/raid1/www/Hosts/bankrupt/TCRLA_Public/100720.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, July 20, 2010, Vol. 11, No. 141

                            Headlines



A R G E N T I N A

BA BERRIES: Creditors' Proofs of Debt Due on September 2
BANCO MACRO: Fitch Upgrades Issuer Default Rating to 'B+'
CONSTRUCTORA ESTILOS: Creditors' Proofs of Debt Due on Sept. 10
D & P GROUP: Creditors' Proofs of Debt Due on September 6
DIARGENTI SA: Creditors' Proofs of Debt Due on September 6

ECO-MANI: Requests for Preventive Contest
GEOSURMEDIA SA: Creditors' Proofs of Debt Due on September 2
GRUPO CAMPOS: Asks for Opening of Preventive Contest
IRSA INVERSIONES: Fitch Assigns 'B/RR4' Rating on Senior Notes
STONER SRL: Asks for Preventive Contest

SULFUR SA: Creditors' Proofs of Debt Due on September 28
T. ALVEAR: Creditors' Proofs of Debt Due on September 10
TARJETA NARANJA: Fitch Upgrades Issuer Default Rating to 'B'


B R A Z I L

CAIXA ECONOMICA: In Talks to Acquire Stake in Cabal
COMPANHIA SIDERURGICA: Sells International Bonds at Fastest Pace
GOL LINHAS: Sells International Bonds at Fastest Pace
JBS SA: S&P Raises Rating to BB, Removed From CreditWatch Positive


E C U A D O R

PETROECUADOR: Ecuador Confirms Talks With China on Oil Loan Deal


J A M A I C A

AIR JAMAICA: Minister Addresses Concern on Airline Trademark Use
LONG POND: SIA to Investigate Extended Factory Closure
SUGAR COMPANY OF JAMAICA: New Deal Supplants Tate & Lyle Contract


M E X I C O

CONTROLADORA COMERCIAL: Files for Chapter 15 Protection


N I C A R A G U A

DOLE FOOD: U.S. Court Dismisses Fraudulent Lawsuit Filed by Locals


T R I N I D A D  &  T O B A G O

TCI BANK: Full Application for Liquidation Will be Heard on Aug. 3


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                         - - - - -


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


BA BERRIES: Creditors' Proofs of Debt Due on September 2
--------------------------------------------------------
The court-appointed trustee for Ba Berries S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
September 2, 2010.


BANCO MACRO: Fitch Upgrades Issuer Default Rating to 'B+'
---------------------------------------------------------
Fitch Ratings has upgraded Banco Macro's ratings as shown,
following the upgrade of Argentina's sovereign ratings by Fitch
announced on July 12, 2010:

  -- Local currency long-term Issuer Default Ratings to 'B+' from
     'B';

  -- Long-term National Rating to 'AA+(arg)' from 'AA(arg)';

At the same time, Fitch has affirmed these ratings:

  -- Foreign currency long-term IDR at 'B';
  -- Foreign and local currency short-term IDRs at 'B';
  -- Short-term National Rating at 'A1+(arg)';

The Rating Outlook is Stable.

In addition, Fitch has upgraded these:

BM's Class 3 US$100 million senior bonds:

  -- Local currency 'B+/RR4' from 'B/RR4',
  -- Long-term National Rating to 'AA+(arg)' from 'AA(arg)';

BM's Class 2 US$ 150 million senior bonds:

  -- Long-term national rating to 'AA+(arg)' from 'AA(arg)';

BM's Class 1 US$150 million subordinated debt:

  -- Long-term national rating to 'A+(arg)' from 'A(arg)'.

The foreign currency long-term and RRs of Classes 1 and 2 were
affirmed at 'CCC+/RR6' and 'B/RR4', respectively.

These ratings of BM were not affected:

  -- Individual at 'D';
  -- Support at '5';
  -- Support Floor at 'NF'.

BM's ratings reflect its strong national franchise and growth
potential, its solid overall performance and sound liquidity and
capital base.  BM's long-term IDRs have a Stable Outlook and are
at the country ceiling level, reflecting its strong local
franchise and its sound performance.


CONSTRUCTORA ESTILOS: Creditors' Proofs of Debt Due on Sept. 10
---------------------------------------------------------------
Roberto Di Martino, the court-appointed trustee for Constructora
Estilos SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until September 10, 2010.

Mr. Di Martino will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by North TEL and its creditors.

The Trustee can be reached at:

         Roberto Di Martino
         Av. Callao 449
         Argentina


D & P GROUP: Creditors' Proofs of Debt Due on September 6
---------------------------------------------------------
Luis J. Barberia, the court-appointed trustee for D & P Group
S.A.'s bankruptcy proceedings, will be verifying creditors' proofs
of claim until September 6, 2010.

Mr. Barberia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 33, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Luis J. Barberia
         Olavarria 1743
         Argentina


DIARGENTI SA: Creditors' Proofs of Debt Due on September 6
----------------------------------------------------------
Cristina Rodriguez, the court-appointed trustee for Diargenti
S.A.'s bankruptcy proceedings, will be verifying creditors' proofs
of claim until September 6, 2010.

Ms. Rodriguez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 47, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Cristina Rodriguez
         Avenida Corrientes 3169
         Argentina


ECO-MANI: Requests for Preventive Contest
-----------------------------------------
Eco-Mani SA requested for preventive contest.


GEOSURMEDIA SA: Creditors' Proofs of Debt Due on September 2
------------------------------------------------------------
The court-appointed trustee for Geosurmedia S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
September 2, 2010.

The trustee will present the validated claims in court as
individual reports on October 15, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 26, 2010.


GRUPO CAMPOS: Asks for Opening of Preventive Contest
----------------------------------------------------
Grupo Campos Verdes SA asked for the opening of preventive contest
by cessation of payments.


IRSA INVERSIONES: Fitch Assigns 'B/RR4' Rating on Senior Notes
--------------------------------------------------------------
Fitch Ratings has assigned this rating to IRSA Inversiones y
Representaciones' notes:

  -- US$150 million series 2 senior unsecured notes 'B/RR4'.

The Rating Outlook is Stable.

IRSA's foreign and local currency Issuer Default Ratings are:

  -- Foreign currency IDR 'B';
  -- Local currency IDR 'B+'.

The proceeds will be used to fund capital expenditures and
investments, replacement of short-term debt and capital
contributions to subsidiaries.

IRSA's 'B+' local currency IDR reflects the company's strong
market position and diversified portfolio of real estate assets in
Argentina.  The 'B+' rating also factors the company's positive
operating trends, the positive improvement in the company's
corporate structure, and relatively low leverage levels.  The 'B+'
local currency IDR rating is constrained by the company's exposure
to market cyclicality due to the heavy concentration of its assets
in Argentina.  The rating also reflects the company's exposure to
a devaluation of the Argentina pesos due to its peso revenues and
U.S. dollar denominated debt (partially offset by their assets
denominated in dollars).  IRSA's foreign currency IDR continues to
be constrained at the level of 'B' due to the 'B' Country Ceiling
assigned to Argentina by Fitch.

The Stable Outlook reflects Fitch's expectations that IRSA will
manage its balance sheet to a targeted ratio of debt-to-EBITDA
around 3.0 times.  The company's cash flow from operations is
expected to become more stable and predictable as a result of
recent actions taken by the company.  These actions include the
sale of 80% of Alto Palermo's consumer financing subsidiary,
Tarshop, and the increase in its stake in APSA to 93% from 63%.

Strong Market Position and Diversified Portfolio:

Through its subsidiary APSA, IRSA has a leading market share in
the shopping center segment of the market within the city of
Buenos Aires City and the Great Buenos Aires area.  The shopping
centers segment accounted for about 42% of IRSA's consolidated
EBITDA for the fiscal year ended June 30, 2009 (49% at Dec. 31,
2009).

IRSA's second most important business division is its office-
building segment, which accounts for about 23% of the company's
EBITDA.  IRSA is the clear leader in the development and
management of office buildings in Buenos Aires, with a market
share of approximately 20% in the premium segment.  The balance of
IRSA's EBITDA is derived from three premium hotels, as well as its
residential property development division.  Importantly, both IRSA
and APSA own key parcels of land in strategic areas of Buenos
Aires, which could be sold to improve the company's liquidity, or
used in new developments.  The book value of this undeveloped land
exceeds US$100 million.

