TCRLA_Public/120306.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, March 6, 2012, Vol. 13, No. 047


                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Jurors Deliberate in Owner's Criminal Case


A R G E N T I N A

ALFAR EMPRENDIMIENTOS: Creditors' Proofs of Debt Due March 19
CABELMA SA: Creditors' Proofs of Debt Due March 15
COM PUNTO: Creditors' Proofs of Debt Due March 29
CORPORACION IMPORTADORA: Creditors' Proofs of Debt Due March 28
EMPRENDIMIENTOS SUR: Creditors' Proofs of Debt Due March 26

M. PLACE SRL: Creditors' Proofs of Debt Due March 27
PAPEL MANCHADO: Creditors' Proofs of Debt Due March 22
SOLTEX SAICA: Requests Opening of Bankruptcy Proceedings
TABOO SRL: Creditors' Proofs of Debt Due April 19
TOP ITALY: Creditors' Proofs of Debt Due March 28


B E L I Z E

* BELIZE: S&P Lowers Foreign-Currency Sovereign Rating to 'CCC-'


B R A Z I L

BANCO BTG: Moody's Assigns 'D+' Bank Financial Strength Rating
BANCO BVA: Moody's Keeps 'B2' Sr. Unsec. Foreign Currency Ratings
CENTRAIS ELECTRICAS: S&P Lowers Corporate Credit Rating to 'D'


C A Y M A N   I S L A N D S

AMERICAN PROFESSIONAL: Members' Final Meeting Set for March 30
CAPSTONE ASIA: Shareholders' Final Meeting Set for March 16
CAPSTONE ASIA FUND: Shareholders' Final Meeting Set for March 16
CAPSTONE ASIA MASTER: Final Meeting Set for March 16
CLASS V FUNDING: Shareholders' Final Meeting Set for March 16

DIGHTON CAPITAL: Shareholders' Final Meeting Set for March 19
EVO IP LTD: Shareholders' Final Meeting Set for March 16
FACILITAS LTD: Shareholder to Hear Wind-Up Report on March 26
GOLDEN FALCON: Shareholder to Hear Wind-Up Report on March 8
GREY K OFFSHORE: Shareholders' Final Meeting Set for March 7

JAPAN OPPORTUNITIES: Shareholder Receives Wind-Up Report
NIKKO PACVEN: Members' Final Meeting Set for March 15
PENGANA ASIAN: Shareholders' Final Meeting Set for March 16
PENGANA ASIAN MASTER: Final Meeting Set for March 16
POLLUX MULTI: Shareholder Receives Wind-Up Report


C O S T A   R I C A

* COSTA RICA: Unions Don't Rule Out National Workers Strike


M E X I C O

VITRO SAB: Implements Mexican Reorganization Plan


P U E R T O   R I C O

* PUERTO RICO: February Bankruptcies Falls 11% From 2011


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Dealers Worry as Cement Runs Low


V E N E Z U E L A

CA LA ELECTRICIDAD: Fitch Affirms Issuer Default Rating at 'B+'


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                            - - - - -




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


STANFORD INT'L: Jurors Deliberate in Owner's Criminal Case
----------------------------------------------------------
Jamaica Observer reports that the jurors, composed of four women
and eight men, in Robert Allen Stanford's criminal case have yet
to reach a verdict.  Mr. Stanford is the owner of Stanford
International Bank Limited.

If the jury convicts Mr. Stanford on any of the 14 counts, they
will be asked to determine whether the U.S. government may seize
31 U.S. properties that belonged to his companies, according to
Jamaica Observer.

The report notes that Mr. Stanford's defense team argued during
the six-week trial that the Antigua-based bank was in the midst
of a consolidation and would be solvent today if the US
government had not shut it down in February 2009.

Jamaica Observer says that Mr. Stanford, who did not take the
stand in his own defense, has repeatedly denied any wrongdoing.
Mr. Stanford faces up to 20 years in jail if convicted on most
counts, the report adds.

                About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under
management or advisement.  Stanford Private Wealth Management
serves more than 70,000 clients in 140 countries.

On Feb. 16, 2009, the 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
=================


ALFAR EMPRENDIMIENTOS: Creditors' Proofs of Debt Due March 19
-------------------------------------------------------------
Daniel Altman, the court-appointed trustee for Alfar
Emprendimientos SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until March 19, 2012.

