TCRLA_Public/101006.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

           Wednesday, October 6, 2010, Vol. 11, No. 197

                            Headlines



A R G E N T I N A

JUBESA SRL: Creditors' Proofs of Debt Due on November 15
NICKALE SA: Creditors' Proofs of Debt Due on November 15
PONTEMAR VIAJES: Creditors' Proofs of Debt Due on November 19


B E R M U D A

MEMORY DEVICES: Appoints Sutton and Yu as Liquidators
PINE STREET: Creditors' Proofs of Debt Due by October 20
PINE STREET: Members' Final Meeting Set for November 9


B R A Z I L

CEAGRO AGRICOLA: Fitch Assigns Issuer Default Ratings at 'B-'
CEAGRO AGRICOLA: S&P Assigns 'B' Corporate Credit Rating
INDEPENDENCIA SA: To Miss Interest Payment on 2015 Bonds


C A Y M A N  I S L A N D S

ANFIELD LIMITED: Creditors' Proofs of Debt Due on October 27
BT DEVONPORT: Creditors' Proofs of Debt Due on October 27
BURNDEN LIMITED: Creditors' Proofs of Debt Due on October 27
CROSSGUN LIMITED: Creditors' Proofs of Debt Due on October 27
ELLAND LIMITED: Creditors' Proofs of Debt Due on October 27

EWOOD LIMITED: Creditors' Proofs of Debt Due on October 27
FOUNTAIN CORPORATION: Creditors' Proofs of Debt Due on October 27
GOODISON LIMITED: Creditors' Proofs of Debt Due on October 27
HIGHBURY LIMITED: Creditors' Proofs of Debt Due on October 27
LOUIS VUITTON: Placed Under Voluntary Liquidation

MOOSE LIMITED: Creditors' Proofs of Debt Due on October 27
MURCIE LAGO: Creditors' Proofs of Debt Due on October 27
NEWSMITH OPPORTUNITIES: Creditors' Proofs of Debt Due on Oct.  27
OSPRAIE (CAYMAN): Creditors' Proofs of Debt Due on October 28
OSPRAIE (CAYMAN): Creditors' Proofs of Debt Due on October 28

SANTONA LIMITED: Creditors' Proofs of Debt Due on October 27
THOR FINANCE: Creditors' Proofs of Debt Due on October 27
THOR LEASING: Creditors' Proofs of Debt Due on October 27
VALEO INVESTMENT: Creditors' Proofs of Debt Due on October 27
WESLEY INSURANCE: Creditors' Proofs of Debt Due on October 18


M E X I C O

CONSUPAGO SA: S&P Assigns 'BB' Counterparty Credit Rating
HIPOTECARIA SU CASITA: Presents Restructuring Plan to Creditors
METROFINANCIERA S.A.P.I: U.S. Court Approves Chapter 15 Petition
MEXICANA AIRLINES: Boeing Seeks New Customers for 717 Planes
VITRO SAB: Acquires Desert Glass Products Assets in Las Vegas

VITRO SAB: Misses Self-Imposed Deadline to Send Offer to Creditors


P U E R T O  R I C O

HOSPITAL DAMAS: Section 341(a) Meeting Scheduled for Nov. 1
MEDSCI DIAGNOSTICS: Files Schedules of Assets and Liabilities




                         - - - - -


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


JUBESA SRL: Creditors' Proofs of Debt Due on November 15
--------------------------------------------------------
Graciela Sanchez, the court-appointed trustee for Jubesa SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until November 15, 2010.

Ms. Sanchez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 40, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Graciela Sanchez
         en Av. Boedo 1117
         Argentina


NICKALE SA: Creditors' Proofs of Debt Due on November 15
--------------------------------------------------------
Berta Liliana Kraves, the court-appointed trustee for Nickale SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until November 15, 2010.

Ms. Kraves will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 1, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Berta Liliana Kraves
         Lavalle 1527
         Argentina


PONTEMAR VIAJES: Creditors' Proofs of Debt Due on November 19
-------------------------------------------------------------
Juan Jose Romanelli, the court-appointed trustee for Pontemar
Viajes SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until November 19, 2010.

