TCRLA_Public/101122.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

           Monday, November 22, 2010, Vol. 11, No. 230

                            Headlines



A N T I G U A  &  B A R B U D A

DIGICEL GROUP: Faces Possible Disconnection From APUA


A R G E N T I N A

ABASTECIMIENTOS: Creditors' Proofs of Debt Due February 18
NEW COLORS: Creditors' Proofs of Debt Due December 28
PETROLEUM INFORMATION: Creditors' Proofs of Debt Due December 20
PROMOGLAS SA: Creditors' Proofs of Debt Due February 8
RAIMAT SA: Creditors' Proofs of Debt Due December 14

TSL SA: Creditors' Proofs of Debt Due February 7


B R A Z I L

BANCO PANAMERICANO: Sandoval Quits Group After Bailout
BANCO PANAMERICANO: Federal Accounting Council to Analyze Auditors


C A Y M A N  I S L A N D S

ALFA CAPITAL: Creditors' Proofs of Debt Due November 30
BEAUGAN VILLA: Creditors' Proofs of Debt Due December 20
CAPADON SOUTHEAST: Creditors' Proofs of Debt Due November 30
CAPADON SOUTHEAST: Creditors' Proofs of Debt Due November 30
CASAM PLENUM: Creditors' Proofs of Debt Due December 8

DUNAMIS EQUITY: Creditors' Proofs of Debt Due November 29
ERAAM CUSTOMIZED: Creditors' Proofs of Debt Due December 8
FRESH (I): Creditors' Proofs of Debt Due December 8
IIU FUNDS: Creditors' Proofs of Debt Due December 8
LAFITTE FUND: Creditors' Proofs of Debt Due December 8

NAI LS: Creditors' Proofs of Debt Due December 8
OAKSIDE INVESTMENTS: Creditors' Proofs of Debt Due December 15
OPUS INTERNATIONAL: Placed Under Voluntary Liquidation
R.F. ALTS: Creditors' Proofs of Debt Due December 8
REFRESH (I): Creditors' Proofs of Debt Due December 8

RITCHIE EQUITY: Creditors' Proofs of Debt Due December 8
RITCHIE EQUITY: Creditors' Proofs of Debt Due December 8
SPRING FUND: Creditors' Proofs of Debt Due November 30
TITAN STRATEGY: Creditors' Proofs of Debt Due November 30
WIN ASSET: Creditors' Proofs of Debt Due December 8


M E X I C O

VITRO SAB: Noteholders Commence Bankruptcy Cases vs. U.S. Units
VITRO SAB: US Units' Involuntary Chapter 11 Case Summary


T R I N I D A D  &  T O B A G O

CL FINANCIAL: CLICO Inquiry to Begin


T U R K S  &  C A I C O S

OLINT CORP: Former Boss Taken Into U.S. Custody


X X X X X X X X

* BOND PRICING: For the Week November 15 to November 19, 2010




                            - - - - -


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


DIGICEL GROUP: Faces Possible Disconnection From APUA
-----------------------------------------------------
The Antigua Public Utilities Authority is threatening to cut off
Digicel Group, unless it settles millions of dollars in arrears by
the beginning of next month, Caribbean360.com reports.

According to Caribbean360.com, in letters sent to Digicel Group's
OECS General Manager John Delves, the APUA, which provides
interconnect capacity for the mobile phone provider, demanded
payment of the EC$5,329,514 (US$1,984,921) that has been racked up
in services provided over the past seven years.

"This issue needs to be addressed immediately as APUA will pursue
its options, including the possible complete suspension of
services to Digicel in Antigua and Barbuda if this issue is not
resolved to our satisfaction by December 1, 2010," APUA's
Telecommunications Manager, Curtis McKay wrote in one of two
letters dated November 15, 2010, Caribbean360.com discloses.  "In
addition to any other actions which will be taken by APUA if this
matter is not resolved in an expeditious manner, we will give
strong consideration to the application of interest charges at a
rate of 12 percent per year," he added, Caribbean360.com relates.

