TCRLA_Public/111025.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 25, 2011, Vol. 12, No. 211

                            Headlines



B E R M U D A

GLOBAL CROSSING: Terminates Registration Statements with SEC
GLOBAL CROSSING: Suspending Filing of Reports with SEC


B R A Z I L

* BRAZIL: To Get US$5 Million IDB Loan for Program Expansion


C A Y M A N   I S L A N D S

BAUHINIA HOLDINGS: Placed Under Voluntary Wind-Up
CHINA OVERSEAS: Creditors' Proofs of Debt Due Nov. 4
COMMONFUND ABSOLUTE: Creditors' Proofs of Debt Due Nov. 9
COMMONFUND ABSOLUTE: Creditors' Proofs of Debt Due Nov. 9
ESOX CREDIT: Members' Final Meeting Set for Oct. 28

FG CARIBBEAN/GLOBAL: Members' Final Meeting Set for Oct. 27
FG CARIBBEAN: Members' Final Meeting Set for Oct. 27
FG GROWTH: Members' Final Meeting Set for Oct. 27
MARSELLA SA: Placed Under Voluntary Wind-Up
MORGAN STANLEY: Shareholders' Final Meeting Set for Oct. 28

MORGAN STANLEY: Shareholders' Final Meeting Set for Oct. 28
RAEF INVESTMENTS: Creditors' Proofs of Debt Due Oct. 31
SAXLINGHAM GENERAL: Members' Final Meeting Set for Oct. 28
SPARX MAC 21: Creditors' Proofs of Debt Due Oct. 31
SYNERGY GLOBAL: Creditors' Proofs of Debt Due Nov. 10


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Imports Cause Bankruptcies, Pig Farmers Say


M E X I C O

CERVECERIA NACIONAL: S&P Affirms 'B' Corporate Credit Rating
VITRO SAB: Bondholders Deny Breaking Confidentiality Pacts
VITRO SAB: Bondholders Fight to Press on With $1.35BB Lawsuit


P U E R T O   R I C O

M&C HOTEL: Case Summary & 9 Largest Unsecured Creditors
PICHI'S INC: Employs Manuel A. Nunez for Labor Relations Matters
R&J MOTORS: First Bank de PR Wants Cash Collateral Use Disallowed


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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B E R M U D A
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GLOBAL CROSSING: Terminates Registration Statements with SEC
------------------------------------------------------------
Global Crossing Limited filed with the U.S. Securities and
Exchange Commission a Post-Effective Amendment No.1 relating to
the Registration Statement on Form S-3, filed on May 7, 2009,
pertaining to an aggregate amount of $500,000,000 of debt
securities, common shares or warrants of the Company.

On Oct. 4, 2011, pursuant to the terms of the Agreement and Plan
of Amalgamation, dated as of April 10, 2011, by and among Level 3
Communications, Inc., Apollo Amalgamation Sub, Ltd., and Global
Crossing, Amalgamation Sub and Global Crossing amalgamated in
accordance with Bermuda law and continued as the Company, a
Bermuda exempted limited liability company.

As a result of the Amalgamation, the Company has terminated, or is
terminating, all offerings of its securities pursuant to the
Registration Statement.

Moreover, the offerings under the Registration Statements on Form
S-8 registering 20,178,261 shares of common stock issuable under
the 2003 Global Crossing Limited Stock Incentive Plan and STT
Communications Ltd Share Option Plan 2004 have been terminated.

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

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

                          *     *     *

In the Oct. 12, 2011, edition of the TCR, Standard & Poor's
Ratings Services withdrew its 'B' corporate credit rating on
Bermuda-based Global Crossing Ltd. (GCL).  This action follows the
completion of Level 3's acquisition of GCL on Oct. 4, 2011.


GLOBAL CROSSING: Suspending Filing of Reports with SEC
------------------------------------------------------
Global Crossing Limited filed a Form 15 notifying of its
suspension of its duty under Section 15(d) to file reports
required by Section 13(a) of the Securities Exchange Act of 1934
with respect to its common stock, par value $0.01 per share and
12% Senior Secured Notes due 2015.  Pursuant to Rule 12h-3, the
Company is suspending reporting because there are currently less
than 300 holders of record of the common shares and Senior Notes.
There was only one holder of the common shares and Senior Notes as
of Oct. 20, 2011.

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

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

                          *     *     *

In the Oct. 12, 2011, edition of the TCR, Standard & Poor's
Ratings Services withdrew its 'B' corporate credit rating on
Bermuda-based Global Crossing Ltd. (GCL).  This action follows the
completion of Level 3's acquisition of GCL on Oct. 4, 2011.


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B R A Z I L
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* BRAZIL: To Get US$5 Million IDB Loan for Program Expansion
------------------------------------------------------------
The Inter-American Development Bank approved a US$5 million loan
to finance the expansion of Banorte Todo Dia program in Brazil's
northeast.  The resources will be used by Banco Gerador to expand
banking services offered through a network of micro-and small-
scale commercial establishments popularly known in Brazil as
"mercadinhos".

With the IDB loan, BG will be offering credit to the "mercadinhos"
and to their clients. The establishments will be able to improve
their managerial system and offer additional financial products to
the low-income population, who, in turn, will have access to basic
banking services, such as the payment of utility bills.