Improving Trend in Operating Results:

For the last 12 months ended Dec. 31, 2009, IRSA recorded sales
and EBITDA of US$358 million and US$197 million, respectively.
These figures compare to US$358 million and US$127 million for the
fiscal year ended in June 2009.  IRSA's cash flow generation
during the LTM allowed it to finance capital expenditures of
US$69 million and distribute US$14 million of dividends.  Free
cash flow totaled US$66 million.

The improvement in IRSA's cash flow generation was due to the
positive performance of IRSA's office rental and residential real
estate development business units.  The company also benefited
from the strong performance of APSA's shopping malls and the
stabilization of its consumer financing subsidiary, Tarshop S.A.

Reorganization of Corporate Structure a Positive:

IRSA has taken several steps to rationalize its businesses during
the past year.  Fitch views these actions as positive as they
should make the company's cash flow more stable and predictable.
During January 2010, the company reached an agreement with Parque
Arauco to acquire a 29.55% stake the later has in APSA.  This
transaction will increase IRSA's control on APSA to 93%.  It also
includes Parque Arauco's US$15.4 million hold of APSA's
convertible notes.  IRSA has already paid US$6 million to Parque
Arauco, and is expected to pay an additional US$120 million to
Parque Arauco by November 2010.

In December 2009 APSA agreed to sell 80% of its consumer credit
card subsidiary, Tarshop, to Banco Hipotecario for
US$26.8 million.  The transaction is subject to Central Bank's
approval.  From a credit perspective, Fitch views APSA's decision
to sell Tarshop as a positive since it will allow the company to
focus on its core business, real estate.

Adequate Leverage But Below Average Liquidity:

IRSA had US$369 million of debt as of Dec. 31, 2009.  It is
comprised primarily of IRSA's US$150 million notes maturing during
2017 and the APSA's US$ 120 million notes and US$50 million peso
linked notes, maturating 2017 and 2012, respectively.  IRSA's
leverage, as measured by net debt/EBITDA, was 1.6 times for 2009,
a reduction from the average net debt ratio of 2.2x maintained by
the company between 2007 and 2009.  IRSA's ratings incorporate the
expectation that the company's leverage would increase to between
3.3x and 3.5x by the end of fiscal year ended 2010.  Nevertheless,
the leverage ratio remains comfortable within the rating category.

For this industry, the emphasis of Fitch's methodology is on
portfolio quality and diversity, and size of the asset base.
IRSA's portfolio of assets is strong with US$1.1 billion of
undepreciated book capital at Dec. 31, 2009.  These assets are
mostly unencumbered, as secured debt accounted for only US$4.5
million of the company's US$369 million total debt load.  Leverage
measured by total debt as a percentage of undepreciated book
capital was 35% at the end of December 2009.  On a market value
basis, these ratios would be even lower.

IRSA's cash position has been trending negative during the last
two years, as cash has decreased to US$51 million as of Dec. 31,
2009, from US$135 million as of June 30, 2008.  The company's
liquidity position, measured by the ratio of cash to short-term
debt, was below average at 0.5x as of Dec. 31, 2009.  The
declining trend in the company's liquidity over the past year is
attributable to the resources oriented to support APSA's financial
consumer business (Tarshop).  The company maintains a large pool
of unencumbered assets that could provide alternative sources of
financing if required.  During 2009, the company sold non-
strategic properties for US$52 million.

Rating Drivers:

Any significant increase in IRSA's leverage beyond expectations
could pressure ratings.  A downturn in the Argentine economy would
hurt the company's results and could also lead to a negative
rating action.  IRSA's foreign currency IDR is constrained by the
'B' Country Ceiling of Argentina.  An upgrade or downgrade of the
Argentine Country Ceiling would impact IRSA's foreign currency
IDR.

IRSA is a leading real estate company in the Argentine market
founded 1943.  IRSA's diversified business portfolio splits among
office rental, real estate & hotel developments and shopping
centers.  The company's stock is listed in the Buenos Aires Stock
Exchange and in the NYSE.  The company's main shareholder is
Cresud S.A., with a 57% stake.  The company's strategy focuses on
the enhancement of its real estate asset portfolio, within its
different business units.  To this end, IRSA maintains a
substantial amount of land reserves for future projects.


STONER SRL: Asks for Preventive Contest
---------------------------------------
Stoner SRL asked for preventive contest.


SULFUR SA: Creditors' Proofs of Debt Due on September 28
--------------------------------------------------------
The court-appointed trustee for Sulfur S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
September 28, 2010.

The trustee will present the validated claims in court as
individual reports on November 10, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 23, 2010.


T. ALVEAR: Creditors' Proofs of Debt Due on September 10
--------------------------------------------------------
The court-appointed trustee for T. Alvear S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
September 10, 2010.

The trustee will present the validated claims in court as
individual reports on October 25, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 6, 2010.


TARJETA NARANJA: Fitch Upgrades Issuer Default Rating to 'B'
------------------------------------------------------------
Fitch Ratings has taken these rating actions on Argentina's
Tarjeta Naranja S.A. and Tarjetas Cuyana's, following the upgrade
of Argentina's sovereign ratings:

Tarjeta Naranja:

  -- International long-term local currency Issuer Default Rating
     upgraded to 'B' from 'B-';

  -- International short-term local currency IDR affirmed at 'B';

  -- National long-term Rating upgraded to 'AA(arg)' from
     'A+(arg)'.

In addition, Fitch has assigned these ratings to TN:

  -- Individual rating 'D';
  -- Support rating '5';
  -- National short-term rating 'A1+(arg)'.

The Rating Outlook is Stable.

Also, Fitch has upgraded the ratings on TN's unsubordinated fixed-
rate notes totaling US$100 million to long-term local currency
rating 'B/RR4' from 'B-/RR4' and National long-term rating to
'AA(arg)' from 'A+(arg)', the National long-term rating of its
unsubordinated fixed-rate notes totaling US$50 million to
'AA(arg)' from 'A+(arg)', and the National short-term rating of
its ARS70 million class X short-term bond to 'A1+(arg)' from
'A1(arg)'.

Tarjetas Cuyanas:

  -- International long-term local currency IDR upgraded to 'B'
     from 'B-';

  -- International short-term local currency IDR affirmed at 'B';

  -- National long-term rating upgraded to 'AA-(arg)' from 'A-
     (arg)';

  -- National short-term rating upgraded to 'A1(arg)' from
     'A2(arg)'.

The Rating Outlook is Stable.

At the same time, Fitch has upgraded the ratings on TC's
US$65 million unsubordinated fixed-rate notes to long-term local
currency rating 'B/RR4' from 'B-/RR4' and National long-term
rating to 'AA-(arg)' from 'A-(arg)', and the National short-term
rating of ARS40 million class 1 series 1 short-term notes to
'A1(arg)' from 'A2(arg)'.  Finally, Fitch has assigned TC an
Individual rating of 'D' and a Support rating of '5'.


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


CAIXA ECONOMICA: In Talks to Acquire Stake in Cabal
---------------------------------------------------
Caixa Economica Federal is in talks to buy a stake in an Argentina
credit-card company called Cabal, Rogerio Jelmayer at Dow Jones
Newswires reports, citing local newspaper O Estado de S. Paulo.

According to the report, an unnamed source told the newspaper that
CEF President Maria Fernanda Coelho is in Buenos Aires to talk
with Cabal's executives.

As reported in the Troubled Company Reporter-Latin America on
June 30, 2010, Bloomberg News said that Caixa Economica may buy a
stake in a private credit-card company to enter the business and
sell to low-income consumers.  According to the report, Caixa
Federal Chief Executive Officer Maria Fernanda Coelho said that
the Brazilian lender plans to announce a deal by the end of the
year.  The report related that Caixa Federal wants to offer a
credit card to compete with the Visa and MasterCard brands.