Mr. Altman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 34, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Daniel Altman
         Parana 774
         Argentina


CABELMA SA: Creditors' Proofs of Debt Due March 15
--------------------------------------------------
Estudio Gilli & Asociados, the court-appointed trustee for
Cabelma SA's reorganization proceedings, will be verifying
creditors' proofs of claim until March 15, 2012.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 45, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on Feb. 20, 2013.

The Trustee can be reached at:

         Estudio Gilli & Asociados
         Uruguay 390


COM PUNTO: Creditors' Proofs of Debt Due March 29
-------------------------------------------------
Jose Luis Traverso, the court-appointed trustee for Com Punto
Digital SA's reorganization proceedings, will be verifying
creditors' proofs of claim until March 29, 2012.

Mr. Traverso will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 31, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on Feb. 1, 2013.

The Trustee can be reached at:

         Jose Luis Traverso
         Viamonte 1785
         Argentina


CORPORACION IMPORTADORA: Creditors' Proofs of Debt Due March 28
---------------------------------------------------------------
Graciela Ramona Perez, the court-appointed trustee for
Corporacion Importadora y Exportadora SA's bankruptcy
proceedings, will be verifying creditors' proofs of claim until
March 28, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 43, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Graciela Ramona Perez
         Lavalle 1566
         Argentina


EMPRENDIMIENTOS SUR: Creditors' Proofs of Debt Due March 26
-----------------------------------------------------------
Jorge Luis Traverso, the court-appointed trustee for
Emprendimientos Sur SA's bankruptcy proceedings, will be
verifying creditors' proofs of claim until March 26, 2012.

Mr. Traverso will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 32, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Jorge Luis Traverso
         Viamonte 1785
         Argentina


M. PLACE SRL: Creditors' Proofs of Debt Due March 27
----------------------------------------------------
Marcelo Markel, the court-appointed trustee for M. Place SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 27, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 25, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Marcelo Markel
         Tucuman 1657
         Argentina


PAPEL MANCHADO: Creditors' Proofs of Debt Due March 22
------------------------------------------------------
Mirta Noemi Andrada, the court-appointed trustee for Papel
Manchado SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until March 22, 2012.

Ms. Andrada will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 45, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Mirta Noemi Andrada
         Avenida Corrientes 676
         Argentina


SOLTEX SAICA: Requests Opening of Bankruptcy Proceedings
--------------------------------------------------------
Soltex SAICA requested the opening of bankruptcy proceedings.

The company has defaulted on its payments last Jan. 5, 2012.


TABOO SRL: Creditors' Proofs of Debt Due April 19
-------------------------------------------------
Jorge Bermudez, the court-appointed trustee for Taboo SRL's
reorganization proceedings, will be verifying creditors' proofs
of claim until April 19, 2012.

Mr. Bermudez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 43, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Jorge Bermudez
         Avenida Belgrano
         Argentina


TOP ITALY: Creditors' Proofs of Debt Due March 28
-------------------------------------------------
David Hector Beraja, the court-appointed trustee for Top Italy
Argentina SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until March 28, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 25, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         David Hector Beraja
         Viamonte 1454
         Argentina


===========
B E L I Z E
===========


* BELIZE: S&P Lowers Foreign-Currency Sovereign Rating to 'CCC-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term foreign-
currency sovereign credit rating on Belize to 'CCC-' from 'CCC+'.
Standard & Poor's also said that it lowered its recovery rating
on Belize's foreign-currency debt to '4', indicating an estimated
post-default recovery of 30%-50%.  In addition, Standard & Poor's
affirmed its 'C' short-term foreign-currency rating on Belize.
The outlook on the long-term foreign-currency rating is negative.

Standard & Poor's also affirmed its 'CCC+' long-term and 'C'
short-term local-currency sovereign credit ratings on Belize.
The outlook on the long-term local-currency rating remains
stable.  The 'B-' transfer and convertibility assessment is
unchanged.

