TCRLA_Public/120207.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, February 7, 2012, Vol. 13, No. 026



                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Accountant Details Owner's Investment Spending


B R A Z I L

BESI BRASIL: S&P Puts 'BB' Global Scale Rating on Watch Negative
GRUPO FARIAS: S&P Gives 'B-' Global Scale Rating; Outlook Stable
LTD TRANSPORTES: Moody's Says 'Ba2' CFR Unaffected by Acquisition
MINERVA LUXEMBURGO: S&P Gives 'B' Rating on US$30MM Senior Notes
MINERVA SA: Moody's Assigns B2 Rating to US$300MM Proposed Notes


C A Y M A N   I S L A N D S

ALBEMARLE INVESTMENTS: Shareholders Receive Wind-Up Report
ALPSTAR COMPOSITE: Shareholders Receive Wind-Up Report
ALPSTAR EUROPEAN: Shareholders Receive Wind-Up Report
ALPSTAR SECURED: Shareholders Receive Wind-Up Report
ALPSTAR SUPRA: Shareholders Receive Wind-Up Report

BANCO ESPIRITO: DBRS Cuts Dated Subordinated Note Rating to 'BB'
BANYAN ASSET: Shareholders Receive Wind-Up Report
BASSO HOLDINGS: Shareholders Receive Wind-Up Report
BASSO MULTI-STRATEGY: Shareholders Receive Wind-Up Report
ENHANCED FAIRFIELD: Shareholders Receive Wind-Up Report

EVENT DRIVEN: Shareholders Receive Wind-Up Report
JPMORGAN COMMODITY: Shareholders Receive Wind-Up Report
JPMORGAN VALUE: Shareholders Receive Wind-Up Report
LONGBOW INFRASTRUCTURE: Shareholders Receive Wind-Up Report
LONGBOW INFRASTRUCTURE MASTER: Shareholders Get Wind-Up Report

MS CEMENT IV: Shareholders Receive Wind-Up Report
MSIIEUR VEHICLE: Shareholders Receive Wind-Up Report
OZ LEPUS: Shareholders Receive Wind-Up Report
OZ TAURUS: Shareholders Receive Wind-Up Report
OZ VEGA: Shareholders Receive Wind-Up Report

PIMCO LOAN: Shareholders Receive Wind-Up Report
PMI CDS: Shareholders Receive Wind-Up Report
REFLEXION NZ INVESTMENTS: Shareholders Receive Wind-Up Report
SPLENDOR LEASING: Shareholders Receive Wind-Up Report
TALF INVESTMENT: Shareholders Receive Wind-Up Report

VALUE CREATION: Shareholders Receive Wind-Up Report
WORLD 401: Shareholders Receive Wind-Up Report


J A M A I C A

* JAMAICA: Homeowners Faces Serious Troubles


M E X I C O

ARRENDADORA VE POR MAS: Moody's Confirms Issuer Rating at 'Ba3'


T R I N I D A D  &  T O B A G O

HOUSING DEVELOPMENT: Denies Not Paying Contractors


V E N E Z U E L A

PETROLESOS DE: Fitch Affirms Issuer Default Rating at 'B+'


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


STANFORD INT'L: Accountant Details Owner's Investment Spending
--------------------------------------------------------------
Juan A. Lozano at Jamaica Observer reports that Henry Amadio, an
accountant who worked for Robert Allen Stanford, testified and
told jurors at Mr. Stanford's federal fraud trial in Houston that
various businesses into which Stanford sunk money were basically
a money pit that ate up investor dollars and didn't turn a
profit.

Mr. Amadio said the money Mr. Stanford borrowed included US$330
million for two airlines and a US$20 million prize for a cricket
tournament, according to Jamaica Observer.  "As it continued to
grow . . . the concern was: Was it (investors' money) ever going
to be paid back?" the report quoted Mr. Amadio as saying.

Jamaica Observer notes that Mr. Amadio also said that James
Davis, the ex-chief financial officer for the financier's
company, also expressed concern about the growing amount of CD
funds that kept Mr. Stanford's businesses afloat, even making the
comment on two occasions that "the emperor has no more clothes".

The report says that Mr. Amadio told jurors the profits the bank
purported it was making were not enough to cover the US$2 billion
Stanford had borrowed by 2009.  Jamaica Observer relays that Mr.
Amadio detailed for jurors the investor funds the financier
allegedly poured into his many companies.  They included US$30
million for expenses related to Stanford's six private jets; more
than US$346 million for construction projects on Antigua; US$11
million for a newspaper on the island; nearly US$19 million to
maintain Mr. Stanford's yachts, the report discloses.

Mr. Amadio also testified that in 2006, he was ordered to remove
various documents he prepared, including a monthly report that
tracked the amount of CD deposits going to Mr. Stanford's
businesses, from the company's network drive and place them on an
external drive and that this information would be held at the
bank in Antigua, the report notes.

Jamaica Observer relates that Mr. Amadio said he was not aware
that around the time this request had been made, the U.S.
Securities and Exchange Commission had begun investigating.

Mr. Amadio said one of the secrets he stumbled onto was a Swiss
bank account with Societe Generale belonging to Stanford that
detailed payments made to the outside auditor for Stanford's
bank, Jamaica Observer relays.

Bank statements shown to jurors indicated payments of US$100,000
and US$125,000 made to the auditor in 2005 and 2006, the report
relates.

Prosecutors, according to Jamaica Observer, allege that Stanford
used the account to bribe the auditor with millions of dollars to
hide the bank's fraud.

               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 United States 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, 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 an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June 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, U.S. District
Court, Southern District of Texas (Houston). The civil case is
SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S.
District
Court, Northern District of Texas (Dallas).


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


BESI BRASIL: S&P Puts 'BB' Global Scale Rating on Watch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings, including
the 'BB' long-term global scale and 'brAA/brA-1' Brazilian
national scale issuer credit ratings, on BES Investimento do
Brasil on CreditWatch with negative implications.  "At the same
time, we affirmed the short-term global scale issuer
credit rating at 'B'," S&P said.

The CreditWatch placement on BESI Brasil followed the same action
on the company's parents, Portugal-based Banco Espirito Santo
S.A. (BES; BB/Watch Neg/B) and Banco Espirito Santo de
Investimento S.A. (BESI; BB/Watch Neg/B), one day earlier.

"This action followed, in turn, our Jan. 13, 2012, downgrade of
the Republic of Portugal (BB/Negative/B)," S&P said.

