TCRLA_Public/120313.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 13, 2012, Vol. 13, No. 052


                            Headlines


A N T I G U A  &  B A R B U D A

STANFORD INT'L: Owner's Sentencing Delayed by New Trial


A R G E N T I N A

RADIATION THERAPY: Moody's B2 CFR Unaffected by Impairment Credit


B R A Z I L

CENTRAIS ELETRICAS: Regulator May Start Investigation on Firm
TELEFONICA BRASIL: To Fire 1,500 Employees After Vivo Merger


C A Y M A N   I S L A N D S

CEDARVIEW LEVERAGED: Shareholders' Final Meeting Set for March 28
CORO VOLTIN: Members' Final Meeting Set for March 21
DGC LONG/SHORT: Members' Final Meeting Set for March 19
ELROND INVESTMENTS: Creditors' Proofs of Debt Due March 28
EMIRATES TARIAN: Members' Final Meeting Set for March 20

FLEX HOLDING: Members' Final Meeting Set for Feb. 24
FRONTIER XI: Creditors' Proofs of Debt Due March 28
FRONTIER XII: Creditors' Proofs of Debt Due March 28
GEM DIF 2: Shareholders' Final Meeting Set for March 21
MAN LONG SHORT ASIA: Members' Final Meeting Set for March 21

MAN LONG SHORT EQUITY: Members' Final Meeting Set for March 21
MAN LONG SHORT JAPAN: Final Meeting Set for March 21
SANMAR IP: Shareholders' Final Meeting Set for March 30
SHENGLI LIMITED: Members' Final Meeting Set for March 19
VESTA IAM: Shareholders' Final Meeting Set for May 1


C O L O M B I A

* COLOMBIA: IDB OKs US$46MM for Educational Quality Improvement


J A M A I C A

CARIBBEAN CEMENT: Ships Supplies to Trinidad & Tobago


V E N E Z U E L A

FERTINITRO FINANCE: Fitch Withdraws Junk Rating on US$250MM Bonds
GRUPO POSADAS: Fitch Lowers Rating on US$200MM Sr. Notes to 'B-'


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


STANFORD INT'L: Owner's Sentencing Delayed by New Trial
-------------------------------------------------------
Caribbean360.com reports that whether Allen Stanford will spend
the next 20 years or more in a Texas prison is yet to be known as
prosecutors have now initiated a new trial aimed at asset
recovery.  Mr. Stanford is the owner of Stanford International
Bank Limited.

Following Mr. Stanford's conviction last week, a prosecutor asked
jurors to allow federal authorities to seize US$330 million from
nearly 30 accounts controlled by Mr. Stanford and others, saying
the funds are proceeds from Mr. Stanford's massive Ponzi scheme
and can be traced back to investors who lost billions, according
to Caribbean360.com.  The report relates that deliberations on the
criminal forfeiture proceedings would have started on March 8
before the same jury that convicted the former billionaire.

The report notes that a sentencing date for Mr. Stanford is not
expected to be set until after the jury makes a decision in the
forfeiture proceeding.

As reported in the Troubled Company Reporter-Latin America on
March 12, 2012, Jamaica Gleaner said that Antigua Prime Minister
Baldwin Spencer has pledged to work with other agencies to try to
help victims of Mr. Stanford.  On March 7, 2012, a federal jury in
Houston, Texas, convicted Mr. Stanford for orchestrating a 20-year
investment fraud scheme in which he misappropriated US$7 billion
from SIB to finance his personal businesses.  Following a six-week
trial before U.S. District Judge David Hittner, and approximately
three days of deliberation, the jury found Mr. Stanford guilty on
13 of 14 counts in the indictment.  The jury found Mr. Stanford
not guilty on one count of wire fraud. At sentencing, Mr. Stanford
faces a maximum prison sentence of 20 years for the count of
conspiracy to commit wire and mail fraud, each count of wire and
mail fraud, and the count of conspiracy to commit money
laundering, and five years for the count of conspiracy to obstruct
an SEC investigation and the count of obstruction of an SEC
investigation.

                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
=================


RADIATION THERAPY: Moody's B2 CFR Unaffected by Impairment Credit
-----------------------------------------------------------------
On March 8, 2011, Radiation Therapy Services, Inc. disclosed in
its fourth quarter 2011 earnings filing that they took a $123
million impairment charge bringing the total impairments for the
year to US$361 million.  The impairment charge erodes the
company's net worth and reduces expected future free cash flow
generation, but the company's B2 corporate family rating and
negative outlook are currently not impacted.

Radiation Therapy Services, Inc. -- http://www.rtsx.com--
operates and manages radiation treatment centers primarily under
the name 21st Century Oncology, a provider of advanced radiation
therapy services to cancer patients.  Radiation Therapy is a
wholly-owned subsidiary of Radiation Therapy Services Holdings,
Inc.  The Company has operations in Argentina and India.


