/raid1/www/Hosts/bankrupt/TCRLA_Public/100727.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 27, 2010, Vol. 11, No. 146

                            Headlines



A R G E N T I N A

CICCONE CALCOGRAFICA: Creditors' Proofs of Debt Due on Sept. 29
RECTIFICACIONES COMODORO: Creditors' Proofs of Debt Due on June 30


B R A Z I L

ANHANGUERA EDUCACIONAL: Morgan Stanley Holds 5% of Firm's Shares
COMPANHIA ENERGETICA: Transmissora Alianca Starts US$338MM Issue
CYRELA BRAZIL: 2Q Preliminary Contracted Sales Reached BRL1.5BB
NET SERVICOS: 2nd Quarter Net Revenue Up 19% to BRL1.3 Billion
NET SERVICOS: Mulls US$150 Million Perpetual Bonds Sale

REDE ENERGIA: Moody's Raises Ratings on Perpetual Bonds to 'Caa3'
ULTRAPAR PARTICIPACOES: CADE Okays Acquisition of Texaco Assets


C A Y M A N  I S L A N D S

ASIAN INFRASTRUCTURE: Members' Final Meeting Set for August 26
AXON FINANCIAL: Moody's Withdraws Ratings on Various Notes
BLACK RIVER: Members' Final Meeting Set for August 25
CALABASH RE: Shareholder to Receive Wind-Up Report on August 19
DUKE FUNDING: Moody's Withdraws Various Classes of Notes

EXEMPLAR CAPITAL: Shareholders' Final Meeting Set for August 30
INVESTCORP AMPERSAND: Members' Final Meeting Set for August 24
KOISHIKAWA HOLDINGS: Members' Final Meeting Set for August 25
LEHMAN BROTHERS: Shareholder to Receive Wind-Up Report on Aug. 10
MAYFAIR EQUITIES: Shareholders' Final Meeting Set for August 27

SIGMA FINANCE: Moody's Withdraws Ratings on Various Classes
SKYSCRAPER LIMITED: Members' Final Meeting Set for August 25
SKYSCRAPER TRADING: Members' Final Meeting Set for August 25
STARTS (CAYMAN): Members' Final Meeting Set for August 26


J A M A I C A

LORRESTON A BAILEY: FSC Issues Cease and Desist Order
NATIONAL COMMERCIAL: Records JM$2.76BB Profit in Third Fiscal Qtr.
NATIONAL COMMERCIAL: Extends Farmers' Low Interest Loan Offer


M E X I C O

BBVA BANCOMER: S&P Withdraws 'BB+' Subordinated Debt Rating
CONTROLADORA COMERCIAL: Denied U.S. TRO on Creditor Suits
CEMEX SAB: 2Q Results Could Mark Start of a Turnaround
MEXICANA AIRLINE: Under Pressure; Fails to Meet Debt Obligations
VITRO SAB: Presents Revised Proposal for Debt Restructuring


P E R U

BANCO DE CREDITO: Posts US$127.3 Million Net Income in 2nd Quarter
DOE RUN PERU: Fails to Submit Proof of Financial Guarantees


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Placed on "Yellow Alert" by Oil Minister


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                         - - - - -


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


CICCONE CALCOGRAFICA: Creditors' Proofs of Debt Due on Sept. 29
---------------------------------------------------------------
The court-appointed trustee for Ciccone Calcografica S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until September 29, 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.


RECTIFICACIONES COMODORO: Creditors' Proofs of Debt Due on June 30
------------------------------------------------------------------
The court-appointed trustee for Rectificaciones Comodoro S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 30, 2010.

The trustee will present the validated claims in court as
individual reports on August 27, 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
October 8, 2010.


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


ANHANGUERA EDUCACIONAL: Morgan Stanley Holds 5% of Firm's Shares
----------------------------------------------------------------
Anhanguera Educacional Participacoes SA said that funds managed by
Morgan Stanley Uruguay Ltda. reduced its stake from 4.77 million
to 4.76 million of its units, Fabiola Moura at Bloomberg News
reports, citing a regulatory filing.  The report relates that the
shares represent about 5% of the company's preferred shares.

Anhanguera Educacional Participacoes SA --
http://www.unianhanguera.edu.br/-- is a Brazil-based private,
for-profit professional education company.  AESA is a holding
company which directly or indirectly controls and supports the
operations of all of its campuses and owns 100% of the capital of
Poona, Sapiens, Jacareiense, and AESA Publicacoes.  The company
operates three education networks, Microlins, providing vocational
training centers offering short-term programs in Information
Technology and Business Administration, Anhanguera/LFG, composed
by distance-learning centers, offering undergraduate, graduate and
extension programs, and Anhanguera, constituted by campuses
offering more than 90 undergraduate programs, in addition to on-
campus and distance-learning graduate and extension programs.  In
2008, the company acquired 30% of the share capital of Editora
Microlins Brasil Ltda and fully acquired LFG Business e
Participacoes Ltda.


                         *     *     *

As of July 26, 2010, the company continues to carry Standard and
Poor's "BB-" long-term issuer credit ratings.


COMPANHIA ENERGETICA: Transmissora Alianca Starts US$338MM Issue
----------------------------------------------------------------
Transmissora Alianca de Energia Eletrica S.A (Taesa), started its
issue of non-convertible debentures worth BRL600 million (US$338
million), Rogerio Jelmayer at Dow Jones Newswires reports.  Taesa
is controlled by Companhia Energetica de Minas Gerais.

