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                     L A T I N   A M E R I C A


          Tuesday, November 29, 2011, Vol. 12, No. 236

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: SIC Fears Legal Battle Leaves Them Penniless


A R G E N T I N A

33 DOCK SUD: Creditors' Proofs of Debt Due Dec. 28
FERNACAR SA: Creditors' Proofs of Debt Due Feb. 9
MATERTEL SA: Creditors' Proofs of Debt Due Dec. 28
SALAS HERMANOS: Creditors' Proofs of Debt Due Feb. 2


B R A Z I L

CHAODA MODERN: S&P Lowers LT Corporate Credit Rating to 'B-'
LUPATECH SA: BNDES Seeks to Strengthen Firm's Finances
SUL AMERICA: S&P Raises LT Counterparty Credit Rating to 'BB'


C A Y M A N   I S L A N D S

BEAR STEARNS, II: Creditors' Proofs of Debt Due Dec. 7
BEAR STEARNS, MASTER: Creditors' Proofs of Debt Due Dec. 7
BEAR STEARNS, OVERSEAS: Creditors' Proofs of Debt Due Dec. 7
CEDARVIEW LEVERAGED: Placed Under Voluntary Wind-Up
CREDIT OPPORTUNITIES: Creditors' Proofs of Debt Due Dec. 7

DESTINY MARITIME: Creditors' Proofs of Debt Due Dec. 6
EOP-JP: Creditors' Proofs of Debt Due Dec. 7
F&C SELECT: Commences Liquidation Proceedings
FIVE STARS: Commences Liquidation Proceedings
HESS EXPLORATION: Creditors' Proofs of Debt Due Dec. 7

PAL INVESTMENT: Creditors' Proofs of Debt Due Dec. 7
PCE MASTER: Creditors' Proofs of Debt Due Dec. 7
PCE SPECIAL: Creditors' Proofs of Debt Due Dec. 7
POLLUX GLOBAL: Placed Under Voluntary Wind-Up
TIEDEMANN/FALCONER PARTNERS: Placed Under Voluntary Wind-Up


D O M I N I C A N   R E P U B L I C

* DOMINICAN REP: Amcham-Dr Pushes for Modern Bankruptcy Law


J A M A I C A

DIGICEL GROUP: Asks Barbados Gov't to Approve Fixed Line Service


M E X I C O

FONDO BBVA: Moody's Upgrades Market Risk Ratings
* COATZACOALCOS MUNICIPALITY: Moody's Cuts Issuer Ratings to Ba2


P A N A M A

BANCO NACIONAL: Fitch Affirms Individual Rating at 'C/D'


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                            - - - - -


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


STANFORD INT'L: SIC Fears Legal Battle Leaves Them Penniless
------------------------------------------------------------
Caribbena360.com reports that the US District Court-appointed
group, Stanford Investors Committee (SIC), is deeply concerned
that the protracted legal battle for Robert Allen Stanford's
assets will leave the genuine victims with nothing.  Mr.
Stanford's Antiguan bank, Stanford International Bank Limited, is
the center of a multi-billion Ponzi scheme.

SIC sent a letter to the Department of Justice, copied to U.S.
Attorney General Eric Holder, asking for US$330 million in frozen
bank accounts in the U.K., Switzerland and Canada to be
repatriated to the U.S. and distributed to all Stanford's
legitimate victims, regardless of citizenship or residency, as a
matter of urgency, according to Caribbena360.com.

The report notes that SIC charged that over the past 2.5 years the
U.S. receiver and successive Antiguan-appointed liquidators have
been involved in an "international 'turf war' " to control the
remaining assets of the Stanford estate, which has seen millions
of dollars in assets consumed by the legal costs.

Caribbena360.com notes that SIC also urged the Department of
Justice to appeal an early decision made in the UK, which saw the
Antiguan liquidators Grant Thornton, granted access to US$20
million held in to UK to fund its ongoing legal battles.  The
Stanford victims called it "grossly unfair" that these funds were
now being used by Grant Thornton to fight for recognition in the
U.S. District Court as the worldwide liquidators for all Stanford
assets and for the overall liquidation to now proceed under
Antiguan law, Caribbena360.com relays.

As reported in the Troubled Company Reporter on Aug. 9, 2011,
Bloomberg News said that London's Central Criminal Court Judge
Elizabeth Gloster ordered the release of US$20 million of Stanford
International Bank Limited assets frozen in the United Kingdom,
with US$5 million to be made available to Grant Thornton,
liquidators of the Antigua-based bank.

The incensed group charged that while thousands of U.S. citizens
had lost their retirement fund to Stanford and thousands of others
were victimized worldwide, no Antiguan citizens lost their savings
and therefore by rights the proceedings should not be shifted to
Antigua's jurisdiction, Caribbena360.com discloses.

                 About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On Feb. 16, 2009, the U.S. District Court for the Northern
District of Texas, Dallas Division, signed an order appointing
Ralph Janvey as receiver for all the assets and records of
Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on a
US$8 billion Certificate of Deposit program.

A criminal case was also pursued against Mr. Stanford in June 2009
before the U.S. District Court in Houston, Texas.  Mr. Stanford
pleaded not guilty to 21 charges of multi-billion dollar fraud,
money-laundering and obstruction of justice.  Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges.  Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for his
arrest on the criminal charges.

The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.).  The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).


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


33 DOCK SUD: Creditors' Proofs of Debt Due Dec. 28
--------------------------------------------------
Nilda Rosa Fernandez, the court-appointed trustee for 33, Dock
Sud, provincia de Buenos Aires's reorganization proceedings, will
be verifying creditors' proofs of claim until Dec. 28, 2011.

