TCRLA_Public/111213.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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


           Tuesday, December 13, 2011, Vol. 12, No. 246

                            Headlines



A R G E N T I N A

HSBC ARGENTINA: Moody's Assigns 'Ba1' global LC Debt Rating


B E L I Z E

* BELIZE: Moody's Says 'B3' Bond Ratings Reflect High Debt Burden


B E R M U D A

LEHMAN: Assured Guaranty Owed US$1BB on Derivative Transactions


B R A Z I L

BMG SA: Fitch Assigns 'D' Individual Rating


C A Y M A N   I S L A N D S

ALLIED I LTD: Creditors' Proofs of Debt Due Dec. 13
ALTEDGE STRATEGIES: Commences Liquidation Proceedings
AMZ INDUSTRIES: Commences Liquidation Proceedings
APS VIETNAM: Placed Under Voluntary Wind-Up
CAROB LIMITED: Placed Under Voluntary Wind-Up

CARROUSEL FUND: Creditors' Proofs of Debt Due Dec. 21
CONOCOPHILLIPS EASTERN: Creditors' Proofs of Debt Due Dec. 19
DB VALIANT: Creditors' Proofs of Debt Due Dec. 19
DIVERSIFIED STRATEGY: Creditors' Proofs of Debt Due Dec. 19
EPG INVESTORS: Creditors' Proofs of Debt Due Dec. 21

JAH CHARTER: Creditors' Proofs of Debt Due Dec. 21
MUSINVEST HOLDINGS: Commences Liquidation Proceedings
MYP INVESTMENTS: Creditors' Proofs of Debt Due Dec. 21
OAK STREET: Creditors' Proofs of Debt Due Dec. 21
OAK STREET: Creditors' Proofs of Debt Due Dec. 21

PILAR TREASURY: Creditors' Proofs of Debt Due Dec. 16
PILAR TREASURY: Shareholders' Final Meeting Set for Dec. 19
PURCHASE LEASING: Creditors' Proofs of Debt Due Dec. 21
PURCHASE YACHT: Creditors' Proofs of Debt Due Dec. 21
SSgA ABSOLUTE: Placed Under Voluntary Wind-Up

VICIS WINDMILL: Creditors' Proofs of Debt Due Dec. 21


J A M A I C A

AIR JAMAICA: CAL Welcomes Ruling That Bars Pilots From Striking


P A R A G U A Y

* PARAGUAY: To Receive US$5 Million Loan Benefit From IDB


S U R I N A M E

* SURINAME: IDB Provides US$40 Million Loan for Financial Sector


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


HSBC ARGENTINA: Moody's Assigns 'Ba1' global LC Debt Rating
-----------------------------------------------------------
Moody's Latin America assigned a Aaa.ar national scale local-
currency senior unsecured debt rating to HSBC Bank Argentina's
expected fourth issuance up to an amount of ARS 150 million under
the bank's ARS 1 billion global medium-term note program.  At the
same time, Moody's Investors Service assigned a Ba1 global local-
currency debt rating to the expected fourth issuance.

The outlook for all ratings is stable.

These ratings were assigned to HSBC Argentina S.A.'s debt:

Aaa.ar Argentina National Scale Local Currency Debt Rating

Ba1 Global Local Currency Debt Rating, with stable outlook

Rating Rationale

Moody's explained that the local-currency senior unsecured debt
rating derives from HSBC Argentina's Ba1 global local currency
deposit rating.  Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

HSBC Bank Argentina S.A. is headquartered in Buenos Aires, and
reported assets of ARS 28.0 billion and loans of ARS 15.1 billion
as of September 2011.


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


* BELIZE: Moody's Says 'B3' Bond Ratings Reflect High Debt Burden
-----------------------------------------------------------------
In its annual report on Belize, Moody's Investors Service says
the country's B3 bond ratings reflect the government's high debt
burden and weak public finances, relatively weak institutions,
and an economy that remains highly vulnerable to natural
disasters and external shocks.

Moody's says its stable outlook reflects the view that government
finances are manageable after the recent debt restructuring but
vulnerabilities remain high, including the potential fiscal cost
of recent and previous nationalizations.

"Debt service is set to rise in coming years, as interest rate
step-ups on the restructured debt kick in and amortization
starts," says the Moody's report.  "If left unaddressed, the
combination of higher debt payments and contingent liabilities
may lead to downwards ratings movements."

