TCRLA_Public/111108.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 8, 2011, Vol. 12, No. 221

                            Headlines



A R G E N T I N A

FONDO GAINVEST: Moody's Puts (P)B3 Global Fund Scale Fund Rating
GRUP GRAF: Creditors' Proofs of Debt Due Dec. 1
KASSE SA: Creditors' Proofs of Debt Due Dec. 2
SUPER UNO: Creditors' Proofs of Debt Due Feb. 10


B O L I V I A

BANCO DE DESARROLLO: Moody's Gives 'B1' Currency Issuer Ratings


C A Y M A N   I S L A N D S

ACORN (USD): Shareholders' Final Meeting Set for Nov. 24
AFFIRMED HEALTHCARE: Shareholder Receives Wind-Up Report
CHABA II: Members Receive Wind-Up Report
COMMON SENSE: Shareholders' Final Meeting Set for Nov. 9
EMR MASTER: Shareholders' Final Meeting Set for Nov. 10

EYTON CAYMAN: Shareholders Receive Wind-Up Report
FIRST DALLAS: Shareholder Receives Wind-Up Report
ICE EM SPECIAL: Shareholder to Hear Wind-Up Report on Nov. 11
INVESCO NAVIGATOR: Shareholder Receives Wind-Up Report
INVESCO NAVIGATOR: Shareholder Receives Wind-Up Report

LEPORELLO LTD: Shareholders' Final Meeting Set for Nov. 11
MILOS LIMITED: Shareholders' Final Meeting Set for Nov. 14
SCHERING-PLOUGH PRODUCTS: Shareholders' Meeting Set for Nov. 11
SVDJ LIMITED: Members Receive Wind-Up Report
UBS ALPHA: Shareholders' Final Meeting Set for Nov. 11

* CAYMAN ISLAND: Olympus Corp.'s US$1BB Investment Disappears


D O M I N I C A N   R E P U B L I C

* DOMINICAN REP: To Get US$200MM IDB Loan for Electricity Sector


J A M A I C A

NATIONAL ROAD: S&P Gives 'B-' Rating on US$294 Million Notes


M E X I C O

* MANZANILLO MUNICIPALITY: Moody's Cuts LC Rating to Ba2


T R I N I D A D  &  T O B A G O

CL FIN'L: Former Execs to Testify in Commission of Enquiry Probe


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                            - - - - -


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


FONDO GAINVEST: Moody's Puts (P)B3 Global Fund Scale Fund Rating
----------------------------------------------------------------
Moody's has assigned provisional bond fund and market risk ratings
to Fondo Gainvest Regional a newly launched fund that will be
managed by Gainvest S.A whose primary objective is to invest in
Argentinean sub-sovereign and sovereign bonds.

The provisional ratings include a global bond fund scale fund
rating of (P)B3 and a national scale fund rating of A3.ar.
Moody's has also assigned a market risk rating of (P)MR5 to the
fund, which denotes " high sensitivity" to interest rate changes
and other market movements.

"The fund ratings are based on Moody's expectation that the
Gainvest Regional will maintain over 75% of invested assets in
Sub-sovereign Bonds issued by local governments with a minimum
rating of B3/A3.ar consistent with Argentinean Government bonds
credit rating.  In addition to sub-sovereign credit exposure, the
remainder of the fund's asset allocation will be in Sovereign debt
issued or guaranteed by the government of Argentina rated
[B3/A3.ar].  The fund will expect to maintain maturity-adjusted
weighted average credit quality consistent with B3/A3.ar," said
Moody's lead analyst Carlos de Nevares.

Additionally this new fund would be applicable for investment by
Fondo de Garantia de Sustentabilidad, which manages Argentina's
Nationalized Pension Fund.  The Pension Fund is targeting
increased exposure to the local provinces in order to promote
their economic development.  Funds like Gainvest Regional FCI are
being developed, in part, to provide a convenient vehicle to
access these assets.  The Gainvest Regional is a financial vehicle
for the National Pension fund to provide funding to this economic
sector.

The fund's MR5 market risk rating reflects Moody's opinion of high
total return risks and price sensitivity given the relative
illiquidity of sub-sovereign bonds in difficult capital market
conditions, credit profile of the assets and the thin secondary
market for these securities.  From a maturity perspective, Moody's
expects the fund will target a weighted average maturity of 3-5
years which given the B3 rated assets is likely to have
significant market sensitivity.  Moody's has supplemented its
market risk evaluation by analyzing the historical NAV volatility
of other funds with similar strategies as this is a newly launched
fund.

Gainvest SA. SGFI. is an Argentina-domiciled subsidiary of INTL FC
Stone.  As of September, Gainvest S.A managed investments of
approximately ARS879 million or approximately US$202 million.


GRUP GRAF: Creditors' Proofs of Debt Due Dec. 1
-----------------------------------------------
Claudia Debora Fleischman, the court-appointed trustee for Grup
Graf SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Dec. 1, 2011.

