TCRLA_Public/111115.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 15, 2011, Vol. 12, No. 226

                            Headlines



A R G E N T I N A

ABREGU SRL: Creditors' Proofs of Debt Due Dec. 7
CB OBRAS Y SERVICIOS: Creditors' Proofs of Debt Due Dec. 6
COMPANIA FINANCIERA: Moody's Assigns 'Ba3' Long-Term Debt Rating
EMPRESA DISTRIBUIDORA: Fitch Rates Two Currency IDR at 'B'
GPAT COMPANIA: Moody's Assigns Ba2 Long Term Currency Debt Rating

PATCH SRL: Creditors' Proofs of Debt Due Dec. 20
SUPERVIELLE CREDITOS: Moody's Gives 'Ba1' Rating to Class A Notes


B E R M U D A

AG BOX: Creditors' Proofs of Debt Due Nov. 16


B R A Z I L

AGRENCO: To Halt Output & Cut Jobs After Creditors Reject Fund
BANCO DO NORDESTA: Fitch Affirms Individual Rating at 'D'
BR MALLS: S&P Affirms 'BB-' Global Scale Corp. Credit Rating
CORPORACION LINDLEY: S&P Gives 'BB+' Corporate Credit Rating
REDE ENERGIA: Fitch Junks Rating on Two Note Classes


C A Y M A N   I S L A N D S

ADVANCED ASSET: Creditors' Proofs of Debt Due Nov. 15
ALLIANCEBERNSTEIN GLOBAL: Creditors' Proofs of Debt Due Nov. 25
ALMAL GLOBAL: Creditors' Proofs of Debt Due Nov. 23
ALMAL GLOBAL FUND: Creditors' Proofs of Debt Due Nov. 23
ALMAL OPPORTUNISTIC: Creditors' Proofs of Debt Due Nov. 23

ALMAL OPPORTUNISTIC FUND: Creditors' Proofs of Debt Due Nov. 23
ALMAL RISING: Creditors' Proofs of Debt Due Nov. 23
ALTERNATIVE INVESTMENT: Creditors' Proofs of Debt Due Nov. 15
DA VINCI FUND: Creditors' Proofs of Debt Due Nov. 23
FRONTIER PARTNERS: Creditors' Proofs of Debt Due Nov. 18

KC ADVANCED: Creditors' Proofs of Debt Due Nov. 18
STRAIGHT ARROW: Creditors' Proofs of Debt Due Nov. 16
WAD ADMINISTRATOR: Creditors' Proofs of Debt Due Nov. 15
WINISK INVESTMENT: Creditors' Proofs of Debt Due Nov. 18
YACHT ATLANTIS: Creditors' Proofs of Debt Due Nov. 21


J A M A I C A

DIGICEL GROUP: Weighs Options as Bermuda Court Halts Service


M E X I C O

MEXICANA AIRLINES: Potential Investors Get Threats, Judge Says


P U E R T O   R I C O

EUROCLASS MOTORS: Taps Landa Umpierre as External Auditor
EUROCLASS MOTORS: Plan Filing Period Extended to Dec. 4
PONCE DE LEON: Can Access PRLP Cash Collateral Until Dec. 31


X X X X X X X X

* S&P's Global Corporate Default Tally Rises to 40 Issuers
* Large Companies With Insolvent Balance Sheets




                            - - - - -


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A R G E N T I N A
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ABREGU SRL: Creditors' Proofs of Debt Due Dec. 7
------------------------------------------------
Alejandro Mario Stolkiner, the court-appointed trustee for Abregu
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Dec. 7, 2011.

Mr. Stolkiner will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 35, 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:

         Alejandro Mario Stolkiner
         Avenida Cordoba 1367
         Argentina


CB OBRAS Y SERVICIOS: Creditors' Proofs of Debt Due Dec. 6
----------------------------------------------------------
Claudio Barberia, the court-appointed trustee for CB Obras y
Servicios SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Dec. 6, 2011.

Mr. Barberia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 34, 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:

         Claudio Barberia
         Olavarria 1743
         Argentina


COMPANIA FINANCIERA: Moody's Assigns 'Ba3' Long-Term Debt Rating
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 long term global local
currency debt rating to the expected fifth issuance of Compania
Financiera Argentina up to the amount of ARS150 million to be
issued in two tranches under the program of US$250 million.

At the same time, Moody's Latin America assigned Aa2.ar national
scale local currency debt rating to CFA's debt rating to the
expected fifth issuance.

The outlook for the ratings is positive.

The following ratings were assigned to Compania Financiera
Argentina S.A.:

Fifth Issuance of a maximum amount of ARS150 million in to two
tranches:

Ba3 Global Local Currency Debt Rating, with positive outlook

Aa2.ar Argentina National Scale Local Currency Debt Rating; with
positive outlook

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from CFA's Ba3 global local currency deposit
rating.  Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

Compania Financiera Argentina is headquartered in Buenos Aires,
Argentina, and had assets of ARS1.8 billion (US$0.4 billion) and
deposits for ARS0.5 billion (US$0.1 billion) as of June 2011.


EMPRESA DISTRIBUIDORA: Fitch Rates Two Currency IDR at 'B'
----------------------------------------------------------
Fitch Ratings has assigned the following ratings to Empresa
Distribuidora de Electricidad de Salta (EDESA):

  -- Foreign currency IDR 'B';
  -- Local currency IDR 'B';
  -- US$60 million Class 1 notes 'B(exp)/RR4'; national scale
     rating 'A+(exp)(arg)'.

