/raid1/www/Hosts/bankrupt/TCRLA_Public/110222.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, February 22, 2011, Vol. 12, No. 37

                            Headlines



A R G E N T I N A

FIDEICOMISO FINANCIERO: Moody's Rates Various Debt Securities


B R A Z I L

BANCO SOCIETE: Fitch Affirms Individual Rating at 'C/D'


C A Y M A N   I S L A N D S

AMATHEA VI: Creditors' Proofs of Debt Due March 7
ANTHRACITE BALANCED: Creditors' Proofs of Debt Due March 17
ANTHRACITE BALANCED: Creditors' Proofs of Debt Due March 17
AVANGARD ABSOLUTE: Creditors' Proofs of Debt Due March 7
CHEYNE SPECIAL: Creditors' Proofs of Debt Due March 16

CLAY CAPITAL: Creditors' Proofs of Debt Due March 14
CYPRESS LANE: Creditors' Proofs of Debt Due March 7
EYRY VII: Creditors' Proofs of Debt Due March 9
HELIOS HOLDINGS: Creditors' Proofs of Debt Due March 16
HIGHVIEW AVENUE: Creditors' Proofs of Debt Due March 16

HIGHVIEW AVENUE: Creditors' Proofs of Debt Due March 16
IAM SELECT: Creditors' Proofs of Debt Due March 22
JC INVESTMENTS: Creditors' Proofs of Debt Due March 7
MIYABI LIMITED: Creditors' Proofs of Debt Due March 16
PACIFIC BIOPHARMA: Creditors' Proofs of Debt Due March 7

PONTA NEGRA: Creditors' Proofs of Debt Due March 16
PORT ONE: Creditors' Proofs of Debt Due March 16
SH FORTUNE: Commences Liquidation Proceedings
TIBURON TAO: Creditors' Proofs of Debt Due March 16
WISTERRYWOODS & ASSOCIATES: Creditors' Proofs of Debt Due March 7


J A M A I C A

JPSCO: Profit Falls 27% to JM$1.2BB for Oct.-Dec. 2010 Quarter
WINDALCO: Ewarton Works Protest Over Scale


M E X I C O

MEXICANA AIRLINES: PC Capital to Acquire Firm
* Moody's Says Debt Levels Support State of Tabasco's Ba1 Rating


P U E R T O   R I C O

RAFAEL QUINONES: Case Summary & 20 Largest Unsecured Creditors


X X X X X X X X

* Large Companies With Insolvent Balance Sheets



                            - - - - -


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


FIDEICOMISO FINANCIERO: Moody's Rates Various Debt Securities
-------------------------------------------------------------
Moody's Latin America has rated the debt securities and
certificates of Fideicomiso Financiero Pvcred Serie V issued by
Equity Trust Company (Argentina) S.A., acting solely in its
capacity as issuer and trustee.

  - ARS16,071,506 in Class A Fixed Rate Debt Securities of
    "Fideicomiso Financiero Pvcred Serie V", rated Aaa.ar (sf)
    (Argentine National Scale) and Ba2 (sf) (Global Scale, Local
    Currency)

  - ARS40,178,766 in Class A Floating Rate Debt Securities of
    "Fideicomiso Financiero Pvcred Serie V", rated Aaa.ar (sf)
    (Argentine National Scale) and Ba2 (sf) (Global Scale, Local
    Currency)

  - ARS9,375,045 in Class B Debt Securities of "Fideicomiso
    Financiero Pvcred Serie V", rated Ba2.ar (sf) (Argentine
    National Scale) and Caa1 (sf) (Global Scale, Local Currency)

  - ARS1,339,293 in Certificates of "Fideicomiso Financiero Pvcred
    Serie V", rated Ca.ar (sf) (Argentine National Scale) and Ca
    (sf) (Global Scale, Local Currency).

                         Ratings Rationale

The rated securities are payable from the cashflow coming from the
assets of the trust, which is an amortizing pool of approximately
10,197 eligible personal loans denominated in Argentine pesos,
bearing fixed interest rate, originated by Pvcred, a financial
company owned by Comafi's Group in Argentina.

These personal loans were originated through Pvcred branches
(using the trade mark "Provencred") and were granted to pensioners
and low/middle income employees.

The Class A Fixed Rate Debt Securities will bear a fixed interest
rate of 11%.  The Class A Floating Rate Debt Securities will bear
a BADLAR interest rate plus 291 basis points.  The Floating Rate
Debt Securities' interest rate will never be higher than 20% or
lower than 13%.  The Class B Fixed Rate Securities will bear a
fixed interest rate of 21%.

Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.

The transaction has initial subordination levels of 76% and 16%
for the VRDA TF and the VRDA TV respectively.  The subordination
levels will increase overtime due to the turbo sequential payment
structure.

The transaction also benefits from an estimated 40% annual excess
spread, before considering losses or prepayments and calculated at
the cap of 20% for Class A floating rate securities.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of Pvcred
portfolio.  In addition, Moody's considered factors common to
consumer loans securitizations such as delinquencies, prepayments
and losses; as well as specific factors related to the Argentine
market, such as the probability of an increase in losses if there
are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities.  Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

Moody's analyzed the historical performance data of previous
transactions and similar receivables originated by Pvcred, ranging
from January 2007 to September 2010.  In assigning the rating to
this transaction, Moody's assumed a triangular distribution for
losses centered around the most likely scenario of 20%, with a
minimum of 10% and a maximum of 30%.  Also, Moody's assumed a
triangular distribution for prepayments centered around a most
likely scenario of 40%, with a minimum of 30% and a maximum of
50%.

