/raid1/www/Hosts/bankrupt/TCRLA_Public/120619.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 19, 2012, Vol. 13, No. 120


                            Headlines



A N T I G U A

LIAT: Incurs US$1.1 Billion in Losses Due to Fire


A R G E N T I N A

FIAT SPA: Suspends 1,600 Workers in Cordoba Province


B E R M U D A

BUTTERFIELD CAPITAL: Creditors' Proofs of Debt Due June 29
BUTTERFIELD CAPITAL: Members' Final Meeting Set for July 17
BUTTERFIELD SYSTEMATIC: Creditors' Proofs of Debt Due June 29
BUTTERFIELD SYSTEMATIC: Members' Final Meeting Set for July 17


B O L I V I A

* BOLIVIA: Moody's Downgrades BFSRs on Two Banks to 'D-'


B R A Z I L

AUTOMOTORES GILDEMEISTER: Moody's Affirms 'Ba1' CFR; Outlook Neg.


C A Y M A N   I S L A N D S

ARCAPITA BANK: Committee Retains Cayman Islands Counsel
ARCAPITA BANK: Files Schedules of Assets and Liabilities
ARCAPITA BANK: Can Make $30.4 Million Loan to Lusail Venture
ARCAPITA BANK: Court Says Prior Orders Applicable to Falcon Case
AI SYSTEMATIC: Creditors' Proofs of Debt Due June 15

CADFILE LTD: Creditors' Proofs of Debt Due July 3
CHINESEWORLDNET.COM INC: Auditor Raises Going Concern Doubt
LAPSTONE LIMITED: Creditors' Proofs of Debt Due June 27
OUCHY CORPORATION: Members' Final Meeting Set for July 6
PACIFIC MINING: Creditors' Proofs of Debt Due June 29

RREEF REFLEX: Member to Receive Wind-Up Report on July 2
SYTRARB FUND: Commences Liquidation Proceedings
TMS FUNDING II: Commences Liquidation Proceedings
WABUSH LIMITED: Creditors' Proofs of Debt Due June 27
WESSEX ASIA: Commences Liquidation Proceedings


M E X I C O

CONTROLADORA COMERCIAL: Moody's Reviews 'Ba3' CFR for Upgrade
COMISION ESTATAL: Moody's Downgrades Issuer Rating to 'Ba1'
VITRO SAB: US Ruling Effectively Precludes Mexican Plan
VITRO SAB: Disappointed by US Court's Clarification on Plan Order


T U R K S  &  C A I C O S

OLINT CORP: PNP May Not Refund Firm, Chairman Says


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


LIAT: Incurs US$1.1 Billion in Losses Due to Fire
-------------------------------------------------
Jamaica Observer reports that a huge fire which destroyed one of
regional airline Leeward Islands Air Transport (LIAT)'s aircraft
and some buildings is estimated to have resulted in EC$35 million
(US$1.1 billion) in insured losses.

Law enforcement authorities in Antigua were, up to press time,
still investigating the cause of the fire at VC Bird International
Airport, which took out a Dash 8-300 aircraft (V2 LGH), a hangar
and two office buildings, according to Jamaica Observer.

Jamaica Observer notes that the airline said that it would
continue to maintain normal operations throughout its network.

Headquartered in V. C. Bird International Airport in Saint George
Parish, Antigua, Leeward Islands Air Transport, known as LIAT,
operates high-frequency interisland scheduled services serving 22
destinations in the Caribbean.  The airline's main base is VC
Bird International Airport, Antigua and Barbuda, with bases at
Grantley Adams International Airport, Barbados and Piarco
International Airport, Trinidad and Tobago.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 3, 2012, Antigua Caribarena related that former Antigua
Aviation Minister Robin Yearwood wants to see a merger between
Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago-
owned Caribbean Airlines Limited, as he believes this is the only
way the Antigua-based regional carrier can survive.  Mr.
Yearwood's call came against the background of media reports out
of Port of Spain that suggested CAL's management may be eyeing
expansion into the OECS territories, according to Antigua
Caribarena.



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


FIAT SPA: Suspends 1,600 Workers in Cordoba Province
----------------------------------------------------
Buenos Aires Herald reports that Fiat SpA suspended 1,600 workers
of its factory in Cordoba province due to the lack of autoparts,
SMATA auto industry workers union said.

The suspension will affect the majority of the factory's workers
and will last for two days, according to Buenos Aires Herald.

"Fiat told us they are lacking certain autoparts due to import
restrictions," the report quoted SMATA spokesman Leonardo Almada
as saying.

During the 48-hour suspension, workers will be paid 75% of their
salaries, according to an agreement reached between the union and
the company, the report notes.

Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.  With operations
in over 190 countries, the Group has 203 plants, 118 research
centers, 633 companies and more than 198,000 employees.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 1, 2012, Standard & Poor's Ratings Services lowered its long-
term corporate credit rating on Fiat SpA to 'BB-' from 'BB'. "We
removed the ratings from CreditWatch, where we had placed them
with negative implications on Feb. 6, 2012. This action didn't
affect the 'B' short-term rating. The outlook is stable," S&P
said.



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


BUTTERFIELD CAPITAL: Creditors' Proofs of Debt Due June 29
----------------------------------------------------------
The creditors of Butterfield Capital Appreciation Bond Fund
Limited are required to file their proofs of debt by June 29,
2012, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on June 13, 2012.

The company's liquidator is:

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


BUTTERFIELD CAPITAL: Members' Final Meeting Set for July 17
-----------------------------------------------------------
The members of Butterfield Capital Appreciation Bond Fund Limited
will hold their final meeting on July 17, 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 June 13, 2012.

The company's liquidator is:

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


BUTTERFIELD SYSTEMATIC: Creditors' Proofs of Debt Due June 29
-------------------------------------------------------------
The creditors of Butterfield Systematic Equity Fund Limited are
required to file their proofs of debt by June 29, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 13, 2012.

The company's liquidator is:

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


BUTTERFIELD SYSTEMATIC: Members' Final Meeting Set for July 17
--------------------------------------------------------------
The members of Butterfield Systematic Equity Fund Limited will
hold their final meeting on July 17, 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 June 13, 2012.

The company's liquidator is:

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



=============
B O L I V I A
=============


* BOLIVIA: Moody's Downgrades BFSRs on Two Banks to 'D-'
--------------------------------------------------------
Moody's Investors Service has downgraded the standalone bank
financial strength ratings (BFSRs) of two Bolivian banks -- Banco
Mercantil S.A and Banco Solidario S.A., to D- from D, which maps
to a baseline credit assessment (BCA) of ba3 on the long-term
scale. At the same time, Moody's has confirmed the standalone
BSFRs of four Bolivian banks -- Banco Bisa S.A ., Banco Nacional
de Bolivia S.A., Banco Los Andes Procredit S.A., and Banco de
Cr‚dito de Bolivia S.A. -- at D-, which maps to a BCA of ba3.

The rating actions conclude the review Moody's initiated on 15
March 2012 in the context of its ongoing global review of all
banks whose standalone assessments are higher than the rating of
the country in which they are domiciled, as discussed in the
rating implementation guidance "How Sovereign Credit Quality May
Affect Other Ratings," published 13 February 2012, and in the
special comment "Banks and Sovereigns: Risk Correlations Constrain
Standalone Bank Credit Assessments," published 30 April 2012.

A list of the Affected Issuers and their Credit Ratings is
available at:

   http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_143214

Moody's has also reassessed its assumptions about the probability
of government support for Bolivian banks in light of the declining
financial dollarization of the country's banking system. As a
result of this reassessment, the rating agency has upgraded the
local currency deposit ratings of six banks and one leasing
company by one notch, and has confirmed the local currency deposit
ratings of four banks.

In addition, Moody's has upgraded the foreign currency deposit
ratings of 11 banks and one leasing company, to B1 from B2,
following the recent upgrade of the foreign currency deposit
ceiling for Bolivia to B1 from B2.

Finally, Moody's has upgraded the national scale deposit and debt
ratings in local and foreign currency of six Bolivian banks and
one leasing company by one notch.

All the revised ratings carry a stable outlook.

Ratings Rationale

DOWNGRADE OF STANDALONE RATINGS TO THE SOVEREIGN DEBT RATING LEVEL

The downgrade of the standalone ratings of Banco Mercantil and
Banco Solidario reflects Moody's assessment that these banks'
creditworthiness is highly correlated with the credit strength of
the Bolivian government, taking into account (i) the extent to
which their businesses depend on the domestic macroeconomic and
financial environment and (ii) their lack of cross-border
diversification.

Moody's review indicated that there are few, if any, reasons to
believe that these banks would be insulated from a government debt
crisis because they are primarily domestic institutions with
macroeconomic exposures similar to those of the sovereign
government, even though they have only moderate exposure to
domestic sovereign debt.

CONFIRMATION OF STANDALONE RATINGS

In confirming the standalone ratings of Banco Bisa, Banco Nacional
de Bolivia, Banco Los Andes Procredit and Banco de Cr‚dito
de Bolivia, Moody's took into account the recent upgrade of the
Bolivian government's debt rating, to Ba3 from B1. As a result of
the action on the sovereign, the D- standalone BSFRs and ba3 BCAs
of these banks remain unchanged, and are now aligned with the
government rating, reflecting Moody's opinion that their
creditworthiness is highly correlated with the government's credit
strength because of their primarily domestic businesses and lack
of cross-border diversification.