"We lowered the long-term foreign-currency rating to reflect the
increasing likelihood that Belize's majority party will seek to
restructure the sovereign's external debt," explained Standard &
Poor's credit analyst Kelli Bissett.  "Although the United
People's Party) is favored to win a majority in the March 7
parliamentary elections, we believe the political incentives are
sufficient for either the UDP or the opposition--the People's

United Party (PUP)--to pursue such a restructuring. This issue
has become more prominent because whereas discussions about the
debt restructuring had largely been rhetorical, recently the UDP
has begun to frame it as an explicit campaign pledge.
Specifically, the debt under discussion is the US$546.8 million
superbond due 2029, which resulted from Belize's 2007 debt
exchange."

"Political incentives to continue servicing the superbond have
diminished given domestic social spending priorities amid low
economic growth.  Indeed, the March parliamentary campaign has
brought to the fore public pressure for greater social spending
and higher public-sector wages.  The government's weak revenue
base and limited access to financing constrain fiscal spending
and will likely result in dwindling liquid assets," S&P said.

"Our base-case scenario is that following the March 7 elections,
the next administration will seek a restructuring of its external
commercial debt.  We expect this announcement before the next
coupon payment falls due in August, when the final interest rate
step-up on the superbond to 8.5% occurs.  In addition, our base-
case assumes that Belize would seek a degree of debt relief by
restructuring and lowering the government's external debt burden.
Thus, we have lowered our recovery rating to '4' from '3',
estimating a recovery of 30%-50%. We also assume any proposed
restructuring will be confined to Belize's external commercial
debt (consolidated in the superbond) and that the sovereign will
continue to honor its financial obligations to bilateral
creditors, multilateral financial institutions, and holders of
its
local-currency debt.  Although we expect ongoing support from
multilateral creditors, we do not believe that an IMF support
program or stand-by agreement is politically tenable at this
time," S&P said.

"The negative outlook reflects the increasing likelihood the
government of Belize could seek debt relief by pursuing a
distressed restructuring this year, possible with an announcement
before August.  Under the most probable scenario, we would lower
the rating if the government announces plans to seek a distressed
restructuring or if additional external liquidity pressure were
to emerge," Ms. Bissett said.  "The ratings could stabilize if
the government demonstrates a clear commitment to service the
superbond and if financing prospects and the growth outlook
improve."


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


BANCO BTG: Moody's Assigns 'D+' Bank Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Banco BTG Pactual S.A. and certain regulatory disclosures
regarding its ratings.  Its summary opinion does not constitute
any change in Moody's ratings or rating rationale for Banco BTG
Pacutal S.A. and its affiliates.

Moody's current ratings on Banco BTG Pactual S.A. and its
affiliates are:

Senior Unsecured MTN Program (foreign currency) ratings of
(P)Baa3

Long Term Bank Deposits (domestic and foreign currency) ratings
of Baa3

Bank Financial Strength rating of D+

Short Term Bank Deposits (domestic and foreign currency) ratings
of P-3

Other Short Term (foreign currency) ratings of (P)P-3

NSR Long Term Bank Deposits (domestic currency) ratings of
Aaa.br

NSR Short Term Bank Deposits (domestic currency) ratings of BR-1

Banco BTG Pactual S.A., Grand Cayman Branch

Senior Unsecured (foreign currency) ratings of Baa3

Senior Unsecured MTN Program (foreign currency) ratings of
(P)Baa3

Other Short Term (foreign currency) ratings of (P)P-3

Ratings Rationale

Moody's assigns a bank financial strength rating of D+ to Banco
BTG Pactual S.A., which translates to a Baseline Credit
Assessment (BCA) of Baa3.  Moody's believes that the probability
of systemic support for BTG Pactual is very limited, given the
bank's most participation in the industry's deposit base. The
outlook on all ratings is stable.

The bank's ratings reflect Moody's view of BTG Pactual's well-
established and strong wholesale and investment banking franchise
in Brazil with good distribution capabilities in the local and
global markets, that supports its fixed income and capital market
businesses.  BTG Pactual's robust capital position and
domestically sourced funding are important elements to sustain
expansion plans.  BTG Pactual's partnership structure is viewed
as credit positive because of the inherently higher risk aversion
of partners, as is the case overall.

