TCRLA_Public/120605.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, June 5, 2012, Vol. 13, No. 111



BUROMAHTIK SA: Creditors' Proofs of Debt Due August 10
FRIGORIFICO GENERAL: Creditors' Proofs of Debt Due July 10
GLOBALGLASS SA: Creditors' Proofs of Debt Due July 2
MARKET PULL: Creditors' Proofs of Debt Due July 6
RAUL MATAN: Creditors' Proofs of Debt Due Aug. 31


BANCO CRUZEIRO: Central Bank to Order Intervention, Estado Says


* BELIZE: Moody's Cuts Foreign Currency Gov't Bond Rating to Ca


BLUE SKY: Creditors' Proofs of Debt Due June 8
BLUE SKY: Members' Final Meeting Set for June 26
GEROVA FINANCIAL: Court to Hear Wind-Up Petition on June 21
MUTUAL INDEMNITY: Court to Hear Wind-Up Petition on June 15


MINERVA SA: Fitch Affirms Issuer Default Ratings at Low-B


CLARENDON ALUMINA: Call for Update on Sale


ALESTRA S DE RL: Moody's Affirms 'B1' CFR; Outlook Stable

T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: EZjet to Service Georgetown to Toronto Route


* Large Companies With Insolvent Balance Sheets

                            - - - - -


BUROMAHTIK SA: Creditors' Proofs of Debt Due August 10
Braian Leicerow, the court-appointed trustee for Buromahtik SA's
reorganization proceedings, will be verifying creditors' proofs
of claim until August 10, 2012.

Mr. Leicerow will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 13, 2013.

The Trustee can be reached at:

         Braian Leicerow
         Lavalle 1290

FRIGORIFICO GENERAL: Creditors' Proofs of Debt Due July 10
Estudio Bertelot, the court-appointed trustee for Frigorifico
General Belgrano SA's reorganization proceedings, will be
verifying creditors' proofs of claim until July 10, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 50, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 2, 2013.

The Trustee can be reached at:

         Estudio Bertelot
         De Gennaro Contadores Publicos
         Uruguay 775

GLOBALGLASS SA: Creditors' Proofs of Debt Due July 2
Eva Maria Bogado, the court-appointed trustee for Globalglass
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until July 2, 2012.

Ms. Bogado will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 3, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Eva Maria Bogado
         Paraguay 1465

MARKET PULL: Creditors' Proofs of Debt Due July 6
Daniel Ernesto Altman, the court-appointed trustee for Market
Pull SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until July 6, 2012.

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

The Trustee can be reached at:

         Daniel Ernesto Altman
         Parana 774

RAUL MATAN: Creditors' Proofs of Debt Due Aug. 31
Carlos Alberto Montero, the court-appointed trustee for Raul
Matan SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Aug. 31, 2012.

Mr. Montero will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Carlos Alberto Montero
         Sarmiento 517


BANCO CRUZEIRO: Central Bank to Order Intervention, Estado Says
Telma Marotto at Bloomberg News reports O Estado de S. Paulo
published that Brazil's central bank plans to order the
intervention in Banco Cruzeiro do Sul SA, removing the bank's
current management.

The deposit insurance fund, known as FGC, is likely to take
control of the bank, the newspaper said, according to Bloomberg
News.  The Brazilian authority identified BRL1.3 billion (US$637
million) in losses in possible frauds similar to those found at
Banco Panamericano SA, the newspaper said, Bloomberg News notes.

Bloomberg News discloses that the talks between Cruzeiro do Sul
and Grupo BTG Pactual, which made an offer to acquire the smaller
rival, ended on June 2 without an agreement.

Based in Sao Paulo, Banco Cruzeiro do Sul S.A. had total
unconsolidated assets of R$11.5 billion (US$6.2 billion) and
equity of R$1.2 billion (US$644.5 million) as of December 31,

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 2, 2012, Moody's Investors Service downgraded all ratings
assigned to Banco Cruzeiro do Sul S.A. (BCSul), including the
bank financial strength rating (BFSR) to E+, from D-, the long-
term global local and foreign currency deposit ratings to B2,
from Ba3, as well as the long and short-term Brazilian national
scale deposit ratings to, from


* BELIZE: Moody's Cuts Foreign Currency Gov't Bond Rating to Ca
Moody's Investors Service has downgraded Belize's foreign
currency government bond rating to Ca from Caa1 and the
government's local currency bond rating to Caa3 from Caa1. Both
ratings have a developing outlook.

