TCRLA_Public/111226.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


           Monday, December 26, 2011, Vol. 12, No. 255

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Receivers Vie in Court for Control of Assets


A R G E N T I N A

OFFSET CONGRESO: Creditors' Proofs of Debt Due May 9
RIDELAND SA: Creditors' Proofs of Debt Due May 3
TEXTIL DELOS: Creditors' Proofs of Debt Due March 19
TRILOGIA SA: Creditors' Proofs of Debt Due March 23


B R A Z I L

BANCO PANAMERICANO: Suspends Payout of Local Bonds


C A Y M A N   I S L A N D S

COMPASS FUND: Shareholders Receive Wind-Up Report
D & T HOLDINGS: Shareholders Receive Wind-Up Report
DELOITTE & TOUCHE: Shareholders Receive Wind-Up Report
DELOITTE PROPERTY: Shareholders Receive Wind-Up Report
EDMOND MACRO: Shareholders Receive Wind-Up Report

EDMOND MACRO: Shareholders Receive Wind-Up Report
KC II SPECIAL: Shareholders Receive Wind-Up Report
LOEB MARATHON: Shareholders Receive Wind-Up Report
LOEB MARATHON: Shareholders Receive Wind-Up Report
LUX FUNDS: Shareholders Receive Wind-Up Report

PAMPLONA FOF: Shareholders Receive Wind-Up Report
SPIRIT CREDIT: Shareholder Receives Wind-Up Report
UNIVERSAL STRUCTURED: Shareholder Receives Wind-Up Report
VAM BRAZIL: Shareholder Receives Wind-Up Report
VAM INTERNATIONAL: Shareholder Receives Wind-Up Report


T R I N I D A D  &  T O B A G O

CL FIN'L: Policyholders Take Legal Actions Against Directors


X X X X X X X X

* BOND PRICING: For the Week December 19 to December 23, 2011



                            - - - - -

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


STANFORD INT'L: Receivers Vie in Court for Control of Assets
------------------------------------------------------------
Andrew Harris and Laurel Brubaker Calkins at Bloomberg News
report that U.S. and Antiguan-appointed receivers for Robert
Allen Stanford's holdings vied in court for control of his assets
as investors await payment for losses in his alleged US$7 billion
fraud scheme.

U.S. District Judge David Godbey heard evidence and arguments
from attorneys for Ralph Janvey, whom he appointed almost three
years ago to marshal and liquidate Mr. Stanford's business and
personal holdings, and from lawyers for executives of the global
auditing firm Grant Thornton, led by executives Marcus Wide and
Hugh Dickson, chosen by an Antiguan court for the same task,
according to Bloomberg.

Bloomberg notes that at the heart of Mr. Stanford's alleged fraud
are certificates of deposit sold by his Antigua-based Stanford
International Bank Ltd. to about 28,000 investors.  That makes
the island nation the legal center of interest, the two Grant
Thornton receivers contend, Bloomberg relates.

However, Bloomberg discloses that Mr. Janvey's lawyer, Kevin
Sadler, disagreed.  "The last thing this receivership needs, the
last thing that investors need, is two liquidators of the bank
here in the U.S. . . .  It duplicates work that has already been
done," Mr. Sadler told Judge Godbey, Bloomberg relates.

Bloomberg, citing a report submitted to Judge Godbey last month,
relays that Mr. Janvey has recovered more than US$114 million in
cash and US$96 million in assets while spending about US$102
million winding up Mr. Stanford's operations and pursuing
litigation.

Bloomberg notes that the Grant Thornton receivers said in a Dec.
7 online briefing to investors said they recovered US$3.2 million
in Panama, obtained a freeze on real estate holdings worth US$70
million and were working to recover US$9 million in assets in
Colombia.

Meanwhile, Bloomberg notes that Edward Davis, one of the
attorneys for Grant Thornton executives Marcus Wide and Hugh
Dickson, said that the Antiguan estate will be able to distribute
more than US$300 million of Stanford's European bank funds, which
are claimed by both receivers.   Custody of the funds, now frozen
at the request of the U.S. Justice Department, was awarded to
Antiguan control by U.K. and Swiss courts, as well as proceeds
realized from the sale of Stanford's considerable Antiguan real
estate and resort properties, Mr. Davis said, Bloomberg relates.