LOCAL CURRENCY DEPOSIT AND DEBT RATINGS

Moody's deposit ratings incorporate assumptions about potential
external support from a parent institution, or regional or
national government. These assumptions reflect both the capacity
and the willingness of such a third party to support a bank in the
event of stress.

The declining dollarization of Bolivian banks' assets and
liabilities over the past several years has led Moody's to
reassess its assumptions about the probability of government
support that can be incorporated into the banks' deposit ratings,
with the degree of uplift from such assumptions depending on a
bank's systemic importance as a deposit-taker and lender.

The deposit and debt ratings of the six banks whose standalone
profiles are now positioned at the same level as the sovereign
rating continue to benefit from one notch of uplift due to
government and parental support assumptions. The deposit and debt
ratings of other four banks also benefit from one notch of uplift,
in this case due to government support assumptions, given the
banks' systemic importance.

FOREIGN CURRENCY DEPOSITS AND DEBT RATINGS

The recent upgrade of Bolivia's country ceiling for foreign
currency bank deposits, to B1 from B2, and for foreign currency
bonds, to Ba2 from Ba3, has led to the upgrade of the foreign
currency deposit ratings of 11 banks and one leasing company by
one notch, and to the upgrade of the foreign currency debt ratings
of eight banks, also by one notch.

NATIONAL SCALE RATINGS

The upgrade of the global local currency deposit and issuer
ratings of five banks has led to the upgrade of their deposit
ratings on the Bolivian national scale by one notch. The national
scale debt ratings of three banks have also been upgraded by one
notch.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.

WHAT COULD MOVE THE RATINGS UP/DOWN

As the key drivers of the actions are largely structural in
nature, upward rating pressure is unlikely in the near term.
Beyond the foreseeable future, a combination of an improving
operating environment and an improvement in the credit risk
profile of the national government could positively influence
Bolivian banks' ratings. Conversely, a deterioration in the banks'
operating environment and/or a weakening of their standalone
financial fundamentals could exert downward pressure on the
ratings.

WHICH BANKS AND RATINGS ARE AFFECTED

BANCO MERCANTIL S.A.

Bank Financial Strength Rating (BFSR) downgraded to D-, from D,
now mapping to a ba3 standalone credit assessment from ba2

Long-term global local currency deposit rating confirmed at Ba2

Long-term foreign-currency deposit ratings upgraded to B1, from B2
remain constrained by Bolivia's foreign currency deposit ceiling
at B1

National Scale foreign currency deposit ratings upgraded to
Aa2.bo, from Aa3.bo

BANCO SOLIDARIO S.A.

Bank Financial Strength Rating (BFSR) downgraded to D-, from D,
now mapping to a ba3 standalone credit assessment from ba2

Long-term global local currency deposit rating confirmed at Ba2

Long-term foreign-currency deposit ratings upgraded to B1, from B2
remain constrained by Bolivia's foreign currency deposit ceiling
at B1

National Scale foreign currency deposit ratings upgraded to
Aa2.bo, from Aa3.bo

BANCO BISA S.A.

Bank Financial Strength Rating (BFSR) and standalone credit
assessment confirmed at D-/ ba3

Long-term global local currency deposit rating upgraded to Ba2,
from Ba3

Long-term foreign-currency deposit ratings upgraded to B1, from B2
remain constrained by Bolivia's foreign currency deposit ceiling
at B1

National Scale local currency deposit ratings upgraded to Aaa.bo,
from Aa1.bo

National Scale foreign currency deposit ratings upgraded to
Aa2.bo, from Aa3.bo

BISA LEASING S.A.

Long-term global local currency issuer rating upgraded to Ba2,
from Ba3

Long-term foreign currency issuer rating upgraded to Ba2, from Ba3

National Scale local currency issuer rating upgraded to Aaa.bo,
from Aa1.bo

National Scale foreign currency issuer rating upgraded to Aaa.bo,
from Aa1.bo

Long-term foreign currency debt rating upgraded to Ba2, from Ba3

National scale foreign currency debt rating upgraded to Aaa.bo,
from Aa1.bo

BANCO NACIONAL DE BOLIVIA S.A.

Bank Financial Strength Rating (BFSR) and standalone credit
assessment confirmed at D-/ ba3

Long and short-term global local currency deposit rating upgraded
to Ba2, from Ba3

Long-term foreign-currency deposit ratings upgraded to B1, from B2
remain constrained by Bolivia's foreign currency deposit ceiling
at B1

National Scale foreign currency deposit ratings upgraded to
Aa2.bo, from Aa3.bo

Long-term foreign currency subordinated debt ratings upgraded to
Ba3, from B1

National Scale foreign currency subordinated debt ratings upgraded
to Aa1.bo, from Aa2.bo

BANCO DE CREDITO DE BOLIVIA S.A.

Bank Financial Strength Rating (BFSR) and standalone credit
assessment confirmed at D-/ ba3

Long-term foreign-currency deposit ratings upgraded to B1, from B2
remain constrained by Bolivia's foreign currency deposit ceiling
at B1

National Scale foreign currency deposit ratings upgraded to
Aa2.bo, from Aa3.bo

BANCO LOS ANDES PROCREDIT S.A.

Bank Financial Strength Rating (BFSR) and standalone credit
assessment confirmed at D-/ ba3

Long-term and short-term global local currency deposit rating
confirmed at Ba3/ Not Prime

Long-term foreign-currency deposit ratings upgraded to B1, from B2
remain constrained by Bolivia's foreign currency deposit ceiling
at B1

National Scale foreign currency deposit ratings upgraded to
Aa2.bo, from Aa3.bo

BANCO ECONOMICO S.A.

Long-term global local currency deposit rating upgraded to Ba3,
from B1

Long-term foreign-currency deposit ratings upgraded to B1, from B2
remain constrained by Bolivia's foreign currency deposit ceiling
at B1

National Scale local currency deposit ratings upgraded to Aa1.bo,
from Aa2.bo

National Scale foreign currency deposit ratings upgraded to
Aa2.bo, from Aa3.bo

Long-term foreign currency subordinated debt rating upgraded to
B1, from B2

National Scale foreign currency subordinated debt ratings upgraded
to Aa2.bo, from Aa3.bo

BANCO FIE S.A.

Long-term global local currency deposit rating upgraded to Ba3,
from B1

Long-term foreign-currency deposit ratings upgraded to B1, from B2
remain constrained by Bolivia's foreign currency deposit ceiling
at B1

National Scale local currency deposit ratings upgraded to Aa1.bo,
from Aa2.bo

National Scale foreign currency deposit ratings upgraded to
Aa2.bo, from Aa3.bo

Long-term local currency debt rating upgraded to Ba3, from B1

National Scale local currency debt ratings upgraded to Aa1.bo,
from Aa2.bo

BANCO GANADERO S.A.

Long-term global local currency deposit rating upgraded to Ba3,
from B1

Long-term foreign-currency deposit ratings upgraded to B1, from B2
remain constrained by Bolivia's foreign currency deposit ceiling
at B1

National Scale local currency deposit ratings upgraded to Aa1.bo,
from Aa2.bo

National Scale foreign currency deposit ratings upgraded to
Aa2.bo, from Aa3.bo

Long-term local currency subordinated debt rating upgraded to B1,
from B2

Long-term foreign currency subordinated debt rating upgraded to
B1, from B2

National Scale local currency subordinated debt ratings upgraded
to Aa2.bo, from Aa3.bo

National Scale foreign currency subordinated debt ratings upgraded
to Aa2.bo, from Aa3.bo

BANCO UNION S.A.

Long-term foreign-currency deposit ratings upgraded to B1, from B2
remain constrained by Bolivia's foreign currency deposit ceiling
at B1

National Scale foreign currency deposit ratings upgraded to
Aa2.bo, from Aa3.bo

BANCO DO BRASIL S.A.

Long-term foreign-currency deposit ratings upgraded to B1, from B2
remain constrained by Bolivia's foreign currency deposit ceiling
at B1

National Scale foreign currency deposit ratings upgraded to
Aa2.bo, from Aa3.bo

BANCO DE DESAROLLO PRODUCTIVO S.A.M.

Long-term local currency issuer rating upgraded to Ba3, from B1

National Scale local currency issuer rating upgraded to Aa1.bo,
from Aa2.bo

Long-term local currency debt rating upgraded to Ba3, from B1

National scale local currency debt rating upgraded to Aa1.bo, from
Aa2.bo



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


AUTOMOTORES GILDEMEISTER: Moody's Affirms 'Ba1' CFR; Outlook Neg.
-----------------------------------------------------------------
Moody's Investors Service affirmed the Ba1 corporate family rating
as well as the Ba1 rating of the USD 400 million senior unsecured
notes due 2021 of Automotores Gildemeister S.A., and revised the
ratings outlook to negative from stable.

This change in outlook includes:

Issuer: Automotores Gildemeister S.A.