The rating captures management's diversification strategy and the
increased focus it is placing on fee-based businesses that should
continue to improving earnings recurrence over the medium term.
The growth of BTG Pactual's asset management and wealth
management activities has been helping to balance the significant
reliance on revenues from trading and capital markets, which have
an inherently volatile and more levered nature.

The rapid expansion in 2010, which resulted in the doubling of
its assets relative to 2009, have build-up securities trading
activities significantly with limited effect on profitability
ratios.  The growth is explained, in part, by a much larger
securities inventory, as well as by loans and derivative
exposures that were originated in line with BTG Pactual's
investment banking strategy.  These exposures, however, tend to
substantially increase credit risk concentration, which is a
source of concern particularly in the context of an increasingly
competitive market environment.

A rating challenge for the bank is to manage the growing credit-
related exposure generated by the wholesale financial services,
fixed income division, equity sales and capital markets, as the
bank focuses on enhancing its presence, in times of fierce
competition in the segment.

Rating Outlook

The outlook on all ratings is stable.

What Could Change the Rating - Up

Greater contribution from fee-based and less capital-intensive
activities, or other recurring revenues, that reduces the
relative importance of trading revenues may enhance earnings
stability. Potential upward pressure would also come from proven
disciplined risk management and adequate risk infrastructure and
governance in support of the bank's growth plans and the
complexity of its businesses.

What Could Change the Rating - Down

Sharp increase in wholesale lending appetite or rapid growth in
illiquid assets as the bank expands could result in negative
rating implications.  Downward pressure could also come if BTG
Pactual were to increase its lending activities and if this was
done without commensurate risk reductions elsewhere.


BANCO BVA: Moody's Keeps 'B2' Sr. Unsec. Foreign Currency Ratings
-----------------------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Banco BVA S.A. and includes certain regulatory disclosures
regarding its ratings.  The summary opinion does not constitute
any change in Moody's ratings or rating rationale for Banco BVA
S.A.

Moody's current ratings on Banco BVA S.A. are:

Senior Unsecured (foreign currency) ratings of B2

Senior Unsecured MTN Program (foreign currency) ratings of (P)B2

Long Term Bank Deposits (domestic and foreign currency) ratings
  of B2

Bank Financial Strength rating of E+

Short Term Bank Deposits (domestic and foreign currency) ratings
of NP

Other Short Term (foreign currency) ratings of (P)NP

NSR Long Term Bank Deposits (domestic currency) ratings of
Ba1.br

NSR Short Term Bank Deposits (domestic currency) ratings of BR-3

Ratings Rationale

Moody's assigns an E+ bank financial strength rating to Banco BVA
S.A. (BVA), which translates into a baseline credit assessment
(BCA) of B2.  The E+ BFSR reflects a franchise focused on a niche
segment of small- and mid-sized corporate lending and the bank's
loan origination-and-sale platform.  BVA's franchise has been
evolving and becoming more robust since late 2007, when the bank
repositioned its business strategy.  The rating is constrained by
a funding structure that still has a high concentration of
deposits from individual clients; the bank, however, has grown
over the last two years, as shown by a volume of total deposits
that reached R$3.0 billion at year-end 2010.

After the bank's business repositioning in November 2006
management conducted a strategic shift towards short-term middle-
market lending and building a more robust deposit base, which
resulted in the fast growth of the bank's balance sheet. Recent
efforts to enhance the bank's capital position include the
creation of a private equity investment fund in the 3Q10.  The
fund's assets consist of non-voting, preferred shares that were
used to increase the bank's capital, although the additional
capital still needs to be approved by the Central Bank.
According to management, the fund had roughly R$133 million in
assets in December 2010, which brought BVA's equity to R$503
million.

Management is committed to revamping the bank's operations and to
making them more efficient and competitive, with the support of
strict risk controls.  Efforts to strengthen the funding base led
to a swift increase in deposits in 2009 and 2010.  Moody's
clearly recognizes these initiatives as positive factors;
although the presence of a high volume of deposits held by
individual clients poses a risk to liquidity.  One measure to
mitigate liquidity risk is maintaining a position of cash and
equivalent instruments twice the size of equity.  Despite the
bank's consistency in reporting modest but stable profitability
ratios and low delinquency ratios, increasing competition in
local markets and higher funding costs may pressure BVA's
margins.