This is the latest development in a dispute between the two
service providers, as Digicel recently blamed APUA for congestion
problems on its network, Caribbean360.com notes.

Caribbean360.com discloses that in a statement issued late
Thursday evening, APUA said that while it stands ready to increase
network capacity available to Digicel Group, the telecoms company
must pay its bills like all other consumers of APUA's products and
services.

                       About Digicel Group

Digicel Group -- http://www.digicelgroup.com/-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets.  By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.

                          *     *     *

As of January 14, 2010, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.


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


ABASTECIMIENTOS: Creditors' Proofs of Debt Due February 18
----------------------------------------------------------
The court-appointed trustee for Abastecimientos Publicitarios
S.A.'s bankruptcy proceedings will be verifying creditors' proofs
of claim until February 18, 2011.


NEW COLORS: Creditors' Proofs of Debt Due December 28
-----------------------------------------------------
The court-appointed trustee for New Colors S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
December 28, 2010.

The trustee will present the validated claims in court as
individual reports on March 10, 2011.  The National Commercial
Court of First Instance in Buenos Aires 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.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 26, 2011.


PETROLEUM INFORMATION: Creditors' Proofs of Debt Due December 20
----------------------------------------------------------------
The court-appointed trustee for Petroleum Information Argentina
S.A.'s bankruptcy proceedings will be verifying creditors' proofs
of claim until December 20, 2010.

The trustee will present the validated claims in court as
individual reports on March 2, 2011.  The National Commercial
Court of First Instance in Buenos Aires 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.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 13, 2011.


PROMOGLAS SA: Creditors' Proofs of Debt Due February 8
------------------------------------------------------
The court-appointed trustee for Promoglas S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
February 8, 2011.

The trustee will present the validated claims in court as
individual reports on March 22, 2011.  The National Commercial
Court of First Instance in Buenos Aires 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.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 4, 2011.


RAIMAT SA: Creditors' Proofs of Debt Due December 14
----------------------------------------------------
The court-appointed trustee for Raimat S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
December 14, 2010.

The trustee will present the validated claims in court as
individual reports on March 4, 2011.  The National Commercial
Court of First Instance in Buenos Aires 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.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 15, 2011.


TSL SA: Creditors' Proofs of Debt Due February 7
------------------------------------------------
The court-appointed trustee for Tsl S.A.'s bankruptcy proceedings
will be verifying creditors' proofs of claim until February 7,
2011.

The trustee will present the validated claims in court as
individual reports on March 21, 2011.  The National Commercial
Court of First Instance in Buenos Aires 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.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 5, 2011.


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


BANCO PANAMERICANO: Sandoval Quits Group After Bailout
------------------------------------------------------
Grupo Silvio Santos President Luiz Sebastiao Sandoval resigned on
November 18, 2010, after a disagreement with Brazilian media mogul
Silvio Santos, Laura Price at Bloomberg News reports, citing O
Estado de S. Paulo.

According to Bloomberg, the newspaper said that Mr. Santos
suggested Mr. Sandoval resign if he didn't agree with the owner of
the group that controls Banco Panamericano SA.  Bloomberg relates
the newspaper said that Guilherme Stoliar, Mr. Santos's nephew,
will replace Mr. Sandoval.

Banco Panamericano SA offers commercial banking services.  The
Bank offers loans, personal credit, investments, credit cards, and
lease financing.  Banco Panamericano operates throughout Brazil.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 12, 2010, Bloomberg News said that Banco Panamericano SA
could have been liquidated or subjected to a central bank
intervention to sell its assets if its controller had not tapped
BRL2.5 billion from Brazil's deposit insurance fund to rescue the
bank.  According to the report, Mr. Ferreira said that talks to
rescue Panamericano started Oct. 11 and were conducted by
Brazilian media mogul Silvio Santos, who controls the bank.