Ms. Fleischman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Claudia Debora Fleischman
         Talcahuano 464
         Argentina


KASSE SA: Creditors' Proofs of Debt Due Dec. 2
----------------------------------------------
Estudio Aroca, the court-appointed trustee for Kasse SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Dec. 2, 2011.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Estudio Aroca, Tabayo & Asociados
         Avenida Corrientes 1515
         Argentina


SUPER UNO: Creditors' Proofs of Debt Due Feb. 10
------------------------------------------------
Jose Francisco Ruiz, the court-appointed trustee for Super Uno
Supermercados SA's reorganization proceedings, will be verifying
creditors' proofs of claim until Feb. 10, 2011.

Mr. Ruiz will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 21
in Buenos Aires, with the assistance of Clerk No. 41, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on Oct. 23, 2012.

The Trustee can be reached at:

         Jose Francisco Ruiz
         Avenida Corrientes 4264
         Argentina


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


BANCO DE DESARROLLO: Moody's Gives 'B1' Currency Issuer Ratings
---------------------------------------------------------------
Moody's Investors Service assigned first-time long and short term
global local currency issuer ratings of B1 and Not Prime to Banco
de Desarrollo Productivo S.A.M. (BDP), Bolivia's development bank.
BDP is 80% owned by the Plurinational State of Bolivia, through
the Ministry of Economics and Public Finance.  Moody's also
assigned long and short term national scale local currency issuer
ratings of Aa2.bo and BO-1.

At the same, the rating agency assigned long term global local and
foreign currency debt ratings of (P) B1 to BDP's senior unsecured
multicurrency debt program totaling Bs. 1 billion or its
equivalent in US Dollars, both corresponding to a national scale
rating of Aa2.bo.

In addition, a long term global local currency senior debt rating
of B1 was assigned to the expected first issuance under the
program for an amount of Bs. 525 million.  A Aa2.bo local currency
national scale debt rating was assigned to the first issuance.

The outlooks on all the ratings are stable.

The following ratings were assigned to Banco de Desarrollo
Productivo S.A.M.:

Global Long Term Local Currency Issuer Rating: B1, with stable
outlook.

Global Short Term Local Currency Issuer Rating: Not Prime

National Scale Long Term Local Currency Issuer Rating: Aa2.bo,
with stable outlook.

National Scale Short Term Local Currency Issuer Rating: BO-1

The following ratings were assigned to Bs. 1 billion senior
unsecured debt program:

Global long term local and foreign currency debt ratings: (P) B1,
with stable outlook

National Scale long term local and foreign currency debt ratings:
Aa2.bo, with stable outlook

The following ratings were assigned to Bs. 525 million first
issuance under the program:

Global long term local currency debt rating: B1, with stable
outlook

National Scale long term local currency debt rating: Aa2.bo, with
stable outlook

Ratings Rationale

Moody's said that BDP's ratings derive from 1) the bank's baseline
credit assessment (BCA) of B2 and 2) the assessment of the
probability of very high dependence and strong support that exists
between BDP and its shareholder, the Bolivian government.  No
explicit government guarantee is in place to support BDP's
obligations, nevertheless, the Government's 80% ownership control
of the bank and the alignment of their respective objectives
result in BDP's issuer ratings being at par with Bolivia's
government bond ratings of B1.

BDP explicitly states that its mission is to support the public
policies of the Government, as described in the "National
Development Plan", and includes the support to microfinance
institutions and to small and medium size enterprises, in an
effort to boost the de-dollarization of the Bolivian economy.  As
an arm of the Government, BDP's dependence to its main
shareholder, the Bolivian State, its deemed very high.

BDP's baseline credit assessment of B2 incorporates its modest
franchise value within the Bolivian financial industry, as
suggested by a 2% market share in terms of assets and by a still
limited track record (it started its operations as BDP in January
2007, succeeding Nacional Financiera Boliviana - NAFIBO).  Moody's
views negatively the high concentration levels found both in its
lending book and funding sources, which can be a cause of
instability to the bank's earnings and asset quality indicators.
As of June 2011, two borrowers accounted for 42% of the total loan
book, while almost half of BDP's funding was derived from a single
credit line. Further expansion of its lending operations should
help improve the granularity of the bank's loan book.  In that
regard, the bank's robust capital base, with a Tier 1 ratio of
57%, provides ample opportunities for loan growth.

As a non-deposit taking institution, BDP relies on credit lines
from financial institutions and multilateral entities for its
funding, which is predominantly long-term, and thus, an important
differentiation in the Bolivian market.  Credit lines from
multilateral agencies, including IDB and KfW, are provided to BDP
through the Bolivian Ministry of Finance.  As a second-floor bank,
BDP onlends the resources to financial entities and not directly
to final borrowers, and its credit risk exposure is, therefore, to
Bolivian financial institutions.

