TCRLA_Public/101103.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, November 3, 2010, Vol. 11, No. 217

                            Headlines



A R G E N T I N A

BUENOS AIRES: Asks for Opening of Preventive Contest
LA PINAL: Creditors' Proofs of Debt Due December 21
OVALGRAF SA: Creditors' Proofs of Debt Due December 22
SAFRAMA SA: Creditors' Proofs of Debt Due November 22


B E R M U D A

CAPITAL INTERNATIONAL: Creditors' Proofs of Debt Due November 4
CAPITAL INTERNATIONAL: Member to Hear Wind-Up Report on Nov. 19


B R A Z I L

BANCO DA AMAZONIA: Fitch Affirms Individual Rating at 'D'


C A Y M A N  I S L A N D S

ABERDEEN GLOBAL: Creditors' Proofs of Debt Due November 29
ARTEMIS HOLDINGS: Creditors' Proofs of Debt Due November 24
BT MCKINLEY: Creditors' Proofs of Debt Due November 29
CAPITAL STREET: Creditors' Proofs of Debt Due November 29
CRESCENT MASTERSKILL: Creditors' Proofs of Debt Due November 25

HSBC ALPHA: Creditors' Proofs of Debt Due November 29
HSBC ALPHA: Creditors' Proofs of Debt Due November 29
HSBC ALPHA: Creditors' Proofs of Debt Due November 29
HSBC ALPHA: Creditors' Proofs of Debt Due November 29
INDIGO (CAYMAN): Creditors' Proofs of Debt Due November 29

LATTANZIO CHEN: Creditors' Proofs of Debt Due November 24
LONG TERM: Creditors' Proofs of Debt Due November 30
MINTAKA CAYMAN: Creditors' Proofs of Debt Due November 29
MUTUAL FUND: Creditors' Proofs of Debt Due November 29
NILE FEEDER: Creditors' Proofs of Debt Due November 25

NILE MASTER: Creditors' Proofs of Debt Due November 25
NORTHSTAR CBO: Creditors' Proofs of Debt Due November 29
SMM COMPANY: Creditors' Proofs of Debt Due November 29
WIZARD FINANCE: Creditors' Proofs of Debt Due November 29


C H I L E

AES GENER: Moody's Affirms Corporate Family Rating at 'Ba2'


J A M A I C A

AIR JAMAICA: Workers Upset About Caribbean Air Employment Terms
IBEROSTAR HOTEL: IDT to Start Hearing Dispute


M E X I C O

PROTEGO CASA: Moody's Affirms 'B3' Long-Term Issuer Rating
VITRO SAB: Makes New Offer to Debt Holders




                             - - - - -


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


BUENOS AIRES: Asks for Opening of Preventive Contest
----------------------------------------------------
Buenos Aires Sports SA asked for the opening of preventive contest
by cessation of payments.


LA PINAL: Creditors' Proofs of Debt Due December 21
---------------------------------------------------
Veronica Isabel Segovia, the court-appointed trustee for La Pinal
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until December 21, 2010.

Ms. Segovia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 13, 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:

         Veronica Isabel Segovia
         San Martin 662
         Argentina


OVALGRAF SA: Creditors' Proofs of Debt Due December 22
------------------------------------------------------
Rodrigo Ibanez, the court-appointed trustee for Ovalgraf SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until December 22, 2010.

Mr. Ibanez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 24, 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:

         Rodrigo Ibanez
         Pedro Moran 3831
         Argentina


SAFRAMA SA: Creditors' Proofs of Debt Due November 22
-----------------------------------------------------
Jose Manuel Montana, the court-appointed trustee for Saframa SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until November 22, 2010.

Mr. Montana will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, 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:

         Jose Manuel Montana
         Paraguay 2081


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B E R M U D A
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CAPITAL INTERNATIONAL: Creditors' Proofs of Debt Due November 4
---------------------------------------------------------------
The creditors of Capital International Limited are required to
file their proofs of debt by November 4, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on October 14, 2010.

