TCRLA_Public/120214.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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


           Tuesday, February 14, 2012, Vol. 13, No. 032



                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Supervisor Testifies on Forged Documents


B E R M U D A

FERTIMPORT INTERNATIONAL: Placed Under Voluntary Wind-Up
FERTIMPORT INTERNATIONAL: Members' Final Meeting Set for March 2
GOD'S COUNTRY: Placed Under Voluntary Wind-Up
GOD'S COUNTRY: Members' Final Meeting Set for March 1
HOFGARTEN LTD: Placed Under Voluntary Wind-Up

HOFGARTEN LTD: Members' Final Meeting Set for March 5
ING INVESTMENT: Placed Under Voluntary Wind-Up
ING INVESTMENT: Members' Final Meeting Set for Feb. 29
LEGACY HOLDINGS: Placed Under Voluntary Wind-Up
LEGACY HOLDINGS: Members' Final Meeting Set for March 1

MERCK SHARP: Placed Under Voluntary Wind-Up
MERCK SHARP: Members' Final Meeting Set for March 6
NEWLANDS CAPITAL: Placed Under Voluntary Wind-Up
NEWLANDS CAPITAL: Members' Final Meeting Set for Feb. 29
SANCERRE HOLDINGS: Placed Under Voluntary Wind-Up

SANCERRE HOLDINGS: Members' Final Meeting Set for March 6
SCHERING BERMUDA: Placed Under Voluntary Wind-Up
SCHERING BERMUDA: Members' Final Meeting Set for March 6
TRANS OCEAN: Placed Under Voluntary Wind-Up
TRANS OCEAN: Members' Final Meeting Set for Feb. 29


B R A Z I L

BV FINANCIERA II: Moody's Assigns 'Caa1' Rating to Class B Shares
BV FINANCIERA IV: Moody's Assigns 'Ba1' Rating to Senior Shares
BV FINANCIERA VI: Moody's Assigns 'Ba3' Rating to Senior Shares


C A Y M A N   I S L A N D S

AC99C LIMITED: Placed Under Voluntary Wind-Up
ALPSTAR EQUITY: Commences Liquidation Proceedings
ARCOT INTERNATIONAL: Commences Liquidation Proceedings
CHANCERY INTERNATIONAL: Commences Liquidation Proceedings
CROFTER INVESTMENTS: Placed Under Voluntary Wind-Up

DGC 2000: Placed Under Voluntary Wind-Up
DGC LONG/SHORT: Placed Under Voluntary Wind-Up
GOD'S COUNTRY: Placed Under Voluntary Wind-Up
INVESTMENT OPPORTUNITIES I: Placed Under Voluntary Wind-Up
INVESTMENT OPPORTUNITIES II: Placed Under Voluntary Wind-Up

LDB FUNDS: Commences Liquidation Proceedings
M/Y GTG III: Placed Under Voluntary Wind-Up
NAPLES REAL: Placed Under Voluntary Wind-Up
NORTH EUROPEAN: Placed Under Voluntary Wind-Up
SHALOM EQUITY: Commences Liquidation Proceedings

SHENG-BDO: Commences Liquidation Proceedings
SYMPHONY CAPITAL: Placed Under Voluntary Wind-Up
SYMPHONY REAL: Placed Under Voluntary Wind-Up


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


STANFORD INT'L: Supervisor Testifies on Forged Documents
--------------------------------------------------------
Caribarena News reports that Paul Ashe, Antiguan supervisor of
international banks, testified about forged documents that
inflated records of amounts in Stanford International Bank Ltd's
(SIBL) Swiss investment accounts.

Mr. Ashe said the Financial Services Regulatory Commission had
already launched an examination of SIBL because of suspicious
records, when Robert Allen Stanford's empire was seized by U.S.
officials in February 2009, according to Caribarena News.  Mr.
Ashe said, the report cites, the FSRC investigation discovered
there was US$1 billion missing from the Swiss accounts.

Meanwhile, the report relates, a U.S. senator plans to file
legislation that would permit investors to opt out of a federal
lawsuit against the Securities Investment Protection Corp (SIPC).
Caribarena News discloses that the SEC has been trying force SIPC
to pay one-time buyouts of up to US$500,000 per investor.  The
SIPC had offered up to US$250,000, the report notes.

Caribarena News says that republican senator Bill Cassidy's bill
would give investors the choice between accepting the SIPC's
offer, or remaining in the lawsuit.

The report adds that those who lost smaller amounts will be
eligible for reimbursement from SIPC, while those who decide to
continue their court battle will be able to do so.

               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 Feb. 16 order, as amended on 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 E R M U D A
=============


FERTIMPORT INTERNATIONAL: Placed Under Voluntary Wind-Up
--------------------------------------------------------
On Jan. 25, 2012, the members of Fertimport International Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 10, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


FERTIMPORT INTERNATIONAL: Members' Final Meeting Set for March 2
----------------------------------------------------------------
The members of Fertimport International Ltd. will hold their
final meeting on March 2, 2012, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


GOD'S COUNTRY: Placed Under Voluntary Wind-Up
---------------------------------------------
On Jan. 27, 2012, the members of God's Country Ranch Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 13, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


GOD'S COUNTRY: Members' Final Meeting Set for March 1
-----------------------------------------------------
The members of God's Country Ranch Ltd. will hold their final
meeting on March 1, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


HOFGARTEN LTD: Placed Under Voluntary Wind-Up
---------------------------------------------
On Jan. 26, 2012, the members of Hofgarten Ltd. resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 10, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


HOFGARTEN LTD: Members' Final Meeting Set for March 5
-----------------------------------------------------
The members of Hofgarten Ltd. will hold their final meeting on
March 5, 2012, at 10:15 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


ING INVESTMENT: Placed Under Voluntary Wind-Up
----------------------------------------------
On Jan. 23, 2012, the members of ING Investment Management Global
Yield Maximiser Fund Limited resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 13, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


ING INVESTMENT: Members' Final Meeting Set for Feb. 29
------------------------------------------------------
The members of ING Investment Management Global Yield Maximiser
Fund Limited will hold their final meeting on Feb. 29, 2012, at
9:30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


LEGACY HOLDINGS: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Jan. 27, 2012, the members of Legacy Holdings Ltd. resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 13, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


LEGACY HOLDINGS: Members' Final Meeting Set for March 1
-------------------------------------------------------
The members of Legacy Holdings Ltd. will hold their final meeting
on March 1, 2012, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


MERCK SHARP: Placed Under Voluntary Wind-Up
-------------------------------------------
On Jan. 25, 2012, the members of Merck Sharp & Dohme
Pharmaceuticals resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Feb. 10, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


MERCK SHARP: Members' Final Meeting Set for March 6
---------------------------------------------------
The members of Merck Sharp & Dohme Pharmaceuticals will hold
their final meeting on March 6, 2012, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