As of July 27, 2010, the company continues to carry Moody's "Ba2"
long-term rating, foreign currency long-term debt rating, and
long-term bank deposits ratings.


BANCO PANAMERICANO: Federal Accounting Council to Analyze Auditors
------------------------------------------------------------------
Brazil's Federal Accounting Council President Juarez Domingues
Carneiro will analyze the involvement of external auditing
companies in the accounting problems uncovered at Banco
Panamericano SA, Adriana Brasileiro at Bloomberg News reports,
citing Valor Economico.

According to Bloomberg, the newspaper said Mr. Carneiro said that
the result of the preliminary analysis of Deloitte & Touche LLP
and KPMG International will determine whether the council will
start a formal investigation.  Panamericano was a client of the
auditors.

Valor reported, Bloomberg adds, that the council can remove the
licenses of individual auditors if it finds they were at fault in
the case.

                    About Banco Panamericano

Banco Panamericano SA offers commercial banking services.  The
Bank offers loans, personal credit, investments, credit cards, and
lease financing.  Banco Panamericano operates throughout Brazil.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 12, 2010, Bloomberg News said that Banco Panamericano SA
could have been liquidated or subjected to a central bank
intervention to sell its assets if its controller had not tapped
BRL2.5 billion from Brazil's deposit insurance fund to rescue the
bank.  According to the report, Mr. Ferreira said that talks to
rescue Panamericano started Oct. 11 and were conducted by
Brazilian media mogul Silvio Santos, who controls the bank.

As of July 27, 2010, the company continues to carry Moody's "Ba2"
long-term rating, foreign currency long-term debt rating, and
long-term bank deposits ratings.


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


ALFA CAPITAL: Creditors' Proofs of Debt Due November 30
-------------------------------------------------------
The creditors of Alfa Capital Russia & Emerging Markets SPC 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 26, 2010.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 815-1805
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


BEAUGAN VILLA: Creditors' Proofs of Debt Due December 20
--------------------------------------------------------
The creditors of Beaugan Villa Limited are required to file their
proofs of debt by December 20, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 21, 2010.

The company's liquidator is:

         Yves Kempf
         PO Box N-4287 Nassau
         Bahamas


CAPADON SOUTHEAST: Creditors' Proofs of Debt Due November 30
------------------------------------------------------------
The creditors of Capadon Southeast European Feeder Fund, Ltd. 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 27, 2010.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 815-1805
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


CAPADON SOUTHEAST: Creditors' Proofs of Debt Due November 30
------------------------------------------------------------
The creditors of Capadon Southeast European Feeder Fund, Ltd. 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 27, 2010.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 815-1805
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


CASAM PLENUM: Creditors' Proofs of Debt Due December 8
------------------------------------------------------
The creditors of Casam Plenum Admiral Fund Limited are required to
file their proofs of debt by December 8, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on October 26, 2010.

The company's liquidator is:

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


DUNAMIS EQUITY: Creditors' Proofs of Debt Due November 29
---------------------------------------------------------
The creditors of Dunamis Equity Partners 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 wind-up proceedings on October 27, 2010.

The company's liquidator is:

         Ogier
         c/o Joel Reid
         Telephone: (345) 815 1828
         Facsimile: (345) 949-9877
         c/o Ogier 89 Nexus Way
         Camana Bay Grand Cayman KY1-9007
         Cayman Islands


ERAAM CUSTOMIZED: Creditors' Proofs of Debt Due December 8
----------------------------------------------------------
The creditors of Eraam Customized European Equity Hedge Strategies
Limited are required to file their proofs of debt by December 8,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on October 28, 2010.

The company's liquidator is:

         Europanel Research & Alternative Asset Management
         49-51 Avenue George V F-75008
         Paris, France


FRESH (I): Creditors' Proofs of Debt Due December 8
---------------------------------------------------
The creditors of Fresh (I) Limited are required to file their
proofs of debt by December 8, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 26, 2010.