- Corporate Family Rating: Ba1 (global scale)

- US$400 million Senior Unsecured Notes due 2021: Ba1 Foreign
   Currency Rating

Ratings Rationale

The change in outlook to negative from stable reflects the
company's weakening credit profile with falling revenues
in Chile and pressures on margins. The outlook change also
reflects Moody's expectation that the operating environment will
likely become more challenging during the remainder of the year,
particularly in Chile, Gildemeister largest market, given the
current context of a more uncertain global economic and financial
environment and high capex which will result in negative free cash
flows and higher leverage. "Operating margins, which had already
started to soften during the second half of last year, will likely
continue to experience downwards pressure as Gildemeister needs to
increase spending on incentives, particularly in Chile", said
Filippe Goossens, Senior Vice President at Moody's America Latina.
As Gildemeister is in the midst of a multi-year growth strategy,
which includes the construction of new dealerships, an expansion
of its spare parts facility and the building of a new headquarters
building in Santiago, Chile, Moody's now believes that cash flow
will not turn breakeven this year as previously expected resulting
in the need for additional borrowings in order to preserve its
liquidity position. As a result, Moody's expects a number of key
credit metrics to weaken.

Year-to-date, unit sales of passenger cars and light commercial
vehicles in Chile has declined by 5% following strong growth of
21% and 67% in 2011 and 2010 respectively according to data
published by ANAC, the Chilean Automobile Association . In Peru,
year-to-date sales are up a strong 46% following an 26% increase
for all of 2011 according to ARAPEAR, ANAC's Peruvian counterpart.
The strength of the Hyundai brand however has allowed Gildemeister
to continue to gain market share in both Chile (which still
accounts for 61% of its revenues) and Peru. For example, according
to the same data sources, during 1Q12, Gildemeister had a 13.0%
share of the Chilean market for passenger cars and light
commercial vehicles, largely driven by the strength of the Hyundai
brand (with a 11.0% share). In Moody's opinion, Gildemeister's
market share in Chile has actually some further room for
improvement if not for the continued high demand for Hyundai in
other global markets which is still creating a less than optimal
delivery schedule for the company. Similarly in Peru,
Gildemeister's market share of its Hyundai brand increased by 200
bps at the end of 1Q12 (to 14.9%) when compared to the same period
last year, even if its overall share stayed flat at 17.9%.

Operating margins remained strong over the last twelve months from
a historical perspective (11.4% at LTM 1Q12 vs 12.4% in 2011 and
10.7% in 2010) but are likely to see additional pressure over the
next few quarters as Moody's believes that Gildemeister may have
to step up its marketing initiatives in a somewhat softer market.

Cash and cash equivalents at the end of 1Q12 stood at USD 87
million, following a successful USD 100 million add-on to its
outstanding USD 300 million senior unsecured notes due 2021.
However, given the expected weaker sales environment, Moody's now
expects free cash flow to remain negative for the year as
Gildemeister continues to invest in working capital and capital
expenditures to pursue its growth strategies. For
example, Moody's still expects Gildemeister to spend an additional
USD 51 million during the remainder of the year as it continues
working on the construction of a new headquarters building
in Santiago Chile, constructs new dealerships on recently acquired
land, and continues to look for attractive land acquisition
opportunities.

As a result, Moody's expects Gildemeister to fund part of its
planned expenditures through additional borrowings in order to
maintain ample liquidity. Consequently,Moody's expects debt to
EBITDA leverage for the year to move up from its current LTM 3.2
times. It remains Moody's assumption however that if there were to
be a meaningful reduction in economic activity in Chile and Peru
as a result of a major deterioration in the global economic and
financial environment that Gildemeister will adjust its capex
spending and working capital investment in order to strengthen its
financial flexibility.

The rating or outlook could be upgraded, although unlikely over
the near term, if Gildemeister makes significant additional
improvements in its corporate governance structure, is able to
maintain EBITDA margins above 13% despite its aggressive growth
initiatives, is able to generate consistently positive free cash
flow and is able to maintain adjusted leverage of less than 2.5
times.

Gildemeister's rating could be lowered if EBITDA margins dropped
below 10%, the company is unable to generate positive free cash
flow and if adjusted leverage increased to more than 3.5 times for
a twelve month period. The rating could also be negatively
affected to the extent the terms of the exclusivity agreement with
Hyundai were to be unfavorably altered.

The principal methodology used in rating Gildemeister was the
Global Automotive Retailer Industry Methodology published in
December 2009.

Gildemeister S.A., headquartered in Santiago, Chile, is one of the
largest importers and distributors in Chile and Peru operating a
network of company-owned and franchised vehicle dealerships. Its
principal car brand is Hyundai for which it is the sole importer
in both of its markets. During the last twelve months ended in
March 2012, Gildemeister reported consolidated net revenues of
Chilean Pesos 703.4 billion (about USD 1.45 billion converted by
the average exchange rate).



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


ARCAPITA BANK: Committee Retains Cayman Islands Counsel
-------------------------------------------------------
Arcapita Bank's Official Committee of Unsecured Creditors seeks to
hire Walkers as its own counsel in the Cayman Islands proceedings
involving Arcapita Investment Holdings Limited.

AIHL acts as a holding company principally with respect to the
investments of its parent company, Arcapita Bank.  In addition,
AIHL has entered into a series of guarantees and pledges in
respect of Arcapita's financing liabilities, which include (i) two
secured murabaha facilities with Standard Chartered Bank totaling
$100 million which matured on March 28, 2012; (ii) and unsecured
syndicated murabaha facility of $1.1 billion which matured on
March 28, 2012 and (iii) a murabaha facility of $100 million due
to mature on Sept. 7, 2013.  In addition, AIHL has an intercompany
loan, which is repayable on demand, in an amount of $455,914,763.
AIHL was unable to pay, is unable to meet its obligations under
the guarantees and is likely to become unable to pay its debts.

Arcapita, as the sole shareholder of AIHL, passed a written
resolution on March 18, 2012 requiring AIHL to be wound up by the
Grand Court of the Cayman Islands, and seeking a stay of the
winding up petition and the appointment of joint provisional
liquidators pursuant to Section 104(3) of the Companies Law (2011
Revision).  On March 19, 2012, AIHL presented a petition to the
Cayman Court seeking its winding up by the Court.  In conjunction
with the Petition, AIHL also issued an ex parte summons to the
Cayman Court requesting the appointment of provisional liquidators
and that the provisional liquidators be directed by the Cayman
Court to authorize the directors of AIHL to continue to exercise
all powers of management conferred on them by AIHL and to remain
the representatives of AIHL in its capacity as a debtor in
possession under s.1107 of the Bankruptcy Code (subject to the
supervision of the provisional liquidators).

Pursuant to an order of the Cayman Court dated March 19 and 20,
2012 (and filed with the Cayman Court on March 21) the Cayman
Court ordered, among other matters, that (i) Gordon MacRae and
Simon Appell of Zolfo Cooper LLP, be appointed joint provisional
liquidators of AIHL with the powers to act jointly and severally
under section 104(3) of the Companies Law; and (ii) the
Provisional Liquidators be directed by the Cayman Court to
authorize the directors of AIHL to continue to exercise all powers
of management conferred on them by AIHL and to remain the
representatives of AIHL in its capacity as a debtor in possession
under section 1107 of the Bankruptcy Code (subject to the
supervision of the provisional liquidators).

The Committee said Walkers will, among others:

     (a) advise the Committee with respect to all aspects of
         Cayman law;

     (b) assist and advise the Committee on issues relative to
         Cayman law that may arise in the Cayman Insolvency
         Proceeding;

     (c) attend hearings and monitors other developments in the
         Cayman Insolvency Proceeding; and

     (d) perform such other legal services as may be in the
         interests of the Committee in accordance with the
         Committee's powers and duties as set forth in the
         Bankruptcy Code.

Walkers has the largest dedicated insolvency group of any of the
offshore firms and has worked on many of the largest insolvency
and restructuring matters over the past decade including Enron,
Parmalat, Fruit of the Loom, Bear Stearns and Lehman Brothers.

Neil Lupton, Esq., a partner in Walkers' Insolvency and Corporate
Recovery Group, attests Walkers does not have any connection with
or represent any other entity having an interest adverse to the
Debtors, their creditors or any other party in interest, or their
attorneys, accountants or other professionals.  Mr. Lupton said
Walkers is a "disinterested person" as that term is defined in
Section 101(14) of the Bankruptcy Code.

Standard hourly rates charged by Walkers range from $800 to $900
for partners, $700 to $750 for of counsel, $500 to $700 for
associates and senior attorneys, and $200 to $300 for legal
assistants.

                       About Arcapita Bank

Arcapita Bank B.S.C., also known as First Islamic Investment Bank
B.S.C., along with affiliates, filed for Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 12-11076) in Manhattan on March 19,
2012.  The Debtors said they do not have the liquidity necessary
to repay a US$1.1 billion syndicated unsecured facility when it
comes due on March 28, 2012.

Falcon Gas Storage Company, Inc., later filed a Chapter 11
petition (Bankr. S.D.N.Y. Case No. 12-11790) on April 30, 2012.
Falcon Gas is an indirect wholly owned subsidiary of Arcapita that
previously owned the natural gas storage business NorTex Gas
Storage Company LLC.  In early 2010, Alinda Natural Gas Storage I,
L.P. (n/k/a Tide Natural Gas Storage I, L.P.), Alinda Natural Gas
Storage II, L.P. (n/k/a Tide Natural Gas Storage II, L.P.)
acquired the stock of NorTex from Falcon Gas for $515 million.
Arcapita guaranteed certain of Falcon Gas' obligations under the
NorTex Purchase Agreement.