NEWLANDS CAPITAL: Placed Under Voluntary Wind-Up
------------------------------------------------
On Jan. 23, 2012, the members of NewLands Capital Corp Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 13, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


NEWLANDS CAPITAL: Members' Final Meeting Set for Feb. 29
--------------------------------------------------------
The members of NewLands Capital Corp Limited will hold their
final meeting on Feb. 29, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


SANCERRE HOLDINGS: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Jan. 26, 2012, the members of Sancerre Holdings Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 10, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


SANCERRE HOLDINGS: Members' Final Meeting Set for March 6
---------------------------------------------------------
The members of Sancerre Holdings Limited will hold their final
meeting on March 6, 2012, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


SCHERING BERMUDA: Placed Under Voluntary Wind-Up
------------------------------------------------
On Jan. 25, 2012, the members of Schering Bermuda Ltd. resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 10, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


SCHERING BERMUDA: Members' Final Meeting Set for March 6
--------------------------------------------------------
The members of Schering Bermuda Ltd. will hold their final
meeting on March 6, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


TRANS OCEAN: Placed Under Voluntary Wind-Up
-------------------------------------------
On Jan. 23, 2012, the members of Trans Ocean Distribution Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 13, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


TRANS OCEAN: Members' Final Meeting Set for Feb. 29
---------------------------------------------------
The members of Trans Ocean Distribution Limited will hold their
final meeting on Feb. 29, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


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


BV FINANCIERA II: Moody's Assigns 'Caa1' Rating to Class B Shares
-----------------------------------------------------------------
Moody's America Latina has assigned definitive ratings of Aaa.br
(sf) (Brazilian National Scale) and of Baa3 (sf) (Global Scale,
Local Currency) to the second series of Senior Shares and B3.br
(sf) (Brazilian National Scale) and of Caa1 (sf) (Global Scale,
Local Currency) to the second series of Class B Subordinated
Shares issued by BV Financeira -- FIDC II (FIDC BV II or the
Issuer), a securitization backed by a pool of vehicle loans
originated by BV Financeira S.A. -- CrEdito, Financiamento e
Investimento (BV Financeira or the Seller). FIDC BV II (Second
Series) is the sixth securitization of vehicle loans sponsored by
BV Financeira and rated by Moody's.

Issuer: FIDC BV II

Senior Shares - Aaa.br (sf) (National Scale) & Baa3 (sf) (Global
Scale, Local Currency)

Class B Subordinated Shares - B3.br (sf) (National Scale) & Caa1
(sf) (Global Scale, Local Currency)

Ratings Rationale

The ratings are based on the following factors, among others:

- The substantial subordination provided to the Senior Shares;

- The role of BV Financeira as Originator, Seller and Primary
   Servicer of the transaction;

- The stable performance of the outstanding vehicle
   securitization transactions sponsored by BV Financeira and
   rated by Moody's;

- The quality of collateral benefitting from BV Financeira's
   established underwriting standards, geographical pool
   diversification and pool granularity;

- The transaction structure and its legal framework, including
   the bankruptcy remoteness of the issuer and well-established
   Brazilian laws and regulations for the securitization of
   vehicle loans; and

- No credit enhancement in the form of subordination for the
   Class B Shares: the Class B Shares are subordinated to Class A
   Shares for the purposes of redemption.  Also, no credit
   enhancement in the form of net excess spread for the Class B
   Shares given the tight 145% of DI discount rate and
   considering base case credit losses of 5.7% per annum.  The
   resulting lack of credit enhancement for the Class B Shares is
   reflected in the highly speculative rating assigned to the
   Class B shares.

FIDC BV II is a closed-ended multi-series FIDC with legal final
maturity 600 months.  The definitive ratings are assigned to the
second series of Senior Shares and the second series of Class B
Subordinated Shares distributed to qualified investors.  The
Class A Subordinated Shares were entirely retained by the Seller.
The Senior Shares and the Class B Subordinated Shares accrue, on
a daily basis, a floating-rate interest equivalent to 110% and
115% of DI Rate (Brazilian Interbank Rate) per annum,
respectively.  The accrual of interest of the Class B
Subordinated Share is subject to the value of the Class A
Subordinated Shares not falling below original principal amount.

The final maturity of the Senior Shares and Class B Shares will
take place 36 months after the first issuance of the second
series of Senior Shares; principal and interest will be paid in a
single bullet payment. No payments are allowed to the Class A and
Class B Subordinated Shares as long as there are Senior Shares
outstanding.

As of Dec. 31, 2011, the capital structure of the Fund's
liabilities is as follows: BRL 70.4 million of Senior Shares or
7.6% of Fund Net Assets (NAV), BRL 629.9 million of Class B
Shares or 67.9% of Fund Net Assets (NAV), BRL 227.3 million of
Class A Shares or 24.5% of Fund Net Assets (NAV). Consequently
subordination for Senior Shares amounted to 92.4% and for Class B
Shares 24.5%.

The transaction structure includes certain revision events.
Should a revision event occur, a shareholders meeting will be
called; shareholders may decide to place the fund into early
liquidation.

Key revision event triggers include:

- Breach of Minimum Excess Spread (1%) for 2 consecutive
   verification dates (monthly) or 3 verification dates occurring
   within a 180 day period;

- Intervention, liquidation or administration of BV Financeira
   or formal request for bankruptcy proceedings;

- Total Fund expenses exceeding 1% of Fund's Net Assets,
   verified monthly;

- Non-compliance by BV Financeira of any of its obligations
   under the Sale Agreement;

- Termination of Custody Agreement without a replacement;

- Termination of Collection Agent Agreement between the Master
   Servicer, BV Financeira and the Collection Agent without a
   replacement; and

- BV Financeira default to third parties in excess of BRL10
   million.

The assets backing FIDC BV II are vehicle loans originated by BV
Financeira.  The financed vehicle must have been pledged as
collateral to the loan contract by means of alienacao fiduciaria.

Key eligibility criteria include:

- Loans are in respect of obligors that are current in respect
   to the Fund

- Maximum concentration per type of vehicle as following:
   motorcycle (10%), vans and heavy vehicles (20%) and sedans
   (100%)

- A nominal sum of installments of no more than BRL200,000 per
   obligor (companies or individuals). Banco Bradesco S.A. acts
   as Master Servicer (Custodiante) of the transaction as well as
   Payment Bank. Its responsibilities include, among other
   duties, verifying that all receivables purchased by the fund
   meet the eligibility criteria, monitoring the early
   amortization triggers, in addition to managing all of the
   issuer's daily financial and operating activities.

Votorantim Asset Management DTVM S.A. is the Trustee.

BV Financeira, the originator of the securitized loans, is fully
controlled by Banco Votorantim S.A. (which Moody's rates A3 Long-
Term Bank Deposits in the Global Scale, Local Currency and Aaa.br
rating in the Brazilian National Scale).

