/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/101125.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 Thursday, November 25, 2010, Vol. 11, No. 233 Headlines A R G E N T I N A CENTRAL DE NEGOCIOS: Creditors' Proofs of Debt Due December 28 ENERGIA RECARGABLE: Creditors' Proofs of Debt Due December 16 MEDICAL IMAGE: Asks for Preventive Contest NVS SA: Creditors' Proofs of Debt Due December 27 PEDRO WORNS: Creditors' Proofs of Debt Due March 1 B E R M U D A GREENWICH SENTRY: Files for Bankruptcy Protection in U.S. GREENWICH SENTRY: Voluntary Chapter 11 Case Summary C A Y M A N I S L A N D S 336251 Limited: Shareholders' Final Meeting Set for December 8 ABBA PARTNERS: Shareholder to Hear Wind-Up Report on November 30 ANTHRACITE BALANCED: Shareholders' Final Meeting Set for Dec. 15 ANTHRACITE REFERENCE: Shareholders' Final Meeting Set for Dec. 15 CHINA RETAIL: Shareholders' Final Meeting Set for November 30 COSAK LIMITED: Shareholders' Final Meeting Set for December 8 DYNASTY ASSETS: Shareholders' Final Meeting Set for December 10 GLOBAL FINANCIALS: Shareholders' Final Meeting Set for December 10 GLOBAL MULTI: Shareholders' Final Meeting Set for December 15 GYRFALCON OFFSHORE: Shareholders' Final Meeting Set for December 8 ISLAND BROOK: Shareholders' Final Meeting Set for December 13 K SQUARED: Shareholders' Final Meeting Set for December 10 MELODY IAM: Shareholders' Final Meeting Set for December 6 OMNIFIC MULTI-MANAGER: Member to Hear Wind-Up Report on Nov. 30 PAMAJO LIMITED: Members' Final Meeting Set for December 1 RASMALA GLOBAL: Shareholders' Final Meeting Set for December 6 RASMALA GLOBAL: Shareholders' Final Meeting Set for December 6 ROCKBAY CAPITAL: Shareholders' Final Meeting Set for December 10 TAIB EXPLORER: Shareholder to Hear Wind-Up Report on December 9 WINDERMERE MORTGAGE: Shareholders' Final Meeting Set for Dec. 10 E C U A D O R * ECUADOR: IDB Approves US$64.7-Million Loan N I C A R A G U A * NICARAGUA: To Receive US$42.5-Million IDB Loan M E X I C O VITRO SAB: Extends Tender Offer Until December 7 X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A R G E N T I N A ================= CENTRAL DE NEGOCIOS: Creditors' Proofs of Debt Due December 28 -------------------------------------------------------------- Alfredo Alberto Figliomeni, the court-appointed trustee for Central de Negocios SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until December 28, 2010. Mr. Figliomeni will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 11 in Buenos Aires, with the assistance of Clerk No. 22, 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: Alfredo Alberto Figliomeni Agrelo 4220 Argentina ENERGIA RECARGABLE: Creditors' Proofs of Debt Due December 16 ------------------------------------------------------------- Jorge Dagavarian, the court-appointed trustee for Energia Recargable SRL's bankruptcy proceeding, will be verifying creditors' proofs of claim until December 16, 2010. Mr. Dagavarian 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. 10, 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: Jorge Dagavarian Madero 749 Argentina MEDICAL IMAGE: Asks for Preventive Contest ------------------------------------------ Medical Image Diagostico por Imagenes SA asked for preventive contest. NVS SA: Creditors' Proofs of Debt Due December 27 ------------------------------------------------- Roberto Jose Gaztelu, the court-appointed trustee for NVS SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until December 27, 2010. Mr. Gaztelu will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 13 in Buenos Aires, with the assistance of Clerk No. 25, 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: Roberto Jose Gaztelu Viamonte 1592 Argentina PEDRO WORNS: Creditors' Proofs of Debt Due March 1 -------------------------------------------------- Aldo Bassagaisteguy, the court-appointed trustee for Pedro Worns y Cia SRL's reorganization proceedings, will be