The Debtors tapped Gibson, Dunn & Crutcher LLP as bankruptcy
counsel, Linklaters LLP as corporate counsel, Towers & Hamlins LLP
as international counsel on Bahrain matters, Hatim S Zu'bi &
Partners as Bahrain counsel, KPMG LLP as accountants, Rothschild
Inc. and financial advisor, and GCG Inc. as notice and claims
agent.

Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors.  Houlihan Lokey Capital, Inc.,
serves as its financial advisor and investment banker.

Founded in 1996, Arcapita is a global manager of Shari'ah-
compliant alternative investments and operates as an investment
bank.  Arcapita is not a domestic bank licensed in the United
States.  Arcapita is headquartered in Bahrain and is regulated
under an Islamic wholesale banking license issued by the Central
Bank of Bahrain.  The Arcapita Group employs 268 people and has
offices in Atlanta, London, Hong Kong and Singapore in addition
to its Bahrain headquarters.  The Arcapita Group's principal
activities include investing on its own account and providing
investment opportunities to third-party investors in conformity
with Islamic Shari'ah rules and principles.

The Arcapita Group has roughly US$7 billion in assets under
management.  On a consolidated basis, the Arcapita Group owns
assets valued at roughly US$3.06 billion and has liabilities of
roughly US$2.55 billion.  The Debtors owe US$96.7 million under
two secured facilities made available by Standard Chartered Bank.

Arcapita explored out-of-court restructuring scenarios but was
unable to achieve 100% lender consent required to effectuate the
terms of an out-of-court restructuring.

Subsequent to the Chapter 11 filing, Arcapita Investment Holdings
Limited, a wholly owned Debtor subsidiary of Arcapita in the
Cayman Islands, issued a summons seeking ancillary relief from
the Grand Court of the Cayman Islands with a view to facilitating
the Chapter 11 cases.  AIHL sought the appointment of Zolfo
Cooper as provisional liquidator.


ARCAPITA BANK: Files Schedules of Assets and Liabilities
--------------------------------------------------------
Arcapita Bank B.S.C., filed with the Bankruptcy Court its
schedules of assets and liabilities, disclosing:

     NAME OF SCHEDULE                    ASSETS    LIABILITIES
     ----------------                    ------     -----------
   A - Real Property                         $0

   B - Personal Property         $4,228,256,386
                                 + Undetermined
                                       Amounts

   C - Property Claimed
       as Exempt

   D - Creditors Holding
       Secured Claims                               $96,674,839
                                                 + Undetermined
                                                       Amounts

   E - Creditors Holding Unsecured
       Priority Claims                                       $0

   F - Creditors Holding Unsecured
       Nonpriority Claims                        $3,123,268,890
                                                 + Undetermined
                                                       Amounts
                                 --------------  --------------
       TOTAL                     $4,228,256,386  $3,219,943,729
                                 + Undetermined  + Undetermined
                                       Amounts         Amounts

Falcon Gas Storage Company Inc., meanwhile, disclosed $92,182,453
plus undetermined amounts in personal property assets and $536.30
in unsecured non-priority claims.

Arcapita Bank B.S.C., also known as First Islamic Investment Bank
B.S.C., along with affiliates, filed for Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 12-11076) in Manhattan on March 19,
2012.  The Debtors said they do not have the liquidity necessary
to repay a US$1.1 billion syndicated unsecured facility when it
comes due on March 28, 2012.

Falcon Gas Storage Company, Inc., later filed a Chapter 11
petition (Bankr. S.D.N.Y. Case No. 12-11790) on April 30, 2012.
Falcon Gas is an indirect wholly owned subsidiary of Arcapita that
previously owned the natural gas storage business NorTex Gas
Storage Company LLC.  In early 2010, Alinda Natural Gas Storage I,
L.P. (n/k/a Tide Natural Gas Storage I, L.P.), Alinda Natural Gas
Storage II, L.P. (n/k/a Tide Natural Gas Storage II, L.P.)
acquired the stock of NorTex from Falcon Gas for $515 million.
Arcapita guaranteed certain of Falcon Gas' obligations under the
NorTex Purchase Agreement.

The Debtors tapped Gibson, Dunn & Crutcher LLP as bankruptcy
counsel, Linklaters LLP as corporate counsel, Towers & Hamlins LLP
as international counsel on Bahrain matters, Hatim S Zu'bi &
Partners as Bahrain counsel, KPMG LLP as accountants, Rothschild
Inc. and financial advisor, and GCG Inc. as notice and claims
agent.

Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors.  Houlihan Lokey Capital, Inc.,
serves as its financial advisor and investment banker.

Founded in 1996, Arcapita is a global manager of Shari'ah-
compliant alternative investments and operates as an investment
bank.  Arcapita is not a domestic bank licensed in the United
States.  Arcapita is headquartered in Bahrain and is regulated
under an Islamic wholesale banking license issued by the Central
Bank of Bahrain.  The Arcapita Group employs 268 people and has
offices in Atlanta, London, Hong Kong and Singapore in addition
to its Bahrain headquarters.  The Arcapita Group's principal
activities include investing on its own account and providing
investment opportunities to third-party investors in conformity
with Islamic Shari'ah rules and principles.

The Arcapita Group has roughly US$7 billion in assets under
management.  On a consolidated basis, the Arcapita Group owns
assets valued at roughly US$3.06 billion and has liabilities of
roughly US$2.55 billion.  The Debtors owe US$96.7 million under
two secured facilities made available by Standard Chartered Bank.

Arcapita explored out-of-court restructuring scenarios but was
unable to achieve 100% lender consent required to effectuate the
terms of an out-of-court restructuring.

Subsequent to the Chapter 11 filing, Arcapita Investment Holdings
Limited, a wholly owned Debtor subsidiary of Arcapita in the
Cayman Islands, issued a summons seeking ancillary relief from
the Grand Court of the Cayman Islands with a view to facilitating
the Chapter 11 cases.  AIHL sought the appointment of Zolfo
Cooper as provisional liquidator.


ARCAPITA BANK: Can Make $30.4 Million Loan to Lusail Venture
------------------------------------------------------------
Arcapita Bank B.S.C.(c) and its debtor-affiliates obtained
permission from the Bankruptcy Court to fund a $30,400,000 loan to
fund payments due and owing under a lease governing Arcapita's use
of property located within the only master-planned development in
Lusail City, near Doha, Qatar, and maintain Arcapita's indirect
interest in a joint venture, Lusail Golf Development LLC.  The
payments are due under a Land Purchase Agreement due June 1, 2012.

The property is currently undeveloped.  It is contemplated that
the Lusail Land will be developed into a residential real estate
golf community.  Significantly, this use could change in a way
highly beneficial to the Debtors based on ongoing developments in
connection with the selection last year of Qatar as the site of
the 2022 World Cup.

The Debtors said one of the key assets they seek to preserve is an
option to repurchase shares representing a 50% interest in the
Lusail Joint Venture.  The Debtors said the Option, which is
already well "in the money," arises out of a series of agreements
pursuant to which Arcapita, in a Shari'ah compliant manner,
implemented a prepetition financing transaction with the QIB Group
which raised roughly $200 million; for Shari'ah reasons, the
transaction was structured as a sale of the Shares, together with
a right to lease back the underlying land held by the Lusail Joint
Venture.

Arcapita received a right to buy back the Shares at any time prior
to March 5, 2015, for a strike price of only $220 million.  In
effect, the sale of the Shares provided necessary working capital
for the operation of Arcapita and its affiliates, the combination
of the lease payments and the Option exercise price compensates
QIB for entering into these series of agreements, and the Option
effectively enables Arcapita and its affiliates to maintain their
interest in the Lusail Joint Venture and realize the underlying
value of the Shares for the benefit of stakeholders of the
Arcapita Group.  This is a structure that has frequently been used
by Arcapita, including in a prior agreement with QIB with respect
to the very same Shares, to provide financing for Arcapita's
business operations and investments in portfolio companies.

According to the Debtors, numerous direct benefits will inure to
the estates if the financing is authorized, chief among them being
(a) Arcapita's Option to repurchase the valuable Shares will be
preserved; (b) the Arcapita Group's equity interest in the Lusail
Joint Venture will not be diluted by its joint venture partner;
(c) Arcapita will not be compelled to sell its interests to its
joint venture partner at an unreasonably low price; and (d) the
value of the non-Debtor joint venture will be preserved by
avoiding a potential default on the Land Purchase Agreement.

Pursuant to the Court Order, the Debtors will use their good faith
efforts to have their nondebtor affiliates, consult with the
Official Committee of Unsecured Creditors and the Cayman Islands
Joint Provisional Liquidators in Arcapita Investment Holdings
Limited's Cayman Islands proceedings and their advisors with
respect to any disposition of the Arcapita Group's interests in
the Lusail Joint Venture, on such terms and conditions as the
Debtors agree.