Bloomberg discloses that opposing the Antiguan receivership's bid
for primacy, the U.S. Securities and Exchange Commission filed
papers Dec. 5 with Judge Godbey, arguing that the alleged
Stanford Ponzi scheme was Houston-born.

Bloomberg notes that Mr. Janvey and Dallas lawyer John J. Little,
appointed by Judge Godbey to advocate for investors, agreed.  In
a court filing, they said the center of interest in the Stanford
case ought to remain in the U.S, the report adds.

                 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
=================


OFFSET CONGRESO: Creditors' Proofs of Debt Due May 9
----------------------------------------------------
Maria Catalina Gassi, the court-appointed trustee for Offset
Congreso SA's bankruptcy proceedings will be verifying creditors'
proofs of claim until May 9, 2012.

Ms. Gassi will present the validated claims in court as
individual
reports.  The National Commercial Court of First Instance No. 13
in Buenos Aires, with the assistance of Clerk No. 26, 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:

        Maria Catalina Gassi
        Defensa 898
        Argentina


RIDELAND SA: Creditors' Proofs of Debt Due May 3
------------------------------------------------
Alberto Javier Sansolo, the court-appointed trustee for Rideland
SA's bankruptcy proceedings will be verifying creditors' proofs
of claim until May 3, 2012.

Mr. Sansolo 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. 37, 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:

        Alberto Javier Sansolo
        Viamonte 1636
        Argentina


TEXTIL DELOS: Creditors' Proofs of Debt Due March 19
----------------------------------------------------
Estudio Cichero y Asociados, the court-appointed trustee for
Textil Delos SA's reorganization proceedings will be verifying
creditors' proofs of claim until March 19, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 1, 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 Dec. 6, 2012.

The Trustee can be reached at:

        Estudio Cichero y Asociados
        Viamonte 1459
        Argentina


TRILOGIA SA: Creditors' Proofs of Debt Due March 23
---------------------------------------------------
Ana Maria Varela, the court-appointed trustee for Trilogia SA's
bankruptcy proceedings will be verifying creditors' proofs of
claim until March 23, 2012.

Ms. Varela will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 3, 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:

        Ana Maria Varela
        Tucuman 1506
        Argentina


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


BANCO PANAMERICANO: Suspends Payout of Local Bonds
--------------------------------------------------
Karen Eeuwens and Francisco Marcelino at Bloomberg News report
that Banco Panamericano SA suspended payments of four local bonds
after it was granted an injunction from a Sao Paulo state court.

The bank said in a regulatory filing that it filed a lawsuit
against bondholders on Dec. 19 to get the injunction to withhold
payments because the securities have "atypical" rates and
maturities, according to Bloomberg.  The court's decision issued
on Dec. 20 affects payment of certain private bonds, known as
certificados de depositos bancario, that were issued in 2005,
2006 and 2008, Bloomberg relates.

Bloomberg discloses that Banco Panamericano said in the filing
that it's "fully able to pay the bonds, which are properly
accounted for" on its financial statement.  The bonds can't be
resold by holders, according to the filing, Bloomberg relays.

Bloomberg recalls that the lender's former controlling
shareholder, Grupo Silvio Santos, had to borrow BRL2.5 billion
(US$1.35 billion) in November 2010 from the nation's bank
deposits insurance fund, or FGC, after allegations of accounting
fraud arose.  BTG Pactual bought Silvio Santos's stake in the
bank in February, assuming BRL3.8 billion in debt, Bloomberg
notes.

Bloomberg relates that Valor Economico reported that Banco
Panamericano won the injunction to withhold payment of BRL21
million of private bonds suspected of being part of a fraud.


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


COMPASS FUND: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Compass Fund Limited received on Dec. 19,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        Richard Finlay
        c/o Tania Dons
        Telephone: (345) 814 7766
        Facsimile: (345) 945 3902
        P.O. Box 2681 Grand Cayman KY1-1111
        Cayman Islands


D & T HOLDINGS: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of D & T Holdings (Cayman) Limited received on
Dec. 15, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        Michael Pearson
        c/o Brad Kirby
        Deloitte & Touche
        Citrus Grove Building, 4th Floor
        Goring Avenue
        George Town KY1-1109
        Telephone: +1(345) 814 3471
        e-mail: bwkirby@deloitte.com


DELOITTE & TOUCHE: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Deloitte & Touche (Caribbean) Investments LDC
received on Dec. 15, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

