TCRLA_Public/120228.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 28, 2012, Vol. 13, No. 040


                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Judge Denies Mistrial Request on Erased Drives


A R G E N T I N A

CATERPILLAR FINANCIAL: Moody's Gives 'Ba1' Debt Rating


B E R M U D A

SUN & STAR: Creditors' Proofs of Debt Due March 14
SUN & STAR: Sole Member to Receive Wind-Up Report on March 29


C A Y M A N   I S L A N D S

ARIA CDO I: Creditors' Proofs of Debt Due Feb. 29
BSCP CAYMAN: Sole Member to Hear Wind-Up Report on March 1
CHIRIN ASIA: Shareholders' Final Meeting Set for March 2
COCO LOCO: Shareholder to Hear Wind-Up Report on March 6
CT OPPORTUNITY: Placed Under Voluntary Wind-Up

DMR TALF: Shareholders' Final Meeting Set for March 2
GATWICK (FREEHOLD): Creditors' Proofs of Debt Due Feb. 29
GLORY IAM: Shareholders' Final Meeting Set for March 13
GREENBAY EUROPEAN: Members' Final Meeting Set for March 1
HCP CHONGQING: Shareholders' Final Meeting Set for March 2

IMPACTOR CREDIT: Creditors' Proofs of Debt Due Feb. 29
IP ASIAN: Commences Liquidation Proceedings
IVY GLOBAL: Creditors' Proofs of Debt Due Feb. 29
IVY GLOBAL: Shareholders' Final Meeting Set for March 2
LA ATORIAH: Creditors' Proofs of Debt Due Feb. 29

MIOKI FUND: Shareholders' Final Meeting Set for March 5
NORTH WIND: Members Receive Wind-Up Report
ORSA VENTURES: Commences Liquidation Proceedings
PLAYPOWER HOLDINGS: Shareholders' Final Meeting Set for March 28
RAY IAM: Shareholders' Final Meeting Set for March 13


M E X I C O

BANCO NACIONAL: Moody's Affirms 'Baa1' Issuer and Debt Ratings
VITRO SAB: Units Face US Bank US$311MM Breach of Contract Suit


P U E R T O   R I C O

AUTOS VEGA: Euroclass Plan Disclosures Hearing Set for March 29


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Union to Serve Strike Notice in Deal Breakdown
WELTHECON INVESTMENT: T&T SEC Gets Nod to Appoint Receiver


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: Judge Denies Mistrial Request on Erased Drives
--------------------------------------------------------------
Juan Lozano at The Associated Press reports that a prosecutor said
computer hard drives belonging to the outside auditor of Stanford
International Bank Limited apparently erased after the auditor's
death.

The information prompted a failed mistrial request by Robert Allen
Stanford attorneys who said they couldn't verify the claim and
that the implication of criminal activity could irreparably harm
their case, according to Associated Press.

The report notes that U.S. District Judge David Hittner denied the
motion for a mistrial but instructed jurors that questions from
attorneys are not evidence.

Associated Press notes that Morris Hollander, a forensic
accountant hired by Mr. Stanford's defense team, said he had not
seen any of the bank's actual accounting books and records and his
conclusions were based only on prepared annual reports and other
documents authorities allege were fabricated by Mr. Stanford.

As reported in the Troubled Company Reporter - Latin America on
Feb. 27, 2012, Reuters said that Morris Hollander testified that
that his review of financial statements and other documents seemed
to show the bank was being properly audited by the businessman's
outside auditor, CAS Hewlett, and the bank was adhering to
international accounting rules.

                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).


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


CATERPILLAR FINANCIAL: Moody's Gives 'Ba1' Debt Rating
------------------------------------------------------
Moody's Investors Service assigned a Ba1 global local-currency
debt rating to the expected fifth issuance of Caterpillar
Financial Services Argentina S.A (CFSA) up to the amount of
ARS$100 million, which will be due in 24 months. At the same time,
Moody's Latin America assigned Aaa.ar national scale local
currency debt rating to CFSA's issuance.