Additionally, Fitch has upgraded the following ratings:

  -- National Scale IDR to 'A+(arg)' from 'A(arg)';
  -- Class 4 notes to 'A+(arg)' from 'A(arg)'.

The Rating Outlook is Stable.

EDESA provides electricity distribution services in the province
of Salta.  The 'B' ratings are constrained by the high regulatory
risks associated with operating in the electricity sector in
Argentina.  In the existing inflationary environment, obtaining
rate adjustments is a critical factor on the sustainability of
EDESA's operating profitability.  While the provincial regulator
of the company (ENRESP) has been more proactive than Federal
regulators and EDESA obtained its full tariff review in 2006,
future adjustments must be approved by the regulator and therefore
do not provide certainty as to the timing and amount to be
applied.

EDESA's ratings also consider its monopoly position to provide
electricity distribution services, its predictable cash flow
generation and a healthy financial profile. Additionally, Fitch
took into consideration the financial support provided by its new
shareholder, Empresa Distribuidora y Comercializadora Norte S.A.
(EDENOR), and the challenges the company faces to reverting its
negative free cash flow evidenced in the past years. The Stable
Outlook reflects Fitch's expectations that EDESA will maintain a
conservative capital structure and will manage its balance sheet
to a targeted debt to EBITDA of approximately 3.0 times (x).

On Spt. 22, 2011 Fitch assigned a Negative Rating Watch to EDESA
after its new indirect shareholder, EDENOR announced the
reorganization process of EDESA's existing holding company and
shareholder Empresa Distribuidora Electrica Regional S.A.
(EMDERSA).  This process includes the renegotiation of guarantees
provided by EMDERSA to its subsidiaries on their existing debt.
This announcement could trigger a change of control event which
would accelerate the repayment of the existing notes.  After
assessing the scope and potential impact of these announcements on
the credit quality of EDESA, Fitch decided today to remove the
Negative Rating Watch and assign a Stable Outlook.

For the last 12 months ended Sept. 30, 2011 EDESA's sales totaled
ARS391 million, while its EBITDA amounted to ARS90.8 million.
This compares with sales of ARS353 million and ARS90.2 million of
EBITDA during the same period in 2010.  The company's margins
remained relatively stable, (23.2% vs. 25.4% respectively) as
tariff adjustments counterbalanced inflationary pressures on the
cost structure of the company. Cash flow from operations amounted
to ARS100 million whereas capital expenditures ascended to AR$ 93
million.  While cash flow generation in electricity distributors
is generally stable, it continues to be applied almost entirely on
capital expenditures, consequently resulting in low levels of free
cash flow.

As of Sept. 30, 2011 EDESA had ARS264 million of total debt (all
peso denominated), which consisted mainly of ARS11 million of
notes, AR$ 192 million of debt with shareholders, and ARS55
million from a syndicated loan obtained in 2010.  The proposed US$
60 million notes will be used to refinance all existing debt.
This should extend the average life of the company's debt; however
the issuance exposes the company to devaluation risk (currency
mismatch between peso denominated cash flows and dollar
denominated debt).


GPAT COMPANIA: Moody's Assigns Ba2 Long Term Currency Debt Rating
-----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 long term global local
currency debt rating to the expected fourth issuance of GPAT
Compania Financiera up to the amount of ARS00 million to be issued
under the program of ARS400 million.

The outlook for the rating is stable.

At the same time, Moody's Latin America assigned Aa1.ar national
scale local currency debt rating to GPAT's debt rating to the
expected fourth issuance.

The following ratings were assigned to GPAT Compania Financiera
S.A.:

Fourth Issuance of a maximum amount of ARS100 million:

Global Local Currency Issuer Rating: Ba2.

National Scale Local Currency Issuer Rating: Aa1.ar

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from GPAT's Ba2 global local currency deposit
rating.  Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

The ratings of GPAT, the former Argentine operation of GMAC,
include the expected high support from its parent, Banco Patagonia
which produces the uplift from GPAT's B2 standalone fundamental
rating.

GPAT Compania Financiera S.A. is headquartered in Buenos Aires,
Argentina, and reported ARS636.5 million of total assets and
ARS207.4 million of shareholders' equity as of June 30, 2011.


PATCH SRL: Creditors' Proofs of Debt Due Dec. 20
------------------------------------------------
Gabriel Alejandro Fridman, the court-appointed trustee for Patch
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Dec. 20, 2011.

Mr. Fridman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 52, 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:

         Gabriel Alejandro Fridman
         Avenida Dorrego 169
         Argentina


SUPERVIELLE CREDITOS: Moody's Gives 'Ba1' Rating to Class A Notes
-----------------------------------------------------------------
Moody's Latin America (Moody's) has rated the debt securities and
certificates of Fideicomiso Financiero Supervielle Creditos Banex
52, issued by Equity Trust (Argentina) S.A. - acting solely in its
capacity as Issuer and Trustee.