According to the report, the debentures of the first series, worth
BRL345 million, will mature on July 15, 2015, and the company will
pay an annual interest rate of 1.3 percentage points over the
variation of the interbank rate called DI.  The report relates
that the debentures of the second series, totaling BRL255 million,
will mature on June 15, 2015, and the company will pay an annual
interest rate of 7.91 percentage points over the variation of
ofissila inflation index IPCA.

BB Banco de Investimento, BTG Pactual, Citibank and HSBC, are
coordinating the operation.

Transmissora Alianca is a Brazilian electricity transmission
company.

                           About Cemig

Companhia Energetica de Minas Gerais a.k.a. Cemig --
http://www.cemig.com.br/-- is an electric energy utility in
Brazil.  Cemig's concession area extends throughout nearly 96.7%
of Minas Gerais.  Cemig owns and operates 52 power plants, of
which six are in partnership with private enterprises, relying on
a predominantly hydroelectric energy matrix.  Electric energy is
produced to supply more than 17 million people living in the
state's 774 municipalities.  In addition to those 52 plants,
another three are currently under construction.

Cemig is also active in several other states, through ventures for
the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).

                           *     *     *

As of July 26, 2010, the company continues to carry Moody's "Ba1"
long-term and LC currency issuer rating.  The company also
continues to carry Standard and Poor's "BB" long-term issuer
credit ratings.


CYRELA BRAZIL: 2Q Preliminary Contracted Sales Reached BRL1.5BB
---------------------------------------------------------------
Cyrela Brazil Realty SA Empreendimentos e Participacoes said that
its second-quarter preliminary contracted sales reached BRL1.5
billion (US$851.7 million), Alexander Cuadros at Bloomberg News
reports, citing a company regulatory filing.  The report relates
that the company's exclusive stake of the sales was BRL1.1
billion, 77% higher than the same period last year.

"The numbers reported were slightly better than estimated,"
JPMorgan Chase & Co. analysts Adrian E. Huerta and Marcelo Motta
wrote in a note to clients that was obtained by the news agency.
"Sales were strong," they added.

                      About Cyrela Brazil

Cyrela Brazil Realty S.A. Empreendimentos e Participacoes
develops, rents, manages and sells residential and commercial real
estate properties.  The Company's real estate portfolio includes
shopping centers, office and apartment buildings, hotels and land.

                         *     *     *

As of July 26, 2010, the company continues to carry Moody's "Ba2"
long-term corporate family rating.  The company also continues to
carry Standard and Poor's "BB-" long-term issuer credit ratings.


NET SERVICOS: 2nd Quarter Net Revenue Up 19% to BRL1.3 Billion
--------------------------------------------------------------
Net Servicos de Comunicacao S.A. posted its second quarter of 2010
results.

The company's net revenue was BRL1.31 billion in 2Q10, growing by
19% from BRL1.1 billion in 2Q09, basically driven by the larger
subscriber base for all services provided by NET.

Operating Costs amounted to BRL620.1 million in the quarter,
increasing by 11% from BRL556.3 million in 2Q09, though declining
as a percentage of net revenue to 47.3%.  The increase mainly
reflects the higher costs with programming, higher Internet access
bandwidth consumption and call center services.

Selling, General and Administrative expenses totaled R$303.1
million in the quarter, up 23% from BRL245.6 million in the same
period of 2009.  Selling expenses rose as a result of the higher
expenses with initiatives to boost sales of higher value-added
products, telecom services due to the higher average duration of
calls and diversification of media and sales channels to leverage
opportunities related to the 2010 FIFA World Cup.  General and
Administrative expenses were BRL170.9 million in the quarter,
mainly due to the higher expenses with IT services to improve
platforms and systems, which are related to the quality of
customer services.

EBITDA (earnings before interest, tax, depreciation and
amortization) was BRL374.9 million in 2Q10, growing by 30% from
BRL287.4 million in 2Q09, in line with the business plan to grow
organically while maintaining margins that are consistent with
this growth. EBITDA margin was 29% in 2Q10.

Capex totaled BRL316.2 million in 2Q10, and the majority was
variable, mainly allocated to acquire equipment and subscriber
installation, both of which are related to household acquisition.
Additionally in the quarter, NET began to execute its network and
bidirectional coverage expansion project.

In June 2010, the Company launched new internet connection speeds
and now offers speeds of 5Mb, 10Mb, 20Mb, 50Mb and 100Mb, besides
the entry level speeds.  This made the combined offering of Pay
TV, Broadband and Voice services even more attractive and
competitive, demonstrating NET's leadership and innovation in the
market.

As a result of the strategy initiated at the end of last year, NET
achieved solid results in its efforts to sell Pay TV packages that
include high-definition channels and high-value-added content.

The Company's organic growth resumed a positive trend, with growth
in Pay TV net additions accelerating in relation to the last few
quarters.  Pay TV subscriber base ended 2Q10 with 3,883,000
clients, increasing by 107,000 or 12% from 3,480,000 at the end of
2Q09.  Broadband base totaled 3,100,000 clients at the end of
2Q10, up 19% from 2,605,000 in 2Q09.  There were 2,765,000 fixed
lines in service at the end of 2Q10, up 21% from 2,286,000 lines
at the end of 2Q09.