The ratings were based on the full, unconditional and irrevocable
guarantee, given by its parent Caterpillar Financial Services
Corporation rated A2 globally.
The outlook for the ratings is stable.

The following ratings were assigned to Caterpillar Financial
Services Argentina S.A.:

ARS$100 million senior unsecured debt issuance:

Ba1 Global Local Currency Debt Rating, with stable outlook

Aaa.ar Argentina National Scale Local Currency Debt Rating

Caterpillar Financial Services Argentina S.A is headquartered in
Buenos Aires, Argentina, and reported ARS$91.6 million of total
assets and ARS$10.6 million of shareholders' equity as of
Sept. 30, 2011.


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


SUN & STAR: Creditors' Proofs of Debt Due March 14
--------------------------------------------------
The creditors of Sun & Star Insurance Company, Limited are
required to file their proofs of debt by March 14, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 21, 2012.

The company's liquidator is:

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


SUN & STAR: Sole Member to Receive Wind-Up Report on March 29
-------------------------------------------------------------
The sole member of Sun & Star Insurance Company Limited will
receive on March 29, 2012, at 9:30 a.m., 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


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


ARIA CDO I: Creditors' Proofs of Debt Due Feb. 29
-------------------------------------------------
The creditors of Aria CDO I (Cayman Islands) Ltd are required to
file their proofs of debt by Feb. 29, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 20, 2012.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


BSCP CAYMAN: Sole Member to Hear Wind-Up Report on March 1
----------------------------------------------------------
The sole member of BSCP Cayman, Inc. will receive on March 1,
2012, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Timothy J. Smith
         c/o JPMorgan Chase & Co.
         270 Park Avenue
         New York, New York 10005
         U.S.A.


CHIRIN ASIA: Shareholders' Final Meeting Set for March 2
--------------------------------------------------------
The shareholders of Chirin Asia Pacific Fund Limited will hold
their final meeting on March 2, 2012, at 8:30 a.m., to receive 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


COCO LOCO: Shareholder to Hear Wind-Up Report on March 6
--------------------------------------------------------
The shareholder of Coco Loco Charters, Inc. will receive on
March 6, 2012, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Ginsberg
         Telephone: +1 954 384 1219
         Facsimile: + 1345 949 8613
         2489 Poinciana Drive
         Weston, FL. 33327
         USA


CT OPPORTUNITY: Placed Under Voluntary Wind-Up
----------------------------------------------
On Jan. 9, 2012, the sole shareholder of CT Opportunity Investment
Company passed a resolution that voluntarily winds up the
company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 27, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Cheng, Tai-Keh
         No. 3 Sung Shou Road, 8th Floor
         Taipei 110
         Taiwan
         Telephone: +886227222002
         Facsimile: +886287809960


DMR TALF: Shareholders' Final Meeting Set for March 2
-----------------------------------------------------
The shareholders of DMR TALF and ABS Fund Ltd. will hold their
final meeting on March 2, 2012, at 4:00 p.m., to receive 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


GATWICK (FREEHOLD): Creditors' Proofs of Debt Due Feb. 29
---------------------------------------------------------
The creditors of Gatwick (Freehold) Limited are required to file
their proofs of debt by Feb. 29, 2012, to be included in the
company's dividend distribution.

The company's liquidator is:

         K.D. Blake
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: +1-345-949-4800
         Facsimile: +1-345-949-7164


GLORY IAM: Shareholders' Final Meeting Set for March 13
-------------------------------------------------------
The shareholders of Glory Iam Limited will hold their final
meeting on March 13, 2012, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


GREENBAY EUROPEAN: Members' Final Meeting Set for March 1
---------------------------------------------------------
The members of Greenbay European Long/Short Fund will hold their
final meeting on March 1, 2012, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HCP CHONGQING: Shareholders' Final Meeting Set for March 2
----------------------------------------------------------
The shareholders of HCP Chongqing Since Holding Co Ltd will hold
their final meeting on March 2, 2012, at 8:45 a.m., to receive 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


IMPACTOR CREDIT: Creditors' Proofs of Debt Due Feb. 29
------------------------------------------------------
The creditors of Impactor Credit Fund Limited are required to file
their proofs of debt by Feb. 29, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 20, 2012.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


IP ASIAN: Commences Liquidation Proceedings
-------------------------------------------
On Jan. 10, 2012, the members of IP Asian Equity Long-Short Fund
passed a resolution that voluntarily liquidates the company's
business.