The downgrade reflects the government's deteriorating capacity
and willingness to service its external debt as well as Moody's
assessment of investor losses in the event of a debt
restructuring. Belize faces weak short- to medium-term growth
prospects, accumulating contingent fiscal liabilities and a
questionable outlook for debt sustainability.

Ratings Rationale

In February 2012, Moody's downgraded Belize to Caa1 from B3
citing concerns about a possible debt restructuring and weak
economic growth. Since then, the government has formed a debt
review committee to undertake a comprehensive assessment of
sovereign debt and contingent liabilities. The authorities have
initiated a process to identify bondholders in advance of
restructuring negotiations.

Moody's expects that the government will proceed with a pre-
emptive debt restructuring this year. The restructuring will be
focused on the US$547 million Superbond which accounts for about
half of the government's debt and is itself the result of a
distressed debt exchange completed in 2007.

The decision to contemplate a sovereign debt restructuring was
motivated by an escalation of debt service costs as the Superbond
step-up coupon rose to 8.5% in February from 6% in 2011. The
government's capacity to service its debt is set to weaken due to
declining oil-related revenues and mounting fiscal liabilities
stemming from the nationalizations of Belize Electricity Ltd
(electricity distribution) and Belize Telecommunications Ltd

Recent improvements in the fiscal numbers and declining debt
ratios are viewed as transient. Fiscal space remains limited and
public debt is set to report an unsustainable trajectory in
coming years as a result of rising debt service costs and limited
growth prospects.

Moody's analysis indicates that projected net present value (NPV)
losses stemming from the anticipated debt restructuring are
consistent with a Ca rating.

The downgrade of the government bond ratings considered Moody's
"Sovereign Methodology Update: Narrowing the Gap -- a
Clarification of Moody's Approach to Local Vs. Foreign Currency
Bond Ratings." While our analysis of sovereign defaults over the
past two decades indicates that governments are in general
equally likely to default on their domestic and foreign currency
obligations, the methodology update states that distinctions
between foreign and local currency government bond ratings may be
maintained when there is evidence of bias in a government's
ability and/or willingness to service debt in a particular
currency. In the case of Belize, Moody's views the likelihood of
default on external debt as higher than a default on domestic
debt, which accounts for less than 20% of total government debt.

The developing outlook is contingent on the government's
disclosure of the terms of the debt restructuring.

Belize's country ceilings on bonds and deposits were also
adjusted as part of this rating action. The foreign currency bond
ceiling was lowered to Caa2 from B2; the foreign currency deposit
ceiling remains unchanged at Caa2. Belize's local currency bond
and deposit ceilings were lowered to B1 from Ba2.


BLUE SKY: Creditors' Proofs of Debt Due June 8
The creditors of Blue Sky Limited are required to file their
proofs of debt by June 8, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 22, 2012.

The company's liquidator is:

         Abdullah Y. Al-Saloomi
         Almas Tower-Office 702
         King Fahad Road, Riyadh
         Kingdom of Saudi Arabia

BLUE SKY: Members' Final Meeting Set for June 26
The members of Blue Sky Limited will hold their final meeting on
June 26, 2012, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on May 22, 2012.

The company's liquidator is:

         Abdullah Y. Al-Saloomi
         Almas Tower-Office 702
         King Fahad Road, Riyadh
         Kingdom of Saudi Arabia

GEROVA FINANCIAL: Court to Hear Wind-Up Petition on June 21
A petition to wind up the operations of Gerova Financial Group,
Ltd will be heard before the Supreme Court of Bermuda on June 21,
2012, at 11:00 a.m.

Eric V. Seal filed the petition against the company on Oct. 7,

MUTUAL INDEMNITY: Court to Hear Wind-Up Petition on June 15
A petition to wind up the operations of Mutual Indemnity (US)
Ltd. will be heard before the Supreme Court of Bermuda on June
15, 2012, at 9:30 a.m.