Moody's view favorably the decision in June by the ministry of
finance to assume the foreign exchange risks associated with these
foreign currency liabilities, a move that is likely to limit the
volatility of BDP's earnings.  This is particularly relevant in
light of the bank's mission of boosting local currency lending,
which will further increase the structural currency mismatch of
its balance sheet.  As of June 2011, its foreign currency assets
accounted for 40% of the total footings, while foreign currency
liabilities were 65% of total.

Banco de Desarrollo Productivo S.A.M. is Headquartered in La Paz,
Bolivia, and it had assets of Bs. 1.3 billion (US$ 182 million)
and an equity for Bs. 395 million (US$56 million) as of June 2011.


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


ACORN (USD): Shareholders' Final Meeting Set for Nov. 24
--------------------------------------------------------
The shareholders of Acorn (USD) Fund Limited will hold their final
meeting on Nov. 24, 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:

         Susan Lo
         Tricor Services Limited
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


AFFIRMED HEALTHCARE: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Affirmed Healthcare, Ltd. received on Nov. 1,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Simon Conway
         c/o Adam Keenan
         Telephone: (345) 914 8743
         Facsimile: (345) 945 4237
         P.O. Box 258 Grand Cayman KY1-1104
         Cayman Islands


CHABA II: Members Receive Wind-Up Report
----------------------------------------
The members of Chaba II (Cayman) Ltd received on Oct. 31, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Timothy Le Cornu
         c/o Jeremy Anderson
         Governor's Square, Building 6, 2nd Floor
         23 Lime Tree Bay Avenue
         P.O. Box 21237 Grand Cayman KY1-1205
         Cayman Islands
         Telephone: +1 345 947 4700
         Facsimile: +1 345 946 6728
         e-mail: Jeremy.Anderson@KRySGlobal.com


COMMON SENSE: Shareholders' Final Meeting Set for Nov. 9
--------------------------------------------------------
The shareholders of Common Sense Portable Alpha Offshore Ltd. will
hold their final meeting on Nov. 9, 2011, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Mark Wentzien
         15350 SW Sequoia Parkway
         Suite 250, Portland
         Oregon  97224
         United States of America


EMR MASTER: Shareholders' Final Meeting Set for Nov. 10
-------------------------------------------------------
The shareholders of EMR Master Fund, Ltd will hold their final
meeting on Nov. 10, 2011, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


EYTON CAYMAN: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Eyton Cayman Ltd. received on Nov. 4, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715 Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


FIRST DALLAS: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of First Dallas International, Ltd received on
Nov. 1, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Geoffrey Varga
         c/o Camele Burke
         Kinetic Partners (Cayman) Limited
         The Harbour Centre
         42 North Church Street
         PO Box 10387 Grand Cayman KY1-1004
         Cayman Islands
         Telephone: (345) 623 9904
         Facsimile: (345) 943 9900


ICE EM SPECIAL: Shareholder to Hear Wind-Up Report on Nov. 11
-------------------------------------------------------------
The shareholder of Ice EM Special Situations Fund (Cayman), Ltd.
will receive on Nov. 11, 2011, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 815 1805
         Facsimile: (345) 949-9877


INVESCO NAVIGATOR: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Invesco Navigator Fund Ltd received on Nov. 1,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Ian D. Stokoe
         c/o Adam Keenan
         Telephone: (345) 914 8743
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


INVESCO NAVIGATOR: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Invesco Navigator Fund (Offshore) Ltd received
on Nov. 1, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ian D. Stokoe
         c/o Adam Keenan
         Telephone: (345) 914 8743
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


LEPORELLO LTD: Shareholders' Final Meeting Set for Nov. 11
----------------------------------------------------------
The shareholders of Leporello Investments Ltd. will hold their
final meeting on Nov. 11, 2011, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Graham Robinson
         c/o Omar Grant
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


MILOS LIMITED: Shareholders' Final Meeting Set for Nov. 14
----------------------------------------------------------
The shareholders of Milos Limited will hold their final meeting on
Nov. 14, 2011, at 4:00 p.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


SCHERING-PLOUGH PRODUCTS: Shareholders' Meeting Set for Nov. 11
---------------------------------------------------------------
The shareholders of Schering-Plough Products Caribe, Inc. will
hold their final meeting on Nov. 11, 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:

         Richard L. Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


SVDJ LIMITED: Members Receive Wind-Up Report
--------------------------------------------
The members of SVDJ Limited received on Nov. 1, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


UBS ALPHA: Shareholders' Final Meeting Set for Nov. 11
------------------------------------------------------
The shareholders of UBS Alpha Select XL Limited will hold their
final meeting on Nov. 11, 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:

         Graham Robinson
         c/o Omar Grant
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


* CAYMAN ISLAND: Olympus Corp.'s US$1BB Investment Disappears
-------------------------------------------------------------
Caribbean News Now reports that The Wall Street Journal, citing
internal documents and Cayman Islands records, said Japanese
camera maker Olympus Corp. paid a group of obscure Cayman Islands-
based companies almost US$1 billion it spent on three start-up
firms.