Ms. Fernandez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 21, 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:

         Nilda Rosa Fernandez
         Avenida Corrientes 676
         Argentina


FERNACAR SA: Creditors' Proofs of Debt Due Feb. 9
-------------------------------------------------
Miguel Angel Sallon, the court-appointed trustee for Fernacar SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Feb. 9, 2012.

Mr. Sallon will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 10, 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:

         Miguel Angel Sallon
         Libertad 860
         Argentina


MATERTEL SA: Creditors' Proofs of Debt Due Dec. 28
--------------------------------------------------
Antonio Gargiulo, the court-appointed trustee for Matertel SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Dec. 28, 2011.

Mr. Gargiulo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 4, 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:

         Antonio Gargiulo
         Uruguay 385


SALAS HERMANOS: Creditors' Proofs of Debt Due Feb. 2
----------------------------------------------------
Elsa Taborcias, the court-appointed trustee for Salas Hermanos
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Feb. 2, 2012.

Ms. Taborcias will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 27, 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:

         Elsa Taborcias
         Valentin Virasoro 1425
         Argentina


===========
B R A Z I L
===========


CHAODA MODERN: S&P Lowers LT Corporate Credit Rating to 'B-'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered the long-term corporate
credit rating on Chaoda Modern Agriculture (Holdings) Ltd. to 'B-'
from 'BB-'.  "At the same time, we lowered the Greater China
credit scale ratings on Chaoda to 'cnB' from 'cnBB+'.  We kept all
of the ratings on CreditWatch with negative implications, where
they were originally placed on Oct. 4, 2011," S&P said.

"We lowered the rating on Chaoda by three notches to reflect our
view that the company's liquidity is weak and that its current
offshore cash balance and other sources of liquidity could be
insufficient if, at investors' request, it needs to early redeem
its US$200 million convertible bond due 2015," said Standard &
Poor's credit analyst Joe Poon. "In addition, we have no clarity
about Chaoda's offshore cash balance.  We also believe the company
has limited access to capital markets.  According to our criteria,
companies with a weak liquidity score will not receive a rating
higher than 'B-'."

"The rating remains on CreditWatch to reflect our uncertainty over
the strength of Chaoda's liquidity and its ability to repay the
convertible bond in a timely manner," S&P said.

"Share trading in Chaoda was suspended on Sept. 26, 2011.  Under
the terms of the convertible bond, holders have the option to
require Chaoda to buy back the bond if shares in the company are
suspended for more than 60 consecutive days on the stock exchange.
In our view, if the bond repayment is accelerated, Chaoda's
liquidity position will be materially weakened," S&P said.

"The rating on Chaoda continues to reflect the company's weak
corporate governance, extensive related-party transactions, very
aggressive growth appetite, and exposure to a fragmented market.
We also believe that Chaoda has a mixed track record in
transparency and information disclosure.  The company's
established position as an industrialized agriculture enterprise
and good geographic diversification temper these weaknesses," S&P
said.

"We view Chaoda as having weak sources of liquidity to cover its
needs in the next 12 months if the convertible bond becomes
repayable soon.  We note the disposal of shares in Asian Citrus
Holdings Ltd. for about Hong Kong dollar 466 million would provide
some liquidity sources to buy back the convertible bond.  In our
view, Chaoda's limited access to capital markets and historically
limited access to bank borrowings may negatively affect its
liquidity position.  Liquidity will be weakened further if the
company does not scale back its aggressive capital expenditure.
As of Dec. 31, 2010, the company was in net cash position with
Chinese renminbi 3.89 billion in cash and cash equivalents, and no
short-term debt due," S&P said.

"We aim to resolve the CreditWatch after receiving more clarity
about the convertible bond arrangements, the company's liquidity
situation, and the annual results," said Mr. Poon.  "We may lower
the rating to the 'CCC' category or below in the near future if we
believe Chaoda is highly vulnerable to nonpayment of its debt
obligations."


LUPATECH SA: BNDES Seeks to Strengthen Firm's Finances
------------------------------------------------------
Peter Millard and Gabrielle Coppola at Bloomberg News report that
Lupatech SA's third-largest shareholder, Banco Nacional de
Desenvolvimento Economico e Social SA (BNDES), said it is seeking
"market alternatives" to strengthen the company's finances.

Lupatech SA has always made interest payments on its debt and will
continue to do so, the company said in a stock exchange filing
obtained by the news agency.

"The main shareholders are trying to keep Lupatech SA on stream
because the oil industry has difficulties finding the companies to
fulfill the local content requirements," Bloomberg quoted Lucas
Brendler, who helps manage about BRL7 billion (US$3.7 billion) at
Banco Geracao Futuro de Investimentos in Porto Alegre, Brazil, as
saying.

Bloomberg notes that Lupatech SA's funding options are dwindling
amid a slump in earnings and delayed orders from its biggest
client, state-run oil producer Petroleo Brasileiro SA.

As reported in the Troubled Company Reporter-Latin America on
Nov. 23, 2011, Bloomberg News said that investors bet that
Lupatech SA is nearing a default amid concern a loan from its
second-biggest shareholder, Petroleo Brasiliero SA, won't be
enough to cover its debt costs.  Company Chief Executive Officer
Alexandre Monteiro said the Petroleo Brasiliero's pension fund for
workers will provide a BRL60 million (US$33 million) loan to help
pay debt, according to Bloomberg.  Bloomberg noted that Lupatech
SA is due to make a US$6.8 million coupon payment on its 9.875
perpetual bonds on Jan. 10, 2012.  Bloomberg said Lupatech SA,
whose cash flow is enough to cover only about a third of its
interest expenses, is also selling assets to raise cash after
Petrobras Brasiliero delayed orders in the past three years.
"They're basically insolvent," Juan Cruz, an emerging-market
corporate debt analyst at Barclays Plc in New York, told Bloomberg
in a telephone interview.

