TCRLA_Public/111101.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, November 1, 2011, Vol. 12, No. 216

                            Headlines



B E R M U D A

ENDURANCE SPECIALTY: Incurs US$20 Million in Third Quarter 2011


B R A Z I L

GENERAL SHOPPING: Fitch Affirms Issuer Default Ratings at 'BB-'


C A Y M A N   I S L A N D S

AC99A LIMITED: Creditors' Proofs of Debt Due Nov. 7
BLUE SKY: Creditors' Proofs of Debt Due Nov. 10
CHATEAU FUNDING: Creditors' Proofs of Debt Due Nov. 10
CONOCOPHILLIPS ABU DHABI: Creditors' Proofs of Debt Due Nov. 7
CREDIT SUISSE: Creditors' Proofs of Debt Due Nov. 10

GLOBAL MACRO: Creditors' Proofs of Debt Due Nov. 10
HEAVENLY LTD: Creditors' Proofs of Debt Due Nov. 10
INK ACQUISITIONS: Commences Liquidation Proceedings
MARSHAL ASIA: Creditors' Proofs of Debt Due Nov. 10
PASCAL CDO: Creditors' Proofs of Debt Due Nov. 9

PETROLEUM EXPORT: Creditors' Proofs of Debt Due Nov. 10
PETROLEUM EXPORT II: Creditors' Proofs of Debt Due Nov. 10
T.R. NEXT: Creditors' Proofs of Debt Due Nov. 10
TAIYO KAIHATSU: Creditors' Proofs of Debt Due Nov. 10
UMEDA KAIHATSU: Creditors' Proofs of Debt Due Nov. 10


M E X I C O

DULCES ARBOR: Expands Scope of Pierce & Little's Employment
VITRO SAB: Judge Denies Protection From $1.35B Bondholder Lawsuit


P U E R T O   R I C O

BAHIA SALINAS: Resort Files for Chapter 11


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                            - - - - -


=============
B E R M U D A
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ENDURANCE SPECIALTY: Incurs US$20 Million in Third Quarter 2011
---------------------------------------------------------------
The Royal Gazette Online reports that Endurance Specialty Holdings
reported a net loss of US$20 million for the third quarter.

The company's resulted by impacted by nearly US$100 million of
catastrophe losses, as Endurance had announced earlier this month,
according to The Royal Gazette Online.  The report relates that
the net loss broke down to 71 cents per share and compared to net
income of US$139.1 million, or US$2.51 per share in the third
quarter of 2010.

The Royal Gazette Online discloses that for the first nine months
of the year, the net loss was US$66.4 million, or US$2.07 per
share versus net income of US$253.5 million, or US$4.33 per share,
for the same period last year.

"The third quarter was a tough one for the industry, as we saw
continued frequency of severe catastrophe events and adverse
weather conditions, combined with historically low interest rates,
global economic uncertainty and a competitive marketplace," the
report quoted Chief Executive Officer David Cash.

The Royal Gazette Online notes that Endurance reported net
premiums written of US$551.3 million, an increase of 22% over the
same period in 2010.  The report relates that the combined ratio
of 104.6 percent included 17.5 percentage points of catastrophe
losses, partially offset by the benefit of 7.9 points of favorable
prior year loss reserve development.

The Royal Gazette Online says that the company reported an
operating loss of US$24.7 million, or 83 cents share, while net
investment income was US$14.1 million, a decrease of US$39.6
million over the prior year period.

Endurance's book value was US$51.63 per share at the end of the
third quarter, down 1.1% from June 30, 2011, The Royal Gazette
Online discloses.

The operating loss on average common equity for the first nine
months of the year was 4.6%, the report adds.

Endurance Specialty Holdings is a Bermuda-based re/insurer
company.


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B R A Z I L
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GENERAL SHOPPING: Fitch Affirms Issuer Default Ratings at 'BB-'
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings of General Shopping
Brazil's (GSB) and its fully owned subsidiary General Shopping
Finance Limited (GSF) as follows:

General Shopping Brasil S.A. (GSB):

  -- Foreign currency Issuer Default Rating (IDR) at 'BB-';
  -- Local currency IDR at 'BB-';
  -- National scale ratings at 'A-(bra)'.