While the economy remains comparatively weak with a US$6600 per
capita GDP (2010 PPP basis) and a nominal GDP of less than US$1.5
billion, Moody's reports that economic growth has been stronger
than most of the Caribbean nations with which it shares a
language and history.

But averaging only 2.5% annually in the last five years, economic
growth remains insufficient to change the country's relative
standing, according to Moody's.  Historically dependent on
agriculture and tourism, the discovery of oil in 2005 led to
speculation of a major shift in the economy but production peaked
at only 4,000 barrels per day and is now declining.

"The government restructured part of its debt in 2007 but the
debt-to-revenues ratio and other debt metrics remain higher than
most rating peers and a key ratings constraint," says the Moody's
report. "Institutional concerns have surfaced most recently in
the aftermath of a controversial nationalization of the national
electricity company, and raising further questions about the
medium and long-term fiscal position."


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


LEHMAN: Assured Guaranty Owed US$1BB on Derivative Transactions
---------------------------------------------------------------
The Royal Gazette reports that Bermuda-based bond insurer Assured
Guaranty Ltd fights legal battles on two fronts.

The United Kingdom unit of Lehman Brothers claimed it's owed more
than US$1 billion from an Assured Guaranty subsidiary on
derivative transactions, according to The Royal Gazette.

The Royal Gazette notes that in a separate case, Assured Guaranty
is claiming that it was defrauded by JPMorgan Chase & Co's EMC
Mortgage unit in a US$337 million mortgage-backed securities
deal.

Lehman Brothers International (Europe) sued AG Financial Products
Inc. in New York, saying the Assured Guaranty unit improperly
calculated termination payments under derivative deals, the
report notes.

Lehman Brothers, The Royal Gazette notes, said in the complaint
that "a proper calculation" shows AG Financial Products owes it
more than US$1 billion.  AG Financial Products claimed it was
owed US$24.8 million from LBIE, according to the filing, the
report relates.

In the other case, Assured Guaranty has come forward with 36 new
witnesses whom it says will back its claim that the bond insurer
was defrauded by EMC, The Royal Gazette relays.

The report discloses that lawyers for Assured Guaranty filed a
new complaint on November 18, unsealed this week, in a lawsuit
accusing EMC and its parent at the time, Bear Stearns & Co., of
misleading the bond insurer.

The complaint, which also names JPMorgan as a defendant, includes
a new fraud claim and new allegations from insiders at EMC and
elsewhere, The Royal Gazette discloses.

"The truth is now coming directly from Bear Stearns' own former
employees . . . .  Seven confidential witnesses who were
responsible for underwriting at EMC each have affirmed that they
faced intense pressure to approve the purchase of high volumes of
loans for Bear Stearns' securitizations without adequate review,"
the insurer said in the complaint, the report says.

The Royal Gazette notes that Bear Stearns is a defendant in two
other lawsuits in federal court in Manhattan by guarantors of
mortgage-backed deals who say they were defrauded by the bank,
which collapsed in 2008, according to the complaint.  Assured
Guaranty said its complaint adds to those suits by citing
accounts from insiders and other sources, the report relates.

The report notes that the suit focuses on a 2005 transaction
known as SACO I Trust 2005-GP1, one of hundreds of
securitizations by Bear Stearns from 2004 to early 2007.  Assured
Guaranty claims EMC knew that thousands of home-equity lines of
credit that served as collateral for US$337 million in securities
it guaranteed were "junk" or otherwise flawed, the report adds.

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009
or more than a year after LBHI and its other affiliates filed
their bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16.  Lehman Brothers Japan Inc. reported about JPY3.4
trillion (US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


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


BMG SA: Fitch Assigns 'D' Individual Rating
-------------------------------------------
Fitch Ratings has placed a Rating Watch Negative on both long-
term foreign and local currency, and certain other ratings
including its issuances.  The current ratings are as follows:

  -- Long-term foreign and local currency IDR 'BB-'; Rating Watch
     Negative
  -- Short-term foreign and local currency IDR affirmed at 'B';
  -- Viability rating 'bb-'; Rating Watch Negative
  -- Individual rating 'D'; Rating Watch Negative
  -- Support rating affirmed at'5';
  -- Support Floor rating affirmed at 'NF';
  -- Long-term national rating 'A-(bra)'; Rating Watch Negative
  -- Short-term national rating 'F2(bra)'; Rating Watch Negative
  -- Subordinated debt issuance of USD250 million subordinated
     debt due 2020, and USD300 million subordinated debt due 2019
     'B'; Rating Watch Negative

The rationale for the action results from the expected pressures
on BMG's capital base due to the incorporation of Banco Schahin
on their books, given the lower relative capital and
profitability ratios of the acquired bank, plus the recent and
expected reduction in profitability derived of the change on the
business model and the limited use of loan sales.