        Michael Pearson
        c/o Brad Kirby
        Deloitte & Touche
        Citrus Grove Building, 4th Floor
        Goring Avenue
        George Town KY1-1109
        Telephone: +1(345) 814 3471
        e-mail: bwkirby@deloitte.com


DELOITTE PROPERTY: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Deloitte Property Consulting Ltd. received on
Dec. 15, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        Michael Pearson
        c/o Brad Kirby
        Deloitte & Touche
        Citrus Grove Building, 4th Floor
        Goring Avenue
        George Town KY1-1109
        Telephone: +1(345) 814 3471
        e-mail: bwkirby@deloitte.com


EDMOND MACRO: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Edmond Macro Fund Limited received on Dec.
21,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


EDMOND MACRO: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Edmond Macro Master Fund Limited received on
Dec. 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


KC II SPECIAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of KC II Special Opportunites SPV received on
Dec. 22, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        Mourant Ozannes Cayman Liquidators Limited
        Harbour Centre
        42 North Church Street, George Town
        P.O. Box 1348 Grand Cayman KY1-1108
        Cayman Islands


LOEB MARATHON: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Loeb Marathon Offshore Fund, Ltd. received on
Dec. 22, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        David S. Hampson
        Loeb Partners Corporation
        61 Broadway, 24th Floor, New York
        New York 10006, U.S.A.


LOEB MARATHON: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Loeb Marathon Offshore Partners, Ltd.
received on Dec. 22, 2011, the liquidator's report on the
company's wind-up
proceedings and property disposal.

The company's liquidator is:

        David S. Hampson
        Loeb Partners Corporation
        61 Broadway, 24th Floor, New York
        New York 10006, U.S.A.


LUX FUNDS: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of LUX Funds SPC received on Dec. 22, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

        Banque Privee Edmond De Rothschild Europe
        20 Boulevard Emmanuel Servais
        L-2535 Luxembourg


PAMPLONA FOF: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Pamplona FOF EM Limited received on Dec. 21,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        DMS Corporate Services Ltd.
        c/o 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


SPIRIT CREDIT: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Spirit Credit Management, Ltd. received on
Dec. 20, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        Ogier
        c/o Jacqueline Haynes
        Telephone: (345) 815-1759
        Facsimile: (345) 949-9877


UNIVERSAL STRUCTURED: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Universal Structured Products Fund received on
Dec. 22, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        Nico Thuler
        Traugott Meyer-Strasse 11
        4147 Aesch
        Switzerland


VAM BRAZIL: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Vam Brazil SPC Ltd. received on Dec. 20, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

        Ogier
        c/o Jacqueline Haynes
        Telephone: (345) 815-1759
        Facsimile: (345) 949-9877


VAM INTERNATIONAL: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Vam International SPC Ltd. received on Dec.
20, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        Ogier
        c/o Jacqueline Haynes
        Telephone: (345) 815-1759
        Facsimile: (345) 949-9877


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


CL FIN'L: Policyholders Take Legal Actions Against Directors
------------------------------------------------------------
Caribbean360.com reports that the Santa Rosa Team, which
represents a number of Colonial Life Insurance Company
(CLICO) Executive Flexible Premium Annuity (EFPA) policyholders,
said that they were going after the "the hundreds of millions of
dollars (and possibly much more) in assets of those who are
directly responsible for [the policyholders] financial plight."
CLICO is a subsidiary of CL Financial Limited.

The association was not satisfied with the payout plan recently
offered by government to some larger CLICO investors and
policyholders, according to Caribbean360.com

The report discloses that the Santa Rosa team argued that the
difference between what the EFPA policyholders were due (as per
Rajnauth-Lee judgment) and what they were now being offered by
the government, was a loss resulting directly from a "catalogue
of failures on the part of directors, past and present to
discharge their fiduciary responsibilities, and in some cases
perhaps to have conspired in the execution of fraudulent acts".

Under its new plan, Caribbean360.com relates that the government
has said policyholders for the first ten years would get a yield
of approximately 80 cents for every dollar of their investment if
they chose to cash in their investment within six months.

The report notes that for years 11 to 20, the investors have been
promised a return of 100 cents on the dollar, if they opt to swap
these zero-coupon bonds for units in the investment holding
company that has been called NEL II.

