/raid1/www/Hosts/bankrupt/TCRLA_Public/110719.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 19, 2011, Vol. 12, No. 141

                            Headlines


A R G E N T I N A

CABLEVISION SA: Fitch Affirms 'B' Long-Term Foreign Currency IDR
COMPANIA DE TRANSPORTE: Fitch Rates Class 2 Notes at 'B-/RR4'


B E R M U D A

ITG JAPAN: Creditors' Proofs of Debt Due August 15
SOUTHAMPTON HOLDINGS: Creditors' Proofs of Debt Due July 27
SOUTHAMPTON HOLDINGS: Members' Final Meeting Set for August 16


B R A Z I L

INDEPENDENCIA SA: Receives Five Bids for Assets, Valor Reports


C A Y M A N   I S L A N D S

ASPET NOUVEAU: Shareholders' Final Meeting Set for August 5
CEDARVIEW LEVERAGED: Shareholders' Final Meeting Set for August 4
COMAS STRATEGY: Shareholder to Hear Wind-Up Report on July 26
COMAS STRATEGY: Shareholder to Hear Wind-Up Report on July 26
DARK BLUE: Shareholder to Hear Wind-Up Report on August 8

GARDEN REACH: Shareholders' Final Meeting Set for August 5
GOLDMAN SACHS: Shareholders' Final Meeting Set for August 5
LARRAU NOUVEAU: Shareholders' Final Meeting Set for August 5
LIONGATE BALTIC: Shareholders' Final Meeting Set for August 5
MOSELLE NOUVEAU: Shareholders' Final Meeting Set for August 5

PANDA GLOBAL: Members' Final Meeting Set for July 19
PANDA GLOBAL: Members' Final Meeting Set for July 19
ROBIN LTD: Members' Final Meeting Set for July 22
WEST GATE: Shareholders' Final Meeting Set for August 5
ZEBRA LIMITED: Members Receive Wind-Up Report


J A M A I C A

* JAMAICA: Faces Another Delay for IMF Review


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Shareholders Knock Board Over Falling Shares


U R U G U A Y

* URUGUAY: Fitch Upgrades Foreign Currency IDR to 'BB+'


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


CABLEVISION SA: Fitch Affirms 'B' Long-Term Foreign Currency IDR
----------------------------------------------------------------
Fitch Ratings has affirmed Cablevision S.A.'s long-term foreign
currency Issuer Default Rating (FC IDR) at 'B' and its local
currency IDR at 'B+'.  Fitch has also affirmed the 'B/RR4' ratings
on Cablevision's senior unsecured notes due in 2016.

The Rating Outlook is Stable.

The ratings are supported by the company's solid business position
and strong credit protection measures.  They take into
consideration high regulatory risk and political interference
within the media industry.  Other credit concerns include
Cablevision's lack of revenue diversity, costs pressures derived
from the double-digit inflation environment, the evolving
competitive landscape, and the currency mismatch between the
company's peso-denominated cash flow and its dollar-denominated
debt.  Cablevision's FC IDR is capped by Argentina's country
ceiling of 'B', while its Recovery Rating of 'RR4' is constrained
by the soft cap of 'RR4' for bonds issued by Argentine corporates.

Cablevision's cash flow stability is supported by scale and a
large client base with 3.4 million subscribers as of March 2011.
Cablevision leverages its scale by offering various digital
services that allow it to improve average revenue per user (ARPU),
and maintain operating margins and subscriber loyalty while
lowering subscriber churn levels. Nevertheless, the company's
business has improved at a slower pace than expected due to the
obstacles imposed by regulators as it seeks to start its telephony
service.  During the latest 12 months (LTM) ended March 31, 2011,
Cablevision generated US$1.3 billion of revenues and US$470
million of EBITDA.  These figures compare with US$1.1 billion of
revenues and US$415 million of EBITDA during the LTM ended
March 31, 2010.

The political climate in Argentina continues to present challenges
for media and entertainment companies as a result of various
regulatory and legal actions.  These include threats to regulate
cable TV prices, as well as efforts to nullify Cablevision's
merger with Multicanal S.A.  Fitch will continue monitoring the
evolution of these actions and judicial processes and their impact
upon Cablevision's credit quality.

As the largest pay-TV provider in Argentina, Cablevision has been
able to maintain operating margins within historical levels,
despite double-digit inflation and growing competitive conditions.
Some factors that have contributed to the company's success in
maintaining margins are: synergies obtained through the merger; an
increase in its network's bi-directional capabilities to 60%,
which has allowed the company to add subscribers with more than
one service and increase ARPU; its investments in dark fiber
rings, which has allowed it to transport almost 90% of internal
traffic through its own network; and, finally, the high percentage
of variable costs, mainly for programming. In addition, as double-
play offerings and premium services demand grow in the future, the
company's platform should enable it to optimize costs and network
investments.

As of March 31, 2011, Cablevision had US$513 million of financial
debt. Cablevision recently redeemed its sr. unsecured notes due
2012, 2013 and 2015 with the proceeds of a private placement.  The
new terms and conditions of the debt allow for dividend payments.
It is expected that by year end, the company's debt will increase
to approximately US$650 million.  The additional debt will be used
to finance working capital needs and fund part of its capex
program. Despite the increase in debt, leverage metrics should
remain conservative.  At the end of 2011, the company's total
debt-to-EBITDA ratio is expected to be 1.6 times (x), an increase
from 1.1x as of March 31, 2011.

Cablevision's liquidity position is supported by expected free
cash flow generation and approximately US$145 million of cash on
hand as of March 31, 2011.  The maturity profile of the debt goes
from 2014 to 2017 with annual principal services in the range of
US$100 to US$190 million.  Over the next few years, Fitch expects
that Cablevision should continue generating pre-dividend free cash
flow after capex of approximately US$100 million per year, which
can be used to pay dividends.