- ARS26,400,000 in Class A Fixed Rate Debt Securities of
  "Fideicomiso Financiero Supervielle Creditos Banex 52", rated
  Aaa.ar (sf) (Argentine National Scale) and Ba1 (sf) (Global
  Scale, Local Currency)

- ARS79,200,000 in Floating Rate Debt Securities of "Fideicomiso
  Financiero Supervielle Creditos Banex 52", rated Aaa.ar (sf)
  (Argentine National Scale) and Ba1 (sf) (Global Scale, Local
  Currency)

- ARS9,600,000 in Class C Fixed Rate Debt Securities of
  "Fideicomiso Financiero Supervielle Creditos Banex 52", rated
  Ba1.ar (sf) (Argentine National Scale) and Caa1 (sf) (Global
  Scale, Local Currency)

- ARS4,800,000 in Certificates of "Fideicomiso Financiero
  Supervielle Creditos Banex 52", rated Ca.ar (sf) (Argentine
  National Scale) and Ca (sf) (Global Scale, Local Currency)

Ratings Rationale

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 21,923 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS120,005,667,20.

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administracion Nacional de la
Seguridad Social).  The pool is also constituted by loans granted
to government employees of the Province of San Luis. Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.

The Class A Fixed Rate Debt Securities will bear a fixed interest
rate of 13.50%.  The Floating Rate Debt Securities will bear a
BADLAR interest rate plus a spread to be determine. The Floating
Rate Debt Securities' interest rate will never be higher than 26%
or lower than 13%.  The Class C Fixed Rate Securities will bear a
fixed interest rate of 21%.

Overall credit enhancement is comprised of subordination: 78% for
the Class A Fixed Rate Debt Securities, 12% for the Floating Rate
Securities and 4% for the Class C Fixed Rate Securities. In
addition the transaction has various reserve funds and excess
spread.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio.  In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities.  Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

Moody's considered factors common to consumer loans
securitizations such as delinquencies, prepayments and losses; as
well as specific factors related to the Argentine market.  These
factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities.  Finally,
Moody's also evaluated the back-up servicing arrangements in the
transaction.

In assigning the rating to this transaction, Moody's assumed a
triangular distribution for defaults on the main pool centered
around a most likely scenario of 10%, a minimum of 5% and a
maximum of 20%.  Also, Moody's assumed a triangular distribution
for prepayments centered on a most likely scenario of 20%, a
minimum of 15% and a maximum of 35%.  These assumptions are
derived from the historical performance to date of the Banex's
pools.

The model results showed 0.00% expected loss for Class A Fixed
Rate Debt Securities and Floating Rate Debt Securities, 18.07%
expected loss for Class C Fixed Rate Debt Securities and 62.85%
for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 6% from
the base case scenario for the pool (i.e., most likely scenario of
16%, a minimum of 11% and a maximum of 26%), the ratings of the
Classes A securities would be unchanged.  The Floating Rate
Securities would be downgraded to Ba2 (sf) and the ratings for
Class C Fixed Rate debt securities and Certificates would be
downgraded to Ca (sf) and C (sf) respectively.

Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool.  Moody's believes that the ratings assigned are
consistent with this risk.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction.  If Banco Supervielle is removed as servicer,
Equity Trust (Argentina) S.A. will be appointed as the back-up
servicer.

The main source of uncertainty for this transaction is the
regulatory and legal framework for the automatic deduction loans
in Argentina.


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B E R M U D A
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AG BOX: Creditors' Proofs of Debt Due Nov. 16
---------------------------------------------
The creditors of AG Box Investor Ltd. are required to file their
proofs of debt by Nov. 16, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 1, 2011.

The company's liquidator is:

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


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B R A Z I L
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AGRENCO: To Halt Output & Cut Jobs After Creditors Reject Fund
--------------------------------------------------------------
Marcio Juliboni of EXAME.com reports that Agrenco Limited decided
to suspend its production and cut jobs after creditors rejected a
proposal to contribute to a mutual fund that formed part of its
new reorganization plan.

Agrenco Limited plans to use the money raised from the fund to
restart operations at its Alto Araguaia and Caarapo processing
plants, according to EXAME.com.  The report relates that without
the needed contribution for the mutual fund operations will be
suspended.

Agrenco Limited said in a press release that it was "still looking
for viable alternatives for the recovery of its Brazilian
operation," EXAME.com discloses.

Agrenco Ltd. (BOVESPA: AGEN11) is a provider of integrated and
customized solutions for agribusiness, with global operations


BANCO DO NORDESTA: Fitch Affirms Individual Rating at 'D'
---------------------------------------------------------
Fitch Ratings has affirmed the Viability and Individual ratings of
Banco do Nordeste do Brasil S.A. (BNB) at 'bb-' and 'D',
respectively.  Fitch affirmed all of the company's other ratings
on April 7, 2011, and they are not affected by this rating action.
The affirmations of BNB's Viability and Individual ratings reflect
its healthy liquidity, good asset and liability management, and
appropriate profitability.  The performance of the bank is
underpinned by the benefits derived from its duties as the manager
of the Fundo Constitucional do Nordeste (FNE), a fund of around
BRL35 billion.  FNE's activities provide the bank with recurrent
and ample revenue generation and low cost funding.  BNB's
Viability Rating is limited by relatively weaker asset quality and
low capitalization ratios.  The rating also reflects the fact that
management experiences political influences, as do other
government owned banks.

Changes on BNB's liquidity, credit quality and liability
management could affect its Viability and Individual ratings.  A
more robust capital base would have a positive effect on BNB's
Viability and Individual ratings.

BNB's Issuer Default Ratings are derived from the support of its
main shareholder, the National Treasury, which is controlled by
the Federative Republic of Brazil (foreign currency long-term IDR
'BBB'/Outlook Stable).  This support also reflects the importance
of BNB for the development of Brazil's northeast region.

BNB's operations are benefited by its position as manager of the
FNE.  As such, the bank can count on a stable and recurring
revenue source and also benefits from low cost and long-term
funding provided by the FNE.  These factors help the bank to
sustain strong loan growth.