BESI Brasil's stand-alone credit profile is 'bb', at the same
level as the issuer credit ratings on both its parents.
According to our criteria for group ratings, we cannot rate a
subsidiary higher than the group credit profile. Consequently, a
downgrade of BESI Brasil's parent would cause an immediate
downgrade of the Brazilian bank," S&P said.

"Currently, we do not reflect any notches of group support in the
bank's ratings," S&P said.

"We could lower the ratings by at least the same magnitude as any
action on the ratings on its parents, given that, besides
considering the direct impact of its parents' downgrade, we would
evaluate the impact of that downgrade on the bank's own credit
fundamentals," said Standard & Poor's credit analyst Vitor
Garcia. "A further downgrade could happen if we notice any
deterioration of the bank's own credit fundamentals following the
rating action on the parent companies."

"An upgrade or change of outlook would similarly depend on our
taking the same action on the parents," S&P said.


GRUPO FARIAS: S&P Gives 'B-' Global Scale Rating; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' global scale
and 'brBB-' Brazil national scale long-term corporate credit
ratings to Grupo Farias (legal name: Administradora Baia Formosa
S.A.).  "At the same time, we assigned our 'B-' issue rating to
the proposed US$250 million senior unsecured notes issue by
subsidiary Farias Finance International S.A. (FFI).  The parent
and its subsidiaries, Vale Verde Empreendimentos Agricolas Ltda.
(not rated), Anicuns S.A.-Alcool e Derivados (not rated), and
Usina Sao Jose S.A. Acucar e Alcool (not rated), will
unconditionally and irrevocably guarantee the proposed notes,"
S&P said.

"The rating on FFI's senior unsecured notes is the same as the
global scale corporate credit rating on Grupo Farias.  We believe
there is no significant subordination because the company will
use part of the proceeds to amortize other secured loans.  Grupo
Farias will use the remainder to finance the renewal and
expansion of its sugarcane fields," S&P said.

"The ratings on Grupo Farias reflect the challenge it faces to
increase production and productivity in the next several years by
renovating its sugarcane fields, a growth strategy based on large
capital expenditures (capex).  The ratings also reflect the
company's aggressive financial profile, which primarily consists
of short-term debt.  Grupo Farias' cash flow generation has been
relatively low because of large idle capacity, which will improve
if the company can pay down debt that currently restricts its
ability to fund higher capex due to tight covenants.  Grupo
Farias is also exposed to risks of the sugar and ethanol
industry, such as its cyclical and volatile nature, and climate
risks," S&P said.

"Partially offsetting these risks is Grupo Farias' geographic
diversification that enables it to produce sugarcane year round,
compared with peers that produce only during harvest season in
their region, which reduces the company's operating costs.
Additional offsetting factors are its niche position in the
production of crystal sugar, which commands higher prices and
margins than more commodity-type, very high polarity sugar, and
satisfactory, although somewhat lower-than-peers', profitability.
We believe that the industry's supply-demand fundamentals will
allow sugar prices to remain stable for the next crop cycle and
for ethanol prices to provide sugar mills good profitability,
although these are affected by a parity with gasoline prices in
the domestic market," S&P said.

"In our view, Grupo Farias will gradually invest to renovate its
sugarcane fields in order to increase production in the future
crop cycles.  However, we also incorporate the difficulty of
making these investments, due to its tight debt covenants," S&P
said.

"We could raise the ratings if Grupo Farias improves its
liquidity and agricultural productivity, which would result in
stronger free cash flows.  Under this scenario, adjusted debt to
EBITDA will be less than 3.0x and FFO to total debt above 25%,"
S&P said.

"We could downgrade the company if its financial metrics
deteriorate, with adjusted total debt to EBITDA of more than 4.5x
and adjusted FFO to debt of less than 12%," S&P said.


LTD TRANSPORTES: Moody's Says 'Ba2' CFR Unaffected by Acquisition
-----------------------------------------------------------------
Moody's America Latina commented that Tegma Gestao Logistica S.A.
Ba2 global scale corporate family rating, Aa3.br national scale
rating and stable outlook are unaffected by the acquisition of
LTD Transportes LTDA's operations, a small Brazilian player in
the logistics business for the e-commerce segment with gross
revenues of BRL44 million and EBITDA of BRL5 million in 2011.
The transaction was initially announced on Jan. 10, 2012.

Ratings Rationale

Despite the small size of LTD's operations, the acquisition is in
line with Tegma's strategy of expanding its operations to the e-
commerce logistics segment and provides the company with
additional service offering to its customers (LTD is focused on
products above 30kg) which should gradually contribute to reduced
reliance on the automotive market.

The cash consideration should be around BRL29.5 million subjected
to the EBITDA performance and will be paid in three installments
which will not have a material impact in Tegma's leverage.

The deal is subjected to CADE's approval, the Brazilian antitrust
authority.

The principal methodology used in rating Tegma was Moody's Global
Business & Consumer Service Industry Rating Methodology published
in October 2010.

Headquartered in Sao Bernardo do Campo, Brazil, Tegma Gestao
Logistica S.A. is Brazil's largest logistics company transporting
new vehicles from OEMs and several ports to car dealerships
throughout the country.  With approximately 2 million mư of
storage capacity, Tegma transported 1.3 million vehicles in the
last twelve months ended September 2011 representing
approximately one third of Brazil's light vehicle sales. Tegma
also provides integrated logistics services -- including
warehousing, control and management of inventory and development
of logistic solutions -- to the agribusiness, chemical,
electronics, fuel distribution, technology and telecommunications
industries.

Consolidated net revenues for the twelve months ended
Sept. 30, 2011 were BRL1.4 billion (US$ 850 million).


MINERVA LUXEMBURGO: S&P Gives 'B' Rating on US$30MM Senior Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to
Minerva Luxemburgo S.A.'s proposed senior unsecured notes of up
to US$300 million.  The parent company, Brazil-based beef
processor Minerva S.A. (Minerva; B/Positive/--), unconditionally
and irrevocably guarantees the notes.

"Minerva intends to use proceeds to pay down existing short-term
debt.  The notes will rank equally with the other Minerva
subsidiary's senior unsecured debt (which Minerva guarantees as
well) and pari passu with Minerva's existing senior unsecured
notes.  The issue rating on these proposed notes is the same
as the corporate credit rating on Minerva, because, in our
opinion, subordination to other secured debt is not significant.
Secured debt amounts to a small fraction of Minerva's adjusted
total assets," S&P said.