MINERVA SA: Fitch Affirms Issuer Default Ratings at Low-B
Fitch Ratings has affirmed the ratings of Minerva S.A. (Minerva)
and Minerva Luxembourg S.A. (Minerva Luxembourg), a wholly owned
subsidiary of Minerva incorporated in Luxembourg, as follows:


  -- Local currency Issuer Default Rating (IDR) at 'B+';
  -- Foreign currency IDR at 'B+';
  -- National scale rating at 'BBB(bra)';
  -- BRL200 million outstanding debentures due 2015 at

Minerva Luxembourg:

  -- Local currency IDR at 'B+';
  -- Foreign currency IDR at 'B+';
  -- Senior unsecured notes due in 2017, 2019 and 2022 at

The Rating Outlook is Stable.

Minerva's ratings reflect its high leverage, weak debt service
coverage ratios and small size in comparison to its peers.  The
ratings also reflect the company's product concentration in beef
protein, which accounts for 80% of its revenue, and the commodity
nature of its business.

Similar to other Brazilian protein processors, Minerva is exposed
to the risks of unfavorable currency fluctuations and potential
disease outbreaks.  The company is more susceptible to these
risks than other leading competitors in the Brazilian industry,
however, as exports account for a higher percentage of its
revenue.  Production concentration in Brazil also limits the
company's flexibility to respond to regional bans on exports.

Minerva's ratings are supported by the company's business
position as the third-largest Brazilian exporter of fresh beef
and its strong liquidity.  Fitch acknowledges recent credit-
friendly measures taken by the company through its decision to
issue equity to support its expansion during the challenging
operating environment during the past few years.  Recently, the
company improved its liquidity position through the issuance of
$450 million notes due in 2022.

Improved Operations Yet FCF Still Negative; Leverage Remains

Minerva's net debt was relatively unchanged during the last 12
months (LTM) ended March 31, 2012 despite its weak cash flow
generation due to its issuance of mandatory convertible
debentures in mid-2011 (100% equity credit by Fitch).  As a
result, the company's net adjusted debt to EBITDA ratio was 4.0
times (x), a modest decrease from 4.1x at the end of 2010 but
well below Fitch's expectation.

For the LTM ending March 31, 2012, Minerva's EBITDA increased by
13.5% to BRL372 million from BRL246 million during 2010.  During
the same period, EBITDA margins increased to 9.2% from 8.2% in
2010.  These improvements did not feed through to the company's
cash flows, however.  Minerva's cash flow from operations (CFFO)
was negative BRL11 million in 2011 due to high interest expenses
and working capital requirements.  Free cash flow (FCF)was
negative BRL183 million due to BRL161 million of capex and BRL12
million of dividends during the year.  This is the seventh
straight year of negative FCF.

Positive FCF Expected in 2012:

Fitch expects Minerva's operations to improve in 2012, helped by
moderate volume growth in all of its markets.  Operating margins
should strengthen further, reflecting the positive cattle cycle
in Brazil, in combination with continued strong beef prices
domestically and abroad.  With 65.6% of the company's revenue
coming from exports in the first quarter of 2012, the company is
well positioned to benefit from the weaker Brazilian Real, which
makes its production more price competitive abroad.

Stronger CFFO coupled with reduced capital spending should result
in weak, but positive, FCF generation in 2012.  The company has
invested close to BRL1 billion over the past five years, mainly
to expand production capacity.  Capex is expected to decrease to
BRL100 million, from BRL161 million in 2011.  The company's cash
flow should also benefit from the realization of tax credits
during the next few years.

Leverage Ratios to Improve:

Minerva's net leverage is expected to decrease to around 3.0x by
the end of 2012, due to improvements in its operating performance
and positive FCF generation.  This leverage ratio is considered
appropriate for the rating category during a positive cycle.
Fitch believes that Minerva's cash flow generation will be too
weak to allow the company to reduce debt in a more sustainable
and permanent fashion.

Fitch notes that further weakening of the Brazilian Real may lead
to a temporary increase in Minerva's leverage ratios, as 76.3% of
its total debt of BRL2.3 billion as of March 31, 2012 was
denominated in USD.  The scenario of a depreciating local
currency results in an instantaneous increase of total debt when
expressed in Brazilian Reals, while EBITDA benefits would
accumulate over a longer period.  Positively, the company employs
currency hedging which should smooth out spikes in debt levels as
a result of currency fluctuations.

Liquidity and Debt Maturity Profile Manageable:

Minerva's liquidity position for the first quarter of 2012 is
strong.  The company primarily relies on its cash on hand, which
was BRL846 million at the end of the first quarter of 2012, to
service short-term debt which stood at only BRL282 million for
the period.  Short-term debt represented about 12% of the
company's total debt at March 31, 2012.