On balance loans slightly decreased in the first half of 2011;
however, if the loans accounted under the FNE are included, the
loan growth was more in line with previous periods (around 10%).
The FNE's growth is mostly driven by the micro, small and medium-
sized company segment, while financing to industry and commerce
(41% of the total) and infrastructure (16%) compensated for a
decline in agricultural lending (still significant 40%). In terms
of asset quality, some loan charge offs allowed the bank to
slightly improve its impaired to total loan ratio to 7.2% as of
June 2011, but this metric still compares unfavorably with other
government owned banks. Loan loss coverage of around 84% is
considered fair, especially considering the higher relative
leverage of the bank.

BNB's profitability ratios recovered during the first half of 2011
due the benefits of its improved margins, lower loan loss
provisioning, and controlled overheads.  However, it is not
possible to forecast a further decrease on its loan loss
provisions going forward given the significant burden of
restructured loans on its balance sheet and the assets managed
under the FNE.

Funding is benefited by the participation of the stable and
relatively cheap FNE funds, mid- and long-term financing provided
by Banco Nacional de Desenvolvimiento Economico e Social (BNDES),
and some multilateral lenders which complement the short-term
deposit funding of the bank.  Considering the average maturity of
these funds asset and liability management is considered adequate.

BNB's capitalization is considered low (Fitch's core capital ratio
of 8.8% at 1H'11) even when regulatory capital ratios are
benefitted by a significant portion of subordinated debt, which
under Fitch's criteria is considered debt due their non-deferral
characteristics.


BR MALLS: S&P Affirms 'BB-' Global Scale Corp. Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on BR Malls
Participacoes S.A. to positive from stable. "At the same time, we
affirmed our 'BB-' global scale and 'brA+' Brazilian local scale
corporate credit ratings on the company," S&P related.

"The positive outlook reflects our understanding that stronger
cash flows from new assets will allow the company to reduce its
leverage," said Standard & Poor's credit analyst Rafaela Vitoria.

"Our ratings on BR Malls reflect the company's improving property
portfolio, increased market share in the Brazilian shopping mall
industry, and resulting stronger cash flows," S&P said.

Its aggressive expansion plan, however, has kept debt high despite
increased cash generation.


CORPORACION LINDLEY: S&P Gives 'BB+' Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'BB+' corporate
credit rating to Peru-based beverage bottler Corporacion Lindley
S.A. The outlook on the ratings is stable.  "We also assigned a
'BB+' senior unsecured debt rating to the company's proposed
10-year notes, with up to US$320 million of availability.  We
expect that Lindley will use the notes to refinance its existing
debt and to fund capital expenditures for the next five years,"
S&P related.

"The rating action reflects our view of the company's satisfactory
business risk profile and significant financial risk profile," S&P
said.

"The stable outlook reflects our expectation that Lindley will
continue to benefit from good market conditions in Peru and that
it will maintain adequate EBITDA and cash flow.  We believe that
Lindley's credit metrics will remain in line with its significant
financial risk profile," S&P related.


REDE ENERGIA: Fitch Junks Rating on Two Note Classes
----------------------------------------------------
Fitch Ratings has taken the following rating actions on Rede
Energia S.A. (Rede Energia) and its subsidiaries Centrais
Eletricas do Para (Celpa) and Centrais Eletricas Matogrossenses
S.A. (Cemat):

Rede Energia

  -- Local and Foreign Currency IDR downgraded to 'CCC' from 'B-';
  -- Long-term National Scale Rating downgraded to 'CCC(bra)' from
     'B(bra)';
  -- US$575 million perpetual notes long-term International Rating
     downgraded to 'CCC/RR4' from 'B-/RR4';
  -- BRL370 million debenture issuance due in 2015 downgraded to
     'CCC(bra)' from 'B(bra)'.

Celpa

  -- Local and Foreign Currency IDRs downgraded to 'B-' from 'B';
  -- Long-term National Scale Rating downgraded to 'BB+(bra)' from
     'BBB (bra)';
  -- US$50 million notes units due in 2012 long-term International
     Rating downgraded to 'B-/RR4' from 'B/RR4' (issuance split
     with Cemat);
  -- US$250 million senior unsecured notes due in 2016 long-term
     International Rating downgraded to 'B-/RR4' from 'B/RR4'.

Cemat

  -- Local and Foreign Currency IDRs downgraded to 'B-' from 'B';
  -- Long-term National Scale Rating downgraded to 'BB+(bra)' from
     'BBB(bra)';
  -- US$50 million notes units due in 2012 long-term International
     Rating downgraded to 'B-/RR4' from 'B/RR4' (issuance split
     with Celpa).

The Rating Outlook for all the corporate ratings is Stable.

The downgrades reflect the increase in Rede Group's consolidated
short-term debt, requiring higher debt rollovers because of the
weak liquidity and leading to more challenging refinancing
efforts.  The rating actions are also based on the group's failure
to present an evolution in its operational cash flow to the
expected extent combined with the pressure of sizeable planned
investments in the short-to-medium term and high debt burden.  The
ratings also factor in the expectation of some pressure on Rede's
consolidated operational cash flow due to the third tariff review
cycle.