"Due the mercadinhos geographic location, the project will
directly benefit the vase of the socioeconomic pyramid", said
Jonnhy Jiron, team leader for the project at the IDB's
Opportunities for the Majority (OMJ), the initiative responsible
for the loan.

In Brazil's northeast, the mercadinhos are often the only location
where the low-income population can find basic household items
such as food staples and hygiene products.  Given their strategic
location, these establishments are an important tool to provide
banking services to the base of the pyramid.  According to data
released on the first quarter, 79% of BG's customers monthly
household income doesn't exceed three minimum wages (the minimum
wage in Brazil is R$540, which corresponds to $300).

Moreover, the IDB loan, in partnership with Sebrae (the Brazilian
agency for micro and small business), will support a pilot project
called Mercadinho's University.  This pilot program will help
incorporate low-income citizens into the banking system through
training and financial education workshops to the shop's owners,
their employees, and their customers.

                          Banorte Todo Dia

The Banorte Todo Dia program supports technically and financially
micro and small business that also work as credit and banking
services platforms for low-income populations.

                   Opportunities for the Majority

The Opportunities for the Majority (OMJ) of the IDB supports the
development and expansion of innovative business models that can
improve living conditions and earning opportunities for people
living at the base of the socioeconomic pyramid in Latin America
and the Caribbean.


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


BAUHINIA HOLDINGS: Placed Under Voluntary Wind-Up
-------------------------------------------------
At an extraordinary general meeting held on Sept. 16, 2011, the
members of Bauhinia Holdings Limited resolved to voluntarily wind
up the company's operations.

Only creditors who were able to file their proofs of debt by
Oct. 21, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170 Grand Cayman KY1-1102
         Cayman Islands


CHINA OVERSEAS: Creditors' Proofs of Debt Due Nov. 4
----------------------------------------------------
The creditors of China Overseas Infrastructure Holdings Limited
are required to file their proofs of debt by Nov. 4, 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:

         Richard Finlay
         c/o Krysten Lumsden
         Telephone: (345) 814 7366
         Facsimile: (345) 945 3902
         P.O. Box 2681
         Grand Cayman KY1-1111
         Cayman Islands


COMMONFUND ABSOLUTE: Creditors' Proofs of Debt Due Nov. 9
---------------------------------------------------------
The creditors of Commonfund Absolute Return Investors Company are
required to file their proofs of debt by Nov. 9, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 9, 2011.

The company's liquidator is:

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


COMMONFUND ABSOLUTE: Creditors' Proofs of Debt Due Nov. 9
---------------------------------------------------------
The creditors of Commonfund Absolute Return Multi-Strategy Company
are required to file their proofs of debt by Nov. 9, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 9, 2011.

The company's liquidator is:

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


ESOX CREDIT: Members' Final Meeting Set for Oct. 28
---------------------------------------------------
The members of Esox Credit Protection Limited will hold their
final meeting on Oct. 28, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FG CARIBBEAN/GLOBAL: Members' Final Meeting Set for Oct. 27
-----------------------------------------------------------
The members of FG Caribbean/Global Equity Fund will hold their
final meeting on Oct. 27, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FG CARIBBEAN: Members' Final Meeting Set for Oct. 27
----------------------------------------------------
The members of FG Caribbean Bond Fund will hold their final
meeting on Oct. 27, 2011, at 9:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FG GROWTH: Members' Final Meeting Set for Oct. 27
-------------------------------------------------
The members of FG Growth & Income Fund will hold their final
meeting on Oct. 27, 2011, at 9:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MARSELLA SA: Placed Under Voluntary Wind-Up
-------------------------------------------
At an extraordinary general meeting held on Sept. 16, 2011, the
members of Marsella S.A. resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Oct. 21, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170 Grand Cayman KY1-1102
         Cayman Islands


MORGAN STANLEY: Shareholders' Final Meeting Set for Oct. 28
-----------------------------------------------------------
The shareholders of Morgan Stanley Shanklin Limited will hold
their final meeting on Oct. 28, 2011, at 12:45 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


MORGAN STANLEY: Shareholders' Final Meeting Set for Oct. 28
-----------------------------------------------------------
The shareholders of Morgan Stanley Yarmouth Limited will hold
their final meeting on Oct. 28, 2011, at 1:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


RAEF INVESTMENTS: Creditors' Proofs of Debt Due Oct. 31
-------------------------------------------------------
The creditors of RAEF Investments Ltd. are required to file their
proofs of debt by Oct. 31, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 19, 2011.

The company's liquidator is:

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


SAXLINGHAM GENERAL: Members' Final Meeting Set for Oct. 28
----------------------------------------------------------
The members of Saxlingham General Partner Ltd will hold their
final meeting on Oct. 28, 2011, at 10:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Darren Swayne
         c/o MaplesFS Limited
         Boundary Hall, 4th Floor
         Cricket Square, George Town
         Grand Cayman
         Cayman Islands


SPARX MAC 21: Creditors' Proofs of Debt Due Oct. 31
---------------------------------------------------
The creditors of SPARX MAC 21 Ltd. are required to file their
proofs of debt by Oct. 31, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 15, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106
         Grand Cayman KY1-1205
         Cayman Islands


SYNERGY GLOBAL: Creditors' Proofs of Debt Due Nov. 10
-----------------------------------------------------
The creditors of Synergy Global Capital (Cayman) Limited are
required to file their proofs of debt by Nov. 10, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 20, 2011.