The company's liquidator is:

         Ernest Morrison
         Cox Hallett Wilkinson
         Bermuda


CAPITAL INTERNATIONAL: Member to Hear Wind-Up Report on Nov. 19
---------------------------------------------------------------
The sole member of Capital International Limited will receive on
November 19, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on October 14, 2010.

The company's liquidator is:

         Ernest Morrison
         Cox Hallett Wilkinson
         Bermuda


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B R A Z I L
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BANCO DA AMAZONIA: Fitch Affirms Individual Rating at 'D'
---------------------------------------------------------
Fitch Ratings affirmed the ratings of Banco da Amazonia S.A.:

  -- Foreign and local currency long-term Issuer Default Ratings
     at 'BBB-'; Outlook Positive;

  -- Foreign and local currency short-term IDRs at 'F3';

  -- Individual Rating at 'D';

  -- Support Rating at '2';

  -- Support Rating Floor at 'BBB-';

  -- National long-term rating at 'AA+(bra)'; Outlook Stable;

  -- National short-term rating at 'F1+(bra)'.

Banco da Amazonia S.A.'s IDRs, which are equal to the Sovereign
Rating, derive from the support of its major shareholder, the
National Treasury, a body controlled by the Federal Republic of
Brazil, and reflect the strategic importance of the bank to the
development of the country's northern region.  Furthermore, based
on the support rationale aforementioned, the Positive Outlook
assigned on June 29, 2010 to Banco da Amazonia's Foreign and Local
Currency L-T IDRs reflects the revision in the Outlook to Positive
from Stable of Brazil's Sovereign IDRs, on June 28, 2010.  The
bank's long-term ratings would be reviewed in case of changes to
the Sovereign rating.

The Individual Rating reflects the bank's stable franchise,
ensured by the Constitutional Fund of the North which assures it a
stable and low-cost funding base and good liquidity.  On the other
hand, it also reflects its limitations in putting into timely
effect its restructuring plan; as with other public banks, the
administration is subject to political influence, difficulties in
achieving profitability in line with its peers, and a significant
unfunded pension liability which has yet to be fully determined
and which will continue to affect results going forward.

A significant portion of the bank's credit exposure is
concentrated with micro, small, and medium-sized companies.  In
addition to the loan portfolio on its balance sheet, the bank
shares 50% of the credit risk in loans extended by the FNO (which
amounted to BRL3,7 billion at December 2009).  In 2009, Banco da
Amazonia recorded high delinquency growth in the rural sector,
where the credit risk is often subject to political decisions
affecting this segment, besides having suffered an impact on its
portfolio from beef suppliers, lumber dealers and cast iron
companies.  Consequently, the bank's results have been
significantly affected by high loan loss provision expenses.  At a
time when most of the banking system has seen asset quality
improve, the bank recorded provision expenses in first half 2010
(1H'10) 113% higher than in 1Q'09, even as net charge-offs rose to
a high 9,9% of loans.  An increase in the restructuring of
impaired loans led to a 35% decline in provisions in 2Q'10,
resulting in stable expenses in that semester.  Fitch is
monitoring asset quality trends, and a resumed deterioration could
result in downward pressure on Banco da Amazonia's Individual
rating.

Banco da Amazonia's leverage showed substantial growth in 2007,
when its credit portfolio increased by 45%, and in 2008 and 2009,
given the reduced profitability.  Furthermore, the bank has paid
significant dividends (a 24% payout until 1H'10, 104% in 2009, 50%
in 2008).  Nevertheless, its leverage remains adequate and the
quality of its capital, almost entirely Tier I, is good.

Banco da Amazonia is focused on very small and small rural
producers, in addition to very small, small, and large companies
in the northern region of the country.  Its operations encompass
nine Brazilian states and approximately 23.6 million inhabitants.


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


ABERDEEN GLOBAL: Creditors' Proofs of Debt Due November 29
----------------------------------------------------------
The creditors of Aberdeen Global Interest Rate Relative Value Fund
are required to file their proofs of debt by November 29, 2010, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on October 14, 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


ARTEMIS HOLDINGS: Creditors' Proofs of Debt Due November 24
-----------------------------------------------------------
The creditors of Artemis Holdings 2XL are required to file their
proofs of debt by November 24 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 12, 2010.