The difference between the ratings of Rede and its operational
subsidiaries reflects the significantly weaker credit profile of
the holding company compared to the operational companies and the
strong challenge of the holding company to obtain a sustainable
capital structure in the long term. Rede Energia depends on
dividends distribution from its subsidiaries, which, in practice,
have not been sufficient to meet its debt service.  In Fitch's
opinion existing total debt at the holding company level is not
compatible with the future dividends flow estimates, even if in
the coming years Rede manages to maximize dividends flow.  Fitch
believes that only restructuring measures such as a capital
injection or sale of assets for relevant amounts would place the
holding company in a sustainable credit position.

More Challenging Refinancing Issues:

Rede Group presents a tight liquidity position compared to its
short-term financial obligations and the expected continuity of
reduced operational cash flow.  Although the group has managed to
renew part of its short-term maturities in recent periods,
including a five-year US$250 million international issuance at
Celpa in the first half of 2011, the group's debt service coverage
ratio has been decreasing.  This has led to higher refinancing
challenges in notional terms and made it more vulnerable to
scenarios of more restrictive market liquidity.  As of June 30,
2011, Rede Group reported BRL741 million in cash, compared to
BRL2.7 billion in adjusted short-term debt and BRL8.1 billion in
total adjusted debt.  The average cash position relative to short-
term debt was weak at only 27%, compared to an average of 43% from
2007 to June 2011.  Debt was adjusted by rescheduled taxes,
intercompany loans, labor settlements and derivatives, among other
obligations.  At the holding company level, Rede had just BRL78
million in cash and equivalents, compared to BRL497 million in
adjusted short-term debt and BRL2.3 billion in total adjusted
debt, while the dividends received in the last 12 months (LTM)
ended June 30, 2011 reached only BRL73 million.

Operational Improvements Still Pending:

Celpa is responsible for a large percentage of energy losses
within the group (32.3% in June 2011, above the loss standards set
by the regulatory agency, Aneel, of 24.0%), partly as a
consequence of its expansion to rural areas as a result of the
federal government energy universalization program called
'Programa Luz para Todos'.  Although the company received BRL530
million as a capital injection from FI-FGTS, a fund managed by
Caixa Economica Federal, to be dedicated to investments to improve
its operational performance, there have been no significant
improvements, precluding a more relevant evolution in the
company's operational cash flow.

High Leverage to Continue; Foreign Exchange Risk Is a Concern:

Although in the LTM ended on June 30, 2011 Rede Group has reduced
its leverage, presenting total adjusted debt/EBITDA of 5.5 times
(x) and net adjusted debt/EBITDA of 5.0x, compared to 6.4x and
5.7x, respectively, reported in 2010, debt service presented a
significant increase relative to the consolidated operational
results, pressuring the group's overall performance.  Fitch does
not expect significant changes in Rede Energia's consolidated
credit metrics over the coming years.  Cash flow would likely
continue to be affected by high interest and capital expenditures.
This would likely result in negative free cash flow (FCF) over the
next few years.  For the LTM ended June 30, 2011 EBITDA was BRL1.5
billion, cash from operations was BRL281 million and FCF was
negative BRL983 million.

Rede and some of its subsidiaries face moderate exposure to
foreign currency fluctuations.  As of June 30, 2011, approximately
19% of total consolidated debt was exposed to foreign currency
movements.  Currency protection is partial, since the group has
used currency swaps to protect only partially the principal
payments on some foreign currency obligations.  Interest payments
on the perpetual notes, at the holding company level, are hedged
only for the next three quarterly installments.  All of the
companies' revenues are denominated in Brazilian Reais.

Third Tariff Review Cycle Could Pressure Operational Cash Flow on
a Consolidated Basis:

Rede Group's concession areas show growth potential in comparison
with the national average, yet they are also subject to high
energy losses, especially Celpa. Rede's energy loss reduction
program will be a key driver for improvements in profitability in
the coming years.  Fitch believes that EBITDA and funds from
operations should benefit from energy consumption growth in the
captive concession areas, although at lower rates compared to 2010
(growth in energy sales volume was 3% in the first half of 2011)
and from the group's cost control measures.  However, the tariff
review cycle that starts in 2011 with Celpa could offset these
improvements on a consolidated basis.


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


ADVANCED ASSET: Creditors' Proofs of Debt Due Nov. 15
-----------------------------------------------------
The creditors of Advanced Asset Management (Euro) Ltd. are
required to file their proofs of debt by Nov. 15, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 7, 2011.

The company's liquidator is:

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


ALLIANCEBERNSTEIN GLOBAL: Creditors' Proofs of Debt Due Nov. 25
---------------------------------------------------------------
The creditors of Alliancebernstein Global Diversified Strategies
Market Neutral (AUD Managed) Ltd. are required to file their
proofs of debt by Nov. 25, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 4, 2011.

The company's liquidator is:

         John Sutlic
         c/o Kim Charaman
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KY1-1102
         Cayman Islands


ALMAL GLOBAL: Creditors' Proofs of Debt Due Nov. 23
---------------------------------------------------
The creditors of Almal Global Trend Management Ltd. are required
to file their proofs of debt by Nov. 23, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 21, 2011.

The company's liquidator is:

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


ALMAL GLOBAL FUND: Creditors' Proofs of Debt Due Nov. 23
--------------------------------------------------------
The creditors of Almal Global Trend Fund Ltd. are required to file
their proofs of debt by Nov. 23, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 21, 2011.

The company's liquidator is:

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


ALMAL OPPORTUNISTIC: Creditors' Proofs of Debt Due Nov. 23
----------------------------------------------------------
The creditors of Almal Opportunistic Management Ltd. are required
to file their proofs of debt by Nov. 23, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 21, 2011.