Cablevision is the largest multiple system operator (MSO) in
Argentina serving 3.4 million (including Uruguay and Paraguay)
pay-TV basic subscribers out of 7 million and 7.5 million of home-
passed, showing a high pay-TV penetration compared to Latin
American peers and more than 1 million of Internet subscribers.
As of July 14, 2011, pay-TV revenues account for almost 80% of
total revenues, and Internet accounts for the remaining 20%.
Cablevision is indirectly controlled by the Argentine media group
Clarin (60%) and 40% by Fintech Advisory Inc.


COMPANIA DE TRANSPORTE: Fitch Rates Class 2 Notes at 'B-/RR4'
-------------------------------------------------------------
Fitch Ratings has assigned a 'B-/RR4' international scale rating
to Compania de Transporte de Energia Electrica en Alta Tension
Transener S.A.'s proposed class 2 senior unsecured notes issuance
for approximately US$ 148.6 million.  The 'RR4' Recovery Rating on
the issuance reflects an average expected recovery in the event of
default.  The proceeds from the notes will be used to fund the
exchange and tender offer of Transener's class 1 notes due in
2016.

Transener has announced an exchange and tender offer for
approximately US$122 million of class 1 notes (net of Transener's
and Transba S.A.'s holdings).  The purpose of this transaction is
to extend the average life of Transener's debt and reduce
refinancing risk.

Transener's foreign currency Issuer Default Rating (IDR) of 'B-'
reflects the material lag in tariff adjustments, the weak
regulatory environment, its exposure to growing inflation and the
currency mismatch between revenues and debt.  The rating
incorporates the company's first priority of payment from the
wholesale electricity market, the maintenance of conservative
credit metrics for the rating category and a manageable debt
maturity profile -- following the proposed transaction.

Delays in collections of its regulated revenues from the
administrator of the wholesale electric market (CAMMESA) are a
concern due to losses in the electric system.  A significant and
sustained delay in such collections could potentially lead to a
negative rating action.

At March 2011, Transener's total debt was US$148 million (97%
dollar denominated), with a total adjusted debt/EBITDA ratio of
2.5 times (x) and an EBITDA/interest expense ratio of 3.0x.
Latest 12 months (LTM) EBITDA as of March 2011 was US$58 million.
Current credit metrics are expected to decline absent any tariff
increases, subject to the peso devaluation and cost increases.
Despite an adverse environment, Transener has a good track record
in terms of service quality.  Service interruptions were low at
0.62 per 100km.

Transener has the exclusive concession to operate the main
national high voltage transmission grid and the province of Buenos
Aires' transmission grid, through its 90% stake in Transba S.A.
Transener accounts for approximately 95% of the national high
voltage grid.  In addition, the company has non-regulated revenues
associated with services provided to third parties both locally
and internationally.


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


ITG JAPAN: Creditors' Proofs of Debt Due August 15
--------------------------------------------------
The creditors of ITG Japan Ltd. are required to file their proofs
of debt by August 15, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

         Garth A. Calow
         c/o Nigel J.S. Chatterjee
         PricewaterhouseCoopers
         P.O. Box HM 1171, Hamilton, HM EX
         Bermuda


SOUTHAMPTON HOLDINGS: Creditors' Proofs of Debt Due July 27
-----------------------------------------------------------
The creditors of Southampton Holdings Ltd. are required to file
their proofs of debt by July 27, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 11, 2011.

The company's liquidator is:

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


SOUTHAMPTON HOLDINGS: Members' Final Meeting Set for August 16
--------------------------------------------------------------
The members of Southampton Holdings Ltd. will hold their final
meeting on August 16, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on July 11, 2011.

The company's liquidator is:

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


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


INDEPENDENCIA SA: Receives Five Bids for Assets, Valor Reports
--------------------------------------------------------------
Jessica Brice at Bloomberg News, citing Valor Economico, reports
that Independencia SA has received five bids as part of an auction
to sell assets and use the proceeds to pay off debt.

The newspaper said that creditors of the meatpacker, which has
estimated debt of BRL1.9 billion (US$1.2 billion), will evaluate
the bids at a meeting on July 22 in Sao Paulo, Bloomberg News
says.

The assets are being auctioned for at least BRL706.9 million, Sao
Paulo-based Valor said, the report discloses.

                       About Independencia SA

Independencia SA -- http://www.independencia.com.br/-- is
Brazil's fourth largest meat exporter.  It filed for bankruptcy
protection in 2010, after the global economic crisis caused
exports to slump.  Independencia S.A. filed its Chapter 15
petition on March 27, 2009 (Bankr. S.D. N.Y., Case No. 09-10903).
Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch LLP, is the
Debtor's counsel.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 4, 2010, Fitch Ratings downgraded Independencia S.A's
local and foreign currency issuer default rating to 'D' from
'C'; and National scale rating to 'D(bra)' from 'C(bra)'.


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


ASPET NOUVEAU: Shareholders' Final Meeting Set for August 5
-----------------------------------------------------------
The shareholders of Aspet Nouveau Investments Limited will hold
their final meeting on August 5, 2011, at 9:15 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


CEDARVIEW LEVERAGED: Shareholders' Final Meeting Set for August 4
-----------------------------------------------------------------
The shareholders of Cedarview Leveraged Opportunities MA, Ltd.
will hold their final meeting on August 4, 2011, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London


COMAS STRATEGY: Shareholder to Hear Wind-Up Report on July 26
-------------------------------------------------------------
The shareholder of Comas Strategy Fund I Limited will receive on
July 26, 2011, at 10:15 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         David T. Smith
         Equus Asset Management Partners
         27 Queen Street, 3rd Floor
         Hamilton HM 11
         Bermuda