The company's liquidator is:

         K.D. Blake
         PO Box 493, Grand Cayman KY1-1106
         Cayman Islands
         c/o Robert Arthur
         Telephone: 345-815-2637
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands


BT MCKINLEY: Creditors' Proofs of Debt Due November 29
------------------------------------------------------
The creditors of BT Mckinley Limited are required to file their
proofs of debt by November 29, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 14, 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


CAPITAL STREET: Creditors' Proofs of Debt Due November 29
---------------------------------------------------------
The creditors of Capital Street GP are required to file their
proofs of debt by November 29, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 2,
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


CRESCENT MASTERSKILL: Creditors' Proofs of Debt Due November 25
---------------------------------------------------------------
The creditors of Crescent Masterskill Holdings Ltd. are required
to file their proofs of debt by November 25 2010, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on October 8, 2010.

The company's liquidator is:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KY1-1102
         Cayman Islands


HSBC ALPHA: Creditors' Proofs of Debt Due November 29
-----------------------------------------------------
The creditors of HSBC Alpha Funding (UK) Limited are required to
file their proofs of debt by November 29, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on September 30, 2010.

The company's liquidators are:

         David Preston
         Beverly Bernard
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands
         c/o Isabel Mason
         Telephone: 949-7755
         Facsimile: 949-7634


HSBC ALPHA: Creditors' Proofs of Debt Due November 29
-----------------------------------------------------
The creditors of HSBC Alpha Plus (UK) Limited are required to file
their proofs of debt by November 29, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 30, 2010.

The company's liquidators are:

         David Preston
         Beverly Bernard
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands
         c/o Isabel Mason
         Telephone: 949-7755
         Facsimile: 949-7634


HSBC ALPHA: Creditors' Proofs of Debt Due November 29
-----------------------------------------------------
The creditors of HSBC Alpha Investments (UK) Limited are required
to file their proofs of debt by November 29, 2010, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on September 30, 2010.

The company's liquidators are:

         David Preston
         Beverly Bernard
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands
         c/o Isabel Mason
         Telephone: 949-7755
         Facsimile: 949-7634


HSBC ALPHA: Creditors' Proofs of Debt Due November 29
-----------------------------------------------------
The creditors of HSBC Alpha Exchange (UK) Limited are required to
file their proofs of debt by November 29, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on September 30, 2010.

The company's liquidators are:

         David Preston
         Beverly Bernard
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands
         c/o Isabel Mason
         Telephone: 949-7755
         Facsimile: 949-7634


INDIGO (CAYMAN): Creditors' Proofs of Debt Due November 29
----------------------------------------------------------
The creditors of Indigo (Cayman) Holdings Limited are required to
file their proofs of debt by November 29, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on October 14, 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


LATTANZIO CHEN: Creditors' Proofs of Debt Due November 24
---------------------------------------------------------
The creditors of Lattanzio Chen Offshore, Ltd. are required to
file their proofs of debt by November 24 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on October 4, 2010.

The company's liquidator is:

         K.D. Blake
         PO Box 493, Grand Cayman KY1-1106
         Cayman Islands
         c/o Robert Arthur
         Telephone: 345-815-2637
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands


LONG TERM: Creditors' Proofs of Debt Due November 30
----------------------------------------------------
The creditors of Long Term Limited are required to file their
proofs of debt by November 30, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 5, 2010.

The company's liquidator is:

         Robert E. Gibb
         c/o Fordsar (Cayman) Limited
         Telephone: (345) 945-5799
         Facsimile: (345) 945-5899
         P. O. Box 335, Grand Cayman KY1-1301
         Cayman Islands


MINTAKA CAYMAN: Creditors' Proofs of Debt Due November 29
---------------------------------------------------------
The creditors of Mintaka Cayman Limited are required to file their
proofs of debt by November 29, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 14, 2010.

The company's liquidator is:

         Walkers SPV Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman, KY1-9002
         Cayman Islands


MUTUAL FUND: Creditors' Proofs of Debt Due November 29
------------------------------------------------------
The creditors of Mutual Fund Basket Reference Fund (6-D) Limited
are required to file their proofs of debt by November 29, 2010, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on October 14, 2010.