                  About Caixa Economica

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br/-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                           *     *     *

As of June 29, 2010, the bank continues to carry Moody's "D+" bank
financial strength rating.


COMPANHIA SIDERURGICA: Sells International Bonds at Fastest Pace
----------------------------------------------------------------
Brazilian companies led by Companhia Siderurgica Nacional SA and
Gol Linhas Aereas Inteligentes SA are selling bonds overseas at
the fastest pace since April to take advantage of borrowing costs
near the lowest in two months, Gabrielle Coppola and Veronica
Navarro Espinosa at Bloomberg News report.

According to the report, CSN and Gol Linhas sold a combined US$1.3
billion of bonds last week, the most since issuers raised US$1.9
billion in the week ended April 30.  The report, citing JPMorgan
Chase & Co. CEMBI index, relates that Brazilian companies are
returning to international markets after their average bond yield
dropped 20 basis points, or 0.2 percentage point, this month to
6.43%.  "They tried to sell as many deals as possible," the report
quoted Paolo Valle, who co-manages about US$1 billion of emerging-
market assets with Federated Investors in Pittsburgh, as saying.
"We have a large pipeline of new issues," he added.

The report notes that CSN sold US$1 billion of 10-year notes to
yield 6.625%.  The report relates that unnamed source said that
CSN initially marketed the bond sale with price guidance of 6.75%.

Gol Linhas, the report says, issued US$300 million of 10-year debt
to yield 9.5% on July 14.  The report relates that demand for the
notes reached US$1.25 billion, leading the company to cut the
yield it planned to pay from 9.625%.  "We were ready two months
ago and were just waiting for a window of opportunity," Leonardo
Gomes Pereira, Gol Linhan's chief financial officer, told the news
agency in a telephone interview.  "Investors are more selective,
much more cautious than before the European crisis deepened," he
added.

The sales brought Brazilian corporate bond issuance this year to
US$17.4 billion, compared with US$7.4 billion in the year- earlier
period, according to data compiled by Bloomberg.

                           About CSN

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 16, 2010, Moody's Investors Service affirmed Companhia
Siderurgica Nacional's corporate family rating of "Ba1" on the
global scale.  The rating outlook remains stable.  Simultaneously,
Moody's assigned a "Ba1" foreign currency rating and a stable
rating outlook to the issuance of senior unsecured notes due 2020
in the amount of between US$500 million and US$1 billion by CSN
Resources S.A., to be fully and unconditionally guaranteed by CSN.

                         About Gol Linhas

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provide
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay.  The company's services include passenger, cargo, and
charter services.  As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft.  The company was founded in 2001.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 16, 2010, Moody's Investors Service raised its Corporate
Family and senior unsecured ratings for Gol Linhas Aereas
Inteligentes S.A. and Gol Finance to "Ba3" from "B1" reflecting
improved operating performance and financial flexibility
especially following the recent debt issuance.  The ratings
outlook is stable.

Ratings upgraded with a stable outlook:

Issuer: Gol Finance

  -- 7.5% US$225 million senior unsecured notes due 2017: Ba3
  -- 8.75% US$200 million senior unsecured perpetual notes: Ba3

Issuer: Gol Linhas Aereas Inteligentes S.A.

  -- Corporate Family Rating: Ba3


GOL LINHAS: Sells International Bonds at Fastest Pace
-----------------------------------------------------
Brazilian companies led by Companhia Siderurgica Nacional SA and
Gol Linhas Aereas Inteligentes SA are selling bonds overseas at
the fastest pace since April to take advantage of borrowing costs
near the lowest in two months, Gabrielle Coppola and Veronica
Navarro Espinosa at Bloomberg News report.

According to the report, CSN and Gol Linhas sold a combined US$1.3
billion of bonds last week, the most since issuers raised US$1.9
billion in the week ended April 30.  The report, citing JPMorgan
Chase & Co. CEMBI index, relates that Brazilian companies are
returning to international markets after their average bond yield
dropped 20 basis points, or 0.2 percentage point, this month to
6.43%.  "They tried to sell as many deals as possible," the report
quoted Paolo Valle, who co-manages about US$1 billion of emerging-
market assets with Federated Investors in Pittsburgh, as saying.
"We have a large pipeline of new issues," he added.

The report notes that CSN sold US$1 billion of 10-year notes to
yield 6.625%.  The report relates that unnamed source said that
CSN initially marketed the bond sale with price guidance of 6.75%.

Gol Linhas, the report says, issued US$300 million of 10-year debt
to yield 9.5% on July 14.  The report relates that demand for the
notes reached US$1.25 billion, leading the company to cut the
yield it planned to pay from 9.625%.  "We were ready two months
ago and were just waiting for a window of opportunity," Leonardo
Gomes Pereira, Gol Linhan's chief financial officer, told the news
agency in a telephone interview.  "Investors are more selective,
much more cautious than before the European crisis deepened," he
added.

The sales brought Brazilian corporate bond issuance this year to
US$17.4 billion, compared with US$7.4 billion in the year- earlier
period, according to data compiled by Bloomberg.

                           About CSN

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 16, 2010, Moody's Investors Service affirmed Companhia
Siderurgica Nacional's corporate family rating of "Ba1" on the
global scale.  The rating outlook remains stable.  Simultaneously,
Moody's assigned a "Ba1" foreign currency rating and a stable
rating outlook to the issuance of senior unsecured notes due 2020
in the amount of between US$500 million and US$1 billion by CSN
Resources S.A., to be fully and unconditionally guaranteed by CSN.

                         About Gol Linhas

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provide
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay.  The company's services include passenger, cargo, and
charter services.  As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft.  The company was founded in 2001.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 16, 2010, Moody's Investors Service raised its Corporate
Family and senior unsecured ratings for Gol Linhas Aereas
Inteligentes S.A. and Gol Finance to "Ba3" from "B1" reflecting
improved operating performance and financial flexibility
especially following the recent debt issuance.  The ratings
outlook is stable.

Ratings upgraded with a stable outlook:

Issuer: Gol Finance

  -- 7.5% US$225 million senior unsecured notes due 2017: Ba3
  -- 8.75% US$200 million senior unsecured perpetual notes: Ba3

Issuer: Gol Linhas Aereas Inteligentes S.A.

  -- Corporate Family Rating: Ba3


JBS SA: S&P Raises Rating to BB, Removed From CreditWatch Positive
------------------------------------------------------------------
On July 16, 2010, Standard & Poor's Rating Services raised its
ratings on Brazil-based protein producer JBS S.A. and its
subsidiary in the U.S., JBS USA LLC, to 'BB' from 'B+'.  The
ratings were removed from CreditWatch Positive, where they were
placed Sept. 16, 2009.  The outlook is stable.

The upgrade reflects JBS's better consolidated business profile
that improved to fair from weak after it acquired a 64% stake in
Pilgrim's Pride Corp. (not rated) and merged with Bertin S.A. (not
rated).  "These acquisitions have enhanced the company's market
position and product diversity in beef, pork, and chicken, while
benefiting it with economies of scale, operating synergies, and
stronger bargaining power with suppliers and clients," said
Standard & Poor's credit analyst Marcelo Schwarz.

Protein-market fundamentals are positive in the U.S., where JBS
generates the bulk of its revenues and cash.  S&P projects stable
supply in the near term as producers add capacity prudently, while
demand improves gradually.  S&P also see margin trends favorably,
given current feedstock prices.

JBS faces challenges in integrating PPC, particularly because
PPC's poultry business differs materially from existing beef and
pork operations.  JBS is also investing heavily to improve its own
distribution capabilities in the U.S., a project that may improve
margins in the medium term but poses some execution risks.
However, S&P believes favorable industry trends and JBS's track
record in previous acquisitions partly offset these risks.

JBS's financial profile is aggressive.  S&P believes the company's
strategy to finance large acquisitions with equity or equity-like
instruments is a positive, although leverage remains relatively
high on a gross-debt basis.  S&P does not project significant debt
reduction in the coming years, but stronger cash flows from
acquired assets and integration gains will likely lead to stronger
credit metrics.

