/raid1/www/Hosts/bankrupt/TCRLA_Public/120515.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, May 15, 2012, Vol. 13, No. 096


                            Headlines



A N T I G U A

INTERACCIONES BANKING: Chapter 15 Case Summary


B E R M U D A

INTERCITY TIRE: Members' Final Meeting Set for June 11


B A H A M A S

* BAHAMAS: Accountants Say Country is Underperforming


B R A Z I L

BANCO PANAMERICANO: 1Q Net Profit Falls 96% to BRL2.9 Million


C A Y M A N   I S L A N D S

ATLANTIC BA: Commences Liquidation Proceedings
BLACKROCK ELITE I: Creditors' Proofs of Debt Due June 7
BLACKROCK ELITE II: Creditors' Proofs of Debt Due June 7
BLACKROCK ELITE III: Creditors' Proofs of Debt Due June 7
CHATHAM LIGHT: Creditors' Proofs of Debt Due June 7

CHESHIRE INVESTMENTS: Creditors' Proofs of Debt Due May 31
ISM EMERGING: Creditors' Proofs of Debt Due June 7
JAZEERA LEASING 2: Creditors' Proofs of Debt Due June 7
JAZEERA LEASING 3: Creditors' Proofs of Debt Due June 7
YAESU-SCF HOLDING: Creditors' Proofs of Debt Due June 7


G U Y A N A

GUYSUCO: Rain Cause Firm to Fall Short of Production Target


M E X I C O

CORPOVAEL SA: Moody's Affirms 'Ba3' Global Scale Currency Rating


T R I N I D A D  &  T O B A G O

PETROTRIN: Government to Renew Trinmar License


V I R G I N   I S L A N D S

FAIRFIELD SENTRY: Liquidator Seeks US$7MM in 3 New Clawback Suits


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


=============
A N T I G U A
=============


INTERACCIONES BANKING: Chapter 15 Case Summary
----------------------------------------------
Chapter 15 Petitioner: Charles Walwyn and Robert Wilkinson
                       PricewaterhouseCoopers in Antigua,
                       as Joint Liquidators

Chapter 15 Debtor: Interacciones Banking Corporation, Ltd.
                   Jasmine Court, Suite 19
                   Friars Hill Road
                   St. John's
                   Antigua

Chapter 15 Case No.: 12-33561

Chapter 15 Petition Date: May 9, 2012

Court: U.S. Bankruptcy Court
       Southern District of Texas (Houston)

Judge: Karen K. Brown

About the Debtor: The Antiguan liquidators filed the Chapter 15
                  petition to stop a U.S. lawsuit involving
                  assets of the winding up company.  The
                  liquidators filed a petition to wind up IBC in
                  October 2011.  They concluded in June 2011 that
                  IBC was insolvent and unable to pay creditors,
                  with a deficit of US$18.8 million as of June
                  30, 2011.

Petitioners'
Counsel:          Alison Leigh Smith, Esq.
                  MCDERMOTT WILL & EMERY, LLP
                  1000 Louisiana Street, 39th Floor
                  Houston, TX 77002
                  Tel: (713) 653-1753
                  E-mail: alsmith@mwe.com

Estimated Assets: US$1,000,001 to US$10,000,000

Estimated Debts: US$10,000,001 to US$50,000,000


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


INTERCITY TIRE: Members' Final Meeting Set for June 11
------------------------------------------------------
The members of Intercity Tire (Bermuda) Limited will hold their
final meeting on June 11, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

Ernest A. Morrison is the company's liquidator.


=============
B A H A M A S
=============


* BAHAMAS: Accountants Say Country is Underperforming
-----------------------------------------------------
Caribbean360.com reports that a sobering report has revealed low
levels of professional confidence in The Bahamas, a stark
contrast to the worldwide view.

The comprehensive survey involving thousands of accountants from
around the world notes that business confidence in The Bahamas is
the lowest in the Caribbean, according to Caribbean360.com.  The
report relates that the Global Economic Conditions Survey,
conducted by the Association of Chartered Certified Accountants
(ACCA) and the Institute of Management Accountants (IMA), gauges
the economic climate through the lens of more than 2,200 finance
professionals worldwide.

While Jamaica has seen an improvement in business confidence, the
region at large is underperforming compared the rest of the
Americas, Caribbean360.com notes.

Meanwhile, the report says that the survey places The Bahamas at
the bottom of the list.

"The Bahamas has underperformed compared to the rest of the
region amidst pre-election uncertainty, ending 2011 with lower
confidence levels and additionally gaining less confidence than
other Caribbean countries in the first months of 2012. . . .
Although the employment outlook and general business conditions
across the region appear to have improved, businesses are still
under a lot of pressure and respondents have cited fewer new
value-added business opportunities," the report quoted Brenda
Lee-Tang, the head of ACCA Caribbean, as saying.

Caribbean360.com notes that in contrast, total respondents around
the world felt more confident, increasing from 16% in 2011 to 29%
early this year.  The report says that while 54% believed the
global economy was still deteriorating or stagnating, that figure
is down from 73% in the previous year.

At least one school of opinion has linked the poor results for
The Bahamas to the ongoing election, uncertainty of the country's
economic future and the resulting lack of consumer and investor
confidence, Caribbean360.com discloses.

