TCRLA_Public/111122.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 22, 2011, Vol. 12, No. 231

                            Headlines



B A H A M A S

CLICO (BAHAMAS): Liquidator Demands TT$365-Mil. From CL Financial


B E R M U D A

CONTINENTAL ALLOYS: Creditors' Proofs of Debt Due Nov. 23
CONTINENTAL ALLOYS: Members' Final Meeting Set for Dec. 14
EQUATORIAL GUINEA: Creditors' Proofs of Debt Due Nov. 23
EQUATORIAL GUINEA: Members' Final Meeting Set for Dec. 14
ETRUSCAN DIAMONDS: Creditors' Proofs of Debt Due Nov. 23

ETRUSCAN DIAMONDS: Member to Receive Wind-Up Report on Dec. 19
RENAISSANCERE RISK: Creditors' Proofs of Debt Due Nov. 23
RENAISSANCERE RISK: Members' Final Meeting Set for Dec. 14
RISPONDE REINSURANCE: Creditors' Proofs of Debt Due Nov. 23
RISPONDE REINSURANCE: Members' Final Meeting Set for Dec. 14

STENA PONTUS: Creditors' Proofs of Debt Due Nov. 23
STENA PONTUS: Members' Final Meeting Set for Dec. 13
TIMICUAN REINSURANCE II: Creditors' Proofs of Debt Due Nov. 23
TIMICUAN REINSURANCE II: Members' Final Meeting Set for Dec. 14
TIMICUAN REINSURANCE III: Creditors' Proofs of Debt Due Nov. 23

TIMICUAN REINSURANCE III: Members' Final Meeting Set for Dec. 14


C A Y M A N   I S L A N D S

ANDROS AVIATION: Shareholders' Final Meeting Set for Nov. 25
APEX SILVER: Shareholders' Final Meeting Set for Nov. 25
CASOP BUNKER: Shareholder to Receive Wind-Up Report on Dec. 1
GLOBAL WARMING: Shareholder to Receive Wind-Up Report on Nov. 25
MAPLEWOOD (CAYMAN): Shareholders' Final Meeting Set for Nov. 25

MILLENIA SPRING: Shareholder to Receive Wind-Up Report on Dec. 1
NOVELL FINANCE: Shareholders Receive Wind-Up Report
PATRICK HENRY: Shareholder to Receive Wind-Up Report on Nov. 25
SCP ATLANTIC: Shareholder Receives Wind-Up Report
SCP OCEAN: Shareholder Receives Wind-Up Report

SCP SAKONNET: Shareholder Receives Wind-Up Report
STONE-POINT LTD: Shareholder Receives Wind-Up Report
STORMHARBOUR ALTERNATIVE: Shareholders Receive Wind-Up Report
TOLLY INVESTMENTS: Shareholders' Final Meeting Set for Nov. 28
TOYOSU PROPERTY: Shareholders' Final Meeting Set for Nov. 25


M E X I C O

CREDIT SUISSE: Moody's Says D+ BSFR Not Affected by Rating Review


P A R A G U A Y

* PARAGUAY: To Receive US$51.75 Million Loan for Yguazu Cementos


P U E R T O   R I C O

R & J MOTORS: Involuntary Case Converted to Voluntary Ch. 11 Case
R & J MOTORS: Files Schedules of Assets and Liabilities


T R I N I D A D  &  T O B A G O

HINDU CREDIT: Investigation on Collapse to Take Back Seat


X X X X X X X X

* S&P's 2011 Global Corporate Default Tally Now 41
* Large Companies With Insolvent Balance Sheets




                            - - - - -


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B A H A M A S
=============


CLICO (BAHAMAS): Liquidator Demands TT$365-Mil. From CL Financial
-----------------------------------------------------------------
Andre Bagoo Monday at Trinidad and Tobago Newsday reports that
Clico (Bahamas) Limited liquidator Craig Gomez confirmed that
lawyers have served a statutory demand on CL Financial Limited for
a TT$365 million guarantee as a precursor to a debt recovery
action.  Clico (Bahamas) Limited is a subsidiary of Cl Financial
Limited.