The model results showed 0.00% expected loss for Class A Fixed
Rate Debt Securities and Floating Rate Debt Securities, 13.01%
expected loss for Class B Fixed Rate Debt Securities and 57.34%
for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions.  If default rates were increased 10%
from the base case scenario for the pool (i.e., most likely
scenario of 30%, a minimum of 20% and a maximum of 40%), the
ratings of the Class A Fixed Rate would be unchanged.  The ratings
of the Class A Floating Rate, the Class B and the Certificates
would be likely downgraded to Ba3 (sf), Ca (sf) and to C (sf),
respectively.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction.  If Pvcred is removed as collection agent,
Banco Comafi (Ba3/Aa2.ar) will be appointed as the back-up
collection agent.

The main source of uncertainty for this transaction is the default
level of the securitized pool.  Although Moody's analyzed the
historical performance data of previous transactions and similar
receivables originated by Pvcred, the actual performance of the
securitized pool may be affected, among others, by the economic
activity and the unemployment rate in Argentina.


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


BANCO SOCIETE: Fitch Affirms Individual Rating at 'C/D'
-------------------------------------------------------
Fitch Ratings affirmed the ratings of Banco Societe Generale
Brasil S.A.:

  -- Foreign Currency Long-term IDR (Issuer Default Rating) at
     'BBB', Positive Outlook;

  -- Local Currency Long-term IDR at 'BBB+', Positive Outlook;

  -- Foreign and Local Currency Short-term IDRs at 'F2';

  -- Individual Rating at 'C/D';

  -- Support Rating at '2';

  -- National Long-term Rating at 'AAA(bra)', Stable Outlook;

  -- National Short-term Rating at 'F1+(bra)'.

The Foreign Currency and Local Currency IDRs of SGBR and its
National Ratings reflect the support from its parent, Societe
Generale S.A. (IDR 'A+'; Stable Outlook by Fitch).  The Individual
Rating considers SGBR's satisfactory asset-quality track record
although challenged by the recent acquisition of two smaller banks
focused on consumer lending, SG operational support and the
increased diversification on its business model.  However, it also
takes into account the bank's modest size, the high proportion of
intangible assets that undermine its capital structure and the
challenges derived from the successful integration and overhaul of
its recent acquisitions.

The Positive Outlook on its IDRs, related to the current Positive
Outlook on Brazil's sovereign rating, reflects the financial
strength of SGBR's shareholder.  The Support ratings of '2' on
SGBR reflect Fitch's belief that its parent has both the capacity
and willingness to support the bank should it be required.
Changes in SG capacity or propensity to support SGBR would
directly affect SGBR's ratings, possibly in more than one notch.

The Individual Rating would benefit from the improvement of the
bank's asset quality ratios and thus lower pressures on its
operating performance, while the enhancement of its capital base
will be also beneficial.  Negative pressures on its Individual
Rating would account for a longer than expected recovery in its
asset quality ratios or further deterioration on its profitability
that ultimately affects its capital base.

In 2007, SGBR acquired a participation in Banco Pecunia S.A.
(Pecunia; Long-Term National Rating 'AAA(bra)'; Stable Outlook)
and Banco Cacique S.A. (Long-Term National Rating 'AAA(bra)';
Stable Outlook), two retail banks specialized in vehicle financing
and payroll discounted loans, respectively.  This consistently
increased its loan portfolio (from BRL564 million in 2006 to
BRL2,1 billion in 2007) and added BRL638 million of goodwill to
its consolidated balance sheet, also generating large amortization
expenses that partially explain SGBR's losses in past years.  The
expansion into retail business through these two entities has
resulted in significant loan loss provisions that have pressured
the profitability of the bank, although those pressures have and
will steadily decrease thanks to SGBR adequate management and
advanced risk control tools.  Since February 2010, SGBR holds full
control over Pecunia after the acquisition of 30% of its shares.
Pecunia is part of a strategy to increase consumer finance
globally.

With an historically good asset quality track record, proper of
its previous business focus (corporate lending and project
finance), SGBR naturally began to report an increase in the
impaired loan categories after the acquisitions of Cacique and
Pecunia (banks focused on the more profitable albeit riskier
consumer market), but with adequate coverage, a situation common
to other participants in that market in Brazil and in part
consequence of the economic downturn of late 2008 and 2009.  An
expected more benign operating environment, and the benefits of a
significant clean up of the acquired loan portfolio and the use of
SG advanced credit risk tools, bode well for the medium- and long-
term performance of the bank, being that it is expected a recovery
on its asset quality ratios and overall earning generations needed
both to cover the hefty amortization charges of its goodwill and
ultimately to enhance its capital base.

SGBR's funding comes mainly from head office lines at competitive
prices.  Pecunia and Cacique funding needs are managed by SGBR,
also benefiting from parent funding capabilities.  This policy
gave the Brazilian subsidiaries ample liquidity during the 2008
crisis.  Consolidated net worth has been declining since 2007,
given recent net losses, while Fitch Eligible Capital is strongly
affected by aforementioned goodwill; although the current capital
levels compares adequately with other similar rated banks and are
backed up by the possible support from its shareholder should it
be required.

SGBR has operated in Brazil in the wholesale market since 1967.
It entered retail lending through the acquisitions of Cacique and
Pecunia in 2007.