Ms. Romanelli will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 17, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Juan Jose Romanelli
         en Gandara 2700
         Argentina


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


MEMORY DEVICES: Appoints Sutton and Yu as Liquidators
-----------------------------------------------------
On September 16, 2010, the Supreme Court of Bermuda appointed
Roderick John Sutton and Fok Hei Yu as the liquidators of Memory
Devices Limited.

The Liquidators can be reached at:

         Roderick John Sutton
         Fok Hei Yu
         FTI Consulting (Hong Kong) Limited (formerly known as
         Ferrier Hodgson Limited)
         The Hong Kong Club Building, 14th Floor
         # 3A Chater Road
         Hong Kong


PINE STREET: Creditors' Proofs of Debt Due by October 20
--------------------------------------------------------
The creditors of Pine Street Riff Limited are required to file
their proofs of debt by October 20, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 1, 2010.

The company's liquidator is:

         Jennifer Y. Fraser
         Canonaes Court
         22 Victoria Street, Hamilton
         Bermuda


PINE STREET: Members' Final Meeting Set for November 9
------------------------------------------------------
The members of Pine Street Riff Limited will hold their final
meeting, on November 9, 2010, at 9:00 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 October 1, 2010.

The company's liquidator is:

         Jennifer Y. Fraser
         Canonaes Court
         22 Victoria Street, Hamilton
         Bermuda


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


CEAGRO AGRICOLA: Fitch Assigns Issuer Default Ratings at 'B-'
-------------------------------------------------------------
Fitch Ratings has assigned initial foreign and local currency
Issuer Default Ratings of 'B-' to Ceagro Agricola Ltda.  Fitch has
also assigned Ceagro a national scale rating of 'BB+(bra)' as well
as an expected rating of 'B-/RR4' to Ceagro's approximately USD100
million proposed senior secured notes due 2016.  The proceeds from
the issuance are expected to be used to refinance short-term debt
and support growing working capital needs.  The Rating Outlook for
Ceagro is Stable.

These ratings reflect Ceagro's small but growing position in the
highly competitive Brazilian agricultural services sector, its low
operating margins, and high working capital requirements.  The
company's business primarily relates to the trading,
transportation, and storage of grains.  Physical trading volumes
are facilitated by Ceagro providing farmers with its main inputs,
fertilizers and chemicals, at planting.  In return for the
indirect financing of these key inputs, the farmer agrees to
deliver a fixed volume of its harvest to Ceagro at pre-determined
prices.  This business model has resulted in strong growth in
trading volumes and other related services, and has increased
leverage and working capital needs over the last two years.
Related services, such as freight and grain storage, are also
provided to the farmers by Ceagro, which primarily uses third-
party assets for these operations.

The company sells the majority of delivered purchases to several
large, financially strong domestic and multinational food
producers and beverage companies, which limits the company's
exposure to commodity price and counterparty risks.  Spot
purchases are hedged to reduce exposure to commodity prices.
Financial leverage is currently low but is expected to rise
following the completion of the transaction and over the next year
as the company continues to grow its trading volumes.  Total
adjusted debt-to-EBITDAR is expected to grow to more than 4.0
times and then gradually decline thereafter.

             Low Margins, Highly Competitive Industry

The company operates in a highly competitive industry that is
characterized by low operating margins.  Ceagro is small in
comparison to some of the large trading companies it competes with
such as Cargill, ADM and Bunge.  Although improving over the last
several years, Ceagro's operating earnings are exposed to the
supply and demand characteristics of the Brazilian agricultural
industry.  Given the size of any particular crop, the price of
logistical and trading services will fluctuate, as the demand to
purchase the grain is influenced by these large multinational
companies.

Ceagro's EBITDAR margins have fluctuated between 3.5% to 5.0% over
the last five years, which reflects the impact of volume traded,
price of the commodity, and exchange rates.  Although the
company's balance sheet expands and contracts with the price of
corn and soybeans, the core source of profits is the merchandising
margin from using the company's infrastructure to source and sell
grains.