                         About Lupatech SA

Headquartered in Brazil, Lupatech SA --
http://www.lupatech.com.br/-- is a holding company engaged in
three business segments: Energy Products, Flow Control and
Metallurgy.  In the Energy Products segment, the company provides
such products as deepwater platform anchoring ropes, valves, tools
for oil exploration and tube coating.  In the Flow Control
segment, it is involved in the production and sale of industrial
valves for the petrochemical, pharmaceutical and construction
industries, among others.  In the Metallurgy segment, the Company
is principally engaged in the production of parts for the
automotive industry.  Lupatech SA's brand portfolio includes MNA,
CSL Off Shore, Petroima, Esferomatic, Gasoil, K&S, Fiberware,
Aspro, Gavea, Sinergas and Tecval, among others.  During the year
ended Dec. 31, 2008, the Company incorporated Cordoaria Sao
Leopoldo Offshore SA, Metalurgica Nova Americana Ltda and
Metalurgica Ipe Ltda.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 24, 2011, Moody's Investors Service has downgraded the global
corporate family rating of Lupatech S.A. and Lupatech Finance Ltd.
to Caa2 from Caa1.  At the same time, Moody's downgraded the
rating on the senior unsecured perpetual notes of Lupatech Finance
to Caa3 from Caa2.  The ratings outlook remains negative.


SUL AMERICA: S&P Raises LT Counterparty Credit Rating to 'BB'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit ratings on Brazil-based insurance holding
company Sul America S.A. to 'BB' from 'BB-' and on operating
subsidiary Sul America Companhia Nacional de Seguros to 'BBB-'
from 'BB+'.  The outlook on both SASA and Sul America Companhia
Nacional de Seguros is stable.  "We refer to SASA and Sul America
Companhia Nacional de Seguros together as Sul America," S&P said.

"At the same time, we raised the issue rating on the senior
unsecured notes issued by SASA to 'BB' from 'BB-'.  The rating on
the notes is two notches below the counterparty credit rating on
Sul America Companhia Nacional de Seguros, reflecting the
structural subordination of the notes to cash flows generated by
the group's regulated insurance operation," S&P related.

"The upgrade reflects Sul America's ability to preserve a
significant share in the Brazilian auto insurance market despite
the end of its bancassurance agreement with Banco do Brasil S.A.
(BBB/Stable/A-3), under which it used the bank's sales channel to
sell auto insurance products. We were previously concerned about
Sul America's capability to maintain a relevant share in its core
auto and health markets, while preserving adequate profitability
as the only large independent insurance group in Brazil.  However,
Sul America has expanded both its auto and health business lines
in the 12 months to September 2011, in terms of gross premiums
written, while posting good operating metrics," S&P said.

"The ratings reflect Sul America's good competitive position in
the local insurance market, resulting in resilient market shares.
In addition, we believe that the group has maintained a prudent
financial policy, using excess cash to reduce its debt leverage
and maintain a good liquidity position.  The group's
capitalization is also good for the rating level, in our opinion,
being further supported by a conservative investment policy.

These rating strengths are partially offset by the stiff
competition faced by insurance companies in Brazil and the group's
moderate financial flexibility," S&P said.

"In our opinion, Sul America should maintain its good competitive
positions in the Brazilian health and auto insurance markets.
Given our view of the group's strong liquidity position, we
believe that it may explore new business opportunities in the next
12-24 months; however, we do not anticipate material changes in
Sul America's overall corporate profile.  We forecast that the
group will maintain prudent underwriting of risk.  Despite higher
loss ratios in 2011, we believe that Sul America's return on
revenues (ROR) will not fall to less than 7% for the year to
Dec. 31, 2011, and that its combined ratio will stay in the 99%-
101% range.  We also forecast that the group's capitalization will
not fall below the level that we view as commensurate with the
current rating," S&P related.

"We are unlikely to take a positive rating action in the next 12
months, due to our view of the stiff competition and challenging
pricing environment in the insurance business in Brazil," S&P
said.

"The ratings on Sul America could come under pressure if the group
were hit by large losses, greater than those seen before, which
would hold back earnings and affect the upward flow of dividends
to the holding company, SASA.  We could take a negative rating
action if Sul America's ROR were to fall to less than 7%, or if
the combined ratio were to move to more than 101%," S&P said.


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


BEAR STEARNS, II: Creditors' Proofs of Debt Due Dec. 7
------------------------------------------------------
The creditors of Bear Stearns Asset Backed Securities Overseas II,
Ltd. are required to file their proofs of debt by Dec. 7, 2011, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 24, 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


BEAR STEARNS, MASTER: Creditors' Proofs of Debt Due Dec. 7
----------------------------------------------------------
The creditors of Bear Stearns Asset Backed Securities Master Fund
Limited are required to file their proofs of debt by Dec. 7, 2011,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 24, 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


BEAR STEARNS, OVERSEAS: Creditors' Proofs of Debt Due Dec. 7
------------------------------------------------------------
The creditors of Bear Stearns Asset Backed Securities Overseas,
Ltd. are required to file their proofs of debt by Dec. 7, 2011, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 24, 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


CEDARVIEW LEVERAGED: Placed Under Voluntary Wind-Up
---------------------------------------------------
On October 25, 2011, the sole shareholder of Cedarview Leveraged
Opportunities I, Ltd. resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 28, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


CREDIT OPPORTUNITIES: Creditors' Proofs of Debt Due Dec. 7
----------------------------------------------------------
The creditors of Credit Opportunities Associates Financing, Ltd.
are required to file their proofs of debt by Dec. 7, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 24, 2011.