"The corporate credit rating on Minerva reflects its 'weak'
business profile (as our criteria define the term), given the
firm's relatively small size, geographic and product
concentration, and highly commoditized product mix. We assess
Minerva's financial risk profile as 'highly leveraged,' given
that significant portion of its debt has resulted from capital
expenditures to expand capacity in the past few years. For the
complete credit rationale, please see 'Summary: Minerva S.A.,'
published Nov. 29, 2011," S&P said.

Ratings List
Rating Assigned
Minerva Luxemburgo S.A.

  US$300 million sr unsec notes*           B

*Guaranteed by Minerva S.A.


MINERVA SA: Moody's Assigns B2 Rating to US$300MM Proposed Notes
----------------------------------------------------------------
Moody's Investors Service assigned a B2 foreign currency rating
to Minerva S.A.'s proposed issuance of up to US$300 million
10-year senior unsecured notes. At the same time, Minerva's B2
corporate family rating and its existing senior unsecured
ratings were affirmed. The ratings outlook is stable. The
proposed notes, issued by its subsidiary Minerva Luxembourg S.A,
will be unconditionally and irrevocably guaranteed by Minerva
S.A. Proceeds from the proposed notes will be used to refinance
existing debt.

Ratings Rationale

"The B2 reflects the company's track record of stable operating
margins, despite the difficult environment for the sector in
2011, with higher cattle prices and FX volatility, factors that
negatively impacted the overall meat processing sector in
Brazil", said Moody's local market analyst Marianna Waltz. We
have also incorporated in Moody's assumptions that Minerva will
(i) focus on deleveraging and improving its debt profile; (ii)
only make modest acquisitions over the near term; (iii) continue
to successfully execute the strategies of its beef trading
operations that has delivered above average margins; and (iv)
turn free cash flow positive in 2012 on a sustainable basis.
Moody's is also considering the improvement in Minerva's
liquidity levels, as evidenced by the company's unwritten policy
of keeping a minimum R$ 500 million in cash. Offsetting some of
the positive attributes is Minerva's relatively small size
compared to local and global peers, based on consolidated net
revenues, its still high leverage, as well as the sales
concentration in live cattle, beef and beef related products and
the volatile nature of the protein business.

The stable outlook reflects Moody's view that the company will be
able to sustain its operating margins, make further progress in
reducing its financial leverage and maintain liquidity at current
levels.

The ratings could suffer a downgrade if Minerva's liquidity
deteriorated, if market conditions causes operating margins to
decline sharply or if total adjusted debt to EBITDA is sustained
above 5.0x. The company's inability to keep CFO/Net Debt above
10% or deliver positive free cash flow in 2012 could add to
negative ratings pressure.

While unlikely over the near term, Minerva's ratings could be
upgraded if Minerva makes additional progress in deleveraging its
balance sheet and is able to deliver greater diversification of
revenue and cash flow streams. Upwards pressure would depend on
the company's ability to reduce adjusted total debt to EBITDA
ratio to below 4.5x and increase EBITA to Interest Expense to
above 1.5x and CFO to Net Debt to above 15%.

The principal methodology used in rating Minerva was the Global
Food - Protein and Agriculture Industry Methodology published on
September 2009.

Minerva, headquartered in Barretos, Sao Paulo, is one of Brazil's
leaders in the production and sale of fresh beef and live cattle.
With net revenues of BRL3.75 billion (approximately US$2.1
billion) at LTM September, 2011 and installed slaughtering
capacity of 10.480 heads of cattle per day, Minerva is the third
largest Brazilian exporter of beef and beef byproducts and has
ten own beef production facilities in Brazil as well as presence
in Paraguay and Uruguay.


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


ALBEMARLE INVESTMENTS: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Albemarle Investments Limited received on
Jan. 20, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


ALPSTAR COMPOSITE: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Alpstar Composite Fund, Ltd. received on
Jan. 20, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


ALPSTAR EUROPEAN: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Alpstar European Credit Opportunities Fund,
Ltd. received on Jan. 20, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


ALPSTAR SECURED: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Alpstar Secured Bank Loan Fund, Ltd. received
on Jan. 20, 2012, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


ALPSTAR SUPRA: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Alpstar Supra Composite Fund, Ltd. received
on Jan. 20, 2012, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


BANCO ESPIRITO: DBRS Cuts Dated Subordinated Note Rating to 'BB'
----------------------------------------------------------------
DBRS, Inc. has downgraded the ratings of Banco Espirito Santo,
S.A. (BES or the Group) following the downgrade of the Republic
of Portugal.  DBRS has downgraded BES's Senior Long-Term Debt &
Deposit rating to BBB (low) from BBB and the Short-Term Debt &
Deposit rating to R-2 (mid) from R-2 (high).  The trend on all
ratings remains Negative.  These rating actions follow DBRS's
downgrade of the Republic of Portugal to BBB (low) from BBB, with
the trend remaining Negative.

In light of this sovereign rating action, upcoming bank earnings,
and the condition of the financial sector, DBRS will continue to
evaluate the intrinsic strength of the Group.  DBRS maintains its
SA-2 support assessment for BES, which indicates an expectation
of timely systemic support in case of need.  However, with the
current rating for the Portuguese sovereign at BBB (low), which
is below the intrinsic assessment for BES, there is currently no
uplift to the Group's ratings.

DBRS has also assigned new ratings for subordinated debt at
several of BES's branches.  DBRS assigned Dated Subordinated
Notes ratings of BB (high) to BES Madeira Branch, BES London
Branch and BES Cayman Islands Branch.  The trend on these ratings
is Negative.  These ratings are subject to the maintenance of
BES's Senior Long-Term Debt & Deposit rating of BBB (low), Dated
Subordinated Notes rating of BB (high), and Short-Term Debt &
Deposit rating of R-2 (mid).

Banco Espirito Santo, S.A. Dated Subordinated Notes Downgraded BB
(high) Neg Jan 31, 2012

BES Finance, Ltd. Guaranteed Dated Subordinated Notes Downgraded
BB (high) Neg Jan 31, 2012

BES Madeira Branch Dated Subordinated Notes New Rating BB (high)
Neg Jan 31, 2012

BES Cayman Islands Branch Dated Subordinated Notes New Rating BB
(high) Neg Jan 31, 2012

BES London Branch Dated Subordinated Notes New Rating BB (high)
Neg Jan 31, 2012.