                Business Model Pressures Cash Flow

The company's business model of providing for the indirect
financing of key agricultural inputs to farmers has allowed Ceagro
to strengthen its ability to source trading volumes.  Repayment is
secured for these advances with physical delivery of the crop at
harvest.  The delivery obligation of the farmer to Ceagro is
secured by a Cedula do Produto Rural contract, and is also
sometimes supported by a mortgage on the farmers land as
additional collateral.

While the model has been successful in securing new trading
volumes with the farmers, the long lead time between planting (the
purchase of fertilizers and chemicals) and harvest (the
delivery/sale of the grains) results in large working capital
needs.  These requirements have pressured the company's free cash
flow, which has been negative over the few last years.  Ceagro's
growth strategy and higher trading volumes should result in
negative free cash flow through 2013, resulting in increasing debt
levels and tighter liquidity levels.

        Growing Leverage and Working Capital Requirements

In addition to evaluating traditional credit measures, Fitch's
analysis of agricultural companies takes into consideration
leverage ratios that exclude debt used to finance readily
marketable inventories that are hedged against price risk.
Interest expense on debt used to finance RMI and the interest
income on the advance to suppliers are reclassified as cost of
goods sold and operational income, respectively, when calculating
adjusted EBITDA and EBITDA-to-interest coverage ratio.

Ceagro's leverage is currently low and the liquidity is
manageable.  As of Dec. 31, 2009, the company had BRL62.2 million
of total adjusted debt, short-term debt of BRL8.7 million
(adjusted by RMI), and cash of BRL6.2 million.  As a result,
Ceagro's adjusted ratio of net debt/EBITDAR was 1.5x.  Fitch
expects Ceagro's leverage to exceed 4.0x over the next year and
following the completion of the proposed transaction.  Net
leverage ratio is then expected to gradually decline, as the
company's operating cash flow should benefit from some of the
additional working capital it will be able to extend farmers with
the proceeds of the proposed notes.

                 Risk Management, Growth Strategy

Ceagro has a risk management strategy which mitigates exposure to
agricultural commodity prices and exchange rates.  All grain
purchases are based upon a sales contract in the futures market or
directly with the buyer.  The costs in foreign currency are also
hedged in order to minimize the volatility of operating margins
that are caused by strong fluctuations in the exchange rates.

Ceagro has grown robustly during the last four years supported
mainly by increasing traded volume.  Ceagro's revenues are
influenced by agricultural prices, which fluctuate due to exchange
rate volatility, fluctuations in crop size, and the export market
volatility.  Since 2006, Ceagro's revenues grew by an average rate
of about 67% per year.  In 2009, revenues grew by 9% due to weaker
prices, mainly for corn, while total traded volumes increased by
56%.  For the latest 12 months ended June 2010, revenues decreased
by 7%, primarily as a result of a decrease in soybean and corn
prices.

Ceagro's cash generation, measured by EBITDA, has improved over
the same period.  Operating EBITDAR, adjusted by the interest
income on advance to suppliers and the interest expense on the
loans to finance the RMIs, grew by an average rate of 75% per
year, since 2006.  For the LTM ended June 2010, EBITDA decreased
to BRL24 million, compared with BRL34 million in 2009, due to the
fixed costs, which are inelastic to the commodity prices.
Adjusted EBITDAR margins have fluctuated between 3.5% and 5.1% and
are quite in line with the industry.

               Logistics Provided by Leased Assets

Ceagro is strongly dependent upon third-party assets to run
various aspects of its business, which could limit the trading
capacity as well as pressure its operational margins.  Storage and
transportation capacity are leased through take-or-pay contracts
and fixed rental prices.  The freight and storage costs are the
company's main operating expenses.  Before each crop season
begins, the company contracts freight services at fixed prices to
transport the grain to leased and owned storage facilities and
then ultimately to the off-taker's desired destination.  Ceagro
currently has 540,000 tons of leased and 260,000 tons of owned
storage capacity, which meets 100% of its current trading
requirements.