                       About Arcapita Bank

Arcapita Bank B.S.C., also known as First Islamic Investment Bank
B.S.C., along with affiliates, filed for Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 12-11076) in Manhattan on March 19,
2012.  The Debtors said they do not have the liquidity necessary
to repay a US$1.1 billion syndicated unsecured facility when it
comes due on March 28, 2012.

Falcon Gas Storage Company, Inc., later filed a Chapter 11
petition (Bankr. S.D.N.Y. Case No. 12-11790) on April 30, 2012.
Falcon Gas is an indirect wholly owned subsidiary of Arcapita that
previously owned the natural gas storage business NorTex Gas
Storage Company LLC.  In early 2010, Alinda Natural Gas Storage I,
L.P. (n/k/a Tide Natural Gas Storage I, L.P.), Alinda Natural Gas
Storage II, L.P. (n/k/a Tide Natural Gas Storage II, L.P.)
acquired the stock of NorTex from Falcon Gas for $515 million.
Arcapita guaranteed certain of Falcon Gas' obligations under the
NorTex Purchase Agreement.

The Debtors tapped Gibson, Dunn & Crutcher LLP as bankruptcy
counsel, Linklaters LLP as corporate counsel, Towers & Hamlins LLP
as international counsel on Bahrain matters, Hatim S Zu'bi &
Partners as Bahrain counsel, KPMG LLP as accountants, Rothschild
Inc. and financial advisor, and GCG Inc. as notice and claims
agent.

Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors.  Houlihan Lokey Capital, Inc.,
serves as its financial advisor and investment banker.

Founded in 1996, Arcapita is a global manager of Shari'ah-
compliant alternative investments and operates as an investment
bank.  Arcapita is not a domestic bank licensed in the United
States.  Arcapita is headquartered in Bahrain and is regulated
under an Islamic wholesale banking license issued by the Central
Bank of Bahrain.  The Arcapita Group employs 268 people and has
offices in Atlanta, London, Hong Kong and Singapore in addition
to its Bahrain headquarters.  The Arcapita Group's principal
activities include investing on its own account and providing
investment opportunities to third-party investors in conformity
with Islamic Shari'ah rules and principles.

The Arcapita Group has roughly US$7 billion in assets under
management.  On a consolidated basis, the Arcapita Group owns
assets valued at roughly US$3.06 billion and has liabilities of
roughly US$2.55 billion.  The Debtors owe US$96.7 million under
two secured facilities made available by Standard Chartered Bank.

Arcapita explored out-of-court restructuring scenarios but was
unable to achieve 100% lender consent required to effectuate the
terms of an out-of-court restructuring.

Subsequent to the Chapter 11 filing, Arcapita Investment Holdings
Limited, a wholly owned Debtor subsidiary of Arcapita in the
Cayman Islands, issued a summons seeking ancillary relief from
the Grand Court of the Cayman Islands with a view to facilitating
the Chapter 11 cases.  AIHL sought the appointment of Zolfo
Cooper as provisional liquidator.


ARCAPITA BANK: Court Says Prior Orders Applicable to Falcon Case
----------------------------------------------------------------
Tide Natural Gas Storage I LP and Tide Natural Gas Storage II LP
failed to convince a bankruptcy judge to let Falcon Gas Storage
Company Inc.'s bankruptcy proceed on its own.

Judge Sean Lane granted the request of Arcapita Bank B.S.C.(c) and
its subsidiaries, including Falcon, for entry of an order
directing that orders entered in the chapter 11 cases of the
Debtors be made applicable to Falcon.  The Court, however,
directed the Debtors to give Tide notice of the amount of and the
recipient of any payments made pursuant to the Court's Final Order
(a) Authorizing the Debtors to Continue Insurance Coverage Entered
Into Prepetition and To Pay Obligations Relating Thereto; and (b)
Authorizing Financial Institutions to Honor and Process Related
Checks and Transfers; and Order Authorizing Debtor to Employ and
Retain Certain Professionals Utilized in the Ordinary Course of
the Debtors' Business.  The Debtors will also identify any
intercompany transactions made to or by Falcon in accordance with
the Company's budget.

Tide owns a gas storage facility in Texas purchased from Falcon in
April 2010 for $515 million. At the time, $70 million was placed
into escrow with a bank in case Tide later made claims to recover
some of the purchase price.  Saying there were misrepresentations,
Tide sued Falcon in August 2010 in U.S. District Court in New York
to recover the $70 million escrow. A motion by Falcon to dismiss
the suit failed, Tide said.

Falcon has no remaining employees or cash flow, Tide says, and
there is no reason for the complicated proceedings in Arcapita's
case to burden the straightforward Falcon reorganization.  Tide
alleges that Falcon's Chapter 11 is "an attempt to forum shop for
a more favorable ruling," referring to the district judge's
refusal so far to give Falcon the $70 million.

Arcapita fired back at Tide's opposition, calling it misguided.
Arcapita said Tide's Objection is "nothing more than an attempt to
muddy the waters by raising unrelated substantive issues that are
at the center of the litigation between Falcon and Tide that are
better resolved at later stages in the case into what is otherwise
a straightforward and purely procedural motion. " Arcapita pointed
out its request was simply an effort to save the unnecessary
administrative costs of preparing largely duplicative "first day"
motions and to preserve the value of their estates, a goal that is
mutually beneficial to both Falcon and its creditors.  The request
did not attempt to resolve -- nor would it have been appropriate
for it to do so -- any of the substantive issues in the claims
that Tide alleged against both Falcon and Arcapita Bank.

                       About Arcapita Bank

Arcapita Bank B.S.C., also known as First Islamic Investment Bank
B.S.C., along with affiliates, filed for Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 12-11076) in Manhattan on March 19,
2012.  The Debtors said they do not have the liquidity necessary
to repay a US$1.1 billion syndicated unsecured facility when it
comes due on March 28, 2012.

Falcon Gas Storage Company, Inc., later filed a Chapter 11
petition (Bankr. S.D.N.Y. Case No. 12-11790) on April 30, 2012.
Falcon Gas is an indirect wholly owned subsidiary of Arcapita that
previously owned the natural gas storage business NorTex Gas
Storage Company LLC.  In early 2010, Alinda Natural Gas Storage I,
L.P. (n/k/a Tide Natural Gas Storage I, L.P.), Alinda Natural Gas
Storage II, L.P. (n/k/a Tide Natural Gas Storage II, L.P.)
acquired the stock of NorTex from Falcon Gas for $515 million.
Arcapita guaranteed certain of Falcon Gas' obligations under the
NorTex Purchase Agreement.

The Debtors tapped Gibson, Dunn & Crutcher LLP as bankruptcy
counsel, Linklaters LLP as corporate counsel, Towers & Hamlins LLP
as international counsel on Bahrain matters, Hatim S Zu'bi &
Partners as Bahrain counsel, KPMG LLP as accountants, Rothschild
Inc. and financial advisor, and GCG Inc. as notice and claims
agent.

Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors.  Houlihan Lokey Capital, Inc.,
serves as its financial advisor and investment banker.

Founded in 1996, Arcapita is a global manager of Shari'ah-
compliant alternative investments and operates as an investment
bank.  Arcapita is not a domestic bank licensed in the United
States.  Arcapita is headquartered in Bahrain and is regulated
under an Islamic wholesale banking license issued by the Central
Bank of Bahrain.  The Arcapita Group employs 268 people and has
offices in Atlanta, London, Hong Kong and Singapore in addition
to its Bahrain headquarters.  The Arcapita Group's principal
activities include investing on its own account and providing
investment opportunities to third-party investors in conformity
with Islamic Shari'ah rules and principles.

The Arcapita Group has roughly US$7 billion in assets under
management.  On a consolidated basis, the Arcapita Group owns
assets valued at roughly US$3.06 billion and has liabilities of
roughly US$2.55 billion.  The Debtors owe US$96.7 million under
two secured facilities made available by Standard Chartered Bank.

Arcapita explored out-of-court restructuring scenarios but was
unable to achieve 100% lender consent required to effectuate the
terms of an out-of-court restructuring.

Subsequent to the Chapter 11 filing, Arcapita Investment Holdings
Limited, a wholly owned Debtor subsidiary of Arcapita in the
Cayman Islands, issued a summons seeking ancillary relief from
the Grand Court of the Cayman Islands with a view to facilitating
the Chapter 11 cases.  AIHL sought the appointment of Zolfo
Cooper as provisional liquidator.


AI SYSTEMATIC: Creditors' Proofs of Debt Due June 15
----------------------------------------------------
The creditors of AI Systematic Management Ltd. are required to
file their proofs of debt by June 15, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 2, 2012.

The company's liquidator is:

         Pieter-Jan Van Der Pols
         c/o Circle Investment Support Services B.V.
         Utrechtseweg 31D
         3811 NA, Amersfoort
         The Netherlands
         Telephone: +31 (0) 33 467 3880
         Facsimile: +31 (0) 33 467 3890


CADFILE LTD: Creditors' Proofs of Debt Due July 3
-------------------------------------------------
The creditors of Cadfile Ltd. are required to file their proofs of
debt by July 3, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 15, 2012.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622 Grand Cayman KY1-1203
         Cayman Islands


CHINESEWORLDNET.COM INC: Auditor Raises Going Concern Doubt
----------------------------------------------------------
Vancouver, Canada-based MNP LLP, Chartered Accountants, said in an
April 27, 2012 report that there is substantial doubt on the
ability of Chineseworldnet.Com Inc. to continue as a going
concern.