Local corporate records show that three of the Cayman companies
were dissolved or closed down in 2008 or 2009, shortly after
receiving the money from Olympus, according to Caribbean News Now.
The report relates that the principals of the Cayman Islands
companies couldn't be determined.

Caribbean News Now discloses that the Journal said Olympus wrote
off about three-quarters of the value of the three start-ups as
worthless, a year after the deals closed.

Olympus Executive Vice President Hisashi Mori said the only
information the company has about the shareholders of the three
Japanese companies is the names of entities and their bank
accounts, Caribbean News Now relays.

Caribbean News Now notes that another deal that has drawn scrutiny
at Olympus also involved a large payment, totaling hundreds of
millions of dollars, to a Cayman Island-based company.  That
entity has also since been dissolved, Caribbean News Now adds.

The Journal said the Cayman Islands, an offshore financial center
in the Caribbean Sea, is often used by international companies
seeking secrecy and tax-friendly policies, in part because it
publicly discloses little information about companies registered
there, Caribbean News Now says.


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


* DOMINICAN REP: To Get US$200MM IDB Loan for Electricity Sector
----------------------------------------------------------------
The Inter-American Development Bank approved a loan of US$200
million to support the Dominican Republic's efforts to improve the
efficiency, financial management, supply and service quality of
the electricity sector.

The program, approved by the IDB Board of Executive Directors
seeks to reduce generation costs and extend coverage of targeted
electricity subsidies for poor families.  It also aims to improve
the managerial, operational and financial sustainability of power
distribution companies, as well as to increase the reliability of
services and to make them more affordable for the country's low-
income population.

The Dominican Republic's three regional distribution companies
(EdeNorte, EdeSur and EdeEste) have made progress in the last two
years.  The number of invoiced clients rose 53% from last year
while the number of circuits without blackouts -- a measure of
service quality -- rose 42%.

To cement this progress, indicators have been established to
maximize operational and financial efficiency, including
increasing the number of registered customers and customers with
24-hour service, and setting specific targets to reduce
electricity losses.

To this end, the finances of the distribution companies must be
strengthened in order to reduce government transfers to the
electricity sector.  In turn, this will benefit the country's
fiscal accounts, which are vulnerable to changes in international
oil prices, and will free up resources for social investment and
other priorities.

"Thanks to the progress achieved in the electricity sector, the
quality of the management teams at the CDEEE (the Dominican power
utility holding company) and the distribution companies, and the
implementation of changes proposed by the IDB program, the outlook
for the Dominican electricity sector is improving," said IDB
energy specialist Jorge Mercado, the project's team leader.  "We
are starting out on a path that will lead to better financial and
operational results."

This is a policy-based programmatic operation, based on the
achievement of policy and institutional improvements.  The loan is
for 20 years, with a five-year grace period and an interest rate
based on LIBOR. The executing agency is the Ministry of Finance.

The new program complements the IDB's previous support of the
Dominican Republic energy sector, including the development of the
Electric Sector Modernization Plan, improvements in power
transmission and the promotion of technical and operational
reforms that this new program will continue.  The IDB is currently
executing the Electricity Distribution Networks Rehabilitation
Project and studies to improve energy efficiency.  At the same
time, the Bank is financing private sector projects to diversify
the energy matrix through wind power generation.


=============
J A M A I C A
=============


NATIONAL ROAD: S&P Gives 'B-' Rating on US$294 Million Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' senior
unsecured debt rating to National Road Operating and Constructing
Co. Ltd.'s (NROCC) proposed issuance of US$294 million in fixed-
rate notes.  NROCC will use the proceeds of the proposed issuance
to prepay outstanding debt.

The rating on NROCC's proposed senior unsecured note issuance is
based on the government of Jamaica's (B-/Negative/C) irrevocable
and unconditional guarantee.  The government guarantees the due
and punctual payment of principal, interest and additional
amounts, as and when they come due.  Any change on the sovereign
ratings on Jamaica will have the same effect on the issue rating
on NROCC's notes.


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


* MANZANILLO MUNICIPALITY: Moody's Cuts LC Rating to Ba2
--------------------------------------------------------
Moody's de Mexico downgraded Manzanillo's issuer ratings to A2.mx
from A1.mx (Mexico National Scale) and to Ba2 from Ba1 (Global
Scale, local currency).  At the same time, Moody's changed the
outlook to negative from stable.

Ratings Rationale

The downgrade reflects the deterioration of gross operating and
consolidated financial performance which have led to an increase
in Manzanillo's debt metrics.  The outlook change reflects Moody's
expectation that the municipality's poor financial performance
will prevail in the near to medium-term leading to further
increases in debt and/or the tightening of liquidity.