The Rating Watch Negative will be resolved as soon as Fitch
receives more information about the final impact of the
transaction on BMG figures.

Banco BMG S.A. --  http://www.bancobmg.com.br/--  together with
its subsidiaries, provides various commercial and credit,
financing, and investment services.


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


ALLIED I LTD: Creditors' Proofs of Debt Due Dec. 13
---------------------------------------------------
The creditors of Allied I Ltd. are required to file their proofs
of debt by Dec. 13, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 24, 2011.

The company's liquidator is:

         Ogier
         c/o Jacqueline Haynes
         Telephone: (345) 815-1759
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


ALTEDGE STRATEGIES: Commences Liquidation Proceedings
-----------------------------------------------------
At an extraordinary meeting held on Oct. 31, 2011, the members of
Altedge Strategies Fund SPC passed a resolution that voluntarily
liquidates the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 12, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


AMZ INDUSTRIES: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on Oct. 26, 2011, the members of
AMZ Industries Ltd. passed a resolution that voluntarily winds up
the company's operations.

Creditors are required to file their proofs of debt to be
included in the company's dividend distribution.

The company's liquidators are:

         AMR Abdul Majid Zahid
         Hoda A.M. Zahid
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


APS VIETNAM: Placed Under Voluntary Wind-Up
-------------------------------------------
On Oct. 31, 2011, the members of APS Vietnam Alpha Fund Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 12, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Krysten Lumsden
         Telephone: (345) 814 7366
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


CAROB LIMITED: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on Oct. 27, 2011, the
shareholders of Carob Limited resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 30, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170 Grand Cayman KY1-1102
         Cayman Islands


CARROUSEL FUND: Creditors' Proofs of Debt Due Dec. 21
-----------------------------------------------------
The creditors of The Carrousel Fund II Limited are required to
file their proofs of debt by Dec. 21, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 1, 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


CONOCOPHILLIPS EASTERN: Creditors' Proofs of Debt Due Dec. 19
-------------------------------------------------------------
The creditors of Conocophillips Eastern Venezuela Gas Ltd. are
required to file their proofs of debt by Dec. 19, 2011, to be
included in the company's dividend distribution.

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

The company's liquidator is:

         Trident Liquidators (Cayman) Ltd
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, George Town
         Grand Cayman KY1-1103
         Cayman Islands


DB VALIANT: Creditors' Proofs of Debt Due Dec. 19
-------------------------------------------------
The creditors of DB Valiant (Cayman) Limited are required to file
their proofs of debt by Dec. 19, 2011, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Jeremy Simon Spratt
         KPMG LLP
         8 Salisbury Square
         London
         EC4Y 8BB
         United Kingdom; or

         Jacqueline Edwards
         Telephone:  +44 (0) 20 7311 8563
         Facsimile:  +44 (0) 20 7694 3533
         KPMG
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands
         FAO: David Thacker
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


DIVERSIFIED STRATEGY: Creditors' Proofs of Debt Due Dec. 19
-----------------------------------------------------------
The creditors of Diversified Strategy Fund (Cayman) Limited are
required to file their proofs of debt by Dec. 19, 2011, to be
included in the company's dividend distribution.

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

The company's liquidator is:

         Darren Riley
         c/o Ellen J. Christian
         Telephone:  345 945 9208
         Facsimile: 345 945 9210
         c/o BNP Paribas Bank & Trust Cayman Limited
         3rd Floor Royal Bank House, Shedden Road
         George Town, Grand Cayman
         Cayman Islands


EPG INVESTORS: Creditors' Proofs of Debt Due Dec. 21
----------------------------------------------------
The creditors of EPG Investors, Ltd. are required to file their
proofs of debt by Dec. 21, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 31, 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


JAH CHARTER: Creditors' Proofs of Debt Due Dec. 21
--------------------------------------------------
The creditors of JAH Charter Services, Ltd. are required to file
their proofs of debt by Dec. 21, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 31, 2011.