In assigning the ratings to this transaction, Moody's evaluated
the Seller's receivables' portfolio for 36 month period starting
Feb. 1, 2007 and ending Jan. 31, 2010.  During this period, BV
Financeira originated vehicle loans financing for an amount of
BRL33 billion (corresponding to BRL 54.5 billion nominal
installments).  The average ticket size of the contracts was BRL
12.9 thousand (corresponding to BRL21.2 thousand nominal
installments) and the average effective interest rate was
approximately 30% per annum.  Additionally, Moody's received
information from the issuer for data up to March 2011.

Moody's key ratings-model assumptions for this transaction
include various performance statistics, including log normal
estimate of the annual loss rate with mean loss 5.7% per annum
and a standard deviation of 1.7% per annum.  Other model input
assumptions include an annual prepayment rate of 15% per annum
and a discount rate of 145% of the DI Rate used for the purchase
of the assets by the FIDC.  The DI Rate was stressed from 12.5%
per annum at closing of transaction to 21.0% and 18.0%,
respectively, for the Senior Shares and Class B Shares, at month
36 after closing.

These factors were incorporated in a cash flow model that takes
into account all the relevant structural features of the fund's
assets and liabilities as defined in the transaction documents.
Monte Carlo simulations were run for a large number of scenarios,
whereby the annual credit loss assumption for the pool was drawn
in each scenario from the lognormal distribution described above.
Other risk factors, such as rising interest rates and prepayments
were statically stressed commensurate with the Baa3 (sf)/ Aaa.br
(sf) rating level for Senior Shares and B3.br (sf)/ Caa1 (sf) for
the Class B Shares.  The resulting cash flows available to the
Senior Share holders for each scenario was then discounted using
the promised 110% of DI Rate to determine if, and the amount of,
loss to the Senior Shares.  Similarly, the resulting cash flows
to the Class B Shareholders for each scenario were discounted at
the promised 115% DI Rate to determine loss.  Expected loss and
probability of default on the Senior Shares and Class B Shares
were then computed across all scenarios.  These statistics were
finally translated into Moody's global scale rating using Moody's
idealized loss tables.  The global scale rating was then mapped
to a national scale rating using Moody's published national scale
mappings.

Moody's sensitivity analysis provides a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's-rated structured finance security may vary if certain
input parameters used in the initial rating process differed.
Qualitative factors are also taken into consideration in the
ratings process, so the actual ratings that would be assigned in
each case could vary from the information presented in the
parameter sensitivity analysis.  The results generated by rating
models are one of many inputs to the rating process. Ratings are
determined collectively through the exercise of judgment by
rating committees, which evaluate many quantitative and
qualitative factors.

Moody's evaluated deterministic rating sensitivities by running
the model and varying single input assumptions while remaining
all other assumptions equal.  For example, by increasing the mean
loss rate from 5.7% to 11.7% per annum and increasing the
standard deviation from 30% to 60% of mean, (i) the model implied
rating on the Senior Shares would remain constant at Baa3 (sf)
(global scale) and (ii) the model implied rating on the Class B
Shares would be at the Ca (sf) (global scale) level, a three
notch difference to assigned ratings of Caa1 (sf).


BV FINANCIERA IV: Moody's Assigns 'Ba1' Rating to Senior Shares
---------------------------------------------------------------
Moody's America Latina has assigned definitive ratings of Aa1.br
(sf) (Brazilian national scale) and of Ba1 (sf) (Global Scale,
Local Currency) to the senior shares issued by BV Financeira -
Fundo de Investimento em Direitos Creditorios IV (BV FIDC IV or
the issuer), a securitization backed by a pool of vehicle loans
originated by BV Financeira S.A. - CrEdito, Financiamento e
Investimento (BV Financeira).

ISSUER: FIDC BV Financeira -- Fundo de Investimento em Direitos
Creditorios IV

Senior Shares - Aa1.br (sf) (National Scale) & Ba1 (sf) (Global
Scale, Local Currency)

Ratings Rationale

The ratings are based on the following principal factors:

- The 20% minimum credit enhancement in form of subordination
   supporting the senior shares;

- The 4.5% minimum excess spread;

- Retention of excess spread within the structure while senior
   shares remain outstanding, which increases available credit
   enhancement throughout the life of the transaction;

- The overall credit characteristics of the securitized pool of
   vehicle loans which benefits from BV Financeira's established
   underwriting policy, fund eligibility criteria and
   concentration limits;

- The transaction structure and its legal framework, including
   the bankruptcy remoteness of the issuer and well-established
   Brazilian laws and regulations; and

- The financial strength, operational quality and ability of BV
   Financeira, the originator and primary servicer, to service
   the underlying assets.

BV FIDC IV is a closed-ended FIDC and issued senior and
subordinated shares.  The final maturity of the senior shares is
36 months after issuance.  The senior shares accrue a floating-
rate interest of CDI (Brazilian Interbank Rate) times an annual
spread of 110%. The senior shares pay 6 monthly principal and
interest amortization payments starting on month 31 and ending on
month 36 of the transaction.  No interest or principal payments
will be made to the subordinated shares as long as there are
senior shares outstanding.

In order to insure timely repayment of principal and interest
payments on the senior shares, the trustee will reinvest cash
flows arising from the vehicle loan portfolio into eligible
liquid assets as the transaction approaches the scheduled
amortization dates.

The transaction structure includes triggers leading to revision
events.  Should a revision event occur, revolving purchases of
new vehicle loans are immediately stopped and a shareholders
meeting is called at which point the shareholders may decide to
place the fund into early liquidation. Key revision event
triggers include:

- Breach of the minimum subordination level (20%);

- Breach of minimum excess spread (4.5%);

- Downgrade of the senior shares rated by Moody's below the
  initial Aa1.br (sf) /Ba1 (sf) rating level;

The collateral backing the senior shares consists of a pool of
vehicle loans that meet the fund's eligibility criteria
including:

   i. final maturity of vehicle loans must be before final
      maturity date of the senior shares;

  ii. maximum pool concentration per type of vehicle: motorcycle
      up to 10%, heavy vehicles up to 20% and sedans up to 100%;

iii. sum of installments should not be more than BRL50,000 per
      obligor (companies or individuals).

Banco Bradesco S.A. (Bradesco, which Moody's rates A1 for global
local currency deposits and Aaa.br on Brazilian national scale)
acts as master servicer (custodiante) of the transaction as well
as Payment Bank.  Its responsibilities include, among other
duties, verifying that all receivables purchased by the fund meet
the eligibility criteria, monitoring the early amortization
triggers, in addition to managing all of the issuer's daily
financial and operating activities.

Votorantim Asset Management DTVM Ltda is the trustee.

BV Financeira (NR) is fully controlled by Banco Votorantim S.A.,
which Moody's rates A3 (Global Scale, Local Currency), negative
outlook, and Aaa.br (Brazilian National Scale), stable outlook.