The company's liquidator is:

         Highwater Limited
         c/o Nicole Weins
         Telephone: (345) 943 2295
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre
         1st Floor, 802 West Bay Road
         P.O. Box 31855 Grand Cayman KY1-1207
         Cayman Islands


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


* DOMINICAN REPUBLIC: Imports Cause Bankruptcies, Pig Farmers Say
-----------------------------------------------------------------
Dominican Today reports that pig farmers denounced that thus far
this year the Agriculture Ministry has approved the import of
nearly 6,000 tons of pork meat beyond the amount approved for the
entire 2011, violating the Free Trade Agreement's (DR-CAFTA)
tariff quota.

Victor Abreu, who heads a group of 250 pig farmers in Cayetano
Germosen (north), said the lack of control sent 30% of all small
pig farms out of business, reason why he affirm threatens the
supply of pork meat consumed during Christmas, despite Agriculture
minister Salvador Jimenez's assertion that there'll be enough,
according to Dominican Today.

The report notes that as to imports, Mr. Abreu said the allotment
for port and its derivatives for this year is 6,000 tons (duty
free), but 11,600 tons have entered the country thus far.  "We
aren't opposed to their imports, they can import, but regulated,
not violating the Free Trade agreements and protecting local
producers," Dominican Today quoted Mr. Abreu as saying.

Dominican Today discloses that Mr. Abreu said the country consumes
70,000 pigs to supply fresh and processed meat to the local market
and around 30,000 have to be imported.  "But just in April, they
brought 80,000 pigs from the United States," resulting in a fall
in prices and pigs weren't bought from the local farms, Mr. Abreu
added, the report relates.


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M E X I C O
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CERVECERIA NACIONAL: S&P Affirms 'B' Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Dominican Republic-based beer and malt producer and distributor
Cerveceria Nacional Dominicana S.A. (CND) to positive from stable.
"At the same time, we affirmed our 'B' corporate credit and senior
unsecured debt ratings on the company," S&P related.

"The outlook revision reflects our expectation that the company's
focus on improving its debt maturity profile and reducing debt
will succeed.  This, along with our expectation of modestly higher
EBITDA levels, will result in an improvement of CND's leverage.
We also believe that the company will continue generating a steady
level of cash flow which will allow it to continue funding
its capital expenditures," S&P stated.



VITRO SAB: Bondholders Deny Breaking Confidentiality Pacts
----------------------------------------------------------
Eric Hornbeck at Bankruptcy Law360 reports that bondholders of
Vitro SAB de CV told a New York judge Thursday that they weren't
subject to confidentiality agreements that Vitro claims they
breached when they nixed a proposed reorganization plan.

According to Law360, Vitro alleges in a lawsuit filed in April
that the bondholders, including Aurelius Capital Management LP and
Elliott Management Corp., released non-public information they'd
agreed not to disclose in an October 2010 press release trying to
scuttle transactions tied to Vitro's restructuring efforts after
it defaulted on $1.2 billion in debt.

                          About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders.  The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States.  Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.

           Concurso Mercantil & Chapter 15 Proceedings

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

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  The judge said Vitro couldn't push through
a plan to buy back or swap US$1.2 billion in debt from bondholders
based on the vote of US$1.9 billion of intercompany debt when
third-party creditors were opposed.  Vitro as a result dismissed
the first Chapter 15 petition following the ruling by the Mexican
court.

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

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

                     Chapter 11 Proceedings

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

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

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

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

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were subject
to the involuntary petitions into voluntary Chapter 11.  The Texas
Court on April 21 denied involuntary petitions against the eight
U.S. subsidiaries that didn't consent to being in Chapter 11.

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

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


VITRO SAB: Bondholders Fight to Press on With $1.35BB Lawsuit
-------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Vitro S.A.B.'s
bondholders are pushing to move forward with a legal battle that
could cost $1.35 billion or more, calling the Mexican glassmaker's
bid to stop them a meritless "act of pure gamesmanship."

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders.  The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States.  Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.

           Concurso Mercantil & Chapter 15 Proceedings

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

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  The judge said Vitro couldn't push through
a plan to buy back or swap US$1.2 billion in debt from bondholders
based on the vote of US$1.9 billion of intercompany debt when
third-party creditors were opposed.  Vitro as a result dismissed
the first Chapter 15 petition following the ruling by the Mexican
court.

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

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

                      Chapter 11 Proceedings

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

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

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

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

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were subject
to the involuntary petitions into voluntary Chapter 11.  The Texas
Court on April 21 denied involuntary petitions against the eight
U.S. subsidiaries that didn't consent to being in Chapter 11.

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

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


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


M&C HOTEL: Case Summary & 9 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: M&C Hotel Corp.
        dba Hotel Joyuda Plaza
        P.O. Box 1748
        Cabo Rojo, PR 00623

Bankruptcy Case No.: 11-08946

Chapter 11 Petition Date: October 18, 2011

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Ponce)

Judge: Edward A. Godoy

Debtor's Counsel: Gloria M. Justiniano Irizarry, Esq.
                  JUSTINIANO'S LAW OFFICE
                  Ensanche Martinez
                  Calle A Ramirez Silva 8
                  Mayaguez, PR 00680-4714
                  Tel: (787) 831-2577
                  Fax: (787) 805-7350
                  E-mail: gloriae55amg@yahoo.com

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

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

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

            http://bankrupt.com/misc/prb11-08946.pdf

The petition was signed by Flavio Hernandez Ramirez, president.