The B2 global local-currency deposit rating incorporates Banco
BVA's baseline credit assessment of B2, as well as Moody's belief
that the bank would receive no systemic support in case of stress
because of its limited market share in terms of deposits.

Rating Outlook

On May 25, 2011, the outlooks for BVA's global local-currency
deposit rating, foreign currency deposit rating, and Brazilian
national scale rating were changed to stable from positive.  The
stable outlook reflects Moody's concern that the bank's fast
growth in an environment of increased competition and higher
funding costs may potentially compress margins and, therefore,
earnings.

The outlook for BVA's bank financial strength rating is stable.

What Could Change the Rating - Up

Positive rating pressure would derive from a strengthening of the
franchise and the maintenance of a pace of growth that doesn't
deteriorate profitability or asset quality.  Moreover, ratings
would benefit from sustainable improvement in recurring
profitability, most notably in a scenario of potential economic
recovery, in which competition is likely to drive spreads down
and compress margins.  A lower concentration in the deposit base
and improvements in the corporate governance structure would also
benefit the ratings.

What Could Change the Rating - Down

Mismanagement of future growth could lead to a rise in
nonperforming indicators, diminished capitalization, and a drop
in the bank's deposit base.  All would push the BFSR down. BVA's
ratings could also come under stress if a significant problem
with assets quality occurs.


CENTRAIS ELECTRICAS: S&P Lowers Corporate Credit Rating to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Centrais Eletricas do Para  S.A. to 'D' from 'CCC+'.
"At the same time, we lowered our ratings on Companhia de Energia
Eletrica do Estado do Tocantins and Centrais

Eletricas Matogrossenses S.A. to 'CCC' from 'B-', and placed them
on CreditWatch with negative implications," S&P said.

"The 'D' rating on Celpa reflects its judicial reorganization
filing on Feb. 28, 2012.  Although the filing does not include
other rated subsidiaries of the Rede Energia group, we lowered
the ratings on CEMAT and CELTINS to reflect the even more limited
financial flexibility that these companies will have," S&P said.

"Celpa has struggled to improve its business risk profile, which
we see as 'vulnerable' in the past few years, reflecting
operating challenges stemming from the characteristics of its
concession area and poor asset performance.  It's the most
inefficient electricity distributor in the country, with energy
losses of 30%, poor service quality indicators, and frequently
not in compliance with the regulator's standards.  Celpa's
'highly leveraged' financial profile and 'weak' liquidity were
the main drivers for our previous 'CCC+' rating.  A consecutive
breach of financial covenants that required constant waiver
negotiations exacerbated its refinancing risks," S&P said.

"Although Celpa's filing should not affect CEMAT's and CELTINS'
concessions, it should put further pressure to roll over their
existing debt.  CEMAT has been a dividend contributor to Rede
group and, in our view, will face not only a greater challenge to
roll over outstanding credit lines, but also pressure to upstream
cash to the holding company," S&P said.

"We expect to resolve our CreditWatch listing on CEMAT and
CELTINS during the next 90 days, after performing a comprehensive
analysis of the impact of Celpa's judicial reorganization filing
on these Rede subsidiaries.  We could lower the ratings further
if we don't see concrete signs that both CEMAT and CELTINS
continue to access some sort of funding," S&P said.


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


AMERICAN PROFESSIONAL: Members' Final Meeting Set for March 30
--------------------------------------------------------------
The members of American Professional Assurance Limited will hold
their final meeting on March 30, 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:

         Timothy Le Cornu
         c/o Jeremy Anderson
         Governor's Square, Building 6, 2nd Floor
         23 Lime Tree Bay Avenue
         PO Box 21237 Grand Cayman KY1-1205
         Cayman Islands
         Telephone: +1 345 947 4700
         Facsimile: +1 345 946 6728


CAPSTONE ASIA: Shareholders' Final Meeting Set for March 16
-----------------------------------------------------------
The shareholders of Capstone Asia Volatility Intermediate Fund,
Limited will hold their final meeting on March 16, 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:

         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


CAPSTONE ASIA FUND: Shareholders' Final Meeting Set for March 16
----------------------------------------------------------------
The shareholders of Capstone Asia Volatility Fund, Limited will
hold their final meeting on March 16, 2012, at 10:10 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