Headquartered in Sao Paulo, Banco Votorantim S.A. is one of the
largest banks of the Brazilian banking system and is involved in
multiple lines of business such as consumer finance (mostly
vehicles financing), corporate banking, capital markets,
brokerage, treasury, international business and asset management.
In 2009, it settled a strategic partnership with Banco do Brasil
S.A.


BV FINANCIERA VI: Moody's Assigns 'Ba3' Rating to Senior Shares
---------------------------------------------------------------
Moody's AmErica Latina has assigned definitive ratings of A2.br
(sf) (Brazilian National Scale) and of Ba3 (sf) (Global Scale,
Local Currency) to the Senior Shares and B1.br (sf) (Brazilian
National Scale) and of Caa1 (sf) (Global Scale, Local Currency)
to the Mezzanine Subordinated Shares issued by BV Financeira --
FIDC VI (FIDC BV VI or the Issuer), a securitization backed by a
pool of vehicle loans originated by BV Financeira S.A. --
CrEdito, Financiamento e Investimento (BV Financeira or the
Seller).  FIDC BV VI is the seventh securitization of vehicle
loans sponsored by BV Financeira and rated by Moody's.

Issuer: FIDC BV VI

Senior Shares - A2.br (sf) (National Scale) & Ba3 (sf) (Global
Scale, Local Currency)

Mezzanine Subordinated Shares - B1.br (sf) (National Scale) &
Caa1 (sf) (Global Scale, Local Currency)

Ratings Rationale

The ratings are based on the following factors, among other
things:

- The initial subordination of 25% provided to the senior shares
   and which need to be maintained during the first 12 months of
   the transaction;

- The role of BV Financeira as originator, seller and primary
   servicer of the transaction;

- The stable performance of the outstanding vehicle
   securitization transactions sponsored by BV Financeira and
   rated by Moody's;

- The quality of collateral benefitting from BV Financeira's
   established underwriting standards, geographical pool
   diversification and pool granularity;

- The transaction structure and its legal framework, including
   the bankruptcy remoteness of the issuer and well-established
   Brazilian laws and regulations for the securitization of
   vehicle loans; and

- Low credit enhancement in the form of subordination for the
   mezzanine shares: the subordination for the mezzanine shares,
   in the form of junior shares, will represent only 5% of fund's
   net assets.

The minimum subordination level of 5% is only required during the
first 12 months after closing.  Also, low credit enhancement in
the form of net excess spread for the mezzanine shares given the
tight 145% of DI discount rate and considering assumed base case
credit losses of 5.7% per annum and a prepayment rate of 15.0%
per annum.  The resulting low credit enhancement for the
mezzanine shares is reflected in the highly speculative rating
assigned to this class of shares.

FIDC BV VI is a closed-ended FIDC with legal final maturity 60
months. The definitive ratings are assigned to the senior shares
and the mezzanine subordinated shares distributed to qualified
investors by means of a public placement with restricted efforts
(CVM Instruction 476).  The junior subordinated shares were
entirely retained by the seller.  The senior shares and the
mezzanine subordinated shares accrue, on a daily basis, a
floating-rate interest equivalent to 114% and 130% of DI Rate
(Brazilian Interbank Rate) per annum, respectively.

The final maturity of the senior shares and mezzanine shares will
take place 60 months after closing. Senior shares will make
monthly interest and principal payments starting the 13th month
of closing.  Mezzanine shares will make semi-annual interest and
principal payments starting the 18th month of closing, subject to
the minimum subordination level to the senior shares being met.

Any final redemption of mezzanine and junior shares may only
occur after full redemption of senior shares.

The trustee calculates and monitors the following subordination
levels on a daily basis: minimum ratio of junior shares of 5%,
and minimum ratio of mezzanine and junior subordinated shares of
25%. These minimum ratios must be respected in order to subscribe
shares during the placement period, and amortize junior and
mezzanine subordinated shares.  Throughout the initial 12 months
from closing, if the minimum ratio of junior shares is below the
minimum 5% level for more than 5 consecutive business days, a
revision event is triggered, at which point the trustee will call
a shareholder meeting.  Shareholders may then vote for the early
liquidation of the fund (early liquidation event).  After the
first 12 months from closing, the seller will not be required to
subscribe new junior shares to maintain the 5% minimum ratio of
junior shares.  However, a breach of subordination levels of the
senior below 25% and halts payments of principal and interest to
the mezzanine and junior shareholders.

The transaction structure includes certain revision events.
Should a revision event occur, a shareholders meeting will be
called; shareholders may decide to place the fund into early
liquidation. Key revision event triggers include:

- Breach of minimum subordination for the mezzanine shares
   (minimum ratio of junior shares) during the period of 12
   months from closing;

- Breach of minimum excess spread for 2 consecutive verification
   dates (monthly) or 3 verification dates occurring within a
   180-day period;

- Total fund expenses exceeding 1% of fund's net assets,
   verified monthly;

- Failure to establish the payment reserve account for 2 payment
   reserve verification dates;

- Failure to establish the liquidity reserve for 30 consecutive
   days;

- Breach of certain delinquency triggers;

- Intervention, liquidation or administration of BV Financeira
   or formal request for bankruptcy proceedings;

- Non-compliance by BV Financeira of any of its obligations
   under the sale agreement;

- Termination of custody agreement without a replacement;

- Termination of collection agent agreement between the master
   servicer, BV Financeira and the collection agent without a
   replacement; and

- Claims of defaults by BV Financeira to third parties above
   BRL10 million.

The assets backing FIDC BV VI are vehicle loans originated by BV
Financeira. The financed vehicle must have been pledged as
collateral to the loan contract by means of alienacao fiduciaria.

Key eligibility criteria include the following:

- Loans are in respect of obligors that are current in respect
   to the fund;

- Maximum concentration per type of vehicle as: motorcycle
   (10%), vans and trucks (20%) and sedans (100%), whereby the
   sum of motorcycles, vans and trucks loans can represent up to
   20%;

- A nominal sum of installments of no more than BRL100,000 per
   obligor (companies or individuals); and

- Contracts must have a final maturity date before the legal
   final maturity of the fund.

Furthermore, fund documents define qualifying vehicle loans as
being vehicle loans that:

- Are related to vehicles whose manufacturing year is maximum 10
   years from the year in which loan purchase occurs, for sedans
   and trucks. For motorcycles, the manufacturing year must be
   the same year the loan purchase occurs;

- The maximum LTV (loan to value) is 80%; and

- All installments to be paid related to a single contract must
   be sold to the fund.

Banco Bradesco S.A. acts as master servicer (custodiante) of the
transaction as well as payment bank.  Its responsibilities
include, among other duties, verifying that all receivables
purchased by the fund meet the eligibility criteria, monitoring
the early amortization triggers, in addition to managing all of
the issuer's daily financial and operating activities.

Votorantim Asset Management DTVM S.A. is the trustee.

BV Financeira, the originator of the securitized loans, is fully
controlled by Banco Votorantim S.A. (which Moody's rates A3 Long-
Term Bank Deposits in the Global Scale, Local Currency and Aaa.br
rating in the Brazilian National Scale).