The stable outlook reflects S&P's expectations that JBS's results
will improve, allowing it to deleverage to an adjusted total debt-
to-EBITDA ratio of around 4.0x in 2010 and 3.5x in these years.
S&P could raise the ratings if improved market conditions enable
the company to reach consistent, stronger operating performance,
evidenced by EBITDA margins of more than 7% and a total debt-to-
EBITDA ratio of 3.0x.  On the other hand, S&P could lower the
ratings if high feedstock cost pressures and deterioration in
market conditions lead to EBITDA margins consistently less than 5%
and a total debt-to-EBITDA ratio of more than 5.0x.  S&P does not
include further significant merger and acquisition activity in
S&P's analysis.


=============
E C U A D O R
=============


PETROECUADOR: Ecuador Confirms Talks With China on Oil Loan Deal
----------------------------------------------------------------
Ecuador's oil minister Wilson Pastor said that Ecuador is in talks
with China on an oil loan agreement, China Knowledge reports.

According to the report, China will offer a US$1 billion worth of
loan in exchange for oil.  The report relates that Petroecuador
will supply 36,000 barrels of oil or fuel per day to PetroChina
International Co, a subsidiary of PetroChina Co.

Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil company
owned by the Ecuador government.  It produces crude petroleum and
natural gas.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 28, 2009, Dow Jones Newswires said that Ecuadorian
President Rafael Correa authorized naval forces to extend its
control of Petroecuador until March as more time was needed for an
orderly handover of the company to a new management structure. The
report recalled that Petroecuador was declared in a state of
emergency two years ago, and the navy has been put in charge of
its restructuring.


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


AIR JAMAICA: Minister Addresses Concern on Airline Trademark Use
----------------------------------------------------------------
Jamaica Finance Minister Audley Shaw has moved to address concerns
about the use of Air Jamaica Limited trademarks by Trinidadian
airline Caribbean Airlines, RadioJamaica reports.  The report
relates that Mr. Shaw said that the use of trademarks including
the Air Jamaica name is governed by the Form of License Agreement
in the Contribution and Share Issuance Agreement.

According to the report, Mr. Shaw said that based on the essential
provisions of that Agreement, Caribbean Airlines Limited has the
right to use -- for an initial 12-month period -- those trademarks
which are listed in attachments to the agreement.  The report
relates that at the end of the initial 12-month period, the right
to continue using them is automatically renewed every year at a
royalty amount of US$5 per year.

Mr. Shaw, the report notes, said that the trademarks that
Caribbean Airlines may use are restricted to those listed in the
License Agreement.  In the meantime, the report relates, Mr. Shaw
said the government, as the licensor, retains the right to
continue using the Air Jamaica name in any of the ways in which it
was being used prior to the May 1 acquisition.

Subject to Caribbean Airlines' agreement, the government may also
use the name in any other way which does not compete with the
activities of the licensee, the report discloses.

The report adds that the trademarks can only be used in connection
with the airline's Jamaican Operations relating to Routes and
Frequency, Fleet and Crew, although Caribbean Airlines may make
such changes or variations as it believes is appropriate in order
to achieve maximum profitability.

                        About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government owned 25% of the company after it went private
in 1994.  However, in late 2004, the government assumed full
ownership of the airline after an investor group turned over its
75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 27, 2010, Moody's Investors Service changed the ratings
outlook of Air Jamaica Limited to stable.  The Corporate Family
and senior unsecured ratings of Air Jamaica are affirmed at Caa1.
The change in outlook mirrors the change of the outlook of the
foreign currency bond rating of The Government of Jamaica to
stable, which occurred on January 22, 2010.  The ratings reflect
Jamaica's unconditional and irrevocable guarantee of the rated
debt obligations of Air Jamaica.  The foreign currency bond rating
of Jamaica remains Caa1, notwithstanding the January 22, 2010
downgrade of Jamaica's local currency bond rating by Moody's to
Caa2.

As reported in the TCR-LA on November 5, 2009, Standard & Poor's
Ratings Services said that it lowered its long-term corporate
credit rating on Air Jamaica Ltd. to 'CCC' from 'CCC+'.  The
outlook is negative.


LONG POND: SIA to Investigate Extended Factory Closure
------------------------------------------------------
The Sugar Industry Authority has been asked to investigate the
extended closure of the Long Pond Sugar Factory which was divested
by the government a year ago, RadioJamaica reports.  The report
relates that questions have been raised about the firm's state of
affairs, which is likely to remain closed for several months.

According to the report, Agriculture Minister Dr. Christopher
Tufton has asked Ambassador Derrick Heaven, Chairman of the Sugar
Industry Authority, to determine the reasons for the protracted
suspension of operations.  "I have subsequently spoken to the
owners (and) I've asked Ambassador Heaven to investigate and
report back to me to determine what do we do in the mean time now
that the facility is closed particularly as it relates to the cane
farmers.  I expect to have a meeting next week to see what the
Authority is recommending and then try to find a solution with the
cane farmers," the report quoted Dr. Tufton as saying.

The report notes Allan Rickards, Chairman of the All Island
Jamaica Cane Farmers Association, recently called for a review of
the Long Pond agreement, arguing that the new operators have not
met the basic requirements set by the government.

Long Pond Sugar Factory is a sugar company based in Trelawny,
Jamaica.


SUGAR COMPANY OF JAMAICA: New Deal Supplants Tate & Lyle Contract
-----------------------------------------------------------------
The Sugar Company of Jamaica Holdings Limited (SCJ) will start
harvesting crops in December to meet its US$26 million current
year-supply contract with British sugar refiner, Tate & Lyle,
RadioJamaica reports.  However, the report relates that the
additional US$20 million the government was slated to get from
Tate & Lyle for next year's crop will no longer be on the table
once a contract is signed with COMPLANT International Sugar
Industry Company Limited.

According to the report, SCJ Holdings Head Aubyn Hill told Sunday
Business that COMPLANT International should have their new
purchases in hand by June next year.

As reported in the Troubled Company Reporter-Latin America on
July 16, 2010, The Associated Press said that Complant
International has struck a deal to buy SCJ's three remaining
government-owned sugar factories for US$9 million under a 50-year
lease.  The report related that the deal also calls for the
company to improve the factories and build a sugar refinery.

RadioJamaica notes that the two-year pre-financing deal with the
British refiner called for the supply of 100,000 tonnes of sugar
annually, in exchange for US$26 million for the 2010-2011 crops,
and US$20 million the following year.  However, the report
relates, the arrangement had a window for Jamaica opting out of
the second-year pact should the factories be sold by then.

COMPLANT International, RadioJamaica says, will also lease some
18,000 hectares of cane lands for US$35 (J$3,010) per hectare per
annum for a period of 50 years, renewable for another 25 years.

The report notes that COMPLANT International will develop these
assets in two phases, starting with a US$126.8 million or J$11
billion immediate injection over three years to rehabilitate
fields.  The report relates that in Phase Two, the company
proposes to build, depending on a feasibility study to be ready by
next May, a 200,000-tonne sugar refinery to satisfy Caribbean
regional demand and possibly Jamaica's European Union supply
obligations.

If the feasibility studies are favourable, then COMPLANT will
invest US$180 million (J$15.5 billion), to construct the refinery,
the report adds.

                            About SCJ

The Sugar Company of Jamaica Holdings Limited, a.k.a. SCJ, was
formed in November 1993 by a consortium made up of J. Wray &
Nephew Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, the Jamaica Gleaner reported that Agriculture and
Fisheries Minister Christopher Tufton said that if a new deal is
not inked soon for the divestment of SCJ's factories, the public
will be called on again to plug a projected US$4.2 billion hole --
representing a US$2 billion operational loss, and bank penalties
-- apparently from continuous hefty overdrafts.  The loss was
incurred by the SCJ's four factories during the 2008/2009 season.
The Gleaner related the enterprise has a US$21-billion debt and
losses totaling more than US$14 billion since 2005.