The Bahamas felt the full weight of the crisis in 2011, suffering
two major downgrades, the report adds.


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


BANCO PANAMERICANO: 1Q Net Profit Falls 96% to BRL2.9 Million
-------------------------------------------------------------
Rogerio Jelmayer at Dow Jones Newswires reports that Banco
Panamericano SA's first quarter net profit drop 96% to BRL2.9
million due to a decline in its credit portfolio and higher
provisions.

Banco Panamericano ended the first quarter with a total credit
portfolio of BRL10.18 billion, down from BRL10.21 billion in the
year-ago period, according to Dow Jones Newswires.  The report
notes that the larger part of the bank's credit portfolio is
composed of auto vehicles financing.

Dow Jones' Newswires says that with non-performing loans
increasing in this area, the bank, along with its local peers,
reduced credit for vehicle purchase in the period.  The report
relays that provisions increased 25% in the first quarter to
BRL341 million.

Dow Jones' Newswires notes that total assets were worth BRL14.81
billion at the end of the first quarter, up from BRL13.4 billion
in the year-ago period.

In January 2011, the report recalls that local investment bank
BTG Pactual SA bought a 51% stake from Panamericano's previous
owner, entertainment mogul Silvio Santos, for BRL450 million.

Brazilian government-run mortgage bank Caixa Economica Federal
holds the remaining 49% stake in Panamericano, the report says.

                       About Banco Panamericano

Banco Panamericano SA offers loans, personal credit, investments,
credit cards, and lease financing.  Banco Panamericano operates
throughout Brazil.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 12, 2010, Bloomberg News said that Banco PanAmericano SA
could have been liquidated or subjected to a central bank
intervention to sell its assets if its controller had not tapped
BRL2.5 billion from Brazil's deposit insurance fund to rescue the
bank.  According to the report, Mr. Ferreira said that talks to
rescue PanAmericano started Oct. 11 and were conducted by
Brazilian media mogul Silvio Santos, who controls the bank.

As of Nov. 17, 2011, the company continues to carry Moody's 'Ba2'
long-term supported global local currency deposit rating, long-
term foreign currency deposit and senior unsecured debt ratings.
It also carries Moody's 'Ba3' bank's foreign currency
subordinated debt rating.


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


ATLANTIC BA: Commences Liquidation Proceedings
----------------------------------------------
On April 11, 2012, the sole shareholder of Atlantic BA Holdings
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

         William D. Hawkins III
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


BLACKROCK ELITE I: Creditors' Proofs of Debt Due June 7
-------------------------------------------------------
The creditors of Blackrock Elite Portfolio I (U.S. Dollars)
Limited are required to file their proofs of debt by June 7,
2012, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on April 17, 2012.

The company's liquidator is:

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


BLACKROCK ELITE II: Creditors' Proofs of Debt Due June 7
--------------------------------------------------------
The creditors of Blackrock Elite Portfolio II (U.S. Dollars)
Limited are required to file their proofs of debt by June 7,
2012, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on April 17, 2012.

The company's liquidator is:

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


BLACKROCK ELITE III: Creditors' Proofs of Debt Due June 7
---------------------------------------------------------
The creditors of Blackrock Elite Portfolio III (U.S. Dollars)
Limited are required to file their proofs of debt by June 7,
2012, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on April 17, 2012.

The company's liquidator is:

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


CHATHAM LIGHT: Creditors' Proofs of Debt Due June 7
---------------------------------------------------
The creditors of Chatham Light CLO, Limited are required to file
their proofs of debt by June 7, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 16, 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


CHESHIRE INVESTMENTS: Creditors' Proofs of Debt Due May 31
----------------------------------------------------------
The creditors of Cheshire Investments Limited are required to
file their proofs of debt by May 31, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 23, 2012.

The company's liquidator is:

         Buchanan Limited
         c/o Allison Kelly
         Telephone: (345) 949-0355
         Facsimile: (345)949-0360
         P.O. Box 1170 George Town
         Grand Cayman KY1-1102
         Cayman Islands


ISM EMERGING: Creditors' Proofs of Debt Due June 7
--------------------------------------------------
The creditors of ISM Emerging Markets Structured Equity Fund
Limited are required to file their proofs of debt by June 7,
2012, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on April 18, 2012.

The company's liquidator is:

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


JAZEERA LEASING 2: Creditors' Proofs of Debt Due June 7
-------------------------------------------------------
The creditors of Jazeera Leasing Company 2 are required to file
their proofs of debt by June 7, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 19, 2012.

The company's liquidator is:

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


JAZEERA LEASING 3: Creditors' Proofs of Debt Due June 7
-------------------------------------------------------
The creditors of Jazeera Leasing Company 3 are required to file
their proofs of debt by June 7, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 19, 2012.

The company's liquidator is:

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


YAESU-SCF HOLDING: Creditors' Proofs of Debt Due June 7
-------------------------------------------------------
The creditors of Yaesu-SCF Holding Limited are required to file
their proofs of debt by June 7, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 17, 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


===========
G U Y A N A
===========


GUYSUCO: Rain Cause Firm to Fall Short of Production Target
-----------------------------------------------------------
RJR News reports that heavy rainfall in Guyana over the last few
months has caused Guyana Sugar Corporation to fall 30,000 tones
behind its 101,000-tonne production target for the first crop.