The company's liquidator is:

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


IIU FUNDS: Creditors' Proofs of Debt Due December 8
---------------------------------------------------
The creditors of IIU Funds SPC are required to file their proofs
of debt by December 8, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on October 29, 2010.

The company's liquidator is:

         Avalon Management Limited
         GL
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351
         Landmark Square, 1st Floor
         64 Earth Close West Bay Beach
         PO Box 715, George Town
         Grand Cayman KY1-1107
         Cayman Islands


LAFITTE FUND: Creditors' Proofs of Debt Due December 8
------------------------------------------------------
The creditors of Lafitte Fund I Offshore Ltd. are required to file
their proofs of debt by December 8, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 27, 2010.

The company's liquidator is:

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


NAI LS: Creditors' Proofs of Debt Due December 8
------------------------------------------------
The creditors of Nai LS Equity Fund Limited are required to file
their proofs of debt by December 8, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 14, 2010.

The company's liquidator is:

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


OAKSIDE INVESTMENTS: Creditors' Proofs of Debt Due December 15
--------------------------------------------------------------
The creditors of Oakside Investments Limited are required to file
their proofs of debt by December 15, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 27, 2010.

The company's liquidators are:

         Jane Fleming
         Lisa Clarke
         Telephone: (345) 945-2187 /(345) 945-2197
         PO Box 30464, Grand Cayman KY1-1202
         Cayman Isalnds


OPUS INTERNATIONAL: Placed Under Voluntary Liquidation
------------------------------------------------------
At an extraordinary general meeting held on October 21, 2010, the
shareholder of Opus International Ltd. resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694, Grand Cayman
         Cayman Islands


R.F. ALTS: Creditors' Proofs of Debt Due December 8
---------------------------------------------------
The creditors of R.F. Alts Finance II Limited are required to file
their proofs of debt by December 8, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 28, 2010.

The company's liquidator is:

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


REFRESH (I): Creditors' Proofs of Debt Due December 8
-----------------------------------------------------
The creditors of Refresh (I) Ltd. are required to file their
proofs of debt by December 8, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 26, 2010.

The company's liquidator is:

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


RITCHIE EQUITY: Creditors' Proofs of Debt Due December 8
--------------------------------------------------------
The creditors of Ritchie Equity Market Neutral (Cayman) Ltd. are
required to file their proofs of debt by December 8, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on October 28, 2010.

The company's liquidator is:

         Avalon Management Limited
         GL
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351
         Landmark Square, 1st Floor
         64 Earth Close West Bay Beach
         PO Box 715, George Town
         Grand Cayman KY1-1107
         Cayman Islands


RITCHIE EQUITY: Creditors' Proofs of Debt Due December 8
--------------------------------------------------------
The creditors of Ritchie Equity Market Neutral Trading Ltd. are
required to file their proofs of debt by December 8, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on October 28, 2010.

The company's liquidator is:

         Avalon Management Limited
         GL
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351
         Landmark Square, 1st Floor
         64 Earth Close West Bay Beach
         PO Box 715, George Town
         Grand Cayman KY1-1107
         Cayman Islands


SPRING FUND: Creditors' Proofs of Debt Due November 30
------------------------------------------------------
The creditors of Spring Fund, Ltd. 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 26, 2010.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 949-9876
         Facsimile: (345) 949-9877
         c/o Ogier 89 Nexus Way
         Camana Bay Grand Cayman KY1-9007
         Cayman Islands


TITAN STRATEGY: Creditors' Proofs of Debt Due November 30
---------------------------------------------------------
The creditors of Titan Strategy Fund - Equity Long/Short Ltd. 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 28, 2010.