COMAS STRATEGY: Shareholder to Hear Wind-Up Report on July 26
-------------------------------------------------------------
The shareholder of Comas Strategy Fund Limited will receive on
July 26, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         David T. Smith
         Equus Asset Management Partners
         27 Queen Street, 3rd Floor
         Hamilton HM 11
         Bermuda


DARK BLUE: Shareholder to Hear Wind-Up Report on August 8
---------------------------------------------------------
The shareholder of Dark Blue Investments Limited will receive on
August 8, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Jeremy Spratt
         c/o Jacqueline Edwards
         Telephone: +44 (0) 20 7311 8563 / 345-949-4800
         Facsimile: +44 (0) 20 7694 3533 / 345-949-7164
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands


GARDEN REACH: Shareholders' Final Meeting Set for August 5
----------------------------------------------------------
The shareholders of Garden Reach Ltd. will hold their final
meeting on August 5, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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


GOLDMAN SACHS: Shareholders' Final Meeting Set for August 5
-----------------------------------------------------------
The shareholders of Goldman Sachs Master Alpha Transport Fund,
Ltd. will hold their final meeting on August 5, 2011, at
10:15 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


LARRAU NOUVEAU: Shareholders' Final Meeting Set for August 5
------------------------------------------------------------
The shareholders of Larrau Nouveau Investments Limited will hold
their final meeting on August 5, 2011, at 10:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


LIONGATE BALTIC: Shareholders' Final Meeting Set for August 5
-------------------------------------------------------------
The shareholders of Liongate Baltic Fund will hold their final
meeting on August 5, 2011, 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:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre, Third Floor
         42 North Church Street
         George Town
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


MOSELLE NOUVEAU: Shareholders' Final Meeting Set for August 5
-------------------------------------------------------------
The shareholders of Moselle Nouveau Investments Limited will hold
their final meeting on August 5, 2011, at 10:45 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


PANDA GLOBAL: Members' Final Meeting Set for July 19
----------------------------------------------------
The members of The Panda Global Master Fund, Ltd. will hold their
final meeting on July 19, 2011, 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:

         Alan Turner
         Turner & Roulstone
         Strathvale House, 3rd Floor
         90 North Church Street
         P.O. Box 2636, George Town
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 1 345 943 5555


PANDA GLOBAL: Members' Final Meeting Set for July 19
----------------------------------------------------
The members of The Panda Global Fund, Ltd. will hold their final
meeting on July 19, 2011, 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:

         Alan Turner
         Turner & Roulstone
         Strathvale House, 3rd Floor
         90 North Church Street
         P.O. Box 2636, George Town
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 1 345 943 5555


ROBIN LTD: Members' Final Meeting Set for July 22
-------------------------------------------------
The members of Robin Ltd will hold their final meeting on July 22,
2011, to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170 George Town, Grand Cayman
         Cayman Islands


WEST GATE: Shareholders' Final Meeting Set for August 5
-------------------------------------------------------
The shareholders of West Gate Leveraged Loan Fund, Ltd. will hold
their final meeting on August 5, 2011, at 10:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre, Third Floor
         42 North Church Street
         George Town
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


ZEBRA LIMITED: Members Receive Wind-Up Report
---------------------------------------------
The members of Zebra Limited received on June 20, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170 George Town, Grand Cayman
         Cayman Islands


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


* JAMAICA: Faces Another Delay for IMF Review
---------------------------------------------
RJR News reports that there has been another delay to the
International Monetary Fund review of Jamaica's performance under
the standby facility.

Jamaica Minister of Finance Audley Shaw indicated last week that
other issues have resulted in the setback, according to RJR News.

The public sector wage dispute over the 2009 to 2012 contract
period is now settled, RJR News points out.  That issue involved
public sector staffing costs going forward.  But Daryl Vaz, the
Minister with responsibility for Information, said that was not
the only matter on which the IMF expressed concern, the report
relates.

Jamaica Civil Service Association former president Wayne Jhones
told Prime Minister Bruce Golding last week that with the signing
of the wage agreement, urgent negotiations should start on wage
agreements going forward, RJR News recounts.

Meanwhile, the IMF has told the Golding administration to indicate
what levels the public sector wage bill will be going forward, RJR
News cites.  And since that information has not come as yet, the
Finance Ministry said the completion of the IMF reviews has been
further delayed, the report relates.

Based on Mr. Shaw's statement, the review has been delayed because
the IMF is concerned that the cost of the public sector could
derail the Government's economic program, by requiring greater
borrowing if revenue targets are not met, RJR News notes.

The Finance Ministry release said the government and public sector
unions will now have to come to an agreement about the cost of the
public sector, RJR News points out.

Another critical matter is that of tax reform, which has also been
urged to be moved, according to RJR News.  The matter includes
reducing discretionary waivers, and further improving tax
administration, the report cites.


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


TRINIDAD CEMENT: Shareholders Knock Board Over Falling Shares
-------------------------------------------------------------
Sasha Harrinanan at Trinidad & Tobago Newsday reports that several
shareholders of Trinidad Cement Limited Group took the group's
Board to task at the Annual General Meeting (AGM) over the
financial losses incurred by the group and the decision to
withhold dividend payments for the next three years while the
group's TT$1.8 billion debt is re-profiled.

During the AGM, the group's debt re-profiling plan was broken down
for shareholders by Group Chairman Andy J Bhajan and Group Finance
Manager Lincoln Parmasar, according to T&T Newsday.

The TT$1.8 billion debt re-profiling will include a moratorium on
payment of interest and principle for 18 months, which will be
added on to the debt, T&T Newsday notes.  The interest per year,
according to the report, is estimated to be US$160 million, which
TCL Group plans to pay off over an eight-year period.

The debt re-profiling specifically include payment of 50% of the
debt over the eight years, following which the lenders expect the
group to refinance at the end of the eight years, the report
relays.