The company's liquidator is:

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


DESTINY MARITIME: Creditors' Proofs of Debt Due Dec. 6
------------------------------------------------------
The creditors of Destiny Maritime Inc. are required to file their
proofs of debt by Dec. 6, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 18, 2011.

The company's liquidator is:

         Alexis Abed
         Paradise Beach Ltd.
         Walmer Lodge
         Black Rock St. Michael
         Barbados
         Telephone: 246 826 9008
         Facsimile: 246 628 8850


EOP-JP: Creditors' Proofs of Debt Due Dec. 7
--------------------------------------------
The creditors of EOP-JP, Ltd. are required to file their proofs of
debt by Dec. 7, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Oct. 26, 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


F&C SELECT: Commences Liquidation Proceedings
---------------------------------------------
On Oct. 13, 2011, the members of F&C Select Alpha Fund of Hedge
Funds Limited resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Nov. 28, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Mark Longbottom
         c/o Camele Burke
         Kinetic Partners (Cayman) Limited
         The Harbour Centre, 42 North Church Street
         P.O. Box 10387 Grand Cayman KY1-1004
         Cayman Islands
         Telephone: (345) 623 9904
         Facsimile: (345) 943 9900


FIVE STARS: Commences Liquidation Proceedings
---------------------------------------------
On Oct. 27, 2011, the sole member of Five Stars Fortune Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Oct. 31, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Lion International Management Limited
         Craigmuir Chambers
         P.O. Box 71 Road Town
         Tortola VG 1110
         British Virgin Islands
         c/o Mr. Philip C Pedro
         HSBC International Trustee Limited
         Compass Point Bermudiana Road
         Hamilton HM 11
         Bermuda
         Telephone: (441) 299-6482
         Facsimile: (441) 299-6526


HESS EXPLORATION: Creditors' Proofs of Debt Due Dec. 7
------------------------------------------------------
The creditors of Hess Exploration (Noblige) Limited are required
to file their proofs of debt by Dec. 7, 2011, to be included in
the company's dividend distribution.

The company's liquidator is:

         George C. Barry
         1185 Avenue of the Americas
         New York, N.Y. 10036
         United States of America


PAL INVESTMENT: Creditors' Proofs of Debt Due Dec. 7
----------------------------------------------------
The creditors of PAL Investment (Cayman) Co. Ltd. are required to
file their proofs of debt by Dec. 7, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 14, 2011.

The company's liquidator is:

         Edel Andersen
         Telephone: (345) 815 8532
         Facsimile: (345) 945 3470
         c/o Genesis Trust & Corporate Services Ltd.
         P.O. Box 448
         Compass Centre
         Shedden Road, George Town
         Grand Cayman KY1-1106
         Cayman Islands


PCE MASTER: Creditors' Proofs of Debt Due Dec. 7
------------------------------------------------
The creditors of PCE Master Fund SPC Ltd. are required to file
their proofs of debt by Dec. 7, 2011, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


PCE SPECIAL: Creditors' Proofs of Debt Due Dec. 7
-------------------------------------------------
The creditors of PCE Special Situations Fund Limited are required
to file their proofs of debt by Dec. 7, 2011, to be included in
the company's dividend distribution.

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

The company's liquidator is:

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


POLLUX GLOBAL: Placed Under Voluntary Wind-Up
---------------------------------------------
On October 24, 2011, the sole shareholder of Pollux Global Credit
Fund resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 28, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


TIEDEMANN/FALCONER PARTNERS: Placed Under Voluntary Wind-Up
-----------------------------------------------------------
On Oct. 25, 2011, the sole shareholder of Tiedemann/Falconer
Partners Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Nov. 26, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Kim Smith
         Telephone: (345) 949-9876
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


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


* DOMINICAN REP: Amcham-Dr Pushes for Modern Bankruptcy Law
-----------------------------------------------------------
Dominican Today reports that American Chamber of Commerce (Amcham-
Dr) President Julio Virgilio Brache stressed the importance for
the country to have "a modern bankruptcy law," and maintain, in
effect, the standby agreement signed in 2009 with the
International Monetary Fund.

"Having this legislative piece will allow a company with financial
pressure to have the possibility of restructuring itself, to
maintain its doors open and its workers on the job," Dominican
Today quoted Mr. Brache as saying.

Reiterating its importance, the business leader urged Congress to
debate the Mercantile Restructuring and Judicial Liquidation Law
without further delay, and approve as soon as possible, according
to Dominican Today.

Mr. Brache also hailed the manner in which the country has dealt
with the global crisis, the report notes.


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


DIGICEL GROUP: Asks Barbados Gov't to Approve Fixed Line Service
----------------------------------------------------------------
RJR News reports that Digicel Group Limited Director Ralph
Williams has appealed to the Barbados Government to approve its
application for a fixed line service in order to level the
telecommunications playing field in the island.

Mr. Williams said the company is anxious to start offering
Barbadians an alternative to the service offered by incumbent
provider Cable & Wireless, which trades in the Caribbean as LIME,
according to RJR News.

Meanwhile, the report notes Barry O' Brien, chief executive
officer of Digicel Barbados, revealed that the company had
invested US$20 million in the 4G network and the next logical step
was a fixed line service.  RJR News relates that Mr. O' Brien
there was 110% cellphone penetration on the island and so the
company is looking to take some of the market in other services
from LIME.