CAPSTONE ASIA MASTER: Final Meeting Set for March 16
----------------------------------------------------
The shareholders of Capstone Asia Volatility Master Fund, Limited
will hold their final meeting on March 16, 2012, at 10:20 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


CLASS V FUNDING: Shareholders' Final Meeting Set for March 16
-------------------------------------------------------------
The shareholders of Class V Funding, Ltd. will hold their final
meeting on March 16, 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


DIGHTON CAPITAL: Shareholders' Final Meeting Set for March 19
-------------------------------------------------------------
The shareholders of Dighton Capital CTA Limited will hold their
final meeting on March 19, 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:

         Alex Moiseev
         5 Ave., Princess Grace
         Monaco
         Telephone: +33 66 640 1597
         Facsimile: +41 22 594 8097


EVO IP LTD: Shareholders' Final Meeting Set for March 16
--------------------------------------------------------
The shareholders of EVO IP Ltd. will hold their final meeting on
March 16, 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


FACILITAS LTD: Shareholder to Hear Wind-Up Report on March 26
-------------------------------------------------------------
The shareholder of Facilitas Ltd. will receive on March 26, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Anita Rampersad
         Telephone: (345) 949-2001
         Facsimile: (345) 949-7097
         Scotiabank & Trust (Cayman) Ltd.
         #6 Cardinall Avenue
         Scotiabank Building, 3rd Floor
         PO Box 501 Grand Cayman KY1-1106
         Cayman Islands


GOLDEN FALCON: Shareholder to Hear Wind-Up Report on March 8
------------------------------------------------------------
The shareholder of Golden Falcon Ltd. will receive on March 8,
2012, at 2:00 p.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Ammar Alsaad
         Telephone: + 973 17338877
         Facsimile: + 973 17332356
         c/o Thorp Alberga
         Harbour Place, 2nd Floor
         103 South Church Street
         George Town
         Grand Cayman KY1-1106
         Cayman Islands


GREY K OFFSHORE: Shareholders' Final Meeting Set for March 7
------------------------------------------------------------
The shareholders of Grey K Offshore Fund, Ltd. will hold their
final meeting on March 7, 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:

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


JAPAN OPPORTUNITIES: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Japan Opportunities Fund II Limited received
on March 5, 2012, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Margot Macinnis
         c/o Jeremy Anderson
         e-mail: Jeremy.Anderson@KRyS-Global.com
         Governor's Square, Building 6, 2nd Floor
         23 Lime Tree Bay Avenue
         PO Box 21237 Grand Cayman KY1-1205
         Cayman Islands
         Telephone: +1 345 947 4700
         Facsimile: +1 345 946 6728


NIKKO PACVEN: Members' Final Meeting Set for March 15
-----------------------------------------------------
The members of Nikko Pacven Walden Investments Ltd will hold
their final meeting on March 15, 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:

         Pacven Walden Management Co. (Japan) Pte Ltd.
         c/o Maples and Calder, Attorneys-at-Law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


PENGANA ASIAN: Shareholders' Final Meeting Set for March 16
-----------------------------------------------------------
The shareholders of Pengana Asian Equities (Offshore) Fund will
hold their final meeting on March 16, 2012, at 9:10 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


PENGANA ASIAN MASTER: Final Meeting Set for March 16
----------------------------------------------------
The shareholders of Pengana Asian Equities Master Fund will hold
their final meeting on March 16, 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


POLLUX MULTI: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Pollux Multi Strategy received on March 2,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Lorna Walton
         Telephone: (345) 815-1847
         Facsimile: (345) 949-9877


===================
C O S T A   R I C A
===================


* COSTA RICA: Unions Don't Rule Out National Workers Strike
-----------------------------------------------------------
insidecostarica.com reports that union leaders agreed to accept
the CRC5.000 monthly wage hike for this first half of the year,
imposed by the Costa Rican government on all public sector
workers.

However, having brought the acceptance to their membership, union
leaders now say they do not rule out a national strike saying
their members rejected the preliminary agreement reached,
according to insidecostarica.com.

The report notes that the unions and the Presidenta Laurca
Chinchilla will again meet with the unions' heads to present a
counterproposal that is to developed at the Asociacion Nacional
de Educadores (ANDE) meeting.