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


AMATHEA VI: Creditors' Proofs of Debt Due March 7
-------------------------------------------------
The creditors of Amathea VI Ltd. are required to file their proofs
of debt by March 7, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on January 25, 2011.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106, Grand Cayman KY1-1205
          Cayman Islands


ANTHRACITE BALANCED: Creditors' Proofs of Debt Due March 17
-----------------------------------------------------------
The creditors of Anthracite Balanced Company (JR-20) Limited are
required to file their proofs of debt by March 17, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on January 25, 2011.

The company's liquidator is:

          Simon Conway
          c/o Priscilla Connor
          Telephone: (345) 914 8745
          Facsimile: (345) 945 4237
          P.O. Box 258, Grand Cayman KY1-1104
          Cayman Islands


ANTHRACITE BALANCED: Creditors' Proofs of Debt Due March 17
-----------------------------------------------------------
The creditors of Anthracite Balanced Company (JR-60) Limited are
required to file their proofs of debt by March 17, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on January 25, 2011.

The company's liquidator is:

          Simon Conway
          c/o Priscilla Connor
          Telephone: (345) 914 8745
          Facsimile: (345) 945 4237
          P.O. Box 258, Grand Cayman KY1-1104
          Cayman Islands


AVANGARD ABSOLUTE: Creditors' Proofs of Debt Due March 7
--------------------------------------------------------
The creditors of Avangard Absolute Return Fund. are required to
file their proofs of debt by March 7, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on January 28, 2011.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005
          Cayman Islands


CHEYNE SPECIAL: Creditors' Proofs of Debt Due March 16
------------------------------------------------------
The creditors of Cheyne Special Purpose Asset Vehicle Inc. are
required to file their proofs of debt by March 16, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on January 31, 2011.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005
          Cayman Islands


CLAY CAPITAL: Creditors' Proofs of Debt Due March 14
----------------------------------------------------
The creditors of Clay Capital Offshore Fund, Ltd are required to
file their proofs of debt by March 14, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on January 10, 2011.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Bernadette Bailey-Lewis
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms House, 2nd Floor
          P.O. Box 1344, Grand Cayman KY1-1108
          Cayman Islands


CYPRESS LANE: Creditors' Proofs of Debt Due March 7
---------------------------------------------------
The creditors of Cypress Lane Asia Fund are required to file their
proofs of debt by March 7, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on January 29, 2011.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106, Grand Cayman KY1-1205
          Cayman Islands


EYRY VII: Creditors' Proofs of Debt Due March 9
-----------------------------------------------
The creditors of EYRY VII Fund SPC are required to file their
proofs of debt by March 9, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on January 17, 2011.

The company's liquidator is:

          H&J Corporate Services (Cayman) Ltd.
          Telephone: (345) 949 7555
          Anderson Square, 5th Floor
          Shedden Road
          P.O. Box 866 Grand Cayman KY1-1103
          Cayman Islands


HELIOS HOLDINGS: Creditors' Proofs of Debt Due March 16
-------------------------------------------------------
The creditors of Helios Holdings Corporation are required to file
their proofs of debt by March 16, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 28, 2011.

The company's liquidator is:

          Alexandria Bancorp Limited
          c/o Barbara Conolly
          Telephone:  (345) 945-1111
          The Grand Pavilion Commercial Centre
          802 West Bay Road
          P.O. Box 2428 Grand Cayman KY1-1105
          Cayman Islands


HIGHVIEW AVENUE: Creditors' Proofs of Debt Due March 16
-------------------------------------------------------
The creditors of Highview Avenue Energy Fund, Ltd. are required to
file their proofs of debt by March 16, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on January 31, 2011.

The company's liquidator is:

          McGladrey & Pullen Cayman
          c/o Ian Lomas
          Telephone: (345) 743 3016
          Harbour Place, 2nd Floor
          George Town
          P.O. Box 10311 Grand Cayman KY1-1003
          Cayman Islands


HIGHVIEW AVENUE: Creditors' Proofs of Debt Due March 16
-------------------------------------------------------
The creditors of Highview Avenue Energy Trading, Ltd. are required
to file their proofs of debt by March 16, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on January 31, 2011.

The company's liquidator is:

          McGladrey & Pullen Cayman
          c/o Ian Lomas
          Telephone: (345) 743 3016
          Harbour Place, 2nd Floor
          George Town
          P.O. Box 10311 Grand Cayman KY1-1003
          Cayman Islands


IAM SELECT: Creditors' Proofs of Debt Due March 22
--------------------------------------------------
The creditors of IAM Select Strategies Liquidation Vehicle are
required to file their proofs of debt by March 22, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on January 20, 2011.

The company's liquidator is:

          K.D. Blake
          c/o Ann Smith
          Telephone: 345-914-4383 / 345-949-4800
          Facsimile: 345-949-7164
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands


JC INVESTMENTS: Creditors' Proofs of Debt Due March 7
-----------------------------------------------------
The creditors of JC Investments Limited are required to file their
proofs of debt by March 7, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on January 26, 2011.

The company's liquidator is:

          Royhaven Secretaries Limited
          c/o Julie Reynolds
          Telephone: 945 4777
          Facsimile: 945 4799
          P.O. Box 707, Grand Cayman KY1-1107
          Cayman Islands


MIYABI LIMITED: Creditors' Proofs of Debt Due March 16
------------------------------------------------------
The creditors of Miyabi Limited are required to file their proofs
of debt by March 16, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on January 18, 2011.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005
          Cayman Islands


PACIFIC BIOPHARMA: Creditors' Proofs of Debt Due March 7
--------------------------------------------------------
The creditors of Pacific Biopharma Group, Ltd. are required to
file their proofs of debt by March 7, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on January 9, 2011.