The misalignment of operating revenue and operating expenditure
growth has led to the deterioration of Manzanillo's gross
operating balances.  Over the period 2006 to 2010, operating
revenues have grown at a compound annual growth rate (CAGR) of 5%
while operating expenditures have grown at a CAGR of 10%. Moody's
expects that this misaligned trend will continue as the 2012
elections draw closer.

"Manzanillo's consolidated financial performance -- which includes
capital revenues and expenditures -- has deteriorated over the
last five years" said Moody's Assistant Vice-President, Adrian
Garza.  Manzanillo has registered four deficits over the past five
years which average -3.3% of total revenues, a weak level.  Also,
the consolidated financial deficit peaked in 2010 reaching -8.0%
of total revenues.

As a result, debt levels have increased steadily over the past
five years.  Net direct and indirect debt to operating revenues
increased to 33% in 2010 from a low 6.3% in 2006, putting
Manzanillo's debt burden at a slightly higher level than Ba rated
peers.  Net working capital (current assets minus current
liabilities) has averaged 6% of total expenditures over the period
2006 to 2010, a level in line with its peers.  However, Moody's
expects that Manzanillo's poor financial performance will result
in a weaker liquidity position as compared to peers and/or further
increases in debt levels.

Failure to redress this negative trend over the near to medium
term will exert downward pressure on Manzanillo's ratings and will
likely trigger a downgrade.  The outlook could be revised back to
stable if the gross operating performance of the municipality
improves and Manzanillo registers balanced consolidated results
that lead to the stabilization of its debt levels.


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


CL FIN'L: Former Execs to Testify in Commission of Enquiry Probe
----------------------------------------------------------------
Joel Julien at Trinidad Express reports that former CL Financial
Limited Finance Minister Karen Nunez-Tesheira and Group Financial
Director Andre Monteil are among the witnesses expected to testify
as the Commission of Enquiry into the collapse of CL Financial and
the Hindu Credit Union resumes.

The third evidence hearing is scheduled to start at the Winsure
Building, Richmond Street, Port of Spain, and it is expected to
continue until November 18, according to Trinidad Express.

The report notes that the second evidence hearing which ended on
Sept. 27 heard the testimony of Michael Carballo, the man who
replaced Mr. Monteil.  Trinidad Express relates that cross-
examination of Mr. Carballo and re-examination of his evidence are
expected to continue at the evidence hearing.

Trinidad Express discloses that Afra Raymond, president of the
Joint Consultative Council, who was expected to testify in the
second session of evidence hearing, will join the line-up of
witnesses scheduled to appear this session.

Ms. Nunez-Tesheira says she closed two US dollar accounts with
CLICO Investment Bank (CIB) before they were scheduled to mature,
the report recalls.  CIB is a subsidiary of CL Financial Limited.

Ms. Nunez-Tesheira was finance minister when the 2009 government
bailout was orchestrated.  Mr. Monteil and his company Stone
Street Capital were selected by CL Financial to broker the multi-
billion dollar bailout with the government.

                        About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US100 billion.

                        *     *     *

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

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


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


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

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

ARGENTINA

IMPSAT FIBER 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     103531720          -80758824
SOCOTHERM-5 VT-A         STHE5 AR     103531720          -80758824
SOCOTHERM SA-B           STHE AR      103531720          -80758824
SNIAFA SA-B              SDAGF US     11229696           -26705448
SNIAFA SA                SNIA AR      11229696           -26705448
SNIAFA SA-B              SNIA5 AR     11229696           -26705448

