TCRLA_Public/111230.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


            Friday, December 30, 2011, Vol. 12, No. 259

                            Headlines



A N T I G U A  &  B A R B U D A

LUXURY BRANDS: Owner to Stop Operations, Closes Store


A R G E N T I N A

CALERA SRL: Creditors' Proofs of Debt Due Feb. 15
DISTRIBUIDORA ENERGY: Creditors' Proofs of Debt Due March 7
MAIL CENTER: Creditors' Proofs of Debt Due Feb. 28
MARNILA SA: Creditors' Proofs of Debt Due March 12
MATAFUEGOS INDEPENDENCIA: Creditors' Proofs of Debt Due March 7

TRANSPORTADORA DE GAS: Fitch Holds Junk Ratings on 3 Note Classes


B R A Z I L

ALL-AMERICA LATINA: Fitch Rates Long-Term IDRs at 'BB-'
BANCO BONSUCESSO: Fitch Affirm Individual Rating at 'D'
SUZANO TRADING: Fitch Affirms Rating on US$650-Mil. Notes at 'BB'


C A Y M A N   I S L A N D S

AGAM SPV: Creditors' Proofs of Debt Due Jan. 4
AMATHEA VII: Commences Liquidation Proceedings
COOLUM FUND: Shareholder Receives Wind-Up Report
COOLUM MASTER: Shareholder Receives Wind-Up Report
MKM LONGBOAT: Members Receive Wind-Up Report

MKM LONGBOAT: Members Receive Wind-Up Report
MKM LONGBOAT: Members Receive Wind-Up Report
MSR ASIA: Commences Liquidation Proceedings
POLLUX GLOBAL: Shareholder Receives Wind-Up Report
VALUE HOLDINGS: Commences Liquidation Proceedings


C H I L E

CORP GROUP: S&P Puts 'BB+' Rating on Negative Watch


H O N D U R A S

* HONDURAS: Moody's Keeps 'B2' Long-Term Issuer Ratings


M E X I C O

ING BANK: Fitch Affirms Individual Rating at 'C/D'
PETROBRAS ARGENTINA: S&P Keeps 'BB-' Corporate Credit Rating


N I C A R A G U A

* NICARAGUA: To Benefit From US$6.3 Million Development Program
* NICARAGUA: Moody's Keeps 'B3' Long-Term Issuer Currency Ratings


T R I N I D A D  &  T O B A G O

PETROTRIN: Seeks to Fill Senior Managers Positions


V E N E Z U E L A

* VENEZUELA: Moody's Assigns B2 LT Issuer Foreign Currency Rating


                            - - - - -


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


LUXURY BRANDS: Owner to Stop Operations, Closes Store
-----------------------------------------------------
Caribarena Antigua reports that Luxury Brands owner Dante
Tagliaventi said that the company's store will be closed due to
local economy issues and competitive prices on board the cruise
ships.

Only two of the four Luxury Brand employees will be working as of
this week, and the store will close indefinitely at the end of
the 2012 season, according to Caribarena Antigua.

The report notes that Mr. Tagliaventi had already closed two
similar business establishments, Timeless Treasures and
Millennium, over the past year.

Caribarena Antigua discloses that with notable cruise ship
arrivals expected this winter season, Mr. Tagliaventi said he had
hoped to keep Luxury Brands open.  However, the report relates
that with only US$3,125 in income over the past month, this has
not proven possible.

Overall, Luxury Brands recorded an 82% reduction in income this
year compared to the same period in 2010, the report says.

"I believe that any country and government should have an
assistance plan to help businesses like mine, which have been in
operation for so long. . . .  We do a lot of community programs.
. . . It is sad to close a company," Caribarena Antigua quoted
Mr. Tagliaventi as saying.


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


CALERA SRL: Creditors' Proofs of Debt Due Feb. 15
-------------------------------------------------
Gustavo Horacio di Capua, the court-appointed trustee for Calera
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Feb. 15, 2012.

Mr. di Capua will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 27, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

        Gustavo Horacio Di Capua
        Muniz 416
        Argentina


DISTRIBUIDORA ENERGY: Creditors' Proofs of Debt Due March 7
-----------------------------------------------------------
Javier Marcelo Espineira, the court-appointed trustee for
Distribuidora Energy Drinks de Argentina SA's bankruptcy
proceedings, will be verifying creditors' proofs of claim until
March 7, 2012.

Mr. Espineira will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 24, 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:

        Javier Marcelo Espineira
        Quirno Costa 1259
        Argentina


MAIL CENTER: Creditors' Proofs of Debt Due Feb. 28
--------------------------------------------------
Felisa Mabel Tumilasci, the court-appointed trustee for Mail
Center SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Feb. 28, 2012.

Ms. Tumilasci will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 43, 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:

        Felisa Mabel Tumilasci
        Avenida Callao 449
        Argentina


MARNILA SA: Creditors' Proofs of Debt Due March 12
--------------------------------------------------
Ana Maria Calzada Percivale, the court-appointed trustee for
Marnila SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until March 12, 2012.

Ms. Percivale will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 6, 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 Calzada Percivale
        Sarmiento 2437
        Argentina


MATAFUEGOS INDEPENDENCIA: Creditors' Proofs of Debt Due March 7
---------------------------------------------------------------
Beatriz del Carmen Muruaga, the court-appointed trustee for
Matafuegos Independencia SA's bankruptcy proceedings, will be
verifying creditors' proofs of claim until March 7, 2012.