The company's liquidator is:

         Graham Robinson
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897, Windward 1
         Regatta Office Park Grand Cayman KY1-1103
         Cayman Islands


NILE FEEDER: Creditors' Proofs of Debt Due November 25
------------------------------------------------------
The creditors of Nile Feeder Fund Limited are required to file
their proofs of debt by November 25, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 27,
2010.

The company's liquidator is:

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


NILE MASTER: Creditors' Proofs of Debt Due November 25
------------------------------------------------------
The creditors of Nile Master Fund Limited are required to file
their proofs of debt by November 25, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 27,
2010.

The company's liquidator is:

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


NORTHSTAR CBO: Creditors' Proofs of Debt Due November 29
--------------------------------------------------------
The creditors of Northstar CBO 1997-2 Ltd are required to file
their proofs of debt by November 29, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 14, 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


SMM COMPANY: Creditors' Proofs of Debt Due November 29
------------------------------------------------------
The creditors of The SMM Company are required to file their proofs
of debt by November 29, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on October 14, 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


WIZARD FINANCE: Creditors' Proofs of Debt Due November 29
---------------------------------------------------------
The creditors of Wizard Finance Limited are required to file their
proofs of debt by November 29, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 14, 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


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C H I L E
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AES GENER: Moody's Affirms Corporate Family Rating at 'Ba2'
-----------------------------------------------------------
Moody's Investors Service placed the Baa3 senior unsecured rating
of AES Gener S.A. under review for possible downgrade.
Concurrently, Moody's affirmed the Ba2 corporate family rating of
AES Chivor & Cia. S.C.A. E.S.P. with a stable outlook.

The review for possible downgrade reflects the continued delay in
the completion of the company's 270MW Campiche coal-fired plant.
Construction of the facility has been on hold for sixteen months
since June 2009.  The review also reflects the fact that Gener's
projected credit metrics, particularly retained cash flow to debt
and free cash flow to debt will be somewhat weak for the rating
category reflecting the peak of the company's capital expenditure
program as well as expected pressure from AES Corporation
(B1;stable) on Gener to make substantial dividend distributions
over the next several years.

Moody's believes that the completion of Campiche is an important
milestone as it enhance the efficiency of its generation fleet and
should improve the predictability and stability of future cash
flows.  While Moody's recognize the initiatives taken by the
management to offset the impact of the delay on its cash flows
along with efforts to restart construction, further delays are
likely to put downward pressure on the credit metrics over the
medium term.

The review will focus on the ability of Gener to resume
construction of the project in a relatively timely fashion.  Given
the importance of this plant to the commercial position of the
company, to the extent that the construction delay persists, the
rating is likely to be downgraded.  Conversely, a favorable Court
decision that resolves the current appeals on the construction
permits awarded by the Punchavi Municipality allowing the
construction of the plant to resume may result in a rating
confirmation.

The rating affirmation and stable outlook for Chivor considers the
review for possible downgrade of the parent company's rating but
also acknowledges its strong standalone financial performance.
This financial performance coupled with its commercial policy as
proven during the severe El Nio 2009/2010 phenomena, offsets
Chivor's exposure to single-asset risk, the modest size of its
facilities as well as its fuel source and geographical
concentration.  Gener's reliance on Chivor's dividends to fund the
remainder of its capex program further underpins the interrelation
between the ratings of the parent company and Chivor.

Over the medium term, Moody's expects that Chivor will report
strong credit metrics for its current rating category that further
offsets its business risks, such that its RCF to debt and FCF to
debt are at least 15% and 12%, both on a sustainable basis.  To
the extent that Gener's rating is confirmed, Chivor's outlook
could be changed to positive.

The last rating action on Gener occurred on April 21, 2008 when
the outlook was changed to negative.  The last rating action on
Chivor occurred on May 21, 2007 when the rating was upgraded to
Ba2.

On Review for Possible Downgrade:

Issuer: AES Gener S.A.

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review for
     Possible Downgrade, currently Baa3

Outlook Actions:

Issuer: AES Gener S.A.