BELIZE

VARIG SA                 VAGV3 BZ     966298025        -4695211316
VARIG SA                 VARGON BZ    966298025        -4695211316
VARIG SA-PREF            VAGV4 BZ     966298025        -4695211316
VARIG SA-PREF            VARGPN BZ    966298025        -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
CIA PETROLIFERA          1CPMON BZ    377602195           -3014291
CIA PETROLIF-PRF         MRLM4B BZ    377602195           -3014291
CIA PETROLIFERA          MRLM3 BZ     377602195           -3014291
CIA PETROLIF-PRF         MRLM4 BZ     377602195           -3014291
CIA PETROLIFERA          MRLM3B BZ    377602195           -3014291
BATTISTELLA              BTTL3 BZ     355816098           -2564562
BATTISTELLA-RECE         BTTL9 BZ     355816098           -2564562
BATTISTELLA-PREF         BTTL4 BZ      355816098          -2564562
BATTISTELLA-RI P         BTTL2 BZ      355816098          -2564562
BATTISTELLA-RECP         BTTL10 BZ     355816098          -2564562
BATTISTELLA-RIGH         BTTL1 BZ      355816098          -2564562
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
TELEBRAS-CEDE BL         RCT4B AR      296917661         -42804871
TELEBRAS-PF RCPT         CBRZF US      296917661         -42804871
TELEBRAS-CEDEA $         TEL4D AR      296917661         -42804871
TELEBRAS-ADR             TBAPY US      296917661         -42804871
TELEBRAS-CEDE PF         RCT4C AR      296917661         -42804871
TELEBRAS-ADR             TBASY US      296917661         -42804871
TELEBRAS-RECEIPT         TLBRUO BZ     296917661         -42804871
TELEBRAS-CM RCPT         TELE31 BZ     296917661         -42804871
TELEBRAS-CM RCPT         TBRTF US      296917661         -42804871
TELEBRAS-PF RCPT         RCTB40 BZ     296917661         -42804871
TELEBRAS SA-PREF         TLBRPN BZ     296917661         -42804871
TELEBRAS SA              TELB3 BZ      296917661         -42804871
TELEBRAS-RCT PRF         TELB10 BZ     296917661         -42804871
TELEBRAS SA-PREF         TELB4 BZ      296917661         -42804871
TELEBRAS/W-I-ADR         TBH-W US      296917661         -42804871
TELEBRAS-CEDE PF         RCT4D AR      296917661         -42804871
TELEBRAS-RTS CMN         TCLP1 BZ      296917661         -42804871
TELEBRAS-PF BLCK         TELB40 BZ     296917661         -42804871
TELEBRAS-RTS PRF         RCTB2 BZ      296917661         -42804871
TELEBRAS-CED C/E         TEL4C AR      296917661         -42804871
TELEBRAS-PF RCPT         TELE41 BZ     296917661         -42804871
TELEBRAS-PF RCPT         TBAPF US      296917661         -42804871
TELEBRAS-CEDE PF         RCTB4 AR      296917661         -42804871
TELEBRAS SA-RT           TELB9 BZ      296917661         -42804871
TELEBRAS-ADR             TBH US        296917661         -42804871
TELEBRAS-RTS CMN         RCTB1 BZ      296917661         -42804871
TELEBRAS-ADR             RTB US        296917661         -42804871
TELEBRAS-COM RT          TELB1 BZ      296917661         -42804871
TELEBRAS SA              TBASF US      296917661         -42804871
TELEBRAS-CEDE PF         TELB4 AR      296917661         -42804871
TELEBRAS-CM RCPT         RCTB31 BZ     296917661         -42804871
TELEBRAS-ADR             TBRAY GR      296917661         -42804871
TELEBRAS-RTS PRF         TLCP2 BZ      296917661         -42804871
TELEBRAS-PF RCPT         RCTB41 BZ     296917661         -42804871
TELEBRAS-PF RCPT         RCTB42 BZ     296917661         -42804871
TELEBRAS-RCT             RCTB33 BZ     296917661         -42804871
TELEBRAS-CM RCPT         RCTB32 BZ     296917661         -42804871
TELEBRAS-ADR             TBX GR        296917661         -42804871
TELEBRAS SA              TLBRON BZ     296917661         -42804871
TELEBRAS-CM RCPT         RCTB30 BZ     296917661         -42804871
TELEBRAS-BLOCK           TELB30 BZ     296917661         -42804871
TELEBRAS-PF RCPT         TLBRUP BZ     296917661         -42804871
HOTEIS OTHON-PRF         HOTHPN BZ     255036149         -42606769
HOTEIS OTHON-PRF         HOOT4 BZ      255036149         -42606769
HOTEIS OTHON SA          HOTHON BZ     255036149         -42606769
HOTEIS OTHON SA          HOOT3 BZ      255036149         -42606769
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     200809364        -115213257
SANSUY-PREF A            SNSY5 BZ      200809364        -115213257
SANSUY-PREF B            SNSY6 BZ      200809364        -115213257
SANSUY SA-PREF A         SNSYAN BZ     200809364        -115213257
SANSUY SA-PREF B         SNSYBN BZ     200809364        -115213257
SANSUY                   SNSY3 BZ      200809364        -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      159454015         -52992212
FABRICA RENAUX-P         FTRX4 BZ      109683743         -48836146
FABRICA RENAUX           FTRX3 BZ      109683743         -48836146