MNP audited the Company's consolidated balance sheet as at Dec.
31, 2011, the related consolidated statements of stockholders'
equity, operations and comprehensive income (loss) and cash flows
for the year then ended.

MNP said the Company had recurring losses and requires additional
funds to maintain its planned operations.  These factors raise
substantial doubt about its ability to continue as a going
concern.

For the year ended Dec. 31, 2011, the Company recorded a net
income of $138,040 with a net income of $198,966 attributable to
common stockholders, compared to a net income of $296,604 of which
$188,746 was attributable to common stockholders for the year
ended Dec. 31, 2010.  The decrease of net income of $158,564 was
primarily due to the increase of salary expenditures, the
recognition of deferred income tax expenses as well as loss in
foreign exchange transactions.  In Fiscal 2011, the Company
recorded revenue of $1,675,875 compared to $1,733,329 in Fiscal
2010.  The decrease of revenue of $57,454 was primarily due to the
consolidation of the operation result for CWN Capital in Fiscal
2010.

The Company said the continued weakened western economy has caused
increased demand for access to Chinese sources of funding for its
targeted client companies as well as increased demand for
information by individual investors was the primary factor of its
continued increases of overall revenue.  The Company generates
revenue from its Portal, IR/PR and Conference businesses.  The
Company's revenue sources come from these products and services
offered -- GCFF Conference Business, Road Show Business, Various
IR/PR Service, Chinese Webpage Design, Hosting and Maintenance,
and Online Marketing Service.  Other revenue sources include
Banner Advertising, Publication Service, CWN Membership and Online
Service, Translation Service, and others.

The Company also said China's emergence as a global economic power
and the continued weakness of the North American capital markets
have had a positive impact on its businesses in Fiscal 2010 and
Fiscal 2011 as shown in increased revenues, client base and
conference attendance and sales.  As the Company's business
development strategies in the Greater China region continued to
mature, the Company has significantly increased the revenues from
its GCFF Conference Business and all other aspects of its
businesses showed positive growth in sales revenue, other than the
CWN Membership and Online Service.  Going forward, with the
Company said its established networks of partners and sponsors in
both North America and China and its continued successful
implementation of various strategies and models, the Company sees
continued growth in overall revenue.

As of Dec. 31, 2011, the Company had total assets of $3,182,417
against total liabilities, all current, of $1,123,354.

A copy of the Company's Annual Report filed with the U.S.
Securities and Exchange Commission on Form 20-F for the fiscal
year ended Dec. 31, 2011, is available athttp://is.gd/cw0Hni

                     About ChineseWorldNet.Com

ChineseWorldNet.Com Inc., incorporated under the Company Law (1998
revision) of the Cayman Islands on Jan. 12, 2000, has four
principal businesses: (1) the financial web portal business,
conducted under the ChineseWorldNet.com brand via the
www.chineseworldnet.com Web site; (2) the investor relations and
public relations business, conducted under the NAI500 brand via a
number of media channels including the www.nai500.com and
en.nai500.com Web sites, as well as certain other promotional
services; (3) the North America and Greater China cross-border
business partnering conferences business, conducted via the brand
of Global Chinese Financial Forum and its www.gcff.ca Web site;
and (4) the financial content and information distribution
business.

The www.chineseworldnet.com Web site is a web-based portal that
provides up-to-date financial content and information and
financial management tools in the Chinese language targeting the
Chinese investor community in North America.  The Portal business
provides financial news and covers corporate information of more
than 98% of the listed stocks on major North American exchange
markets, including New York Stock Exchange, American Stock
Exchange, NASDAQ Stock Market, OTC Bulletin Board, Toronto Stock
Exchange, and Toronto Venture Exchange.


LAPSTONE LIMITED: Creditors' Proofs of Debt Due June 27
-------------------------------------------------------
The creditors of Lapstone Limited are required to file their
proofs of debt by June 27, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 24, 2012.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128


OUCHY CORPORATION: Members' Final Meeting Set for July 6
--------------------------------------------------------
The members of Ouchy Corporation will hold their final meeting on
July 6, 2012, at 10:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ezequiel A. Camerini
         Fox & Horan, Camerini LLP
         825 Third Avenue, 12th Floor
         New York, New York 10022
         United States of America


PACIFIC MINING: Creditors' Proofs of Debt Due June 29
-----------------------------------------------------
The creditors of Pacific Mining Limited are required to file their
proofs of debt by June 29, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 16, 2012.

The company's liquidator is:

         Simon Conway
         c/o Aaron Gardner
         Telephone: +1 345 914 8655
         Facsimile: +1 345 945 4237
         PwC Corporate Finance & Recovery (Cayman) Limited
         PO Box 258, Strathvale House
         North Church Street, George Town Grand Cayman
         Cayman Islands


RREEF REFLEX: Member to Receive Wind-Up Report on July 2
--------------------------------------------------------
The member of RREEF Reflex Fund Ltd. will receive on July 2, 2012,
at 9:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on May 23, 2012.

The company's liquidator is:

         E. Andrew Hersant
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510 Grand Cayman KY1-1104
         Cayman Islands


SYTRARB FUND: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary general meeting held on May 18, 2011, the
members of Sytrarb Fund resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

         Mark Longbottom
         c/o Shanika Clarke
         Kinetic Partners (Cayman) Limited
         The Harbour Centre
         42 North Church Street
         P.O. Box 10387 Grand Cayman KY1-1004
         Cayman Islands
         Telephone: (345) 623 9911
         Facsimile: (345) 943 9900


TMS FUNDING II: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on May 16, 2011, the members of
TMS Funding II Limited 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:

         Joe Thom
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


WABUSH LIMITED: Creditors' Proofs of Debt Due June 27
-----------------------------------------------------
The creditors of Wabush Limited are required to file their proofs
of debt by June 27, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 24, 2012.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128


WESSEX ASIA: Commences Liquidation Proceedings
----------------------------------------------
On May 21, 2012, the members of Wessex Asia Pacific Fund Limited
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

         Mark Longbottom
         c/o Shanika Clarke
         Kinetic Partners (Cayman) Limited
         The Harbour Centre
         42 North Church Street
         P.O. Box 10387 Grand Cayman KY1-1004
         Cayman Islands
         Telephone: (345) 623 9911
         Facsimile: (345) 943 9900



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


CONTROLADORA COMERCIAL: Moody's Reviews 'Ba3' CFR for Upgrade
-------------------------------------------------------------
Moody's de Mexico, S.A. de C.V. has placed Controladora Comercial
Mexicana, S.A.B. de C.V.'s (Comerci) corporate family ratings of
Ba3 and Baa1.mx under review for upgrade. Moody's also placed
Comerci's senior secured ratings of Ba3 assigned to various bonds
and loans under review for upgrade.

Ratings affected:

- Corporate Family Rating (CFR): Ba3 and Baa1.mx (Mexican
   National Scale) ratings placed under review for upgrade

- First Lien Sr. Secured Restructured MXN5,255 million loans
   (Tranche 1), Ba3 rating placed under review for upgrade

- First Lien Sr. Secured Restructured MXN3,408 million loans
   (Tranche 2), Ba3 rating placed under review for upgrade

- MXN4,151 million under Asset Linked Facility (ALF) Tranche A1,
   Ba3 rating placed under review for upgrade

- MXN1,616 million under ALF Tranche A2, Ba3 rating placed under
   review for upgrade

- Sr. Secured Restructured MXN1,951 million global bonds due in
   2018, Ba3 rating placed under review for upgrade

- Sr. Secured Restructured US$224 million global bonds due in
   2018, Ba3 rating placed under review for upgrade

- Outlook changed to rating under review for upgrade from stable

The review was prompted by Comerci's announcement on June 14, 2012
that it has reached an agreement with Costco Wholesale Corporation
to sell its 50% stake in Costco de Mexico, S.A. de C.V. (Costco)
for MXN10,650 million. The transaction also contemplates an
extraordinary cash dividend from Costco de Mexico for
approximately MXN2,400 million related to Costco de Mexico's
accumulated earnings. Comerci plans to use the proceeds from the
dividends and the sale of Costco, totaling around MXN13,050
million, to prepay existing debt. The transaction has been
approved by Comerci's board but still requires approval from the
antitrust authorities (Cofeco) and will be voted in Comerci's
shareholder's meeting on June 29, 2012. Comerci estimates debt
prepayments to take place in July and August of 2012 and
afterwards refinance debt of approximately MXN3,563 million (the
MXN1,457 million Certificados Burs tiles due 2016 would not be
refinanced) in September 2012.

This transaction will substantially reduce Comerci's debt and
improve its financial flexibility and credit metrics. As of March
31, 2012, Comerci reported total debt of MXN18,079 million which
translates into an adjusted debt/EBITDA of 5.25x. Moody's
estimates that pro-forma, after the debt prepayment, Comerci's
total debt would be around MXN5,020 million.
Similarly, Moody's estimates pro-forma Moody's adjusted
debt/EBITDA of 2.18x and adjusted EBIT/Interest expense of 3.80x.