The company's liquidator is:

          Dr. Glenn Rice
          325 Moseley Road, Hillsborough
          California 94010
          United States of America


PONTA NEGRA: Creditors' Proofs of Debt Due March 16
---------------------------------------------------
The creditors of Ponta Negra Offshore Fund I, Ltd are required to
file their proofs of debt by March 16, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on January 4, 2011.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Bernadette Bailey-Lewis
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344, Grand Cayman KY1-1108
          Cayman Islands


PORT ONE: Creditors' Proofs of Debt Due March 16
------------------------------------------------
The creditors of Port One Limited are required to file their
proofs of debt by March 16, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on January 3, 2011.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005
          Cayman Islands


SH FORTUNE: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary general meeting held on January 17, 2011, the
members of SH Fortune Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidators are:

          Kenneth M. Krys
          Timothy Le Cornu
          Krys Global, 23 Lime Tree Bay Avenue
          Governors Square, Building 6, 2nd Floor
          P.O. Box 31237, Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 345 815 8419
          Facsimile: +1 345 946 6728


TIBURON TAO: Creditors' Proofs of Debt Due March 16
---------------------------------------------------
The creditors of Tiburon Tao Fund Limited are required to file
their proofs of debt by March 16, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 1, 2011.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005
          Cayman Islands


WISTERRYWOODS & ASSOCIATES: Creditors' Proofs of Debt Due March 7
-----------------------------------------------------------------
The creditors of Wisterrywoods and Associates are required to file
their proofs of debt by March 7, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 1, 2011.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106, Grand Cayman KY1-1205
          Cayman Islands


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


JPSCO: Profit Falls 27% to JM$1.2BB for Oct.-Dec. 2010 Quarter
--------------------------------------------------------------
RadioJamaica reports that the Jamaica Public Service Company
(JPSCO) said its profits fell 27% in the three months, October to
December, last year, as higher costs offset an increase in
revenues.

Profits at the company dropped to US$14 million or about JM$1.2
billion over the quarter, according to RadioJamaica.  The report
relates that by comparison, the company's profits amounted to
almost JM$20 million in the similar period, a year earlier.

At the same time, RadioJamaica notes, the company reported that
its revenues rose 4% to US$241 million.

RadioJamaica notes that the US$14 million earned in the last three
months of 2010 brought profits at the JPSCO to just over US$40
million or just about JM$3.4 billion during 2010.

The earnings for all of 2010 were down 4% from the levels in 2009,
the report adds.

                          About JPSCO

Headquartered in Kingston, Jamaica -- https://www.jpsco.com/ --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica.  The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers.  Japanese-based Marubeni
Corporation owns 80 percent of the company.  The Government of
Jamaica and a small group of minority shareholders own the
remaining shares.  JPS currently has roughly 582,000 customers who
are served by a workforce of over 1,600 employees.  The Company
owns and operates 28 generating plants, 54 substations, and
roughly 14,000 kilometers of distribution and transmission lines.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2010, RadioJamaica said that the multi-billion dollar
show down between the Jamaica Public Service and the three unions
-- BITU, NWU, and UCASE -- representing workers at the company
have entered the penultimate stage before the Industrial Disputes
Tribunal.  The report related that the IDT heard testimony from
the Chairman of JPSCO, Tommy Fukuda who was called as the last
witness.  According to the report, Mr. Fukuda maintained that
JPSCO has paid the US$2.3 billion it owed the workers following
the 2001 job reclassification exercise.  However, the report
related, the three unions argued that the company still owed the
workers an additional JM$500 million to JM$600 million in
retroactive, overtime and redundancy payments.


WINDALCO: Ewarton Works Protest Over Scale
------------------------------------------
RadioJamaica reports that more than 100 truckers contracted to
West Indies Alumina Company's (WINDALCO's) Ewarton Works plant in
St. Catherine walked off the job to protest against the absence of
a scale.  The report relates that the haulage contractors are
employed to LC Bennett Company, which draws bauxite from the
Schwallenburg mines to the plant.

Vincent Morrison, President of the National Workers Union said
that the truckers have been complaining for more than seven months
that the absence of the scale has caused them to lose up to 25
tons of haulage weight, according to RadioJamaica.

Mr. Morrison, RadioJamaica notes, said the union will be meeting
with the company in a bid to settle the dispute.

"They have indicated that all their efforts to get the company to
put in a proper scale to weigh the bauxite that they draw have
failed and as such, they stopped working this morning,"
RadioJamaica quotes Mr. Morrison as saying.

                            About WINDALCO

West Indies Alumina Company is situated on the island of Jamaica
in the Caribbean.  The company comprises two alumina refineries
(Ewarton Works and Kirkvine Works), a shipping port (Port
Esquivel) and also bauxite mines in Schwallenburgh (Ewarton) and
Russell Place (Kirkvine) and farms in Manchester and St. Ann.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 8, 2010, Jamaica Gleaner said that West Indies Alumina
Company will end its bauxite production in Jamaica and make 762
permanent jobs redundant.  The report related that the redundancy
exercise comes a year after the company suspended production at
its Kirkvine, Manchester, and Ewarton, St. Catherine, refineries
because of reduced demand for aluminium on the world market.  The
company is 93% owned by Russian entity, UC Rusal.