PICHI'S INC: Employs Manuel A. Nunez for Labor Relations Matters
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico has
authorized Pichi's Inc. to employ Manuel A. Nunez, Esq., as
special counsel.

The firm's personnel hourly rates are:

         Principal Attorneys           $200
         Associates                    $175
         Junior Associates             $150

The firm can be reached at:

         MANUEL A. NUNEZ LAW OFFICES
         PMB 157
         No. 1357 Ave. Ashford, Suite 2
         Condado, San Juan, P.R. 00907
         Tel: (787) 753-6530
         Fax: (787) 753-6597
         E-mail: mnunez@mnlawpr.com

                        About Pichi's Inc.

Pichi's Inc. owns and operates the Best Western Pichi's Hotel in
Guayanilla, Puerto Rico.  Pichi's filed for Chapter 11 bankruptcy
(Bankr. D. P.R. Case No. 11-06583) on Aug. 3, 2011.  Judge Mildred
Caban Flores initially presided over the case, which has recently
been reassigned to the Hon. Edward A. Godoy.  Charles A. Cuprill,
Esq., at Charles A. Cuprill, P.S.C., Law Offices, in San Juan,
Puerto Rico, serves as the Debtor's bankruptcy counsel.  CPA Luis
R. Carrasquillo & Co., P.S.C., serves as financial consultants.
The petition was signed by Luis A. Emmanuelli Gonzalez, president.
In its schedules, the Debtor disclosed $31,402,359 in assets and
$36,619,020 in liabilities.

Luis C. Marini, Esq., and Ubaldo M. Fernandez, Esq. --
luis.marini@oneillborges.com and ubaldo.fernandez@oneillborges.com
at O'Neill & Borges, in San Juan, Puerto Rico, represents Banco
Popular de Puerto Rico as counsel.


R&J MOTORS: First Bank de PR Wants Cash Collateral Use Disallowed
-----------------------------------------------------------------
First Bank de Puerto Rico asks the U.S. Bankruptcy Court for the
District of Puerto Rico to reconsider the Court's order denying
its request to prohibit R&J Motors Corp. from further use of its
cash collateral, and further sales of vehicles without the Court
or Firstbank's authorization.

On Oct. 6, 2011, the Hon. Brian K. Tester stated that the creditor
cited no statutory authority or case law to allow the Court to
grant such a request during the "gap period" in an involuntary
petition.  Section 303(f) of the Code provides that the Debtor may
continue to operate its business in the period between the
involuntary filing and the entry of the order for relief.

Firstbank is the Debtor's main secured creditor, and is owed
approximately $23,327,155 related to several credit facilities
plus attorneys' fees and other charges.  Firstbank's claim is
secured by certain real properties, and by all of the Debtor's
equipment, accounts receivables, etc.

In its motion to prohibit cash use, Firstbank asserted that if the
Debtor does not repay the Bank on the loan secured by the unit
which is sold, he is in default.  Firstbank continued that it is
exposed to the depletion of its collateral without adequate
protection if the Debtor is allowed to use and sell Firstbank's
collateral.  In addition, Firstbank said that the Debtor is not
operating at full capacity and has glaring security issues which
puts Firstbank's collateral at risk.

Firstbank also requested that the Court enter an order for the
Debtor to provide security measures to adequately protect the
units which form part of the Bank's collateral.

Firstbank is represented by:

          Rafael A. Gonzales Valiente, Esq.
          LATIMER, BIAGGI, RACHID & GODREAU
          P.O. Box 9022512
          San Juan, PR 00902-2515
          Tel: (787) 724-0230
          Fax: (787) 724-9171
          E-mail: rgonzales@lbrglaw.com

                     About R & J Motors, Corp.

San Juan, Puerto Rico-based R & J Motors, Corp.'s main business is
a car dealership with several locations across the island.  The
Company operates the dealerships under the business name of Autos
del Caribe.  The Company has dealerships in Rio Piedras, Ave.,
Kennedy, Canovanas and Fajardo.

Angel R. Marzan Santiago, Impact Extermination, Inc., and Walter
Martinez filed an involuntary Chapter 11 protection for R & J
Motors, Corp. (Bankr. D. P.R. Case No. Case Number 11-07952) on
Sept. 18, 2011.  The petitioners are represented by Alexis Fuentes
Hernandez, Esq., at Fuentes Law Offices (E-mail: alex@fuentes-
law.com).


