TCRLA_Public/111201.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


            Thursday, December 1, 2011, Vol. 12, No. 238

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Owner's Mental Fitness Hearing Set for Dec. 20


A R G E N T I N A

FREIUS SA: Creditors' Proofs of Debt Due Feb. 3
HIGEA SALUD: Requests Opening of Bankruptcy Proceedings
ILUSUD SA: Creditors' Proofs of Debt Due Feb. 24
LIBRA ARGENTINA: Creditors' Proofs of Debt Due Dec. 19
TRANSPORTE SIERRA: Creditors' Proofs of Debt Due Feb. 8


B E L I Z E

PORT OF BELIZE: In Receivership, Belize Bank to Seize Assets


B E R M U D A

EXCEL MARITIME: Moody's Withdraws 'B3' Corporate Family Rating


B R A Z I L

BV FINANCIERA: Moody's Withdraws 'Ba1' Local Currency Scale Rating


C A Y M A N   I S L A N D S

ALTIMA AGRICULTURE: Creditors' Proofs of Debt Due Dec. 1
ALTIMA AGRICULTURE, MASTER: Creditors' Proofs of Debt Due Dec. 1
BEACON HILL: Creditors' Proofs of Debt Due Dec. 7
BISS DEAL: Creditors' Proofs of Debt Due Dec. 7
CONSECO FUNDING: Creditors' Proofs of Debt Due Dec. 7

DUSCC DEAL: Creditors' Proofs of Debt Due Dec. 7
EFES AVIATION: Creditors' Proofs of Debt Due Dec. 7
FOREST GLOBAL: Creditors' Proofs of Debt Due Dec. 7
FTF CAPITAL: Creditors' Proofs of Debt Due Dec. 7
GALLERIA CDO IV: Creditors' Proofs of Debt Due Dec. 7

JULIUS BAER: Creditors' Proofs of Debt Due Dec. 8
SIGNUM CREDARIS: Creditors' Proofs of Debt Due Dec. 7
YX MASTER: Creditors' Proofs of Debt Due Dec. 1
YX SHORT: Creditors' Proofs of Debt Due Dec. 1
ZAIS INVESTMENT: Creditors' Proofs of Debt Due Dec. 7


M E X I C O

AXTEL SAB: S&P Lowers Corp. Credit Rating to 'B'; Outlook Stable


T R I N I D A D  &  T O B A G O

AMR CORP: T&T American Airlines Operations Unaffected by Chap. 11


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


STANFORD INT'L: Owner's Mental Fitness Hearing Set for Dec. 20
--------------------------------------------------------------
Andrew Harris and Laurel Brubaker Calkins at Bloomberg News report
that Stanford International Bank Limited indicted owner, Robert
Allen Stanford, the billionaire accused of orchestrating a Ponzi
scheme will face a Dec. 20 competency hearing scheduled by Houston
U.S. District Judge David Hittner to determine whether he is
mentally fit to stand trial next year.

Bloomberg News previously reported that Mr. Stanford will be moved
within days to the federal facility in Houston where he was
previously locked up.  Mr. Stanford is currently housed in the
federal prison transfer facility in Oklahoma City, according to
Bloomberg, citing the bureau's Web site.

If Mr. Stanford is found unable to help his attorneys prepare his
defense, he could return to Butner for further treatment, Eric
Sussman, a former federal prosecutor now in private practice in
Chicago, told the news agency in an interview.

If Judge Hittner finds Mr. Stanford can't sufficiently recover his
faculties, the judge would be required to decide whether the
financier must be committed to a long-term care facility, said Mr.
Sussman, now a partner in the Chicago office of New York-based
Kaye Scholer LLP, according to Bloomberg.

Meanwhile, Bloomberg notes, Judge Hittner, in a separate order,
said Mr. Stanford's criminal trial would start with jury selection
on Jan. 23.