The unions said that there is a widespread rejection to the
imposed, not negotiated, salary increase, the report notes.

"The unions take a joint position to be discussed on Monday. The
scenario of a strike has not been ruled out, we all have it on
the agenda", the report quoted Albino Vargas, secretary general
of the Asociacion Nacional de Empleados Publicos (ANEP).


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


VITRO SAB: Implements Mexican Reorganization Plan
-------------------------------------------------
Bloomberg News reports that Mexican glassmaker Vitro SAB
announced it has implemented the reorganization plan approved by
a judge in Monterrey, Mexico.  The reorganization in Mexico was
fought unsuccessfully by holders of some of the $1.2 billion in
defaulted bonds.

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 because it wouldn't pay their debt in full,
although shareholders would retain ownership.

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

                          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 US$5.1 million in
bills were run up in bankruptcy and hadn't been paid.


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


* PUERTO RICO: February Bankruptcies Falls 11% From 2011
--------------------------------------------------------
Caribbean Business reports that Puerto Rico Boletin, a local
bankruptcy data-gathering service, revealed that the downward
trend in bankruptcy filings continued in February, falling 11%
from the same month a year ago, according preliminary data issued
by the Puerto Rico Boletin.

However, the 852 bankruptcy cases in February were up from the
734 lodged in January, according to Caribbean Business.  The
report relates that the 299 Chapter 7 (liquidation) cases last
month were 20 less than a year ago, while Chapter 13 (repayment
plan for individuals) cases totaled 534, down from 1,013 in
February 2011.

Caribbean Business notes that Chapter 11 (business
reorganization) cases totaled 15 in February, up from 14 last
year.

The report says that the four Chapter 12 (reorganization for
farmers) filings last month was one less than the same month a
year ago.  Caribbean Business discloses that bankruptcy filings
fell overall in Puerto Rico in 2011 despite an increase in the
number of commercial cases.

Bankruptcy debt, meanwhile, climbed even as the number of overall
cases fell, statistics show, the report says.

Caribbean Business notes that a total of 11,266 bankruptcies were
filed in Puerto Rico in 2011, a 9% decrease from the previous
year.  The 12,380 bankruptcies in 2010 were 10% more than in
2009, the report adds.

Commercial bankruptcies totaled 971 last year, 14 percent more
than the 850 lodged in 2010, according to the Puerto Rico
Boletin.


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


TRINIDAD CEMENT: Dealers Worry as Cement Runs Low
-------------------------------------------------
Richardson Dhalai at Trinidad and Tobago Newsday reports that
Hardware Dealers Association President Joseph Callender, has
described the situation regarding cement supplies as "chaotic"
and yesterday reiterated that strike action at Trinidad Cement
Limited (TCL) should be resolved as soon as possible.

The Oilfields Workers' Trade Union (OWTU) served strike notice at
TCL and its sister company, TCL Packaging, at Claxton Bay and
Mayo respectively, on February 27, after negotiations between the
union and companies reached a stalemate, according to Trinidad
and Tobago Newsday.  The report notes that the strike action
allows the approximately 600 workers to engage in strike action
for a period of 90 days.

Trinidad and Tobago Newsday discloses that Mr. Callender said
cement sales were continuing at TCL's warehouses in south
Trinidad and Arima, but hardware dealers were not receiving as
much as they would like to purchase.

However, the report notes that Mr. Callender said that the
situation was becoming chaotic because contractors have begun to
buy cement for ongoing projects.

As reported in the Troubled Company Reporter-Latin America on
March 5, 2012, RJR News said that Trinidad Cement Limited will
import cement from Jamaica as the strike by workers keeps its
operations closed.  It will also import supplies from Barbabos,
according to RJR News.  The report noted that TCL said it had
arranged to get supplies from its Caribbean Cement subsidiary in
Jamaica and Arawak plant in Barbados to minimize the impact of
the industrial impasse.   The report said that TCL said it will
distribute the product throughout Trinidad and Tobago so that
customers have access.

                          About TCL

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.