Group Chief Executive Officer Dr. Rollin Bertrand tried to
reassure shareholders that a re-profiling of the group's debt and
the group's expected entrance into the French Caribbean and
Venezuelan markets, plus projected increased sales to Brazil,
would see TCL shares rise in value once again.  Currently, shares
are worth about TT$2, from a 2005 peak of TT$10, T&T Newsday
notes.

According to the 2010 Annual Report, the group's Jamaican and
Barbados subsidiaries -- Caribbean Cement Company Limited and
Arawak Cement -- were the hardest hit by depressed market
conditions in the region, T&T Newsday reports.

"The Group recorded an overall loss of TT$80.3 million, of which
TT$4.3 million related to discontinued operations, compared with a
profit of TT$94.3 million for 2009.  The loss attributable to
Group shareholders amounted to TT$48.6 million compared with a
profit of TT$95.8 million in 2009.  As a consequence, Losses per
Share in 2010 was 20 cents compared with Earnings per Share of 39
cents for 2009," Mr. Bertrand said in the report obtained by the
news agency.

As reported in the Troubled Company Reporter-Latin America on
June 30, 2011, Trinidad & Tobago Newsday said that Trinidad
Cement Limited (TCL) Group is assuring shareholders the company's
dialogue with lenders has been productive and it was drawing
closer to an agreement on the material terms of the re-profiling
of the company.  T&T Newsday related that the Group said they
submitted proposals for the re-profiling of its debt portfolio to
Lenders.  A separate TCRLA report on Jan. 19, 2011, citing
RadioJamaica, related that Trinidad Cement Limited has unveiled a
major plan to restructure its debt to allow the Group to remain in
business given the severe effect of the economic decline on all
its markets.  The report related that a creditor committee
comprising large domestic and international institutional lenders
representing 75% of its total debt, has been established.  An
independent advisor is to be hired to the Committee to assess the
cash generating capability, operations and structure of the TCL
Group, the report noted.  RadioJamaica said TCL, along with the
Committee and its advisor, will present the debt restructure plan
to its lenders and investors for approval.

Trinidad Cement Limited is a cement company.


=============
U R U G U A Y
=============


* URUGUAY: Fitch Upgrades Foreign Currency IDR to 'BB+'
-------------------------------------------------------
Fitch Ratings has taken these rating actions on the Issuer Default
Ratings (IDRs) and Country Ceiling for Uruguay:

   -- Foreign currency IDR upgraded to 'BB+' from 'BB';

   -- Local currency IDR upgraded to 'BBB-' from 'BB+';

   -- Foreign currency short-term IDR affirmed at 'B';

   -- Country ceiling upgraded to 'BBB' from 'BBB-'.

The Rating Outlook is revised to Stable from Positive.

The upgrade reflects Fitch's opinion that Uruguay's external and
fiscal vulnerabilities have reduced owing to improvements in its
external and fiscal solvency ratios, strengthened external
liquidity as well as better currency composition and maturity
structure of government debt.  High GDP per capita income, strong
social indicators, and a solid institutional framework underpin
Uruguay's creditworthiness.  Fitch believes policy continuity and
political stability are solidly anchored by a strong institutional
framework

Uruguay's growth performance and outlook remain quite favorable.
Its five-year average growth increased to 6.2% in 2010,
considerably higher than the 'BB' median over the same period.
Reduced trade and financial links with Argentina make Uruguay less
vulnerable to economic developments in its neighbor.

While Uruguay is likely to continue outperforming peers in terms
of growth over the forecast period, inflationary pressures have
increased as a result of external price shocks, weather conditions
and the rapid pace of domestic demand. Inflation could average
7.5% in 2011, almost two full percentage points above the forecast
for the 'BB' median (5.6%).

'While the macroeconomic policy framework has strengthened,
further improvement in monetary policy credibility, greater
coordination between monetary and fiscal policies, as well as
moderate wage increases, would be essential to bringing inflation
down closer to levels comparable to peers,' said Erich Arispe,
Director in Fitch's Sovereign Group.  While financial
dollarization has receded, it still remains relatively high
exposing the economy to FX shocks.

The favorable growth momentum, exchange rate appreciation and
relatively moderate fiscal deficits have supported debt reduction
in recent years, a trend that is likely to continue.  According to
Fitch estimates, central government debt could fall to 44.1% of
GDP in 2011 from 50.2% in 2008, slightly above the 'BB' median.
Uruguayan authorities continue to implement a proactive debt
management, reducing both foreign currency and roll-over risks.
Local currency denominated debt has improved in recent years and
could equal approximately 43% of total debt in 2011.

'Comparatively moderate government financing requirements and low
government revenue volatility mitigate the impact of economic
shocks on public finances,' added Mr. Arispe.

On the positive side, Uruguay's current account deficits are
likely to remain moderate and over-financed by FDI inflows over
the forecast period. Moreover, the increase in international
reserves in 2011 could boost the external liquidity ratio to 168%
in 2012, slightly below the 'BB' median of 176%.

Nevertheless, given the still high levels of financial
dollarization and commodity dependence, higher external liquidity
levels would further improve the economy's resilience to external
shocks.  In addition, higher international reserves would be
positive for the sovereign's net external debt position as Uruguay
continues to be among the largest net external debtors, at 46% of
CXR, in the 'BB' category.

A sustained improvement in external and fiscal balance sheets as
well as further consolidation of macroeconomic stability will be
positive for creditworthiness.  On the other hand, while not
Fitch's base, a material deterioration in government debt burden
and composition or increased macroeconomic in stability could also
weigh on Uruguay's credit profile.