BANYAN ASSET: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Banyan Asset Management (Cayman) Ltd.
received on Jan. 9, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Florence Lo
         Telephone: (852) 6291 8989
         Facsimile: (852) 3602 3051


BASSO HOLDINGS: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Basso Holdings (L) Ltd. received on Jan. 19,
2012, 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


BASSO MULTI-STRATEGY: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Basso Multi-Strategy Holding Fund (L) Ltd.
received on Jan. 19, 2012, 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


ENHANCED FAIRFIELD: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Enhanced Fairfield Investment Fund, Ltd.
received on Jan. 27, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         David A.K. Walker
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         P.O. Box 258 Grand Cayman KY1-1104
         Cayman Islands


EVENT DRIVEN: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Event Driven Vehicle Ltd. received on
Jan. 20, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


JPMORGAN COMMODITY: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Jpmorgan Commodity Strategies, Ltd. received
on Jan. 20, 2012, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


JPMORGAN VALUE: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of JPmorgan Value Creation Fund, Ltd. received
on Jan. 20, 2012, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


LONGBOW INFRASTRUCTURE: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Longbow Infrastructure Intermediate Fund, Ltd
received on Jan. 20, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


LONGBOW INFRASTRUCTURE MASTER: Shareholders Get Wind-Up Report
--------------------------------------------------------------
The shareholders of Longbow Infrastructure Master Fund, Ltd.
received on Jan. 20, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


MS CEMENT IV: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of MS Cement IV Limited received on Jan. 20,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


MSIIEUR VEHICLE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of MSIIEUR Vehicle Ltd. received on Jan. 20,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


OZ LEPUS: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of Oz Lepus Leasing Ltd. received on Jan. 20,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


OZ TAURUS: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Oz Taurus Leasing Ltd. received on Jan. 20,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


OZ VEGA: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of Oz Vega Leasing Ltd. received on Jan. 20,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


PIMCO LOAN: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Pimco Loan Opportunities Fund SPV I Ltd.
received on Jan. 20, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


PMI CDS: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of PMI CDS (Cayman) III Limited received on
Jan. 20, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


REFLEXION NZ INVESTMENTS: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
The shareholders of Reflexion NZ Investments (CI) SPC received on
Jan. 20, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


SPLENDOR LEASING: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Splendor Leasing Limited received on Jan. 20,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


TALF INVESTMENT: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Talf Investment and Recovery Fund Offshore
Feeder GP I, Limited received on Jan. 20, 2012, the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


VALUE CREATION: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Value Creation Vehicle Ltd. received on
Jan. 20, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


WORLD 401: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of World 401 Ltd received on Jan. 20, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


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


* JAMAICA: Homeowners Faces Serious Troubles
--------------------------------------------
Caribbean360.com reports that prior to 2011, foreclosures were a
rarity in Jamaica according to the National Land Agency but now
the island has seen the rate shoot up by a phenomenal 2550%.

The NLA, where foreclosure applications are filed and approved
via the registrar of lands, disclosed recently that there were
212 foreclosures last year, up from eight in 2010, according to
Caribbean360.com.  The report notes that there were eight
foreclosures in 2010; two in 2009; and none in 2008.

The report discloses that recent industry data from the central
bank showed underperforming loans have increased 46.3% in the
annual period ending September 2011.  Caribbean360.com relates
that central bank regulated entities -- banks, near banks and
building societies -- had just under JM$28.9 billion in non-
performing loans on their books at that date.

The report notes that auctioneer William Tavares-Finson is on
record as suggesting that foreclosures had spiked because of low
sales through the auction system.  Caribbean360.com relays that
Mr. Tavares-Finson said that between 2009 and 2011, the annual
average for properties advertised for auction was just about
1,000.

In 2009, the report recalls, only 32% made it to the block with
60 per cent withdrawn before the advertised auction date.
Auction sales amounted to 2.3% of the lot, the report notes.

In 2010, some 66% of properties were withdrawn before auction, 23
went on the block, and sales were 1.5% of advertised properties,
Cariibean360.com says.

Last year, advertised properties declined by 12.2% -- 63% were
withdrawn before the auction, 30% went on the block, and sales
amounted to 3.9%, the report adds.

                         *     *     *

As of Jan. 2, 2012, Jamaica continues to carry Standard and
Poor's "B-" long-term debt ratings and "C" short-term debt
ratings.


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


ARRENDADORA VE POR MAS: Moody's Confirms Issuer Rating at 'Ba3'
---------------------------------------------------------------
Moody's Investors Service confirmed Arrendadora Ve por Ma's long
term global local currency issuer ratings of Ba3. At the same
time, Moody's de Mexico confirmed Arrendadora BX+'s Mexican
National Scale long- and short-term issuer ratings of A3.mx/MX-2,
respectively.  All these ratings have stable outlooks. The action
concludes the review initiated on October 19, 2011.

Moody's also affirmed Banco Ve por Mas (Banco BX+)'s D- (D minus)
bank financial strength rating (BFSR), which maps to an
unsupported baseline credit assessment (BCA) of Ba3. At the same
time, Moody's affirmed Banco BX+'s local and foreign currency
deposit ratings of Ba3/Not Prime, respectively, as well as the
bank's A3.mx/MX-2 National Scale ratings. The bank's ratings also
have stable outlooks.

Ratings Rationale

Confirmation of Arrendadora Bx+'S Ratings

In confirming Arrendadora BX+'s issuer ratings, Moody's cited the
leasing company's enhanced business potential derived from the
acquisition of ING Arrendadora, S.A., which adds a broader client
base and diversified product offering as well as greater
geographic diversification to its own operations.  These factors
should benefit Arrendadora BX+'s revenue diversification and
sustainability over time.

Moody's noted that ING Arrendadora has a good track record in the
Mexican leasing segment; its sound financial profile, along with
limited business overlapping between the two combining entities
is likely to increase potential for synergies in the short-to
medium-term.  The rating agency also noted that Arrendadora BX+
has adequate capacity to service its debt, a strength that is
based on its good cash flow generation power.

The ratings are constrained by Arrendadora BX+'s small absolute
size and its modest funding profile as reflected by a high
dependence on bank funding lines as its sole sources of funding.
High credit concentrations in single borrowers remain an area of
concern.  Particularly, Moody's is concerned about the company's
risk management policies and procedures, that, in order to meet
growth expectations, could lead to loosen credit underwriting and
further credit concentrations.