FABRICA RENAUX-P         FRNXPN BZ     109683743         -48836146
FABRICA TECID-RT         FTRX1 BZ      109683743         -48836146
FABRICA RENAUX           FRNXON BZ     109683743         -48836146
WETZEL SA                MWELON BZ     100017711          -5359345
WETZEL SA-PREF           MWELPN BZ     100017711          -5359345
WETZEL SA-PREF           MWET4 BZ      100017711          -5359345
WETZEL SA                MWET3 BZ      100017711          -5359345
ESTRELA SA               ESTR3 BZ      89585906          -80761486
ESTRELA SA               ESTRON BZ     89585906          -80761486
ESTRELA SA-PREF          ESTR4 BZ      89585906          -80761486
ESTRELA SA-PREF          ESTRPN BZ     89585906          -80761486
ACO ALTONA               EALT3 BZ      89152030          -98485877
ACO ALTONA SA            EAAON BZ      89152030          -98485877
ACO ALTONA-PREF          EAAPN BZ      89152030          -98485877
ACO ALTONA-PREF          EALT4 BZ      89152030          -98485877
VARIG PART EM-PR         VPSC4 BZ      830178286        -495721700
VARIG PART EM SE         VPSC3 BZ      830178286        -495721700
TEXTEIS RENAU-RT         TXRX2 BZ      730958339        -103943206
TEXTEIS RENAU-RT         TXRX1 BZ      730958339        -103943206
TEXTEIS RENAUX           RENXPN BZ     730958339        -103943206
TEXTEIS RENA-RCT         TXRX9 BZ      730958339        -103943206
TEXTEIS RENA-RCT         TXRX10 BZ     730958339        -103943206
TEXTEIS RENAUX           RENXON BZ     730958339        -103943206
RENAUXVIEW SA            TXRX3 BZ      730958339        -103943206
RENAUXVIEW SA-PF         TXRX4 BZ      730958339        -103943206
SCHLOSSER SA             SCHON BZ      730367499         -34357832
SCHLOSSER                SCLO3 BZ      730367499         -34357832
SCHLOSSER-PREF           SCLO4 BZ      730367499         -34357832
SCHLOSSER SA-PRF         SCHPN BZ      730367499         -34357832
MINUPAR SA               MNPRON BZ     631445339         -60655823
MINUPAR                  MNPR3 BZ      631445339         -60655823
MINUPAR-RT               MNPR1 BZ      631445339         -60655823
MINUPAR-PREF             MNPR4 BZ      631445339         -60655823
MINUPAR SA-PREF          MNPRPN BZ     631445339         -60655823
MINUPAR-RCT              MNPR9 BZ      631445339         -60655823
MINUPAR-RT               9314542Q BZ   631445339         -60655823
MINUPAR-RCT              9314634Q BZ   631445339         -60655823
GRADIENTE EL-PRC         IGBCN BZ      610889775        -282692297
GRADIENTE EL-PRB         IGBBN BZ      610889775        -282692297
GRADIENTE ELETR          IGBON BZ      610889775        -282692297
GRADIENTE-PREF B         IGBR6 BZ      610889775        -282692297
GRADIENTE-PREF A         IGBR5 BZ      610889775        -282692297
GRADIENTE-PREF C         IGBR7 BZ      610889775        -282692297
IGB ELETRONICA           IGBR3 BZ      610889775        -282692297
GRADIENTE EL-PRA         IGBAN BZ      610889775        -282692297
VARIG PART EM-PR         VPTA4 BZ      49432124         -399290396
VARIG PART EM TR         VPTA3 BZ      49432124         -399290396
CIMOB PART-PREF          GAFP4 BZ      44047411          -45669963
CIMOB PART-PREF          GAFPN BZ      44047411          -45669963
CIMOB PARTIC SA          GAFON BZ      44047411          -45669963
CIMOB PARTIC SA          GAFP3 BZ      44047411          -45669963
WIEST SA                 WISAON BZ     341082013        -126997429
WIEST SA-PREF            WISAPN BZ     341082013        -126997429
WIEST-PREF               WISA4 BZ      341082013        -126997429
WIEST                    WISA3 BZ      341082013        -126997429
RECRUSUL-BON RT          RCSL12 BZ     31427766          -30307605
RECRUSUL SA              RESLON BZ     31427766          -30307605
RECRUSUL                 RCSL3 BZ      31427766          -30307605
RECRUSUL - RT            4529781Q BZ   31427766          -30307605
RECRUSUL - RCT           RCSL10 BZ     31427766          -30307605
RECRUSUL - RT            RCSL1 BZ      31427766          -30307605
RECRUSUL - RCT           4529789Q BZ   31427766          -30307605
RECRUSUL - RT            4529785Q BZ   31427766          -30307605
RECRUSUL - RT            RCSL2 BZ      31427766          -30307605
RECRUSUL-BON RT          RCSL11 BZ     31427766          -30307605
RECRUSUL - RCT           4529793Q BZ   31427766          -30307605
RECRUSUL-PREF            RCSL4 BZ      31427766          -30307605
RECRUSUL SA-PREF         RESLPN BZ     31427766          -30307605
RECRUSUL - RCT           RCSL9 BZ      31427766          -30307605
SANESALTO                SNST3 BZ      310440535         -18432973
BOTUCATU TEXTIL          STRP3 BZ      276636045          -7174512