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


CONTROLADORA COMERCIAL: Files for Chapter 15 Protection
-------------------------------------------------------
Controladora Comercial Mexicana SAB filed for Chapter 15
bankruptcy in the United States to aid its main restructuring in
Mexico, already approved by creditors, Dawn McCarty and Tiffany
Kary at Bloomberg News report.  The report relates that CCM listed
both debt and assets of more than US$1 billion in documents filed
in U.S. Bankruptcy Court in Manhattan.  The report relates that
the U.S. filing seeks to protect the company from U.S. lawsuits
and creditor claims, following a July 14 announcement that it
filed to restructure in Mexico.

According to the report, the Chapter 15 filing was made to stop
creditors such as some noteholders from taking actions to derail
CCM's efforts to restructure.

As reported in the Troubled Company Reporter-Latin America on
July 16, 2010, Bloomberg News said that Controladora
Comercial filed for pre-approved bankruptcy on July 14, 2010.
Operations will continue normally, the company said in an e-mailed
statement obtained by the news agency.  According to Dow Jones
Newswires, Comercial Mexicana has submitted its prepackaged
US$1.54 billion debt-restructuring agreement to a Mexican court
with 98% of its creditors on board.  The report related that the
restructuring agreement, which was announced in late May, has the
support of all of its derivatives counterparties and bank
creditors, and 88% of its bond creditors.  The restructuring
already has been approved by the company's shareholders, the
report says.

CCM's debt, Bloomberg notes, includes three types of unsecured
notes:

   -- US$200 million in notes due 2015,
   -- MXN3 billion (US$232.4 million) in notes due 2027, and
   -- MXN111.3 million in notes due 2010.

The report, citing court papers, relates that the company also has
Mexican commercial paper worth MXN1.5 billion, peso-denominated
bank debt of MXN2.545 billion, and U.S. dollar-denominated bank
debt of US$99.4 million.

Under the pre-approved plan, the report says, derivative
counterparties and commercial bank creditors will exchange their
current claims for a share of a new debt, and noteholders will get
a portion of new bonds, some denominated in U.S. dollars, others
in pesos.

Law firm Fried Frank Harris Shriver & Jacobson, based in New York,
is representing Controladora Comercial Mexicana SAB in the Chapter
15 case.  The case is In re Controladora Comercial Mexicana SAB,
10-13750, U.S. Bankruptcy Court, Southern District of New York
(Manhattan).

                          About Comerci

Controladora Comercial Mexicana SAB de CV a.k.a Comerci
(MXK:COMERCIUBC) -- http://www.comerci.com.mx/-- is a Mexican
chains of retail stores, as well as a chain of family restaurants
under the Restaurantes California brand name.  In addition, CCM
owns a 50% interest in the Costco de Mexico, a joint venture with
Costco Wholesale Corporation, which operates a chain of membership
warehouses in Mexico.  The company's store chains include
Comercial Mexicana, City Market, Mega, Bodega CM, Sumesa and
Alprecio, among others.  As of December 31, 2007, CCM operated 214
commercial units and 71 restaurants across Mexico.  The company's
retail outlets sell a variety of food items, including basic
groceries and perishables, and non-food items, which include
electronics, home furnishings, personal hygiene products and
clothing.  CCM is a parent of Tiendas Comercial Mexicana SA de CV,
Tiendas Sumesa SA de CV, Restaurantes California SA de CV and
Costco de Mexico SA de CV, among others.


=================
N I C A R A G U A
=================


DOLE FOOD: U.S. Court Dismisses Fraudulent Lawsuit Filed by Locals
------------------------------------------------------------------
Dole Food Company, Inc., disclosed that the Los Angeles Superior
Court dismissed Tellez vs. Dole, the last remaining lawsuit
brought by Nicaraguan plaintiffs claiming to have been banana
workers on Dole-contracted farms in Nicaragua during the 1970s.
The dismissal came as a result of the Court's finding that
plaintiffs and their representatives engaged in "blatant fraud,
witness tampering, and active manipulation."

In dismissing this lawsuit, the Court vacated the earlier US$1.58
million judgment against Dole in favor of four of the 12
plaintiffs claiming sterility from DBCP exposure while allegedly
working on Dole-contracted farms.

This result was the culmination of hearings conducted by the Court
in response to the July 7, 2009 order issued to plaintiffs by the
California Second District Court of Appeal directing them to show
cause why this US$1.58 million judgment should not be vacated and
judgment be entered in Dole's favor on the grounds that the
judgment was procured through fraud.

Issuing her ruling in court, Justice Victoria Chaney stated that
plaintiffs did not devise this fraud on their own.  "It is not
reasonable to conclude that 14,000" claimants were made sterile by
DBCP. "Some or all of the claimants have brought fraudulent
claims."  The Court explained that there had to be -- and found
that there was -- a coordinated effort "to bring fraudulent claims
to our courts" by plaintiffs' attorneys.  Los Angeles attorney
Juan Dominguez "was and is actively involved in activating and
perpetuating this fraud and scheme on the Court," ruled Justice
Chaney.

Justice Chaney also dismissed plaintiffs' contention that Dole
bribed several witnesses, adding that "this Court is not
persuaded."

"[The} dismissal finally brings closure to these fraudulent
Nicaraguan claims.  They all lacked any semblance of credibility,"
said C. Michael Carter, Dole's Executive Vice President and
General Counsel.  "These claims are a fraud on the California
courts and never should have been brought in the first place,"
Carter added.

Finding clear and convincing evidence of fraud, the Court not only
found that plaintiffs' witnesses corroborated the fraud and
witness tampering, but also quoted a plaintiff who testified that
he was "coached to answer questions like a parrot" while at the
Nicaraguan office of plaintiffs' attorneys.

Justice Chaney noted, however, that threats and intimidation by
plaintiffs' agents "significantly interfered" with Dole's ability
to uncover that fraud either before or during the Tellez trial.
The testimony of several witnesses who were willing to eventually
come forward, and whose testimony the Court cited as credible,
helped uncover the fraud.

Throughout the hearing, Dole has asked the Los Angeles Superior
Court to take actions to protect those brave Nicaraguan witnesses
who came forward to expose the massive fraud on the Court
perpetrated by Dominguez and his Nicaraguan associate, Antonio
Hernandez Ordenana.  "The brave and courageous individuals who
chose to step forward in this case to tell the truth and expose
this blatant fraud on the court deserve continued protection from
this outrageous harassment," said Carter.

Previous attempts by plaintiffs to enforce Nicaragua judgments
have also been dismissed.  Most recently on October 20, 2009, the
United States District Court for the Southern District of Florida
denied recognition and enforcement of a $98.5 million Nicaragua
judgment, finding that "the credible and unrefuted medical
testimony in this case is that it is factually impossible for what
is represented in the Judgment to have occurred," and that due
process "do[es] not permit awarding damages in the face of clear
scientific evidence of the absence of causation... ."

In that case, Judge Paul C. Huck further found that "[t]he
evidence before the Court is that the judgment . . . arose out of
proceedings that the Nicaraguan trial court did not have
jurisdiction to conduct. . . .  During those proceedings, the
court applied a law that unfairly discriminates against a handful
of foreign defendants with extraordinary procedures and
presumptions found nowhere else in Nicaraguan law.  Both the
substantive law under which this case was tried, Special Law 364,
and the Judgment itself, purport to establish facts that do not,
and cannot, exist in reality.  As a result, the law under which
this case was tried stripped Defendants of their basic right in
any adversarial proceeding to produce evidence in their favor and
rebut the plaintiffs' claims."

Justice Chaney found that Nicaragua's judicial system "is, at
best, fragile in its ability to present consistent rule of law and
outcomes."  She further found that, while many Nicaraguans live in
relative poverty and with limited economic opportunity, "[t]his
lawsuit is not the appropriate vehicle to rectify this situation,"
adding that "[c]ivil actions are sometimes brought to induce
social change.  This is neither the platform nor the time to
discuss using the court system to bring about different policies
that affect society in general."

"While Dole believes there is no reliable scientific basis for
alleged injuries from the agricultural field application of DBCP,"
said Carter, "Dole continues to seek reasonable resolution of
pending litigation and claims in the U.S. and Latin America."  As
in Honduras, Dole is committed to finding a prompt resolution to
the DBCP claims in Nicaragua, and is prepared to pursue a
structured worker program in Nicaragua with science-based
criteria.