The company's liquidator is:

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


ALMAL OPPORTUNISTIC FUND: Creditors' Proofs of Debt Due Nov. 23
---------------------------------------------------------------
The creditors of Almal Opportunistic Fund Ltd. are required to
file their proofs of debt by Nov. 23, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 21, 2011.

The company's liquidator is:

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


ALMAL RISING: Creditors' Proofs of Debt Due Nov. 23
---------------------------------------------------
The creditors of Almal Rising Star Management Ltd. are required to
file their proofs of debt by Nov. 23, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 21, 2011.

The company's liquidator is:

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


ALTERNATIVE INVESTMENT: Creditors' Proofs of Debt Due Nov. 15
-------------------------------------------------------------
The creditors of Alternative Investment Strategies Limited are
required to file their proofs of debt by Nov. 15, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 7, 2011.

The company's liquidator is:

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


DA VINCI FUND: Creditors' Proofs of Debt Due Nov. 23
----------------------------------------------------
The creditors of Da Vinci Fund Limited are required to file their
proofs of debt by Nov. 23, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 7, 2011.

The company's liquidator is:

         Admiral Administration Ltd.
         c/o Admiral Financial Center
         90 Fort Street
         PO Box 32021 Grand Cayman, KY1-1208
         Cayman Islands


FRONTIER PARTNERS: Creditors' Proofs of Debt Due Nov. 18
--------------------------------------------------------
The creditors of Frontier Partners are required to file their
proofs of debt by Nov. 18, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 7, 2011.

The company's liquidator is:

         Richard Finlay
         c/o Krysten Lumsden
         Telephone: (345) 814 7366
         Facsimile: (345) 945 3902
         P.O. Box 26 81 Grand Cayman KY1-1111
         Cayman Islands


KC ADVANCED: Creditors' Proofs of Debt Due Nov. 18
--------------------------------------------------
The creditors of KC Advanced Technology Fund are required to file
their proofs of debt by Nov. 18, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 6, 2011.

The company's liquidator is:

         Richard Finlay
         c/o Krysten Lumsden
         Telephone: (345) 814 7366
         Facsimile: (345) 945 3902
         P.O. Box 26 81 Grand Cayman KY1-1111
         Cayman Islands


STRAIGHT ARROW: Creditors' Proofs of Debt Due Nov. 16
-----------------------------------------------------
The creditors of Straight Arrow Limited are required to file their
proofs of debt by Nov. 16, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 6, 2011.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands
         Telephone:  345 949-7128


WAD ADMINISTRATOR: Creditors' Proofs of Debt Due Nov. 15
--------------------------------------------------------
The creditors of Wad Administrator, Ltd. are required to file
their proofs of debt by Nov. 15, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 10, 2011.

The company's liquidator is:

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


WINISK INVESTMENT: Creditors' Proofs of Debt Due Nov. 18
--------------------------------------------------------
The creditors of Winisk Investment Limited are required to file
their proofs of debt by Nov. 18, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 7, 2011.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622 Grand Cayman KY1-1203
         Cayman Islands


YACHT ATLANTIS: Creditors' Proofs of Debt Due Nov. 21
-----------------------------------------------------
The creditors of Yacht Atlantis Ltd. are required to file their
proofs of debt by Nov. 21, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 3, 2011.

The company's liquidator is:

         Lucy Surchik
         c/o Wrigley Management Inc.
         Telephone: +312 832 6115
         Facsimile: +312 832 6110
         401 North Michigan Avenue, Suite 3200
         Chicago, Illinois 60611
         USA


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


DIGICEL GROUP: Weighs Options as Bermuda Court Halts Service
------------------------------------------------------------
Caribbean360.com reports that the Digicel Group is bracing for the
financial fallout from Bermuda Supreme Court's decision to cease
the company's internet-based long-distance service.

"This will cause us an enormous amount of financial harm and who
is going to pay for that?" the report quoted Digicel Group's
lawyer Victor Lyon, QC, as saying.

Late last month, the report recalls that the turf war between
Digicel Group and other major telecommunications providers on
island took a legal twist when TeleBermuda International (TBI)
launched proceedings against Digicel Group to stop it offering its
new long distance service.

Caribbean360.com discloses that the other telecoms accused Digicel
Group of by-passing Bermuda government's liberalization agenda and
complained that Digicel Group was being given an unfair head start
in terms of positioning itself ahead of its rivals before the
expected liberalization of the industry, which is expected to
begin this month when the necessary legislative package of
telecommunications regulatory reform is tabled by government.

The suit filed by TBI on October 17 was to restrain Digicel Group
from offering long distance service, Caribbean360.com says.

Initially it seemed that the case would be decided in Digicel's
Group favour when Judge Kawaley ruled after hearing the first day
of legal arguments that Digicel Group was legally entitled to
market the service under its brand unless the government mounted
any objection to the contrary within seven days, the report notes.

However, Caribbean360.com relates that days later the Attorney
General's office in Bermuda pointed out that Digicel Group had a
Class B Telecommunications License, authorizing it to provide
wireless voice services; Transact, with a Class C
Telecommunications License, was authorized to provide Internet
services; but following its recent acquisition of Transact,
Digicel Group had blurred the lines by beginning the process of
providing long distance service.

As reported in the Troubled Company Reporter-Latin America on
Oct. 20, 2011, citing the Royal Gazette Online, said that Digicel
Group Bermuda launched a long distance service, including a US$35
plan with unlimited calls to the US, Canada, UK and Ireland.  It
also launched a Digicel Caribbean plan, the report related.