Ms. Muruaga 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. 2, 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:

        Beatriz del Carmen Muruaga
        Aguero 1290
        Argentina


TRANSPORTADORA DE GAS: Fitch Holds Junk Ratings on 3 Note Classes
-----------------------------------------------------------------
Fitch Ratings has affirmed Transportadora de Gas del Norte's
(TGN) ratings as follows:

  -- Foreign/Local Currency Issuer Default (IDR) ratings at 'D';
  -- National long-term rating at 'D(arg)';
  -- USD250 million notes series A at 'CC/RR5'; national scale
      rating at 'D(arg)';
  -- USD250 million notes series B at 'CC/RR5'; national scale
      rating at 'D(arg)';
  -- USD300 million medium-term note program at 'CC/RR5';
      national scale rating at 'D(arg)';
  -- USD247.3 million expected notes issuance at 'CCC(exp)/RR4';
      national scale rating at 'BB(arg)'
  -- Equity national scale rating at 'Level 4'.

The Rating Outlook is Stable.

The rating of the USD 247.3 million notes issuance has yet to be
finalized upon closing of TGN's debt restructuring process.

TGN's foreign and local currency IDRs of 'D' reflect the
suspension of principal and interest payments on USD345 million
of debt by the company on Dec. 23, 2008.  Although TGN has
reached the consent to restructure its debt with 88% of the
bondholders and has initiated the court procedure (Acuerdo
Preventivo Extrajudicial [APE]) to proceed with the debt
restructuring, the process has not been finalized.  Fitch expects
to upgrade TGN's local and foreign currency IDRs to 'CCC' upon
completion of the debt restructuring.

The 'CC' rating of the 2012 notes reflects the expectation of
below-average recovery prospects given default; the 'RR5'
indicates a probability of recovery of 11% - 30% of current
principal and related interest.

The 'CCC/RR4' expected rating of the new USD247.3 million seven-
year notes offered in the restructuring process reflect a
moderate improvement in TGN's debt profile following such
restructuring.  The 'RR4' indicates a recovery prospect of 31% -
50%, and reflects a debt reduction by USD 100 million following
the restructuring.  Debt service could be significantly reduced
during the first five years following the restructuring, as the
bonds have a minimum cash interest payment of 3.5% per year, with
the option to capitalize the coupon spread throughout the life of
the bond which begins to amortize on year five.  As inflation
pressures continue to erode margins, absent any tariff increases,
cash flow will likely turn negative when principal amortizations
begin which could add to financial distress.

There have been no significant advances in the APE procedure
which should approve the debt restructuring agreed between TGN
and 88% of its bondholders.  The efforts by ANSES (Argentina's
national pension fund) and various parties to prevent the
finalization of the restructuring agreement further heighten risk
for creditors.  The timing of the restructuring remains
uncertain.  First, the APE court will need to issue the initial
endorsement approving the restructuring agreement.  If this
endorsement is issued, TGN would need to restructure the debt
held by consenting creditors.  On a later date, following the
final endorsement, TGN would restructure its remaining debt with
similar terms and conditions.

TGN's domestic tariffs have remained frozen since 1999.  Although
the government seemed to be moving in the right direction when it
approved a 20% tariff increase during October 2008, and
subsequently ratified it on April 2010, the regulatory entity
(ENARGAS) has failed to approve the new tariff scheme.

Cash flow generation and margins have deteriorated due to
inflationary pressures and the suspension of certain export
contracts.  During the LTM period ended Sep 30, 2011, TGN
generated USD 25 million of free cash flow.  This represents a
decrease from USD 47 million during 2010.  Fitch Ratings expects
next year's cash generation to deteriorate absent any tariff
increase.

TGN is one of the two largest transporters of natural gas in
Argentina, delivering approximately 40% of the country's total
gas consumption.  TGN has an exclusive license to operate the
northern Argentina gas pipeline system for a term of 35 years,
which may be extended for an additional 10-year period.  The
Argentine government has intervened into TGN's administration
since December 2008.  The designated government's interventor is
responsible for supervising all actions related to the public
service.  TGN's main shareholders are Gasinvest S.A. (56.35%) and
Blue Ridge Investments LLC (23.53%), while 20% is floating in the
market. Gasinvest S.A. is in turn owned by TecPetrol
Internacional SL (27.2%), Total Gas y Electricidad Argentina S.A
(20.6%), Petronas Argentina S.A (18.3%). Total Gasandes (6.6%),
and Compania General de Combustibles S.A. (27.2%).


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


ALL-AMERICA LATINA: Fitch Rates Long-Term IDRs at 'BB-'
-------------------------------------------------------
The creation of Vetria Mineracao S.A. is a credit neutral for the
ratings of ALL-America Latina Logistica S.A. (ALL) and Triunfo
Participacoes e Investimentos S.A., according to Fitch Ratings.
Vetorial Participacoes S.A. is also a party to the strategic
partnership.

Vetria will mine, process, transport and sell iron ore.
According to the agreement, Vetria will build and own a port
terminal in Santos Port.  The iron ore mining operations of
Vetria will be near the city of Corumba (MS) and the ore will be
transported by a subsidiary of ALL.  Contributions to this
strategic partnership include the iron ore exploration rights of
Vetorial and the Santos port property owned by Triunfo.  The
initial equity participations of ALL, Triunfo and Vetorial in
Vetria will be 50.38%, 15.79% and 33.83%, respectively.

The investments to improve the mine's and the railroad's
capacity, as well as the construction of the port terminal, are
projected to cost BRL7.6 billion.  The investment should be
financed by equity and debt in a proportion of 70% / 30%,
respectively.  The whole 30% of equity is expected to come from a
new strategic partner that will result in a dilution of the
previous shareholders.  The project is expected to be concluded
at the end of 2016 and the mining capacity will be 20 million
tons per year of iron ore.