GuySuCo's Chief Executive Officer Paul Bhim said the rainy
weather coupled with management issues and poor turnout by
harvesters, has led the sugar corporation to the stage it is
presently in, according to RJR News.  The report relates that
GuySuCo presently employs 18,000 people throughout its
operations.

The industry indirectly provides employment for approximately
135,000 people, the report notes.

The Guyana Sugar Corporation -- http://www.guysuco.com/-- is a
Guyanese sugar company owned by the government.  It is the
country's largest cultivator and producer of sugar, a commodity
which is responsible for approximately 20% of Guyana's annual
revenue and 40% of all agricultural production.   They are also
notable of Demerara Sugar, and also honey and sweeteners.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 18, 2009, Caribbean Net News said sugar workers at all
sugar estates across Guyana went on strike in protest of a 3% pay
increase they are set to receive from the Guyana Sugar
Corporation for 2009, which will be paid in 2010.  According to
the report, an arbitration panel ruled that the workers should
receive the 3% increase that they are demanding.  However, the
report related, the corporation said it cannot make the payments.


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


CORPOVAEL SA: Moody's Affirms 'Ba3' Global Scale Currency Rating
----------------------------------------------------------------
Moody's de Mexico upgraded the issuer rating of Corpovael, S.A.
de C.V. to Baa2.mx on the national scale (B1 on the global scale)
and changed the outlook to stable. This concludes the review
begun on March 26. The upgrade reflects the company's successful
placement of the previously announced US$300 million peso bond
with a partial credit guarantee from Nacional Financiera (Nafin,
unrated by Moody's). Concurrently, Moody's affirms Corpovael's
bond with a partial credit guarantee from Nafin at A3.mx on the
national scale and Ba3 on the global scale, local currency. The
rating outlook is stable.

Ratings Rationale

The issuer rating continues to reflect Corpovael's solid earnings
growth and modest leverage ratio, coupled with efficient
operating processes and cost controls. These positive factors are
offset by the substantial geographic concentration in the State
of Quintana Roo, whose economy is largely reliant on the tourism
sector. Mortgages used as take-out financing on the majority of
Corpovael's construction loans are allocated almost exclusively
by Mexican Workers' Housing Fund (INFONAVIT). Other challenges
include the business's reliance on the Mexican government's
support of housing as well as Mexico's economic and political
environment.

The stable outlook takes into consideration continued growth in
this sector while at least maintaining fixed charge coverage,
leverage (as measured by Debt/LTM EBITDA) and EBITDA margin
ratios at current levels. The stable outlook also reflects
Moody's expectation that Corpovael will gradually reduce its
exposure to Quintana Roo through expansion in the southeast
region of the country while continuing to improve efficiencies in
land development.

Further rating improvements will be difficult in the medium-term,
however would be predicated upon broader access to the capital
markets and terming out its short-term construction financing
while moving towards a more unsecured debt capital structure.
Upward movement in the rating would also require maintenance of
its current credit metrics and operating margins with a decrease
in geographic concentration in the State of Quintana Roo closer
to 30% (based on participation in the market). Conversely,
downward rating pressure would result from substantial missteps
in its growth and geographic diversification strategy as
evidenced by consistent negative free cash flow generation. In
addition, downward rating movements would occur should total debt
to total assets levels rise closer to 35%, with EBITDA margins
sustained below the mid-20% range and fixed charge coverage
falling consistently below 3.0x.

The following rating was upgraded with a stable
outlook:Corpovael, S.A. de C.V. - Issuer rating to B1/Baa2.mx

The following rating was affirmed with a stable outlook:

Corpovael, S.A. de C.V. - bond with a partial credit guarantee
from Nafin at Ba3/A3.mx

Moody's last rating action with respect to CADU took place on
March 26, 2012 when Moody's de Mexico assigned a provisional
A3.mx national scale rating to the proposed bond issuance of
Corpovael, S.A. de C.V. ("CADU") ((P)Ba3 global scale, local
currency). Concurrently, the company's B2/Baa3.mx issuer rating
was placed on review up. Moody's withdrew the Baa3.mx national
scale rating previously assigned to the company's proposed MTN
program.

Corpovael, S.A. de C.V., based in Cancun, Mexico, is a private,
fully integrated homebuilder engaged in the design, development,
construction, marketing, commercialization and delivery of
affordable-level housing communities. As of March 31, 2012, CADU
had approximately US$2.1 billion Mexican pesos in assets and
US$930 million Mexican pesos in shareholders' equity.


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


PETROTRIN: Government to Renew Trinmar License
----------------------------------------------
Carla Bridglal at Trinidad Express reports that Trinidad and
Tobago Ministry of Energy Kevin Ramnarine will be renewing
Petroleum Company of Trinidad and Tobago's license for Trinmar.

"It is our view that Petrotrin has demonstrated it has a well
thought out strategy to increase production in Trinmar from where
it is, from 21,000 barrels per day (bpd) to 35,000 bpd.  There is
even potential for further upside to this number. . . . The
company has demonstrated a plan and that is what we wanted to
see; the ministry could not have been expected to just renew the
license.  The last time the license had been renewed was 1982
(every 30 years).  We had to see if the company could execute a
plan to meet our mandate (of increasing oil production).  We feel
comfortable that it can do that," Trinidad Express quoted Mr.
Ramnarine as saying.