The liquidator can be reached at:

          Craig A. (Tony) Gomez
          Leadenhall Bank & Trust
          No.1 Cumberland Hill Street
          Nassau, Bahamas
          Tel: (242) 323-0640
          Fax: (242) 323-0641
          Email: cgomez@batelnet.bs

Money retained by Clico (Bahamas) is expected to be used in the
ongoing process of paying policyholders and creditors at the
Bahamas branch, according to Trinidad and Tobago Newsday.

The report notes that CL Financial Limited Chairman Gerald Yetming
said he could not give details of the demand off hand.

Mr. Gomez, Trinidad and Tobago Newsday relates, said that talks to
see the transfer of policies of Clico (Bahamas) to a new insurance
company continue.  The tracking of assets considered to be the
property of Clico (Bahamas) also continues to be a challenge, Mr.
Gomez added, the report relays.

Trinidad and Tobago Newsday says that Mr. Gomez confirmed that
records have been subpoenaed from First Citizens Bank (FCB) and a
U.S. bank in relation to the question of payments, which totaled
TT$332 million (US$52.7 million), made to an account held in Clico
(Bahamas)'s name in Trinidad and Tobago.

"I have received documents from Clico Guyana and Clico Suriname
representing claims amounting to US$34 million and US$18.7 million
respectively. . . . My preliminary review of the documentation
suggests that valid insurance policies were never issued by the
Clico (Bahamas). . . . the purported premiums received from both
Guyana and Suriname were remitted directly to a bank account held
in the name of the company at Ocean Bank, Miami, Florida, United
States and to another account held by the company in Trinidad at
First Citizens Bank Limited," Trinidad and Tobago Newsday quoted
Mr. Gomez as saying.

In 2009, the report recalls that Clico (Bahamas) experienced cash
flow problems.

As reported in the Troubled Company Reporter on April 1, 2009,
Mr. Gomez noted that the company had a "considerable amount of
critical claims", which were being reviewed, including death
benefits, emergency surgeries, cancer patient treatments and HIV
patient treatments.  In addition, Trinidad and Tobago Express
notes, Mr. Gomez said CLICO Bahamas can't recover the US$73
million it loaned to CLICO Enterprises Ltd as part of a Florida
real estate deal because of the downturn in the US real estate
market.  Meanwhile, Trinidad and Tobago Express says CLICO Guyana
and CLICO Suriname are claiming policy packages of US$34 million
and US$15.5 million respectively with CLICO Bahamas.

Clico (Bahamas) Limited (previously known as British Fidelity
Assurance Limited) operates branches in the Bahamas, Belize and
the Turks and Caicos.  Its parent company is Clico Holdings
(Barbados) Limited, though the ultimate parent company is CL
Financial Limited.


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


CONTINENTAL ALLOYS: Creditors' Proofs of Debt Due Nov. 23
---------------------------------------------------------
The creditors of Continental Alloys & Services International
Holdings, 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 wind-up proceedings on Nov. 7, 2011.

The company's liquidator is:

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


CONTINENTAL ALLOYS: Members' Final Meeting Set for Dec. 14
----------------------------------------------------------
The members of Continental Alloys & Services International
Holdings, Ltd. will hold their final meeting on Dec. 14, 2011, at
9:30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

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

The company's liquidator is:

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


EQUATORIAL GUINEA: Creditors' Proofs of Debt Due Nov. 23
--------------------------------------------------------
The creditors of Equatorial Guinea 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 wind-up proceedings on Oct. 25, 2011.

The company's liquidator is:

         Gary R. Pitman
         Chevron House
         11 Church Street
         Hamilton
         Bermuda


EQUATORIAL GUINEA: Members' Final Meeting Set for Dec. 14
---------------------------------------------------------
The members of Equatorial Guinea Ltd. will hold their final
meeting on Dec. 14, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on Oct. 25, 2011.