                         About Dole Food

Dole Food Company, Inc., -- http://www.dole.com/-- is a producer
of fresh fruit and fresh vegetables.  The Company also markets a
line of value-added products.  The Company operates in three
business segments: fresh fruit, fresh vegetables and packaged
foods.  The fresh fruit segment contains operating divisions that
produce and market fresh fruit to wholesale, retail and
institutional customers worldwide.  The fresh vegetables segment
contains two operating divisions that produce and market commodity
and fresh-cut vegetables to wholesale, retail and institutional
customers, primarily in North America, Europe and Asia.  The
packaged foods segment contains operating divisions that produce
and market packaged foods, including fruit, juices and snack
foods.

In February 2010, Fitch Ratings said it is keeping the ratings and
Stable Outlook for Dole Food Company, Inc., and Solvest, Ltd, its
Bermuda-based subsidiary, following the release of fiscal 2009
operating results.  Dole carries a long-term Issuer Default Rating
'B'.

Standard & Poor's Ratings Services said that it affirmed its 'B'
corporate credit rating, and other ratings, on Westlake Village,
California-based Dole Food Co. Inc.  The outlook is stable.  About
US$1.6 billion of debt was outstanding as of Jan. 2, 2010.


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


TCI BANK: Full Application for Liquidation Will be Heard on Aug. 3
------------------------------------------------------------------
TCI Bank liquidators are poised to surge ahead with winding up the
collapsed firm, Turcks and Caicos Weekly News reports.  A full
application for liquidation will be heard by the Supreme Court on
August 3.

According to the report, Ariel Misick QC, representing the
National Insurance Board, one of the bank's major shareholders,
had previously presented an injunction to prevent advertising of
the petition for winding up.  The report relates that Mr. Misick
abandoned that application and a date was fixed for a hearing.

The report notes that Judge Richard Williams vowed not to leave
creditors hanging for any longer than necessary.

The news, T&C Weekly says, is likely to dismay the bank's 4,000
account holders who had hoped a buyer would be found for the
indigenously-owned facility.

Last month, the report relates, that creditors were mulling over
two serious offers to buy the failed institution.  Advanced
negotiations were said to be underway with Canadian businessman
David Kosoy -- who has made a series of offers since the bank went
into temporary liquidation in April -- and also with ECIC
Holdings, a consortium of Eastern Caribbean banks, the report
says.

The report notes that the bank held around 8% of the country's
total bank deposits, and $17.3 million in NIB deposits, prompting
fears among Islanders over the fate of their pensions.

As reported on in the Troubled Company Reporter-Latin America on
June 2, 2010, the Financial Services Commission closed TCI Bank on
April 9 because of mounting unpaid loans and an abrupt $4 million
withdrawal of funds by three large, unidentified customers.
Court-appointed liquidators, Anthony Kikivarakis and Mark
Munnings, partners at Deloitte & Touche Bahamas, are supposed to
be evaluating the remaining assets of shareholders and depositors
and considering any buyout or investment offers that are presented
to them.


===============
X X X X X X X X
===============


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

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


ARGENTINA

IMPSAT FIBER-$US       IMPTD AR        535007008       -17165000
IMPSAT FIBER-BLK       IMPTB AR        535007008       -17165000
IMPSAT FIBER NET       IMPTQ US        535007008       -17165000
IMPSAT FIBER-C/E       IMPTC AR        535007008       -17165000
IMPSAT FIBER NET       330902Q GR      535007008       -17165000
IMPSAT FIBER-CED       IMPT AR         535007008       -17165000
IMPSAT FIBER NET       XIMPT SM        535007008       -17165000
AUTOPISTAS SOL         AUSO AR         358937631     -3636032.25
AUTOPISTAS SOL         APDSF US        358937631     -3636032.25
SOC COMERCIAL PL       CVVIF US        135360486      -251112324
COMERCIAL PL-ADR       SCPDS LI        135360486      -251112324
COMERCIAL PLA-BL       COMEB AR        135360486      -251112324
COMERCIAL PL-C/E       COMEC AR        135360486      -251112324
COMERCIAL PLAT-$       COMED AR        135360486      -251112324
SOC COMERCIAL PL       COME AR         135360486      -251112324
SOC COMERCIAL PL       CADN SW         135360486      -251112324
SOC COMERCIAL PL       CADN EO         135360486      -251112324
SOC COMERCIAL PL       SCDPF US        135360486      -251112324
SOC COMERCIAL PL       CAD IX          135360486      -251112324
SNIAFA SA-B            SDAGF US         11229696     -2670544.88
SNIAFA SA-B            SNIA5 AR         11229696     -2670544.88
SNIAFA SA              SNIA AR          11229696     -2670544.88