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


CENTRAIS ELETRICAS: Regulator May Start Investigation on Firm
-------------------------------------------------------------
Fabiola Moura at Bloomberg News reports that Brazil's Energy
Regulator Agencia Nacional de Energia Eletrica (ANEEL) may start
an investigation on Centrais Eletricas do Para SA after the
company filed for bankruptcy protection, Reuters reported.

As reported in the Troubled Company Reporter-Latin America on
March 8, 2012, Bloomberg News said that ANEEL denied Centrais
Eletricas do Para SA's request to increase energy tariffs by 2%.
Bloomberg cited a statement posted on ANEEL's Web site where the
regulator said, "The current financial-economic unbalance alleged
by the concessionaire is not due to the tariffs level . . . .  It
depends on actions to improve management and increase resources
by its shareholders."

CELPA, headquartered in Belem, owns a 30-year concession contract
that expires in 2028 to distribute electricity to 143 cities in
the state of Para. CELPA is controlled by Rede Energia S.A.
(REDE), which has a direct and indirect participation of 61.4% of
CELPA's total capital.

                           *     *     *

As reported in the Troubled Company Reporter on March 5, 2012,
Moody's downgraded the Issuer ratings of Centrais Eletricas do
Para (CELPA) to Ca from B3 on the global scale and to Ca.br from
B1.br on the Brazilian national scale. At the same time, Moody's
downgraded to Ca from B3 the rating of the senior unsecured 5-
year US$250 million bonds issued by CELPA. Following this rating
action, Moody's will withdraw both ratings given that CELPA filed
for court protection under the Brazilian bankruptcy and
reorganization law (Judicial Recovery).


TELEFONICA BRASIL: To Fire 1,500 Employees After Vivo Merger
------------------------------------------------------------
Stephan Nielsen at Bloomberg News reports that Sindicato dos
Trabalhadores em Telecomunicacoes no Estado de Sao Paulo  said
Telefonica Brasil SA will dismiss 1,500 staff in the states of Sao
Paulo and Rio de Janeiro following its merger with Vivo
Participacoes SA at the end of last year. Sindicato dos
Trabalhadores is a local workers' union.

The union said that the company originally wanted to fire more
staff, according to Bloomberg.

The report notes that the union negotiated fewer job cuts and
secured a benefit package for those dismissed.  Telefonica Brasil
had about 19,000 workers as of Dec. 31, according to Bloomberg
data.

Telefonica Brasil, S.A. -- http://www.telefonica.com.br/--
provides fixed-line telecommunications services to residential and
commercial customers in the state of Sao Paulo, Brazil.


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


CEDARVIEW LEVERAGED: Shareholders' Final Meeting Set for March 28
-----------------------------------------------------------------
The shareholders of Cedarview Leveraged Opportunities MA II, Ltd.
will hold their final meeting on March 28, 2012, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London


CORO VOLTIN: Members' Final Meeting Set for March 21
----------------------------------------------------
The members of Coro Voltin Fund Limited will hold their final
meeting on March 21, 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:

         Gavin Lowe
         c/o Turner & Roulstone Management Ltd.
         PO Box 2636 Strathvale House
         90 North Church Street
         Grand Cayman, KY1-1102
         Cayman Islands
         Telephone: 1 345 943 5555


DGC LONG/SHORT: Members' Final Meeting Set for March 19
-------------------------------------------------------
The members of DGC Long/Short Ltd. will hold their final meeting
on March 19, 2012, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ELROND INVESTMENTS: Creditors' Proofs of Debt Due March 28
----------------------------------------------------------
The creditors of Elrond Investments Limited are required to file
their proofs of debt by March 28, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 10, 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


EMIRATES TARIAN: Members' Final Meeting Set for March 20
--------------------------------------------------------
The members of Emirates Tarian Special Situations Asia Fund will
hold their final meeting on March 20, 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:

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


FLEX HOLDING: Members' Final Meeting Set for Feb. 24
----------------------------------------------------
The members of Flex Holding Ltd will hold their final meeting on
Feb. 24, 2012, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

Ronald Fuccillo is the company's liquidator.