Mr. Ramnarine said that he hoped the Oilfields Workers' Trade
Union, which had voiced concern over what it described as the
potential privatization of the Trinmar asserted by the
government, will be satisfied with that response, according to
Trinidad Express.

Trinidad Express notes that Mr. Ramnarine said the ministry had
met with the union, and the meeting was "very productive", with
the OWTU bringing "several very good recommendations about how we
could make Trinmar and Petrotrin more effective".

In March, the report recalls that Petrotrin announced a "jubilee"
oil discovery in Trinmar's Soldado field off the southwest coast,
potentially worth 48 million barrels.  Trinidad Express relays
that Mr. Ramnarine elaborated on the operations of Trinmar over
the last seven years, describing the 2005-2010 period of the
company's operations as "particularly frightening".

In these years, the report notes Mr. Ramnarine said that
production from Trinmar collapsed by almost 35%, during a time
when oil prices were at their highest. In 2009 and 2010, there
was no drilling-and hence minimal investment-in Trinmar, the
report adds.

                         About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe- Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2010, Trinidad Express said that four members of
Petrotrin submitted their resignation letters.  According to the
report, Malcom Jones resigned as chairman of Petrotrin and from
the State boards.  The report related board members Lawford
Dupres, who chaired the National Petroleum board, attorney Kerwin
Garcia and Andrew McIntosh had also resigned.  Prime Minister
Kamla Persad-Bissessar, the report noted, said that Cabinet had
ordered a forensic audit of Petrotrin as there were "grounds for
suspicion of misconduct" at Petrotrin similar to what may have
transpired at special-purpose State enterprise UDeCOTT.  The
report said that the company was experiencing serious financial
difficulties resulting in high cost overruns of its refinery
upgrade.   The situation was exacerbated by a US$12 billion
lawsuit by World GTL Inc. against Petrotrin, the report added.


===========================
V I R G I N   I S L A N D S
===========================


FAIRFIELD SENTRY: Liquidator Seeks US$7MM in 3 New Clawback Suits
-----------------------------------------------------------------
Brian Mahoney at Bankruptcy Law360 reports that the foreign
representative tasked with liquidating Bernard L. Madoff feeder
fund Fairfield Sentry Ltd. launched three more clawback suits in
New York bankruptcy court Wednesday, seeking to recover some
US$7 million from financial institutions like Barclays Private
Bank and Trust Ltd.

According to Law360, Kenneth Krys, who is in charge of winding
down Fairfield Sentry, Fairfield Sigma Ltd. and Fairfield Lambda
Ltd. in a British Virgin Islands proceeding, filed the complaints
in New York against Barclays, Luxembourg-based Select Absolute
Strategies SICAV and Hyposwiss Private Bank Geneve SA.

                      About Fairfield Sentry

Fairfield Sentry is being liquidated under the supervision of the
Commercial Division of the High Court of Justice in the British
Virgin Islands.  It is one of the funds owned by the Fairfield
Greenwich Group, an investment firm founded in 1983 in New York
City.  Fairfield Sentry and other Greenwich funds had among the
largest exposures to the Bernard L. Madoff fraud.

Fairfield Sentry Limited filed for Chapter 15 protection (Bankr.
S.D.N.Y. Case No. 10-13164) on June 14, 2010.

Greenwich Sentry, L.P., and an affiliate filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. 10-16229) on Nov. 19, 2010,
hoping to settle lawsuits filed against it in connection with its
investments with Bernard L. Madoff.

On May 18, 2009, Irving H. Picard, the trustee liquidating the
estate of Mr. Madoff and his firm, Bernard L. Madoff Investment
Securities, LLC, filed a lawsuit against Fairfield Sentry and
Greenwich, seeking the return of US$3.55 billion that Fairfield
withdrew from Madoff during the period from 2002 to Mr. Madoff's
arrest in December 2008.  Since 1995, the Fairfield funds
invested about US$4.5 billion with BLMIS.

Mr. Picard claims that Fairfield knew or should have known about
the fraud give that it received from BLMIS unrealistically high
and consistent annual returns of between 10% and 21% in contrast
to the vastly larger fluctuations in the S&P 100 Index.


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

IMPTD AR      IMPSAT FIBER-$US       535007008       -17164978
IMPT AR       IMPSAT FIBER-CED       535007008       -17164978
330902Q GR    IMPSAT FIBER NET       535007008       -17164978
XIMPT SM      IMPSAT FIBER NET       535007008       -17164978
IMPTQ US      IMPSAT FIBER NET       535007008       -17164978
IMPTB AR      IMPSAT FIBER-BLK       535007008       -17164978
IMPTC AR      IMPSAT FIBER-C/E       535007008       -17164978
COME AR       SOC COMERCIAL PL       196722660      -320946053
CVVIF US      SOC COMERCIAL PL       196722660      -320946053
COMED AR      SOC COMERCIAL PL       196722660      -320946053
SCPDS LI      COMERCIAL PL-ADR       196722660      -320946053
CADN EO       SOC COMERCIAL PL       196722660      -320946053
CADN SW       SOC COMERCIAL PL       196722660      -320946053
CADN EU       SOC COMERCIAL PL       196722660      -320946053
COMEB AR      COMERCIAL PLA-BL       196722660      -320946053
CAD IX        SOC COMERCIAL PL       196722660      -320946053
SCDPF US      SOC COMERCIAL PL       196722660      -320946053
COMEC AR      SOC COMERCIAL PL       196722660      -320946053
SDAGF US      SNIAFA SA-B           11229696.2     -2670544.88
SNIA5 AR      SNIAFA SA-B           11229696.2     -2670544.88
SNIA AR       SNIAFA SA             11229696.2     -2670544.88