General Shopping Finance Limited (GSF):

  -- Foreign currency IDR at 'BB-'.
  -- US$250 million perpetual notes at 'BB-'.

The Rating Outlook is Stable.

GSB's ratings reflect the company's business position as one of
the largest shopping center operators in Brazil's southeastern and
southern regions with participation in 13 shopping centers, stable
and predictable cash flow generation, high gross leverage, and
solid liquidity.  GSB's ratings incorporate the risk of completion
delays and leasing of new developments, as well as its limited
geographical and asset diversification.  The ratings also reflect
the company's diversified tenant base, important pool of
unencumbered assets, comfortable debt payment schedule and low
working capital requirements with leases responsible for most
maintenance expenses.

The Stable Outlook reflects Fitch's expectation that GSB will
deleverage during the next 24 months ended in June 2013 as the
company's cash flow generation, measured by EBITDA, is expected to
improve as a result of the capex plan completion.  Also factored
in the Stable Outlook is the view that the company's liquidity
will remain strong in the medium term.

Stable and Predictable Results:

General Shopping Brasil S/A (GSB) has a stable revenue stream
derived from its lease portfolio and the credit profile of its
main tenants.  The lease revenues are predominately fixed in
nature and also provide for the pass-through of ongoing
maintenance and operating expenses for the company's properties,
which lowers business risk.  The company's revenues for the fiscal
years ending 2009, 2010, and LTM June 2011 were BRL101 million;
BRL116 million; and, BRL130 million, respectively.  General
Shopping's revenue structure is mostly based on fixed rent, which
represent about of 79% total revenues, making the company's
revenues very predictable.

The company's lease portfolio has an adequate contract maturity
schedule by the end of June 2011, with contracts expiring in the
next 12, 12 - 24, and 24 - 48 months representing 4.4%, 14.5%, and
24.9%, respectively, over the company's total GLA. The company's
average contract maturity schedule is around six years.  In
addition, the company has a low tenant concentration risk as GSB's
20 most important tenants represent less than 12% and 25% of the
company's total revenues and total GLA.

Capex Plan to Increase GLA 33% by December 2013:

GSB is currently implementing an aggressive capex plan with
several greenfield and expansion projects, which are expected to
be funded primarily with the company's cash flow generation and
its solid liquidity.  GSB is expected to reach net capex levels of
around BRL7.6 million BRL125 million and BRL183 million during
2011, 2012, and 2013, respectively. With the carry out of its
capex plan, the company is scheduling to add approximately 18,000,
28,000, and 15,000 of new GLA during 2011, 2012, and 2013,
respectively.  GSB is expected to reach EBITDA levels of
approximately BRL95 million and BRL130 million during 2011 and
2012, respectively.

High Leverage:

GSB's leverage is high and is expected to decrease by the end of
2013 as the company's capex plan completion should result in
important increase in its cash flow generation, measured by
EBITDA.  By the end of June 2011, the company's gross leverage,
measured by total debt to EBITDA ratio, was 7.1 times (x)
reflecting its LTM June 2011 EBITDA of BRL88 million and total
debt -- by the end of June 2011 -- of BRL627 million.  By the end
of June 2011, the company's total debt was BRL627 million, and it
was composed of perpetual bonds (BRL383 millions), Real Estate
Credit Notes (BRL222 million) and loans with local banks and
others (BRL22 million).  The company's gross and net leverage, as
measured by total debt/EBITDA and total net debt/EBITDA ratios,
respectively, were 4.7 times (x) and 7.1 times (x) by the end of
June 2011.  The ratings incorporate the expectation that the
company will manage its gross leverage in the 8.0x to 6.0x range
during 2011-13 period.