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

The company's liquidator is:

         Jiffriy Chandra
         3311-3313 Two IFC, 8 Finance Street
         Central
         Hong Kong


IVY GLOBAL: Creditors' Proofs of Debt Due Feb. 29
-------------------------------------------------
The creditors of Ivy Global Equity Opportunities SPV, Ltd. are
required to file their proofs of debt by Feb. 29, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 11, 2012.

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


IVY GLOBAL: Shareholders' Final Meeting Set for March 2
-------------------------------------------------------
The shareholders of Ivy Global Equity Opportunities SPV, Ltd. will
hold their final meeting on March 2, 2012, at 9:00 a.m., to
receive 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


LA ATORIAH: Creditors' Proofs of Debt Due Feb. 29
-------------------------------------------------
The creditors of La Atoriah Leasing Limited are required to file
their proofs of debt by Feb. 29, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 19, 2012.

The company's liquidator is:

         Walkers SPV Limited
         Walker House
         87 Mary Street George Town
         Grand Cayman, KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


MIOKI FUND: Shareholders' Final Meeting Set for March 5
-------------------------------------------------------
The shareholders of Mioki Fund Limited will hold their final
meeting on March 5, 2012, at 2:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Peadar De Barra
         Claire Cawley
         Fleming Court, Fleming's Place, Mespil Road
         Dublin 4, Ireland


NORTH WIND: Members Receive Wind-Up Report
------------------------------------------
The members of North Wind GF Fund received on Feb. 23, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Michael Pearson
         c/o Russell Gleisner
         Deloitte & Touche
         Citrus Grove Building, 4th Floor
         Goring Avenue, George Town KY1-1109
         Telephone: +1(345) 814 2330


ORSA VENTURES: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Jan. 3, 2012, the members of
Orsa Ventures (Cayman) Corporation passed a resolution that
voluntarily liquidates the company's business.

The company's liquidator is:

         Brian Flower
         2620 Chesterfield Avenue
         North Vancouver, British Columbia
         V7N 3M2, Canada
         Telephone: (604) 408-2333
         e-mail: bflower@triointl.com


PLAYPOWER HOLDINGS: Shareholders' Final Meeting Set for March 28
----------------------------------------------------------------
The shareholders of Playpower Holdings Limited will hold their
final meeting on March 28, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


RAY IAM: Shareholders' Final Meeting Set for March 13
-----------------------------------------------------
The shareholders of Ray IAM Limited will hold their final meeting
on March 13, 2012, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


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


BANCO NACIONAL: Moody's Affirms 'Baa1' Issuer and Debt Ratings
--------------------------------------------------------------
Moody's Investors Service affirmed Banco Nacional de Comercio
Exterior, Sociedad Nacional de Credito, Institucion de Banca de
Desarrollo's (Bancomext) long and short term local and foreign
currency issuer ratings of Baa1 and Prime-2, its local currency
long term debt rating of Baa1, and its foreign currency short term
debt rating of Prime-2. At the same time, Moody's raised
Bancomext's stand-alone baseline credit assessment (BCA) to Ba3,
from B1.

Moody's de Mexico affirmed Bancomext's National Scale long and
short term issuer ratings of Aaa.mx and MX-1, and its National
Scale long term debt rating of Aaa.mx.