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


MEXICANA AIRLINES: PC Capital to Acquire Firm
---------------------------------------------
Jens Erik Gould at Bloomberg News reports that PC Capital SAPI, a
Mexican private-equity firm, said it reached an agreement to
acquire the holding company of Compania Mexicana de Aviacion or
Mexicana Airlines, bringing the bankrupt airline closer to a
return to the skies.

Investor group Tenedora K, which bought holding company Nuevo
Grupo Aeronautico in August, will transfer its shares to PC
Capital before a notary public Feb. 21, PC Capital said in an e-
mailed statement obtained by Bloomberg.  The report relates that
Nuevo Grupo Aeronautico owns Mexicana, its Click and Link
subsidiaries and maintenance provider MRO Services.

                    About Mexicana Airlines

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/--is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than US$1
billion.  William C. Heuer, Esq., at Duane Morris LLP, serves as
counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings did
not affect the operations of Click Mexicana and Mexicana Link,
which are independent companies from Mexicana de Aviacion.


* Moody's Says Debt Levels Support State of Tabasco's Ba1 Rating
----------------------------------------------------------------
In its most recent report on the State of Tabasco, Moody's
Investors Service says that the Mexican State's issuer ratings of
A1.mx (Mexico National Scale) and Ba1 (Global Scale, local
currency) reflect moderate debt levels and the positive impact of
recent cost saving measures, which are expected to redress and
maintain balanced fiscal outcomes in the near-term, offset by a
negative liquidity position and sizable unfunded pension
liabilities.

While Tabasco's own-source revenues are lower than the median for
Ba rated Mexican states, the state has implemented measures
expected to increase significantly tax revenue collection in the
medium term, including increases in the payroll tax rate and
inclusion of municipal administrations in the tax collection base,
which were previously exempt of this tax.  Additionally, the state
decided to substitute the federal vehicle registry tax with a
state tax starting in 2011.

At the end of 2009 Tabasco's net direct and indirect debt was
equivalent to 9.0% of total revenues and Moody's expect this
indicator to have eased modestly in 2010.  At the end of 2010,
Tabasco's primary senior secured debt obligations, backed by
pledges of federal participation transfers, were:

* MXN1.5 billion outstanding balance on an enhanced loan from
  Banorte (original face value of MXN 3 billion)

* MXN315 million outstanding balance on an enhanced loan from
  Santander (original face value of MXN 449 million)

The rating agency's report is an update to the markets and does
not constitute a rating action.


=====================
P U E R T O   R I C O
=====================


RAFAEL QUINONES: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Rafael Rivera Quinones
        dba Supermercados Marrero
        Carr. 568 Km 28.9, Barrio Padilla
        Corozal, PR 00783

Bankruptcy Case No.: 11-01166

Chapter 11 Petition Date: February 16, 2011

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Carmen D. Conde Torres, Esq.
                  C.CONDE & ASSOCIATES
                  254 San Jose Street 5th Floor
                  San Juan, PR 00901-1523
                  Tel: (787) 729-2900
                  Fax: (787) 729-2203
                  E-mail: notices@condelaw.com

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

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

A list of the Debtor's 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/prb11-01166.pdf


===============
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-$US      IMPTD AR         535007008     -17165000
IMPSAT FIBER-CED      IMPT AR          535007008     -17165000
IMPSAT FIBER-C/E      IMPTC AR         535007008     -17165000
IMPSAT FIBER-BLK      IMPTB AR         535007008     -17165000
IMPSAT FIBER NET      330902Q GR       535007008     -17165000
IMPSAT FIBER NET      XIMPT SM         535007008     -17165000
IMPSAT FIBER NET      IMPTQ US         535007008     -17165000
SOC COMERCIAL PL      CADN SW        138884129.5     -2.53E+08
COMERCIAL PLAT-$      COMED AR       138884129.5     -2.53E+08
COMERCIAL PL-ADR      SCPDS LI       138884129.5     -2.53E+08
SOC COMERCIAL PL      CADN EO        138884129.5     -2.53E+08
SOC COMERCIAL PL      CVVIF US       138884129.5     -2.53E+08
SOC COMERCIAL PL      SCDPF US       138884129.5     -2.53E+08
COMERCIAL PLA-BL      COMEB AR       138884129.5     -2.53E+08
SOC COMERCIAL PL      COME AR        138884129.5     -2.53E+08
SOC COMERCIAL PL      CAD IX         138884129.5     -2.53E+08
COMERCIAL PL-C/E      COMEC AR       138884129.5     -2.53E+08
SNIAFA SA-B           SDAGF US       11229696.22      -2670545
SNIAFA SA-B           SNIA5 AR       11229696.22      -2670545
SNIAFA SA             SNIA AR        11229696.22      -2670545