===============
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-USD     IMPTD AR       535007008      -17164978
IMPSAT FIBER NET     XIMPT SM       535007008      -17164978
IMPSAT FIBER-CED     IMPT AR        535007008      -17164978
IMPSAT FIBER NET     IMPTQ US       535007008      -17164978
IMPSAT FIBER NET     330902Q GR     535007008      -17164978
IMPSAT FIBER-C/E     IMPTC AR       535007008      -17164978
IMPSAT FIBER-BLK     IMPTB AR       535007008      -17164978
SOC COMERCIAL PL     COME AR        175824387     -338338057
SOC COMERCIAL PL     CADN EU        175824387     -338338057
SOC COMERCIAL PL     CVVIF US       175824387     -338338057
SOC COMERCIAL PL     CADN SW        175824387     -338338057
SOC COMERCIAL PL     COMEC AR       175824387     -338338057
COMERCIAL PL-ADR     SCPDS LI       175824387     -338338057
SOC COMERCIAL PL     CADN EO        175824387     -338338057
SOC COMERCIAL PL     COMED AR       175824387     -338338057
SOC COMERCIAL PL     CAD IX         175824387     -338338057
COMERCIAL PLA-BL     COMEB AR       175824387     -338338057
SOC COMERCIAL PL     SCDPF US       175824387     -338338057
SOCOTHERM-5 VT-A     STHE5 AR       101075648    -3157975.35
SOCOTHERM SA-B       STHE AR        101075648    -3157975.35
SOCOTHERM-SP ADR     SOCOY US       101075648    -3157975.35
SNIAFA SA-B          SDAGF US        11229696    -2670544.88
SNIAFA SA            SNIA AR         11229696    -2670544.88
SNIAFA SA-B          SNIA5 AR        11229696    -2670544.88