Ratings Rationale

Moody's noted that Bancomext's Baa1 issuer and debt ratings
reflect the Mexican government's irrevocable and enforceable
guarantee of all the development bank's obligations with third
parties as established under its Organic Law.  This guarantee is
indicative of Bancomext's role as an instrument of government-
directed policy, and its debt obligations are included in the
calculation of Mexico's public debt.  The issuer and debt ratings
incorporate five notches of uplift from the bank's Ba3 BCA based
on the government's full guarantee.

Bancomext's BCA was raised to Ba3 reflecting the bank's much
improved profitability as demonstrated by three years of
consistently positive returns aided by much lower operating costs.
As Bancomext is no longer mandated to promote Mexican exports
through training, advisory services, and trade-show hosting, those
operating costs are now absorbed by a trust called ProMexico with
no relation to Bancomext.

The higher BCA also incorporates reductions in the bank's non-
performing loan levels as a result of loan restructurings and
successful adjudication of problem loans, as well as the transfer
of problem loans off-balance sheet.  Bancomext's BCA is also
supported by strong loss reserve coverage and an adequate Basle
capital ratio of 13.8% as of September 2011 which is mainly
composed of Tier 1 capital.  Moody's also said it expects the
bank's expanded focus towards medium sized companies to help lower
Bancomext's large single borrower concentrations going forward.

Moody's nevertheless acknowledged that asset quality and
profitability may continue to be at risk given the bank's still
high single borrower concentrations with large Mexican
corporations and the bank's mandate to exporters and industries
that generate foreign currency.  A newly formed workout area and
early warning studies of the industries the bank is mandated to
support should help to mitigate the bank's relatively high risk
portfolio.

The last rating action on Bancomext occurred on 7 March 2011, when
Moody's assigned a long term local currency debt rating of Baa1
and a long term National Scale debt rating of Aaa.mx to the bank's
MXN5 billion five year issuance of certificados bursatiles
bancarios.

Bancomext is headquartered in Mexico City, Mexico and is 100%
owned by the Mexican government. As of 30 September 2011,
Bancomext reported MXN182,911 million in assets and MXN90,071
million in tangible common equity.


VITRO SAB: Units Face US Bank US$311MM Breach of Contract Suit
--------------------------------------------------------------
Martin Bricketto at Bankruptcy Law360 reports that U.S. Bank NA on
Wednesday hit subsidiaries of Vitro SAB de CV with a breach of
contract suit in New York, seeking to recover more than
US$311 million in unpaid principal and interest on notes the
company issued.

U.S. Bank, the indenture trustee for the notes, also wants the
court to block the defendants from shirking their alleged
obligations over the debt through Vitro's insolvency proceedings
in Mexico, Law360 relates.

                         About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in
debt from bondholders.  The tender offer would be consummated
with a bankruptcy filing in Mexico and Chapter 15 filing in the
United States.  Vitro said noteholders would recover as much as
73% by exchanging existing debt for cash, new debt or convertible
bonds.

            Concurso Mercantil & Chapter 15 Proceedings

Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for
Civil and Labor Matters for the State of Nuevo Leon, commencing
its voluntary concurso mercantil proceedings -- the Mexican
equivalent of a prepackaged Chapter 11 reorganization.  Vitro SAB
also commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  The judge said Vitro couldn't push
through a plan to buy back or swap US$1.2 billion in debt from
bondholders based on the vote of US$1.9 billion of intercompany
debt when third-party creditors were opposed.  Vitro as a result
dismissed the first Chapter 15 petition following the ruling by
the Mexican court.

On April 12, 2011, an appellate court in Mexico reinstated the
reorganization.  Accordingly, Vitro SAB on April 14 re-filed a
petition for recognition of its Mexican reorganization in U.S.
Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-
11754).

The Vitro parent told the Mexico stock exchange that it received
sufficient acceptances of its reorganization pending in a court
in Monterrey.  The approval vote was evidently obtained using
claims of affiliates.  The bondholders are opposing the Mexican
reorganization plan because shareholders could retain ownership
while bondholders aren't being paid in full.  Bondholders
previously cited an "independent analyst" who estimated the
Mexican plan was worth 49% to 54% of creditors' claims.