FRONTIER XI: Creditors' Proofs of Debt Due March 28
---------------------------------------------------
The creditors of Frontier XI Limited are required to file their
proofs of debt by March 28, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 10, 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


FRONTIER XII: Creditors' Proofs of Debt Due March 28
----------------------------------------------------
The creditors of Frontier XII Limited are required to file their
proofs of debt by March 28, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 10, 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


GEM DIF 2: Shareholders' Final Meeting Set for March 21
-------------------------------------------------------
The shareholders of Gem DIF 2 Ltd. will hold their final meeting
on March 21, 2012, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


MAN LONG SHORT ASIA: Members' Final Meeting Set for March 21
------------------------------------------------------------
The members of Man Long Short Equity Asia Exjapan (Master) Ltd.
will hold their final meeting on March 21, 2012, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


MAN LONG SHORT EQUITY: Members' Final Meeting Set for March 21
--------------------------------------------------------------
The members of Man Long Short Equity Emerging Markets (Master) Ltd
will hold their final meeting on March 21, 2012, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


MAN LONG SHORT JAPAN: Final Meeting Set for March 21
----------------------------------------------------
The shareholders of Man Long Short Equity Japan (Master) Ltd. will
hold their final meeting on March 21, 2012, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


SANMAR IP: Shareholders' Final Meeting Set for March 30
-------------------------------------------------------
The shareholders of Sanmar IP Repository Ltd will hold their final
meeting on March 30, 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


SHENGLI LIMITED: Members' Final Meeting Set for March 19
--------------------------------------------------------
The members of Shengli Limited will hold their final meeting on
March 19, 2012, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


VESTA IAM: Shareholders' Final Meeting Set for May 1
----------------------------------------------------
The shareholders of Vesta IAM Limited will hold their final
meeting on May 1, 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


===============
C O L O M B I A
===============


* COLOMBIA: IDB OKs US$46MM for Educational Quality Improvement
---------------------------------------------------------------
The Inter-American Development Bank approved a loan for US$46
million to reduce educational lags and inequities and improve
coverage in Colombia.

The new program, which will be carried out by Colombia's Ministry
of Education, will modernize management of educational
institutions, implement programs of citizenship skills in basic
education, and modernize the provision of technical and
technological education.

"With this program, the IDB is supporting the Colombian government
in its efforts to improve both coverage and quality in education,
with a strong emphasis on equity," said Hugo Nopo, IDB project
team leader.

The project aims to help 4,200 educational institutions manage
their resources using administrative and financial systems to
improve operational efficiency.  Through the program, more than a
thousand educational institutions will improve the capacity of
citizens to work more effectively in society.  In addition, the
program will provide some 60,000 new students with access to
professional technical education and technology to help improve
their employability.

The program will introduce mechanisms to make funds available to
local jurisdictions on a competitive basis, focusing on
municipalities identified by the Colombian government as having
unmet basic needs.

The loan was granted for 25 years with a grace period of three
years and a variable interest rate based on LIBOR.


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


CARIBBEAN CEMENT: Ships Supplies to Trinidad & Tobago
-----------------------------------------------------
RJR News reports that Caribbean Cement Company Limited will
dispatch its first shipment of supplies to Trinidad to help ease
the shortage caused by the extended strike at its parent company,
Trinidad Cement Limited.

TCL has turned to its Jamaican and Barbados subsidiaries for
cement as the work stoppage has crippled operations and resulted
in a major shortage of the product in the twin island republic,
according to RJR News.

RJR News notes that TCL General Manager Satnarine Bachew said
customers could expect to pay a small increase in cement prices,
but nowhere near what he said was a 100% increase in prices being
asked by some hardware dealers.  The report relates that Mr.
Bachew said about 23,000 tons of cement will be entering the
island.

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.

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.

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

                       About Caribbean Cement

Caribbean Cement Company Limited manufactures and sells cement.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 18, 2011, Caribbean Cement Company Limited has incurred a
JM$608.08 million loss in the three months ended April to June
2011 from JM$217.95 million loss in the same period last year.
The company incurred JM$857.56 million loss in the six months
ended January to June 2011 from a JM$213.40 million in the same
period 2010.  Caribbean Cement posted a JM$1.58 billion loss in
the year ended 2010.


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


FERTINITRO FINANCE: Fitch Withdraws Junk Rating on US$250MM Bonds
-----------------------------------------------------------------
Fitch Ratings has withdrawn its 'CCC' rating on FertiNitro Finance
Inc.'s US$250 million 8.29% secured bonds due 2020.

The withdrawal is due to lack of information from FertiNitro, as
the company has discontinued providing monthly financial and
operational data.  The company's government-owned sponsor Pequiven
purchased 99.2% of the FertiNitro debt with approximately US$2
million remaining outstanding.

Pequiven entered into a lock-up agreement with the holders of
approximately 79% of the US$250 million aggregate principal amount
of the secured bonds issued by its subsidiary FertiNitro Finance
Inc.  The tender offer for the bonds began Nov. 30, 2011 and
lasted 10 days.  For bondholders who tendered within this time
frame, Pequiven offered for each US$1,000 original principal
amount of bonds a payment of US$1,049.70 plus accrued and unpaid
interest.  Bondholders who tendered after the early tender date
and prior to the expiration date were to receive the par value
(US$1,000 per US$1,000 original principal amount of bonds accepted
for purchase) plus accrued and unpaid interest.