                Potential Rating or Outlook Drivers

The ratings could be affected positively by sustainable
improvement in Ceagro's business profile.  The ratings could be
downgraded in the case of increased leverage levels or
deterioration in Ceagro's liquidity position beyond expectations.
Significant changes in Ceagro's risk management strategies
resulting in a higher exposure to commodity prices and exchange
rate volatility could also lead to a negative rating action.


CEAGRO AGRICOLA: S&P Assigns 'B' Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B' global scale corporate credit rating and 'brBBB-' Brazil
National Scale rating to Brazil-based soft-commodities trading
company Ceagro Agricola Ltda.  At the same time, S&P also assigned
a 'B' rating to Ceagro's proposed notes.  The outlook is stable.

"The ratings on Ceagro reflect the company's exposure to the
volatile soybean and corn businesses, where it has to continually
manage commodity risks and growers' performance risk," said
Standard & Poor's credit analyst Alexandre Menezes.  Other factors
include limited product and geographic diversification; a
projected significant increase in debt leverage after it issues
notes in debt capital markets; and projected negative free
operating cash flow in the next years as it expands operations
through higher working capital needs.  Partly offsetting these
risks are Ceagro's niche position in soybean origination in
Brazil; its favorable access to commercial agreements with
chemical producers and multinational trading companies; and its
prudent commodity price hedge policies, as part of strategic
decisions made by its skillful management


INDEPENDENCIA SA: To Miss Interest Payment on 2015 Bonds
--------------------------------------------------------
Lucia Kassai and Tatiana Bautzer at Bloomberg News report that
Independencia SA will miss an interest payment on its 2015 senior
notes as it struggles to generate cash.  The company's creditors
include JPMorgan Chase & Co. and Citigroup Inc.  According to the
report, Independencia owes Citigroup BRL24.9 million while
JPMorgan is owed about BRL138 million.

The company was due to pay interest on September 30, 2010, of
about US$12 million on US$165 million of the 15 percent bonds,
according to data compiled by Bloomberg.  The report relates that
Independencia said in a statement on its Web site it is in talks
with creditors to restructure debt.

"The company has continued to struggle with its working capital
requirements and has been unable to resume its operations at the
level that will be sufficient to meet its projected obligations,"
Independencia SA said in the statement obtained by the news
agency.

"There will be a pretty complicated and litigious process going
forward," Ruth Mazzoni, a bond analyst at Standard Bank New York
told Bloomberg in a telephone interview.  The report notes Ms.
Mazzoni said in a report dated Sept. 24 that she expects a legal
battle over which plants will be available to pay back
bondholders.

                      About Independencia SA

Independencia SA -- http://www.independencia.com.br/-- is
Brazil's fourth largest meat exporter.  It filed for bankruptcy
protection earlier this year 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
==========================


ANFIELD LIMITED: Creditors' Proofs of Debt Due on October 27
------------------------------------------------------------
The creditors of Anfield Limited are required to file their proofs
of debt by October 27, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on September 16,
2010.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


BT DEVONPORT: Creditors' Proofs of Debt Due on October 27
---------------------------------------------------------
The creditors of BT Devonport Limited are required to file their
proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 16,
2010.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


BURNDEN LIMITED: Creditors' Proofs of Debt Due on October 27
------------------------------------------------------------
The creditors of Burnden Limited are required to file their proofs
of debt by October 27, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on September 16,
2010.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


CROSSGUN LIMITED: Creditors' Proofs of Debt Due on October 27
-------------------------------------------------------------
The creditors of Crossgun Limited are required to file their
proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 16,
2010.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


ELLAND LIMITED: Creditors' Proofs of Debt Due on October 27
-----------------------------------------------------------
The creditors of Elland Limited are required to file their proofs
of debt by October 27, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on September 16,
2010.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


EWOOD LIMITED: Creditors' Proofs of Debt Due on October 27
----------------------------------------------------------
The creditors of Ewood Limited are required to file their proofs
of debt by October 27, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on September 16,
2010.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