BRAZIL


GPAR3 BZ      CELGPAR               3588586696      -552807022
VAGV3 BZ      VARIG SA               966298026     -4695211316
VARGPN BZ     VARIG SA-PREF          966298026     -4695211316
VARGON BZ     VARIG SA               966298026     -4695211316
VAGV4 BZ      VARIG SA-PREF          966298026     -4695211316
PRTX3 BZ      PORTX OPERACOES        823193337       -19565275
PXTPY US      PORTX OPERA-GDR        823193337       -19565275
LUPA9 BZ      LUPATECH SA -RCT       806772516     -23471889.7
LUPAY US      LUPATECH SA-ADR        806772516     -23471889.7
LUPA3 BZ      LUPATECH SA            806772516     -23471889.7
LUPA11 BZ     LUPATECH SA-RT         806772516     -23471889.7
LUPAF US      LUPATECH SA            806772516     -23471889.7
LUPA1 BZ      LUPATECH SA-RTS        806772516     -23471889.7
AGEN11 BZ     AGRENCO LTD-BDR        637647275      -312199404
AGRE LX       AGRENCO LTD            637647275      -312199404
MRLM3 BZ      CIA PETROLIFERA        377602195     -3014291.72
MRLM4B BZ     CIA PETROLIF-PRF       377602195     -3014291.72
1CPMON BZ     CIA PETROLIFERA        377602195     -3014291.72
MRLM4 BZ      CIA PETROLIF-PRF       377602195     -3014291.72
MRLM3B BZ     CIA PETROLIFERA        377602195     -3014291.72
1CPMPN BZ     CIA PETROLIF-PRF       377602195     -3014291.72
BOBR4 BZ      BOMBRIL-PREF           367760079     -20156714.7
BOBR1 BZ      BOMBRIL-RIGHTS         367760079     -20156714.7
BMBBY US      BOMBRIL SA-ADR         367760079     -20156714.7
BOBRPN BZ     BOMBRIL CIRIO-PF       367760079     -20156714.7
BMBBF US      BOMBRIL                367760079     -20156714.7
BOBR2 BZ      BOMBRIL-RGTS PRE       367760079     -20156714.7
BOBR3 BZ      BOMBRIL                367760079     -20156714.7
BOBRON BZ     BOMBRIL CIRIO SA       367760079     -20156714.7
BMBPY US      BOMBRIL SA-ADR         367760079     -20156714.7
TEKA9 BZ      TEKA-RCT               332104716      -455378043
TEKA1 BZ      TEKA-RTS               332104716      -455378043
TEKAON BZ     TEKA                   332104716      -455378043
TKTQY US      TEKA-ADR               332104716      -455378043
TEKAPN BZ     TEKA-PREF              332104716      -455378043
TEKAY US      TEKA-ADR               332104716      -455378043
TKTPF US      TEKA-PREF              332104716      -455378043
TEKA4 BZ      TEKA-PREF              332104716      -455378043
TEKA2 BZ      TEKA-RTS               332104716      -455378043
TEKA3 BZ      TEKA                   332104716      -455378043
TEKA10 BZ     TEKA-RCT               332104716      -455378043
TKTPY US      TEKA-ADR               332104716      -455378043
TKTQF US      TEKA                   332104716      -455378043
0229296Q BZ   PET MANG-RECEIPT       323293708      -112268877
RPMG3 BZ      PETRO MANGUINHOS       323293708      -112268877
3678569Q BZ   PET MANG-RIGHTS        323293708      -112268877
MANGON BZ     PETRO MANGUINHOS       323293708      -112268877
RPMG1 BZ      PET MANG-RT            323293708      -112268877
RPMG10 BZ     PET MANG-RECEIPT       323293708      -112268877
RPMG2 BZ      PET MANG-RT            323293708      -112268877
4115360Q BZ   PET MANG-RT            323293708      -112268877
MANGPN BZ     PETRO MANGUIN-PF       323293708      -112268877
RPMG4 BZ      PET MANGUINH-PRF       323293708      -112268877
4115364Q BZ   PET MANG-RT            323293708      -112268877
RPMG9 BZ      PET MANG-RECEIPT       323293708      -112268877
0229292Q BZ   PET MANG-RECEIPT       323293708      -112268877
3678565Q BZ   PET MANG-RIGHTS        323293708      -112268877
0229268Q BZ   PET MANG-RT            323293708      -112268877
0229249Q BZ   PET MANG-RT            323293708      -112268877
BTTL3 BZ      BATTISTELLA            303229842     -16386957.7
BTTL4 BZ      BATTISTELLA-PREF       303229842     -16386957.7
BTTL10 BZ     BATTISTELLA-RECP       303229842     -16386957.7
BTTL1 BZ      BATTISTELLA-RIGH       303229842     -16386957.7
BTTL2 BZ      BATTISTELLA-RI P       303229842     -16386957.7
BTTL9 BZ      BATTISTELLA-RECE       303229842     -16386957.7