As reported in the Troubled Company Reporter-Latin America on
May 13, 2011, Reuters, citing court records, said Mr. Stanford's
criminal trial has been scheduled to Sept. 12, 2011, a change from
a January ruling that declared he was incompetent to stand trial.
The Wall Street Journal said U.S. District Judge David Hittner
found Mr. Stanford incompetent to stand trial following
conclusions by three psychiatrists that Mr. Stanford is mentally
impaired.  According to The Journal, the decision by Judge Hittner
means Mr. Stanford's trial, originally scheduled to begin in
January, could be delayed at least through the second half of the
year.  The report disclosed that Mr. Stanford's condition,
according to the experts, has deteriorated since he was
incarcerated in mid-2009 due to a combination of factors,
including a head injury suffered in a confrontation with another
inmate, a major depressive disorder, and excessive medication for
anxiety and depression, to which he has become addicted.

                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
=================


FREIUS SA: Creditors' Proofs of Debt Due Feb. 3
-----------------------------------------------
Ester Ferraro, the court-appointed trustee for Freius SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until Feb. 3, 2012.

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

Creditors will vote to ratify the completed settlement plan
during the assembly on Oct. 18, 2012.

The Trustee can be reached at:

         Ester Ferraro
         Esmeralda 960
         Argentina


HIGEA SALUD: Requests Opening of Bankruptcy Proceedings
-------------------------------------------------------
Higea Salud SRL requested the opening of bankruptcy proceedings.

The company has defaulted on its payments last Nov. 10, 2009.


ILUSUD SA: Creditors' Proofs of Debt Due Feb. 24
------------------------------------------------
Miguel A. Marcesi, the court-appointed trustee for Ilusud SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Feb. 24, 2012.

Mr. Marcesi 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. 22, 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 A. Marcesi
         Avellaneda 1135
         Argentina


LIBRA ARGENTINA: Creditors' Proofs of Debt Due Dec. 19
------------------------------------------------------
Mario D'Atri, the court-appointed trustee for Libra Argentina
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Dec. 19, 2011.

Mr. D'Atri will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 38, 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:

         Mario D'Atri
         Teniente General Juan Domingo Peron 1605
         Argentina


TRANSPORTE SIERRA: Creditors' Proofs of Debt Due Feb. 8
-------------------------------------------------------
Estudio Juan Ulnik y Asociados, the court-appointed trustee for
Transporte Sierra SRL's reorganization proceedings, will be
verifying creditors' proofs of claim until Feb. 8, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 15 in Buenos Aires, with the assistance of Clerk
No. 29, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Estudio Juan Ulnik y Asociados
         Maipu 509
         Argentina


===========
B E L I Z E
===========


PORT OF BELIZE: In Receivership, Belize Bank to Seize Assets
------------------------------------------------------------
The El Guardian reports that the Port of Belize has gone into
administration with Belize Bank aiming to seize its assets.

The port is on near lock down after agents for Michael Ashcroft
have been attempting to make their way into the compound and the
offices of the Port of Belize Limited to present the managers with
a letter of receivership, according to The El Guardian.

The report notes that the port's owner, Luke Espat, tried to cling
on to one of the few remaining assets, which he had mortgaged with
the Belize Bank, which is aiming to seize it.

Mr. Espat had managed to separate the Port from other assets he
had control over such as Crockland and Indeco, which both went
into receivership in December of last year, the report recalls.
The El Guardian notes that at that time, the port was a company
called Private Investment Limited (PIL) with Mr. Espat remaining
at the helm.

The El Guardian says that PIL is yet another of Mr. Ashcroft's
paper companies, which holds great interest in assets who have
borrowed from the Belize Bank.

In March, the report notes that PIL bought over a significant
portion of Luke Espat Group loans (L.E.G), which Mr. Espat had
taken out with the Belize Bank.  At the time, The El Guardian
relays that PIL had taken over companies under the L.E.G. that had
cash flows such as the Port of Belize Limited loans and the
Renaissance Towers loans.  The others, which were non-performing
like Crockland, Indeco and others, were left with the Belize Bank,
the report says.

As the battle for the port's ownership continues, shippers and
agents are concerned if the Port will be closed for business and
what impact it will have on business in Belize, the report adds.