FOUNTAIN CORPORATION: Creditors' Proofs of Debt Due on October 27
-----------------------------------------------------------------
The creditors of Fountain Corporation are required to file their
proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 16,
2010.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


GOODISON LIMITED: Creditors' Proofs of Debt Due on October 27
-------------------------------------------------------------
The creditors of Goodison Limited are required to file their
proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 16,
2010.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


HIGHBURY LIMITED: Creditors' Proofs of Debt Due on October 27
-------------------------------------------------------------
The creditors of Highbury Limited are required to file their
proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 16,
2010.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


LOUIS VUITTON: Placed Under Voluntary Liquidation
-------------------------------------------------
At an extraordinary meeting held on August 30, 2010, the members
of Louis Vuitton Cayman Ltd. resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

         Marco Megiani
         Filed by: Solomon Harris
         FirstCaribbean House, 3rd Floor
         PO Box 1990, Main Street
         George Town Grand Cayman KY1-1104
         Cayman Islands
         Telephone: 345 949 0488
         Facsimile: 345 949 0364
         e-mail: nholland@solomonharris.com


MOOSE LIMITED: Creditors' Proofs of Debt Due on October 27
----------------------------------------------------------
The creditors of Moose Limited are required to file their proofs
of debt by October 27, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on September 16,
2010.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


MURCIE LAGO: Creditors' Proofs of Debt Due on October 27
--------------------------------------------------------
The creditors of Murcie Lago International 2006-1 Limited are
required to file their proofs of debt by October 27, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on September 9,
2010.

The company's liquidator is:

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


NEWSMITH OPPORTUNITIES: Creditors' Proofs of Debt Due on Oct.  27
-----------------------------------------------------------------
The creditors of Newsmith Opportunities Hedge Investments I
Limited are required to file their proofs of debt by October 27,
2010, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on September 17,
2010.

The company's liquidator is:

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


OSPRAIE (CAYMAN): Creditors' Proofs of Debt Due on October 28
-------------------------------------------------------------
The creditors of Ospraie (Cayman) GP Ltd are required to file
their proofs of debt by October 28, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 16,
2010.

The company's liquidator is:

         David A.K. Walker
         c/o Aaron Gardner
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237


OSPRAIE (CAYMAN): Creditors' Proofs of Debt Due on October 28
-------------------------------------------------------------
The creditors of Ospraie (Cayman) GP II Ltd are required to file
their proofs of debt by October 28, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 16,
2010.

The company's liquidator is:

         David A.K. Walker
         c/o Aaron Gardner
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237


SANTONA LIMITED: Creditors' Proofs of Debt Due on October 27
------------------------------------------------------------
The creditors of Santona Limited are required to file their proofs
of debt by October 27, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on September 15, 2010.

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


THOR FINANCE: Creditors' Proofs of Debt Due on October 27
---------------------------------------------------------
The creditors of Thor Finance Limited are required to file their
proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 16,
2010.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


THOR LEASING: Creditors' Proofs of Debt Due on October 27
---------------------------------------------------------
The creditors of Thor Leasing Limited are required to file their
proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 16,
2010.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


VALEO INVESTMENT: Creditors' Proofs of Debt Due on October 27
-------------------------------------------------------------
The creditors of Valeo Investment Grade CDO III Ltd. are required
to file their proofs of debt by October 27, 2010, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on October 27, 2010.

The company's liquidator is:

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


WESLEY INSURANCE: Creditors' Proofs of Debt Due on October 18
-------------------------------------------------------------
The creditors of Wesley Insurance Company, SPC, Ltd. are required
to file their proofs of debt by October 18, 2010, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on September 17,
2010.

The company's liquidator is:

         Hugh Dickson
         c/o Prudence Pryce
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815 8240
         Facsimile: (345) 949 7120


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M E X I C O
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CONSUPAGO SA: S&P Assigns 'BB' Counterparty Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' global scale
counterparty credit rating to Mexico-based payroll-discount
consumer lender Consupago S.A. de C.V. S.F.O.L.  At the same time,
S&P assigned a 'BB-' rating to the company's proposed 2.5-year
unsecured notes equal to MXN750 million.