===============
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 NET       IMPTQ US           535007008    -17164978
IMPSAT FIBER NET       330902Q GR         535007008    -17164978
IMPSAT FIBER-$US       IMPTD AR           535007008    -17164978
IMPSAT FIBER NET       XIMPT SM           535007008    -17164978
IMPSAT FIBER-BLK       IMPTB AR           535007008    -17164978
IMPSAT FIBER-CED       IMPT AR            535007008    -17164978
IMPSAT FIBER-C/E       IMPTC AR           535007008    -17164978
SOC COMERCIAL PL       CAD IX             177502185    -343324574
SOC COMERCIAL PL       SCDPF US           177502185    -343324574
SOC COMERCIAL PL       CVVIF US           177502185    -343324574
SOC COMERCIAL PL       COME AR            177502185    -343324574
SOC COMERCIAL PL       COMEC AR           177502185    -343324574
COMERCIAL PL-ADR       SCPDS LI           177502185    -343324574
SOC COMERCIAL PL       CADN EU            177502185    -343324574
SOC COMERCIAL PL       CADN EO            177502185    -343324574
SOC COMERCIAL PL       COMED AR           177502185    -343324574
COMERCIAL PLA-BL       COMEB AR           177502185    -343324574
SOC COMERCIAL PL       CADN SW            177502185    -343324574
SOCOTHERM-SP ADR       SOCOY US           103531721    -8075882.84
SOCOTHERM-5 VT-A       STHE5 AR           103531721    -8075882.84
SOCOTHERM SA-B         STHE AR            103531721    -8075882.84
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               VAGV3 BZ           966298026    -4695211316
VARIG SA               VARGON BZ          966298026    -4695211316
VARIG SA-PREF          VAGV4 BZ           966298026    -4695211316
VARIG SA-PREF          VARGPN BZ          966298026    -4695211316
AGRENCO LTD            AGRE LX            637647275    -312199404
AGRENCO LTD-BDR        AGEN11 BZ          637647275    -312199404
BOMBRIL-RIGHTS         BOBR1 BZ           451055441    -71738547
BOMBRIL                BMBBF US           451055441    -71738547
BOMBRIL-RGTS PRE       BOBR2 BZ           451055441    -71738547
BOMBRIL                BOBR3 BZ           451055441    -71738547
BOMBRIL SA-ADR         BMBPY US           451055441    -71738547
BOMBRIL CIRIO-PF       BOBRPN BZ          451055441    -71738547
BOMBRIL SA-ADR         BMBBY US           451055441    -71738547
BOMBRIL CIRIO SA       BOBRON BZ          451055441    -71738547
BOMBRIL-PREF           BOBR4 BZ           451055441    -71738547
CIA PETROLIF-PRF       1CPMPN BZ          377602195    -3014291.72
CIA PETROLIFERA        1CPMON BZ          377602195    -3014291.72
CIA PETROLIF-PRF       MRLM4B BZ          377602195    -3014291.72
CIA PETROLIFERA        MRLM3 BZ           377602195    -3014291.72
CIA PETROLIF-PRF       MRLM4 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-PREF       BTTL4 BZ           355816098    -2564562.7
BATTISTELLA-RI P       BTTL2 BZ           355816098    -2564562.7
BATTISTELLA-RECP       BTTL10 BZ          355816098    -2564562.7
BATTISTELLA-RIGH       BTTL1 BZ           355816098    -2564562.7
DOCA INVESTI-PFD       DOCA4 BZ           354715604    -119368960
DOCAS SA-PREF          DOCAPN BZ          354715604    -119368960
DOCA INVESTIMENT       DOCA3 BZ           354715604    -119368960
DOCAS SA               DOCAON BZ          354715604    -119368960
DOCAS SA-RTS PRF       DOCA2 BZ           354715604    -119368960
TELECOMUNICA-ADR       81370Z BZ          296917661    -42804871.2
TELEBRAS-CEDE BL       RCT4B AR           296917661    -42804871.2
TELEBRAS-PF RCPT       CBRZF US           296917661    -42804871.2
TELEBRAS-CEDEA $       TEL4D AR           296917661    -42804871.2
TELEBRAS-ADR           TBAPY US           296917661    -42804871.2
TELEBRAS-CEDE PF       RCT4C AR           296917661    -42804871.2
TELEBRAS-ADR           TBASY US           296917661    -42804871.2
TELEBRAS-RECEIPT       TLBRUO BZ          296917661    -42804871.2
TELEBRAS-CM RCPT       TELE31 BZ          296917661    -42804871.2
TELEBRAS-CM RCPT       TBRTF US           296917661    -42804871.2
TELEBRAS-PF RCPT       RCTB40 BZ          296917661    -42804871.2
TELEBRAS SA-PREF       TLBRPN BZ          296917661    -42804871.2
TELEBRAS SA            TELB3 BZ           296917661    -42804871.2
TELEBRAS-RCT PRF       TELB10 BZ          296917661    -42804871.2
TELEBRAS SA-PREF       TELB4 BZ           296917661    -42804871.2
TELEBRAS/W-I-ADR       TBH-W US           296917661    -42804871.2
TELEBRAS-CEDE PF       RCT4D AR           296917661    -42804871.2
TELEBRAS-RTS CMN       TCLP1 BZ           296917661    -42804871.2
TELEBRAS-PF BLCK       TELB40 BZ          296917661    -42804871.2
TELEBRAS-RTS PRF       RCTB2 BZ           296917661    -42804871.2
TELEBRAS-CED C/E       TEL4C AR           296917661    -42804871.2
