/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/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 - - - - - ================= 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 ============= B E R M U D A ============= 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 =========== B R A Z I L =========== 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 ========= C H I L E ========= 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 Ni�o 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. ============= J A M A I C A ============= 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. =========== M E X I C O =========== 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 M�xico 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 Le�n, 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. * * * End of Transmission * * *