In assigning the ratings to this transaction, Moody's evaluated
the seller's receivables' portfolio for 48 month period starting
April 1, 2007 and ending March 31, 2011.  During this period, BV
Financeira originated vehicle loans financing for an amount of
BRL 59.5 billion (corresponding to BRL 99.1 billion nominal
installments).  The average ticket size of the contracts was BRL
14.3 thousand and the average effective interest rate was
approximately 34% per annum.

Moody's key ratings-model assumptions for this transaction
include various performance statistics, including log normal
estimate of the annual loss rate with mean loss 5.7% per annum
and a standard deviation of 1.7% per annum.  Other model input
assumptions include an annual prepayment rate of 15% per annum
and a discount rate of 145% of the DI Rate used for the purchase
of the assets by the FIDC.  The DI Rate was stressed from 12.0%
per annum at closing of transaction to 21.0% and 18.0%,
respectively, for the senior and mezzanine shares, at month 60
after closing.

These factors were incorporated in a cash flow model that takes
into account all the relevant structural features of the fund's
assets and liabilities as defined in the transaction documents.
Monte Carlo simulations were run for a large number of scenarios,
whereby the annual credit loss assumption for the pool was drawn
in each scenario from the lognormal distribution described above.
Other risk factors, such as rising interest rates and prepayments
were statically stressed commensurate with the Ba3 (sf)/ A2.br
(sf) rating level for senior shares and B1.br (sf)/ Caa1 (sf) for
the mezzanine shares.  The resulting cash flows available to the
senior shareholders for each scenario was then discounted using
the promised 114% of DI Rate to determine if, and the amount of,
loss to the senior shares.  Similarly, the resulting cash flows
to the mezzanine shareholders for each scenario were discounted
at the promised 130% DI Rate to determine loss.  Expected loss
and probability of default on the senior and mezzanine shares
were then computed across all scenarios.  These statistics were
finally translated into Moody's global scale rating using Moody's
idealized loss tables.  The global scale rating was then mapped
to a national scale rating using Moody's published national scale
mappings.

Moody's sensitivity analysis provides a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's-rated structured finance security may vary if certain
input parameters used in the initial rating process differed.
Qualitative factors are also taken into consideration in the
ratings process, so the actual ratings that would be assigned in
each case could vary from the information presented in the
parameter sensitivity analysis.  The results generated by rating
models are one of many inputs to the rating process.  Ratings are
determined collectively through the exercise of judgment by
rating committees, which evaluate many quantitative and
qualitative factors.

Moody's evaluated deterministic rating sensitivities by running
the model and varying single input assumptions while remaining
all other assumptions equal. For example, by increasing the
standard deviation from 30% of mean loss rate to 60% of mean loss
rate (i) the model implied rating on the senior shares would fall
in two notches from Ba3 (sf) (global scale) to B2 (sf) (global
scale) and (ii) the model implied rating on the mezzanine shares
would remain stable at Caa1 (sf) (global scale).


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


AC99C LIMITED: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 23, 2011, the shareholders of AC99C Limited resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 31, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


ALPSTAR EQUITY: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 16, 2011, the sole shareholder of Alpstar Equity
Quantitative Strategies Master Fund, Ltd. resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 2, 2012, will be included in the company's dividend
distribution.

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


ARCOT INTERNATIONAL: Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 12, 2011, the sole shareholder of Arcot International
Development (Cayman) Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 25, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KY1-1102
         Cayman Islands


CHANCERY INTERNATIONAL: Commences Liquidation Proceedings
---------------------------------------------------------
On Dec. 21, 2009, the sole shareholder of Chancery International
(Cayman) Limited resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 25, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Russell Smith
         Telephone: (345) 769-8820
         e-mail: rsmith@bdo.ky
         BDO CRI (Cayman) Ltd.
         Floor 2-Building 3
         Governors Square 23 Lime Tree Bay Ave
         PO Box 31229 Grand Cayman KY1-1205
         Cayman Islands


CROFTER INVESTMENTS: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Dec. 8, 2011, the shareholders of Crofter Investments Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 31, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Baraterre Limited
         Bahamas Financial Centre, 2nd Floor
         Shirley & Charlotte Streets
         P.O. Box N-4899 Nassau
         Bahamas
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, One Capital Place
         Shedden Road, George Town
         Grand Cayman KY1-1103
         Cayman Islands


DGC 2000: Placed Under Voluntary Wind-Up
----------------------------------------
On Nov. 10, 2011, the sole member of DGC 2000 Ltd. resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 9, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Gene Dacosta
         c/o Richard Finlay
         Telephone: (345) 814 7765
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


DGC LONG/SHORT: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov. 10, 2011, the sole member of DGC Long/Short Euro Holdings
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 9, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Gene Dacosta
         c/o Richard Finlay
         Telephone: (345) 814 7765
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


GOD'S COUNTRY: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 23, 2011, the sole member of God's Country Ltd. resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 25, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


INVESTMENT OPPORTUNITIES I: Placed Under Voluntary Wind-Up
----------------------------------------------------------
On Dec. 23, 2011, the sole shareholder of Investment
Opportunities Fund I, Ltd resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 20, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Lisa Clarke
         c/o Lisa Clarke or Jane Fleming
         Telephone: (345) 945-2187/ (345) 945-2197
         PO Box 30464 Grand Cayman KY1-1202
         Cayman Islands


INVESTMENT OPPORTUNITIES II: Placed Under Voluntary Wind-Up
-----------------------------------------------------------
On Dec. 23, 2011, the sole shareholder of Investment
Opportunities Fund II, Ltd resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 20, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Lisa Clarke
         c/o Lisa Clarke or Jane Fleming
         Telephone: (345) 945-2187/ (345) 945-2197
         PO Box 30464 Grand Cayman KY1-1202
         Cayman Islands


LDB FUNDS: Commences Liquidation Proceedings
--------------------------------------------
On Dec. 15, 2011, the sole shareholder of LDB Funds Ltd. resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 3, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Reference: ASRB
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647; or

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


M/Y GTG III: Placed Under Voluntary Wind-Up
-------------------------------------------
On Dec. 23, 2011, the sole member of M/Y GTG III Inc. resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 25, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


NAPLES REAL: Placed Under Voluntary Wind-Up
-------------------------------------------
On Dec. 23, 2011, the sole member of Naples Real Estate Holdings
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 25, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


NORTH EUROPEAN: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov. 29, 2011, the shareholders of North European Capital
Markets Services resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 31, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Baraterre Limited
         Bahamas Financial Centre, 2nd Floor
         Shirley & Charlotte Streets
         P.O. Box N-4899 Nassau
         Bahamas
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, One Capital Place
         Shedden Road, George Town
         Grand Cayman KY1-1103
         Cayman Islands


SHALOM EQUITY: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 22, 2009, the shareholders of Shalom Equity Fund, Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 2, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Russell Smith
         Telephone: (345) 769-8820
         e-mail: rsmith@bdo.ky
         BDO CRI (Cayman) Ltd.
         Floor 2-Building 3
         Governors Square 23 Lime Tree Bay Ave
         PO Box 31229 Grand Cayman KY1-1205
         Cayman Islands


SHENG-BDO: Commences Liquidation Proceedings
--------------------------------------------
On Dec. 20, 2011, the sole shareholder of Sheng-BDO ZIV Haft
China Hospitality Fund Associates, Ltd. resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 2, 2012, will be included in the company's dividend
distribution.