Affirmation of Banco Bx+'S Ratings

In affirming Banco BX+'s ratings, Moody's noted the bank's good
performance over time as reflected by its good profitability and
consistent asset quality.  Banco BX+'s credit risk profile
reflects that a large share of its assets are guaranteed or
supported by government-related programs with partial or full
credit risk guarantees.  This component of low capital-consuming
assets helps the bank to report adequate capitalization ratios
(Tier 1 ratio of 11.1% as of November 2011).  The bank has also
proven its ability to grow its customer deposit base, but it
should be noted that these funds are more expensive and
relatively more confidence-sensitive than peers'.

Moody's cited as constraining rating factors the bank's modest
scale in absolute terms and the challenges posted by its limited-
scope business strategy, which is focused on commercial lending,
including financing to agribusiness and small and medium sized
enterprises.  The bank's relatively high single credit
concentration is also a credit concern because it can add
volatility to earnings and asset quality. Furthermore, the bank's
closely-held, family-based ownership structure remains as point
of concern to Moody's because it could lead to potential risks in
terms of corporate governance.

The last rating action was on Oct. 19, 2011 when Moody's place on
review Arrendadora BX+'s ratings.


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


HOUSING DEVELOPMENT: Denies Not Paying Contractors
--------------------------------------------------
Trinidad Express reports that the Housing Development Corporation
denied allegations it has not paid contractors.

Contractors said that they are still owed billions of dollars by
Government ministries and State agencies, including the HDC,
according to Trinidad Express.

The report notes that HDC in a statement denied the contractors'
claim, saying it remained committed to effective procurement
practices and "prompt payments to all our contractors".  Trinidad
Express relates that HDC said it has paid its contractors
TT$1.2 billion from May 2010 to present.

The report notes that it said with regard to issues of nonpayment
of contractors, this was due to variations requiring board
approval, contractual works requiring extension of time, claims
which require evidence or supporting documentation and
application of payments without supporting documentation among
other factors.

The HDC said if the "accusations" continued to be leveled against
it, the Corporation reserved its right to publish in detail all
information related to payments to its contractors, the report
says.


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


PETROLESOS DE: Fitch Affirms Issuer Default Rating at 'B+'
----------------------------------------------------------
Fitch Ratings has affirmed Petroleos de Venezuela S.A.'s (PDVSA)
'B+' foreign and local currency Issuer Default Ratings (IDRs) and
its 'AAA(ven)' national scale rating.  This rating action affects
approximately USD19.5 billion of debt outstanding with recovery
rating of RR4.

The Rating Outlook is Stable.

PDVSA's credit quality reflects the company's linkage to the
government of Venezuela as a state-owned entity, combined with
increased government control over business strategies and
internal resources.  This underscores the close link between the
company's credit profile and that of the sovereign.  PDVSA's
ratings also consider the company's strong balance sheet;
sizeable proven hydrocarbon reserves and strategic interests in
international downstream assets.

Petroleos de Venezuela, S.A.'s (PDVSA) credit quality is
inextricably linked to the Venezuelan government. It is a state-
owned entity whose royalties and tax payments have historically
represented more than 50% of the government's revenues, and it is
of strategic importance to the economic and social policies of
the country.  In 2008, the government changed PDVSA's charter and
mission statement to allow it to participate in industries that
contribute to the country's social development, including health
care, education, and agriculture.

The Venezuelan government displays limited transparency in the
administration and use of government-managed funds, and in fiscal
operations, which poses challenges to accurately assess the
stance of fiscal policy and the full financial strength of the
sovereign.  As a direct by-product of being a state-owned entity,
PDVSA displays similar characteristics, which reinforces the
company's linkage of its ratings to the sovereign.

Stand-Alone Credit Profile Solid for Rating Category:

PDVSA continues to be an important player in the global energy
sector.  The company's competitive position is strong and
supported by its reported sizeable proven hydrocarbon reserves,
strategic interests in international downstream assets and
private participation in upstream operations.  The company also
benefits from a strong balance sheet, which is in line with many
of its competitors.  These strong credit attributes are
consistent with a higher rating category although sovereign
related risks offset the strength of the financial profile and
constrain the rating to that of the sovereign.

PDVSA reported an EBITDA (after royalties and social expenditure
which include most oil bartering agreements) and FFO of
approximately USD24.2 billion and USD15.4 billion, respectively,
as of year-end 2010.  Total financial debt as of Dec. 31, 2011
increased to USD34.9 billion from USD24.9 billion as of 2010.
The leverage level at 1.0x is low for the rating category, which
is limited by credit quality of the Venezuelan government.
Capital expenditures continue to be high, totaling approximately
USD65.0 billion over the past five and a half years, which have
somewhat offset declining production levels from existing fields.

Under Fitch's base case, PDVSA's credit quality is expected to
remain strong for the rating category despite an expected
deterioration in the company's financial profile due to large
capital expenditures and increasing debt levels.  Under Fitch's
stress case scenario, with substantial reduction in production
levels, same capital expenditure levels and increasing debt,
PDVSA's underling credit quality could deteriorate to levels
still in line with the 'B+' rating category.

PDVSA's reported hydrocarbon reserves continue to increase with
proved hydrocarbon reserves of 330 billion barrels of oil
equivalent (boe) (approximately 89% oil and 11% natural gas) and
proved developed hydrocarbon reserves of 21 billion boe as of
December 2010, representing a 15 year proved developed reserve
life. All reserves are property of the government of Venezuela
and not the company.

Venezuela reported oil production of approximately 2.97 million
barrels per day (bpd) and approximately 3.68 boed during 2010.
Reported cured production has declined by approximately 2% per
annum on average over the last four years.  Various independent
reports have estimated production levels are lower than reported
by the company, which adds to risk and is incorporated into the
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-BLK     IMPTB AR      535007008       -17164978
IMPSAT FIBER-$US     IMPTD AR      535007008       -17164978
IMPSAT FIBER NET     XIMPT SM      535007008       -17164978
IMPSAT FIBER-CED     IMPT AR       535007008       -17164978
IMPSAT FIBER-C/E     IMPTC AR      535007008       -17164978
IMPSAT FIBER NET     IMPTQ US      535007008       -17164978
IMPSAT FIBER NET     330902Q GR    535007008       -17164978
SOC COMERCIAL PL     CADN SW       167911091.5      -342440147
COMERCIAL PLA-BL     COMEB AR      167911091.5      -342440147
SOC COMERCIAL PL     COMED AR      167911091.5      -342440147
SOC COMERCIAL PL     CVVIF US      167911091.5      -342440147
SOC COMERCIAL PL     CAD IX        167911091.5      -342440147
COMERCIAL PL-ADR     SCPDS LI      167911091.5      -342440147
SOC COMERCIAL PL     COMEC AR      167911091.5      -342440147
SOC COMERCIAL PL     COME AR       167911091.5      -342440147
SOC COMERCIAL PL     CADN EU       167911091.5      -342440147
SOC COMERCIAL PL     SCDPF US      167911091.5      -342440147
SOC COMERCIAL PL     CADN EO       167911091.5      -342440147
SNIAFA SA            SNIA AR       11229696.22     -2670544.88
SNIAFA SA-B          SDAGF US      11229696.22     -2670544.88
SNIAFA SA-B          SNIA5 AR      11229696.22     -2670544.88