                        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
===========


FONDO BBVA: Moody's Upgrades Market Risk Ratings
------------------------------------------------
Moody's Investors Service has upgraded the market risk rating to
MR1 (very low) from MR2 (low) of Fondo BBVA Bancomer Deuda
Empresas, S.A. de C.V., Sociedad de Inversion en Instrumentos de
Deuda (F-PYME), a bond fund managed by BBVA Bancomer Gestion, S.A.
de C.V., Sociedad Operadora de Fondos de Inversion.  At the same
time, the agency affirms the bond fund rating of A3.  Moody's de
Mexico has upgraded the Mexican authority, Comision Nacional
Bancaria y de Valores (CNBV), homogeneous scale market risk rating
to 1 (extremely low) from 2 (low) and the agency affirms the bond
fund rating of F-PYME fund of Aaa.mx and AAA under the CNBV's
homogeneous scale.

"This rating action is a result of the fund sponsor of F-PYME fund
reducing the duration parameter of the fund", said Jose Montano,
Moody's analyst.  With this action, the fund's Net Asset Values
(NAV) will be less exposed to changes in the market conditions.
The bond fund rating affirmation is consequence of the maturity-
adjusted weighted average credit quality of the portfolio of F-
PYME which is consistent with the A3 rating level.  F-PYME is a
short-term investment vehicle which basically invests in Mexican
government obligations and bank securities and complements its
investment strategy with corporate bonds, he added.

The previous rating action occurred on November 1, 2007, when the
agency assigned the fund's ratings for the first time.


* COATZACOALCOS MUNICIPALITY: Moody's Cuts Issuer Ratings to Ba2
----------------------------------------------------------------
Moody's de Mexico downgraded the Municipality of Coatzacoalcos's
issuer ratings to Ba2 (Global Scale, local currency) and A2.mx
(Mexico National Scale) from Ba1 and A1.mx, respectively.  At the
same time, Moody's revised the outlook to negative from stable.

Ratings Rationale

"The downgrade of the Municipality of Coatzacoalcos's issuer
rating reflects the recording of sizeable cash financing
requirements that lead to a rapid increase in debt levels",
according to Moody's analyst Maria de Carmen Martinez-Richa.

Coatzacoalcos recorded sizeable cash financing requirements
equivalent to -25.6% of total revenues in 2009 and -27.7% in 2010.
As a result, Coatzacoalcos debt levels reached 42.5% of operating
revenues in 2010 from a debt free position in 2006.  Debt levels
are expected to further increase to around 53% in 2011, a level
that is far above the median of Ba rated Mexican municipalities of
26.7% in 2010.

The weakening of gross operating balances along with a sharp
increase in capital expenditures explain these high deficits.  On
one hand, gross operating balances decreased to 17.1% of operating
revenues in 2010 from a very high 33.4% in 2006. In the near
future, Moody's expects gross operating balances to further
decrease to around 8.6% given the hiring of new personnel planned
for 2012.  On the other hand, capital expenditures doubled in 2009
and 2010 compared to 2006, with capital expenditures reaching
46.7% of total expenditures from 37.1% in 2006.

The revision of the ratings outlook to negative acknowledges the
challenges to rebalance financial results and deter further
increases in debt levels given the expected deterioration in gross
operating balances along with high capital expenditures.

What Can Change The Rating Up/Down

Given the negative outlook, a rating upgrade is unlikely over the
medium-term.  However, the outlook could be stabilized if cash
financing requirements reduce substantially as a result of lower
capital expenditures and/or the strengthening of gross operating
margins.

On the contrary, if gross operating margins decline more than
expected and the municipality keeps recording cash financing
deficits that lead to higher debt levels, Coatzacoalcos's ratings
will suffer downward pressure.

The methodologies used in these ratings were Regional and Local
Governments Outside the US published in May 2008, and The
Application of Joint-Default Analysis to Regional and Local
Governments published in December 2008.


===========
P A N A M A
===========


BANCO NACIONAL: Fitch Affirms Individual Rating at 'C/D'
--------------------------------------------------------
Fitch Ratings has affirmed the ratings of Banco Nacional de Panama
(Banconal) with a Stable Outlook.

Banconal's Issuer Default Ratings reflect the support it would
receive from its sole shareholder, the Republic of Panama, whose
ability to provide such support is reflected in its 'BBB' rating.
Government support should be forthcoming for Banco Nacional de
Panama (Banconal), the financial agent of the government in charge
of tax and social security collections, payroll services, pension
payments and debt service.

Banconal's IDRs should move in line with those of Panama; should
Panama's sovereign rating be upgraded, Banconal's IDRs would be
upgraded accordingly.  Downside potential for IDRs is considered
limited given Panama's sound economic prospects.

Banconal's individual and viability rating would benefit from
higher operative efficiency, improved loan loss reserves and risk
management policies, higher revenue diversification, and lower
concentration on both sides of the balance sheet.  Weaker
performance that would erode the capital/ reserve cushion or a
significantly declining asset quality would pressure the
individual and viability ratings downwards.

Boasting one of the largest networks and being perceived as a safe
heaven, Banconal is largely deposit funded and enjoys a stable,
low cost -- albeit concentrated due to its government owned nature
-- deposit base.  Banconal has about 35% of its balance sheet in
cash and bank deposits and a strong liquidity that amply covers
third party funding.

In spite of having a wide customer base of civil servants and
retirees, Banconal has a very low cross-selling ratio that
reflects its limited product offering and conservative policies;
in addition, the bank's policy to not charge the government for
banking services contributes to modest non-interest revenues and
low revenue diversification.