The company's liquidator is:

         Titan Advisors LLC
         2 International Drive
         Suite 200 Rye Brook
         NY 10573 USA


WIN ASSET: Creditors' Proofs of Debt Due December 8
---------------------------------------------------
The creditors of Win Asset Management (Cayman) Limited are
required to file their proofs of debt by December 8, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on October 25, 2010.

The company's liquidator is:

         Anishinder Grewal
         c/o Charles Lee
         Telephone: +44 (0)1534 700 864
         Facsimile: +44 (0)1534 700 800
         Walkers Walker House
         28 - 34 Hill Street St Helier
         Channel Islands, JE4 8PN
         WiN Asset Management LLP City Point
         1 Ropemaker Street London EC2Y 9HT
         United Kingdom


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


VITRO SAB: Noteholders Commence Bankruptcy Cases vs. U.S. Units
---------------------------------------------------------------
Certain members of the Ad Hoc Group of Vitro Noteholders, which is
comprised of holders, or investment advisors to holders, of
approximately $500 million in principal amount of the Senior Notes
due 2012, 2013 and 2017 issued by Vitro S.A.B. de C.V., commenced
last week, involuntary bankruptcy cases under Chapter 11 of the
U.S. Bankruptcy Code against fifteen of Vitro's U.S. subsidiary

guarantors.  The Cases are pending before the U.S. Bankruptcy
Court for the Northern District of Texas.

By written guaranties entered into in 2007 and 2008, the U.S.
Subsidiary Debtors are unconditionally liable for all amounts due
by Vitro under the Senior Notes, including the approximate
principal amount of $1.2 billion, plus accrued interest and fees.
This debt was accelerated following its default almost two years
ago.

By commencing these Cases, the members of the Ad Hoc Noteholder
Group are continuing the Group's efforts to maximize recoveries
for all holders of Senior Notes, whether from Vitro or the U.S.
Subsidiary Debtors, and are hopeful that, by invoking the
protections of the U.S. Bankruptcy Code and the oversight of the
U.S. Bankruptcy Court on the ongoing process, any restructuring
will be fair, transparent and administered according to existing
law.

                 Opposition to the Solicitation

In addition, the Ad Hoc Noteholder Group and its counsel have now
fully reviewed the "Tender Offer, Exchange Offer and Consent
Solicitation" launched by Vitro in connection with its anticipated
prepackaged Concurso plan in Mexico dated November 1, 2010.  The
Ad Hoc Noteholder Group opposes the Solicitation.

The Ad Hoc Noteholder Group believes that Vitro's Solicitation
does not offer adequate consideration to the Noteholders.  Vitro's
plan significantly undervalues the Company, undercounts the amount
and ratable portion of the Noteholders' claims, and
inappropriately redistributes value away from Noteholders to
Vitro's shareholders and insiders.

Vitro claims that Noteholders may miss out on a cash consent fee
unless such holders agree to the Solicitation.  The Ad Hoc
Noteholder Group, however, believes that any payments made to the
Noteholders may be found to be void or voidable when challenged
under applicable Mexican or U.S. law. Furthermore, the DFI Notes
and the Other Debt, whose claims are treated as being pari passu
with the Senior Notes in the Solicitation, either do not share
the same guarantees that the Senior Notes have or may have
inappropriately received guarantees that are subject to avoidance
under applicable Mexican or U.S. law.

The Solicitation is coercive and lacks proper disclosure.  Rather
than negotiate in good faith with its creditors or offer a
reasonable restructuring proposal that would fairly and
conclusively resolve long-standing debt defaults, Vitro instead
launched the Solicitation without support from the Ad Hoc
Noteholder Group or any other non-insider creditor of which we are
aware.

          Solicitation Provides Insufficient Disclosure

Vitro launched its Solicitation on November 1, 2010, even though
at that time it had already admitted defects in its disclosure
obligations to the U.S. Securities and Exchange Commission.  As a
result of these defects, on November 5, 2010, the SEC directed
Vitro to withdraw its request to terminate the registration of its
debt and equity securities with the SEC and its reporting
obligations with the SEC, or to file its late Annual Report on
Form 20-F for the year ended December 31, 2009, together with
other materials required to be filed or become current in its
reporting obligations under the Securities Exchange Act of 1934.
A copy of the SEC's November 5, 2010 correspondence to Vitro can
be found on EDGAR.