BELIZE
------

VARIG SA             VAGV3 BZ      966298025.5     -4695211316
VARIG SA             VARGON BZ     966298025.5     -4695211316
VARIG SA-PREF        VARGPN BZ     966298025.5     -4695211316
VARIG SA-PREF        VAGV4 BZ      966298025.5     -4695211316
PORTX OPERACOES      PRTX3 BZ      734596799.1     -5675399.32
PORTX OPERA-GDR      PXTPY US      734596799.1     -5675399.32
AGRENCO LTD          AGRE LX       637647275      -312199404
AGRENCO LTD-BDR      AGEN11 BZ     637647275      -312199404
BOMBRIL CIRIO SA     BOBRON BZ     451055441.4       -71738547
BOMBRIL-RIGHTS       BOBR1 BZ      451055441.4       -71738547
BOMBRIL CIRIO-PF     BOBRPN BZ     451055441.4       -71738547
BOMBRIL SA-ADR       BMBBY US      451055441.4       -71738547
BOMBRIL-RGTS PRE     BOBR2 BZ      451055441.4       -71738547
BOMBRIL              BOBR3 BZ      451055441.4       -71738547
BOMBRIL SA-ADR       BMBPY US      451055441.4       -71738547
BOMBRIL-PREF         BOBR4 BZ      451055441.4       -71738547
BOMBRIL              BMBBF US      451055441.4       -71738547
PET MANG-RECEIPT     0229292Q BZ   418867614.8       -98663724
PET MANG-RECEIPT     0229296Q BZ   418867614.8       -98663724
PETRO MANGUINHOS     MANGON BZ     418867614.8       -98663724
PET MANG-RT          RPMG1 BZ      418867614.8       -98663724
PETRO MANGUIN-PF     MANGPN BZ     418867614.8       -98663724
PET MANG-RT          4115360Q BZ   418867614.8       -98663724
PET MANG-RIGHTS      3678565Q BZ   418867614.8       -98663724
PET MANG-RT          RPMG2 BZ      418867614.8       -98663724
PET MANG-RECEIPT     RPMG9 BZ      418867614.8       -98663724
PET MANG-RT          0229249Q BZ   418867614.8       -98663724
PET MANG-RIGHTS      3678569Q BZ   418867614.8       -98663724
PETRO MANGUINHOS     RPMG3 BZ      418867614.8       -98663724
PET MANG-RT          4115364Q BZ   418867614.8       -98663724
PET MANGUINH-PRF     RPMG4 BZ      418867614.8       -98663724
PET MANG-RECEIPT     RPMG10 BZ     418867614.8       -98663724
PET MANG-RT          0229268Q BZ   418867614.8       -98663724
CIA PETROLIFERA      MRLM3 BZ      377602195.2     -3014291.72
CIA PETROLIFERA      MRLM3B BZ     377602195.2     -3014291.72
CIA PETROLIFERA      1CPMON BZ     377602195.2     -3014291.72
CIA PETROLIF-PRF     MRLM4B BZ     377602195.2     -3014291.72
CIA PETROLIF-PRF     MRLM4 BZ      377602195.2     -3014291.72
CIA PETROLIF-PRF     1CPMPN BZ     377602195.2     -3014291.72
BATTISTELLA-PREF     BTTL4 BZ      313830220.5     -5623755.88
BATTISTELLA-RIGH     BTTL1 BZ      313830220.5     -5623755.88
BATTISTELLA          BTTL3 BZ      313830220.5     -5623755.88
BATTISTELLA-RECE     BTTL9 BZ      313830220.5     -5623755.88
BATTISTELLA-RECP     BTTL10 BZ     313830220.5     -5623755.88
BATTISTELLA-RI P     BTTL2 BZ      313830220.5     -5623755.88
HOTEIS OTHON-PRF     HOTHPN BZ     309799346.4       -23928667
HOTEIS OTHON SA      HOOT3 BZ      309799346.4       -23928667
HOTEIS OTHON SA      HOTHON BZ     309799346.4       -23928667
HOTEIS OTHON-PRF     HOOT4 BZ      309799346.4       -23928667
TEKA-ADR             TKTPY US      278124700.7      -447124084
TEKA-ADR             TKTQY US      278124700.7      -447124084
TEKA-PREF            TEKAPN BZ     278124700.7      -447124084
TEKA                 TEKAON BZ     278124700.7      -447124084
TEKA                 TKTQF US      278124700.7      -447124084
TEKA-PREF            TKTPF US      278124700.7      -447124084
TEKA-ADR             TEKAY US      278124700.7      -447124084
TEKA-PREF            TEKA4 BZ      278124700.7      -447124084
TEKA                 TEKA3 BZ      278124700.7      -447124084
DOCAS SA-RTS PRF     DOCA2 BZ      265185848.9      -158092426
DOCA INVESTI-PFD     DOCA4 BZ      265185848.9      -158092426
DOCAS SA-PREF        DOCAPN BZ     265185848.9      -158092426
DOCAS SA             DOCAON BZ     265185848.9      -158092426
DOCA INVESTIMENT     DOCA3 BZ      265185848.9      -158092426
DHB IND E COM-PR     DHBPN BZ      185992309.4      -151323933
D H B-PREF           DHBI4 BZ      185992309.4      -151323933
DHB IND E COM        DHBON BZ      185992309.4      -151323933
D H B                DHBI3 BZ      185992309.4      -151323933
SANSUY               SNSY3 BZ      180443811.7      -114112111
SANSUY SA            SNSYON BZ     180443811.7      -114112111
SANSUY-PREF B        SNSY6 BZ      180443811.7      -114112111
SANSUY-PREF A        SNSY5 BZ      180443811.7      -114112111
SANSUY SA-PREF B     SNSYBN BZ     180443811.7      -114112111
SANSUY SA-PREF A     SNSYAN BZ     180443811.7      -114112111
TEXTEIS RENA-RCT     TXRX10 BZ     133619337.9     -68177415.4
TEXTEIS RENAU-RT     TXRX1 BZ      133619337.9     -68177415.4
TEXTEIS RENA-RCT     TXRX9 BZ      133619337.9     -68177415.4
TEXTEIS RENAU-RT     TXRX2 BZ      133619337.9     -68177415.4