HOTHPN BZ     HOTEIS OTHON-PRF       279263634     -71631286.8
HOOT4 BZ      HOTEIS OTHON-PRF       279263634     -71631286.8
HOOT3 BZ      HOTEIS OTHON SA        279263634     -71631286.8
HOTHON BZ     HOTEIS OTHON SA        279263634     -71631286.8
DOCAPN BZ     DOCAS SA-PREF          268123426      -196630079
DOCA3 BZ      DOCA INVESTIMENT       268123426      -196630079
DOCAON BZ     DOCAS SA               268123426      -196630079
DOCA2 BZ      DOCAS SA-RTS PRF       268123426      -196630079
DOCA4 BZ      DOCA INVESTI-PFD       268123426      -196630079
SNSY6 BZ      SANSUY-PREF B          190512467      -137678051
SNSY5 BZ      SANSUY-PREF A          190512467      -137678051
SNSY3 BZ      SANSUY                 190512467      -137678051
SNSYBN BZ     SANSUY SA-PREF B       190512467      -137678051
SNSYAN BZ     SANSUY SA-PREF A       190512467      -137678051
SNSYON BZ     SANSUY SA              190512467      -137678051
BLDR3 BZ      BALADARE               159454016     -52992212.8
DHBI4 BZ      D H B-PREF             145490397     -98414057.9
DHBPN BZ      DHB IND E COM-PR       145490397     -98414057.9
DHBON BZ      DHB IND E COM          145490397     -98414057.9
DHBI3 BZ      D H B                  145490397     -98414057.9
RENXPN BZ     TEXTEIS RENAUX         135518574     -64690189.5
RENXON BZ     TEXTEIS RENAUX         135518574     -64690189.5
TXRX1 BZ      TEXTEIS RENAU-RT       135518574     -64690189.5
TXRX4 BZ      RENAUXVIEW SA-PF       135518574     -64690189.5
TXRX9 BZ      TEXTEIS RENA-RCT       135518574     -64690189.5
TXRX10 BZ     TEXTEIS RENA-RCT       135518574     -64690189.5
TXRX2 BZ      TEXTEIS RENAU-RT       135518574     -64690189.5
TXRX3 BZ      RENAUXVIEW SA          135518574     -64690189.5
BUETON BZ     BUETTNER SA           97195113.5     -13140028.8
BUET1 BZ      BUETTNER SA-RTS       97195113.5     -13140028.8
BUET2 BZ      BUETTNER SA-RT P      97195113.5     -13140028.8
BUETPN BZ     BUETTNER SA-PRF       97195113.5     -13140028.8
BUET3 BZ      BUETTNER              97195113.5     -13140028.8
BUET4 BZ      BUETTNER-PREF         97195113.5     -13140028.8
COBRON BZ     COBRASMA SA           92452431.9     -2129344378
CBMA4 BZ      COBRASMA-PREF         92452431.9     -2129344378
CBMA3 BZ      COBRASMA              92452431.9     -2129344378
COBRPN BZ     COBRASMA SA-PREF      92452431.9     -2129344378
VPSC4 BZ      VARIG PART EM-PR      83017828.6      -495721700
VPSC3 BZ      VARIG PART EM SE      83017828.6      -495721700
ESTRPN BZ     ESTRELA SA-PREF       80632225.7      -102894942
ESTRON BZ     ESTRELA SA            80632225.7      -102894942
ESTR3 BZ      ESTRELA SA            80632225.7      -102894942
ESTR4 BZ      ESTRELA SA-PREF       80632225.7      -102894942
FTRX4 BZ      FABRICA RENAUX-P      78479539.9     -67506773.4
FRNXON BZ     FABRICA RENAUX        78479539.9     -67506773.4
FRNXPN BZ     FABRICA RENAUX-P      78479539.9     -67506773.4
FTRX1 BZ      FABRICA TECID-RT      78479539.9     -67506773.4
FTRX3 BZ      FABRICA RENAUX        78479539.9     -67506773.4
IGBAN BZ      GRADIENTE EL-PRA      69132281.2      -253174445
IGBR5 BZ      GRADIENTE-PREF A      69132281.2      -253174445
IGBCN BZ      GRADIENTE EL-PRC      69132281.2      -253174445
IGBR6 BZ      GRADIENTE-PREF B      69132281.2      -253174445
IGBR3 BZ      IGB ELETRONICA        69132281.2      -253174445
IGBR7 BZ      GRADIENTE-PREF C      69132281.2      -253174445
IGBBN BZ      GRADIENTE EL-PRB      69132281.2      -253174445
IGBON BZ      GRADIENTE ELETR       69132281.2      -253174445
SCLO4 BZ      SCHLOSSER-PREF        61624578.5     -45628872.6
SCLO3 BZ      SCHLOSSER             61624578.5     -45628872.6
SCHON BZ      SCHLOSSER SA          61624578.5     -45628872.6
SCHPN BZ      SCHLOSSER SA-PRF      61624578.5     -45628872.6
CSBRPN BZ     CAFE BRASILIA-PR      49512076.1      -999279159
CAFE4 BZ      CAF BRASILIA-PRF      49512076.1      -999279159
CAFE3 BZ      CAF BRASILIA          49512076.1      -999279159
CSBRON BZ     CAFE BRASILIA SA      49512076.1      -999279159