TELEBRAS-PF RCPT       TELE41 BZ          296917661    -42804871.2
TELEBRAS-PF RCPT       TBAPF US           296917661    -42804871.2
TELEBRAS-CEDE PF       RCTB4 AR           296917661    -42804871.2
TELEBRAS SA-RT         TELB9 BZ           296917661    -42804871.2
TELEBRAS-ADR           TBH US             296917661    -42804871.2
TELEBRAS-RTS CMN       RCTB1 BZ           296917661    -42804871.2
TELEBRAS-ADR           RTB US             296917661    -42804871.2
TELEBRAS-COM RT        TELB1 BZ           296917661    -42804871.2
TELEBRAS SA            TBASF US           296917661    -42804871.2
TELEBRAS-CEDE PF       TELB4 AR           296917661    -42804871.2
TELEBRAS-CM RCPT       RCTB31 BZ          296917661    -42804871.2
TELEBRAS-ADR           TBRAY GR           296917661    -42804871.2
TELEBRAS-RTS PRF       TLCP2 BZ           296917661    -42804871.2
TELEBRAS-PF RCPT       RCTB41 BZ          296917661    -42804871.2
TELEBRAS-PF RCPT       RCTB42 BZ          296917661    -42804871.2
TELEBRAS-RCT           RCTB33 BZ          296917661    -42804871.2
TELEBRAS-CM RCPT       RCTB32 BZ          296917661    -42804871.2
TELEBRAS-ADR           TBX GR             296917661    -42804871.2
TELEBRAS SA            TLBRON BZ          296917661    -42804871.2
TELEBRAS-CM RCPT       RCTB30 BZ          296917661    -42804871.2
TELEBRAS-BLOCK         TELB30 BZ          296917661    -42804871.2
TELEBRAS-PF RCPT       TLBRUP BZ          296917661    -42804871.2
HOTEIS OTHON-PRF       HOTHPN BZ          255036150    -42606769.7
HOTEIS OTHON-PRF       HOOT4 BZ           255036150    -42606769.7
HOTEIS OTHON SA        HOTHON BZ          255036150    -42606769.7
HOTEIS OTHON SA        HOOT3 BZ           255036150    -42606769.7
TEKA                   TKTQF US           246866965    -392777063
TEKA-PREF              TEKAPN BZ          246866965    -392777063
TEKA                   TEKA3 BZ           246866965    -392777063
TEKA-ADR               TKTPY US           246866965    -392777063
TEKA                   TEKAON BZ          246866965    -392777063
TEKA-PREF              TEKA4 BZ           246866965    -392777063
TEKA-PREF              TKTPF US           246866965    -392777063
TEKA-ADR               TKTQY US           246866965    -392777063
TEKA-ADR               TEKAY US           246866965    -392777063
PET MANG-RECEIPT       0229296Q BZ        231024467    -184606117
PET MANG-RIGHTS        3678569Q BZ        231024467    -184606117
PET MANG-RT            RPMG2 BZ           231024467    -184606117
PETRO MANGUINHOS       RPMG3 BZ           231024467    -184606117
PET MANG-RT            RPMG1 BZ           231024467    -184606117
PET MANG-RT            0229249Q BZ        231024467    -184606117
PET MANG-RT            4115360Q BZ        231024467    -184606117
PET MANG-RECEIPT       0229292Q BZ        231024467    -184606117
PET MANG-RECEIPT       RPMG9 BZ           231024467    -184606117
PET MANG-RIGHTS        3678565Q BZ        231024467    -184606117
PET MANG-RT            0229268Q BZ        231024467    -184606117
PET MANG-RT            4115364Q BZ        231024467    -184606117
PETRO MANGUINHOS       MANGON BZ          231024467    -184606117
PETRO MANGUIN-PF       MANGPN BZ          231024467    -184606117
PET MANGUINH-PRF       RPMG4 BZ           231024467    -184606117
PET MANG-RECEIPT       RPMG10 BZ          231024467    -184606117
SANSUY SA              SNSYON BZ          200809365    -115213257
SANSUY-PREF A          SNSY5 BZ           200809365    -115213257
SANSUY-PREF B          SNSY6 BZ           200809365    -115213257
SANSUY SA-PREF A       SNSYAN BZ          200809365    -115213257
SANSUY SA-PREF B       SNSYBN BZ          200809365    -115213257
SANSUY                 SNSY3 BZ           200809365    -115213257
DHB IND E COM          DHBON BZ           185992309    -151323933
D H B-PREF             DHBI4 BZ           185992309    -151323933
D H B                  DHBI3 BZ           185992309    -151323933
DHB IND E COM-PR       DHBPN BZ           185992309    -151323933
BALADARE               BLDR3 BZ           159454016    -52992212.8
FABRICA RENAUX-P       FTRX4 BZ           109683744    -48836146.4
FABRICA RENAUX         FTRX3 BZ           109683744    -48836146.4
FABRICA RENAUX-P       FRNXPN BZ          109683744    -48836146.4
FABRICA TECID-RT       FTRX1 BZ           109683744    -48836146.4
FABRICA RENAUX         FRNXON BZ          109683744    -48836146.4
WETZEL SA              MWELON BZ          100017711    -5359345.82
WETZEL SA-PREF         MWELPN BZ          100017711    -5359345.82
WETZEL SA-PREF         MWET4 BZ           100017711    -5359345.82
WETZEL SA              MWET3 BZ           100017711    -5359345.82
ESTRELA SA             ESTR3 BZ            89585906    -80761486.8
ESTRELA SA             ESTRON BZ           89585906    -80761486.8