The ratings on Consupago reflect the continuous improvement in its
capitalization, its strong profitability levels, adequate asset
quality, and the expected improvement in its funding structure
after the notes issuance.  The strong competition in payroll-
discount lending in Mexico and its mono-line business profile,
which results in revenue concentration, limits the ratings.
The rating on the notes indicates that they will be subordinate to
Consupago's secured debt.  The notes will be denominated in pesos,
the same currency in which the company generates revenues.

"The stable outlook reflects S&P's expectation that the company
will maintain its strong capitalization and profitability levels,
as well as adequate asset quality, amid the strong competition in
the industry, and that it will achieve an adequate funding mix
that will not pressure liquidity," said Standard & Poor's credit
analyst Barbara Carreon.  "An increase in the proportion of
wholesale funding, or the deterioration of the company's asset
quality, along with a sustained decrease of current profitability
and capitalization levels, could result in a negative rating
action," she continued.  In S&P's view, the likelihood of a
company upgrade in the medium term is low.


HIPOTECARIA SU CASITA: Presents Restructuring Plan to Creditors
---------------------------------------------------------------
Andres R. Martinez and Jens Erik Gould at Bloomberg News report
that Hipotecaria Su Casita SA presented a restructuring plan to
debt holders on October 4, 2010.

According to the report, the proposal includes offering short- and
long-term debt holders equity in the company, new debt and cash
payments.  The report relates that Su Casita said on Sept. 10 that
it was evaluating "other alternatives" after a deal to sell part
of its assets to the Mexican unit of Banco Bilboa Vizcaya
Argentaria SA fell through.

Bloomberg notes that Standard & Poor's cut Hipotecaria Su Casita's
rating four times this year as the mortgage-loan provider's
delinquency rate rose.  The report relates that about 16% of the
company's customers had loan payments that were more than 90 days
overdue as of July 1, according to Fitch Ratings.  Hipotecaria Su
Casita has about US$1.1 billion of outstanding debt.

The recession last year led to an increase in unemployment and a
higher delinquency rate at Mexico's specialized lenders, known as
sofoles, which fund their operations partly through sales of
asset-backed securities, Bloomberg adds.

                   About Hipotecaria Su Casita

Hipotecaria Su Casita SA, based in Mexico City, Mexico, started
operations in 1994 as a non-bank financial institution/Sofol
Mortgage Company.  Su Casita's main activity consists of extending
mortgage loans financed by monies from SHF to low income
individuals -- an important role in the low-income housing market,
as there is no rental market in Mexico.  As of September 30, 2008,
the company reported total assets of approximately US$39,078
million Mexican pesos, and MXN3.080 billion in equity.

                           *     *     *

As reported by the Troubled Company Reporter-Latin America on
September 13, 2010, Moody's Investors Service downgraded
Hipotecaria Su Casita's global scale local currency issuer rating
to Caa2 from B2, the national scale issuer rating to Caa2.mx from
Baa3.mx, the corporate family rating to Caa2 from B2 and the
senior notes to Caa2 de B2.  The ratings were also placed on
review for possible further downgrade.


METROFINANCIERA S.A.P.I: U.S. Court Approves Chapter 15 Petition
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas
approved the Chapter 15 petition by the foreign representative of
Mexico-based Metrofinanciera, S.A.P.I de C.V., and Sociedad
Financiera de Objeto Multiple, E.N.R. for recognition of the
bankruptcy proceedings in Mexico as the foreign main proceeding.

Metrofinanciera filed for bankruptcy in Mexico last year after
negotiating a restructuring with creditors.  It was the first
prepackaged bankruptcy in Mexican history.  The Plan was approved
by a Mexican court in June.

Metrofinanciera said it needs approval of the Chapter 15 petition
in order to make its bankruptcy plan effective in the U.S. and
make distributions to the noteholders under the Plan.