RENAUXVIEW SA-PF     TXRX4 BZ      133619337.9     -68177415.4
TEXTEIS RENAUX       RENXPN BZ     133619337.9     -68177415.4
TEXTEIS RENAUX       RENXON BZ     133619337.9     -68177415.4
RENAUXVIEW SA        TXRX3 BZ      33619337.9     -68177415.4
MINUPAR SA-PREF      MNPRPN BZ     130265489.1     -6044124.99
MINUPAR-PREF         MNPR4 BZ      130265489.1     -6044124.99
MINUPAR-RCT          MNPR9 BZ      130265489.1     -6044124.99
MINUPAR-RT           MNPR1 BZ      130265489.1     -6044124.99
MINUPAR SA           MNPRON BZ     130265489.1     -6044124.99
MINUPAR-RCT          9314634Q BZ   130265489.1     -6044124.99
MINUPAR              MNPR3 BZ      130265489.1     -6044124.99
MINUPAR-RT           9314542Q BZ   130265489.1     -6044124.99
BUETTNER SA-PRF      BUETPN BZ     97195113.53     -13140028.8
BUETTNER SA-RTS      BUET1 BZ      97195113.53     -13140028.8
BUETTNER             BUET3 BZ      97195113.53     -13140028.8
BUETTNER SA-RT P     BUET2 BZ      97195113.53     -13140028.8
BUETTNER SA          BUETON BZ     97195113.53     -13140028.8
BUETTNER-PREF        BUET4 BZ      97195113.53     -13140028.8
FABRICA RENAUX-P     FTRX4 BZ      95282687.94       -59034912
FABRICA TECID-RT     FTRX1 BZ      95282687.94       -59034912
FABRICA RENAUX       FRNXON BZ     95282687.94       -59034912
FABRICA RENAUX       FTRX3 BZ      95282687.94       -59034912
FABRICA RENAUX-P     FRNXPN BZ     95282687.94       -59034912
COBRASMA SA          COBRON BZ     93053412.61     -2050908520
COBRASMA-PREF        CBMA4 BZ      93053412.61     -2050908520
COBRASMA SA-PREF     COBRPN BZ     93053412.61     -2050908520
COBRASMA             CBMA3 BZ      93053412.61     -2050908520
ESTRELA SA           ESTR3 BZ      92218510.26     -92769915.9
ESTRELA SA-PREF      ESTRPN BZ     92218510.26     -92769915.9
ESTRELA SA           ESTRON BZ     92218510.26     -92769915.9
ESTRELA SA-PREF      ESTR4 BZ      92218510.26     -92769915.9
SCHLOSSER            SCLO3 BZ      73905801.14     -47846845.1
SCHLOSSER SA-PRF     SCHPN BZ      73905801.14     -47846845.1
SCHLOSSER SA         SCHON BZ      73905801.14     -47846845.1
SCHLOSSER-PREF       SCLO4 BZ      73905801.14     -47846845.1
GRADIENTE EL-PRA     IGBAN BZ      69132281.21      -253174445
IGB ELETRONICA       IGBR3 BZ      69132281.21      -253174445
GRADIENTE-PREF A     IGBR5 BZ      69132281.21      -253174445
GRADIENTE EL-PRC     IGBCN BZ      69132281.21      -253174445
GRADIENTE EL-PRB     IGBBN BZ      69132281.21      -253174445
GRADIENTE-PREF C     IGBR7 BZ      69132281.21      -253174445
GRADIENTE ELETR      IGBON BZ      69132281.21      -253174445
GRADIENTE-PREF B     IGBR6 BZ      69132281.21      -253174445
CAF BRASILIA         CAFE3 BZ      59053509.86     -1138743393
CAF BRASILIA-PRF     CAFE4 BZ      59053509.86     -1138743393
CAFE BRASILIA SA     CSBRON BZ     59053509.86     -1138743393
CAFE BRASILIA-PR     CSBRPN BZ     59053509.86     -1138743393
VARIG PART EM TR     VPTA3 BZ      49432124.18      -399290396
VARIG PART EM-PR     VPTA4 BZ      49432124.18      -399290396
CIMOB PARTIC SA      GAFON BZ      44047411.7     -45669963.6
CIMOB PARTIC SA      GAFP3 BZ      44047411.7     -45669963.6
CIMOB PART-PREF      GAFPN BZ      44047411.7     -45669963.6
CIMOB PART-PREF      GAFP4 BZ      44047411.7     -45669963.6
RECRUSUL - RCT       RCSL9 BZ      42802194.03     -19134971.9
RECRUSUL-BON RT      RCSL11 BZ     42802194.03     -19134971.9
RECRUSUL - RT        4529785Q BZ   42802194.03     -19134971.9
RECRUSUL - RT        RCSL1 BZ      2802194.03     -19134971.9
RECRUSUL-BON RT      RCSL12 BZ     42802194.03     -19134971.9
RECRUSUL - RCT       4529789Q BZ   42802194.03     -19134971.9
RECRUSUL - RT        4529781Q BZ   42802194.03     -19134971.9
RECRUSUL - RT        RCSL2 BZ      42802194.03     -19134971.9
RECRUSUL - RCT       4529793Q BZ   42802194.03     -19134971.9
RECRUSUL SA          RESLON BZ     42802194.03     -19134971.9
RECRUSUL SA-PREF     RESLPN BZ     42802194.03     -19134971.9
RECRUSUL - RCT       RCSL10 BZ     42802194.03     -19134971.9
RECRUSUL-PREF        RCSL4 BZ      42802194.03     -19134971.9
RECRUSUL             RCSL3 BZ      42802194.03     -19134971.9
WIEST-PREF           WISA4 BZ      34108201.43      -126997429
WIEST                WISA3 BZ      34108201.43      -126997429
WIEST SA-PREF        WISAPN BZ     34108201.43      -126997429
WIEST SA             WISAON BZ     34108201.43      -126997429
SANESALTO            SNST3 BZ      31044053.25     -1843297.83
BOTUCATU TEXTIL      STRP3 BZ      27663604.95     -7174512.03
STAROUP SA-PREF      STARPN BZ     27663604.95     -7174512.03
STAROUP SA           STARON BZ     27663604.95     -7174512.03
BOTUCATU-PREF        STRP4 BZ      27663604.95     -7174512.03
CONST BETER SA       COBE3 BZ      25469474.32      -4918659.9