During its review, Moody's will assess the likely consummation of
the proposed transaction and successful debt repayment as
announced. Moody's will also evaluate Comerci's expected
performance and credit profile absent Costco's operation including
potential changes in the competitive landscape.

Controladora Comercial Mexicana, S.A.B. de C.V., headquartered
in Mexico City, is Mexico's third largest food and general
merchandise retailer with revenues of MXN44,100 million in the
last twelve months ended March 31, 2012. Comerci operates 199
stores under seven formats with a total selling area of 1.3
million square meters. Comerci has a nationwide presence with
about 70% of its selling floor concentrated in the Mexico
City metropolitan area and the country's central region. The
company is also present in Mexico's family-style convenience
restaurant segment, with its "California" and "Beer Factory"
restaurants throughout the country. Comerci is family controlled,
by the Gonz lez Nova family, with approximately 36% of its shares
traded on the Mexican stock exchange.


COMISION ESTATAL: Moody's Downgrades Issuer Rating to 'Ba1'
-----------------------------------------------------------
Moody's de Mexico downgraded the Comision Estatal de Servicios
Publicos de Tijuana's (CESPT) issuer ratings to A1.mx (Mexico
National Scale) and Ba1 (Global Scale, local currency) from Aa3.mx
and Baa3, respectively. The outlook was revised to negative from
stable.

At the same time, Moody's downgraded CESPT's debt ratings of the
MXN 280 enhanced loan from Banorte to A1.mx and Ba1 from Aa3.mx
and Baa3, respectively.

Ratings Rationale

"The downgrade of CESPT's issuer rating reflects structural
changes in its operating framework that have led to the recording
of negative operating margins and greatly reduce the company's
financial flexibility and capacity to limit further debt
increases", according to Moody's analyst Maria de Carmen Martinez-
Richa.

Operating revenue growth had been supported by tariff increases
that roughly matched operating expenditures increases. However, in
recent years, tariff increases have been limited to reflect
inflation and cost rigidities have become acute. As a result, in
2011, the operating expenditure outpaced operating revenues,
increasing by 20.2% and 4.8%, respectively. Therefore, CESPT
recorded a negative operating margin equivalent to -6.8% of
operating revenue. In 2012, water tariffs will again be adjusted
by inflation. Lack of capacity to increase tariffs beyond
inflation and a more rigid cost structure, lead us to believe that
it will be very difficult for CESPT to revert this deterioration
in the near term.

CESPT has recorded negative consolidated financial results mainly
driven by high capital expenditures. Between 2007 and 2011, cash
financing requirements averaged -- 7.3% of total revenues. As a
result, debt levels have remained at a high level. Net direct and
indirect debt stood at 92.2% of total revenues in 2011. While debt
levels remained relatively stable in the last three years, given
the operating margin deterioration and important infrastructure
needs, debt levels may further increase or liquidity levels may
weaken.

The revision of the ratings outlook to negative acknowledges the
challenges to redress financial performance given limited tariff
increases and more acute cost rigidities and to limit debt levels.

The ratings downgrade of the MXN 280 million enhanced loan
reflects the downgrade of CESPT's issuer ratings. The ratings
rationale reflects the strength derived from credit enhancements
embedded in the enhanced loan, offset by Moody's assessment that
the underlying credit risks of the loan are, nevertheless,
undistinguishable from the issuer ratings assigned to CESPT.

WHAT COULD CHANGE THE RATING UP/DOWN

Although Moody's does not anticipate upward pressure over the near
to medium term, the outlook could be stabilized if operating
margins strengthen and annual borrowing needs remain low. Lack of
substantial water tariffs increases in 2013 to support the
recording of positive operating margins would exert downward
pressure on ratings.

Given the links between the loan and the credit quality of the
obligor, a downgrade of CESPT's issuer ratings could also exert
downward pressure on debt ratings for the loans. Conversely, an
upgrade of CESPT's issuer ratings could result in an upgrade of
the ratings on the loans.

The methodologies used in this rating were "Government-Related
Issuers: Methodology Update" published in July 2010, "Moody's
Approach to Rating Mexican States' Securitizations Backed by
Future Flows of Own-Source Revenues" published in September 2008
and "Mapping Moody's National Scale Ratings to Global Scale
Ratings" published in March 2011.

The date of the last Credit Rating Action was 16 March 2011.


VITRO SAB: US Ruling Effectively Precludes Mexican Plan
-------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Vitro SAB was effectively precluded from enforcing
its Mexican reorganization plan in the U.S.  Holders of 60% of
$1.2 billion in defaulted bonds convinced U.S. Bankruptcy Judge
Harlin "Cooter" Hale in Dallas June 13 that the Mexican
reorganization was "manifestly contrary" to U.S. public policy
because it bars the bondholders from holding Vitro operating
subsidiaries liable to pay on their guarantees of the bonds.  The
subsidiaries weren't in bankruptcy in either Mexico or the U.S.

According to the report, in the June 13 ruling, Judge Hale denied
Vitro's request to enforce the reorganization in the U.S.  Vitro's
reorganization was approved by a court in Mexico earlier this year
over bondholder objections.  But bondholders objected to the Vitro
plan on several grounds.  The bondholders argued successfully that
it was improper to use the Vitro parent's bankruptcy to extinguish
the non-bankrupt subsidiaries' liability on guarantees.  In
addition, the bondholders contended it was improper for Vitro's
shareholders to retain ownership when creditors were objecting and
not fully paid. Bondholders also argued that the plan was approved
in Mexico by using $1.9 billion of intercompany claims to vote
down opposition from third-party creditors.

The report continues that in his 29-page opinion, Judge Hale said
the Mexican plan was defective because Vitro failed to show
requisite "extraordinary circumstances" to justify using the
parent's bankruptcy as a bar to enforcing claims against non-
bankrupt operating subsidiaries. He said the plan didn't
sufficiently protect interests of U.S. creditors and was
"manifestly contrary" to U.S. public policy by extinguishing
claims against subsidiaries.  Judge Hale said there were other
"strong objections" raised by bondholders that he didn't need to
decide because he already found the reorganization plan defective.
Judge Hale's opinion kept the door open for bondholders to raise
the additional issues on appeal.

Judge Hale, the report relates, said there was "evidence of at
least suspect voting" because Vitro used insider votes to "swamp"
noteholders' votes in opposition. He also said the Mexican plan
was "demonstrably" different from what would occur in the U.S.
because Vitro shareholders are retaining $500 million of value
when bondholders aren't being fully paid.

Bondholders, according to the report, already began obtaining
judgments against Vitro subsidiaries on the defaulted bonds.
Judge Hale had precluded bondholders from enforcing the judgments
pending his decision.  To give Vitro an opportunity to appeal,
Judge Hale isn't allowing bondholders to enforce their judgments
until June 29.  Any stays after that must come from appellate
courts, Judge Hale said.

Judge Hale made several rulings in Vitro's favor.  He didn't find
that Mexican courts are corrupt.  The judge said he couldn't
conclude that enforcing the Mexican plan would adversely affect
credit markets.  "On the whole," Judge Hale couldn't say that the
Mexican proceedings were unfair.

Mr. Rochelle notes that Judge Hale evidently is allowing the
Mexican plan to be enforced as to the Vitro parent.  Given that
the assets and revenue are in the subsidiaries, it isn't clear how
useful the Mexican plan will be for the Vitro parent in terms of
enforcement in the U.S. Vitro said in a statement it will take an
"immediate appeal."  The company said that Hale's decision was the
first time in the 12-year history of the Mexican law that a U.S.
court had refused to enforce a reorganization.  Previously, Vitro
described the bondholders as "vultures" who purchased the debt at
discount.

                         Memorandum Opinion

"Generally, reorganization pursuant to the [Ley de Concursos
Mercantiles] is found to be a fair process, worthy of respect. In
other and subsequent cases this Court would expect that Concurso
decisions would be enforced in this country. However, if approved
for enforcement, the present order would create precedent without
any seeming bounds. The Concurso plan presently before the Court
discharges the unsecured debt of non-debtor subsidiaries. What is
to prevent this type of plan from eventually giving non-consensual
releases to discharge the liabilities of officers, directors, and
any other person?" Judge Hale said.

"Because of the importance of this case to the financial and legal
community, the Court will stay its decision until June 29, 2012,
at 5:00 p.m. Central Daylight Time, and will maintain the TRO for
fourteen days to allow Vitro time to appeal and to seek a stay on
appeal. Any further stay or extension of the TRO should be sought
from the district court or court of appeals."

A copy of Judge Hale's July 13 Memorandum Opinion is available at
http://is.gd/5iKf4hfrom Leagle.com.

             Financial Restructuring to Be Enforced

In its press release following the ruling, Vitro said the U.S.
Bankruptcy Court in Dallas, Texas, has ruled that it will enforce
in the U.S., in part, the terms of the financial restructuring of
Vitro's Mexican Plan of Reorganization. Specifically, the
Bankruptcy Court agreed to enforce in the U.S. the Company's
Mexican Plan of Reorganization with respect to Vitro SAB, but did
not enforce the release of Vitro's subsidiaries from liability on
their guarantee obligations under Vitro's now-restructured notes.
Vitro intends to immediately appeal the Bankruptcy Court's refusal
to enforce the Vitro restructuring at the subsidiary level to the
United States Court of Appeals for the Fifth Circuit.