David Walker, the lead consultant for the Santa Rosa Team, said
Monday's statement that the legal action also included those who
chose to accept the government's offer, but he we strongly
recommended the EFPA policyholders to reject the government plan
as it greatly reduced their chances of getting a full payout,
Caribbean360.com notes.

Mr. Walker urged the EFPA policyholders in the statement to lend
their support both for the likelihood of a greater settlement and
for the national good, the report adds.

                        About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


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


* BOND PRICING: For the Week December 19 to December 23, 2011
-------------------------------------------------------------

  Issuer             Coupon    Maturity     Currency       Price
  ------             ------    --------     --------       -----

  ARGENTINA
  ---------

ARGENT-$DIS              8.28    12/31/2033     USD            69
ARGENT-$DIS              8.28    12/31/2033     USD            71
ARGENT-PAR               1.18    12/31/2038     ARS          46.4
ARGENT- DIS              7.82    12/31/2033     EUR            55
ARGENT- DIS              7.82    12/31/2033     EUR          59.1
ARGENT- DIS              7.82    12/31/2033     EUR            59
ARGENT- DIS              4.33    12/31/2033     JPY            42
ARGENT- PAR              0.45    12/31/2038     JPY            15
ARGENT- PAR&GDP          0.45    12/31/2038     JPY             8
PROV BUENOS AIRE        9.625    4/18/2028      USD          63.8
PROV BUENOS AIRE        9.375    9/14/2018      USD          73.8
PROV BUENOS AIRE       10.875    1/26/2021      USD          72.7
PROV BUENOS AIRE        9.375    9/14/2018      USD          71.5
PROV BUENOS AIRE       10.875    1/26/2021      USD          73.2

  BRAZIL
  ------

BANCO CRUZEIRO          8.875    9/22/2020      USD            62
BANCO CRUZEIRO          8.875    9/22/2020      USD          63.8
BANCO CRUZEIRO           8.25    1/20/2016      USD          68.9
BANCO CRUZEIRO           8.25    1/20/2016      USD            68
BANCO CRUZEIRO            8.5    2/20/2015      USD          77.1

  CAYMAN ISLAND
  -------------

BANCO BPI (CI)           4.15    11/14/2035     EUR          34.6
BCP FINANCE BANK         5.01    3/31/2024      EUR          31.6
BCP FINANCE BANK         5.31    12/10/2023     EUR          33.6
BCP FINANCE CO          5.543                   EUR            32
BCP FINANCE CO          4.239                   EUR          32.9
BES FINANCE LTD          5.58                   EUR          29.7
BES FINANCE LTD           4.5                   EUR          41.6
CAM GLOBAL FIN           6.08    12/22/2030     EUR          63.4
CHINA AUTOMATION         7.75    4/20/2016      USD          65.4
CHINA FORESTRY          10.25    11/17/2015     USD          67.5
CHINA FORESTRY          10.25    11/17/2015     USD          64.6
CHINA HUIYUAN JU            4    4/29/2016      USD          69.8
CHINA MED TECH           6.25    12/15/2016     USD          30.4
CHINA MED TECH              4    8/15/2013      USD          51.3
CHINA SCE PROPER         10.5    1/14/2016      CNY          68.4
CHINA SUNERGY            4.75    6/15/2013      USD          61.5
DUBAI HLDNG COMM            6    2/1/2017       GBP          71.1
EFG ORA FUNDING           1.7    10/29/2014     EUR          49.3
ESFG INTERNATION        5.753                   EUR          32.7
FANTASIA HOLDING           14    5/12/2015      USD          72.9
FANTASIA HOLDING           14    5/12/2015      USD          72.8
GLORIOUS PROPERT           13    10/25/2015     USD          70.1
GREENTOWN CHINA             9    11/8/2013      USD          74.9
GREENTOWN CHINA             9    11/8/2013      USD          74.9
HIDILI INDUSTRY         8.625    11/4/2015      USD          75.4
HOME INNS                   2    12/15/2015     USD          77.2
HOME INNS                   2    12/15/2015     USD          73.6
JA SOLAR HOLD CO          4.5    5/15/2013      USD          72.3
JINKOSOLAR HOLD             4    5/15/2016      USD          38.4
KAISA GROUP                 8    12/20/2015     CNY          72.5
LDK SOLAR CO LTD         4.75    4/15/2013      USD          63.3
LDK SOLAR CO LTD         4.75    4/15/2013      USD          52.3
LDK SOLAR CO LTD         4.75    4/15/2013      USD            65
LUPATECH FINANCE        9.875                   USD            65
LUPATECH FINANCE        9.875                   USD            63
MARFRIG OVERSEAS          9.5    5/4/2020       USD            71
MARFRIG OVERSEAS          9.5    5/4/2020       USD          72.3
MBPS FINANCE            11.25    11/15/2015     USD          67.5
MBPS FINANCE            11.25    11/15/2015     USD          65.5
MINGFA GROUP INT         5.25    5/23/2016      HKD            72
POLARCUS LTD            2.875    4/27/2016      USD          73.1
POWERLONG RE HLD        13.75    9/16/2015      USD          64.9
POWERLONG RE HLD        13.75    9/16/2015      USD          64.5
POWERLONG RE HLD         11.5    3/17/2014      CNY          67.6
PUBMASTER FIN           6.962    6/30/2028      GBP          53.5
PUBMASTER FIN            8.44    6/30/2025      GBP            57
RENHE COMMERCIAL        11.75    5/18/2015      USD            70
RENHE COMMERCIAL           13    3/10/2016      USD          71.8
RENHE COMMERCIAL           13    3/10/2016      USD          72.1
RENHE COMMERCIAL        11.75    5/18/2015      USD          70.5
SHIMAO PROPERTY             8    12/1/2016      USD            75
SOLARFUN POWER H          3.5    1/15/2018      USD          49.5
SOLARFUN POWER H          3.5    1/15/2018      USD          48.5
SPG LAND HOLDING         13.5    4/8/2016       USD          64.3
SUNTECH POWER               3    3/15/2013      USD            40
SUNTECH POWER               3    3/15/2013      USD          43.5
TEXHONG TEXTILE         7.625    1/19/2016      USD          71.9
TEXHONG TEXTILE         7.625    1/19/2016      USD            68
YUZHOU PROPERTIE         13.5    12/15/2015     USD          66.6
YUZHOU PROPERTIE         13.5    12/15/2015     USD            65


