advance by the Debtor, against which Carrasquillo has billed and
will bill as per the hourly billing rates.

The firm's hourly rates are:

            Personnel                               Rates
            ---------                               -----
     CPA Luis R. Carrasquillo, Partner             US$160
     CPA Marcelo Gutierrez, Senior CPA               $125
     Other CPAs                                       $90-$125
     Lionel Rodriguez Perez, Senior Accountant        $85
     Carmen Echevarria, Senior Accountant             $75
     Omara Torres Ortiz, Senior Tax Specialist        $75
     Sandra Zavala Diaz, Junior Accountant            $50
     Janet Marrero, Administrative & Support          $35
     Iris L. Franqui, Administrative & Support        $35

Luis R. Carrasquillo Ruiz, CPA, assures the Court that the firm
and its members are disinterested persons as defined under 11
U.S.C. Sec. 101(14).

                    About JMR Development Group

JMR Development Group Corp. filed a Chapter 11 petition (Bankr. D.
P.R. Case No. 11-07907) on Sept. 16, 2011, in Ponce, Puerto Rico.
Charles A Curpill PSC Law Office serves as counsel to the Debtor.
The Debtor scheduled assets of US$12,732,474 and debts of
US$48,587,611.  An affiliate, JMR Tourist Development Group Corp.
sought Chapter 11 protection (Case No. 11-07911) on the same day.


JMR DEVELOPMENT: Taps Charles A. Cuprill as Bankruptcy Attorney
---------------------------------------------------------------
JRM Development Group Corporation asks permission from the U.S.
Bankruptcy Court for the District of Puerto Rico to appoint
Charles A. Cuprill, P.S.C., Law Offices as attorney.

The law firm's address is:

          Charles A. Cuprill, P.S.C., Law Offices
          356 Fortaleza Street, Second Floor
          San Juan, PR 00901
          Tel: (787) 977-0515
          Fax: (787) 977-0518

The firm's principal, Charles A. Cuprill-Hernandez, Esq., attests
that the members of the firm are disinterested persons as defined
in 11 U.S.C. Sec. 101(14).

The firm's hourly rates are:

            Personnel                              Rates
            ---------                              -----
  Charles A. Cuprill-Hernandez, Esq.              US$300
  Senior Associates                                 $225
  Junior Associates                                 $150
  Paralegals                                         $85

                    About JMR Development Group

JMR Development Group Corp. filed a Chapter 11 petition (Bankr. D.
P.R. Case No. 11-07907) on Sept. 16, 2011, in Ponce, Puerto Rico.
CPA Luis R. Carrasquillo & CO., P.S.C serves as financial
accountant.  The Debtor scheduled assets of US$12,732,474 and
debts of US$48,587,611.  An affiliate, JMR Tourist Development
Group Corp. sought Chapter 11 protection (Case No. 11-07911) on
the same day.


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


CL FIN'L: BIPA to Ensure 100% Retrieval of Clico Investments
------------------------------------------------------------
Caribbean360.com reports that the Barbados Investors and
Policyholders Alliance (BIPA) is ready to do "battle" to ensure
that Clico investors and policyholders across Barbados and the
Eastern Caribbean to get 100% of their investments in Colonial
Life Insurance Company (Trinidad) Limited (CLICO).  Clico is a
subsidiary of CL Financial Limited.

This was the clear message sent by the BIPA in a Press statement
issued following their evaluation of the various options presented
to Clico policyholders and investors at a recent series of
meetings called by judicial manager for Clico, Deloitte Consulting
Ltd, according to Caribbean360.com.

The report relates that while stating that BIPA thoroughly
appreciated and welcomed "the sterling and timely work" by the
judicial manager, it expressed concerns that the proposal by
Deloitte Consulting to liquidate the assets of Clico that could be
traced and identified up to the time when the judicial manager
submitted its report to the law courts on July 28 would
disenfranchise Clico policyholders in Barbados and countries
throughout the Eastern Caribbean by giving them less than 50 cents
on the dollar for their investments.

This scenario was likely, pointed out BIPA, because Deloitte
Consulting stated at the time of the report that they could not
account for approximately TT$350 million in Clico assets,
Caribbean360.com notes.

The report discloses that BIPA also noted that they found to be
"more palatable" the four alternative options presented by a
committee, including representatives from the Central Bank of
Barbados, the Caribbean Development Bank and the Ministry of
Finance, which each required varying degrees of funding from the
governments of each of the affected countries.

BIPA said that it was only right for the regional governments to
assist in the funding of the proposed solutions, given their
"culpability", "the negligence of their agencies" and their
"procrastination," Caribbean360.com says.  The pressure group said
there was a price to be paid for such abandon and disregard, and
governments should pay the price, the report adds.

Caribbean360.com relates that while there has been concern about
the length of time in which any of these options could take to be
exercised, BIPA assured its constituents that it would continue to
keep up pressure on all parties to conclude matters in a timely
manner.

                         About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago).  The ratings remain under review with
negative implications.  CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


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


* 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


                            ***********


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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