Adequate Liquidity and Sizable Unencumbered Assets:

The company rebuilt its cash position during 2010-2011 period,
reaching cash position of BRL215 million by the end of June 2011.
GSB is expected to maintain adequate liquidity with cash levels
above BRL180 million during the next 18 months ended in December
2012.  The company's FCF is expected to be negative during 2011
and 2012, driven primarily by capex levels.  Considering the
company's good liquidity position, negative FCF are not expected
to result in material incremental debt.

The company reduced secured debt during 2011 and currently
maintains a good level of unencumbered assets; by the end of June
2011 approximately 43% of the company's owned GLA (83 thousand m2)
supports its secured debt of BRL222 million.  The company
maintains approximately 110 thousand m2 available and free of any
lien that it could use in the future to access liquidity.


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


AC99A LIMITED: Creditors' Proofs of Debt Due Nov. 7
---------------------------------------------------
The creditors of AC99A Limited are required to file their proofs
of debt by Nov. 7, 2011, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Trident Liquidators (Cayman) Ltd
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, One Capital Place, Shedden Road
         George Town, Grand Cayman KY1-1103
         Cayman Islands


BLUE SKY: Creditors' Proofs of Debt Due Nov. 10
-----------------------------------------------
The creditors of Blue Sky Fund Cayman Ltd. 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. 29, 2011.

The company's liquidator is:

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


CHATEAU FUNDING: Creditors' Proofs of Debt Due Nov. 10
------------------------------------------------------
The creditors of Chateau Funding Company 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. 30, 2011.

The company's liquidator is:

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


CONOCOPHILLIPS ABU DHABI: Creditors' Proofs of Debt Due Nov. 7
--------------------------------------------------------------
The creditors of Conocophillips Abu Dhabi Technology Ltd. are
required to file their proofs of debt by Nov. 7, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 19, 2011.

The company's liquidator is:

         Trident Liquidators (Cayman) Ltd
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, One Capital Place, Shedden Road
         George Town, Grand Cayman KY1-1103
         Cayman Islands


CREDIT SUISSE: Creditors' Proofs of Debt Due Nov. 10
----------------------------------------------------
The creditors of Credit Suisse Asset Finance 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. 29, 2011.

The company's liquidator is:

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


GLOBAL MACRO: Creditors' Proofs of Debt Due Nov. 10
---------------------------------------------------
The creditors of Global Macro Strategy Open 21 Master Fund 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. 29, 2011.

The company's liquidator is:

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


HEAVENLY LTD: Creditors' Proofs of Debt Due Nov. 10
---------------------------------------------------
The creditors of Heavenly Ltd. 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. 29, 2011.

The company's liquidator is:

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


INK ACQUISITIONS: Commences Liquidation Proceedings
---------------------------------------------------
On Sept. 28, 2011, the members of Ink Acquisitions Limited passed
a resolution that voluntarily liquidates the company's business.

The company's liquidator is:

         K. Beighton
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands
         c/o Lea Kuflik
         Telephone: +1-345-815-2601
         Facsimile: +1-345-949-7164
         P.O. Box 493
         Grand Cayman KY1-1106
         Cayman Islands


MARSHAL ASIA: Creditors' Proofs of Debt Due Nov. 10
---------------------------------------------------
The creditors of Marshal Asia Opportunities Fund 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. 28, 2011.

The company's liquidator is:

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


PASCAL CDO: Creditors' Proofs of Debt Due Nov. 9
------------------------------------------------
The creditors of Pascal CDO, Ltd. 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. 29, 2011.

The company's liquidator is:

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


PETROLEUM EXPORT: Creditors' Proofs of Debt Due Nov. 10
-------------------------------------------------------
The creditors of Petroleum Export 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. 28, 2011.

The company's liquidator is:

         Emille Small
         c/o Maples Liquidation Services (Cayman) Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


PETROLEUM EXPORT II: Creditors' Proofs of Debt Due Nov. 10
----------------------------------------------------------
The creditors of Petroleum Export II 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. 28, 2011.