                        About Digicel Group

Digicel Group Limited -- http://www.digicelgroup.com/-- is
renowned for competitive rates, unbeatable coverage, superior
customer care, a wide variety of products and services and state-
of-the-art handsets.  By offering innovative wireless services and
community support, Digicel Group has become a leading brand across
its 31 markets worldwide.

Digicel is incorporated in Bermuda based in Jamaica.  It has
operations in 31 markets worldwide.  Its Caribbean and Central
American markets comprise Anguilla, Antigua & Barbuda, Aruba,
Barbados, Bermuda, Bonaire, the British Virgin Islands, the Cayman
Islands, Curacao, Dominica, El Salvador, French Guiana, Grenada,
Guadeloupe, Guyana, Haiti, Honduras, Jamaica, Martinique, Panama,
St. Kitts Nevis, St. Lucia, St. Vincent & the Grenadines,
Suriname, Trinidad & Tobago and Turks & Caicos.  The Caribbean
company also has coverage in St. Martin and St. Barts.  Digicel
Pacific comprises Fiji, Papua New Guinea, Samoa, Tonga and
Vanuatu.

                           *     *     *

As of September 27, 2011, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.


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


MEXICANA AIRLINES: Potential Investors Get Threats, Judge Says
--------------------------------------------------------------
Latin American Herald Tribune Judge Felipe Consuelo Soto, the
judge overseeing Compania Mexicana de Aviacion or Mexicana
Airlines's bankruptcy proceedings, said potential investors for
the airline told him they had received threats.

Judge Soto provided details of the allegations in a report, in
which he said potential suitors told him they had been anonymously
contacted by phone and warned not to put their money in a trust to
salvage Mexicana, according to Herald Tribune.  The report relates
that Judge Soto said that could explain why since last year other
potential investors in the heavily indebted airline "have not come
up with the funds to capitalize the company."

The judge speculated that competitors of Mexicana interested in
the airline's "highly coveted" slots and routes could be behind
the threats.

As reported in the Troubled Company on Nov. 4, 201, Aviation Week
said that Judge Sotto gave Mexicana Airlines until Nov. 15 to
avoid liquidation.  The airline has been grounded since it filed
for the Mexican equivalent of Chapter 11 protection in August
2010, although its revival has been promised by a plethora of
suitors that until now have been unable, or unwilling, to deposit
the US$250 million deemed necessary to return the airline's
operation, according to Aviation Week.  The report noted that
these unrealized promises have kept the airline under the
protection of a Mexican bankruptcy court, which as recently as
August suspended a liquidation deadline so the airline could
consider three bids.  Liquidation will force the sale of all
Mexicana's assets, which in essence means the carrier's MRO
division, the report added.

                     About Mexicana Airlines

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/--is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
Aug. 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than US$1
billion.  William C. Heuer, Esq., at Duane Morris LLP, serves as
counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings did
not affect the operations of Click Mexicana and Mexicana Link,
which are independent companies from Mexicana de Aviacion.


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


EUROCLASS MOTORS: Taps Landa Umpierre as External Auditor
---------------------------------------------------------
Euroclass Motors, Inc., seeks permission from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire Landa Umpierre, PSC,
as external auditor.

The firm will provide external audit services to the Debtor for
the year ended Sept. 30, 2011.

The Debtor will pay Landa Umpierre an audit services fee of
approximately US$6,500 plus out-of-pocket expenses.

The Debtor assures the Court that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

                      About Euroclass Motors

San Juan, Puerto Rico-based Euroclass Motors, Inc. filed for
Chapter 11 protection (Bankr. D. P.R. Case No. 11-05772) on
July 6, 2011.  Ramon Vega Diaz, president of the Debtor, filed the
petition.  The Chapter 11 case of Euroclass Motors, Inc., has been
reassigned to the Hon. Mildred Caban Flores.

The Debtor estimated assets between US$1 million and US$10 million
and estimated debts between US$10 million and US$50 million.

Charles Alfred Cuprill, at Charles A Cuprill, PSC Law Office, in
San Juan, Puerto Rico, represents the Debtor in this case.

Affiliate Autos Vega, Inc., is a car dealership engaged in the
sales of new and used cars and trucks car parts, accessories and
providing vehicle repair and maintenance, based in San Juan,
Puerto Rico.  The Company filed for Chapter 11 bankruptcy
protection (Bankr. D. P.R. Case No. 11-05773) on July 6, 2011.
The Debtor disclosed US$22,959,296 in assets and US$34,224,323 in
liabilities.


EUROCLASS MOTORS: Plan Filing Period Extended to Dec. 4
-------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico has
extended Euroclass Motors, Inc.'s exclusive period to file a
Chapter 11 Plan through and including Dec. 4, 2011, and its
exclusive period to solicit acceptances of a filed plan through
and including March 4, 2012.

                      About Euroclass Motors

San Juan, Puerto Rico-based Euroclass Motors, Inc. filed for
Chapter 11 protection (Bankr. D. P.R. Case No. 11-05772) on
July 6, 2011.  Ramon Vega Diaz, president of the Debtor, filed the
petition.  The Chapter 11 case of Euroclass Motors, Inc., has been
reassigned to the Hon. Mildred Caban Flores.

The Debtor estimated assets between US$1 million and US$10 million
and estimated debts between US$10 million and US$50 million.