The company's liquidator is:

         Gary R. Pitman
         Chevron House
         11 Church Street
         Hamilton
         Bermuda


ETRUSCAN DIAMONDS: Creditors' Proofs of Debt Due Nov. 23
--------------------------------------------------------
The creditors of Etruscan Diamonds Bermuda 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 wind-up proceedings on Nov. 7, 2011.

The company's liquidator is:

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


ETRUSCAN DIAMONDS: Member to Receive Wind-Up Report on Dec. 19
--------------------------------------------------------------
The member of Etruscan Diamonds Bermuda Ltd. will receive on
Dec. 19, 2011, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

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

The company's liquidator is:

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


RENAISSANCERE RISK: Creditors' Proofs of Debt Due Nov. 23
---------------------------------------------------------
The creditors of RenaissanceRe Risk Advisors 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 wind-up proceedings on Nov. 3, 2011.

The company's liquidator is:

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


RENAISSANCERE RISK: Members' Final Meeting Set for Dec. 14
----------------------------------------------------------
The members of RenaissanceRe Risk Advisors Ltd. will hold their
final meeting on Dec. 14, 2011, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

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


RISPONDE REINSURANCE: Creditors' Proofs of Debt Due Nov. 23
-----------------------------------------------------------
The creditors of Risponde Reinsurance 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 wind-up proceedings on Nov. 3, 2011.

The company's liquidator is:

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


RISPONDE REINSURANCE: Members' Final Meeting Set for Dec. 14
------------------------------------------------------------
The members of Risponde Reinsurance Ltd. will hold their final
meeting on Dec. 14, 2011, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

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


STENA PONTUS: Creditors' Proofs of Debt Due Nov. 23
---------------------------------------------------
The creditors of Stena Pontus 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 wind-up proceedings on Nov. 7, 2011.

The company's liquidator is:

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


STENA PONTUS: Members' Final Meeting Set for Dec. 13
----------------------------------------------------
The members of Stena Pontus Ltd. will hold their final meeting on
Dec. 13, 2011, at 9:30 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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

The company's liquidator is:

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


TIMICUAN REINSURANCE II: Creditors' Proofs of Debt Due Nov. 23
--------------------------------------------------------------
The creditors of Timicuan Reinsurance II 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 wind-up proceedings on Nov. 3, 2011.

The company's liquidator is:

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


TIMICUAN REINSURANCE II: Members' Final Meeting Set for Dec. 14
---------------------------------------------------------------
The members of Timicuan Reinsurance II Ltd. will hold their final
meeting on Dec. 14, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

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


TIMICUAN REINSURANCE III: Creditors' Proofs of Debt Due Nov. 23
---------------------------------------------------------------
The creditors of Timicuan Reinsurance III 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 wind-up proceedings on Nov. 3, 2011.

The company's liquidator is:

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


TIMICUAN REINSURANCE III: Members' Final Meeting Set for Dec. 14
----------------------------------------------------------------
The members of Timicuan Reinsurance III Ltd. will hold their final
meeting on Dec. 14, 2011, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

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


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


ANDROS AVIATION: Shareholders' Final Meeting Set for Nov. 25
------------------------------------------------------------
The shareholders of Andros Aviation Limited will hold their final
meeting on Nov. 25, 2011, at 11:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


APEX SILVER: Shareholders' Final Meeting Set for Nov. 25
--------------------------------------------------------
The shareholders of Apex Silver Mines will hold their final
meeting on Nov. 25, 2011, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CASOP BUNKER: Shareholder to Receive Wind-Up Report on Dec. 1
-------------------------------------------------------------
The shareholder of Casop Bunker Ltd. will receive on Dec. 1, 2011,
at 9:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Linburgh Martin
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KYI-1102
         Cayman Islands