The cash flow of Triunfo and ALL should not be pressured by the
creation of Vetria, as the association does not foresee relevant
cash disbursements by these companies to finance the project.
The debt to be issued by Vetria is projected to be non-recourse,
project finance debt that will be amortized using the cash flows
of the project.  Any deviation from these expectations, could
lead to negative rating actions.

Strategically, Fitch considers the transaction to be positive in
the long run for ALL and Triunfo since it is in line with the
companies' operational and commercial strategies.  The
transaction could also boost ALL's cash generation.  For Triunfo,
the transaction is likely to provide important diversification to
its business portfolio in the port sector.

The ratings of ALL and subsidiaries and of Triunfo are listed
below:

ALL:

  -- Foreign and Local Currency Long-Term IDRs 'BB-';
  -- National Long-Term Rating 'A(bra);
  -- National Long-Term Rating of 5th debenture issue 'A(bra);
  -- National Long-Term Rating of 6th debenture issue 'A(bra);
  -- National Long-Term Rating of 8th debenture issue 'A(bra);
  -- National Long-Term Rating of 9th debenture issue 'A(bra)'.

ALL - America Latina Logistica Malha Sul S.A.:

  -- National Long-Term Rating 'A(bra)';
  -- National Long-Term Rating of 3rd debenture issue 'A(bra)';

ALL - America Latina Logistica Malha Norte S.A.:

  -- National Long-Term Rating 'A(bra)';
  -- National Long-Term Rating of 6th debenture issue 'A(bra)'.

ALL - America Latina Logistica Malha Paulista S.A.:

  -- National Long-Term Rating 'A(bra);
  -- National Long-Term Rating of 1st debenture issue
     'A(bra)'.

Triunfo

  -- National Long-Term Rating : 'A+(bra)';
  -- Third debenture issue in the amount of BRL180m, 'A+(bra)'
  -- Foreign Currency IDR : 'BBB-'.

The Rating Outlook of the corporate ratings is Stable.


BANCO BONSUCESSO: Fitch Affirm Individual Rating at 'D'
-------------------------------------------------------
Fitch Ratings has affirmed Banco Bonsucesso S.A.'s ratings and
revised its long-term Rating Outlook to Negative from Stable, as
follows:

  -- Long-Term Foreign/Local Currency Issuer Default Ratings
     (IDRs) 'B+'; Outlook Negative;
  -- Short-term Foreign and Local Currency IDRs 'B';
  -- Individual Rating 'D';
  -- Viability Rating 'b+';
  -- Support Rating '5';
  -- Support Rating Floor 'no floor';
  -- Long-Term National Rating 'BBB+(bra)'; Outlook Negative;
  -- Short-Term National Rating 'F2(bra)'.

The Negative Outlook reflects Bonsucesso's reduced profitability,
which should be further impacted by the new accounting rules
pertaining to revenue recording and by the limited use of credit
assignments.  Fitch highlights that the figures until the third
quarter of 2011 included a sustained increase of provisioning
expenses and increased pressure on its spreads, given rising
funding costs.  Fitch had highlighted its concerns in this regard
in its RAC of July 11 2011; should the outlook for these
deteriorating trends not improve over the next 12 - 18 months, it
is likely the bank's ratings would be downgraded.  A faster than
expected recovery and stabilization of operating results and
provisioning expenses could result in a new rating outlook
review.

The IDRs and National Ratings reflect the bank's continued strong
expertise in the competitive payroll deductible loans segment.
The ratings also portray its relatively modest size, the downward
trend of Fitch core capitalization and the fact that it is a
niche bank, with large concentrations, making it more susceptible
to economic volatility.

Given the challenges of funding medium-term payroll deductible
loans, its major product, most of which as a result of increased
funding costs for small and medium-sized banks, Bonsucesso
changed its focus to higher margin payroll deductible
partnerships, including payroll deductible credit cards.  The
prudential measures implemented by the Central Bank of Brazil in
December 2010 were softened in November 2011 and should benefit
those banks focused on payroll deductible loans with some cushion
in terms of regulatory capital.

So as to reduce its reliance on this segment, Bonsucess has
attempted to increase its middle market portfolio, which showed
significant increase (60%) in 2010, presenting a small reduction
until the third quarter of 2011.  For Fitch, reduced dependency
on payroll lending is important, but the agency points out that
competition in this segment is also intense and that delinquency
ratios there are greater, which could cause higher provisioning
expenses.

Despite presenting some deterioration until the third quarter in
2011, Bonsucesso's credit quality remains slightly better than
peer average.  Like other medium-sized banks, the significant
dependence on loan assignments and time deposits (especially,
Term Deposits with Special Guarantees - DPGEs, having used
virtually all its limit) restricts Bonsucesso's flexibility in
times of stress and boosts its funding costs.

Fitch Core capital/total risk weighted assets remained around
11%, a percentage considered low by the agency.  Although the
recent subordinated debt issue, classified as Tier 2 regulatory
capital, is not considered in this calculation, the agency
recognizes the benefits of this additional source of funding,
which has good maturity terms.

Given the increased provisioning expenses and higher pressure,
mainly from the increase in funding costs on its margins, the
bank's results have significantly decreased in the nine first
months of 2011 and its ROE should end up close to 10%.  In 2012,
this scenario will be impacted by the end of anticipated revenues
from portfolio assignments with co-obligation, which should
further and strongly reduce its results, same as with other banks
which are reliant on assignments.  Fitch will monitor this trend
considering the potential pressure on its capitalization.

Controlled by the Pentagna Guimaraes family, Bonsucesso's origin
dates back to the creation of Bonsucesso Financeira in 1992,
which was transformed into a multiple bank in 1997.  The bank
operates in the payroll deductible loans for public servants and
retirees of the National Institute of Social Security (INSS).  On
a smaller scale, it also operates with credit for small and
medium-sized companies (PMEs).