Charles Alfred Cuprill, at Charles A Cuprill, PSC Law Office, in
San Juan, Puerto Rico, represents the Debtor in this case.

Affiliate Autos Vega, Inc., is a car dealership engaged in the
sales of new and used cars and trucks car parts, accessories and
providing vehicle repair and maintenance, based in San Juan,
Puerto Rico.  The Company filed for Chapter 11 bankruptcy
protection (Bankr. D. P.R. Case No. 11-05773) on July 6, 2011.
The Debtor disclosed US$22,959,296 in assets and US$34,224,323 in
liabilities.


PONCE DE LEON: Can Access PRLP Cash Collateral Until Dec. 31
------------------------------------------------------------
Debtor Ponce De Leon 1043, Inc., and PRLP 2001 Holdings, LLC, have
filed a stipulation that entitles the Debtor to use PRLP's cash
collateral on a consensual basis, through and including Dec. 31,
2011.

The Debtor recognizes and affirms that the amount currently
outstanding, due and payable to PRLP is US$14,496,907.24, secured
by the Debtor's Metro Plaza Tower housing project.

Pursuant to the agreement, the Debtor will be authorized to use
cash collateral solely to satisfy the permitted expenditures in a
budget for the months of October, November and December 2011.

The Debtor and PRLP have agreed that upon the consummation of each
sale of the three (3) Units identified in the budget, not less
than 65% of the proceeds of the sale will be paid to PRLP at
closing.  The remaining 35% of the proceeds will be paid to the
Debtor to cover not more than the expenses described in the
budget.  The parties have further agreed that upon consummation of
the sale of any additional unit sold over the 3 Units listed in
the budget for the period, not less than 87% of the sale proceeds
will be paid to PRLP at closing.

As adequate protection, the Debtor grants to PRLP a replacement
lien and a post-petition security interest on all of the assets
and collateral acquired by the Debtor from the Petition Date
through the Stipulation Date.

The Debtor will submit to PRLP weekly reports as to the amount of
cash collateral collected and used to satisfy Permitted
Expenditures, and the Debtor's reorganization efforts (e.g.
solicitation bids, offers, discussions with potential acquirers,
etc.).

As additional adequate protection, the Debtor grants that upon the
consummation of any sale of substantially all of the Debtor's
assets encumbered in favor of PRLP, and in any event if not
earlier paid, upon the effective date of any plan confirmed in the
Bankruptcy Case, the proceeds of the sale or funding under the
plan will be paid immediately and indefeasibly to PRLP for its
benefit in an amount equivalent to the total of the loans, plus
any post-petition interest and charges.

San Juan, P.R.-based Ponce De Leon 1403, Inc., developed,
constructed, and operates the Metro Plaza Tower condominium and
commercial property project in Santurce, Puerto Rico.  The Metro
Plaza Tower project consists of two 15-story towers atop a base
structure that serves as a parking garage, common area, and retail
space.  Each tower houses 87 residential units.  The base
structure provides approximately 567 parking spaces and has
approximately 14,000 square feet of commercial space available for
lease.  The common areas of the project include a swimming pool, a
gym, gardens and a gazebo.

Ponce De Leon 1403 Inc. filed for Chapter 11 protection (Bank. D.
P.R. Case No. 11-07920) on Sept. 19, 2011.  The Debtor estimated
both assets and debts of between US$10 million and US$50 million.

Carmen Conde Torres, Esq., at C. Conde & Assoc., in Old San Juan,
Puerto Rico, represents the Debtor as counsel.

Counsel for PRLP de Puerto Rico, may be reached at:

         Luis C. Marini, Esq.
         Ubaldo M. Fernandez, Esq.
         O'NEILL & BORGES
         American International Plaza
         250 Munoz Rivera Avenue, Suite 800
         San Juan, PR 00918-1813
         Tel: (787) 764-8181
         Fax: (787) 753-8944
         E-mail: Luis.Marini@oneillborges.com
                 Ubaldo.Fernandez@oneillborges.com


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


* S&P's Global Corporate Default Tally Rises to 40 Issuers
----------------------------------------------------------
Standard & Poor's Ratings Services downgraded Italy-based
publisher Seat PagineGialle to 'SD' last week after the publisher
failed to make interest payments on its subordinated notes.  This
raised the tally of global corporate defaults so far in 2011 to 40
issuers, said an article published Nov. 10 by Standard & Poor's
Global Fixed Income Research, titled "Global Corporate Default
Update (Nov. 3-9, 2011)."

Of the total defaulters this year, 29 are based in the U.S., three
are based in New Zealand, two are in Canada, and one each is in
the Czech Republic, Greece, France, Israel, Italy, and Russia. Of
the defaulters by this time in 2010, 53 were U.S.-based issuers,
nine were from the other developed region (Australia, Canada,
Japan, and New Zealand), eight were from the emerging markets, and
two were European issuers.

Sixteen of this year's defaults were due to missed interest or
principal payments and eight were due to distressed exchanges --
both of which were among the top reasons for defaults in 2010.
Bankruptcy filings followed with seven defaults, and regulatory
actions accounted for three.  Of the remaining defaults, one
issuer failed to finalize refinancing on its bank loan, one had
its banking license revoked by its country's central bank, another
was appointed a receiver, and three were confidential.

By comparison, in 2010, 28 defaults resulted from missed interest
or principal payments, 25 from Chapter 11 and foreign bankruptcy
filings, 23 from distressed exchanges, three from receiverships,
one from a regulatory directive, and one from administration.


* 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.


                   * * * End of Transmission * * *