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


SYMPHONY CAPITAL: Placed Under Voluntary Wind-Up
------------------------------------------------
On Dec. 23, 2011, the sole member of Symphony Capital Partners
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 25, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


SYMPHONY REAL: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 23, 2011, the sole member of Symphony Real Estate Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 25, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


===============
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-$US      IMPTD AR         535007008       -17164978
IMPSAT FIBER-CED      IMPT AR          535007008       -17164978
IMPSAT FIBER NET      XIMPT SM         535007008       -17164978
IMPSAT FIBER-C/E      IMPTC AR         535007008       -17164978
IMPSAT FIBER NET      IMPTQ US         535007008       -17164978
IMPSAT FIBER NET      330902Q GR       535007008       -17164978
IMPSAT FIBER-BLK      IMPTB AR         535007008       -17164978
SOC COMERCIAL PL      COMEC AR         167911092      -342440147
SOC COMERCIAL PL      CADN EU          167911092      -342440147
SOC COMERCIAL PL      COME AR          167911092      -342440147
SOC COMERCIAL PL      SCDPF US         167911092      -342440147
SOC COMERCIAL PL      CADN EO          167911092      -342440147
SOC COMERCIAL PL      CADN SW          167911092      -342440147
SOC COMERCIAL PL      CVVIF US         167911092      -342440147
SOC COMERCIAL PL      CAD IX           167911092      -342440147
SOC COMERCIAL PL      COMED AR         167911092      -342440147
COMERCIAL PL-ADR      SCPDS LI         167911092      -342440147
COMERCIAL PLA-BL      COMEB AR         167911092      -342440147
SNIAFA SA-B           SNIA5 AR          11229696     -2670544.88
SNIAFA SA-B           SDAGF US          11229696     -2670544.88
SNIAFA SA             SNIA AR           11229696     -2670544.88