The company's liquidator is:

         Britannia Corporate Management Ltd
         Gary F. Oakley
         196 Raleigh Quay, Grand Cayman, KY1-1104
         Telephone: (345) 949 2700


MUSINVEST HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------------
At an extraordinary meeting held on Oct. 31, 2011, the members of
Musinvest Holdings Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Dec. 1, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


MYP INVESTMENTS: Creditors' Proofs of Debt Due Dec. 21
------------------------------------------------------
The creditors of MYP Investments, Ltd. are required to file their
proofs of debt by Dec. 21, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 31, 2011.

The company's liquidator is:

         Britannia Corporate Management Ltd
         Gary F. Oakley
         196 Raleigh Quay, Grand Cayman, KY1-1104
         Telephone: (345) 949 2700


OAK STREET: Creditors' Proofs of Debt Due Dec. 21
-------------------------------------------------
The creditors of Oak Street Capital Master Fund, Ltd. are
required to file their proofs of debt by Dec. 21, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 1, 2011.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Mourant Ozannes
         Attorneys-at-Law
         Reference: NDL
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647; or

         Mourant Ozannes Cayman Liquidators Limited
         Reference: Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         Harbour Centre 42 North Church Street
         P.O. Box 1348 George Town
         Grand Cayman KY1-1108
         Cayman Islands


OAK STREET: Creditors' Proofs of Debt Due Dec. 21
-------------------------------------------------
The creditors of Oak Street Capital Offshore Fund, Ltd. are
required to file their proofs of debt by Dec. 21, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 1, 2011.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Mourant Ozannes
         Attorneys-at-Law
         Reference: NDL
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647; or

         Mourant Ozannes Cayman Liquidators Limited
         Reference: Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         Harbour Centre 42 North Church Street
         P.O. Box 1348 George Town
         Grand Cayman KY1-1108
         Cayman Islands


PILAR TREASURY: Creditors' Proofs of Debt Due Dec. 16
-----------------------------------------------------
The creditors of Pilar Treasury Management Ltd. are required to
file their proofs of debt by Dec. 16, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 31, 2011.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile:  (345) 949 2888
         P.O. Box 2510 Grand Cayman KY1-1104
         Cayman Islands


PILAR TREASURY: Shareholders' Final Meeting Set for Dec. 19
-----------------------------------------------------------
The shareholders of Pilar Treasury Management Ltd. will hold
their final meeting on Dec. 19, 2011, at 9:00 a.m., to receive
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on Oct. 31, 2011.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile:  (345) 949 2888
         P.O. Box 2510 Grand Cayman KY1-1104
         Cayman Islands


PURCHASE LEASING: Creditors' Proofs of Debt Due Dec. 21
-------------------------------------------------------
The creditors of Purchase Leasing, Ltd. are required to file
their proofs of debt by Dec. 21, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 31, 2011.

The company's liquidator is:

         Britannia Corporate Management Ltd
         Gary F. Oakley
         196 Raleigh Quay, Grand Cayman, KY1-1104
         Telephone: (345) 949 2700


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

The company commenced liquidation proceedings on Oct. 31, 2011.

The company's liquidator is:

         Britannia Corporate Management Ltd
         Gary F. Oakley
         196 Raleigh Quay, Grand Cayman, KY1-1104
         Telephone: (345) 949 2700


SSgA ABSOLUTE: Placed Under Voluntary Wind-Up
---------------------------------------------
On Oct. 25, 2011, the sole shareholder of SSgA Absolute Return
Currency Fund, Ltd. passed a resolution that voluntarily winds up
the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 12, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Avalon Management Limited
         Reference: GL
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351
         Landmark Square
         1st Floor, 64 Earth Close
         West Bay Beach
         P.O. Box 715, George Town
         Grand Cayman KY1-1107
         Cayman Islands


VICIS WINDMILL: Creditors' Proofs of Debt Due Dec. 21
-----------------------------------------------------
The creditors of Vicis Windmill Fund (International) are required
to file their proofs of debt by Dec. 21, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 19, 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


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


AIR JAMAICA: CAL Welcomes Ruling That Bars Pilots From Striking
---------------------------------------------------------------
RJR News reports that Trinidad-based Caribbean Airlines Limited
has welcomed Jamaica Industrial Disputes Tribunal's ruling that
blocked a planned strike by members of the Jamaica Airlines
Pilots Association.