During the first quarter of 2012, the company successfully issued
$450 million 10 year notes and repaid short-term debt maturities
with the proceeds.  Debt maturities as of March 31, 2012 are
manageable for the rest of 2012 and 2013 at BRL252.1 million and
BRL189.2 million, respectively.

Stable Outlook:

The ratings are likely to remain stable unless cash flow
generation and leverage ratios trend different than Fitch's
expectations.  A negative rating action could occur if Fitch's
expectations for positive cash flow generation fail to
materialize or net leverage does not decline below 4.0x on a
normalized basis.  This could be as a result of either a large
debt financed acquisition or asset purchases, or as a result of
operational deterioration.  A positive rating action could be
triggered by a significant leverage decrease from current levels
but is unlikely to be achieved solely by improving operations in
the short-to-medium term.


CLARENDON ALUMINA: Call for Update on Sale
RJR News reports that the Jamaican Parliamentary Opposition is
seeking answers from the government regarding its efforts to
divest Clarendon Alumina Production.

The divestment of CAP is one of the conditions for Jamaica
sealing a new agreement with the International Monetary Fund,
according to RJR News.

RJR News notes that Opposition Leader Andrew Holness said the
previous administration tried without success to divest the loss-
making entity.  The report relates that Mr. Holness is
questioning whether the sale is still on track.

As reported in the Troubled Company Reporter-Latin America on
May 4, 2012, the government is hoping to wrap up negotiations for
the divesment of Clarendon Alumina Partners in five months.
Managing Director of CAP, Winston Hayden who appeared before
Parliament's Public Administration and Appropriations Committee,
PAAC this morning, said September has been set for the completion
of the negotiations.  He cautioned that the time line is
tentative as a number of procedures must be completed before the
company can be privatized.


ALESTRA S DE RL: Moody's Affirms 'B1' CFR; Outlook Stable
Moody's Investors Service affirmed Alestra, S. de R.L. de C.V.'s
B1 corporate family and senior unsecured debt ratings and changed
the outlook to stable from negative.

The following ratings were affirmed:

- Corporate Family Rating: B1

- US$200 million in senior unsecured notes due 2014: B1

The ratings outlook is stable.

The change in the outlook to stable was prompted by Moody's
expectation that any possible impact on Alestra's operating and
financial performance from the exit of AT&T as a shareholder will
be gradual, most likely over a 3 to 5 year period. Because of the
historical strategic and commercial dependence of Alestra on
AT&T, Moody's had originally estimated that Alestra's revenue and
EBITDA would decline considerably in 2012. However, high barriers
to switch telecom service providers should help Alestra sustain
revenues and EBITDA generation for some time. Alestra was AT&T's
service provider of choice in Mexico since its inception in 1996.
In 2010, about 20% of Alestra's total revenues came from AT&T's
multinational customers with operations in Mexico. In April 2011,
the then 51% owner of Alestra, Grupo Alfa, agreed to acquire
AT&T's stake in the company.

In addition, there has been limited impact so far from the
partnership between America Movil (A2 stable) and AT&T (A2
stable) to provide business telecommunications services to
multinational companies in Latin America and to Latin American
companies worldwide, as announced in November 2011. The fact that
the majority of Alestra's customers enter into long term service
contracts for periods of 12 to 36 months should help the company
maintain revenues for at least a few more quarters while it
continues to focus on acquiring new customers and adapt to a
stronger competitive environment.

Ratings Rationale

During the last twelve months ended March 31, 2012, Alestra's top
line increased by 1.9% mostly due to higher revenue from data and
information technology services, which increased by 7% in the
period. Lower operating costs, mostly comprised of fees for
leased lines, interconnection costs, and international settlement
payments to international telecom carriers, helped the company
post adjusted EBITDA margin of over 39% during the last twelve
months, up from 36% in 2011 and 35% in 2010. In this period,
Alestra's interest coverage metrics improved as well: adjusted
EBITDA to interest expenses stood at 4.8 times in 2011 from 4.3
times in 2011 and 3.9 times in 2010.

Higher EBITDA and unchanged level of debt allowed Alestra's
adjusted debt/EBITDA to decline to 1.8 times in the last twelve
months ended in March 2012 from 2.1 times in 2011 and 2.3 times
in 2010. Interest coverage as measured by EBITDA minus capex to
interest expenses improved to 2.3 times during the period from
1.9 times in 2011.