BELIZE
------

CELGPAR               GPAR3 BZ         3.959E+09      -418654757
VARIG SA-PREF         VAGV4 BZ         966298026     -4695211316
VARIG SA-PREF         VARGPN BZ        966298026     -4695211316
VARIG SA              VAGV3 BZ         966298026     -4695211316
VARIG SA              VARGON BZ        966298026     -4695211316
PORTX OPERA-GDR       PXTPY US         734596799     -5675399.32
PORTX OPERACOES       PRTX3 BZ         734596799     -5675399.32
AGRENCO LTD-BDR       AGEN11 BZ        637647275      -312199404
AGRENCO LTD           AGRE LX          637647275      -312199404
BOMBRIL-PREF          BOBR4 BZ         451055441       -71738547
BOMBRIL SA-ADR        BMBBY US         451055441       -71738547
BOMBRIL               BMBBF US         451055441       -71738547
BOMBRIL               BOBR3 BZ         451055441       -71738547
BOMBRIL SA-ADR        BMBPY US         451055441       -71738547
BOMBRIL-RGTS PRE      BOBR2 BZ         451055441       -71738547
BOMBRIL-RIGHTS        BOBR1 BZ         451055441       -71738547
BOMBRIL CIRIO SA      BOBRON BZ        451055441       -71738547
BOMBRIL CIRIO-PF      BOBRPN BZ        451055441       -71738547
PETRO MANGUINHOS      RPMG3 BZ         418867615       -98663724
PET MANG-RT           RPMG1 BZ         418867615       -98663724
PETRO MANGUINHOS      MANGON BZ        418867615       -98663724
PET MANG-RECEIPT      RPMG10 BZ        418867615       -98663724
PET MANG-RT           0229249Q BZ      418867615       -98663724
PET MANG-RECEIPT      0229292Q BZ      418867615       -98663724
PET MANGUINH-PRF      RPMG4 BZ         418867615       -98663724
PET MANG-RT           RPMG2 BZ         418867615       -98663724
PET MANG-RECEIPT      0229296Q BZ      418867615       -98663724
PET MANG-RIGHTS       3678565Q BZ      418867615       -98663724
PET MANG-RECEIPT      RPMG9 BZ         418867615       -98663724
PET MANG-RIGHTS       3678569Q BZ      418867615       -98663724
PETRO MANGUIN-PF      MANGPN BZ        418867615       -98663724
PET MANG-RT           0229268Q BZ      418867615       -98663724
PET MANG-RT           4115364Q BZ      418867615       -98663724
PET MANG-RT           4115360Q BZ      418867615       -98663724
CIA PETROLIFERA       MRLM3B BZ        377602195     -3014291.72
CIA PETROLIF-PRF      MRLM4 BZ         377602195     -3014291.72
CIA PETROLIF-PRF      1CPMPN BZ        377602195     -3014291.72
CIA PETROLIFERA       MRLM3 BZ         377602195     -3014291.72
CIA PETROLIFERA       1CPMON BZ        377602195     -3014291.72
CIA PETROLIF-PRF      MRLM4B BZ        377602195     -3014291.72
BATTISTELLA           BTTL3 BZ         313830220     -5623755.88
BATTISTELLA-RECP      BTTL10 BZ        313830220     -5623755.88
BATTISTELLA-RECE      BTTL9 BZ         313830220     -5623755.88
BATTISTELLA-RIGH      BTTL1 BZ         313830220     -5623755.88
BATTISTELLA-PREF      BTTL4 BZ         313830220     -5623755.88
BATTISTELLA-RI P      BTTL2 BZ         313830220     -5623755.88
HOTEIS OTHON-PRF      HOTHPN BZ        309799346       -23928667
HOTEIS OTHON SA       HOTHON BZ        309799346       -23928667
HOTEIS OTHON SA       HOOT3 BZ         309799346       -23928667
HOTEIS OTHON-PRF      HOOT4 BZ         309799346       -23928667
TEKA                  TEKAON BZ        278124701      -447124084
TEKA-ADR              TKTPY US         278124701      -447124084
TEKA-ADR              TKTQY US         278124701      -447124084
TEKA                  TKTQF US         278124701      -447124084
TEKA                  TEKA3 BZ         278124701      -447124084
TEKA-PREF             TEKA4 BZ         278124701      -447124084
TEKA-PREF             TKTPF US         278124701      -447124084
TEKA-PREF             TEKAPN BZ        278124701      -447124084
TEKA-ADR              TEKAY US         278124701      -447124084
DOCAS SA              DOCAON BZ        265185849      -158092426
DOCA INVESTI-PFD      DOCA4 BZ         265185849      -158092426
DOCAS SA-RTS PRF      DOCA2 BZ         265185849      -158092426
DOCA INVESTIMENT      DOCA3 BZ         265185849      -158092426
DOCAS SA-PREF         DOCAPN BZ        265185849      -158092426
SANSUY SA             SNSYON BZ        180443812      -114112111
SANSUY SA-PREF B      SNSYBN BZ        180443812      -114112111
SANSUY SA-PREF A      SNSYAN BZ        180443812      -114112111
SANSUY-PREF B         SNSY6 BZ         180443812      -114112111
SANSUY                SNSY3 BZ         180443812      -114112111
SANSUY-PREF A         SNSY5 BZ         180443812      -114112111
DHB IND E COM         DHBON BZ         155020175      -122349774
D H B-PREF            DHBI4 BZ         155020175      -122349774
D H B                 DHBI3 BZ         155020175      -122349774
DHB IND E COM-PR      DHBPN BZ         155020175      -122349774
TEXTEIS RENA-RCT      TXRX10 BZ        133619338     -68177415.4
RENAUXVIEW SA         TXRX3 BZ         133619338     -68177415.4
RENAUXVIEW SA-PF      TXRX4 BZ         133619338     -68177415.4
TEXTEIS RENAU-RT      TXRX1 BZ         133619338     -68177415.4
TEXTEIS RENAUX        RENXPN BZ        133619338     -68177415.4
TEXTEIS RENA-RCT      TXRX9 BZ         133619338     -68177415.4
TEXTEIS RENAU-RT      TXRX2 BZ         133619338     -68177415.4
TEXTEIS RENAUX        RENXON BZ        133619338     -68177415.4
MINUPAR               MNPR3 BZ         130265489     -6044124.99
MINUPAR-RCT           9314634Q BZ      130265489     -6044124.99
MINUPAR SA-PREF       MNPRPN BZ        130265489     -6044124.99
MINUPAR-PREF          MNPR4 BZ         130265489     -6044124.99
MINUPAR-RT            9314542Q BZ      130265489     -6044124.99
MINUPAR-RCT           MNPR9 BZ         130265489     -6044124.99
MINUPAR-RT            MNPR1 BZ         130265489     -6044124.99
MINUPAR SA            MNPRON BZ        130265489     -6044124.99
BUETTNER SA-PRF       BUETPN BZ         97195114     -13140028.8
BUETTNER              BUET3 BZ          97195114     -13140028.8
BUETTNER SA-RT P      BUET2 BZ          97195114     -13140028.8
BUETTNER SA-RTS       BUET1 BZ          97195114     -13140028.8
BUETTNER SA           BUETON BZ         97195114     -13140028.8
BUETTNER-PREF         BUET4 BZ          97195114     -13140028.8
FABRICA RENAUX-P      FRNXPN BZ         95282688       -59034912
FABRICA RENAUX        FTRX3 BZ          95282688       -59034912
FABRICA TECID-RT      FTRX1 BZ          95282688       -59034912
FABRICA RENAUX-P      FTRX4 BZ          95282688       -59034912
FABRICA RENAUX        FRNXON BZ         95282688       -59034912
COBRASMA SA           COBRON BZ         93053413     -2050908520
COBRASMA-PREF         CBMA4 BZ          93053413     -2050908520
COBRASMA              CBMA3 BZ          93053413     -2050908520
COBRASMA SA-PREF      COBRPN BZ         93053413     -2050908520
ESTRELA SA-PREF       ESTR4 BZ          92218510     -92769915.9
ESTRELA SA            ESTRON BZ         92218510     -92769915.9
ESTRELA SA            ESTR3 BZ          92218510     -92769915.9
ESTRELA SA-PREF       ESTRPN BZ         92218510     -92769915.9
GRADIENTE-PREF A      IGBR5 BZ          69132281      -253174445
IGB ELETRONICA        IGBR3 BZ          69132281      -253174445
GRADIENTE-PREF C      IGBR7 BZ          69132281      -253174445
GRADIENTE EL-PRA      IGBAN BZ          69132281      -253174445
GRADIENTE ELETR       IGBON BZ          69132281      -253174445
GRADIENTE EL-PRC      IGBCN BZ          69132281      -253174445
GRADIENTE EL-PRB      IGBBN BZ          69132281      -253174445
GRADIENTE-PREF B      IGBR6 BZ          69132281      -253174445
SCHLOSSER-PREF        SCLO4 BZ          61819354     -42308353.6
SCHLOSSER             SCLO3 BZ          61819354     -42308353.6
SCHLOSSER SA-PRF      SCHPN BZ          61819354     -42308353.6