                       About Net Servicos

Net Servicos de Comunicacao SA provides cable television services
under the brand name NET, hihg-speed broadband Internet services
under the bame Virtuua, and data transmission services using both
satellite ad terrestrial technology under the name Vicom.  The
company mainly operates from Sao Paulo, rio de Janerio and Beo
Horizonte, Brazil.

                         *     *     *

As of February 25, 2010, the company continues to carry Moody's
"Ba1" long-term corporate family and senior unsecured debt rating.
The company also continues to carry Standard and Poor's "BB+" LT
Issuer Credit ratings.


NET SERVICOS: Mulls US$150 Million Perpetual Bonds Sale
-------------------------------------------------------
Net Servicos de Comunicacao SA Chief Financial Officer Joao Elek
said that the company plans to sell US$150 million of perpetual
bonds by the end of the year, Bloomberg news reports, citing Sao
Paulo-based Valor newspaper.

According to the report, Mr. Elek said that the company plans to
use the proceeds to refinance debt at a lower cost.

Net Servicos de Comunicacao SA provides cable television services
under the brand name NET, hihg-speed broadband Internet services
under the bame Virtuua, and data transmission services using both
satellite ad terrestrial technologies under the name Vicom.  The
company mainly operates from Sao Paulo, rio de Janerio and Beo
Horizonte, Brazil.

                         *     *     *

As of February 25, 2010, the company continues to carry Moody's
"Ba1" long-term corporate family and senior unsecured debt rating.
The company also continues to carry Standard and Poor's "BB+" LT
Issuer Credit ratings.


REDE ENERGIA: Moody's Raises Ratings on Perpetual Bonds to 'Caa3'
-----------------------------------------------------------------
Moody's upgraded Rede Energia S.A's US$497 million perpetual bonds
to Caa3 from Ca at the same time that it affirmed Rede's corporate
family rating at Caa1.  Moody's also affirmed the B3 issuer
ratings on Rede's operating subsidiaries and maintained the
negative outlook for all ratings within the Rede group.

The rating upgrade to Caa3 from Ca on the perpetual bonds follows
the recent announcement by Rede's management that Empresa de
Energia Vale do Paranapanema, a major shareholder, will capitalize
Rede by BRL600 million expected to occur within the next two
months.  This partial recapitalization follows the successful
issuance of 5-year BRL370 million debentures in December whose
proceeds were used to refinance the BRL320 million of short-term
borrowed in mid-2009 to support the company's tender offer for its
US$575 million perpetual bonds and the redemption of more
expensive short-term debt which provide some additional financial
flexibility.

FI-FGTS, an investment fund managed by the Brazilian Federal Bank
Caixa Econ“mica Federal, signed an agreement to acquire around 35%
of EEVP's total capital for BRL 600 million.  These resources will
not be used to reduce Rede's debt but will rather be transferred
to two of Rede's major operating subsidiaries, Centrais Eletricas
do Para S.A. and Empresa Energetica do Mato Grosso do Sul.

CELPA is expected to receive around BRL530 million to help the
company meet its aggressive capital expenditures program estimated
to cost over BRL1 billion over the next few years.  The goals of
the investment program are to reduce energy losses from the
current 29% to around 24%, meet the regulator's parameters for
service quality, and also to expand the distribution
infrastructure in the face of growing demand in the state of Para.
The remaining BRL70 million will be used to capitalize Enersul.

While the BRL600 million capitalization will not have an immediate
impact on Rede's liquidity position, Moody's believes this move
could be an important step toward Rede's financial turnaround
insofar as it provides its operating subsidiaries with a better
debt profile and stronger capital structure.  Should Rede's
management successfully streamline CELPA's cost structure and
increase productivity as planned, CELPA will undoubtedly post
higher cash generation and, as result, resume the distribution of
dividends in the medium-term horizon.

The negative outlook derives from Moody's views that up-streamed
dividends from the operating subsidiaries will not suffice for
Rede to completely fulfill its debt service obligations, which
will lead to further refinancing and eventually more debt at the
holding company level.

Most of Rede's operating subsidiaries face cash flow constraints
either because of sizeable debt or high capital expenditures,
which prevents these companies from increasing the distribution of
dividends to a level more compatible with the cash needs of their
holding company parent.  As stated in previous reports, Moody's
deems the level of debt at the holding company unsustainable and
believes that some kind of additional equity arrangement will be
necessary in the short-term.  Management appears to be aware of
this.  Moody's will review any new corporate structure stemming
from management's possible revised financial strategy and will
evaluate its impact on the company's financial condition.

Ratings with negative outlook include:

* Caa1/Caa1.br Corporate Family Ratings for Rede Energia S.A.

* Caa3 Senior Unsecured rating for Rede's US$497 million perpetual
  bonds

* B3/B1.br Issuer Ratings for Centrais Eletricas do Para S.A.

* B3/B1.br Issuer Ratings for Centrais Eletricas Mato-grossenses
  S.A.

* B3/B1.br Issuer Ratings for Comp. de Ener. Eletr. do Est. do
  Tocantins

The last rating action for Rede was on July 1, 2009, when Moody's
downgraded to Ca from Caa3 the senior unsecured US$575 million
perpetual bonds.  At the same time, Moody's confirmed Rede's Caa1
local currency corporate family rating and assigned a negative
outlook.  In addition, Moody's confirmed the issuer ratings for
Rede's operating companies, and changed their outlooks to negative
as well.