ESTRELA SA-PREF        ESTR4 BZ            89585906    -80761486.8
ESTRELA SA-PREF        ESTRPN BZ           89585906    -80761486.8
ACO ALTONA             EALT3 BZ            89152030    -9848587.47
ACO ALTONA SA          EAAON BZ            89152030    -9848587.47
ACO ALTONA-PREF        EAAPN BZ            89152030    -9848587.47
ACO ALTONA-PREF        EALT4 BZ            89152030    -9848587.47
VARIG PART EM-PR       VPSC4 BZ            83017829    -495721700
VARIG PART EM SE       VPSC3 BZ            83017829    -495721700
TEXTEIS RENAU-RT       TXRX2 BZ            73095834    -103943206
TEXTEIS RENAU-RT       TXRX1 BZ            73095834    -103943206
TEXTEIS RENAUX         RENXPN BZ           73095834    -103943206
TEXTEIS RENA-RCT       TXRX9 BZ            73095834    -103943206
TEXTEIS RENA-RCT       TXRX10 BZ           73095834    -103943206
TEXTEIS RENAUX         RENXON BZ           73095834    -103943206
RENAUXVIEW SA          TXRX3 BZ            73095834    -103943206
RENAUXVIEW SA-PF       TXRX4 BZ            73095834    -103943206
SCHLOSSER SA           SCHON BZ            73036750    -34357832.6
SCHLOSSER              SCLO3 BZ            73036750    -34357832.6
SCHLOSSER-PREF         SCLO4 BZ            73036750    -34357832.6
SCHLOSSER SA-PRF       SCHPN BZ            73036750    -34357832.6
MINUPAR SA             MNPRON BZ           63144534    -60655823.4
MINUPAR                MNPR3 BZ            63144534    -60655823.4
MINUPAR-RT             MNPR1 BZ            63144534    -60655823.4
MINUPAR-PREF           MNPR4 BZ            63144534    -60655823.4
MINUPAR SA-PREF        MNPRPN BZ           63144534    -60655823.4
MINUPAR-RCT            MNPR9 BZ            63144534    -60655823.4
MINUPAR-RT             9314542Q BZ         63144534    -60655823.4
MINUPAR-RCT            9314634Q BZ         63144534    -60655823.4
GRADIENTE EL-PRC       IGBCN BZ            61088978    -282692297
GRADIENTE EL-PRB       IGBBN BZ            61088978    -282692297
GRADIENTE ELETR        IGBON BZ            61088978    -282692297
GRADIENTE-PREF B       IGBR6 BZ            61088978    -282692297
GRADIENTE-PREF A       IGBR5 BZ            61088978    -282692297
GRADIENTE-PREF C       IGBR7 BZ            61088978    -282692297
IGB ELETRONICA         IGBR3 BZ            61088978    -282692297
GRADIENTE EL-PRA       IGBAN BZ            61088978    -282692297
VARIG PART EM-PR       VPTA4 BZ            49432124    -399290396
VARIG PART EM TR       VPTA3 BZ            49432124    -399290396
CIMOB PART-PREF        GAFP4 BZ            44047412    -45669963.6
CIMOB PART-PREF        GAFPN BZ            44047412    -45669963.6
CIMOB PARTIC SA        GAFON BZ            44047412    -45669963.6
CIMOB PARTIC SA        GAFP3 BZ            44047412    -45669963.6
WIEST SA               WISAON BZ           34108201    -126997429
WIEST SA-PREF          WISAPN BZ           34108201    -126997429
WIEST-PREF             WISA4 BZ            34108201    -126997429
WIEST                  WISA3 BZ            34108201    -126997429
RECRUSUL-BON RT        RCSL12 BZ           31427766    -30307605.7
RECRUSUL SA            RESLON BZ           31427766    -30307605.7
RECRUSUL               RCSL3 BZ            31427766    -30307605.7
RECRUSUL - RT          4529781Q BZ         31427766    -30307605.7
RECRUSUL - RCT         RCSL10 BZ           31427766    -30307605.7
RECRUSUL - RT          RCSL1 BZ            31427766    -30307605.7
RECRUSUL - RCT         4529789Q BZ         31427766    -30307605.7
RECRUSUL - RT          4529785Q BZ         31427766    -30307605.7
RECRUSUL - RT          RCSL2 BZ            31427766    -30307605.7
RECRUSUL-BON RT        RCSL11 BZ           31427766    -30307605.7
RECRUSUL - RCT         4529793Q BZ         31427766    -30307605.7
RECRUSUL-PREF          RCSL4 BZ            31427766    -30307605.7
RECRUSUL SA-PREF       RESLPN BZ           31427766    -30307605.7
RECRUSUL - RCT         RCSL9 BZ            31427766    -30307605.7
SANESALTO              SNST3 BZ            31044053    -1843297.83
BOTUCATU TEXTIL        STRP3 BZ            27663605    -7174512.03
STAROUP SA-PREF        STARPN BZ           27663605    -7174512.03
BOTUCATU-PREF          STRP4 BZ            27663605    -7174512.03
STAROUP SA             STARON BZ           27663605    -7174512.03
CONST BETER-PF B       1COBBN BZ           25469474    -4918659.9
CONST BETER SA         1007Q BZ            25469474    -4918659.9
CONST BETER-PR A       COBEAN BZ           25469474    -4918659.9
CONST BETER-PF A       1COBAN BZ           25469474    -4918659.9
CONST BETER SA         COBEON BZ           25469474    -4918659.9
CONST BETER SA         COBE3 BZ            25469474    -4918659.9
CONST BETER-PR B       1009Q BZ            25469474    -4918659.9
CONST BETER-PR B       COBEBN BZ           25469474    -4918659.9