BRAZIL

VARIG SA-PREF         VAGV4 BZ       966298025.5      -4.7E+09
VARIG SA-PREF         VARGPN BZ      966298025.5      -4.7E+09
VARIG SA              VARGON BZ      966298025.5      -4.7E+09
VARIG SA              VAGV3 BZ       966298025.5      -4.7E+09
AGRENCO LTD           AGRE LX          542862484     -2.98E+08
AGRENCO LTD-BDR       AGEN11 BZ        542862484     -2.98E+08
LAEP-BDR              MILK11 BZ      432349610.3     -1.61E+08
LAEP INVESTMENTS      LEAP LX        432349610.3     -1.61E+08
HABITASUL             HBTS3 BZ       408678629.1     -108615.4
HABITASUL-PREF B      HBTS6 BZ       408678629.1     -108615.4
HABITASUL-PREF A      HSULAN BZ      408678629.1     -108615.4
HABITASUL             HSULON BZ      408678629.1     -108615.4
HABITASUL-PREF B      HSULBN BZ      408678629.1     -108615.4
HABITASUL-PREF A      HBTS5 BZ       408678629.1     -108615.4
CIA PETROLIFERA       1CPMON BZ      377602195.2      -3014292
CIA PETROLIF-PRF      MRLM4 BZ       377602195.2      -3014292
CIA PETROLIF-PRF      1CPMPN BZ      377602195.2      -3014292
CIA PETROLIFERA       MRLM3B BZ      377602195.2      -3014292
CIA PETROLIF-PRF      MRLM4B BZ      377602195.2      -3014292
CIA PETROLIFERA       MRLM3 BZ       377602195.2      -3014292
BOMBRIL CIRIO-PF      BOBRPN BZ      316331264.9     -1.24E+08
BOMBRIL SA-ADR        BMBBY US       316331264.9     -1.24E+08
BOMBRIL CIRIO SA      BOBRON BZ      316331264.9     -1.24E+08
BOMBRIL               BOBR3 BZ       316331264.9     -1.24E+08
BOMBRIL SA-ADR        BMBPY US       316331264.9     -1.24E+08
BOMBRIL-PREF          BOBR4 BZ       316331264.9     -1.24E+08
BOMBRIL-RIGHTS        BOBR1 BZ       316331264.9     -1.24E+08
BOMBRIL-RGTS PRE      BOBR2 BZ       316331264.9     -1.24E+08
BOMBRIL               BMBBF US       316331264.9     -1.24E+08
TELEBRAS-ADR          TBASY US       262220712.2     -16698444
TELEBRAS SA           TELB3 BZ       262220712.2     -16698444
TELEBRAS-RECEIPT      TLBRUO BZ      262220712.2     -16698444
TELEBRAS-PF RCPT      RCTB41 BZ      262220712.2     -16698444
TELEBRAS-PF RCPT      RCTB40 BZ      262220712.2     -16698444
TELEBRAS-PF RCPT      CBRZF US       262220712.2     -16698444
TELEBRAS SA-PREF      TLBRPN BZ      262220712.2     -16698444
TELEBRAS/W-I-ADR      TBH-W US       262220712.2     -16698444
TELEBRAS-RTS CMN      TCLP1 BZ       262220712.2     -16698444
TELEBRAS-PF RCPT      TBAPF US       262220712.2     -16698444
TELEBRAS-CM RCPT      TELE31 BZ      262220712.2     -16698444
TELEBRAS-RCT PRF      TELB10 BZ      262220712.2     -16698444
TELEBRAS SA-RT        TELB9 BZ       262220712.2     -16698444
TELEBRAS-CED C/E      RCT4C AR       262220712.2     -16698444
TELECOMUNICA-ADR      81370Z BZ      262220712.2     -16698444
TELEBRAS-BLOCK        TELB30 BZ      262220712.2     -16698444
TELEBRAS-RCT          RCTB33 BZ      262220712.2     -16698444
TELEBRAS-ADR          TBRAY GR       262220712.2     -16698444
TELEBRAS-PF RCPT      TLBRUP BZ      262220712.2     -16698444
TELEBRAS-PF RCPT      TELE41 BZ      262220712.2     -16698444
TELEBRAS-CEDEA $      TEL4D AR       262220712.2     -16698444
TELEBRAS-CM RCPT      RCTB32 BZ      262220712.2     -16698444
TELEBRAS-ADR          TBAPY US       262220712.2     -16698444
TELEBRAS SA-PREF      TELB4 BZ       262220712.2     -16698444
TELEBRAS-ADR          TBX GR         262220712.2     -16698444
TELEBRAS-ADR          RTB US         262220712.2     -16698444
TELEBRAS-CM RCPT      RCTB30 BZ      262220712.2     -16698444
TELEBRAS-RTS CMN      RCTB1 BZ       262220712.2     -16698444
TELEBRAS-PF BLCK      TELB40 BZ      262220712.2     -16698444
TELEBRAS-CEDEA $      RCT4D AR       262220712.2     -16698444
TELEBRAS-CM RCPT      TBRTF US       262220712.2     -16698444
TELEBRAS-RTS PRF      RCTB2 BZ       262220712.2     -16698444
TELEBRAS-ADR          TBH US         262220712.2     -16698444
TELEBRAS-CEDE PF      RCTB4 AR       262220712.2     -16698444
TELEBRAS SA           TBASF US       262220712.2     -16698444
TELEBRAS SA           TLBRON BZ      262220712.2     -16698444
TELEBRAS-PF RCPT      RCTB42 BZ      262220712.2     -16698444
TELEBRAS-COM RT       TELB1 BZ       262220712.2     -16698444
TELEBRAS-CEDE BL      RCT4B AR       262220712.2     -16698444
TELEBRAS-CEDE PF      TELB4 AR       262220712.2     -16698444
TELEBRAS-CED C/E      TEL4C AR       262220712.2     -16698444
TELEBRAS-CM RCPT      RCTB31 BZ      262220712.2     -16698444