BRAZIL

FER C ATL-RCT CM       VSPT9 BZ        1.185E+09     -50468104.7
FER C ATLANT-PRF       VSPT4 BZ        1.185E+09     -50468104.7
FER C ATLANT           VSPT3 BZ        1.185E+09     -50468104.7
FERROVIA CEN-DVD       VSPT11 BZ       1.185E+09     -50468104.7
FER C ATL-RCT PF       VSPT10 BZ       1.185E+09     -50468104.7
FERROVIA CEN-DVD       VSPT12 BZ       1.185E+09     -50468104.7
VARIG SA-PREF          VAGV4 BZ        966298026     -4695211316
VARIG SA               VARGON BZ       966298026     -4695211316
VARIG SA               VAGV3 BZ        966298026     -4695211316
VARIG SA-PREF          VARGPN BZ       966298026     -4695211316
LAEP-BDR               MILK11 BZ       446499199     -70952298.9
LAEP INVESTMENTS       LEAP LX         446499199     -70952298.9
PARMALAT               LCSA3 BZ        388720052      -213641144
PARMALAT BR-RT C       LCSA5 BZ        388720052      -213641144
PARMALAT-PREF          LCSA4 BZ        388720052      -213641144
PARMALAT BRAS-PF       LCSAPN BZ       388720052      -213641144
PARMALAT BR-RT P       LCSA6 BZ        388720052      -213641144
PARMALAT BRASIL        LCSAON BZ       388720052      -213641144
CIA PETROLIFERA        1CPMON BZ       377602195     -3014291.72
CIA PETROLIF-PRF       1CPMPN BZ       377602195     -3014291.72
CIA PETROLIF-PRF       MRLM4B BZ       377602195     -3014291.72
CIA PETROLIF-PRF       MRLM4 BZ        377602195     -3014291.72
CIA PETROLIFERA        MRLM3 BZ        377602195     -3014291.72
CIA PETROLIFERA        MRLM3B BZ       377602195     -3014291.72
DOCA INVESTI-PFD       DOCA4 BZ        319046939      -119089653
DOCAS SA               DOCAON BZ       319046939      -119089653
DOCAS SA-PREF          DOCAPN BZ       319046939      -119089653
DOCAS SA-RTS PRF       DOCA2 BZ        319046939      -119089653
DOCA INVESTIMENT       DOCA3 BZ        319046939      -119089653
BOMBRIL-PREF           BOBR4 BZ        292257859      -115839632
BOMBRIL SA-ADR         BMBPY US        292257859      -115839632
BOMBRIL-RIGHTS         BOBR1 BZ        292257859      -115839632
BOMBRIL                BMBBF US        292257859      -115839632
BOMBRIL CIRIO SA       BOBRON BZ       292257859      -115839632
BOMBRIL                BOBR3 BZ        292257859      -115839632
BOMBRIL CIRIO-PF       BOBRPN BZ       292257859      -115839632
BOMBRIL SA-ADR         BMBBY US        292257859      -115839632
BOMBRIL-RGTS PRE       BOBR2 BZ        292257859      -115839632
TELEBRAS-CEDEA $       TEL4D AR        244857050     -14105541.5
TELEBRAS-ADR           TBAPY US        244857050     -14105541.5
TELEBRAS SA-PREF       TELB4 BZ        244857050     -14105541.5
TELEBRAS-PF BLCK       TELB40 BZ       244857050     -14105541.5
TELEBRAS-RTS PRF       RCTB2 BZ        244857050     -14105541.5
TELEBRAS-PF RCPT       RCTB41 BZ       244857050     -14105541.5
TELEBRAS-PF RCPT       CBRZF US        244857050     -14105541.5
TELEBRAS SA-PREF       TLBRPN BZ       244857050     -14105541.5
TELEBRAS-CEDE BL       RCT4B AR        244857050     -14105541.5
TELEBRAS-CEDE PF       TELB4 AR        244857050     -14105541.5
TELEBRAS-CED C/E       TEL4C AR        244857050     -14105541.5
TELEBRAS-CM RCPT       RCTB31 BZ       244857050     -14105541.5
TELEBRAS-RCT PRF       TELB10 BZ       244857050     -14105541.5
TELEBRAS-RECEIPT       TLBRUO BZ       244857050     -14105541.5
TELEBRAS-CM RCPT       TELE31 BZ       244857050     -14105541.5
TELEBRAS-PF RCPT       RCTB40 BZ       244857050     -14105541.5
TELEBRAS SA-RT         TELB9 BZ        244857050     -14105541.5
TELEBRAS/W-I-ADR       TBH-W US        244857050     -14105541.5
TELEBRAS-PF RCPT       TELE41 BZ       244857050     -14105541.5
TELEBRAS-PF RCPT       TBAPF US        244857050     -14105541.5
TELEBRAS SA            TBASF US        244857050     -14105541.5
TELEBRAS-ADR           RTB US          244857050     -14105541.5
TELEBRAS-CED C/E       RCT4C AR        244857050     -14105541.5
TELECOMUNICA-ADR       81370Z BZ       244857050     -14105541.5
TELEBRAS-BLOCK         TELB30 BZ       244857050     -14105541.5
TELEBRAS-RCT           RCTB33 BZ       244857050     -14105541.5
TELEBRAS-ADR           TBRAY GR        244857050     -14105541.5
TELEBRAS-RTS CMN       RCTB1 BZ        244857050     -14105541.5
TELEBRAS-ADR           TBH US          244857050     -14105541.5
TELEBRAS-ADR           TBX GR          244857050     -14105541.5
TELEBRAS-CEDE PF       RCTB4 AR        244857050     -14105541.5
TELEBRAS-CEDEA $       RCT4D AR        244857050     -14105541.5
TELEBRAS-CM RCPT       TBRTF US        244857050     -14105541.5
TELEBRAS-COM RT        TELB1 BZ        244857050     -14105541.5
TELEBRAS-CM RCPT       RCTB32 BZ       244857050     -14105541.5
TELEBRAS-RTS PRF       TLCP2 BZ        244857050     -14105541.5
TELEBRAS-PF RCPT       RCTB42 BZ       244857050     -14105541.5
TELEBRAS-PF RCPT       TLBRUP BZ       244857050     -14105541.5
TELEBRAS SA            TELB3 BZ        244857050     -14105541.5
TELEBRAS-ADR           TBASY US        244857050     -14105541.5
TELEBRAS SA            TLBRON BZ       244857050     -14105541.5
TELEBRAS-CM RCPT       RCTB30 BZ       244857050     -14105541.5
TELEBRAS-RTS CMN       TCLP1 BZ        244857050     -14105541.5
HOTEIS OTHON SA        HOOT3 BZ        238707299     -35774972.9
HOTEIS OTHON SA        HOTHON BZ       238707299     -35774972.9
HOTEIS OTHON-PRF       HOOT4 BZ        238707299     -35774972.9
HOTEIS OTHON-PRF       HOTHPN BZ       238707299     -35774972.9
TEKA                   TKTQF US        237346006      -337859942
TEKA                   TEKAON BZ       237346006      -337859942
TEKA-ADR               TKTQY US        237346006      -337859942
TEKA-ADR               TKTPY US        237346006      -337859942
TEKA-ADR               TEKAY US        237346006      -337859942
TEKA-PREF              TEKAPN BZ       237346006      -337859942
TEKA                   TEKA3 BZ        237346006      -337859942
TEKA-PREF              TEKA4 BZ        237346006      -337859942
TEKA-PREF              TKTPF US        237346006      -337859942
BALADARE               BLDR3 BZ        159454016     -52992212.8
SANSUY SA-PREF A       SNSYAN BZ       147187163     -86606310.8
SANSUY-PREF A          SNSY5 BZ        147187163     -86606310.8
SANSUY-PREF B          SNSY6 BZ        147187163     -86606310.8
SANSUY SA              SNSYON BZ       147187163     -86606310.8
SANSUY                 SNSY3 BZ        147187163     -86606310.8
SANSUY SA-PREF B       SNSYBN BZ       147187163     -86606310.8
GRADIENTE EL-PRC       IGBCN BZ        145256033      -273857292
GRADIENTE EL-PRB       IGBBN BZ        145256033      -273857292
IGB ELETRONICA         IGBR3 BZ        145256033      -273857292
GRADIENTE-PREF C       IGBR7 BZ        145256033      -273857292
GRADIENTE ELETR        IGBON BZ        145256033      -273857292
GRADIENTE EL-PRA       IGBAN BZ        145256033      -273857292
GRADIENTE-PREF B       IGBR6 BZ        145256033      -273857292
GRADIENTE-PREF A       IGBR5 BZ        145256033      -273857292
DHB IND E COM          DHBON BZ        133817651      -443044246
D H B                  DHBI3 BZ        133817651      -443044246
D H B-PREF             DHBI4 BZ        133817651      -443044246
DHB IND E COM-PR       DHBPN BZ        133817651      -443044246
PET MANG-RECEIPT       RPMG10 BZ       111979912      -134952358
PET MANG-RIGHTS        3678569Q BZ     111979912      -134952358
PET MANG-RECEIPT       RPMG9 BZ        111979912      -134952358
PETRO MANGUINHOS       MANGON BZ       111979912      -134952358
PET MANG-RT            RPMG2 BZ        111979912      -134952358
PETRO MANGUIN-PF       MANGPN BZ       111979912      -134952358
PETRO MANGUINHOS       RPMG3 BZ        111979912      -134952358
PET MANG-RIGHTS        3678565Q BZ     111979912      -134952358
PET MANG-RT            RPMG1 BZ        111979912      -134952358
PET MANGUINH-PRF       RPMG4 BZ        111979912      -134952358
VARIG PART EM-PR       VPSC4 BZ         96617351      -460274609
VARIG PART EM SE       VPSC3 BZ         96617351      -460274609
RIMET                  REEMON BZ        94618909      -152507221