   -- Outlook, Changed To Rating Under Review From Negative

Headquartered in Santiago de Chile, Gener is Chile's second-
largest electricity generation company and is 71%-owned by AES and
29% by Chilean public shareholders.  At June 30, 2010, Gener
reported consolidated assets amounting to approximately US$5.5
billion.

Headquartered in Bogota, Chivor is a wholesale power generation
company (1,000MW installed capacity) in Colombia (FC Gov. bond:
Ba1).  Since 1996, it is a wholly-owned subsidiary of Gener and
since 2001 an indirect subsidiary of AES.


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J A M A I C A
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AIR JAMAICA: Workers Upset About Caribbean Air Employment Terms
---------------------------------------------------------------
Air Jamaica Limited's management is to meet with workers who have
raised concerns about the new terms of their employment,
RadioJamaica reports.  The report relates that is the word from
the Bustamante Industrial Trade Union (BITU) which represented
some categories of employees prior to Air Jamaica's takeover by
Caribbean Airlines in May.

The report notes that there have been reports of unrest among
those workers who have been given permanent positions with the
entity.  Among other things, the report says, they are concerned
that some provisions have been removed.

Kavan Gayle, BITU President-General, has confirmed that the new
contracts have caused some unease at the airline, RadioJamaica
relates.

In the meantime, the report relates, Air Jamaica pilots are also
seeking an urgent meeting with the airline's management.  It is
reported that they too have issues with some of the terms of their
contracts, the report notes.

"JALPA (Jamaican Airline Pilots' Association), is the bargaining
agent representing the pilot and we expect that he company will
respond by indicating when it will meet with JALPA," the report
quoted Mr. Gayle as saying.

JALPA represents just over 100 Air Jamaica pilots.

                          About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  As
reported in the Troubled Company Reporter-Latin America on
June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1,
2010, acquired Air Jamaica for US$50 million and operated six Air
Jamaica aircraft and eight of its routes.  Jamaica got a 16% stake
in the merged operation, with CAL owning 84%.

                           *     *     *

As of August 18, 2010, the airline continues to carry Moody's "B3"
long-term, long-term corporate family, and senior unsecured debt
ratings.


IBEROSTAR HOTEL: IDT to Start Hearing Dispute
---------------------------------------------
All is in place for the Industrial Disputes Tribunal to start
hearings into the row over the dismissal of hundreds of workers
from the Iberostar Rose Hall Beach Hotel in St. James on Monday,
RadioJamaica.

As reported in the Troubled Company Reporter-Latin America on
July 2, 2010, RadioJamaica said that the dispute between the
Iberostar Rose Hall Beach Hotel and the University and Allied
Workers Union has been referred to the Industrial Disputes
Tribunal.  The report related that the dispute surrounds the
dismissal of more than 2,000 employees.  According to the report,
the UAWU and the management of Iberostar have been at odds since
August 2009, when the hotel's management closed down operations,
citing a downturn in the global economy.  The report noted that as
a result the positions of all the employees in the bargaining unit
represented by the UAWU were made redundant.

As reported in the Troubled Company Reporter-Latin America on
September 1, 2009, RadioJamaica said that the IBEROSTAR Hotels &
Resorts, which was opened in 2007, one of three hotels on the
Spanish chain's property in Montego Bay, was closed September 1,
due to low occupancy.

                About IBEROSTAR Hotels & Resorts

IBEROSTAR Hotels & Resorts -- http://www.iberostar.com/-- is the
hotel division of Iberostar Group, is one of the most renowned
Spanish hotel chains at the global level.  Founded by the Fluxa
family in Palma de Mallorca (Balearic Islands, Spain) in 1986, it
has come to offer top-level accommodation in major travel
destinations around the world.  As a brand name, IBEROSTAR is
synonymous with quality in the fifteen countries where it
operates, providing outstanding service and personal assistance to
ensure full guest satisfaction.  With a star as its symbol, the
chain has managed to win over customers with its philosophy and
values, and its efficient, professional staff.