Without recognition of the bankruptcy proceedings in Mexico and a
corresponding stay of all creditor actions in the U.S., the
Company said it faces "a substantial risk" that holders of
US$100 million in notes issued in 2006 could sue the Company in
New York.

                  About Metrofinanciera, S.A.P.I

Metrofinanciera, S.A.P.I de C.V., is a subprime and construction
lender based in Mexico.  The Company filed for Chapter 15
protection on August 30, 2010 (Bankr. S.D. Tex. Case No. 10-
20666).  Jose Angel Amaro, acts as the foreign representative of
the Debtor.  Alan S. Gover, Esq., at White & Case LLP, in New
York, represents the foreign representative.  The foreign
representative said the Debtor had assets and debts at US$500
million to US$1 billion as of the Chapter 15 petition date.


MEXICANA AIRLINES: Boeing Seeks New Customers for 717 Planes
------------------------------------------------------------
Boeing Co. (BA) is looking for new customers for the 717 planes
previously flown by Grupo Mexicana's low-cost unit which have
been grounded following the company's bankruptcy filing,
according to a September 29, 2010 report by Dow Jones Newswires.

MexicanaLink, one of the domestic units of Grupo Mexicana,
operated 20 Boeing 717s leased from Boeing Capital, Dow Jones
reported, citing data from consultancy Ascend Worldwide.

Owners and leasing firms have seized some of the 109 planes flown
by Grupo Mexicana and are attempting to recover and remarket the
remaining aircraft.

Boeing Capital Corp. spokesman John Kvasnosky said the firm has
already terminated its 717 leases with MexicanaClick and is
considering remarketing options whether at a restructured Click
or other potential operators, Dow Jones reported.

Analysts said one potential home could be AirTran Airways, a unit
of AirTran Holdings Inc. which is being acquired by Southwest
Airlines Co.

AirTran is the largest operator of 717s that are also leased from
Boeing.  Southwest has committed to retain the fleet and could
expand it to open routes to smaller cities, according to Dow
Jones.

The collapse of Grupo Mexicana last month has seen several U.S.
airlines add cross-border flights.  The downgrading by the U.S.
Federal Aviation Administration in July of Mexico's safety rating
left its airlines unable to expand their U.S. services.

Mexicana's domestic rivals, Volaris and Aeromar, have earlier
announced plans to launch new local services while Aeromexico is
considering a fleet expansion to take advantage of opportunities,
Dow Jones reported.

                      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

Bankruptcy Creditors' Service, Inc., publishes Mexicana Airlines
Bankruptcy News.  The newsletter tracks the chapter 11 proceedings
and the ancillary proceedings undertaken by Compania Mexicana de
Aviacion and its units.  (http://bankrupt.com/newsstand/or
215/945-7000).


VITRO SAB: Acquires Desert Glass Products Assets in Las Vegas
-------------------------------------------------------------
Thomas Black at Bloomberg News reports that Vitro, S.A.B. de C.V.
acquired the assets of glass processor Desert Glass Products in
Las Vegas.

According to the report, Vitro said it will cover "diverse"
commitments that Desert Glass had contracted with clients.

Bloomberg relates that Vitro said in the statement that it will
hire some of the "best-qualified" employees of Desert Glass.  The
company said in an e-mailed statement that it plans to hire eight
Desert Glass employees, the report notes.

The acquisition was small, Alberto Chico, a Vitro spokesman, told
the news agency in a telephone interview.  In the response to
questions, Vitro said equipment and inventory was transferred to
an existing Vitro plant in Las Vegas, Bloomberg adds.

                          About Vitro SAB

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

                           *     *     *

In June 2010, Fitch Ratings withdrew all ratings of Vitro, S.A.B.
de C.V., given the lack of information following the company's
default on Feb. 2, 2009, and consistent with Fitch's policies.
Fitch will no longer provide ratings or credit research on the
Company.  Andres R. Martinez at Bloomberg News said in June that
Vitro was suspended from trading in Mexico City after failing to
file its fourth-quarter earnings report.  The company missed the
June 2 deadline for the results, Mexico's stock exchange said in
an e-mailed statement obtained by the news agency.  Vitro plans to
file the report once its debt restructuring is complete or if
ordered by a judge.  Vitro said that the suspension won't affect
company operations.