Rede Energia S.A., headquartered in Sao Paulo, Brazil, is a
holding company with interests in electricity distribution and
generation.  Through majority-owned subsidiaries Companhia de
Energia Eletrica do Estado do Tocantins - Celtins, Centrais
Eletricas Matogrossenses S.A. - Cemat, Centrais Eletricas do Para
S.A. - Celpa and Empresa Energ. do Mato Grosso Sul -- Enersul, the
group operates concessions to distribute electricity in the states
of Tocantins, Mato Grosso, Para and Mato Grosso do Sul,
respectively.  In addition, Rede operates small power distribution
concessions in a number of municipalities in the states of Sao
Paulo, Minas Gerais and Paran .  Overall, the group serves
approximately 4.2 million clients.  In the last twelve months
ended March 31, 2010, Rede reported consolidated net revenues of
BRL5.2 billion (US$2.8 billion) and distributed 18.4 TWh of
electricity, which is equivalent to approximately 4.6% of the
electricity consumed in the country's national integrated system
during this period.


ULTRAPAR PARTICIPACOES: CADE Okays Acquisition of Texaco Assets
---------------------------------------------------------------
Iuri Dantas at Bloomberg News reports that Ultrapar Participacoes
SA's acquisition of Texaco-branded gas stations in Brazil was
unanimously approved by the nation's antitrust agency, Cade.

Ultrapar Participacoes acquired stakes from Chevron Brasil Ltd.
and Galena in a BRL1.16 billion-real deal, Cade spokesman Aldo
Renato told the news agency in a telephone interview.

Headquartered in Sao Paulo, Brazil, Ultrapar Participacoes S.A.
(NYSE: UGP) (BOVESPA: UGPA4) is a company with two main
operations: LPG distribution (through its fully-owned subsidiary
Ultragaz Participacoes Ltda.) and chemical production (through its
also fully-owned subsidiary Oxiteno S.A.).  A third smaller but
growing business is the transportation and storage of chemicals
and fuels, Ultracargo Operacoes Logisticas e Participacoes Ltda.,
which completes Ultrapar's business portfolio and reinforces the
trend for further business diversity in the long run.

                           *      *      *

As of October 19, 2009, the company continues to carry Moody's
"BB+" long-term issuer credit ratings.


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


ASIAN INFRASTRUCTURE: Members' Final Meeting Set for August 26
--------------------------------------------------------------
The members of Asian Infrastructure Mezzanine Capital Fund will
hold their final meeting, on August 26, 2010, 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:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


AXON FINANCIAL: Moody's Withdraws Ratings on Various Notes
----------------------------------------------------------
Moody's Investors Service has withdrawn these ratings of notes
issued by Axon Financial Funding Limited and Axon Financial
Funding LLC.  The credit ratings have been withdrawn because
Moody's believes it has inadequate information to maintain the
credit ratings.

Issuer: Axon Financial Funding Limited and Axon Financial Funding
LLC

  -- US$20000M Euro-Commercial Paper Programme, Withdrawn;
     previously on Oct. 23, 2007 Downgraded to NP

  -- US$20000M Euro Medium Term Note Programme, Withdrawn;
     previously on May 1, 2009 Downgraded to Ca/NP

  -- US$20000M US Commercial Paper Programme, Withdrawn;
     previously on Oct. 23, 2007 Downgraded to NP

  -- US$20000M US Medium Term Note Programme, Withdrawn;
     previously on May 1, 2009 Downgraded to Ca/NP

  -- US$20000M Mezzanine Capital Note Programme, Withdrawn;
     previously on May 1, 2009 Downgraded to C


BLACK RIVER: Members' Final Meeting Set for August 25
-----------------------------------------------------
The members of Black River Commodity Select Fund Ltd. will hold
their final meeting, on August 25, 2010, at 11:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


CALABASH RE: Shareholder to Receive Wind-Up Report on August 19
---------------------------------------------------------------
The shareholder of Calabash RE II Ltd. will receive, on August 19,
2010, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

         Damien Austin
         Anya Payne
         Telephone: 914-7551/ 914-7505
         Facsimile: 949-6021
         P.O. Box 1109 Grand Cayman
         Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-6021


DUKE FUNDING: Moody's Withdraws Various Classes of Notes
--------------------------------------------------------
Moody's Investors Service has withdrawn these ratings of notes
issued by Duke Funding High Grade II-S/EGAM I, LTD and Duke
Funding High Grade II-S/EGAM I, LLC.  The credit ratings have been
withdrawn because Moody's believes it has inadequate information
to maintain the credit ratings.

Issuer: Duke Funding High Grade II-S/EGAM I, LTD and Duke Funding
High Grade II-S/EGAM I, LLC

  -- US$120M Class A2 Mezzanine Floating Rate Notes Notes,
     Withdrawn; previously on Jan. 14, 2008 Downgraded to C

  -- US$60M Class B1 Mezzanine Floating Rate Notes Notes,
     Withdrawn; previously on Jan. 14, 2008 Downgraded to C

  -- US$78M Class B2 Mezzanine Floating Rate Notes Notes,
     Withdrawn; previously on Nov. 30, 2007 Downgraded to C

  -- US$68M Class C 2006-2 Mezzanine Floating Rate Notes Notes,
     Withdrawn; previously on Nov. 30, 2007 Downgraded to C

  -- US$21M Class D Mezzanine Floating Rate Notes Notes,
     Withdrawn; previously on Nov. 30, 2007 Downgraded to C