TELEBRAS-RTS PRF      TLCP2 BZ       262220712.2     -16698444
HOTEIS OTHON SA       HOTHON BZ      255036149.9     -42606770
HOTEIS OTHON SA       HOOT3 BZ       255036149.9     -42606770
HOTEIS OTHON-PRF      HOTHPN BZ      255036149.9     -42606770
HOTEIS OTHON-PRF      HOOT4 BZ       255036149.9     -42606770
TEKA-PREF             TEKA4 BZ         246866965     -3.93E+08
TEKA-PREF             TKTPF US         246866965     -3.93E+08
TEKA                  TEKA3 BZ         246866965     -3.93E+08
TEKA-ADR              TKTPY US         246866965     -3.93E+08
TEKA                  TKTQF US         246866965     -3.93E+08
TEKA-ADR              TKTQY US         246866965     -3.93E+08
TEKA                  TEKAON BZ        246866965     -3.93E+08
TEKA-ADR              TEKAY US         246866965     -3.93E+08
TEKA-PREF             TEKAPN BZ        246866965     -3.93E+08
SANSUY SA-PREF A      SNSYAN BZ      172563384.2     -94849033
SANSUY SA-PREF B      SNSYBN BZ      172563384.2     -94849033
SANSUY-PREF A         SNSY5 BZ       172563384.2     -94849033
SANSUY-PREF B         SNSY6 BZ       172563384.2     -94849033
SANSUY SA             SNSYON BZ      172563384.2     -94849033
SANSUY                SNSY3 BZ       172563384.2     -94849033
BALADARE              BLDR3 BZ       159454015.9     -52992213
PET MANG-RIGHTS       3678565Q BZ    140673540.9     -1.65E+08
PET MANG-RT           4115360Q BZ    140673540.9     -1.65E+08
PET MANG-RECEIPT      RPMG10 BZ      140673540.9     -1.65E+08
PETRO MANGUIN-PF      MANGPN BZ      140673540.9     -1.65E+08
PET MANG-RT           RPMG1 BZ       140673540.9     -1.65E+08
PETRO MANGUINHOS      RPMG3 BZ       140673540.9     -1.65E+08
PET MANGUINH-PRF      RPMG4 BZ       140673540.9     -1.65E+08
PETRO MANGUINHOS      MANGON BZ      140673540.9     -1.65E+08
PET MANG-RECEIPT      RPMG9 BZ       140673540.9     -1.65E+08
PET MANG-RT           4115364Q BZ    140673540.9     -1.65E+08
PET MANG-RT           RPMG2 BZ       140673540.9     -1.65E+08
PET MANG-RIGHTS       3678569Q BZ    140673540.9     -1.65E+08
DOCAS IMBITUBA        IMBION BZ       96977064.5     -42592603
DOC IMBITUBA-RTP      IMBI2 BZ        96977064.5     -42592603
DOC IMBITUBA          IMBI3 BZ        96977064.5     -42592603
DOC IMBITUBA-RTC      IMBI1 BZ        96977064.5     -42592603
DOC IMBITUB-PREF      IMBI4 BZ        96977064.5     -42592603
DOCAS IMBITUB-PR      IMBIPN BZ       96977064.5     -42592603
VARIG PART EM SE      VPSC3 BZ       96617351.14      -4.6E+08
VARIG PART EM-PR      VPSC4 BZ       96617351.14      -4.6E+08
RENAUXVIEW SA-PF      TXRX4 BZ       73095833.69     -1.04E+08
TEXTEIS RENAU-RT      TXRX1 BZ       73095833.69     -1.04E+08
TEXTEIS RENAUX        RENXPN BZ      73095833.69     -1.04E+08
TEXTEIS RENA-RCT      TXRX10 BZ      73095833.69     -1.04E+08
TEXTEIS RENAUX        RENXON BZ      73095833.69     -1.04E+08
TEXTEIS RENAU-RT      TXRX2 BZ       73095833.69     -1.04E+08
RENAUXVIEW SA         TXRX3 BZ       73095833.69     -1.04E+08
TEXTEIS RENA-RCT      TXRX9 BZ       73095833.69     -1.04E+08
FABRICA RENAUX-P      FRNXPN BZ      63865882.02     -73255215
FABRICA TECID-RT      FTRX1 BZ       63865882.02     -73255215
FABRICA RENAUX-P      FTRX4 BZ       63865882.02     -73255215
FABRICA RENAUX        FRNXON BZ      63865882.02     -73255215
FABRICA RENAUX        FTRX3 BZ       63865882.02     -73255215
MINUPAR SA-PREF       MNPRPN BZ      63144533.79     -60655823
MINUPAR-RCT           MNPR9 BZ       63144533.79     -60655823
MINUPAR-PREF          MNPR4 BZ       63144533.79     -60655823
MINUPAR-RT            MNPR1 BZ       63144533.79     -60655823
MINUPAR SA            MNPRON BZ      63144533.79     -60655823
MINUPAR               MNPR3 BZ       63144533.79     -60655823
VARIG PART EM TR      VPTA3 BZ       49432124.18     -3.99E+08
VARIG PART EM-PR      VPTA4 BZ       49432124.18     -3.99E+08
CIMOB PART-PREF       GAFPN BZ       39881386.59     -41560337
CIMOB PARTIC SA       GAFON BZ       39881386.59     -41560337
CIMOB PART-PREF       GAFP4 BZ       39881386.59     -41560337
CIMOB PARTIC SA       GAFP3 BZ       39881386.59     -41560337
SANESALTO             SNST3 BZ          31044051      -1843298
STAROUP SA            STARON BZ      27663604.95      -7174512
STAROUP SA-PREF       STARPN BZ      27663604.95      -7174512
BOTUCATU TEXTIL       STRP3 BZ       27663604.95      -7174512
BOTUCATU-PREF         STRP4 BZ       27663604.95      -7174512