VPTA3 BZ      VARIG PART EM TR      49432124.2      -399290396
VPTA4 BZ      VARIG PART EM-PR      49432124.2      -399290396
GAFPN BZ      CIMOB PART-PREF       44047411.7     -45669963.6
GAFP3 BZ      CIMOB PARTIC SA       44047411.7     -45669963.6
GAFON BZ      CIMOB PARTIC SA       44047411.7     -45669963.6
GAFP4 BZ      CIMOB PART-PREF       44047411.7     -45669963.6
RCSL11 BZ     RECRUSUL-BON RT         41441029     -25619212.8
0163583D BZ   RECRUSUL - RCT          41441029     -25619212.8
4529789Q BZ   RECRUSUL - RCT          41441029     -25619212.8
4529793Q BZ   RECRUSUL - RCT          41441029     -25619212.8
RESLPN BZ     RECRUSUL SA-PREF        41441029     -25619212.8
RCSL2 BZ      RECRUSUL - RT           41441029     -25619212.8
4529785Q BZ   RECRUSUL - RT           41441029     -25619212.8
RCSL12 BZ     RECRUSUL-BON RT         41441029     -25619212.8
RCSL3 BZ      RECRUSUL                41441029     -25619212.8
RCSL1 BZ      RECRUSUL - RT           41441029     -25619212.8
RCSL4 BZ      RECRUSUL-PREF           41441029     -25619212.8
4529781Q BZ   RECRUSUL - RT           41441029     -25619212.8
0163579D BZ   RECRUSUL - RT           41441029     -25619212.8
RCSL9 BZ      RECRUSUL - RCT          41441029     -25619212.8
RESLON BZ     RECRUSUL SA             41441029     -25619212.8
0163582D BZ   RECRUSUL - RCT          41441029     -25619212.8
0163580D BZ   RECRUSUL - RT           41441029     -25619212.8
RCSL10 BZ     RECRUSUL - RCT          41441029     -25619212.8
WISAON BZ     WIEST SA              34108201.4      -126997429
WISA4 BZ      WIEST-PREF            34108201.4      -126997429
WISAPN BZ     WIEST SA-PREF         34108201.4      -126997429
WISA3 BZ      WIEST                 34108201.4      -126997429
SNST3 BZ      SANESALTO             31802628.1     -2924062.87
1COBAN BZ     CONST BETER-PF A      31374373.7     -1555470.16
COBE3 BZ      CONST BETER SA        31374373.7     -1555470.16
COBEAN BZ     CONST BETER-PR A      31374373.7     -1555470.16
1COBBN BZ     CONST BETER-PF B      31374373.7     -1555470.16
COBE5 BZ      CONST BETER-PF A      31374373.7     -1555470.16
COBE3B BZ     CONST BETER SA        31374373.7     -1555470.16
COBEON BZ     CONST BETER SA        31374373.7     -1555470.16
1COBON BZ     CONST BETER SA        31374373.7     -1555470.16
1008Q BZ      CONST BETER-PR A      31374373.7     -1555470.16
COBE6B BZ     CONST BETER-PF B      31374373.7     -1555470.16
1007Q BZ      CONST BETER SA        31374373.7     -1555470.16
COBE6 BZ      CONST BETER-PF B      31374373.7     -1555470.16
COBEBN BZ     CONST BETER-PR B      31374373.7     -1555470.16
COBE5B BZ     CONST BETER-PFA       31374373.7     -1555470.16
1009Q BZ      CONST BETER-PR B      31374373.7     -1555470.16
AORE3 BZ      ALL ORE MINERACA      27939352.3     -769622.943
STLB9 BZ      STEEL - RCT ORD       27939352.3     -769622.943
STLB1 BZ      STEEL - RT            27939352.3     -769622.943
STLB3 BZ      ALL ORE MINERACA      27939352.3     -769622.943
STRP3 BZ      BOTUCATU TEXTIL       27663604.9     -7174512.03
STARPN BZ     STAROUP SA-PREF       27663604.9     -7174512.03
STARON BZ     STAROUP SA            27663604.9     -7174512.03
STRP4 BZ      BOTUCATU-PREF         27663604.9     -7174512.03
NUTR3M BZ     NUTRIPLANT            24748712.2     -500384.099
NOVA4B BZ     NOVA AMERICA-PRF        21287489      -183535527
1NOVON BZ     NOVA AMERICA SA         21287489      -183535527
1NOVPN BZ     NOVA AMERICA-PRF        21287489      -183535527
NOVA3B BZ     NOVA AMERICA SA         21287489      -183535527
NOVAON BZ     NOVA AMERICA SA         21287489      -183535527
NOVA4 BZ      NOVA AMERICA-PRF        21287489      -183535527
NOVA3 BZ      NOVA AMERICA SA         21287489      -183535527
NOVAPN BZ     NOVA AMERICA-PRF        21287489      -183535527
FPXE4 BZ      BOMBRIL               19416015.8      -489914902
FPXE3 BZ      BOMBRIL HOLDING       19416015.8      -489914902
HAGA3 BZ      HAGA                  19097885.3     -54511171.5
HAGAON BZ     FERRAGENS HAGA        19097885.3     -54511171.5