Banconal has a still sound capital base that has been outgrown by
assets thus resulting in declining capital ratios that coupled
with weaker reserve coverage have somewhat eroded the bank's
capital/ reserve cushion.

Asset and deposit concentration are structurally high at Banconal,
which has a large exposure to the government in its investment and
loan portfolios and receives most of its funding from government
entities.  Even though concentration is seldom desirable, in this
case it does come with some benefits as loans bear a relatively
low risk and deposits are very stable.

Outdated IT systems hinder Banconal's ability to roll-out new
products, streamline processes, tighten controls and improve
reporting.  The bank has launched a massive project to overhaul
its core banking systems and is investing significant funds and
human resources in this multi-year project that it is expected to
be completed during 2013.

High operating costs and low efficiency result from the bank's
expanding network and growing payroll that fuel operating costs.
As the bank positions itself to compete and gain market share, it
invests in training, tries to improve the profile of its staff and
retain key bankers by closing the salary gap with the private
sector.

Fitch affirms Banconal's ratings as follows:

  -- Long-term IDR at 'BBB'; Outlook Stable;
  -- Short-term IDR at 'F3';
  -- Individual Rating at 'C/D';
  -- Viability Rating at 'bb+';
  -- Support Rating at '2';
  -- Support Rating Floor at 'BBB'
  -- National Long Term Rating at 'AA+(Pan)';
  -- National Short Term Rating at 'F1+(Pan)'.


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


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

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

ARGENTINA
---------

IMPSAT FIBER NET     IMPTQ US          535007008     -17164978
IMPSAT FIBER NET     330902Q GR        535007008     -17164978
IMPSAT FIBER-$US     IMPTD AR          535007008     -17164978
IMPSAT FIBER NET     XIMPT SM          535007008     -17164978
IMPSAT FIBER-BLK     IMPTB AR          535007008     -17164978
IMPSAT FIBER-CED     IMPT AR           535007008     -17164978
IMPSAT FIBER-C/E     IMPTC AR          535007008     -17164978
SOC COMERCIAL PL     CAD IX            167911092    -342440147
SOC COMERCIAL PL     SCDPF US          167911092    -342440147
SOC COMERCIAL PL     CVVIF US          167911092    -342440147
SOC COMERCIAL PL     COME AR           167911092    -342440147
SOC COMERCIAL PL     COMEC AR          167911092    -342440147
COMERCIAL PL-ADR     SCPDS LI          167911092    -342440147
SOC COMERCIAL PL     CADN EU           167911092    -342440147
SOC COMERCIAL PL     CADN EO           167911092    -342440147
SOC COMERCIAL PL     COMED AR          167911092    -342440147
COMERCIAL PLA-BL     COMEB AR          167911092    -342440147
SOC COMERCIAL PL     CADN SW           167911092    -342440147
SOCOTHERM-SP ADR     SOCOY US          103531721    -8075882.8
SOCOTHERM-5 VT-A     STHE5 AR          103531721    -8075882.8
SOCOTHERM SA-B       STHE AR           103531721    -8075882.8
SNIAFA SA-B          SDAGF US         11229696.2    -2670544.9
SNIAFA SA            SNIA AR          11229696.2    -2670544.9
SNIAFA SA-B          SNIA5 AR         11229696.2    -2670544.9