BELIZE

VARIG SA             VARGON BZ      966298026    -4695211316
VARIG SA-PREF        VAGV4 BZ       966298026    -4695211316
VARIG SA-PREF        VARGPN BZ      966298026    -4695211316
VARIG SA             VAGV3 BZ       966298026    -4695211316
AGRENCO LTD          AGRE LX        637647275     -312199404
AGRENCO LTD-BDR      AGEN11 BZ      637647275     -312199404
LAEP-BDR             MILK11 BZ      439175082      -60172005
LAEP INVESTMENTS     LEAP LX        439175082      -60172005
CIA PETROLIF-PRF     MRLM4 BZ       377602195    -3014291.72
CIA PETROLIF-PRF     MRLM4B BZ      377602195    -3014291.72
CIA PETROLIFERA      1CPMON BZ      377602195    -3014291.72
CIA PETROLIF-PRF     1CPMPN BZ      377602195    -3014291.72
CIA PETROLIFERA      MRLM3B BZ      377602195    -3014291.72
CIA PETROLIFERA      MRLM3 BZ       377602195    -3014291.72
DOCA INVESTIMENT     DOCA3 BZ       354715604     -119368960
DOCA INVESTI-PFD     DOCA4 BZ       354715604     -119368960
DOCAS SA-PREF        DOCAPN BZ      354715604     -119368960
DOCAS SA             DOCAON BZ      354715604     -119368960
DOCAS SA-RTS PRF     DOCA2 BZ       354715604     -119368960
BATTISTELLA-PREF     BTTL4 BZ       349898179    -3135090.39
BATTISTELLA-RECE     BTTL9 BZ       349898179    -3135090.39
BATTISTELLA-RECP     BTTL10 BZ      349898179    -3135090.39
BATTISTELLA-RI P     BTTL2 BZ       349898179    -3135090.39
BATTISTELLA          BTTL3 BZ       349898179    -3135090.39
BATTISTELLA-RIGH     BTTL1 BZ       349898179    -3135090.39
BOMBRIL-RIGHTS       BOBR1 BZ       316331265     -123554206
BOMBRIL              BMBBF US       316331265     -123554206
BOMBRIL CIRIO-PF     BOBRPN BZ      316331265     -123554206
BOMBRIL SA-ADR       BMBBY US       316331265     -123554206
BOMBRIL-PREF         BOBR4 BZ       316331265     -123554206
BOMBRIL              BOBR3 BZ       316331265     -123554206
BOMBRIL SA-ADR       BMBPY US       316331265     -123554206
BOMBRIL CIRIO SA     BOBRON BZ      316331265     -123554206
BOMBRIL-RGTS PRE     BOBR2 BZ       316331265     -123554206
TELEBRAS-CED C/E     TEL4C AR       269372906    -13465060.7
TELEBRAS-CEDE PF     RCTB4 AR       269372906    -13465060.7
TELEBRAS-CEDE PF     RCT4D AR       269372906    -13465060.7
TELEBRAS-CM RCPT     TBRTF US       269372906    -13465060.7
TELEBRAS-CEDEA $     TEL4D AR       269372906    -13465060.7
TELEBRAS-ADR         TBAPY US       269372906    -13465060.7
TELEBRAS-ADR         TBASY US       269372906    -13465060.7
TELEBRAS-COM RT      TELB1 BZ       269372906    -13465060.7
TELEBRAS SA          TELB3 BZ       269372906    -13465060.7
TELEBRAS SA-PREF     TELB4 BZ       269372906    -13465060.7
TELEBRAS-RTS PRF     TLCP2 BZ       269372906    -13465060.7
TELEBRAS-PF BLCK     TELB40 BZ      269372906    -13465060.7
TELEBRAS-RTS PRF     RCTB2 BZ       269372906    -13465060.7
TELEBRAS-PF RCPT     RCTB40 BZ      269372906    -13465060.7
TELEBRAS-PF RCPT     RCTB42 BZ      269372906    -13465060.7
TELEBRAS-CM RCPT     RCTB32 BZ      269372906    -13465060.7
TELEBRAS-ADR         TBX GR         269372906    -13465060.7
TELEBRAS SA          TLBRON BZ      269372906    -13465060.7
TELEBRAS-CM RCPT     RCTB30 BZ      269372906    -13465060.7
TELEBRAS-PF RCPT     TLBRUP BZ      269372906    -13465060.7
TELEBRAS-CEDE BL     RCT4B AR       269372906    -13465060.7
TELEBRAS-CEDE PF     TELB4 AR       269372906    -13465060.7
TELEBRAS-CM RCPT     RCTB31 BZ      269372906    -13465060.7
TELEBRAS-PF RCPT     CBRZF US       269372906    -13465060.7
TELEBRAS SA-PREF     TLBRPN BZ      269372906    -13465060.7
TELEBRAS-RECEIPT     TLBRUO BZ      269372906    -13465060.7
TELEBRAS-CM RCPT     TELE31 BZ      269372906    -13465060.7
TELEBRAS-RCT PRF     TELB10 BZ      269372906    -13465060.7
TELEBRAS/W-I-ADR     TBH-W US       269372906    -13465060.7
TELEBRAS-RTS CMN     TCLP1 BZ       269372906    -13465060.7
TELEBRAS-PF RCPT     TBAPF US       269372906    -13465060.7
TELEBRAS SA-RT       TELB9 BZ       269372906    -13465060.7
TELEBRAS-PF RCPT     RCTB41 BZ      269372906    -13465060.7
TELEBRAS-PF RCPT     TELE41 BZ      269372906    -13465060.7
TELEBRAS-CEDE PF     RCT4C AR       269372906    -13465060.7
TELECOMUNICA-ADR     81370Z BZ      269372906    -13465060.7
TELEBRAS-BLOCK       TELB30 BZ      269372906    -13465060.7
TELEBRAS-RCT         RCTB33 BZ      269372906    -13465060.7
TELEBRAS-ADR         TBRAY GR       269372906    -13465060.7
TELEBRAS SA          TBASF US       269372906    -13465060.7
TELEBRAS-ADR         RTB US         269372906    -13465060.7
TELEBRAS-RTS CMN     RCTB1 BZ       269372906    -13465060.7
TELEBRAS-ADR         TBH US         269372906    -13465060.7
HOTEIS OTHON SA      HOTHON BZ      255036150    -42606769.7
HOTEIS OTHON-PRF     HOOT4 BZ       255036150    -42606769.7
HOTEIS OTHON SA      HOOT3 BZ       255036150    -42606769.7
HOTEIS OTHON-PRF     HOTHPN BZ      255036150    -42606769.7
TEKA                 TEKAON BZ      246866965     -392777063
TEKA                 TKTQF US       246866965     -392777063
TEKA-PREF            TEKAPN BZ      246866965     -392777063
TEKA-ADR             TKTQY US       246866965     -392777063
TEKA-PREF            TKTPF US       246866965     -392777063
TEKA-ADR             TKTPY US       246866965     -392777063
TEKA-PREF            TEKA4 BZ       246866965     -392777063
TEKA                 TEKA3 BZ       246866965     -392777063
TEKA-ADR             TEKAY US       246866965     -392777063
PET MANG-RT          4115360Q BZ    231024467     -184606117
PET MANG-RIGHTS      3678569Q BZ    231024467     -184606117
PETRO MANGUIN-PF     MANGPN BZ      231024467     -184606117
PET MANG-RECEIPT     RPMG10 BZ      231024467     -184606117