The Tribunal issued an "Order to Refrain from Industrial Action"
against JALPA, with respect to the dispute between CARIBAL Ltd.,
a fully owned subsidiary of CAL, and CAL's Jamaican pilots and,
in particular, "that the industrial dispute shall not take
place," CAL said in a statement obtained by RJR News.

RJR News notes that JALPA had served notice of industrial action
on CAL on Dec. 8 advising it of industrial action to be taken
within 72 hours on salary issues.

CAL, the report relates, said that it was "regrettable that this
action has been chosen, as the pilots themselves wrote there is
nothing Caribbean Airlines is in breach of with them."  Caribbean
Airlines and Air Jamaica were integrated into one airline in July
this year.

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1,
2010, acquired Air Jamaica for US$50 million and operated six Air
Jamaica aircraft and eight of its routes.  Jamaica got a 16%
stake
in the merged operation, with CAL owning 84%.  According to a
TCR-
LA report on June 29, 2009, RadioJamaica News said the Jamaican
government indicated it will name a buyer for cash- strapped Air
Jamaica.  RadioJamaica related the airline has been hemorrhaging
over US$150 million per annum and the government has had to foot
the massive bill.  In addition, RadioJamaica said, Air Jamaica
currently has over US$600 million in loans outstanding.


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


* PARAGUAY: To Receive US$5 Million Loan Benefit From IDB
---------------------------------------------------------
The Inter-American Development Bank approved a loan for
US$5 million to support Paraguay's efforts to expand the coverage
and effectiveness of its employment programs as a means to
improve labor productivity and employment.  The program will
provide new forms of training to youths, half of whom are
expected to be women.

The operation will finance improvements in the capacity of the
General Employment Office (DGE, after its initials in Spanish) of
the Ministry of Justice and Labor to provide orientation,
training, and placement services through a one-stop-shop
facility. The program will assist some 17,800 people during its
five-year implementation period.  After that, additional people
will continue to benefit from the new facilities and trained
staff.

The program seeks to increase job placement rates in formal
employment by 10% and raise hourly wages of participating workers
by 7% over that of a control group that finds employment through
other means.

Investments will be made in infrastructure, furniture and
equipment, information systems, and improvements in the DGE's
capacity to provide services.  The program will create new
approaches for training a target population in a defined
geographic area that will include quality control mechanisms for
managing, monitoring, and evaluating results.

The operation aims to consolidate and expand the DGE's national
coverage and contribute to the effectiveness of public policy by
increasing the quantity and quality of labor market information
and providing it to businesses and people seeking employment.

The IDB loan for US$5 million was extended for a 25-year term
with a five-year grace period and a variable interest rate based
on LIBOR.  Counterpart funding totals US$5 million.

                               *     *     *

As of Dec. 12, 2011, the country continues to carry Standard and
Poor's "BB-" currency long-term debt ratings.  The country also
continues to carry S&P's "B" currency short-term debt ratings.


===============
S U R I N A M E
===============


* SURINAME: IDB Provides US$40 Million Loan for Financial Sector
----------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a
US$40 million loan that supports the government of Suriname's
comprehensive and fundamental financial sector reform program
designed to strengthen financial institutions and financial
markets and increase their effectiveness.

"Suriname has enjoyed robust and macro economically balanced
growth for the past five years," said IDB team leader Frank
Nieder.  "The program should accelerate the development of
financial market in a sustainable manner and will reduce their
vulnerability to macroeconomic shocks."

This operation will help create a better enabling environment for
public and private financial markets and institutions and to
strengthen the Central Bank of Suriname in the conduct of its
responsibilities.

Policy measures will be adopted in the framework in the areas of
macroeconomic policy, legal and regulatory framework, financial
sector supervision, inter-bank and securities market development,
complementary institutions for broader access to finance, and
public bank reform.

This financing is the first of a series of three policy-based
program loans estimated to total US$70 million.  The loan is for
a 20-year term, with a five-year grace period, and at a variable
interest rate based on LIBOR.  The Central Bank of Suriname will
be in charge of the project.

                               *     *     *

As of Dec. 12, 2011, the country continues to carry Standard and
Poor's "BB-" currency long-term debt ratings.  The country also
continues to carry S&P's "B" currency short-term debt ratings.


===============
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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