CONST BETER-PR B      1009Q BZ       25469474.32      -4918663
CONST BETER-PF B      1COBBN BZ      25469474.32      -4918663
CONST BETER SA        COBE3 BZ       25469474.32      -4918663
CONST BETER-PR A      1008Q BZ       25469474.32      -4918663
CONST BETER-PF A      COBE5 BZ       25469474.32      -4918663
CONST BETER SA        COBEON BZ      25469474.32      -4918663
CONST BETER SA        1COBON BZ      25469474.32      -4918663
CONST BETER-PF A      1COBAN BZ      25469474.32      -4918663
CONST BETER-PR B      COBEBN BZ      25469474.32      -4918663
CONST BETER-PR A      COBEAN BZ      25469474.32      -4918663
CONST BETER SA        COBE3B BZ      25469474.32      -4918663
CONST BETER SA        1007Q BZ       25469474.32      -4918663
CONST BETER-PF B      COBE6 BZ       25469474.32      -4918663
STEEL - RCT ORD       STLB9 BZ        23040051.4      -8699861
STEEL DO BRASIL       STLB3 BZ        23040051.4      -8699861
STEEL - RT            STLB1 BZ        23040051.4      -8699861
CHIARELLI SA          CCHI3 BZ       22274026.77     -44537138
CHIARELLI SA-PRF      CCHI4 BZ       22274026.77     -44537138
CHIARELLI SA          CCHON BZ       22274026.77     -44537138
CHIARELLI SA-PRF      CCHPN BZ       22274026.77     -44537138
FER HAGA-PREF         HAGA4 BZ       21299042.62     -62858771
HAGA                  HAGA3 BZ       21299042.62     -62858771
FERRAGENS HAGA        HAGAON BZ      21299042.62     -62858771
FERRAGENS HAGA-P      HAGAPN BZ      21299042.62     -62858771
CAF BRASILIA          CAFE3 BZ       21097369.71     -9.04E+08
CAFE BRASILIA-PR      CSBRPN BZ      21097369.71     -9.04E+08
CAFE BRASILIA SA      CSBRON BZ      21097369.71     -9.04E+08
CAF BRASILIA-PRF      CAFE4 BZ       21097369.71     -9.04E+08
TECEL S JOSE          FTSJON BZ      19067322.24     -52580501
TECEL S JOSE          SJOS3 BZ       19067322.24     -52580501
TECEL S JOSE-PRF      SJOS4 BZ       19067322.24     -52580501
TECEL S JOSE-PRF      FTSJPN BZ      19067322.24     -52580501
NORDON METAL          NORDON BZ      16108142.83     -22352941
NORDON MET            NORD3 BZ       16108142.83     -22352941
NORDON MET-RTS        NORD1 BZ       16108142.83     -22352941
UNI CIDADE            UNCI3 BZ       15873892.37      -6485540
GAZOLA SA             GAZON BZ       12452143.07     -40298506
GAZOLA-RCPTS CMN      GAZO9 BZ       12452143.07     -40298506
GAZOLA-RCPT PREF      GAZO10 BZ      12452143.07     -40298506
GAZOLA                GAZO3 BZ       12452143.07     -40298506
GAZOLA SA-PREF        GAZPN BZ       12452143.07     -40298506
GAZOLA SA-DVD CM      GAZO11 BZ      12452143.07     -40298506
GAZOLA-PREF           GAZO4 BZ       12452143.07     -40298506
GAZOLA SA-DVD PF      GAZO12 BZ      12452143.07     -40298506
ARTHUR LANG-RC C      ARLA9 BZ       11642255.92     -17154462
ARTHUR LANG-RC P      ARLA10 BZ      11642255.92     -17154462
ARTHUR LANG-RT C      ARLA1 BZ       11642255.92     -17154462
ARTHUR LANGE SA       ALICON BZ      11642255.92     -17154462
ARTHUR LANGE          ARLA3 BZ       11642255.92     -17154462
ARTHUR LAN-DVD C      ARLA11 BZ      11642255.92     -17154462
ARTHUR LANGE-PRF      ARLA4 BZ       11642255.92     -17154462
ARTHUR LANG-RT P      ARLA2 BZ       11642255.92     -17154462
ARTHUR LANGE-PRF      ALICPN BZ      11642255.92     -17154462
ARTHUR LAN-DVD P      ARLA12 BZ      11642255.92     -17154462
F GUIMARAES           FGUI3 BZ       11016542.14     -1.52E+08
FERREIRA GUIM-PR      FGUIPN BZ      11016542.14     -1.52E+08
F GUIMARAES-PREF      FGUI4 BZ       11016542.14     -1.52E+08
FERREIRA GUIMARA      FGUION BZ      11016542.14     -1.52E+08


COLOMBIA

CHILESAT CORP SA      TELEX CI       953784479.1     -1.03E+08
TELMEX CORP SA        CHILESAT CI    953784479.1     -1.03E+08
CHILESAT CO-ADR       TL US          953784479.1     -1.03E+08
CHILESAT CO-RTS       CHISATOS CI    953784479.1     -1.03E+08
TELEX-RTS             TELEXO CI      953784479.1     -1.03E+08
TELEX-A               TELEXA CI      953784479.1     -1.03E+08
TELMEX CORP-ADR       CSAOY US       953784479.1     -1.03E+08


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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


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

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

Copyright 2011.  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.



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