The ruling by Hon. Harlin D. Hale recognizes that the Mexican
bankruptcy process affords all creditors fundamental fairness and
due process, as required by Chapter 15 of the U.S. Bankruptcy Code
in order to enforce a restructuring plan approved in a foreign
proceeding. Although the Bankruptcy Court refused to enforce the
release of Vitro's subsidiaries, which was also approved by the
Mexican Court, Vitro does not anticipate this refusal will
materially impact Vitro's ability to serve its U.S. customers, and
notes that one of its key subsidiaries in the supply of products
to U.S. customers is currently protected as a debtor in a separate
and distinct Concurso proceeding in Mexico.

"We are pleased that the Court has recognized the validity of the
Concurso process generally, and enforced the Mexican Court's order
approving the company's Plan of Reorganization with respect to
Vitro SAB," said Claudio Del Valle, Vitro's Chief Restructuring
Officer. Mr. Del Valle added: "Today's ruling is important for all
of our stakeholders, including our 17,000 employees, and marks a
significant milestone in our successful financial restructuring."

Regarding its plan to appeal a portion of the ruling, Mr. Del
Valle stated: "We will defend the enforcement of Vitro's
restructuring at the subsidiary level in the U.S."

Vitro's restructuring complied with applicable Mexican bankruptcy
law which, since its enactment in 2000 by the Mexican legislature,
has been recognized by U.S. courts in Chapter 15 proceedings
without exception as providing fair, clear rules for the
administration of multinational restructurings such as Vitro's.
Notably, no U.S. bankruptcy court has ever denied a request to
enforce a plan of reorganization approved under the Mexican
bankruptcy law in its 12 year history.

Despite one of the highest recoveries in the history of such
processes in Mexico, the dissident funds have and continue to
intentionally try to risk the destruction of Vitro's businesses
for the mere prospect, not guarantee, of a higher return on their
investment. The portion of the Bankruptcy Court's decision
enforcing the company's Plan of Reorganization in the U.S. with
respect to Vitro SAB represents another loss for the group of
dissident bondholders that waged a strong opposition to
enforcement of the Chapter 15 ruling. Vitro anticipates the
dissident bondholder group will appeal this portion of the
decision, also to the United States Court of Appeals for the Fifth
Circuit.

                           Public Policy

Vitro SAB in late May filed an 84-page brief explaining why the
reorganization plan approved this year by a court in Mexico isn't
"manifestly contrary to the public policy of the U.S." and
therefore must be enforced in the U.S.  Vitro's brief rebuts
bondholders' arguments that plan approval was improperly won by
use of $1.9 billion in insider votes to overcome opposition from
holders of 60% of the $1.2 billion in defaulted bonds. Bondholders
also object to how the Mexican reorganization allows current
owners to maintain control even though creditors aren't paid in
full.  Vitro points to other cases where U.S. judges concluded
that Mexico affords due process and its orders should be enforced
in the U.S.  The glassmaker argues that the bondholders should be
bound by rulings from the Mexican court because they appeared in
Mexico and opposed, albeit unsuccessfully.

                          About Vitro SAB

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

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

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

            Concurso Mercantil & Chapter 15 Proceedings

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

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  But an appellate court in Mexico
reinstated the reorganization in April 2011.  Following the
reinstatement, Vitro SAB on April 14, 2011, re-filed a petition
for recognition of its Mexican reorganization in U.S. Bankruptcy
Court in Manhattan (Bankr. S.D.N.Y. Case No. 11- 11754).

The Vitro parent received sufficient acceptances of its
reorganization by using the US$1.9 billion in debt owing to
subsidiaries to vote down opposition by bondholders.  The holders
of US$1.2 billion in defaulted bonds opposed the Mexican
reorganization plan because shareholders could retain ownership
while bondholders aren't being paid in full.

Vitro announced in March 2012 that it has implemented the
reorganization plan approved by a judge in Monterrey, Mexico.

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

                      Chapter 11 Proceedings

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

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

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

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

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

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

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

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


VITRO SAB: Disappointed by US Court's Clarification on Plan Order
-----------------------------------------------------------------
Vitro S.A.B. de C.V. disclosed that the U.S. Bankruptcy Court in
Dallas, Texas, has issued a clarification to its June 13, 2012
opinion regarding enforcement in the U.S. of Vitro's financial
restructuring. The Bankruptcy Court's clarification order made
clear that enforcement in the United States of Vitro's Mexican
court-approved Concurso plan was denied in its entirety. Vitro
intends to immediately seek appeal to the United States Court of
Appeals for the Fifth Circuit.

"We are disappointed by the judge's clarification in this matter,
and will appeal this decision," said Claudio Del Valle, Vitro's
Chief Restructuring Officer. Mr. del Valle added, "We will
continue to defend the enforcement of our restructuring."

Vitro's restructuring complied with applicable Mexican bankruptcy
law which, since its enactment in 2000 by the Mexican legislature,
has been recognized by U.S. courts in Chapter 15 proceedings
without exception as providing fair, clear rules for the
administration of multinational restructurings such as Vitro's.
Notably, no U.S. bankruptcy court has ever denied a request to
enforce a plan of reorganization approved under the Mexican
bankruptcy law in its 12 year history.

                           About Vitro SAB

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

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

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

            Concurso Mercantil & Chapter 15 Proceedings

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

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  But an appellate court in Mexico
reinstated the reorganization in April 2011.  Following the
reinstatement, Vitro SAB on April 14, 2011, re-filed a petition
for recognition of its Mexican reorganization in U.S. Bankruptcy
Court in Manhattan (Bankr. S.D.N.Y. Case No. 11- 11754).

The Vitro parent received sufficient acceptances of its
reorganization by using the US$1.9 billion in debt owing to
subsidiaries to vote down opposition by bondholders.  The holders
of US$1.2 billion in defaulted bonds opposed the Mexican
reorganization plan because shareholders could retain ownership
while bondholders aren't being paid in full.

Vitro announced in March 2012 that it has implemented the
reorganization plan approved by a judge in Monterrey, Mexico.

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

                      Chapter 11 Proceedings

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

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

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

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

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

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

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

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



=========================
T U R K S  &  C A I C O S
=========================


OLINT CORP: PNP May Not Refund Firm, Chairman Says
--------------------------------------------------
Jamaica Gleaner reports that Robert Pickersgill, the chairman of
the governing People's National Party, said his party is not at
this time considering to refund campaign donations it received
from Olint Corporation Limited.

"From a moral standpoint, we do not feel compelled to refund the
money because although Olint operations in Jamaica has been the
subject of regulatory action, because it did not have a securities
dealer license, it had moved its operations to the Turks and
Caicos Islands and was apparently welcomed and licensed to operate
there," Pickersgill told Jamaica Gleaner in an interview.  "At the
time the party received these funds in August 2007, by all
accounts, it was paying its obligations to investors as they fell
due and there was no hint of any insolvency," Mr. Pickersgill
added, according to Jamaica Gleaner.

Jamaica Gleaner notes that the PNP said following its
investigations, it was discovered that US$1 million was received
in an account on its behalf and spent in the party's election
campaign.

The report relays that PNP said the money was not given as a gift
to former prime minister and PNP president, P.J. Patterson, as was
alleged by a confiscation order.

"Our enquiries confirm that he neither obtained nor received this
amount or any portion of it in cash or kind. All the available
evidence reveals that at no time was he told or made aware of the
deposit or any disbursements made from it," Mr. Pickersgill said
in a statement obtained by the news agency.

The PNP said regarding the confiscation order's reference to a
gift of US$2 million to the party, its investigations have not
identified any such amount, Jamaica Gleaner notes.

As reported in the Troubled Company Reporter-Latin America on
Aug. 15, 2011, Caribbean360.com said that Mr. Smith was sentenced
to 30 years in a U.S. federal jail for defrauding thousands of
investors through a Ponzi scheme.  Before serving the sentence
Mr. Smith will be returned to the Turks and Caicos Islands to
serve a six-and-a-half-year sentence that was imposed in
September 2010 after he pleaded guilty to fraud and conspiracy
charges, stemming from the same Olint scheme, according to
Caribbean360.com.  The report related that American authorities
will seek his extradition after he completes the jail time in the
Caribbean island.  Caribbean360.com noted that U.S. District
Judge Mary Scriven has ordered that Mr. Smith's federal sentence
run concurrently with his sentence in the TCI, which means he
will spend just under 24 years in U.S. jail.

Olint Corporation Limited was an investment club owned by David
Smith.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 31, 2010, RadioJamaica said United States authorities sought
to extradite Mr. Smith from Turks and Caicos Islands for his
involvement in financial fraud cases.  The Jamaica Gleaner said
that Mr. Smith was indicted on 23 charges in the United States.
The report related that the indictment handed down in the U.S.
District Court for the Middle District of Florida, Orlando
Division, charged Mr. Smith with four counts of wire fraud, one
count of conspiracy to commit money laundering and 18 counts of
money laundering to conceal specified unlawful activity.
Caribbean News Now related that Mr. Smith defrauded more than
US$200 million from thousands of investors in Jamaica, the Turks
and Caicos Islands and Florida.



===============
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
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

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


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