EXEMPLAR CAPITAL: Shareholders' Final Meeting Set for August 30
---------------------------------------------------------------
The shareholders of Exemplar Capital Management, Ltd. will hold
their final meeting, on August 30, 2010, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Lisa Clarke
         c/o Jane Fleming
         Telephone: (345) 945-2187/ (345) 945-2197
         PO Box 30464, Grand Cayman KY1-1202
         Cayman Islands


INVESTCORP AMPERSAND: Members' Final Meeting Set for August 24
--------------------------------------------------------------
The members of Investcorp Ampersand II Limited will hold their
final meeting, on August 24, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Marc Randall
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


KOISHIKAWA HOLDINGS: Members' Final Meeting Set for August 25
-------------------------------------------------------------
The members of Koishikawa Holdings Limited will hold their final
meeting, on August 25, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


LEHMAN BROTHERS: Shareholder to Receive Wind-Up Report on Aug. 10
-----------------------------------------------------------------
The shareholder of Lehman Brothers Global Bond Fund, (Offshore)
Ltd will receive, on August 10, 2010, at 10:00 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ogier
         c/o Phil Hughes
         Telephone: (345) 815 1402
         Facsimile: (345) 949-1986


MAYFAIR EQUITIES: Shareholders' Final Meeting Set for August 27
---------------------------------------------------------------
The shareholders of Mayfair Equities Limited will hold their final
meeting, on August 27, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         John Sutlic
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KYI-1102


SIGMA FINANCE: Moody's Withdraws Ratings on Various Classes
-----------------------------------------------------------
Moody's Investors Service has withdrawn these ratings of notes
issued by Sigma Finance Corporation and Sigma Finance Inc. The
credit ratings have been withdrawn because Moody's believes it has
inadequate information to maintain the credit ratings.

Issuer: Sigma Finance Corporation and Sigma Finance Inc

  -- US$2500M Euro Medium Term Note MTN Program, Withdrawn;
     previously on Dec. 1, 2008 Downgraded to C

  -- US$2500M Euro Medium Term Note MTN Program, Withdrawn;
     previously on Sept. 30, 2008 Downgraded to NP

  -- US$2500M US Medium Term Note MTN Program, Withdrawn;
     previously on Dec. 1, 2008 Downgraded to C

  -- US$2500M US Medium Term Note MTN Program, Withdrawn;
     previously on Sept. 30, 2008 Downgraded to NP

  -- $A 3000M Australian Dollar MTN, Withdrawn; previously on
     Dec. 1, 2008 Downgraded to C


SKYSCRAPER LIMITED: Members' Final Meeting Set for August 25
------------------------------------------------------------
The members of Skyscraper Limited will hold their final meeting,
on August 25, 2010, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Takashi Sugimoto
         2-2-103 Akitsu 1-chome
         Narashino-city Chiba Prefecture
         Japan
         c/o Victor Murray Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


SKYSCRAPER TRADING: Members' Final Meeting Set for August 25
------------------------------------------------------------
The members of Skyscraper Trading Co. will hold their final
meeting, on August 25, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Takashi Sugimoto
         2-2-103 Akitsu 1-chome
         Narashino-city Chiba Prefecture
         Japan
         c/o Victor Murray Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


STARTS (CAYMAN): Members' Final Meeting Set for August 26
---------------------------------------------------------
The members of Starts (Cayman) Limited 2009-7S will hold their
final meeting, on August 26, 2010, at 10:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


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


LORRESTON A BAILEY: FSC Issues Cease and Desist Order
-----------------------------------------------------
Alicia Roache at the Jamaica Observer reports that the Financial
Services Commission has issued a cease and desist order against
Lorreston A Bailey, prohibiting the company and its agents
including Deborah Bailey, from engaging in further securities
trading activities.  The report relates that Lorreston A Bailey is
also prohibited from accepting or paying out money to new or
existing clients, advertising or soliciting its activities and
withdrawing and transferring the property of the company.

According to the report, FSC has also assumed control of the
company until further notice.

The report notes that the securities sector regulator took action
against the dealer following investigations which it said revealed
"unsound practices".  The report relates that according to the
Cease and Desist Order, Lorreston Bailey has failed to provide
clients with statements of accounts, to maintain the capital
adequacy ratio required, to comply with the FSC's request for
specified information and to produce documents regarding the true
state of its affairs.  The FSC claims that the company has also
misrepresented to it the total of its funds under management and
its corresponding liabilities, the report relates.

The report says that FSC stipulates a minimum benchmark of 6 per
cent of capital to total asset ratio, and 10 per cent of capital
to risk weighted assets ratio.  However, the report relates the
regulators noted that the value of the dealer's assets is
substantially less than the amount of its liabilities.

Lorreston Bailey is a licensed security dealer.


NATIONAL COMMERCIAL: Records JM$2.76BB Profit in Third Fiscal Qtr.
------------------------------------------------------------------
Alicia Roache at Jamaica Observer reports that the National
Commercial Bank Group reported a JM$2.76 billion third quarter
profit, a marginal JM$42 million increase over the corresponding
period last year.  The report relates that the performance of the
Group was affected by the Jamaica Debt Exchange, concluded March
2010, in which the Government of Jamaica exchanged its high
interest bearing instruments for those with lower yields and
longer maturities.

According to the report, NCB participated 100% in the initiative
which resulted in a reduction in net interest income for the
Group.  However, the report relates, with a 36% reduction in
interest expense to offset the losses, the Group managed to show
an increase of three per cent or JM$156.6 million in its net
interest income over the corresponding quarters.