GLOBAL WARMING: Shareholder to Receive Wind-Up Report on Nov. 25
----------------------------------------------------------------
The shareholder of Global Warming Fund will receive on Nov. 25,
2011, at 10:30 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815-1793
         Facsimile: (345) 949-9876


MAPLEWOOD (CAYMAN): Shareholders' Final Meeting Set for Nov. 25
---------------------------------------------------------------
The shareholders of Maplewood (Cayman) Limited will hold their
final meeting on Nov. 25, 2011, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MILLENIA SPRING: Shareholder to Receive Wind-Up Report on Dec. 1
----------------------------------------------------------------
The shareholder of Millenia Spring Ltd. will receive on Dec. 1,
2011, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Linburgh Martin
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KYI-1102
         Cayman Islands


NOVELL FINANCE: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Novell Finance Limited received on Nov. 17,
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


PATRICK HENRY: Shareholder to Receive Wind-Up Report on Nov. 25
---------------------------------------------------------------
The shareholder of Patrick Henry Limited will receive on Nov. 25,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         PO Box 694 Grand Cayman
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626


SCP ATLANTIC: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of SCP Atlantic Fund Ltd received on Nov. 21,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Mr. Robin Lee Mcmahon
         c/o Lynden John
         Telephone: (345) 814 8915
         Facsimile: (345) 814 8529
         Ernst & Young Ltd.
         62 Forum Lane
         Camana Bay
         PO Box 510 Grand Cayman KY1-1106
         Cayman Islands


SCP OCEAN: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of SCP Ocean Fund Ltd received on Nov. 21, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Mr. Robin Lee Mcmahon
         c/o Lynden John
         Telephone: (345) 814 8915
         Facsimile: (345) 814 8529
         Ernst & Young Ltd.
         62 Forum Lane
         Camana Bay
         PO Box 510 Grand Cayman KY1-1106
         Cayman Islands


SCP SAKONNET: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of SCP Sakonnet Fund Ltd received on Nov. 21,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Mr. Robin Lee Mcmahon
         c/o Lynden John
         Telephone: (345) 814 8915
         Facsimile: (345) 814 8529
         Ernst & Young Ltd.
         62 Forum Lane
         Camana Bay
         PO Box 510 Grand Cayman KY1-1106
         Cayman Islands


STONE-POINT LTD: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Stone-Point, Ltd. received on Nov. 11, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         PO Box 694 Grand Cayman
         Cayman Islands


STORMHARBOUR ALTERNATIVE: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
The shareholders of Stormharbour Alternative Investments Convexity
Fund Ltd. received on Nov. 17, 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


TOLLY INVESTMENTS: Shareholders' Final Meeting Set for Nov. 28
--------------------------------------------------------------
The shareholders of Tolly Investments Limited will hold their
final meeting on Nov. 28, 2011, at 11:00 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


TOYOSU PROPERTY: Shareholders' Final Meeting Set for Nov. 25
------------------------------------------------------------
The shareholders of Toyosu Property Cayman Limited will hold their
final meeting on Nov. 25, 2011, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


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


CREDIT SUISSE: Moody's Says D+ BSFR Not Affected by Rating Review
-----------------------------------------------------------------
Moody's Investors Service placed on review for possible downgrade
Banco Credit Suisse Mexico, S.A.'s A2 global local currency (GLC)
long term deposit rating.  The bank's D+ bank financial strength
rating and the long- and short-term foreign currency deposit
ratings of Baa1/Prime-2 as well as the short-term GLC deposit
ratings are not affected by the review.  The Mexican National
Scale ratings of Aaa.mx and MX-1 are also not subject to the
review.

Ratings Rationale

Moody's also placed on review for possible downgrade the A2 long-
term global local currency issuer rating assigned to Casa de Bolsa
Credit Suisse Mexico, S.A. (CB Credit Suisse).  The Mexican
National Scale ratings of this entity are not subject to the
review.