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


VITRO SAB: Misses Self-Imposed Deadline to Send Offer to Creditors
------------------------------------------------------------------
Thomas Black at Bloomberg News report that Vitro, S.A.B. de C.V.
missed a self-imposed deadline to send an offer during September
to all creditors to vote in favor of its plan to restructure debt.

According to the report, Vitro SAB said in August it planned to
present a consent solicitation to creditors after a third proposal
was rejected by a bondholder group that has been in talks with the
company since the default.  The report relates that Vitro SAB said
in early September it might have majority support for a debt plan.
No proposal was filed with the Mexican stock exchange as of
October 1, 2010.

The company is working to overcome delays and send the offer to
creditors, Albert Chico, a Vitro spokesman, said in an e-mailed
statement obtained by the news agency.

Bloomberg relates that the creditor group, which is being
represented by Chanin Capital Partners LLC and White & Case LLP,
has said that it holds more than US$500 million of bonds, and
holders of another US$300 million support its bid for a higher
return.

Vitro, the report recalls, defaulted on debt in February 2009
after a global recession reduced demand for construction and auto
glass.  The company also incurred more than US$240 million of
losses related to derivative bets on natural gas and the Mexican
peso, the report adds.

                          About Vitro SAB

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

                           *     *     *

In June 2010, Fitch Ratings withdrew all ratings of Vitro, S.A.B.
de C.V., given the lack of information following the company's
default on Feb. 2, 2009, and consistent with Fitch's policies.
Fitch will no longer provide ratings or credit research on the
Company.  Andres R. Martinez at Bloomberg News said in June that
Vitro was suspended from trading in Mexico City after failing to
file its fourth-quarter earnings report.  The company missed the
June 2 deadline for the results, Mexico's stock exchange said in
an e-mailed statement obtained by the news agency.  Vitro plans to
file the report once its debt restructuring is complete or if
ordered by a judge.  Vitro said that the suspension won't affect
company operations.

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


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


HOSPITAL DAMAS: Section 341(a) Meeting Scheduled for Nov. 1
-----------------------------------------------------------
The U.S. Trustee for Region 21 will convene a meeting of Hospital
Damas Inc's creditors on November 1, 2010, at 9:00 a.m.  The
meeting will be held at the Ochoa Building, 500 Tanca Street,
First Floor, San Juan, PR 00901.

This is the first meeting of creditors required under Section
341(a) of the U.S. Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Ponce, Puerto Rico-based Hospital Damas, Inc., filed for Chapter
11 bankruptcy protection on September 24, 2010 (Bankr. D. P.R.
Case No. 10-08844).  Charles Alfred Cuprill, Esq., Charles A.
Curpill, PSC Law Office, assists the Debtor in its restructuring
effort.  According to its schedules, the Debtor disclosed
US$24,017,166 in total assets and US$21,267,263 in total
liabilities.


MEDSCI DIAGNOSTICS: Files Schedules of Assets and Liabilities
-------------------------------------------------------------
Medsci Diagnostics Inc., filed with the U.S. Bankruptcy Court for
the District of Puerto Rico its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                      US$0
  B. Personal Property            $57,900,732
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                              US$5,088,651
  E. Creditors Holding
     Unsecured Priority
     Claims                                          $823,523
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                          $858,037
                                 -----------      -----------
        TOTAL                   US$57,900,732     US$6,770,211

San Juan, Puerto Rico-based Medsci Diagnostics, Inc, filed for
Chapter 11 bankruptcy protection on June 6, 2010 (Bankr. D.P.R.
Case No. 10-04961).  Edgardo Munoz, Esq., at Edgardo Munoz, PSC,
assists the Debtor in its restructuring effort.  The Company
estimated its assets at US$50 million to US$100 million and debts
at US$1 million to US$10 million.


                            ***********

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

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

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

                            ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C.
Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A.
Chapman, Editors.


Copyright 2010.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

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


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