The report notes that Dennis Cohen, NCB deputy group managing
director noted that the June 2010 quarter is the first period in
which the full impact of the JDX reflected on the performance of
the firm.  Also affecting performance, he said, is the revaluation
of the Jamaica dollar relative to its US counterpart -- its major
trading partner, the report relates.

The Observer says that fee and commission income also increased
over corresponding quarters as well.  The report relates that net
fee and commission income increased 24% from JM$1.16 billion at
June 2009 to the corresponding quarter of 2010.  Yvonne Clarke,
group chief financial officer, the report notes, said that 50% of
the Bank's fee income is transaction driven and earned from its
card business.

Operating income, the report discloses, increased by 3%, along
with operating expenses, 12.7%, quarter on quarter.  Among the
factors outlined for the increased costs were the reduction in
spreads following the JDX, the restructuring exercise undertaken
by the group earlier this year, the increase in the base cost, the
inflation rate and fuel prices, the report notes.

The Observer says that staff costs increased 12% from JM$1.8
billion in June 2009, to JM$2.1 billion at quarter ended June 2010
as a result of the redundancy and restructuring exercise which saw
significant payouts to the displaced staff.  However, these costs
have begun to decline from the March 2010 quarter, at which point
staff costs were JM$2.6 billion, the report adds.

                         About NCB Jamaica

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial and
retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 1, 2010, Fitch Ratings upgraded the ratings of Jamaica-based
National Commercial Bank Jamaica Limited's Long-term foreign and
local currency issuer default rating to 'B-' from 'CCC'; short-
term foreign and local currency issuer default rating to 'B' from
'C'; and Support floor to 'B-' from 'CCC'.


NATIONAL COMMERCIAL: Extends Farmers' Low Interest Loan Offer
-------------------------------------------------------------
The National Commercial Bank has indicated that it will be
extending the time frame in which farmers can access a special low
introductory loan to grow potatoes, onions and peppers,
RadioJamaica reports.

As reported in the Troubled Company Reporter Latin America on
March 30, 2010, Jamaica Gleaner said that NCB, in partnership with
the Ministry of Agriculture and Fisheries, launched a new loan
product that offers farmers up to JM$2 million of credit at 9%
interest per annum.  The report related that applicants have just
over a month, to April 30, to file applications for the cheap
before the price of the loan climbs to 15%.

The report notes that NCB Group CEO, Patrick Hylton said that
conditions in the agricultural sector forced the bank to extend
the previous deadline for take up of the loan.  The report relates
that farmers now have until the end of September to take up the
loan which has been offered as part of a thrust to boost
agricultural output in Jamaica.

Despite the concessionary rates on offer, the NCB Managing
Director said the response from farmers has not been overwhelming,
the report adds.

                       About NCB Jamaica

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial and
retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 1, 2010, Fitch Ratings upgraded the ratings of Jamaica-based
National Commercial Bank Jamaica Limited's Long-term foreign and
local currency issuer default rating to 'B-' from 'CCC'; short-
term foreign and local currency issuer default rating to 'B' from
'C'; and Support floor to 'B-' from 'CCC'.


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


BBVA BANCOMER: S&P Withdraws 'BB+' Subordinated Debt Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it withdrew its 'BB+'
subordinated debt rating on BBVA Bancomer S.A.'s $500 million
nonpreferred subordinated notes due 2015 following the company's
full redemption of these notes on July 22, 2010.

                           Ratings List

                        BBVA Bancomer S.A.

     Ratings Withdrawn                     To             From
     -----------------                     --             ----
     $500 Million Sub Notes Due 2015       NR             'BB+'


CONTROLADORA COMERCIAL: Denied U.S. TRO on Creditor Suits
---------------------------------------------------------
Bill Rochelle at Bloomberg News reports that U.S. Bankruptcy Judge
Stuart M. Bernstein denied a request by Controladora Comercial
Mexicana SAB for a temporary restraining order on lawsuits and
creditor actions in the U.S.  The bankruptcy judge however
scheduled a hearing for July 28 where the Company again can ask
for an injunction after creditors have had more time to respond.

According to the report, Judge Bernstein also scheduled a hearing
for Aug. 19 where Controladora will ask the judge to declare that
the reorganization proceedings in Mexico meet the standards
demanded in Chapter 15.  If Judge Bernstein finds that Mexico is
properly home to the "foreign main proceeding," the creditors'
suits in the U.S. will be halted automatically.  Chapter 15
doesn't have an automatic stay like Chapters 11 or 7.

                         Prepackaged Plan

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 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.

Under the pre-approved plan, 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.

                          About Comerci

Controladora Comercial Mexicana SAB de CV a.k.a. Comerci
(MXK:COMERCIUBC) -- http://www.comerci.com.mx/-- is third-largest
food retailer in Mexico with 231 stores and 73 Restaurantes
California restaurants as of the end of 2009.  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.

Controladora Comercial Mexicana SAB filed for Chapter 15
bankruptcy in the United States on July 16, 2010 (Bankr. S.D.N.Y.
Case No. 10-13750) to aid its main restructuring in Mexico,
already approved by creditors.  CCM listed both debt and assets of
more than US$1 billion in its Chapter 15 petition.

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.

Fried Frank Harris Shriver & Jacobson, based in New York, is
representing Controladora Comercial Mexicana SAB in the Chapter 15
case.