STAROUP SA-PREF          STARPN BZ     276636045          -7174512
BOTUCATU-PREF            STRP4 BZ      276636045          -7174512
STAROUP SA               STARON BZ     276636045          -7174512
CONST BETER-PF B         1COBBN BZ     25469474           -4918659
CONST BETER SA           1007Q BZ      25469474           -4918659
CONST BETER-PR A         COBEAN BZ     25469474           -4918659
CONST BETER-PF A         1COBAN BZ     25469474           -4918659
CONST BETER SA           COBEON BZ     25469474           -4918659
CONST BETER SA           COBE3 BZ      25469474           -4918659
CONST BETER-PR B         1009Q BZ      25469474           -4918659
CONST BETER-PR B         COBEBN BZ     25469474           -4918659
CONST BETER-PF B         COBE6 BZ      25469474           -4918659
CONST BETER-PFA          COBE5B BZ     25469474           -4918659
CONST BETER SA           COBE3B BZ     25469474           -4918659
CONST BETER-PF A         COBE5 BZ      25469474           -4918659
CONST BETER SA           1COBON BZ     25469474           -4918659
CONST BETER-PR A         1008Q BZ      25469474           -4918659
CONST BETER-PF B         COBE6B BZ     25469474           -4918659
FERRAGENS HAGA-P         HAGAPN BZ     23732827          -65883555
FER HAGA-PREF            HAGA4 BZ      23732827          -65883555
HAGA                     HAGA3 BZ      23732827          -65883555
FERRAGENS HAGA           HAGAON BZ     23732827          -65883555
ALL ORE MINERACA         AORE3 BZ      23040051           -8699861
STEEL - RT               STLB1 BZ      23040051           -8699861
ALL ORE MINERACA         STLB3 BZ      23040051           -8699861
STEEL - RCT ORD          STLB9 BZ      23040051           -8699861
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     210973691        -903951461
CAF BRASILIA-PRF         CAFE4 BZ      210973691        -903951461
CAF BRASILIA             CAFE3 BZ      210973691        -903951461
CAFE BRASILIA SA         CSBRON BZ     210973691        -903951461
TECEL S JOSE-PRF         FTSJPN BZ     190673232         -52580501
TECEL S JOSE             SJOS3 BZ      190673232         -52580501
TECEL S JOSE             FTSJON BZ     190673232         -52580501
TECEL S JOSE-PRF         SJOS4 BZ      190673232         -52580501
NORDON METAL             NORDON BZ     153545974         -26859636
NORDON MET               NORD3 BZ      153545974         -26859636
NORDON MET-RTS           NORD1 BZ      153545974         -26859636
CHIARELLI SA-PRF         CCHPN BZ      14960467          -43105640
CHIARELLI SA-PRF         CCHI4 BZ      14960467          -43105640
CHIARELLI SA             CCHI3 BZ      14960467          -43105640
CHIARELLI SA             CCHON BZ      14960467          -43105640
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      126891179        -170680899
HERCULES SA-PREF         HERTPN BZ     126891179        -170680899
HERCULES-PREF            HETA4 BZ      126891179        -170680899
HERCULES SA              HERTON BZ     126891179        -170680899
ARTHUR LANGE             ARLA3 BZ      116422552         -17154461
ARTHUR LANGE SA          ALICON BZ     116422552         -17154461
ARTHUR LANG-RC P         ARLA10 BZ     116422552         -17154461
ARTHUR LANG-RC C         ARLA9 BZ      116422552         -17154461
ARTHUR LAN-DVD P         ARLA12 BZ     116422552         -17154461
ARTHUR LAN-DVD C         ARLA11 BZ     116422552         -17154461
ARTHUR LANG-RT P         ARLA2 BZ      116422552         -17154461
ARTHUR LANGE-PRF         ALICPN BZ     116422552         -17154461
ARTHUR LANGE-PRF         ARLA4 BZ      116422552         -17154461
ARTHUR LANG-RT C         ARLA1 BZ      116422552         -17154461
F GUIMARAES              FGUI3 BZ      110165424        -151840377
F GUIMARAES-PREF         FGUI4 BZ      110165424        -151840377
FERREIRA GUIM-PR         FGUIPN BZ     110165424        -151840377
FERREIRA GUIMARA         FGUION BZ     110165424        -151840377


CHILE

EMPRESA DE LOS F         2940894Z CI   1933599104        -50416404
CHILESAT CORP SA         TELEX CI      1156945109       -122555290
CLARO COM SA             CHILESAT CI   1156945109       -122555290
CHILESAT CO-ADR          TL US         1156945109       -122555290
CHILESAT CO-RTS          CHISATOS CI   1156945109       -122555290
TELEX-A                  TELEXA CI     1156945109       -122555290
TELMEX CORP-ADR          CSAOY US      1156945109       -122555290
TELEX-RTS                TELEXO CI     1156945109       -122555290
PUYEHUE                  PUYEH CI      27670046            -407979
PUYEHUE RIGHT            PUYEHUOS CI   27670046            -407979


                            ***********


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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