In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.

                      Chapter 11 Proceedings

A group of noteholders opposed the exchange -- namely Knighthead
Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc.,
Davidson Kempner Distressed Opportunities Fund LP, and Brookville
Horizons Fund, L.P.  Together, they held US$75 million, or
approximately 6% of the outstanding bond debt.  The Noteholder
group commenced involuntary bankruptcy cases under Chapter 11 of
the U.S. Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D.
Tex. Case No. 10-47470) and 15 other affiliates on Nov. 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise
in the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has
expressed concerns over the exchange offer.  The group says the
exchange offer exposes Noteholders who consent to potential
adverse consequences that have not been disclosed by Vitro.  The
group is represented by John Cunningham, Esq., and Richard
Kebrdle, Esq. at White & Case LLP.

The U.S. affiliates subject to the involuntary petitions are
Vitro Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case
No.10-47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-
47473); Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-
47474); Super Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-
47475); Super Sky International, Inc. (Bankr. N.D. Tex. Case No.
10-47476); VVP Holdings, LLC (Bankr. N.D. Tex. Case No. 0-47477);
Amsilco Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478);
B.B.O. Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479);
Binswanger Glass Company (Bankr. N.D. Tex. Case No. 10-47480);
Crisa Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP
Finance Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP
Auto Glass, Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47484); and Vitro
Packaging, LLC (Bankr. N.D. Tex. Case No. 10-47485).

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were
subject to the involuntary petitions into voluntary Chapter 11.
The Texas Court on April 21 denied involuntary petitions against
the eight U.S. subsidiaries that didn't consent to being in
Chapter 11.

Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al.  Alvarez & Marsal North America LLC, is the
Debtors' operations and financial advisor.

The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah
Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
Dallas, Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq.,
and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP,
in New York, as counsel.  Blackstone Advisory Partners L.P.
serves as financial advisor to the Committee.

The U.S. Vitro companies sold their assets to American Glass
Enterprises LLC, an affiliate of Sun Capital Partners Inc., for
US$55 million.

U.S. subsidiaries of Vitro SAB are having their cases converted to
liquidations in Chapter 7, court records in January 2012 show.
In December, the U.S. Trustee in Dallas filed a motion to convert
the subsidiaries' cases to liquidations in Chapter 7.  The Justice
Department's bankruptcy watchdog said $5.1 million in bills were
run up in bankruptcy and hadn't been paid.

                     Mexico Court Approves Plan

Mexican glassmaker Vitro SAB de CV won approval of its
reorganization plan by a judge in Monterrey, Mexico, the company
said in a statement Feb. 7, 2012.

The reorganization was being fought by holders of some of the $1.2
billion in defaulted bonds.  Bondholders were in opposition based
on an argument that the company created $1.9 billion in debt owing
by the parent to subsidiaries and used the affiliates' debt to
vote down opposition from bondholders. Bondholders also opposed
the plan would retain ownership.

Vitro characterized the ad hoc bondholder group as "vulture
investors" who have "an established pattern of highly litigious
behavior."


=====================
P U E R T O   R I C O
=====================


AUTOS VEGA: Euroclass Plan Disclosures Hearing Set for March 29
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico has set
a hearing on March 29, 2012, at 9:00 a.m., to consider approval of
the disclosure statement for the Chapter 11 plan of Euroclass
Motors, Inc., a debtor-affiliate of Autos Vega, Inc.  Objections
to the adequacy of the information in the Disclosure Statement
should be filed no later that March 15, 2012.

The proposed Chapter 11 Plan dated Jan. 30, 2012, provides for the
full payment of the secured claim of the Debtor's lender, Reliable
Finance Holding Company, estimated at $1.67 million.  Holders of
general unsecured claims, estimated at $1.49 million, are expected
to have a 13% recovery.  Equity interests in the Debtor will be
retained.