CONST BETER-PR A     COBEAN BZ     25469474.32      -4918659.9
CONST BETER-PF A     COBE5 BZ      25469474.32      -4918659.9
CONST BETER-PR A     1008Q BZ      25469474.32      -4918659.9
CONST BETER-PR B     COBEBN BZ     25469474.32      -4918659.9
CONST BETER SA       1COBON BZ     25469474.32      -4918659.9
CONST BETER SA       COBEON BZ     25469474.32      -4918659.9
CONST BETER-PF A     1COBAN BZ     25469474.32      -4918659.9
CONST BETER-PF B     1COBBN BZ     25469474.32      -4918659.9
CONST BETER SA       COBE3B BZ     25469474.32      -4918659.9
CONST BETER SA       1007Q BZ      25469474.32      -4918659.9
CONST BETER-PR B     1009Q BZ      25469474.32      -4918659.9
CONST BETER-PFA      COBE5B BZ     25469474.32      -4918659.9
CONST BETER-PF B     COBE6 BZ      25469474.32      -4918659.9
CONST BETER-PF B     COBE6B BZ     25469474.32      -4918659.9
FERRAGENS HAGA       HAGAON BZ     21992326.22     -56631998.5
FERRAGENS HAGA-P     HAGAPN BZ     21992326.22     -56631998.5
HAGA                 HAGA3 BZ      21992326.22     -56631998.5
FER HAGA-PREF        HAGA4 BZ      21992326.22     -56631998.5
NOVA AMERICA SA      NOVA3B BZ     21287489      -183535527
NOVA AMERICA-PRF     NOVAPN BZ     21287489      -183535527
NOVA AMERICA-PRF     NOVA4 BZ      21287489      -183535527
NOVA AMERICA-PRF     1NOVPN BZ     21287489      -183535527
NOVA AMERICA-PRF     NOVA4B BZ     21287489      -183535527
NOVA AMERICA SA      NOVAON BZ     21287489      -183535527
NOVA AMERICA SA      1NOVON BZ     21287489      -183535527
NOVA AMERICA SA      NOVA3 BZ      21287489      -183535527
TECEL S JOSE-PRF     SJOS4 BZ      19067323.42     -52580501.1
TECEL S JOSE-PRF     FTSJPN BZ     19067323.42     -52580501.1
TECEL S JOSE         FTSJON BZ     19067323.42     -52580501.1
TECEL S JOSE         SJOS3 BZ      19067323.42     -52580501.1
NORDON MET           NORD3 BZ      15971163.46     -28156360.8
NORDON METAL         NORDON BZ     15971163.46     -28156360.8
NORDON MET-RTS       NORD1 BZ      15971163.46     -28156360.8
CHIARELLI SA-PRF     CCHI4 BZ      14960467.36     -43105640.5
CHIARELLI SA         CCHI3 BZ      14960467.36     -43105640.5
CHIARELLI SA         CCHON BZ      14960467.36     -43105640.5
CHIARELLI SA-PRF     CCHPN BZ      14960467.36     -43105640.5
B&D FOOD CORP        BDFCE US      14423532        -3506007
LATTENO FOOD COR     LATF US       14423532        -3506007
B&D FOOD CORP        BDFC US       14423532        -3506007
REII INC             REIC US       14423532        -3506007
CONST A LINDEN       CALI3 BZ      14398837.75     -3020065.57
CONST LINDEN RT      CALI2 BZ      14398837.75     -3020065.57
CONST A LIND-PRF     CALI4 BZ      14398837.75     -3020065.57
CONST A LIND-PRF     LINDPN BZ     14398837.75     -3020065.57
CONST A LINDEN       LINDON BZ     14398837.75     -3020065.57
CONST LINDEN RCT     CALI9 BZ      14398837.75     -3020065.57
CONST LINDEN RCT     CALI10 BZ     14398837.75     -3020065.57
CONST LINDEN RT      CALI1 BZ      14398837.75     -3020065.57
ARTHUR LANG-RT C     ARLA1 BZ      11642255.92     -17154461.9
ARTHUR LANG-RC P     ARLA10 BZ     11642255.92     -17154461.9
ARTHUR LANG-RT P     ARLA2 BZ      11642255.92     -17154461.9
ARTHUR LANG-RC C     ARLA9 BZ      11642255.92     -17154461.9
ARTHUR LANGE-PRF     ALICPN BZ     11642255.92     -17154461.9
ARTHUR LANGE SA      ALICON BZ     11642255.92     -17154461.9
ARTHUR LAN-DVD C     ARLA11 BZ     11642255.92     -17154461.9
ARTHUR LANGE-PRF     ARLA4 BZ      11642255.92     -17154461.9
ARTHUR LAN-DVD P     ARLA12 BZ     11642255.92     -17154461.9
ARTHUR LANGE         ARLA3 BZ      11642255.92     -17154461.9
FERREIRA GUIMARA     FGUION BZ     11016542.14      -151840377
F GUIMARAES          FGUI3 BZ      11016542.14      -151840377
F GUIMARAES-PREF     FGUI4 BZ      11016542.14      -151840377
FERREIRA GUIM-PR     FGUIPN BZ     11016542.14      -151840377

CHILE
-----

CHILESAT CORP SA     TELEX CI       1156945109      -122555290
CHILESAT CO-ADR      TL US          1156945109      -122555290
TELMEX CORP-ADR      CSAOY US       1156945109      -122555290
TELEX-A              TELEXA CI      1156945109      -122555290
CHILESAT CO-RTS      CHISATOS CI    1156945109      -122555290
TELEX-RTS            TELEXO CI      1156945109      -122555290
CLARO COM SA         CHILESAT CI    1156945109      -122555290
PUYEHUE              PUYEH CI       24447502.09     -1250905.47
PUYEHUE RIGHT        PUYEHUOS CI    24447502.09     -1250905.47


                            ***********


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, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  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 Peter Chapman at 240/629-3300.


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