SUZANO TRADING: Fitch Affirms Rating on US$650-Mil. Notes at 'BB'
-----------------------------------------------------------------
Fitch Ratings has affirmed Suzano Papel e Celulose S.A.'s
national scale rating of 'A+(bra)' and the national scale rating
of its debentures due in 2014 and 2019 at 'A+(bra)'.

In conjunction with these affirmations, Fitch has assigned the
following ratings:

Suzano

  -- Foreign Currency Issuer Default Rating (IDR) at 'BB';
  -- Local Currency IDR at 'BB'.

Suzano Trading Ltd.

  -- Foreign Currency IDR at 'BB';
  -- USD650 million Senior Notes due Jan. 23, 2021 at 'BB'.

The Rating Outlook for the corporate ratings is Stable.

Suzano Trading Ltd. is a wholly owned subsidiary of Suzano and is
incorporated in the Cayman Islands.  The USD650 million senior
notes are unconditionally and irrevocably guaranteed by Suzano.
The credit quality of Suzano and Suzano Trading Ltd. have been
linked according to Fitch's 'Parent and Subsidiary Rating
Linkage' criteria report dated Aug. 12, 2011.

Suzano's credit ratings reflect the company's leading position in
Brazil's printing and writing paper and paperboard markets, and
its strong position in the bleached eucalyptus kraft market pulp
(BEKP) industry.  The ratings also take into consideration
Suzano's large forestry base, which assures it of a competitive
production cost structure in the future and provides it with
organic growth opportunities.  The value of the company's land
and forests as of Sept. 30, 2011 was BRL6 billion.

Suzano's ratings are constrained by high leverage ratios and by
the expectation that leverage will remain high during 2012 as
capital expenditures for the pulp mills rise, reaching a peak in
2013, when the start-up of the Maranhao pulp mill is expected.
Fitch projects net debt-to-EBITDA ratios to exceed 4.0 times (x)
during 2012 and 2013, as the company expands its market pulp
capacity to 3.4 million tons per year by 2013 from 1.9 million
tons per year during 2011.

Sustainable Competitive Advantage; Low Production Cost Structure:

Suzano is the leading producer of printing and writing paper in
Brazil, as well as paperboard, with 1.3 million tons of annual
production capacity.  The company's market shares of 31% in
uncoated printing and writing paper and 26% in paperboard allow
it to be a price leader in Brazil.  Suzano also produces 1.9
million tons of market pulp, which makes it one of the ten
largest producers of market pulp in the world.

Like other producers of hardwood pulp in Brazil, Suzano enjoys a
production cost structure that is among the lowest in the world.
This enables Suzano to generate positive cash flows during
troughs in the pulp and paper cycle.  Suzano's competitive
advantage is viewed as sustainable.  The company owns 771,000
hectares of land in Brazil, of which 341,000 are used for the
development of eucalyptus plantations.

Suzano plans to develop pulp mills at Maranhao (targeted start-up
date at the end of 2013), with an annual production capacity of
1.5 million tons.  The company recently announced a postponement
of the decision to purchase industrial equipment for a new pulp
mill in Piaui until the first half of 2014; this was viewed
positively by Fitch in light of current market conditions.

Leverage is High; Liquidity is Adequate:

Suzano had BRL8.4 billion of total debt and BRL3 billion of cash
as of Sept. 30, 2011, resulting in net debt of BRL5.5 billion.
These figures compare with net debt of BRL3.6 billion at the end
of 2010 and BRL4.2 billion at the end of 2009.  The increase in
net debt was due to the negative impact of BRL depreciation
versus the U.S. dollar (52% of total debt is dollar denominated),
and, to a lesser extent, new debt.

As expected by Fitch, leverage increased during 2011 and should
continue to rise. During the latest 12 months (LTM) ended
Sept. 30, 2011, Suzano's total debt-to-EBITDA ratio was 6.9x,
while its net debt-to-EBITDA ratio was 4.5x, as calculated by
Fitch.  These ratios compare with 4.4x and 2.1x, respectively, in
2010, and 6.6x and 4.1x in 2009.  Suzano's leverage has
historically been higher than most of its peers in Latin America.
Between 2005 and 2008, Suzano's net leverage averaged 3.5x.

Leverage should remain high in the next couple of years, as
Suzano plans to invest about BRL4 billion in 2012 and BRL2.2
billion in 2013, not considering the sale of assets.  Leverage
should also be pressured by the expectation of relatively weak
pulp prices due to a sluggish global recovery, excess paper
capacity in China, and additional pulp capacity. Higher leverage
ratios may lead to covenant breach of the third debentures
issuance.  The company is taking the necessary steps to seek
covenant adjustments or waivers and could repay the obligation
with its cash balance if necessary.

Suzano has historically maintained a strong liquidity position.
As of Sept. 30, 2011, Suzano had BRL3 billion of cash and
marketable securities.  This compares with about BRL2.5 billion
of debt maturing by the end of 2012.  Maturities of BRL1.2
billion in 2013 and BRL1.1 billion in 2014 should also be
manageable.

Strong Cash Flow Generation Capacity Pressured by High Investment
Plan:

Suzano generated BRL1.2 billion of EBITDA and BRL989 million of
funds from operations (FFO) during the LTM.  This compares with
BRL1.7 billion of EBITDA and BRL1.2 billion of FFO during 2010.
With investments of BRL2.4 billion and dividends of BRL162
million, free cash flow was negative BRL1.6 billion during the
LTM.

The high level of investments was due to expansion projects
(Maranhao and Piaui units) and the acquisition of a 50% interest
in Consorcio Paulista de Papel e Celulose (Conpacel) from Fibria
Celulose S.A. (Fibria) for BRL1.450 billion, as well as the
acquisition of the paper distribution company, KSR Distribuidora
(KSR), for BRL50 million.