RIMET-PREF             REEMPN BZ        94618909      -152507221
RIMET-PREF             REEM4 BZ         94618909      -152507221
RIMET                  REEM3 BZ         94618909      -152507221
DOCAS IMBITUBA         IMBION BZ        94039192     -39398915.1
DOC IMBITUB-PREF       IMBI4 BZ         94039192     -39398915.1
DOCAS IMBITUB-PR       IMBIPN BZ        94039192     -39398915.1
DOC IMBITUBA-RTC       IMBI1 BZ         94039192     -39398915.1
DOC IMBITUBA-RTP       IMBI2 BZ         94039192     -39398915.1
DOC IMBITUBA           IMBI3 BZ         94039192     -39398915.1
WETZEL SA              MWET3 BZ         84310496     -7570637.42
WETZEL SA-PREF         MWELPN BZ        84310496     -7570637.42
WETZEL SA-PREF         MWET4 BZ         84310496     -7570637.42
WETZEL SA              MWELON BZ        84310496     -7570637.42
ACO ALTONA             EALT3 BZ         80346370     -11622480.4
ACO ALTONA-PREF        EALT4 BZ         80346370     -11622480.4
ACO ALTONA-PREF        EAAPN BZ         80346370     -11622480.4
ACO ALTONA SA          EAAON BZ         80346370     -11622480.4
ESTRELA SA-PREF        ESTR4 BZ         76255458     -69760619.7
ESTRELA SA             ESTRON BZ        76255458     -69760619.7
ESTRELA SA-PREF        ESTRPN BZ        76255458     -69760619.7
ESTRELA SA             ESTR3 BZ         76255458     -69760619.7
RIOSULENSE SA          RSULON BZ        68368524     -9647727.04
RIOSULENSE SA-PR       RSULPN BZ        68368524     -9647727.04
RIOSULENSE SA-PR       RSUL4 BZ         68368524     -9647727.04
RIOSULENSE SA          RSUL3 BZ         68368524     -9647727.04
TEXTEIS RENAUX         RENXON BZ        63634626     -91597740.4
TEXTEIS RENAU-RT       TXRX2 BZ         63634626     -91597740.4
RENAUXVIEW SA          TXRX3 BZ         63634626     -91597740.4
TEXTEIS RENA-RCT       TXRX10 BZ        63634626     -91597740.4
TEXTEIS RENA-RCT       TXRX9 BZ         63634626     -91597740.4
TEXTEIS RENAUX         RENXPN BZ        63634626     -91597740.4
RENAUXVIEW SA-PF       TXRX4 BZ         63634626     -91597740.4
TEXTEIS RENAU-RT       TXRX1 BZ         63634626     -91597740.4
MINUPAR SA-PREF        MNPRPN BZ        63223032     -58260845.7
MINUPAR                MNPR3 BZ         63223032     -58260845.7
MINUPAR SA             MNPRON BZ        63223032     -58260845.7
MINUPAR-PREF           MNPR4 BZ         63223032     -58260845.7
FABRICA RENAUX-P       FRNXPN BZ        63036915       -59781833
FABRICA RENAUX         FTRX3 BZ         63036915       -59781833
FABRICA RENAUX-P       FTRX4 BZ         63036915       -59781833
FABRICA TECID-RT       FTRX1 BZ         63036915       -59781833
FABRICA RENAUX         FRNXON BZ        63036915       -59781833
VARIG PART EM-PR       VPTA4 BZ         49432124      -399290426
VARIG PART EM TR       VPTA3 BZ         49432124      -399290426
WIEST                  WISA3 BZ         39838114     -93371563.1
WIEST SA-PREF          WISAPN BZ        39838114     -93371563.1
WIEST SA               WISAON BZ        39838114     -93371563.1
WIEST-PREF             WISA4 BZ         39838114     -93371563.1
CIMOB PARTIC SA        GAFON BZ         36817395     -33083086.5
CIMOB PARTIC SA        GAFP3 BZ         36817395     -33083086.5
CIMOB PART-PREF        GAFP4 BZ         36817395     -33083086.5
CIMOB PART-PREF        GAFPN BZ         36817395     -33083086.5
BOTUCATU TEXTIL        STRP3 BZ         35101567     -13482713.5
STAROUP SA             STARON BZ        35101567     -13482713.5
BOTUCATU-PREF          STRP4 BZ         35101567     -13482713.5
STAROUP SA-PREF        STARPN BZ        35101567     -13482713.5
SANESALTO              SNST3 BZ         28244078     -875835.818
STEEL DO BRASIL        STLB3 BZ         24189041     -2271641.06
CHIARELLI SA           CCHI3 BZ         22274027     -44537138.2
CHIARELLI SA-PRF       CCHI4 BZ         22274027     -44537138.2
CHIARELLI SA-PRF       CCHPN BZ         22274027     -44537138.2
CHIARELLI SA           CCHON BZ         22274027     -44537138.2
NOVA AMERICA SA        1NOVON BZ        21287489      -183535527
NOVA AMERICA SA        NOVA3 BZ         21287489      -183535527
NOVA AMERICA-PRF       1NOVPN BZ        21287489      -183535527
NOVA AMERICA-PRF       NOVA4 BZ         21287489      -183535527
NOVA AMERICA-PRF       NOVAPN BZ        21287489      -183535527
NOVA AMERICA SA        NOVA3B BZ        21287489      -183535527
NOVA AMERICA-PRF       NOVA4B BZ        21287489      -183535527
NOVA AMERICA SA        NOVAON BZ        21287489      -183535527
CAFE BRASILIA SA       CSBRON BZ        18540302      -790303366
CAFE BRASILIA-PR       CSBRPN BZ        18540302      -790303366
CAF BRASILIA           CAFE3 BZ         18540302      -790303366
CAF BRASILIA-PRF       CAFE4 BZ         18540302      -790303366
TECEL S JOSE           SJOS3 BZ         17924946     -18569451.2
TECEL S JOSE-PRF       SJOS4 BZ         17924946     -18569451.2
TECEL S JOSE-PRF       FTSJPN BZ        17924946     -18569451.2
TECEL S JOSE           FTSJON BZ        17924946     -18569451.2
FERRAGENS HAGA         HAGAON BZ        17657785     -62285757.3
FERRAGENS HAGA-P       HAGAPN BZ        17657785     -62285757.3
HAGA                   HAGA3 BZ         17657785     -62285757.3
FER HAGA-PREF          HAGA4 BZ         17657785     -62285757.3
NORDON MET             NORD3 BZ         15427479     -20563974.4
NORDON METAL           NORDON BZ        15427479     -20563974.4
NORDON MET-RTS         NORD1 BZ         15427479     -20563974.4
SCHLOSSER SA           SCHON BZ         13140656     -56631899.1
SCHLOSSER-PREF         SCLO4 BZ         13140656     -56631899.1
SCHLOSSER              SCLO3 BZ         13140656     -56631899.1
SCHLOSSER SA-PRF       SCHPN BZ         13140656     -56631899.1
PROMAN                 PRMN3B BZ        13088926     -87154.5455
PROMAN                 PRMN3 BZ         13088926     -87154.5455
GAZOLA SA-DVD CM       GAZO11 BZ        12452143     -40298506.3
GAZOLA-RCPTS CMN       GAZO9 BZ         12452143     -40298506.3
GAZOLA-RCPT PREF       GAZO10 BZ        12452143     -40298506.3
GAZOLA SA-PREF         GAZPN BZ         12452143     -40298506.3
GAZOLA                 GAZO3 BZ         12452143     -40298506.3
GAZOLA-PREF            GAZO4 BZ         12452143     -40298506.3
GAZOLA SA              GAZON BZ         12452143     -40298506.3
GAZOLA SA-DVD PF       GAZO12 BZ        12452143     -40298506.3
ARTHUR LAN-DVD C       ARLA11 BZ        11642256     -17154461.9
ARTHUR LANG-RC C       ARLA9 BZ         11642256     -17154461.9
ARTHUR LANG-RC P       ARLA10 BZ        11642256     -17154461.9
ARTHUR LAN-DVD P       ARLA12 BZ        11642256     -17154461.9
ARTHUR LANGE           ARLA3 BZ         11642256     -17154461.9
ARTHUR LANGE-PRF       ARLA4 BZ         11642256     -17154461.9
ARTHUR LANGE SA        ALICON BZ        11642256     -17154461.9
ARTHUR LANG-RT P       ARLA2 BZ         11642256     -17154461.9
ARTHUR LANG-RT C       ARLA1 BZ         11642256     -17154461.9
ARTHUR LANGE-PRF       ALICPN BZ        11642256     -17154461.9
HERCULES               HETA3 BZ         10710103      -164239944
HERCULES SA            HERTON BZ        10710103      -164239944
HERCULES-PREF          HETA4 BZ         10710103      -164239944
HERCULES SA-PREF       HERTPN BZ        10710103      -164239944


CHILE

CHILESAT CO-ADR        TL US           649980376     -82003656.5
CHILESAT CORP SA       TELEX CI        649980376     -82003656.5
TELMEX CORP SA         CHILESAT CI     649980376     -82003656.5
CHILESAT CO-RTS        CHISATOS CI     649980376     -82003656.5
TELEX-A                TELEXA CI       649980376     -82003656.5
TELMEX CORP-ADR        CSAOY US        649980376     -82003656.5
TELEX-RTS              TELEXO CI       649980376     -82003656.5

                            ***********

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. Agravente, Rousel Elaine C.
Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A.
Chapman, Editors.


Copyright 2010.  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 Christopher Beard at 240/629-3300.


           * * * End of Transmission * * *