The rating actions on Credit Suisse Mexico and CB Credit Suisse
follow Moody's decision to place on review for downgrade the long-
term ratings of Credit Suisse AG (CS, deposits and senior debt at
Aa1, BFSR at B).

Moody's said that Credit Suisse Mexico's GLC deposit rating
incorporates Moody's assessment of the very high probability of
support that could be received from its parent company CS.
Moody's notes that the assumption of parental support is based on
the transfer of a significant portion of the risks inherent to the
Mexican subsidiary to other entities of the Credit Suisse network.

The last rating action on Credit Suisse Mexico was on June 29,
2009, when Moody's assigned A2 and Aaa.mx to Banco Credit Suisse
Mexico's senior debt program.  The last rating action on CB Credit
Suisse was on August 28, 2009, when Moody's assigned first time
ratings to the company.

Credit Suisse Mexico is headquartered in Mexico City. As of
September 2011, the bank reported around US$1.3 billion in assets.


===============
P A R A G U A Y
===============


* PARAGUAY: To Receive US$51.75 Million Loan for Yguazu Cementos
----------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a loan of up to
US$51.75 million for part government-owned Yguazu Cementos S.A. of
Paraguay to finance the construction of a cement plant and the
quarrying infrastructure necessary for extracting and crushing
limestone, the basic raw material of cement.

The quarrying infrastructure, as well as a harbor for loading raw
material, will be located in Itapucumi, a highly favorable
economic venture to the north of Asuncion on the Paraguay River.
The plant -- which will have a clinker kiln, a mill and packing
facilities -- will be built in Villa Hayes, located 25 miles from
Asuncion, also on the Paraguay River, in order to facilitate
transportation of the raw materials and cement.

The plant will have an annual production capacity of 400,000 tons
of cement and will make Yguazu Paraguay's largest private
producer, capable of meeting 40% of the national demand, and
eliminating a large part of the existing need for imports.  In
2010, Paraguay imported close to 25% of its cement consumption.

"The project is extremely important for making Paraguay more
competitive and increasing private investment in such a key sector
like cement.  This project is allowing us to support the effort
the country has been making in developing its infrastructure and
the construction industry," said Martin Duhart, Project Team
Leader of the IDB's Structured and Corporate Finance Department.
"The project will improve the supply and the reliability of local
cement production at a time demand is growing very strongly, and
it will replace imports, thus boosting local employment and
private investment."

Yguazu is controlled by InterCement Brasil S.A., the cement
division of Brazil's Camargo Correa Group; Votorantim Cimentos
S.A., Brazil's largest cement producer, and the Paraguayan
construction company Concret-Mix S.A.

                       *     *     *

As of Nov. 21, 2011, the country continues to carry Moody's 'B2'
country ceiling long-term foreign bank deposit rating and 'Ba3'
country ceiling short-term foreign bank deposit rating.  The
country also continues to carry Moody's 'B1' issuer currency
issuer ratings.  As of Nov. 21, 2011, the country continues to
carry Standard and Poor's 'BB-' long-term debt ratings and 'B'
short-term debt ratings.


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


R & J MOTORS: Involuntary Case Converted to Voluntary Ch. 11 Case
-----------------------------------------------------------------
The Hon. Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico noted R & J Motors Corp.'s motion for
conversion of its involuntary Chapter 11 case to a voluntary
Chapter 11 of the Bankruptcy Code.  In an Oct. 5 order, the Court
stated that it will enter the order for relief accordingly.

On Sept. 18, 2011, petitioning creditors, Angel R. Marzan
Santiago, Impact Extermination, Inc., and Walter Martinez filed an
involuntary petition against the Debtor.

The Debtor wished to convert the instant proceedings into a
voluntary Chapter 11 petition and proceed in accordance to the
provisions of Chapter 11.

                     About R & J Motors, Corp.