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


EXCEL MARITIME: Moody's Withdraws 'B3' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn the B3 corporate family
rating (CFR) and probability of default rating (PDR) of Excel
Maritime Carries Ltd.

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

The following EXM's ratings were withdrawn:

Corporate Family Rating of B3

Probability of Default Rating of B3

The outlook had been stable prior to the withdrawal of the
ratings.

The withdrawal did not affect any debt instrument as the company
hasn't in issue any rated debt.

Excel Maritime Carriers Ltd. (EXM) is an owner and operator of
dry-bulk carriers and a provider of worldwide seaborne
transportation services for dry-bulk cargo, such as iron ore, coal
and grain, as well as bauxite, fertilisers and steel products.  As
of the end of September 2011, the company operated 47 vessels with
a total carrying capacity of approximately 4.1 million DWT.  EXM's
fleet comprises: (i) 21 Panamax; (ii) 14 Kamsarmax; (iii) 7
Capesize; (iv) 3 Handymax; and (v) 2 Supramax.  The oldest vessels
are the Handymaxes, whose average age approximately 19 years,
whereas total fleet average age is 10.4 years. In-house technical
management of the fleet is provided by the wholly owned subsidiary
Maryville Maritime Inc.


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


BV FINANCIERA: Moody's Withdraws 'Ba1' Local Currency Scale Rating
------------------------------------------------------------------
Moody's America Latina is correcting the ratings for Senior Shares
due June 23, 2012 issued by BV Financeira -- Fundo de Investimento
em Direitos Creditorios III to Aa1.br (National Scale) and Ba1
(Global Local Currency Scale) from WR.

The ratings were previously withdrawn on June 23, 2011, due to an
internal administrative error.


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


ALTIMA AGRICULTURE: Creditors' Proofs of Debt Due Dec. 1
--------------------------------------------------------
The creditors of Altima Agriculture Equity Fund Limited are
required to file their proofs of debt by Dec. 1, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 27, 2011.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 815 1805
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


ALTIMA AGRICULTURE, MASTER: Creditors' Proofs of Debt Due Dec. 1
----------------------------------------------------------------
The creditors of Altima Agriculture Equity Master Fund Limited are
required to file their proofs of debt by Dec. 1, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 27, 2011.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 815 1805
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


BEACON HILL: Creditors' Proofs of Debt Due Dec. 7
-------------------------------------------------
The creditors of Beacon Hill CBO, 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. 27, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


BISS DEAL: Creditors' Proofs of Debt Due Dec. 7
-----------------------------------------------
The creditors of Biss Deal 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. 28, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


CONSECO FUNDING: Creditors' Proofs of Debt Due Dec. 7
-----------------------------------------------------
The creditors of Conseco Funding 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. 27, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


DUSCC DEAL: Creditors' Proofs of Debt Due Dec. 7
------------------------------------------------
The creditors of DUSCC Deal 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. 28, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


EFES AVIATION: Creditors' Proofs of Debt Due Dec. 7
---------------------------------------------------
The creditors of EFES Aviation 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. 27, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


FOREST GLOBAL: Creditors' Proofs of Debt Due Dec. 7
---------------------------------------------------
The creditors of Forest Global Convertible Fund 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


FTF CAPITAL: Creditors' Proofs of Debt Due Dec. 7
-------------------------------------------------
The creditors of FTF Capital 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. 27, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


GALLERIA CDO IV: Creditors' Proofs of Debt Due Dec. 7
-----------------------------------------------------
The creditors of Galleria CDO IV. 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. 27, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


JULIUS BAER: Creditors' Proofs of Debt Due Dec. 8
-------------------------------------------------
The creditors of Julius Baer Alternative Balanced Index Fund Ltd
are required to file their proofs of debt by Dec. 8, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 19, 2011.