CEMEX SAB: 2Q Results Could Mark Start of a Turnaround
------------------------------------------------------
Anthony Harrup at Dow Jones Newswire reports that the second
quarter of 2010 could mark a turning point CEMEX, S.A.B. de C.V.,
after several years of earnings declines that led the company to
refinance its heavy debt load and slim down its operations.  Cemex
SAB is expected to report sales of US$3.68 billion for the April-
June period, according to the median estimate of five equities
analysts consulted by Dow Jones Newswires.  The report relates
that in the year-ago quarter, Cemex SAB had sales of US$4.2
billion.

According to the report, Deutsche Bank estimated that revenue will
be down 5% adjusting for the Australia sale, and up 20% from the
first quarter of this year.  "In our view, Cemex's [second
quarter] results should start to signal the stabilization of the
company's operations," Deutsche Bank said in a report obtained by
the news agency.  "Top line results should be driven by a solid
pace of Mexico's housing sector...and by a pick-up in U.S.
infrastructure spending," the bank added.

Dow Jones Newswires notes that Cemex's operating cash flow,
measured by earnings before interest, taxes, depreciation and
amortization (Ebitda), is estimated to come in at US$678 million
for the second quarter, compared with US$812 million a year ago,
or US$761 million excluding Australia.   Net profit is estimated
to fall to US$109 million from US$187 million a year ago, the
report adds.

                        About CEMEX SAB

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                           *     *     *

As of May 20, 2010, the company continues to carry Standard and
Poor's "B" long-term issuer credit ratings.  The company also
continues to carry Fitch rating's "B" long-term issuer default
ratings and "B+" currency long-term debt ratings.


MEXICANA AIRLINE: Under Pressure; Fails to Meet Debt Obligations
----------------------------------------------------------------
Darren Shannon at Aviation Daily reports that Compania Mexicana de
Aviacion, S.A. de C.V. is coming under pressure from creditors
after failing to meet debt obligations, including some aircraft
lease payments.

According to the report, unnamed sources with close ties to
Mexican aviation said the carrier has struggled to recover the
economic downturn and the dramatic effects on demand caused by the
H1N1 influenza scare in early 2009.

The report notes that the full state of Mexicana's predicament is
unclear as the company is privately owned and does not have to
release financial data publicly.  However, the report relates that
several sources said that creditors have questioned data Mexicana
must provide lenders, while others note that debt payments have
been missed.

An unnamed source said that aircraft lease payments is one of the
main concerns, although opinion is divided as to the status of
these payments.  The report relates that some think the contracts
may be defaulted, while others hold that the payments are just
late.

One source, the report notes, also says Mexicana is considering a
court-protected debt restructuring, while another says a review of
the carrier's financial health will not come until after the peak
summer season.

                     About Mexicana Airline

Compania Mexicana de Aviacion, S.A. de C.V., commonly known as
Mexicana, was the first airline established in Mexico.  In
addition to domestic services, it is the country's largest
international airline in terms of most passengers transported as
well Mexico's Flag Carrier, operating services to North America,
Central America, the Caribbean, South America and Europe.  Its
primary hub is Mexico City's Benito Juarez International Airport,
with hubs at Canc£n International Airport, and Guadalajara's Don
Miguel Hidalgo y Costilla International Airport.


VITRO SAB: Presents Revised Proposal for Debt Restructuring
-----------------------------------------------------------
Vitro S.A.B. de C.V. said that members of the Finance and Planning
Committee of the Company met again with representatives from the
Company's Ad Hoc Bondholder Committee in New York City.

During the meeting, the Company presented a revised
counterproposal and outlined its envision process for reaching a
consensual restructuring agreement.  The cornerstone of the
Company's consensual approach to the market is a broad creditor
outreach effort in the form of a consent solicitation for a debt
restructuring.  The Company expects that it will be in a position
to formally launch the Consent in the market by early August 2010.

Vitro believes that the Consent will assure the medium and long
term sustainability of the Company, significantly enhancing the
worthiness of its restructured debt.

Vitro also believes that the Consent that will be submitted,
represents a higher recovery than the average market price for the
last six months of the senior notes due 2012, 2013 and 2017.

The Company intends to continue to negotiate with the Ad Hoc
Bondholder Committee in an effort to secure their support of the
Consent in advance of its launch but there can be no assurances
that such support will be achieved.  Finally, Vitro remains
committed to a consensual restructuring process and is working
diligently on finalizing and launching its Consent as quickly as
possible.

                         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.

                          *     *     *

In June 2010, Fitch Ratings withdrew all ratings of Vitro, S.A.B.
de C.V., given the lack of information following the company's
default on Feb. 2, 2009, and consistent with Fitch's policies.
Fitch will no longer provide ratings or credit research on the
Company.

Andres R. Martinez at Bloomberg News said in June that Vitro was
suspended from trading in Mexico City after failing to file its
fourth-quarter earnings report.  The company missed June 2's
deadline for the results, Mexico's stock exchange said in an
e-mailed statement obtained by the news agency.  Vitro plans to
file the report once its debt restructuring is complete or if
ordered by a judge.  Vitro said that the suspension won't affect
company operations.