BELIZE
------

VARIG SA             VAGV3 BZ          966298026    -4.695E+09
VARIG SA             VARGON BZ         966298026    -4.695E+09
VARIG SA-PREF        VAGV4 BZ          966298026    -4.695E+09
VARIG SA-PREF        VARGPN BZ         966298026    -4.695E+09
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    -3014291.7
CIA PETROLIFERA      1CPMON BZ         377602195    -3014291.7
CIA PETROLIF-PRF     MRLM4B BZ         377602195    -3014291.7
CIA PETROLIFERA      MRLM3 BZ          377602195    -3014291.7
CIA PETROLIF-PRF     MRLM4 BZ          377602195    -3014291.7
CIA PETROLIFERA      MRLM3B BZ         377602195    -3014291.7
BATTISTELLA          BTTL3 BZ          355816098    -2564562.7
BATTISTELLA-RECE     BTTL9 BZ          355816098    -2564562.7
BATTISTELLA-PREF     BTTL4 BZ          355816098    -2564562.7
BATTISTELLA-RI P     BTTL2 BZ          355816098    -2564562.7
BATTISTELLA-RECP     BTTL10 BZ         355816098    -2564562.7
BATTISTELLA-RIGH     BTTL1 BZ          355816098    -2564562.7
DOCA INVESTI-PFD     DOCA4 BZ          354715604    -119368960
DOCAS SA-PREF        DOCAPN BZ         354715604    -119368960
DOCA INVESTIMENT     DOCA3 BZ          354715604    -119368960
DOCAS SA             DOCAON BZ         354715604    -119368960
DOCAS SA-RTS PRF     DOCA2 BZ          354715604    -119368960
TELECOMUNICA-ADR     81370Z BZ         296917661     -42804871
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         255036150     -42606770
HOTEIS OTHON-PRF     HOOT4 BZ          255036150     -42606770
HOTEIS OTHON SA      HOTHON BZ         255036150     -42606770
HOTEIS OTHON SA      HOOT3 BZ          255036150     -42606770
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
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
SANSUY SA            SNSYON BZ         180443812    -114112111
SANSUY-PREF A        SNSY5 BZ          180443812    -114112111
SANSUY-PREF B        SNSY6 BZ          180443812    -114112111
SANSUY SA-PREF A     SNSYAN BZ         180443812    -114112111
SANSUY SA-PREF B     SNSYBN BZ         180443812    -114112111
SANSUY               SNSY3 BZ          180443812    -114112111
BALADARE             BLDR3 BZ          159454016     -52992213
FABRICA RENAUX-P     FTRX4 BZ          109683744     -48836146
FABRICA RENAUX       FTRX3 BZ          109683744     -48836146
FABRICA RENAUX-P     FRNXPN BZ         109683744     -48836146
FABRICA TECID-RT     FTRX1 BZ          109683744     -48836146
FABRICA RENAUX       FRNXON BZ         109683744     -48836146
WETZEL SA            MWELON BZ         100017711    -5359345.8
WETZEL SA-PREF       MWELPN BZ         100017711    -5359345.8
WETZEL SA-PREF       MWET4 BZ          100017711    -5359345.8
WETZEL SA            MWET3 BZ          100017711    -5359345.8
ESTRELA SA           ESTR3 BZ         89585906.2     -80761487
ESTRELA SA           ESTRON BZ        89585906.2     -80761487
ESTRELA SA-PREF      ESTR4 BZ         89585906.2     -80761487
ESTRELA SA-PREF      ESTRPN BZ        89585906.2     -80761487
ACO ALTONA           EALT3 BZ           89152030    -9848587.5
ACO ALTONA SA        EAAON BZ           89152030    -9848587.5
ACO ALTONA-PREF      EAAPN BZ           89152030    -9848587.5
ACO ALTONA-PREF      EALT4 BZ           89152030    -9848587.5
VARIG PART EM-PR     VPSC4 BZ         83017828.6    -495721700
VARIG PART EM SE     VPSC3 BZ         83017828.6    -495721700
TEXTEIS RENAU-RT     TXRX2 BZ         73095833.7    -103943206
TEXTEIS RENAU-RT     TXRX1 BZ         73095833.7    -103943206
TEXTEIS RENAUX       RENXPN BZ        73095833.7    -103943206
TEXTEIS RENA-RCT     TXRX9 BZ         73095833.7    -103943206
TEXTEIS RENA-RCT     TXRX10 BZ        73095833.7    -103943206
TEXTEIS RENAUX       RENXON BZ        73095833.7    -103943206
RENAUXVIEW SA        TXRX3 BZ         73095833.7    -103943206
RENAUXVIEW SA-PF     TXRX4 BZ         73095833.7    -103943206
SCHLOSSER SA         SCHON BZ         73036749.7     -34357833
SCHLOSSER            SCLO3 BZ         73036749.7     -34357833
SCHLOSSER-PREF       SCLO4 BZ         73036749.7     -34357833
SCHLOSSER SA-PRF     SCHPN BZ         73036749.7     -34357833
MINUPAR SA           MNPRON BZ        63144533.8     -60655823
MINUPAR              MNPR3 BZ         63144533.8     -60655823
MINUPAR-RT           MNPR1 BZ         63144533.8     -60655823
MINUPAR-PREF         MNPR4 BZ         63144533.8     -60655823
MINUPAR SA-PREF      MNPRPN BZ        63144533.8     -60655823
MINUPAR-RCT          MNPR9 BZ         63144533.8     -60655823
MINUPAR-RT           9314542Q BZ      63144533.8     -60655823
MINUPAR-RCT          9314634Q BZ      63144533.8     -60655823
GRADIENTE EL-PRC     IGBCN BZ           61088978    -282692297
GRADIENTE EL-PRB     IGBBN BZ           61088978    -282692297
GRADIENTE ELETR      IGBON BZ           61088978    -282692297
GRADIENTE-PREF B     IGBR6 BZ           61088978    -282692297
GRADIENTE-PREF A     IGBR5 BZ           61088978    -282692297
GRADIENTE-PREF C     IGBR7 BZ           61088978    -282692297
IGB ELETRONICA       IGBR3 BZ           61088978    -282692297
GRADIENTE EL-PRA     IGBAN BZ           61088978    -282692297
VARIG PART EM-PR     VPTA4 BZ         49432124.2    -399290396
VARIG PART EM TR     VPTA3 BZ         49432124.2    -399290396
CIMOB PART-PREF      GAFP4 BZ         44047411.7     -45669964
CIMOB PART-PREF      GAFPN BZ         44047411.7     -45669964
CIMOB PARTIC SA      GAFON BZ         44047411.7     -45669964
CIMOB PARTIC SA      GAFP3 BZ         44047411.7     -45669964