Suzano's plan to invest an additional BRL6.2 billion in 2012 and
2013 will further pressure free cash flow for the next 18 months.
The company's cash position could benefit from the sale of non-
core assets or partnerships.  Suzano has strong access to long-
term debt financing in both the local banking market and the debt
capital markets and is expected to fund much of its growth with
debt.

Potential Rating or Outlook Drivers:

Suzano credit ratings could be negatively affected by a further
increase in leverage ratios, or by a significant reduction in
liquidity.  Negative rating actions could also be driven by
additional debt financed acquisitions.

Suzano credit ratings could be positively affected by a decision
by the company's management to maintain lower total debt levels
for a sustained period of time.  A change in the company's
capital structure, following an equity increase to support the
aggressive expansion project would also be viewed positively by
Fitch.


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


AGAM SPV: Creditors' Proofs of Debt Due Jan. 4
----------------------------------------------
The creditors of Agam SPV Seven Limited are required to file
their proofs of debt by Jan. 4, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 14, 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


AMATHEA VII: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on Nov. 16, 2011, the members of
Amathea VII Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Dec. 28, 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


COOLUM FUND: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Coolum Fund Limited received on Dec. 12, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

        K.D. Blake
        c/o Miss Lea Kuflik
        Telephone: +1 345-815-2601 / + 1 345-949-4800
        Facsimile: +1 345-949-7164 / +1 345-949-7164
        P.O. Box 493 Grand Cayman KY1-1106
        Cayman Islands


COOLUM MASTER: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Coolum Master Fund Limited received on
Dec. 12, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        K.D. Blake
        c/o Miss Lea Kuflik
        Telephone: +1 345-815-2601 / + 1 345-949-4800
        Facsimile: +1 345-949-7164 / +1 345-949-7164
        P.O. Box 493 Grand Cayman KY1-1106
        Cayman Islands


MKM LONGBOAT: Members Receive Wind-Up Report
--------------------------------------------
The members of MKM Longboat Capital Advisors (Cayman) Ltd
received on Dec. 7, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

        Robin Lee Mcmahon
        c/o Barry MacManus
        Ernst & Young Ltd
        62 Forum Lane, Camana Bay
        PO Box 510 Grand Cayman KY1-1106
        Cayman Islands
        Facsimile: (345) 949 8529
        e-mail: barry.macmanus@ky.ey.com


MKM LONGBOAT: Members Receive Wind-Up Report
--------------------------------------------
The members of MKM Longboat Multi-Strategy Fund Ltd received on
Dec. 7, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        Robin Lee Mcmahon
        c/o Barry MacManus
        Ernst & Young Ltd
        62 Forum Lane, Camana Bay
        PO Box 510 Grand Cayman KY1-1106
        Cayman Islands
        Facsimile: (345) 949 8529
        e-mail: barry.macmanus@ky.ey.com


MKM LONGBOAT: Members Receive Wind-Up Report
--------------------------------------------
The members of MKM Longboat Multi-Strategy Master Fund Ltd
received on Dec. 7, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

        Robin Lee Mcmahon
        c/o Barry MacManus
        Ernst & Young Ltd
        62 Forum Lane, Camana Bay
        PO Box 510 Grand Cayman KY1-1106
        Cayman Islands
        Facsimile: (345) 949 8529
        e-mail: barry.macmanus@ky.ey.com


MSR ASIA: Commences Liquidation Proceedings
-------------------------------------------
On Nov. 14, 2011, the shareholders of MSR Asia Acquisitions III,
Inc. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 28, 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


POLLUX GLOBAL: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Pollux Global Corporate Bonds Fund received on
Dec. 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        Ogier
        c/o Jo-Anne Maher
        Telephone: (345) 815-1762
        Facsimile: (345) 949-9877


VALUE HOLDINGS: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 15, 2011, the shareholders of Value Holdings resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 28, 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


=========
C H I L E
=========


CORP GROUP: S&P Puts 'BB+' Rating on Negative Watch
---------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on two
Chile-based entities on CreditWatch with negative implications.
This action affected the ratings on Corpbanca, including the
'A-/A-2' counterparty credit ratings, and those on Corp Group
Interhold S.A., including the 'BB+' counterparty credit rating.

The action followed Corpbanca's announcement that it had signed
an agreement with Spain-based Banco Santander S.A. (AA-/Watch
Neg/A-1+) to acquire 95% of fully owned subsidiary Banco
Santander Colombia S.A. (not rated) for about $1.15 billion, and
that Interhold will purchase an additional stake, of at least
2.85%, in the Colombian bank.

"Our ratings on Corpbanca reflect its 'adequate' (as our criteria
define it) business position, 'adequate' capital and earnings,
'adequate' risk position, 'average' funding, and 'adequate'
liquidity, and our view of a 'moderate' likelihood of government
support, given Corpbanca's moderate systemic importance to the
Republic of Chile (foreign currency: A+/Positive/A-1; local
currency: AA/Positive/A-1+) and our assessment of the government
as "supportive" of the country's banking system," S&P said.

"Our ratings on Interhold reflect its heavy reliance on dividends
from indirect subsidiary Corpbanca, high double leverage, and
aggressive business expansion, as also evidenced by this new
acquisition," S&P said.

The group's good position in the Chilean banking and insurance
sectors, and Corpbanca's good earnings capacity are partially
mitigating factors.

Corpbanca is 51.2% owned by non-operating holding company Corp
Group Banking S.A. (not rated), which is in turn fully owned by
Interhold, a holding company controlled by the Chilean Saieh
family.  A diversified group of investors, including local stock
brokerage firms and local pension funds, holds the remaining
stake in Corpbanca.