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M E X I C O
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PROTEGO CASA: Moody's Affirms 'B3' Long-Term Issuer Rating
----------------------------------------------------------
Moody's Investors Service affirmed the B3 long term and Not Prime
short term global local currency issuer ratings for Protego Casa
de Bolsa, S.A. de C.V.  Moody's de Mxico also affirmed Protego's
Ba3.mx and MX-4 long and short term Mexican National Scale issuer
ratings.  All ratings have a stable outlook.

These issuer ratings for Protego were affirmed:

  -- Global local currency, long term: B3, stable outlook
  -- Global local currency, short term: Not Prime
  -- Mexican National Scale, long term: Ba3.mx, stable outlook
  -- Mexican National Scale, short term: MX-4

In affirming the ratings, Moody's noted the company's modest size
and its limited market share and product offering, which
constrains the company's earnings generation ability, and thus,
its franchise strength.  Ratings are also constrained by Protego's
relatively short track-record and modest distribution capability.

Moody's said that having just reached breakeven in mid 2010,
Protego continues to be challenged to generate recurrent earnings
and sustain growth, while maintaining its expenses under control.
A deviation from growth trend in both business volumes and
earnings could place negative pressure on the brokerage house's
ratings.

Protego's B3 local currency issuer rating incorporates the
company's low risk profile and its primarily fee-based business,
which targets asset management and money market investments on
behalf of third-parties.  Protego maintains no proprietary trading
or proprietary positions, which underscore Moody's assessment of
conservative risk management.  Its recent diversification into
trust administration services as a third line of business is
viewed positively.

Moody's noted that Protego's ability to maintain volume growth and
retain customers is greatly supported by its main shareholders'
commitment to the brokerage house.  Protego is majority owned
directly and indirectly by Evercore Partners (unrated), a boutique
investment bank from the US, and with minority ownership by Dr.
Pedro Aspe, a former Minister of Finance of Mexico.

The long term Mexican National Scale rating of Ba3.mx indicates
issuers or issues with weak creditworthiness relative to other
domestic issuers.  The short term Mexican National Scale rating of
MX-4 indicates that the issuer has weak ability to repay short-
term senior unsecured debt obligations relative to other domestic
issuers.

The last rating action on Protego was on 28 April 2009, when
Moody's assigned first-time ratings to the brokerage house.

Protego is headquartered in Monterrey, Nuevo Len, Mexico.  As of
30 June 2010, Protego had assets under management of Mx$77.2
billion and Mx$71 million in shareholders' equity.


VITRO SAB: Makes New Offer to Debt Holders
------------------------------------------
Jonathan J. Levin and Andres R. Martinez at Bloomberg News report
that Vitro, S.A.B. de C.V offered to buy back or swap US$1.2
billion in debt from bondholders as the company prepares to seek
bankruptcy protection before the end of the year.  The report
notes that the bonds jumped and shares climbed to the highest in
more than two years.

According to the report, Chief Restructuring Officer Claudio del
Valle will file for bankruptcy in Mexico and under Chapter 15 in
the U.S. within the next two months.  The report says that debt
holders may get as much as 73 cents on the dollar under the terms
proposed on November 2, 2010.  "We're aiming to bring the maximum
number of participants into the process," Bloomberg quoted Mr. del
Valle as saying.  "This will help to make the process as fast, as
expedient as possible."

Vitro SAB, the report notes, is overhauling its operations and
financing after it defaulted on US$1.2 billion of debt last year
following wrong-way bets on derivates tied to natural gas and the
Mexican peso that cost the company US$240 million.  The glassmaker
previously made at least three unsuccessful restructuring
proposals to creditors, Bloomberg says.

Bloomberg discloses that holders of defaulted bonds due in 2012,
2013 and 2017 have until Dec. 1 to accept the buy back or swap
offer.  They can take cash, new debt or convertible bonds in the
exchange, the report relates.

Last month, the report notes, debt holder Fintech Investments
Ltd., a hedge fund, agreed to an option that gives it the right to
purchase shares in the glassmaker once the restructuring is
complete.  The report relates Vitro SAB said that Fintech, which
loaned Vitro US$75 million in December, would own 24% of the
outstanding shares if it exercises the agreement.  The Mexican
company has the right to buy those shares back within three years,
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.


                            ***********

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 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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