The company's liquidator is:

         David A.K. Walker
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         P.O. Box 258 Grand Cayman KY1-1104
         Cayman Islands


SIGNUM CREDARIS: Creditors' Proofs of Debt Due Dec. 7
-----------------------------------------------------
The creditors of Signum Credaris 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. 28, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


YX MASTER: Creditors' Proofs of Debt Due Dec. 1
-----------------------------------------------
The creditors of YX Master Fund Ltd are required to file their
proofs of debt by Dec. 1, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 26, 2011.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 815 1805
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


YX SHORT: Creditors' Proofs of Debt Due Dec. 1
----------------------------------------------
The creditors of YX Short Offshore Ltd are required to file their
proofs of debt by Dec. 1, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 26, 2011.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 815 1805
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


ZAIS INVESTMENT: Creditors' Proofs of Debt Due Dec. 7
-----------------------------------------------------
The creditors of Zais Investment Grade Limited VIII 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. 27, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


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


AXTEL SAB: S&P Lowers Corp. Credit Rating to 'B'; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings, including
the corporate credit rating, on Mexican telecommunications company
Axtel S.A.B de C.V. to 'B' from 'B+'.  The outlook is stable.

"The '3' recovery rating on the company's senior secured debt is
unchanged, indicating our expectation of meaningful (50% to 70%)
recovery in the event of a payment default," S&P said.

"The downgrade reflects our concerns about Axtel's business
profile, which we now consider as vulnerable, amid very
competitive operating conditions," said Standard & Poor's credit
analyst Marcela Duenas.  "We also considered the company's
marginal revenue growth, tight covenant headroom limiting its
financial flexibility, and our belief that its hefty capital
expenditure program will keep it running deficits in free
operating cash flow."

"The stable outlook reflects our expectation that the company will
maintain stable financial indicators for the next two years," S&P
said.


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


AMR CORP: T&T American Airlines Operations Unaffected by Chap. 11
-----------------------------------------------------------------
Sasha Harrinanan at Trinidad & Tobago Newsday reports that
American Airlines has assured its Trinidad and Tobago operations
will not be affected by its filing for Chapter 11 bankruptcy in
the United States.

Trinida & Tobago Transport Minister Devant Maharaj said he was
given this assurance by airline officials shortly before news
broke about the move, according to Trinidad & Tobago Newsday.

" . . . . I received a call from American Airline officials in
Miami.  They told me they would honor all commitments to Trinidad
and Tobago routes and their financial commitments, such as docking
rights and other incidental costs at Piarco International
Airport," the report quoted Mr. Maharaj as saying.

Mr. Maharaj, the report notes, added that AA's decision to file
for Chapter 11 would have been a difficult one to make and would
no doubt affect the airline's image.

                       About AMR Corporation

Headquartered in Fort Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger
airline.  As of Dec. 31, 2009, American provided scheduled jet
service to approximately 160 destinations throughout North
America, the Caribbean, Latin America, Europe and Asia.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

The Company reported a net loss of US$884 million on US$18.02
billion of total operating revenues for the nine months ended
Sept. 30, 2011.  AMR recorded a net loss of US$471 million in the
year 2010, a net loss of US$1.5 billion in 2009, and a net loss of
US$2.1 billion in 2008.

The Company's balance sheet at Sept. 30, 2011, showed US$24.72
billion in total assets, US$29.55 billion in total liabilities,
and a US$4.83 billion stockholders' deficit.

                           *     *     *

AMR carries a 'CCC' issuer default rating from Fitch Ratings,
'Caa1' corporate family and probability of default ratings from
Moody's, and a 'B-' corporate credit rating from Standard &
Poor's.

As reported in the Troubled Company Reporter on Nov. 16, 2011,
Fitch Ratings said in a statement that the absence of progress in
contract talks between AMR Corp. management and the Allied Pilots
Association (APA) raises the risk that American Airlines will be
forced into a Chapter 11 bankruptcy filing.  Fitch Ratings sees
agreement on terms similar to those proposed by management as
essential if the carrier is to move toward a sustainable operating
profile in 2012 and beyond.  After five years of unsuccessful
bargaining for new contracts, American's pilots appear committed
to proposals that would drive AMR's unit labor costs still higher
at a time when the airline's margin performance continues to lag
significantly behind that of competing U.S. carriers such as
United and Delta.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                            ***********


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


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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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