"The CreditWatch listings mainly reflect the potential for
Corpbanca's overall asset quality to deteriorate as a consequence
of acquiring riskier Colombian assets than its existing Chilean
ones," said Standard & Poor's credit analyst Sergio Fuentes.  "We
believe that Colombia faces higher economic risks than Chile
does."

"With total assets of about $4 billion, Santander Colombia had
about 2.7% and 4.7% market shares in total loans and deposits in
the Colombian financial system as of September 2011.  We expect
Colombian assets to represent about 18% of Corpbanca's total
consolidated assets by June 30, 2012," S&P said.

"We intend to resolve the CreditWatch listings on Corpbanca and
Interhold after the closing of the transactions, which we expect
to take place in first-half 2012 as they are subject to
regulatory approval in Chile and Colombia," S&P said.


===============
H O N D U R A S
===============


* HONDURAS: Moody's Keeps 'B2' Long-Term Issuer Ratings
-------------------------------------------------------
Moody's maintains the following ratings for Honduras, Government
of:

Long Term Issuer (domestic and foreign) ratings of B2

Senior Unsecured (domestic) ratings of B2

Ratings Rationale

Honduras' B2 foreign and local currency ratings are constrained
by the country's very low economic strength, and by low
institutional and government financial strength.  The rating also
incorporates moderate susceptibility to event risk.

Very low economic strength reflects the small size and limited
diversification of the economy coupled with a GDP per capita that
at less than $2,000 remains one of the lowest among sovereigns
rated by Moody's despite fairly strong average annual GDP growth
of nearly 5% during the last five years.  Growth has been less
volatile than many other Latin American countries.

The country's low institutional strength reflects weak governance
and concerns about the rule of law, as reflected in the 2009
political crisis.  However, this condition is partly compensated
by the fact that the country has maintained a close and ongoing
relationship with the IMF that reinforces the economic policy
framework.

Government financial strength is low despite two rounds of debt
forgiveness by bilateral and multilateral creditors during the
past decade.  Government debt currently equals just 23%, of GDP
compared to 63% before the debt forgiveness.  Nevertheless, the
government has limited fiscal flexibility as more than half of
its revenues are allocated to cover payroll expenses and an
additional 20% is absorbed by constitutionally-mandated
transfers.  While fiscal deficits are moderate relative to GDP,
particularly in light of the country's growth rates, they are
considerably larger when measured against the government's low
revenue levels, which reflects the challenge the government faces
to restore fiscal balance.  Furthermore, lack of adequate market
financing and limited financial depth in the local market make
the government highly dependent on external official financing.

The large current account deficit coupled with limited exchange
rate flexibility and high degree of foreign currency denominated
debt leave the rating subject to a moderate degree of event risk
as a result of the country's exposure to oil price increases, as
well as its dependence on the U.S. economic cycle, despite
relatively low and declining external vulnerabilities.  The 2009
political crisis also demonstrated that political instability and
uncertainty can have significant repercussions on the country's
economic and financial performance, though at present there is
general consensus among the main political parties on the need to
implement conservative economic policies as agreed to with the
IMF.

Rating Outlook

The stable rating outlook reflects Moody's expectations of
continued fiscal and policy stability, particularly after the
resolution of the political crisis in 2009 and the restoration of
multilateral loan disbursements.


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


ING BANK: Fitch Affirms Individual Rating at 'C/D'
--------------------------------------------------
Fitch Ratings has affirmed ING Bank (Mexico)'s (INGMex) long-term
Issuer Default Ratings (IDRs) at 'BBB+/F2', as well as its
national scale ratings at 'AAA(mex)' and 'F1+(mex)'.  INGMex's
IDRs reflect the implicit support from its parent company, ING
Bank NV, rated 'A+/1+' with a Stable Outlook by Fitch.

INGMex long-term IDR is currently set at the same level as
Mexico's sovereign local currency rating.  It could be negatively
affected in case of weak ability and/or willingness of support
from ING Bank NV.  In Fitch's opinion, there is a high
probability that support from ING Bank NV is forthcoming, if
needed, despite the challenges that most global trading banks are
facing at present.  However, Fitch considers that a decline in
business volumes is likely in view of the parent company's
efforts to meet the more stringent capital requirements by mid-
2012.  A potential downgrade of the bank's IDR to a level that is
below Mexico's sovereign ratings would result in a national-scale
long-term rating lower than its current 'AAA(mex)' level.

Core earnings remain exposed to volatility in trading revenue,
since INGMex is very active in foreign exchange and interest rate
derivatives.  The bank's wholesale nature results in a small
number of lending activities on its balance sheet (less than 3%
of total assets as of third quarter 2011 [3Q'11]).  In turn, the
absence provisions and well-contained operating cost partially
mitigate market revenue volatility.  Securities lending
operations are recurring. Debt instruments are mostly composed of
government issues (94.3% of total securities as of 3Q'11).

INGMex does not have impaired loans. Fitch considers that market
risk levels at INGMex are reasonable and well monitored. Funding
is mostly short-term and wholesale.  However, Fitch considers
that INGMex's liquidity risk is modest in view of its large
amount of highly rated marketable securities.  Bond lending
transactions show a well-matched funding structure.  In Fitch's
opinion, INGMex is adequately capitalized. Backed in the past by
capital infusions, earnings retention acts now as its main source
for capital growth.  Fitch also believes that pressures on
capital by credit and market risk are low, especially as the bank
could likely reduce its trading activities in the foreseeable
future.

INGMex is a Mexican specialized bank focused on trading
activities and corporate finance services.  It started operations
in Mexico during 1995 and has since been an indirect subsidiary
of ING Bank NV.