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


CA LA ELECTRICIDAD: Fitch Affirms Issuer Default Rating at 'B+'
---------------------------------------------------------------
Fitch Ratings has affirmed C.A. La Electricidad de Caracas's
(EDC) local and foreign currency Issuer Default Ratings (IDRs) at
'B+' as well as its national scale long- and short-term ratings
of 'AAA(ven)' and 'F-1+(ven)', respectively.  Fitch also affirms
EDC's approximately US$663 million senior unsecured debt issuance
due 2014 and 2018 at 'B+/RR4'.

The Ratings Outlook is Stable.

EDC's credit quality reflects the company's linkage to the
government of Venezuela, as its majority shareholder is
Corporacion Electrica Nacional S.A., a public entity ascribed to
the Ministry of Popular Power for Electricity, in charge of
operating Venezuela's electricity system. CORPOELEC took control
of EDC following the transfer of 93.62% of EDC's stock to
CORPOELEC from Petroleos de Venezuela S.A. (PDVSA), the national
oil company.  This linkage is further heightened by the
increasing government control of operations and the subsidies the
latter provides to finance EDC's operational costs and capital
expenditures.

Ratings Linked to the Government:

EDC receives explicit support from both PDVSA and the government,
and likely CORPOELEC, in the form of subsidized fuel costs,
access to foreign currency and government assistance to cover
operating losses and capital expenditures.  As previously
disclosed the Venezuelan government spun-off EDC from PDVSA and
into a stated owned entity called CORPOELEC.  The transfer of the
shares is viewed as neutral for EDC as it is now consolidated in
to a larger integrated energy company although with potentially
equally negative operating margins and dependence on similar
support.

The 2018 bond issue covenants allow for the eventual
consolidation of EDC into a third party, CORPOELEC, as long as
the latter assumes, by supplemental indenture, all of EDC's
obligations under current indenture and the notes.

Margins Remain Negative:

EDC's profitability has significantly deteriorated as a result of
a tariff freeze since 2002 and increased financial burden
associated with its new operational responsibilities in Aragua,
Miranda and Nueva Esparta states.  The company's financial
metrics have remained weak due to the tariff freeze and
inefficient generation units.  Furthermore, high inflation has
contributed to higher costs, further impacting profitability
margins.  EDC will likely continue to report operating losses as
a result of no expected changes in tariffs.  However, a potential
reduction in operating losses could come from focusing on
decreasing non technical losses (electricity theft) and improving
collections, both from the public and private sectors.

During the LTM ended Sept. 30, 2011, EDC's EBITDA marginally
improve but was still negative US$68 million from negative US$148
million in fiscal 2010.  The company reported positive Cash Flow
from Operations (CFFO) of US$209 million during the same period,
primarily as a result in an increase in other accounts payables
due to the increasing capital expenditures in new capacity.
Fitch does not expect the government to implement a tariff
adjustment in the short term, and as such EBITDA margins will
continue to deteriorate, increasing its dependence on government
transfers to meet its cash needs.

Sovereign Support Needed to Fund CAPEX:

As of the last 12 months ended Sept. 30, 2011, Cash Flow from
Operations (CFO) was significantly insufficient to cover the
company's capital expenditures of US$889 million.  As a result,
EDC received US$396 million in government financing, mostly
coming from CORPOELEC, 'El Fondo Conjunto Chino Venezolano
(FCCV)' and FONDEN, a special Fund that has channeled funds in
the past to respond to the electricity crisis experienced during
the first semester of 2010.

Going forward, the continuing support of the Venezuelan
government will be key to maintaining the financial viability of
the electricity sector in general and of EDC's assets in
particular as CORPOELEC is expected to continue to receive
additional funding through the execution of the national budget
to finance and implement the government's sector initiatives.

Liquidity improves moderately:

As of Sept. 30, 2011, EDC had US$100 million of cash on hand; an
improvement over liquidity registered at the end of FY2010 (US$71
million ).  This result is explained in part by cash subsidies
received from the government to cover operational costs but could
revert in the short term if the continuation of the tariff lag
and weakening generating capacity further diminish operating
results, thereby putting pressure on organic cash generation.
EDC's total debt was US$663 million by September 2011, comprised
primarily of the US$650 million notes due in 2018, making debt
maturities quite manageable in the medium term.


===============
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 * * *