  CHILE
  -----

AGUAS NUEVAS              3.4    5/15/2012      CLP          0.44
CGE DISTRIBUCION         3.25    12/1/2012      CLP          19.5
COLBUN SA                 3.2    5/1/2013       CLP            73
ESVAL S.A.                3.8    7/15/2012      CLP          25.3
MASISA                   4.25    10/15/2012     CLP          19.7
QUINENCO SA               3.5    7/21/2013      CLP          24.9


  PANAMA
  ------

NEWLAND INT PROP          9.5    11/15/2014     USD            58


  PUERTO RICO
  -----------

BANCO SANTANDER           6.1    6/1/2032       USD            60
BANCO SANTANDER           6.3    6/1/2032       USD          62.1
PUERTO RICO CONS          6.3    11/1/2033      USD          0.01
PUERTO RICO CONS          6.2    5/1/2017       USD            53

  VENEZUELA
  ---------

PETROLEOS DE VEN          5.5    4/12/2037      USD          46.9
PETROLEOS DE VEN        5.375    4/12/2027      USD          48.4
PETROLEOS DE VEN         5.25    4/12/2017      USD          62.9
PETROLEOS DE VEN        5.125    10/28/2016     USD          63.9
PETROLEOS DE VEN            5    10/28/2015     USD          70.4
PETROLEOS DE VEN          8.5    11/2/2017      USD          74.2
PETROLEOS DE VEN          8.5    11/2/2017      USD          74.4
VENEZUELA                   7    3/31/2038      USD          56.3
VENEZUELA                   7    3/31/2038      USD          57.3
VENEZUELA                   6    12/9/2020      USD          60.5
VENEZUELA                7.65    4/21/2025      USD          61.7
VENEZUELA                8.25    10/13/2024     USD          64.3
VENEZUELA                9.25    5/7/2028       USD            69
VENEZUELA                   9    5/7/2023       USD          68.3
VENEZUELA                   7    12/1/2018      USD          69.8
VENEZUELA                7.75    10/13/2019     USD          70.8
VENEZUELA                9.25    9/15/2027      USD          71.5
VENEZUELA                9.25    9/15/2027      USD          72.3
VENZOD - 189000         9.375    1/13/2034      USD          67.8


                            ***********


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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