The following ratings actions were taken:

INGMex:

  -- Long-term IDR affirmed at 'BBB+';
  -- Short-term IDR affirmed at 'F2';
  -- Long-term local currency IDR affirmed at 'BBB+';
  -- Short-term local currency IDR affirmed at 'F2';
  -- Individual rating affirmed at 'C/D';
  -- Support Rating affirmed at '2';
  -- National-scale long-term rating affirmed at 'AAA(mex)';
  -- National-scale short-term rating affirmed at 'F1+(mex)';
  -- National-scale long-term rating of senior unsecured debt at
     'AAA(mex)';

The Rating Outlook for long-term ratings is Stable.


PETROBRAS ARGENTINA: S&P Keeps 'BB-' Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB' rating on
the US$900 million senior secured bank loan due 2018 of Ecuador-
based oil pipeline project Oleoducto de Crudos Pesados (OCP).
The outlook remained stable.

"We base our rating on the loan on the creditworthiness of
several, but not joint, performance guarantors," said Standard &
Poor's credit analyst Monica Ponce.

The guarantors are Repsol-YPF S.A. (BBB/Positive/A-2), Occidental
Petroleum Corp. (A/Stable/A-1), PetroOriental Holding Ltd. (not
rated), Anadarko Petroleum Corp. (BBB-/Stable/--), and Petrobras
Argentina S.A. (PASA; BB-/Stable/--).

"The creditworthiness of PetroOriental and PASA are backed by
letters of credit from financial institutions that we rate at or
above 'BBB'.  Also, the transaction's contractual structure
involving initial shipper transportation agreements (ISTAs)
between the sponsors and OCP, and its advanced tariff payment
structure in the event of force majeure, including the
expropriation of the pipeline, isolate OCP from sovereign credit
risk," S&P said.

The guarantors are bound by "ship-or-pay" or advance tariff
agreements, even in a remote scenario in which the Ecuadorian
government nationalizes the pipeline or the guarantors' economic
incentives decrease because of disappointing oil exploration.

The stable outlook reflects the performance guarantors' currently
adequate creditworthiness.


=================
N I C A R A G U A
=================


* NICARAGUA: To Benefit From US$6.3 Million Development Program
---------------------------------------------------------------
The Multilateral Investment Fund, a member of the IDB Group, is
partnering with the Nordic Development Fund and two Dutch non-
governmental organizations, Hivos and SNV, to launch a US$6.3
million biogas market development program that will bring
renewable energy to small farmers in Nicaragua and contribute to
reductions in greenhouse gas emissions.

Biogas is a proven and established renewable energy technology
that enables millions of farmers and rural households across the
globe to convert agricultural waste into a combustible methane
gas to meet their energy needs.  The project, the first to be
approved under a comprehensive biogas program targeting small
agricultural producers in Latin America and the Caribbean, will
bring renewable energy to 6,000 small farmers and rural
households in Nicaragua.

"The initiative will adapt and transfer knowledge, practices and
successful business models from biogas programs implemented
across Asia, where it is in widespread use," said MIF project
team leader Zachary Levey.  "The program creates new economic and
social opportunities for many underserved populations of rural
Nicaragua by developing a market for a relatively low-cost,
renewable energy technology."

Biogas technology holds great potential for improving access to
energy in rural areas of the country.  Biogas plants can generate
electricity and heating, organic liquid fertilizer and high-
quality solids for soil amendment.  When used for cooking, biogas
can help reduce greenhouse gas emissions and indoor air
pollution, compared to other traditional fuels such as charcoal.

The project will provide training, marketing, quality control,
business development support and market research to develop a
market for biogas products and services.  It will also work with
agricultural organizations to create local advisory capacities on
the application of bio fertilizer, improvements in farm
production and correct use and maintenance of biogas systems.
Activities will initially target small and medium-size dairy
producers in the departments of Boaco, Matagalpa, Chontales, Rio
San Juan and Leon.

Nicaragua suffers from one of the lowest electrification rates in
Latin America, particularly in rural areas.  Rural households in
the country typically rely on wood for cooking, which can lead to
chronic respiratory illnesses, especially among women and
children, who traditionally spend more time in the household.

                          About the MIF

Established in 1993 as part of the Inter-American Development
Bank (IDB) Group, the Multilateral Investment Fund was created to
develop effective approaches to support economic growth and
poverty reduction through private sector-led development in
support of micro, small and medium enterprises benefitting the
poor -- their businesses, their farms, and their households.

                          About the NDF

The Nordic Development Fund is a multilateral financing
institution established by Denmark, Finland, Iceland, Norway and
Sweden.  NDF provides financing for climate change-related
interventions in low-income countries, in cooperation with other
financing institutions.

                             About SNV

SNV is a non-profit international development organization
established in the Netherlands in 1965.  SNV has been present on
the ground in developing countries for over 40 years, and now
operates in 36 countries in Africa, Asia, Latin America and the
Balkans.

                            About Hivos

Hivos is a Dutch development organization guided by humanist
values.  Together with local civil society organizations in
developing countries, Hivos wants to contribute to a free, fair
and sustainable world, in which all citizens -- both women and
men -- have equal access to opportunities and resources for
development and can participate actively and equally in decision
making processes that determine their lives, their society and
their future.


* NICARAGUA: Moody's Keeps 'B3' Long-Term Issuer Currency Ratings
-----------------------------------------------------------------
The following release represents Moody's Investors Service's
summary credit opinion on Nicaragua, Government of and includes
certain regulatory disclosures regarding its ratings.  This
release does not constitute any change in Moody's ratings or
rating rationale for Nicaragua, Government of.