CONST BETER-PF B       COBE6 BZ            25469474    -4918659.9
CONST BETER-PFA        COBE5B BZ           25469474    -4918659.9
CONST BETER SA         COBE3B BZ           25469474    -4918659.9
CONST BETER-PF A       COBE5 BZ            25469474    -4918659.9
CONST BETER SA         1COBON BZ           25469474    -4918659.9
CONST BETER-PR A       1008Q BZ            25469474    -4918659.9
CONST BETER-PF B       COBE6B BZ           25469474    -4918659.9
FERRAGENS HAGA-P       HAGAPN BZ           23732827    -65883555.8
FER HAGA-PREF          HAGA4 BZ            23732827    -65883555.8
HAGA                   HAGA3 BZ            23732827    -65883555.8
FERRAGENS HAGA         HAGAON BZ           23732827    -65883555.8
ALL ORE MINERACA       AORE3 BZ            23040051    -8699861.07
STEEL - RT             STLB1 BZ            23040051    -8699861.07
ALL ORE MINERACA       STLB3 BZ            23040051    -8699861.07
STEEL - RCT ORD        STLB9 BZ            23040051    -8699861.07
NOVA AMERICA-PRF       NOVAPN BZ           21287489    -183535527
NOVA AMERICA SA        1NOVON BZ           21287489    -183535527
NOVA AMERICA SA        NOVAON BZ           21287489    -183535527
NOVA AMERICA SA        NOVA3B BZ           21287489    -183535527
NOVA AMERICA-PRF       1NOVPN BZ           21287489    -183535527
NOVA AMERICA SA        NOVA3 BZ            21287489    -183535527
NOVA AMERICA-PRF       NOVA4B BZ           21287489    -183535527
NOVA AMERICA-PRF       NOVA4 BZ            21287489    -183535527
CAFE BRASILIA-PR       CSBRPN BZ           21097370    -903951461
CAF BRASILIA-PRF       CAFE4 BZ            21097370    -903951461
CAF BRASILIA           CAFE3 BZ            21097370    -903951461
CAFE BRASILIA SA       CSBRON BZ           21097370    -903951461
TECEL S JOSE-PRF       FTSJPN BZ           19067323    -52580501.1
TECEL S JOSE           SJOS3 BZ            19067323    -52580501.1
TECEL S JOSE           FTSJON BZ           19067323    -52580501.1
TECEL S JOSE-PRF       SJOS4 BZ            19067323    -52580501.1
NORDON METAL           NORDON BZ           15354597    -26859636.7
NORDON MET             NORD3 BZ            15354597    -26859636.7
NORDON MET-RTS         NORD1 BZ            15354597    -26859636.7
CHIARELLI SA-PRF       CCHPN BZ            14960467    -43105640.5
CHIARELLI SA-PRF       CCHI4 BZ            14960467    -43105640.5
CHIARELLI SA           CCHI3 BZ            14960467    -43105640.5
CHIARELLI SA           CCHON BZ            14960467    -43105640.5
REII INC               REIC US             14423532    -3506007
B&D FOOD CORP          BDFC US             14423532    -3506007
LATTENO FOOD COR       LATF US             14423532    -3506007
B&D FOOD CORP          BDFCE US            14423532    -3506007
HERCULES               HETA3 BZ            12689117    -170680899
HERCULES SA-PREF       HERTPN BZ           12689117    -170680899
HERCULES-PREF          HETA4 BZ            12689117    -170680899
HERCULES SA            HERTON BZ           12689117    -170680899
ARTHUR LANGE           ARLA3 BZ            11642256    -17154461.9
ARTHUR LANGE SA        ALICON BZ           11642256    -17154461.9
ARTHUR LANG-RC P       ARLA10 BZ           11642256    -17154461.9
ARTHUR LANG-RC C       ARLA9 BZ            11642256    -17154461.9
ARTHUR LAN-DVD P       ARLA12 BZ           11642256    -17154461.9
ARTHUR LAN-DVD C       ARLA11 BZ           11642256    -17154461.9
ARTHUR LANG-RT P       ARLA2 BZ            11642256    -17154461.9
ARTHUR LANGE-PRF       ALICPN BZ           11642256    -17154461.9
ARTHUR LANGE-PRF       ARLA4 BZ            11642256    -17154461.9
ARTHUR LANG-RT C       ARLA1 BZ            11642256    -17154461.9
F GUIMARAES            FGUI3 BZ            11016542    -151840377
F GUIMARAES-PREF       FGUI4 BZ            11016542    -151840377
FERREIRA GUIM-PR       FGUIPN BZ           11016542    -151840377
FERREIRA GUIMARA       FGUION BZ           11016542    -151840377


CHILE

EMPRESA DE LOS F       2940894Z CI        1.934E+09    -50416404
CHILESAT CORP SA       TELEX CI           1.157E+09    -122555290
CLARO COM SA           CHILESAT CI        1.157E+09    -122555290
CHILESAT CO-ADR        TL US              1.157E+09    -122555290
CHILESAT CO-RTS        CHISATOS CI        1.157E+09    -122555290
TELEX-A                TELEXA CI          1.157E+09    -122555290
TELMEX CORP-ADR        CSAOY US           1.157E+09    -122555290
TELEX-RTS              TELEXO CI          1.157E+09    -122555290
PUYEHUE                PUYEH CI            27670047    -407979.03
PUYEHUE RIGHT          PUYEHUOS CI         27670047    -407979.03


                            ***********


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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