However, better operating results than expected should motivate
Alestra to increase capex in 2012, negatively impacting free cash
flow. Favorable operating results and financial flexibility
supports increase in capex.

Alestra's B1 ratings are supported by the company's solid
operating margins as well as its strong customer base, focused on
the enterprise segment; the long-term nature of its sales
contracts; and relatively inelastic business enterprise demand
for telecom services, although Alestra may be forced to lower
prices in some cases. Constraining Alestra's ratings are its
small revenue size and a strong competitive operating environment
in Mexico.

Alestra's liquidity is adequate. Going forward to late 2013,
Alestra should be able to use cash on hand and EBITDA to fund
capex and fulfill cash obligations such as interest payments,
working capital and taxes. Alestra has paid only a modest amount
of dividends in the last several years and has no stated dividend
policy. In its assessment of Alestra's liquidity, Moody's assumes
that even if shareholders decide to institute dividend payments,
these would not endanger the company's capex plans or liquidity
profile, as has been the case for the last 12 months. It is
positive that Alestra maintains a US$20 million committed
revolving credit facility, which as of June 1 is unused and
expires in December 2014.

The stable outlook on Alestra's ratings is based on Moody's
expectations that the company's revenues and operating profit
will at least remain stable, supported by increasing demand from
the company's enterprise customer base but tempered by downward
pressure on prices from lower interconnection costs and intense
competitive activity.

Should the company not be able to compete and post positive
revenue growth and its EBITDA margins fall below 32% as reported
or if lower operating revenues cause adjusted debt to EBITDA to
increase to above 3 times on a sustained basis, its ratings could
be downgraded. Any weakness in the company's liquidity situation
could trigger a ratings downgrade as well.

Alestra's ratings could be upgraded if the company shows solid
revenue growth and stable margins, such that adjusted debt to
EBITDA remains below 2 times and free cash flow generation vis--
vis debt burden reaches 10% , both on a sustained basis.

The principal methodology used in this rating was that of the
Global Communications Infrastructure Industry published in June

Alestra, which started operations in 1996, is a local Mexican
telecommunications company providing bundled products including
voice, data, Internet and information technology services mainly
to enterprises. The company is owned by Alfa, S.A.B. de C.V.
(unrated), a large Mexican conglomerate. During the last twelve
months ending on March 31, 2012, Alestra's revenues and adjusted
EBITDA amounted to US$373 million and US$147 million,

T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: EZjet to Service Georgetown to Toronto Route
RJR News reports that Caribbean Airlines Limited is facing
competition on one of its routes in the region.

The Guyanese Cabinet Secretary Dr. Roger Luncheon said that
Guyana approved a request from EZjet GT Incorporated to service
the Georgetown to Toronto route this month, according to RJR

RJR News notes that CAL is currently the lone carrier plying the
route and Dr. Luncheon says the approval introduces an element of

EZJet GT will operate two weekly flights from June 15 to June 14,
2013, RJR News notes.

Caribbean Airlines Limited -- http://http://www.caribbean- -- provides passenger airline services.  It also
specializes in the shipment of fresh cut flowers and packaged
meats, hatching eggs, chocolates, fruits and vegetables, frozen
and chilled fish, vaccines, newspapers, and magazines within the
Caribbean, as well as to North America and Europe.

                           *     *     *

As reported in the Troubled Company Reporter on March 21, 2012,
RJR News said that Caribbean Airlines Limited owes nearly
US$30 million to Trinidad and Tobago's fuel provider National
Petroleum.  Trinidad Express said CAL enjoys a seven-day credit
facility for aviation fuel from the company, according to RJR
News.  However, the report related that the airline has not been
able to pay the full amount when invoiced and instead has been
issuing partial payments to sustain the account.  RJR News notes
that Trinidad Express reported that the arrears were built up
over the last six weeks as no payments have been made despite an
attractive fuel subsidy which the airline has enjoyed since it
began operations in January 2007.


* Large Companies With Insolvent Balance Sheets

                                   Total          Shareholders
                                   Assets           Equity
Company             Ticker          (US$MM)          (US$MM)
-------             ------         ---------       ------------


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


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


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


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine
T. Fernandez, Valerie U. Pascual, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 240/629-3300.

                   * * * End of Transmission * * *