PETRO MANGUINHOS     MANGON BZ      231024467     -184606117
PET MANG-RECEIPT     RPMG9 BZ       231024467     -184606117
PET MANG-RT          RPMG1 BZ       231024467     -184606117
PETRO MANGUINHOS     RPMG3 BZ       231024467     -184606117
PET MANG-RIGHTS      3678565Q BZ    231024467     -184606117
PET MANG-RT          4115364Q BZ    231024467     -184606117
PET MANG-RT          RPMG2 BZ       231024467     -184606117
PET MANGUINH-PRF     RPMG4 BZ       231024467     -184606117
SANSUY SA-PREF A     SNSYAN BZ      200809365     -115213257
SANSUY SA            SNSYON BZ      200809365     -115213257
SANSUY               SNSY3 BZ       200809365     -115213257
SANSUY-PREF B        SNSY6 BZ       200809365     -115213257
SANSUY-PREF A        SNSY5 BZ       200809365     -115213257
SANSUY SA-PREF B     SNSYBN BZ      200809365     -115213257
BALADARE             BLDR3 BZ       159454016    -52992212.8
DHB IND E COM-PR     DHBPN BZ       151796583     -160270949
D H B-PREF           DHBI4 BZ       151796583     -160270949
DHB IND E COM        DHBON BZ       151796583     -160270949
D H B                DHBI3 BZ       151796583     -160270949
FABRICA RENAUX-P     FTRX4 BZ       109683744    -48836146.4
FABRICA RENAUX       FTRX3 BZ       109683744    -48836146.4
FABRICA RENAUX-P     FRNXPN BZ      109683744    -48836146.4
FABRICA RENAUX       FRNXON BZ      109683744    -48836146.4
FABRICA TECID-RT     FTRX1 BZ       109683744    -48836146.4
WETZEL SA            MWET3 BZ       100017711    -5359345.82
WETZEL SA            MWELON BZ      100017711    -5359345.82
WETZEL SA-PREF       MWELPN BZ      100017711    -5359345.82
WETZEL SA-PREF       MWET4 BZ       100017711    -5359345.82
DOC IMBITUBA-RTC     8174503Q BZ     96977064    -42592602.5
DOCAS IMBITUB-PR     IMBIPN BZ       96977064    -42592602.5
DOC IMBITUBA-RTP     8174507Q BZ     96977064    -42592602.5
DOC IMBITUB-PREF     IMBI4 BZ        96977064    -42592602.5
DOC IMBITUBA         IMBI3 BZ        96977064    -42592602.5
DOC IMBITUBA-RT      8218594Q BZ     96977064    -42592602.5
DOCAS IMBITUBA       IMBION BZ       96977064    -42592602.5
DOC IMBITUBA-RT      IMBI1 BZ        96977064    -42592602.5
ESTRELA SA           ESTR3 BZ        89585906    -80761486.8
ESTRELA SA-PREF      ESTRPN BZ       89585906    -80761486.8
ESTRELA SA           ESTRON BZ       89585906    -80761486.8
ESTRELA SA-PREF      ESTR4 BZ        89585906    -80761486.8
ACO ALTONA           EALT3 BZ        89152030    -9848587.47
ACO ALTONA SA        EAAON BZ        89152030    -9848587.47
ACO ALTONA-PREF      EAAPN BZ        89152030    -9848587.47
ACO ALTONA-PREF      EALT4 BZ        89152030    -9848587.47
VARIG PART EM-PR     VPSC4 BZ        83017829     -495721700
VARIG PART EM SE     VPSC3 BZ        83017829     -495721700
RENAUXVIEW SA-PF     TXRX4 BZ        73095834     -103943206
TEXTEIS RENAUX       RENXPN BZ       73095834     -103943206
TEXTEIS RENAUX       RENXON BZ       73095834     -103943206
TEXTEIS RENA-RCT     TXRX10 BZ       73095834     -103943206
RENAUXVIEW SA        TXRX3 BZ        73095834     -103943206
TEXTEIS RENA-RCT     TXRX9 BZ        73095834     -103943206
TEXTEIS RENAU-RT     TXRX1 BZ        73095834     -103943206
TEXTEIS RENAU-RT     TXRX2 BZ        73095834     -103943206
SCHLOSSER SA-PRF     SCHPN BZ        73036750    -34357832.6
SCHLOSSER            SCLO3 BZ        73036750    -34357832.6
SCHLOSSER-PREF       SCLO4 BZ        73036750    -34357832.6
SCHLOSSER SA         SCHON BZ        73036750    -34357832.6
MINUPAR SA-PREF      MNPRPN BZ       63144534    -60655823.4
MINUPAR-PREF         MNPR4 BZ        63144534    -60655823.4
MINUPAR              MNPR3 BZ        63144534    -60655823.4
MINUPAR-RCT          9314634Q BZ     63144534    -60655823.4
MINUPAR SA           MNPRON BZ       63144534    -60655823.4
MINUPAR-RT           MNPR1 BZ        63144534    -60655823.4
MINUPAR-RCT          MNPR9 BZ        63144534    -60655823.4
MINUPAR-RT           9314542Q BZ     63144534    -60655823.4
IGB ELETRONICA       IGBR3 BZ        61088978     -282692297
GRADIENTE EL-PRA     IGBAN BZ        61088978     -282692297
GRADIENTE EL-PRC     IGBCN BZ        61088978     -282692297
GRADIENTE-PREF C     IGBR7 BZ        61088978     -282692297
GRADIENTE ELETR      IGBON BZ        61088978     -282692297
GRADIENTE EL-PRB     IGBBN BZ        61088978     -282692297
GRADIENTE-PREF A     IGBR5 BZ        61088978     -282692297
GRADIENTE-PREF B     IGBR6 BZ        61088978     -282692297
VARIG PART EM TR     VPTA3 BZ        49432124     -399290396
VARIG PART EM-PR     VPTA4 BZ        49432124     -399290396
CIMOB PARTIC SA      GAFON BZ        44047412    -45669963.6
CIMOB PART-PREF      GAFPN BZ        44047412    -45669963.6
CIMOB PART-PREF      GAFP4 BZ        44047412    -45669963.6
CIMOB PARTIC SA      GAFP3 BZ        44047412    -45669963.6
WIEST                WISA3 BZ        34108201     -126997429
WIEST-PREF           WISA4 BZ        34108201     -126997429
WIEST SA-PREF        WISAPN BZ       34108201     -126997429
WIEST SA             WISAON BZ       34108201     -126997429
RECRUSUL - RT        RCSL2 BZ        31427766    -30307605.7
RECRUSUL             RCSL3 BZ        31427766    -30307605.7
RECRUSUL - RT        RCSL1 BZ        31427766    -30307605.7
RECRUSUL SA-PREF     RESLPN BZ       31427766    -30307605.7
RECRUSUL - RCT       4529793Q BZ     31427766    -30307605.7
RECRUSUL - RCT       RCSL10 BZ       31427766    -30307605.7
RECRUSUL - RT        4529781Q BZ     31427766    -30307605.7
RECRUSUL-BON RT      RCSL11 BZ       31427766    -30307605.7
RECRUSUL-PREF        RCSL4 BZ        31427766    -30307605.7
RECRUSUL - RCT       4529789Q BZ     31427766    -30307605.7