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

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

The Debtor disclosed US$9,462,035 in assets and US$28,639,761 in
liabilities as of the Chapter 11 filing.


R & J MOTORS: Files Schedules of Assets and Liabilities
-------------------------------------------------------
R & J Motors Corp. filed with the U.S. Bankruptcy Court for the
District of Puerto Rico its schedules of assets and liabilities,
disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property              US$3,183,000
  B. Personal Property            $6,279,035
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                             US$18,027,530
  E. Creditors Holding
     Unsecured Priority
     Claims                                          $513,804
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                       $10,098,427
                                 -----------      -----------
        TOTAL                   US$9,462,035    US$28,639,761

                     About R & J Motors, Corp.

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

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


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


HINDU CREDIT: Investigation on Collapse to Take Back Seat
---------------------------------------------------------
Trinidad Express reports that Sir Anthony Colman, lone
commissioner in the Commission of Enquiry, said the investigation
into the failure of the Hindu Credit Union has to be put on the
back burner of the Commission of Enquiry into the collapse of CL
Financial Limited.

Mr. Colman said that he hoped to run the Commission's
investigations into the HCU parallel with its investigations into
CL Financial but the amount of evidence and documents relating to
CL Financial were "so vast that the Commission simply does not
have the legal or administrative resources to run both
investigations simultaneously. . . . I have decided to complete
the taking of evidence in CLICO before hearing any more evidence
in the Hindu Credit Union," according to Trinidad Express.

The report relays that Mr. Coleman said he knows the importance of
the commission's investigation and the production a report means
to the Hindu Credit Union investors, but he just cannot disrupt
the CLICO work now well underway.

"As for the Hindu Credit Union it is too early to say how long the
relevant evidence will take or when work on preparation of the
report will commence, as I have said I am reluctantly satisfied
that such work will not commence until at least the CLICO evidence
have been completed," Mr. Colman added, Trinidad Express notes.

Hindu Credit Union Co-Operative Society Limited (HCU)
-- http://www.ourhcu.com/-- is headquartered in Borough,
Chaguanas, in Trinidad and Tobago.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 28, 2008, the High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants Ernst
and Young inspected Hindu Credit's books, accounts, and records
after a public outcry and calls for an internal audit.  Charles
Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.


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


* S&P's 2011 Global Corporate Default Tally Now 41
--------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on U.S.-
based freight service company Trailer Bridge Inc. to 'D' after the
company failed to make principal and interest payments on its
$82.5 million senior secured notes that matured Nov. 15, 2011.
This raises the tally of global corporate defaults in 2011 to 41,
said an article published Nov. 17 by Standard & Poor's Global
Fixed Income Research, titled "Global Corporate Default Update
(Nov. 10 - 16, 2011)."  Trailer Bridge is the third company to
default twice this year--the other two are Real Mex Restaurants
Inc. and William Lyon Homes.

Of the total defaulters this year, 30 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, 55 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.

Seventeen 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.

"We expect the U.S. corporate trailing 12-month speculative-grade
default rate to rise to 3.1% by September 2012 from 1.94% as of
September 2011.  The baseline projection is still lower than the
long-term average of 4.59%," said Diane Vazza, head of Standard &
Poor's Global Fixed Income Research.  "A total of 48 issuers would
need to default in the 12 months from October 2011 to September
2012 to reach this projection. By comparison, 28 speculative-grade
issuers defaulted from October 2010 to September 2011."

In addition to its baseline projection, S&P forecasts the default
rate in its optimistic and pessimistic scenarios.  In its
optimistic default rate forecast scenario, the economy and the
financial markets improve more than expected.  As a result, S&P
would expect the default rate to be 1.6% by September 2012 (25
defaults in the next 12 months).  On the other hand, if the
economic recovery stalls and the financial markets deteriorate --
which is its pessimistic scenario -- S&P expects the default rate
to be 5.1% (79 defaults in the next 12 months).


* 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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