The company's liquidator is:

         Emille Small
         c/o Maples Liquidation Services (Cayman) Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


T.R. NEXT: Creditors' Proofs of Debt Due Nov. 10
------------------------------------------------
The creditors of T.R. Next, Inc., are required to file their
proofs of debt by Nov. 10, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

         Annie Chapman
         69 Dr. Roy's Drive
         P.O. Box 1043 George Town
         Grand Cayman KY1-1102
         Cayman Islands


TAIYO KAIHATSU: Creditors' Proofs of Debt Due Nov. 10
-----------------------------------------------------
The creditors of Taiyo Kaihatsu Cayman Co., Ltd. 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. 29, 2011.

The company's liquidator is:

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


UMEDA KAIHATSU: Creditors' Proofs of Debt Due Nov. 10
-----------------------------------------------------
The creditors of Umeda Kaihatsu Cayman 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. 29, 2011.

The company's liquidator is:

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


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M E X I C O
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DULCES ARBOR: Expands Scope of Pierce & Little's Employment
-----------------------------------------------------------
Dulces Arbor, S. De R.L. De C.V., has sought and obtained
authority to expand the scope of David Pierce, Esq., and his law
firm Pierce & Little to include appearance as necessary, to bring
to light the facts of the Debtor's post dealing with Maple
Commercial Finance Corp., the largest creditor in the Chapter 11
case.

On July 22, 2011, the Debtor filed its application to employ
Mr. Pierce as special counsel to pursue an adversary proceeding in
the Court for turnover and patent infringement and tortious
interference, and to pursue an action for attorney's breach of
fiduciary duty in the United States District Court in Austin,
Texas.  Mr. Pierce's employment was approved by the Court on
July 25, 2011.

                         About Dulces Arbor

Dulces Arbor, S. de R.L. de C.V., aka Dulces Arbor, S.A. de C.V.,
is a Mexican corporation that has been doing business for years in
the greater El Paso-Ciudad Juarez area in Texas.  It filed for
Chapter 11 bankruptcy (Bankr. W.D. Tex. Case No. 11-31199) on
June 22, 2011.  Judge Leif M. Clark presides over the case.

In its petition, the Debtor estimated assets of US$10 million to
US$50 million, and debts of US$1 million to US$10 million.  The
petition was signed by Raymond Ducorsky, sole administrator.
Mr. Ducorsky is also its largest unsecured creditor with a
US$2,300,000 claim.

The U.S. Trustee said that a committee has not been appointed
because an insufficient number of persons holding unsecured claims
against Dulces Arbor, S. de R.L. de C.V, have expressed interest
in serving on a committee.  The U.S. Trustee reserves the right to
appoint a committee should interest developed among the creditors.


VITRO SAB: Judge Denies Protection From $1.35B Bondholder Lawsuit
-----------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Vitro S.A.B.'s
bondholders scored a victory when a bankruptcy judge denied the
Mexican glass maker's request for protection from their US$1.35
billion lawsuit.

                         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.

The U.S. Vitro companies sold their assets to American Glass
Enterprises LLC, an affiliate of Sun Capital Partners Inc., for
US$55 million.


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P U E R T O   R I C O
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BAHIA SALINAS: Resort Files for Chapter 11
------------------------------------------
Caribbean Business reports that the Puerto Rico Boletin, a local
bankruptcy data-gathering service, said the Bahia Salinas Beach
Resort & Spa in Cabo Rojo has filed for Chapter 11 bankruptcy
protection.

The filing in the U.S. Bankruptcy court lists US$4.1 million in
debts, according to Caribbean Business.   The report relates that
the parador's chief creditor is the island's Economic Development
Bank, which is owed US$3.5 million.

Caribbean Business notes that other creditors include the island
Labor Department (US$66,000); the federal Internal Revenue Service
(US$66,000) and the Puerto Rico Electric Power Authority
(US$36,000).

Bahia Salinas Beach Resort & Spa is the oceanfront property, which
features the popular Agua al Cuello restaurant, is owned by Miguel
Rosado, a former Paradores Assocation president.


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


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

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

ARGENTINA

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


BELIZE

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


CHILE

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


PUERTO RICO

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



                            ***********


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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