SCHLOSSER SA          SCHON BZ          61819354     -42308353.6
CAF BRASILIA-PRF      CAFE4 BZ          49512076      -999279159
CAF BRASILIA          CAFE3 BZ          49512076      -999279159
CAFE BRASILIA-PR      CSBRPN BZ         49512076      -999279159
CAFE BRASILIA SA      CSBRON BZ         49512076      -999279159
VARIG PART EM TR      VPTA3 BZ          49432124      -399290396
VARIG PART EM-PR      VPTA4 BZ          49432124      -399290396
CIMOB PARTIC SA       GAFON BZ          44047412     -45669963.6
CIMOB PART-PREF       GAFP4 BZ          44047412     -45669963.6
CIMOB PART-PREF       GAFPN BZ          44047412     -45669963.6
CIMOB PARTIC SA       GAFP3 BZ          44047412     -45669963.6
RECRUSUL - RT         RCSL1 BZ          42802194     -19134971.9
RECRUSUL SA-PREF      RESLPN BZ         42802194     -19134971.9
RECRUSUL - RCT        4529793Q BZ       42802194     -19134971.9
RECRUSUL - RT         4529781Q BZ       42802194     -19134971.9
RECRUSUL SA           RESLON BZ         42802194     -19134971.9
RECRUSUL - RCT        0163583D BZ       42802194     -19134971.9
RECRUSUL-BON RT       RCSL12 BZ         42802194     -19134971.9
RECRUSUL - RCT        RCSL10 BZ         42802194     -19134971.9
RECRUSUL - RCT        4529789Q BZ       42802194     -19134971.9
RECRUSUL-BON RT       RCSL11 BZ         42802194     -19134971.9
RECRUSUL - RT         0163580D BZ       42802194     -19134971.9
RECRUSUL - RT         RCSL2 BZ          42802194     -19134971.9
RECRUSUL - RT         0163579D BZ       42802194     -19134971.9
RECRUSUL-PREF         RCSL4 BZ          42802194     -19134971.9
RECRUSUL              RCSL3 BZ          42802194     -19134971.9
RECRUSUL - RCT        0163582D BZ       42802194     -19134971.9
RECRUSUL - RCT        RCSL9 BZ          42802194     -19134971.9
RECRUSUL - RT         4529785Q BZ       42802194     -19134971.9
WIEST-PREF            WISA4 BZ          34108201      -126997429
WIEST SA-PREF         WISAPN BZ         34108201      -126997429
WIEST                 WISA3 BZ          34108201      -126997429
WIEST SA              WISAON BZ         34108201      -126997429
SANESALTO             SNST3 BZ          31802628     -2924062.87
CONST BETER SA        1007Q BZ          31374374     -1555470.16
CONST BETER-PFA       COBE5B BZ         31374374     -1555470.16
CONST BETER-PR B      COBEBN BZ         31374374     -1555470.16
CONST BETER SA        COBEON BZ         31374374     -1555470.16
CONST BETER-PF A      COBE5 BZ          31374374     -1555470.16
CONST BETER-PF B      COBE6 BZ          31374374     -1555470.16
CONST BETER SA        COBE3B BZ         31374374     -1555470.16
CONST BETER-PR B      1009Q BZ          31374374     -1555470.16
CONST BETER-PF A      1COBAN BZ         31374374     -1555470.16
CONST BETER-PR A      COBEAN BZ         31374374     -1555470.16
CONST BETER SA        COBE3 BZ          31374374     -1555470.16
CONST BETER SA        1COBON BZ         31374374     -1555470.16
CONST BETER-PR A      1008Q BZ          31374374     -1555470.16
CONST BETER-PF B      1COBBN BZ         31374374     -1555470.16
CONST BETER-PF B      COBE6B BZ         31374374     -1555470.16
BOTUCATU-PREF         STRP4 BZ          27663605     -7174512.03
STAROUP SA            STARON BZ         27663605     -7174512.03
BOTUCATU TEXTIL       STRP3 BZ          27663605     -7174512.03
STAROUP SA-PREF       STARPN BZ         27663605     -7174512.03
FERRAGENS HAGA-P      HAGAPN BZ         21992326     -56631998.5
FER HAGA-PREF         HAGA4 BZ          21992326     -56631998.5
HAGA                  HAGA3 BZ          21992326     -56631998.5
FERRAGENS HAGA        HAGAON BZ         21992326     -56631998.5
NOVA AMERICA-PRF      NOVA4B BZ         21287489      -183535527
NOVA AMERICA-PRF      NOVA4 BZ          21287489      -183535527
NOVA AMERICA SA       NOVAON BZ         21287489      -183535527
NOVA AMERICA SA       NOVA3 BZ          21287489      -183535527
NOVA AMERICA-PRF      NOVAPN BZ         21287489      -183535527
NOVA AMERICA SA       1NOVON BZ         21287489      -183535527
NOVA AMERICA SA       NOVA3B BZ         21287489      -183535527
NOVA AMERICA-PRF      1NOVPN BZ         21287489      -183535527
TECEL S JOSE          SJOS3 BZ          18420379     -64108300.1
TECEL S JOSE-PRF      FTSJPN BZ         18420379     -64108300.1
TECEL S JOSE          FTSJON BZ         18420379     -64108300.1
TECEL S JOSE-PRF      SJOS4 BZ          18420379     -64108300.1
NORDON MET            NORD3 BZ          15971163     -28156360.8
NORDON MET-RTS        NORD1 BZ          15971163     -28156360.8
NORDON METAL          NORDON BZ         15971163     -28156360.8
LARK MAQS-PREF        LARK4 BZ          15298294     -2072193.19
LARK SA MAQU-RTS      LARK1 BZ          15298294     -2072193.19
LARK MAQUINAS-PR      LARPN BZ          15298294     -2072193.19
LARK MAQUINAS         LARON BZ          15298294     -2072193.19
LARK MAQS             LARK3 BZ          15298294     -2072193.19
LARK SA MAQU-RTS      LARK2 BZ          15298294     -2072193.19
CHIARELLI SA          CCHON BZ          14960467     -43105640.5
CHIARELLI SA-PRF      CCHPN BZ          14960467     -43105640.5
CHIARELLI SA          CCHI3 BZ          14960467     -43105640.5
CHIARELLI SA-PRF      CCHI4 BZ          14960467     -43105640.5
B&D FOOD CORP         BDFCE US          14423532        -3506007
B&D FOOD CORP         BDFC US           14423532        -3506007
LATTENO FOOD COR      LATF US           14423532        -3506007
REII INC              REIC US           14423532        -3506007
CONST A LINDEN        LINDON BZ         14398838     -3020065.57
CONST A LIND-PRF      CALI4 BZ          14398838     -3020065.57
CONST A LIND-PRF      LINDPN BZ         14398838     -3020065.57
CONST LINDEN RCT      CALI9 BZ          14398838     -3020065.57
CONST LINDEN RCT      CALI10 BZ         14398838     -3020065.57
CONST LINDEN RT       CALI2 BZ          14398838     -3020065.57
CONST A LINDEN        CALI3 BZ          14398838     -3020065.57
CONST LINDEN RT       CALI1 BZ          14398838     -3020065.57
ARTHUR LAN-DVD C      ARLA11 BZ         11642256     -17154461.9
ARTHUR LANG-RC C      ARLA9 BZ          11642256     -17154461.9
ARTHUR LANGE-PRF      ARLA4 BZ          11642256     -17154461.9
ARTHUR LANG-RT P      ARLA2 BZ          11642256     -17154461.9
ARTHUR LAN-DVD P      ARLA12 BZ         11642256     -17154461.9
ARTHUR LANGE-PRF      ALICPN BZ         11642256     -17154461.9
ARTHUR LANG-RT C      ARLA1 BZ          11642256     -17154461.9
ARTHUR LANG-RC P      ARLA10 BZ         11642256     -17154461.9
ARTHUR LANGE          ARLA3 BZ          11642256     -17154461.9
ARTHUR LANGE SA       ALICON BZ         11642256     -17154461.9
FERREIRA GUIM-PR      FGUIPN BZ         11016542      -151840377
F GUIMARAES-PREF      FGUI4 BZ          11016542      -151840377
FERREIRA GUIMARA      FGUION BZ         11016542      -151840377
F GUIMARAES           FGUI3 BZ          11016542      -151840377


CHILE
-----

EMPRESA DE LOS F      2940894Z CI      1.934E+09       -50416404
CHILESAT CORP SA      TELEX CI         1.157E+09      -122555290
TELEX-RTS             TELEXO CI        1.157E+09      -122555290
CHILESAT CO-ADR       TL US            1.157E+09      -122555290
CLARO COM SA          CHILESAT CI      1.157E+09      -122555290
CHILESAT CO-RTS       CHISATOS CI      1.157E+09      -122555290
TELMEX CORP-ADR       CSAOY US         1.157E+09      -122555290
TELEX-A               TELEXA CI        1.157E+09      -122555290
PUYEHUE RIGHT         PUYEHUOS CI       24447502     -1250905.47
PUYEHUE               PUYEH CI          24447502     -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.


                   * * * End of Transmission * * *