Moody's current ratings on Nicaragua, Government of are:

Long Term Issuer (domestic and foreign currency) ratings of B3

Senior Unsecured (domestic currency) ratings of B3

Ratings Rationale

On May 26, 2010, Nicaragua's local and foreign currency
government bond ratings were united at B3, reflecting Moody's
view that - with rare exceptions - a government is equally likely
to default on its domestic and foreign currency obligations.

Nicaragua's B3 foreign and local-currency ratings are constrained
by the country's limited economic development, weak institutions,
and high levels of dollarization.

Nicaragua remains one of the poorest countries in the region and
among the poorest Moody's rates worldwide. Per capita GDP (PPP
basis) on 2009 was US$2,665 compared with a B median of US$6,049.

Nicaragua ranks low on the World Bank's governance indicators,
used as proxies for policy consensus and predictability.

High dollarization, including dollarization in the financial
sector and a high share of foreign currency-denominated
government debt, raise concerns about the impact of exchange rate
shocks.

Nicaragua has benefited from substantial debt forgiveness -
primarily as a result of the IMF/World Bank Heavily Indebted Poor
Countries (HIPC) Initiative and the G8 Multilateral Debt Relief
Initiative - helping halve government debt from 98% of GDP in
2004 to less than 45% at present.  The presence of significant
political, financial, and economic risks make Nicaragua highly
susceptible to vulnerabilities associated to event risks.


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


PETROTRIN: Seeks to Fill Senior Managers Positions
--------------------------------------------------
Camille Bethel at Trinidad Express reports that state-owned oil
company Petrotrin has invited qualified members of the public,
through newspaper advertisements, to apply to fill top executive
positions in the company.

The advertisements invite applicants for the positions of
president, and vice-presidents of finance, exploration and
production and human resources and corporate services, according
to Trinidad Express.

The report notes that President General of the Oilfields Workers
Trade Union Ancel Roget has called the advertisements
unprecedented and "an embarrassment".

However, Trinidad Express discloses that the company said that
the recruitments necessary as a number of executives will soon
retire at the mandatory age of 60.

The report relates that the company also published an
advertisement looking for a chief executive officer under the
Petrotrin Exploration and Production Services Ltd.  The deadline
for this position is January 5.

                        About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined.  The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2010, Trinidad Express said that four members of
Petrotrin submitted their resignation letters.  According to the
report, Malcom Jones resigned as chairman of Petrotrin and from
the State boards.  The report related board members Lawford
Dupres, who chaired the National Petroleum board, attorney Kerwin
Garcia and Andrew McIntosh had also resigned.  Prime Minister
Kamla Persad-Bissessar, the report noted, said that Cabinet had
ordered a forensic audit of Petrotrin as there were "grounds for
suspicion of misconduct" at Petrotrin similar to what may have
transpired at special-purpose State enterprise UDeCOTT.  The
report said that the company was experiencing serious financial
difficulties resulting in high cost overruns of its refinery
upgrade.  The situation was exacerbated by a US$12 billion
lawsuit by World GTL Inc. against Petrotrin, the report added.


=================
V E N E Z U E L A
=================


* VENEZUELA: Moody's Assigns B2 LT Issuer Foreign Currency Rating
-----------------------------------------------------------------
Moody's has just updated the credit opinion for Government of
Venezuela.

Moody's current ratings on the Government of Venezuela are:

Long Term Issuer (domestic currency) ratings of B1
Long Term Issuer (foreign currency) ratings of B2
Senior Secured (foreign currency) ratings of B2
Senior Unsecured (foreign currency) ratings of B2
Senior Unsecured MTN Program (foreign currency) ratings of (P)B2
Senior Unsecured Shelf (foreign currency) ratings of (P)B2

Ratings Rationale

Venezuela's B2 foreign currency and B1 local currency ratings
balance the country's moderate economic and government strength
against very low institutional strength and high susceptibility
to event risk.

Venezuela's score of medium for economic strength scores reflects
its relatively large and wealthy economy compared to its B-
category rating peers and in particular its sizeable oil exports.
Its GDP per capita of US$11,829 (on a PPP basis) in 2010 was
twice the US$5,784 median for the B rating category.  Recent
strong economic growth has been driven by high oil prices and
strong government spending ahead of the 2012 presidential
elections. However, Venezuela's medium and long-term economic
sustainability is threatened by a heterodox policy mix including
years of price and foreign exchange controls and significant
state intervention in the private sector.  These have produced a
highly inefficient economy characterized by low private
investment and weighed down by massive distortions, including
high inflation, limited spare capacity, and a growing dollar
scarcity due to rapid capital flight despite continued dollar
rationing by the government to preserve external liquidity.

The very low institutional strength is the country's biggest
credit constraint.  President Hugo Chavez has bypassed the
National Assembly after the opposition scored important gains in
September's 2010 congressional elections, limiting institutional
checks and balances and heightening political tensions in the
run-up to the 2012 presidential elections.  In addition,
government accounts suffer from a lack of transparency and the
government is increasingly resorting to extra-budgetary spending
and borrowing, which makes the government's true fiscal position
hard to measure.

Nevertheless, the government's financial strength remains well
supported at medium thanks to recovering oil prices which support
a high level of dividends from PDVSA, the state-owned oil
company, as well as a low public debt stock and a smooth debt
amortization profile.  However, the government's debt burden is
increasing at an aggressive pace to finance rising government
deficits.

High exposure to event risk reflects the government's heavy
dependency on oil revenues and consequent susceptibility to a
drop in oil prices, particularly considering the increasing
fiscal deficits during a time of historically elevated oil
prices. Exposure is increasing as the government resorts to
increasing external debt issuance and financing from China to
satisfy a highly repressed dollar demand resulting from the
overvalued fixed exchange rate.  The high degree of political
instability and volatility with which policies are set also
results in a high degree of political event risk.


                            ***********


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.


                   * * * End of Transmission * * *