HAGAPN BZ     FERRAGENS HAGA-P      19097885.3     -54511171.5
HAGA4 BZ      FER HAGA-PREF         19097885.3     -54511171.5
PSEGON BZ     SAUIPE SA             15857774.8     -4187306.97
PSEGPN BZ     SAUIPE SA-PREF        15857774.8     -4187306.97
PSEG3 BZ      SAUIPE                15857774.8     -4187306.97
PSEG4 BZ      SAUIPE-PREF           15857774.8     -4187306.97
BDFCE US      B&D FOOD CORP           14423532        -3506007
LATF US       LATTENO FOOD COR        14423532        -3506007
REIC US       REII INC                14423532        -3506007
BDFC US       B&D FOOD CORP           14423532        -3506007
NORD3 BZ      NORDON MET            13825854.1     -32802043.2
NORDON BZ     NORDON METAL          13825854.1     -32802043.2
NORD1 BZ      NORDON MET-RTS        13825854.1     -32802043.2
CALI4 BZ      CONST A LIND-PRF        13136723     -3979605.38
LINDON BZ     CONST A LINDEN          13136723     -3979605.38
LINDPN BZ     CONST A LIND-PRF        13136723     -3979605.38
CALI2 BZ      CONST LINDEN RT         13136723     -3979605.38
CALI10 BZ     CONST LINDEN RCT        13136723     -3979605.38
CALI3 BZ      CONST A LINDEN          13136723     -3979605.38
CALI1 BZ      CONST LINDEN RT         13136723     -3979605.38
CALI9 BZ      CONST LINDEN RCT        13136723     -3979605.38
LARK4 BZ      LARK MAQS-PREF          12676774     -6293304.48
LARK2 BZ      LARK SA MAQU-RTS        12676774     -6293304.48
LARK3 BZ      LARK MAQS               12676774     -6293304.48
LARK1 BZ      LARK SA MAQU-RTS        12676774     -6293304.48
LARPN BZ      LARK MAQUINAS-PR        12676774     -6293304.48
LARON BZ      LARK MAQUINAS           12676774     -6293304.48
ARLA11 BZ     ARTHUR LAN-DVD C      11642255.9     -17154461.9
ARLA9 BZ      ARTHUR LANG-RC C      11642255.9     -17154461.9
ARLA4 BZ      ARTHUR LANGE-PRF      11642255.9     -17154461.9
ARLA3 BZ      ARTHUR LANGE          11642255.9     -17154461.9
ALICON BZ     ARTHUR LANGE SA       11642255.9     -17154461.9
ARLA1 BZ      ARTHUR LANG-RT C      11642255.9     -17154461.9
ARLA2 BZ      ARTHUR LANG-RT P      11642255.9     -17154461.9
ALICPN BZ     ARTHUR LANGE-PRF      11642255.9     -17154461.9
ARLA10 BZ     ARTHUR LANG-RC P      11642255.9     -17154461.9
ARLA12 BZ     ARTHUR LAN-DVD P      11642255.9     -17154461.9
CCHI3 BZ      CHIARELLI SA          11281940.7     -81454622.1
CCHON BZ      CHIARELLI SA          11281940.7     -81454622.1
CCHPN BZ      CHIARELLI SA-PRF      11281940.7     -81454622.1
CCHI4 BZ      CHIARELLI SA-PRF      11281940.7     -81454622.1
SJOS4 BZ      TECEL S JOSE-PRF      11174696.2     -61473722.8
SJOS3 BZ      TECEL S JOSE          11174696.2     -61473722.8
FTSJPN BZ     TECEL S JOSE-PRF      11174696.2     -61473722.8
FTSJON BZ     TECEL S JOSE          11174696.2     -61473722.8
FGUION BZ     FERREIRA GUIMARA      11016542.1      -151840377
FGUIPN BZ     FERREIRA GUIM-PR      11016542.1      -151840377
FGUI3 BZ      F GUIMARAES           11016542.1      -151840377
FGUI4 BZ      F GUIMARAES-PREF      11016542.1      -151840377


CHILE

2940894Z CI   EMPRESA DE LOS F      1933599104       -50416404
TELEX CI      CHILESAT CORP SA      1156945109      -122555290
TL US         CHILESAT CO-ADR       1156945109      -122555290
TELEXO CI     TELEX-RTS             1156945109      -122555290
CHILESAT CI   CLARO COM SA          1156945109      -122555290
CSAOY US      TELMEX CORP-ADR       1156945109      -122555290
CHISATOS CI   CHILESAT CO-RTS       1156945109      -122555290
TELEXA CI     TELEX-A               1156945109      -122555290
PUYEHUOS CI   PUYEHUE RIGHT         24447502.1     -1250905.47
PUYEH CI      PUYEHUE               24447502.1     -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
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Information contained herein is obtained from sources believed to
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The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 240/629-3300.


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