In June 30, 2009, Galaz, Yamazaki, Ruiz Urquiza, S.C., member of
Deloitte Touche Tohmatsu and C.P.C. Jorge Alberto Villarreal in
Monterrey, N.L., Mexico raised substantial doubt about the
Company's ability to continue as a going concern after auditing
financial results for the period ended Dec. 31, 2007, and 2008.
The auditors pointed out to the Company's net loss and its non-
compliance with covenants related to its long-term debt
obligations.


=======
P E R U
=======


BANCO DE CREDITO: Posts US$127.3 Million Net Income in 2nd Quarter
------------------------------------------------------------------
Banco de Credito del Peru posted unconsolidated second quarter net
income of PEN359.8 million (US$127.3 million), compared with
PEN193.8 million in the same quarter a year earlier, Sophie Kevany
at Dow Jones Newswires reports.  The report relates that the bank
said the increase was a jump of just over 85% on the same period
last year.

According to the report, the bank attributed its "satisfactory"
results to a recovery in the banking business thanks to a
"reactivation" of the Peruvian economy.  The report relates that
second-quarter financial revenues totaled PEN1.05 billion compared
with PEN1.09 billion in the same quarter a year earlier.

Banco de Credito del Peru is Peru's largest bank, with a
dominating market share of over 30% of deposits, and boasts total
consolidated assets of US$9.6 billion and equity of US$78 million
as of June 30, 2006.  It is the principal operating company within
Credicorp, Peru's largest financial services company, which
controls 96.2% of Banco de Credito; Credicorp is widely held by
local and foreign institutional shareholders.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 10, 2009, Standard & Poor's Ratings Services said that it
affirmed its 'BB' subordinated debt rating on Banco de Credito del
Peru's US$250 million noncumulative fixed/floating-rate step-up
junior subordinated notes due 2069.  Proceeds from the issuance
will be used for general corporate purposes.


DOE RUN PERU: Fails to Submit Proof of Financial Guarantees
-----------------------------------------------------------
Peru's mining ministry said that Doe Run Peru has failed to submit
proof it has financial guarantees that will allow it to reopen its
sprawling metals smelter, Marco Aquino at Reuters reports.

According to the report, President Alan Garcia's administration
has threatened to liquidate the plant if the deadline is not met.
However, the report relates Mr. Garcia would face political
fallout if the plant is permanently shut as it employs thousands
of people.

As reported in the Troubled Company Reporter-Latin America on
July 23, 2010, Reuters said that the Peruvian government gave Doe
Run Peru until July 22, 2010, to prove it has sufficient financing
to restart its metals smelter, and to submit signed agreements
with its suppliers and creditors.  Doe Run should "show detailed
proof it is taking steps to restart operations by the deadline,"
Peru's energy and mining ministry said in a letter sent to the
company that was obtained by the news agency.  According to the
report, the request represented a last-ditch effort to spur the
company facing possible liquidation into action.

                      About Doe Run Peru

Doe Run Company operates an integrated primary lead operation and
a recycling operation located in Missouri, referred to as Buick
Resource Recycling.  Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide business
located in Washington.  Doe Run Peru is a subsidiary of the
company.

Doe Run Peru operates a polymetallic smelter at La Oroya and
copper mine at Cobriza both in Peru.

                           *     *     *

As of June 21, 2010, the company continues to carry Moody's bank
financial strength at D- and Fitch Ratings' individual rating at

As reported in the Troubled Company Reporter-Latin America on
April 30, 2010, Mining Weekly said that Doe Run Peru been given
until end of July to prepare for a restart of its La Oroya
smelter, but the government of Peru warned that there would be
penalties if the new deadline is not met.  According to a TCRLA
report on January 26, 2010, Bloomberg News said that Doe Run Peru
is "close" to reaching an agreement on US$156 million of debt to
reopen its zinc and lead smelter.  The report recalled that Doe
Run Peru filed for a government-monitored financial restructuring
because it was worried creditors might try to freeze its assets or
operations.  Reuters related that Doe Run Peru owes some US$100
million to its suppliers and needs to spend another US$150 million
to clean up La Oroya.


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


PETROLEOS DE VENEZUELA: Placed on "Yellow Alert" by Oil Minister
----------------------------------------------------------------
Oil Minister Rafael Ramirez said he had placed Petroleos de
Venezuela SA on "yellow alert" after Venezuela President Hugo
Chavez's warning that he could cut off oil shipments to the U.S.
in the event of an attack, Joe Sabo and John Viljoen at Bloomberg
News reports.

"We are ready to suspend the shipment of oil products to the U.S.
if our country suffers military aggression," the report quoted Mr.
Ramirez as saying.

According to the report, Mr. Chavez said his country would suspend
oil shipments to the U.S. if a military attack were to be launched
from Colombian territory.  "We would not send a drop of oil to
their refineries," the report quoted Mr. Chavez as saying.  "Not a
drop, because that's the great culprit for the tensions in this
part of the world and the entire planet," he added.

                           About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As of March 8, 2010, the company continues to carry Moody's "Ba1"
local currency issuer rating.  The company also continues to carry
Standard and Poor's "B+" long-term issuer credit ratings.

As reported in the Troubled Company Reporter-Latin America on
January 25, 2010, Reuters said that Petroleos de Venezuela's total
debt jumped 42% in 2009 after it borrowed heavily to pay off
service company debts and intervene in currency markets.  The\
report related that PDVSA said that total outstanding debt rose to
US$21.4 billion from US$15.1 billion the year before.  According
to the report, PDVSA built up billions of dollars in debts to
service companies after the 2008 collapse of oil prices.


===============
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 * * *