FertiNitro, located in the Jose Petrochemical Complex in
Venezuela, ranks as one of the world's largest nitrogen-based
fertilizer plants, with nameplate daily production capacity of
3,600 metric tons (MT) of ammonia and 4,400 MT of urea.  Of total
revenues, 80% are derived from urea sales and the remainder from
ammonia.  FertiNitro was nationalized in October 2010 and made a
subsidiary of Pequiven.  Prior to the nationalization,
FertiNitro's ownership was as follows: 35% by a Koch Industries,
Inc. subsidiary, 35% by Pequiven, 20% by a Snamprogetti S.p.A.
subsidiary, and 10% by a Cerveceria Polar, C.A. subsidiary.
Established in 1977, Pequiven is a petrochemical corporation
wholly owned by the government of Venezuela, organized into three
business units: fertilizers, olefins and plastics, and industrial
products.


GRUPO POSADAS: Fitch Lowers Rating on US$200MM Sr. Notes to 'B-'
----------------------------------------------------------------
Fitch Ratings has downgraded Grupo Posadas S.A.B. de C.V.'s
(Posadas) ratings as follows:

  -- Local currency Issuer Default Rating (IDR) to 'B-' from 'B';
  -- Foreign currency IDR to 'B-' from 'B';
  -- National scale rating to 'B+(mex)' from 'BB+(mex)';
  -- US$200 million senior notes due 2015 to 'B-/RR4' from
     'B/RR4';
  -- MXN2.25 billion Certificados Bursatiles issuance Posadas08 to
     'B+(mex)' from 'BB+(mex)'.

In addition, the ratings are placed on Rating Watch Negative.

The downgrade reflects Posadas' continued high leverage and
heightened refinancing risk towards 2013.  The approved equity
increase in the form of convertible debentures for MXN900 million
and the unwinding of some of its hedges should ease liquidity
concerns during 2012 but leverage should remain high.  Total
adjusted debt to EBITDAR ended 2011 at 6.8 times (x) and 5.9x
after excluding a non-recurrent non-cash charge of MXN183 million.
The Negative Rating Watch reflects near and medium term
refinancing concerns regarding the 2012 maturities and the
Certificados Bursatiles issuance for MXN2,250 million due in April
2013.  Inability to make progress in refinancing the maturities
could pressure the ratings and lead to further downgrades.

Positive Equity Increase

On March 8, 2012, Posadas announced the approval of a private
issuance of MXN900 million mandatorily convertible debentures,
with a maturity of 27 months and a 9% optional pay in kind (PIK)
coupon.  This transaction is expected to close by March 26, 2012.
Proceeds will be used to pay most of the secured bank loans of
approximately MXN850 million, refinancing most of the 2012
maturities, and the rest will be used for general corporate uses.

Fitch views the MXN900 million equity increase as an improvement
in liquidity.  However, the mandatory convertible debentures
should have a small effect on adjusted leverage reducing it to
6.1x from 6.8x as of Dec. 31, 2011.  Fitch will treat the hybrid
securities as 100% equity due to its mandatory convertibility to
common equity in less than three years, interest deferral, and
subordination to senior creditors.  The convertible debentures
will share the assets previously secured by the bank loans with
the senior notes due 2015 and the Certificados Bursatiles due
2013.  Upon the sale of assets, the company can use the funds to
pay down debt on a pro rata basis to these three secured
securities.

Grupo Posadas has also unwound most of its currency hedges (about
US$112 million, 77% of derivatives contracts), greatly reducing
liquidity pressures due to margin calls.  This should reduce any
liquidity concerns related to margin calls in the event of future
MXN deprecation.  Net debt exposure to the US$ should approach
57%, from 76% before the unwinding of derivatives.

Hotel Operations Performing Well, Others Businesses
Underperforming

Posadas' lodging operations continue to perform well, driven by
improved REVPAR levels, a trend that should continue during 2012.
Both increased occupation levels and better ADR across all hotel
formats and locations supported REVPAR during 2011.  Other
businesses, including Vacation Club and Ampersand, had negative
effects of operating results in the amount of MXN247.5 million.
Vacation Club had a non-cash write-down of delinquent memberships
for MXN183 million while Ampersand, the customer loyalty
management business, had a lower EBITDA generation of MXN64
million due to the shift of the co-branded Fiesta Rewards credit
card to another bank.  These two events are expected to be non-
recurrent.

Posadas' ratings are supported by the company's solid business
position, strong brand name and multiple hotel formats.
Conversely, the ratings are tempered by increased leverage, and
exposure to currency fluctuation which can pressure liquidity and
industry cyclicality.  Posadas' presence in all major urban and
coastal locations in Mexico, consistent product offering and
quality brand image have resulted in occupancy levels that are
above the industry average in Mexico.  The use of multiple hotel
formats allows the company to target domestic and international
business travelers of different income levels as well as tourists,
diversifying its revenue base.


===============
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
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