Holders of administrative expense claims, estimated at $114,500,
and allowed priority tax claims, estimated at $16,000, are
unimpaired under the Plan.

A full-text copy of the Disclosure Statement is available for free
at http://bankrupt.com/misc/EUROCLASS_DSJan30.PDF

                        About Autos Vega

Autos Vega, Inc., is a car dealership engaged in the sales of new
and used cars and trucks car parts, accessories and providing
vehicle repair and maintenance, based in San Juan, Puerto Rico.
The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
P.R. Case No. 11-05773) on July 6, 2011.  The Debtor disclosed
US$22,959,296 in assets and US$34,224,323 in liabilities.

Charles Alfred Cuprill, Esq., at Charles A Curpill, PSC Law
Office, in San Juan, Puerto Rico, serves as counsel to the Debtor.
Luis R. Carrasquillo Ruiz, CPA, is the Debtor's accountant.

Affiliate Euroclass Motors, Inc. filed for Chapter 11 protection
(Bankr. D. P.R. Case No. 11-05772) on July 6, 2011.  Autos Vega
disclosed US$22,959,296 in assets and US$34,224,323 in liabilities
as of the Chapter 11 filing.


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


TRINIDAD CEMENT: Union to Serve Strike Notice in Deal Breakdown
---------------------------------------------------------------
Laurel Williams at Trinidad and Tobago Newsday reports that the
Oilfields Workers' Trade Union is expected to serve strike notice
on Trinidad Cement Limited in light of a breakdown in wage
negotiations.

Feb. 23 marked the end of the conciliatory period and according to
President General of the union, Ancel Roget, they did not want any
more extensions for conciliation talks, according to T&T Newsday.

The report discloses that the company said it had made a request
for an extension of time to bring amicable resolution to the
negotiations.  However, T&T Newsday notes that this request was
denied by the union, which has since signaled its intention to
serve strike notice.

T&T Newsday says that the union is demanding wages be increased by
16%, a figure which TCL has publicly rejected, proposing instead
6.5%.

Trinidad Cement Limited is a cement company and is the parent
company of Caribbean Cement Company Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 5, 2011, RJR News reports that Trinidad Cement Limited has
now reached an agreement with its debtors on the terms and
conditions attached to the repayment of its debt.  The agreement
will convert most of the company's debt into an 8-year facility,
to be paid, quarterly, from March 2013, according to RJR News.
The report related that deal also includes certain performance
criteria for repaying the debt and if those are not met, the
company will be penalized.


WELTHECON INVESTMENT: T&T SEC Gets Nod to Appoint Receiver
----------------------------------------------------------
Trinidad Express reports that the Trinidad and Tobago Securities
and Exchange Commission has obtained an order from High Court
Justice Peter Rajkumar appointing a receiver-manager over the
affairs of Port of Spain-based Welthecon Investment Managers Ltd
and Pierre Finance Investments Ltd.

On July 28 2011, the T&T SEC initiated an action in the High Court
against Welthecon, Pierre Finance Investments and Peter De Gannes
pursuant to its powers under the Securities Industry Act,
according to Trinidad Express.  The report relates that the next
day, the Commission obtained an Order of the High Court directing
that the defendants had been restrained from disposing of,
transferring or diminishing the value of their assets pending the
hearing and determination of the Commission's claim against them.

The defendants and their servants and/or agents were also
restrained from conducting any business with respect to any
investment in any securities or the purchase or sale of any
securities, the SEC said in a statement obtained by the news
agency on Feb. 23, 2012.

Trinidad Express discloses that the SEC said that on February 10
the court ordered the first and second defendants to make
restitution; the disgorgement of profits obtained by reason of
their non-compliance with the Securities Industry Act; the
appointment of Brian Hackett of PricewaterhouseCoopers Advisory
Services Ltd as receiver-manager over the assets of the
defendants.

The matter has been adjourned to July 5 for a report, the report
adds.


===============
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.


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