The Ad Hoc Noteholder Group believes that the information that
Vitro is required to, and so far failed to, file with the SEC is
critical for any Noteholder to make an investment decision
regarding whether to accept the Solicitation and the securities
offered thereunder.  For example, the Annual Report on Form 20-F
should have included updated consolidating financial information
and many material documents identified in Vitro's solicitation
statement which were never filed with the SEC or otherwise made
publicly available -- including the substantive transactions and
agreements with which Vitro seeks to orchestrate the Solicitation
and proposed prepackaged concurso plan.  Indeed, the updated
consolidating financial information should include disclosure
concerning alleged Intercompany Claims, which are vitally
important to Vitro's threat that it will use these claims to vote
to cram down Vitro's plan on non-consenting Noteholders.

At this time, the Ad Hoc Noteholder Group continues to review all
available options and reserves all of its available legal and
contractual rights and remedies against Vitro, its affiliates and
all other persons or entities actively involved in Vitro's ongoing
attempts to avoid paying its legitimate obligations arising under
U.S. debt securities.

The foregoing shall not be construed as tax, legal, business,
financial, accounting or other advice, and Noteholders are
encouraged to consult their own advisors.

The Ad Hoc Noteholder Group can be reached through:

         WHITE & CASE LLP
         John Cunningham, Esq.
         Telephone: (305) 995-5252
         E-mail: jcunningham@whitecase.com
         Richard Kebrdle, Esq.
         Telephone: (305) 995-5276
         E-mail: rkebrdle@whitecase.com

                         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.


VITRO SAB: US Units' Involuntary Chapter 11 Case Summary
--------------------------------------------------------
Alleged Debtor: Vitro Asset Corp.
                  aka American Asset Holding Corp.
                      Imperial Arts Corp.
                      VK Corp.
                      Oriental Glass, Inc.
                350 N. Saint Paul Street, Suite 2900
                Dallas, TX 75201-4234

Bankruptcy Case No.: 10-47470

Involuntary Chapter 11 Petition Date: November 17, 2010

Court: U.S. Bankruptcy Court
       Northern District of Texas (Ft. Worth)

Judge: Russell F. Nelms

Petitioners' Counsel: Jeff P. Prostok, Esq.
                      FORSHEY & PROSTOK, LLP
                      777 Main Street, Suite 1290
                      Ft. Worth, TX 76102
                      Tel: (817) 877-8855
                      E-mail: jpp@forsheyprostok.com

Creditors who signed the involuntary Chapter 11 petition:

    Petitioners                    Nature of Claim    Claim Amount
    -----------                    ---------------    ------------
Knighthead Master Fund, L.P.       Interests           $42,047,250
c/o Knighthead Capital Management, LLC
623 Fifth Avenue, 29th Floor
New York, NY 10022

Lord Abbett Bond-Debenture Fund,   Interests           $20,000,000
Inc.
90 Hudson Street
Jersey City, NJ 07302

Davidson Kempner Distressed        Interests           $11,637,000
Opportunities Fund LP
65 East 55th Street, 19th Floor
New York, NY 10022

Brookville Horizons Fund, L.P      Interests            $2,000,000
2 Greenwich Plaza
Greenwich, CT 06830

Debtor-affiliates also subject to involuntary petitions by the
petitioning creditors:

Case No.         Entity
--------         ------
10-47472-dml11   Vitro Chemicals, Fibers & Mining, LLC
10-47473-dml11   Vitro America, LLC
10-47474-rfn11   Troper Services, Inc.
10-47475-dml11   Super Sky Products, Inc.
10-47476-rfn11   Super Sky International, Inc.
10-47477-dml11   VVP Holdings, LLC
10-47478-rfn11   Amsilco Holdings, Inc.
10-47479-dml11   B.B.O. Holdings, Inc.
10-47480-rfn11   Binswanger Glass Company
10-47481-rfn11   Crisa Corporation
10-47482-dml11   VVP Finance Corporation
10-47483-dml11   VVP Auto Glass, Inc.
10-47484-rfn11   V-MX Holdings, LLC
10-47485-dml11   Vitro Packaging, LLC


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


CL FINANCIAL: CLICO Inquiry to Begin
------------------------------------
The sole commissioner in the inquiry into the circumstances that
led to Colonial Life Insurance Company (Trinidad) Limited
(CLICO)'s financial problems has received his instrument of
appointment and is preparing to begin work in a few weeks,
Caribbean360.com reports.  CLICO is a subsidiary of CL Financial
Limited.

According to Caribbean360.com, Sir Anthony Colman and Attorney
General Anand Ramlogan will discuss the matters relating to the
inquiry before leaving Trinidad.  The report relates Mr. Colman
will return for the public inquiry set to begin next month.

Caribbean360.com notes that Mr. Colman, deputy chief justice of
the Dubai International Financial Centre, was chosen to replace
the first choice, retired British High Court judge Sir Gavin
Lightman, after it was ascertained that the former jurist had
represented CLICO in a legal matter almost 20 years ago.

The newly appointed commissioner will lead the probe into the
causes, reasons and circumstances leading to the deterioration of
the financial conditions and health of CL Financial, CLICO, CLICO
Investment Bank, British American Insurance Company (BAICO) as
well as the Hindu Credit Union (HCU) and determine whether there
was civil or criminal liability, Caribbean360.com says.

Caribbean360.com notes that Mr. Colman will be assisted in his
duties by counsel to the commission, British Queen's Counsel,
Peter Carter.  The report relates that local attorneys Kelvin
Ramkissoon and Celeste Jules will work alongside Mr. Carter.

The Commission of Inquiry is expected to complete its work within
four to six months, Caribbean360.com adds.

                         About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company by Cyril Duprey, it was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago).  The ratings remain under review with
negative implications.  CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.

According to a TCRLA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


=========================
T U R K S  &  C A I C O S
=========================


OLINT CORP: Former Boss Taken Into U.S. Custody
-----------------------------------------------
Former Olint Corporation Limited boss David Smith is now in U.S.
custody and due to appear in court on 23 charges, Caribbean360.com
reports.

According to Caribbean360.com, in a statement from the office of
the US Attorney for the Middle District of Florida, authorities in
the Turks and Caicos Islands, where Mr. Smith recently began
serving a six-and-a-half year sentence for fraud, handed over the
former OLINT boss to U.S. authorities "pursuant to an official
request by the United States government for [Mr.] Smith to be
brought to Orlando, Florida to face federal charges."

Caribbean360.com notes that an indictment against Mr. Smith had
been handed down since August but Mr. Smith, who headed the multi-
billion dollar foreign exchange trading scheme, was awaiting trial
in the TCI.  In September, Caribbean360.com relates, Mr. Smith
pleaded guilty to two counts of conspiracy to commit money
laundering and two counts of conspiracy to defraud and was
imprisoned.

It is expected Mr. Smith will appear in court in the U.S. very
soon, Caribbean360.com adds.

                          About Olint Corp

Olint Corporation Limited was an investment club owned by David
Smith.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 31, 2010, RadioJamaica said United States authorities seek
to extradite Mr. Smith from Turks and Caicos Islands for his
involvement in financial fraud cases.  The Jamaica Gleaner said
that Mr. Smith was indicted on 23 charges in the United States.
The report related that the indictment handed down in the U.S.
District Court for the Middle District of Florida, Orlando
Division, charged Mr. Smith with four counts of wire fraud, one
count of conspiracy to commit money laundering and 18 counts of
money laundering to conceal specified unlawful activity.