RECRUSUL SA          RESLON BZ       31427766    -30307605.7
RECRUSUL - RCT       RCSL9 BZ        31427766    -30307605.7
RECRUSUL - RT        4529785Q BZ     31427766    -30307605.7
RECRUSUL-BON RT      RCSL12 BZ       31427766    -30307605.7
SANESALTO            SNST3 BZ        31044053    -1843297.83
STAROUP SA-PREF      STARPN BZ       27663605    -7174512.03
BOTUCATU TEXTIL      STRP3 BZ        27663605    -7174512.03
BOTUCATU-PREF        STRP4 BZ        27663605    -7174512.03
STAROUP SA           STARON BZ       27663605    -7174512.03
CONST BETER-PR A     COBEAN BZ       25469474     -4918659.9
CONST BETER-PR B     COBEBN BZ       25469474     -4918659.9
CONST BETER-PR B     1009Q BZ        25469474     -4918659.9
CONST BETER SA       COBE3 BZ        25469474     -4918659.9
CONST BETER-PF B     1COBBN BZ       25469474     -4918659.9
CONST BETER SA       COBEON BZ       25469474     -4918659.9
CONST BETER SA       1COBON BZ       25469474     -4918659.9
CONST BETER-PF A     COBE5 BZ        25469474     -4918659.9
CONST BETER-PF B     COBE6 BZ        25469474     -4918659.9
CONST BETER SA       1007Q BZ        25469474     -4918659.9
CONST BETER-PF A     1COBAN BZ       25469474     -4918659.9
CONST BETER SA       COBE3B BZ       25469474     -4918659.9
CONST BETER-PR A     1008Q BZ        25469474     -4918659.9
ALL ORE MINERACA     STLB3 BZ        23040051    -8699861.07
ALL ORE MINERACA     AORE3 BZ        23040051    -8699861.07
STEEL - RT           STLB1 BZ        23040051    -8699861.07
STEEL - RCT ORD      STLB9 BZ        23040051    -8699861.07
FER HAGA-PREF        HAGA4 BZ        21299043    -62858780.7
FERRAGENS HAGA       HAGAON BZ       21299043    -62858780.7
FERRAGENS HAGA-P     HAGAPN BZ       21299043    -62858780.7
HAGA                 HAGA3 BZ        21299043    -62858780.7
NOVA AMERICA SA      NOVAON BZ       21287489     -183535527
NOVA AMERICA SA      NOVA3B BZ       21287489     -183535527
NOVA AMERICA-PRF     NOVAPN BZ       21287489     -183535527
NOVA AMERICA-PRF     1NOVPN BZ       21287489     -183535527
NOVA AMERICA SA      NOVA3 BZ        21287489     -183535527
NOVA AMERICA SA      1NOVON BZ       21287489     -183535527
NOVA AMERICA-PRF     NOVA4B BZ       21287489     -183535527
NOVA AMERICA-PRF     NOVA4 BZ        21287489     -183535527
CAF BRASILIA-PRF     CAFE4 BZ        21097370     -903951461
CAFE BRASILIA-PR     CSBRPN BZ       21097370     -903951461
CAFE BRASILIA SA     CSBRON BZ       21097370     -903951461
CAF BRASILIA         CAFE3 BZ        21097370     -903951461
TECEL S JOSE-PRF     SJOS4 BZ        19067323    -52580501.1
TECEL S JOSE         SJOS3 BZ        19067323    -52580501.1
TECEL S JOSE-PRF     FTSJPN BZ       19067323    -52580501.1
TECEL S JOSE         FTSJON BZ       19067323    -52580501.1
NORDON METAL         NORDON BZ       15354597    -26859636.7
NORDON MET           NORD3 BZ        15354597    -26859636.7
NORDON MET-RTS       NORD1 BZ        15354597    -26859636.7
B&D FOOD CORP        BDFC US         14423532       -3506007
LATTENO FOOD COR     LATF US         14423532       -3506007
REII INC             REIC US         14423532       -3506007
B&D FOOD CORP        BDFCE US        14423532       -3506007
CHIARELLI SA         CCHON BZ        14300741    -46729432.5
CHIARELLI SA         CCHI3 BZ        14300741    -46729432.5
CHIARELLI SA-PRF     CCHPN BZ        14300741    -46729432.5
CHIARELLI SA-PRF     CCHI4 BZ        14300741    -46729432.5
HERCULES             HETA3 BZ        12689117     -170680899
HERCULES SA-PREF     HERTPN BZ       12689117     -170680899
HERCULES-PREF        HETA4 BZ        12689117     -170680899
HERCULES SA          HERTON BZ       12689117     -170680899
GAZOLA               GAZO3 BZ        12452144    -40298531.2
GAZOLA SA-PREF       GAZPN BZ        12452144    -40298531.2
GAZOLA SA-DVD PF     GAZO12 BZ       12452144    -40298531.2
GAZOLA SA            GAZON BZ        12452144    -40298531.2
GAZOLA SA-DVD CM     GAZO11 BZ       12452144    -40298531.2
GAZOLA-RCPT PREF     GAZO10 BZ       12452144    -40298531.2
GAZOLA-PREF          GAZO4 BZ        12452144    -40298531.2
GAZOLA-RCPTS CMN     GAZO9 BZ        12452144    -40298531.2
ARTHUR LANGE-PRF     ARLA4 BZ        11642256    -17154461.9
ARTHUR LANGE SA      ALICON BZ       11642256    -17154461.9
ARTHUR LAN-DVD C     ARLA11 BZ       11642256    -17154461.9
ARTHUR LANGE         ARLA3 BZ        11642256    -17154461.9
ARTHUR LANG-RT P     ARLA2 BZ        11642256    -17154461.9
ARTHUR LAN-DVD P     ARLA12 BZ       11642256    -17154461.9
ARTHUR LANG-RT C     ARLA1 BZ        11642256    -17154461.9
ARTHUR LANGE-PRF     ALICPN BZ       11642256    -17154461.9
ARTHUR LANG-RC C     ARLA9 BZ        11642256    -17154461.9
ARTHUR LANG-RC P     ARLA10 BZ       11642256    -17154461.9
FERREIRA GUIM-PR     FGUIPN BZ       11016542     -151840377
FERREIRA GUIMARA     FGUION BZ       11016542     -151840377
F GUIMARAES-PREF     FGUI4 BZ        11016542     -151840377
F GUIMARAES          FGUI3 BZ        11016542     -151840377


CHILE

EMPRESA DE LOS F     2940894Z CI    1.934E+09      -50416404
TELMEX CORP-ADR      CSAOY US       1.157E+09     -122555290
CHILESAT CORP SA     TELEX CI       1.157E+09     -122555290
CLARO COM SA         CHILESAT CI    1.157E+09     -122555290
CHILESAT CO-RTS      CHISATOS CI    1.157E+09     -122555290
TELEX-A              TELEXA CI      1.157E+09     -122555290
CHILESAT CO-ADR      TL US          1.157E+09     -122555290
TELEX-RTS            TELEXO CI      1.157E+09     -122555290


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Psyche A. Castillon, 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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