WIEST SA             WISAON BZ        34108201.4    -126997429
WIEST SA-PREF        WISAPN BZ        34108201.4    -126997429
WIEST-PREF           WISA4 BZ         34108201.4    -126997429
WIEST                WISA3 BZ         34108201.4    -126997429
RECRUSUL-BON RT      RCSL12 BZ          31427766     -30307606
RECRUSUL SA          RESLON BZ          31427766     -30307606
RECRUSUL             RCSL3 BZ           31427766     -30307606
RECRUSUL - RT        4529781Q BZ        31427766     -30307606
RECRUSUL - RCT       RCSL10 BZ          31427766     -30307606
RECRUSUL - RT        RCSL1 BZ           31427766     -30307606
RECRUSUL - RCT       4529789Q BZ        31427766     -30307606
RECRUSUL - RT        4529785Q BZ        31427766     -30307606
RECRUSUL - RT        RCSL2 BZ           31427766     -30307606
RECRUSUL-BON RT      RCSL11 BZ          31427766     -30307606
RECRUSUL - RCT       4529793Q BZ        31427766     -30307606
RECRUSUL-PREF        RCSL4 BZ           31427766     -30307606
RECRUSUL SA-PREF     RESLPN BZ          31427766     -30307606
RECRUSUL - RCT       RCSL9 BZ           31427766     -30307606
SANESALTO            SNST3 BZ         31044053.3    -1843297.8
BOTUCATU TEXTIL      STRP3 BZ         27663604.9      -7174512
STAROUP SA-PREF      STARPN BZ        27663604.9      -7174512
BOTUCATU-PREF        STRP4 BZ         27663604.9      -7174512
STAROUP SA           STARON BZ        27663604.9      -7174512
CONST BETER-PF B     1COBBN BZ        25469474.3    -4918659.9
CONST BETER SA       1007Q BZ         25469474.3    -4918659.9
CONST BETER-PR A     COBEAN BZ        25469474.3    -4918659.9
CONST BETER-PF A     1COBAN BZ        25469474.3    -4918659.9
CONST BETER SA       COBEON BZ        25469474.3    -4918659.9
CONST BETER SA       COBE3 BZ         25469474.3    -4918659.9
CONST BETER-PR B     1009Q BZ         25469474.3    -4918659.9
CONST BETER-PR B     COBEBN BZ        25469474.3    -4918659.9
CONST BETER-PF B     COBE6 BZ         25469474.3    -4918659.9
CONST BETER-PFA      COBE5B BZ        25469474.3    -4918659.9
CONST BETER SA       COBE3B BZ        25469474.3    -4918659.9
CONST BETER-PF A     COBE5 BZ         25469474.3    -4918659.9
CONST BETER SA       1COBON BZ        25469474.3    -4918659.9
CONST BETER-PR A     1008Q BZ         25469474.3    -4918659.9
CONST BETER-PF B     COBE6B BZ        25469474.3    -4918659.9
FERRAGENS HAGA-P     HAGAPN BZ        23732827.4     -65883556
FER HAGA-PREF        HAGA4 BZ         23732827.4     -65883556
HAGA                 HAGA3 BZ         23732827.4     -65883556
FERRAGENS HAGA       HAGAON BZ        23732827.4     -65883556
ALL ORE MINERACA     AORE3 BZ         23040051.4    -8699861.1
STEEL - RT           STLB1 BZ         23040051.4    -8699861.1
ALL ORE MINERACA     STLB3 BZ         23040051.4    -8699861.1
STEEL - RCT ORD      STLB9 BZ         23040051.4    -8699861.1
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        21097369.7    -903951461
CAF BRASILIA-PRF     CAFE4 BZ         21097369.7    -903951461
CAF BRASILIA         CAFE3 BZ         21097369.7    -903951461
CAFE BRASILIA SA     CSBRON BZ        21097369.7    -903951461
TECEL S JOSE-PRF     FTSJPN BZ        19067323.4     -52580501
TECEL S JOSE         SJOS3 BZ         19067323.4     -52580501
TECEL S JOSE         FTSJON BZ        19067323.4     -52580501
TECEL S JOSE-PRF     SJOS4 BZ         19067323.4     -52580501
NORDON METAL         NORDON BZ        15354597.1     -26859637
NORDON MET           NORD3 BZ         15354597.1     -26859637
NORDON MET-RTS       NORD1 BZ         15354597.1     -26859637
CHIARELLI SA-PRF     CCHPN BZ         14960467.4     -43105641
CHIARELLI SA-PRF     CCHI4 BZ         14960467.4     -43105641
CHIARELLI SA         CCHI3 BZ         14960467.4     -43105641
CHIARELLI SA         CCHON BZ         14960467.4     -43105641
REII INC             REIC US            14423532      -3506007
B&D FOOD CORP        BDFC US            14423532      -3506007
LATTENO FOOD COR     LATF US            14423532      -3506007
B&D FOOD CORP        BDFCE US           14423532      -3506007
HERCULES             HETA3 BZ         12689117.5    -170680899
HERCULES SA-PREF     HERTPN BZ        12689117.5    -170680899
HERCULES-PREF        HETA4 BZ         12689117.5    -170680899
HERCULES SA          HERTON BZ        12689117.5    -170680899
ARTHUR LANGE         ARLA3 BZ         11642255.9     -17154462
ARTHUR LANGE SA      ALICON BZ        11642255.9     -17154462
ARTHUR LANG-RC P     ARLA10 BZ        11642255.9     -17154462
ARTHUR LANG-RC C     ARLA9 BZ         11642255.9     -17154462
ARTHUR LAN-DVD P     ARLA12 BZ        11642255.9     -17154462
ARTHUR LAN-DVD C     ARLA11 BZ        11642255.9     -17154462
ARTHUR LANG-RT P     ARLA2 BZ         11642255.9     -17154462
ARTHUR LANGE-PRF     ALICPN BZ        11642255.9     -17154462
ARTHUR LANGE-PRF     ARLA4 BZ         11642255.9     -17154462
ARTHUR LANG-RT C     ARLA1 BZ         11642255.9     -17154462
F GUIMARAES          FGUI3 BZ         11016542.1    -151840377
F GUIMARAES-PREF     FGUI4 BZ         11016542.1    -151840377
FERREIRA GUIM-PR     FGUIPN BZ        11016542.1    -151840377
FERREIRA GUIMARA     FGUION BZ        11016542.1    -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         27670046.9    -407979.03
PUYEHUE RIGHT        PUYEHUOS CI      27670046.9    -407979.03


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Psyche A. Castillon, Ivy B.
Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


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