===============
X X X X X X X X
===============


* BOND PRICING: For the Week November 15 to November 19, 2010
-------------------------------------------------------------

Issuer              Coupon   Maturity   Currency          Price
------              ------   --------   --------          -----


ARGENTINA
---------

ARGENT- DIS         5.83    12/31/2033     ARS             43.65
ARGENT-PAR          1.18    12/31/2038     ARS                90
ARGENT-DIS          7.82    12/31/2033     EUR             77.25
ARGENT-DIS          7.82    12/31/2033     EUR             76.25
ARGENT-DIS          4.33    12/31/2033     JPY                42
ARGENT-PAR&GDP      0.45    12/31/2038     JPY                 8
BODEN 2014             2    9/30/2014      ARS                39
BOGAR 2018             2    2/4/2018       ARS             23.45
PRO12                  2    1/3/2016       ARS             130.3

CAYMAN ISLAND
-------------

BANCO BPI (CI)      4.15    11/14/2035     EUR            49.679
BANIF FIN LTD          3    12/31/2019     EUR            61.625
BCP FINANCE BANK    5.01    3/31/2024      EUR            66.812
BCP FINANCE BANK    5.31    12/10/2023     EUR            69.543
BCP FINANCE CO     4.239                   EUR         63.678571
BCP FINANCE CO     5.543                   EUR         66.033817
BES FINANCE LTD      4.5                   EUR            73.875
BES FINANCE LTD     5.58                   EUR         62.185295
BES FINANCE LTD    6.984    2/7/2035       EUR          63.44015
DUBAI HLDNG COMM       6    2/1/2017       GBP             73.88
EFG ORA FUNDING      1.7    10/29/2014     EUR             68.69
ESFG INTERNATION   5.753                   EUR         67.916667
PUBMASTER FIN      5.943    12/30/2024     GBP             74.94
PUBMASTER FIN      8.44    6/30/2025      GBP         129.64756
PUNCH TAVERNS     4.767    6/30/2033      GBP             75.35

CHILE
-----

AGUAS NUEVAS        3.4    5/15/2012      CLP            0.1949
ESVAL S.A.          3.8    7/15/2012      CLP         49.942973
MASISA             4.25    10/15/2012     CLP         38.402885


PUERTO RICO
-----------

PUERTO RICO CONS    6.5    4/1/2016       USD              49.7


VENEZUELA
---------

PETROLEOS DE VEN     4.9    10/28/2014     USD         62.615863
PETROLEOS DE VEN       5    10/28/2015     USD         56.711132
PETROLEOS DE VEN   5.125    10/28/2016     USD         55.070706
PETROLEOS DE VEN    5.25    4/12/2017      USD         56.727034
PETROLEOS DE VEN   5.375    4/12/2027      USD         45.609648
PETROLEOS DE VEN     5.5    4/12/2037      USD         44.539935
PETROLEOS DE VEN     8.5    11/2/2017      USD         66.986436
VENEZUELA           5.75    2/26/2016      USD             70.75
VENEZUELA              6    12/9/2020      USD                57
VENEZUELA              7    3/31/2038      USD            55.125
VENEZUELA              7    12/1/2018      USD                63
VENEZUELA              7    3/31/2038      USD              55.5
VENEZUELA           7.65    4/21/2025      USD             59.25
VENEZUELA           7.75    10/13/2019     USD             65.75
VENEZUELA           8.25    10/13/2024     USD                63
VENEZUELA              9    5/7/2023       USD             66.25
VENEZUELA           9.25    9/15/2027      USD              72.5
VENEZUELA           9.25    5/7/2028       USD             66.25
VENEZUELA           9.25    9/15/2027      USD             73.26
VENZOD - 189000    9.375    1/13/2034      USD             66.75


                            ***********

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 * * *