verifying creditors' proofs of claim until March 1, 2011. Mr. Bassagaisteguy will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 1 in Buenos Aires, with the assistance of Clerk No. 1, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Aldo Bassagaisteguy Avenida Santa Fe 2847 Argentina ============= B E R M U D A ============= GREENWICH SENTRY: Files for Bankruptcy Protection in U.S. --------------------------------------------------------- Greenwich Sentry, L.P., and an affiliate filed for Chapter 11 protection on November 19, 2010 (Bankr. S.D.N.Y. Case No. 10-16229) hoping to settle lawsuits filed against it in connection with its investments with Bernard L. Madoff. An affiliate, Fairfield Sentry Limited, filed for Chapter 11 protection in June 2010 (Bankr. S.D.N.Y. Case No. 10-13164). Mark McKeefry, general counsel and assistant secretary of Fairfield Greenwich (Bermuda), Ltd., a general partner of the Debtors, said in a court filing, "The principal purpose of these Chapter 11 cases is to preserve the remaining assets of the Debtors' estates for the benefit of their creditors and other parties in interest, rather than dissipating those assets in the defense of the various litigations . . . or which may be commenced in the future. The Debtors intend to seek a comprehensive settlement of all litigation that may ultimately impact the Debtors and their estates." Mr. McKeefry added, "The Debtors anticipate that if such settlements are reached, they would be accomplished through a joint plan of reorganization that would provide the maximum protections available under applicable law to the non-debtors that ultimately agree to make substantial contributions to funding the costs of those settlements. Only by stanching the substantial and debilitating costs of litigation that are being incurred not only by the Debtors, but also by their affiliates and associated personnel, can maximum value be delivered to the parties holding valid claims. It is, therefore, expected that the protections afforded by Chapter 11 will allow the Debtors to maximize the value available not only from the Debtors, but also from their affiliates and associated personnel, for the benefit of all stakeholders." Irving H. Picard, the trustee for the Madoff estate, has filed a lawsuit seeking to recover US$206 million that the Debtors have received from phony profits in Mr. Madoff's Ponzi scheme. In addition, the Debtors are parties in several civil actions, pending in various courts and in different states of litigation, arising out of their accounts at BLMIS. Greenwich Sentry itself has filed a customer claim against Mr. Picard for approximately US$314 million basing from the last account statements it received from Bernard L. Madoff Investment Securities LLC. Greenwich and its affiliates operate as private investment partnerships. Greenwich Sentry wants the bankruptcy court to enforce a stay of the civil suits. GREENWICH SENTRY: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Greenwich Sentry, L.P. 575 Madison Avenue, 8th Floor New York, NY 10022 Bankruptcy Case No.: 10-16229 Chapter 11 Petition Date: November 19, 2010 Court: United States Bankruptcy Court Southern District of New York (Manhattan) Debtor's Counsel: Paul R. DeFilippo, Esq. WOLLMUTH MAHER & DEUTSCH LLP 500 Fifth Avenue, 12th Floor New York, NY 10110 Tel: (212) 382-3300 Fax: (212) 382-0050 E-mail: pdefilippo@wmd-law.com Estimated Assets: US$100,000,001 to US$500,000,000 Estimated Debts: US$100,000,001 to US$500,000,000 The petition was signed by Jeffrey Tucker, director of Fairfield Greenwich (Bermuda), Ltd., general partner. The Debtor did not file its list of largest unsecured creditors when it filed its petition. Debtor-affiliates that filed separate Chapter 11 petitions: Petition Debtor Case No. Date ------ -------- ---- Fairfield Sentry Limited 10-13164 06/14/10 Greenwich Sentry Partners, L.P. 10-16230 11/19/10 Assets: US$1,000,001 to US$10,000,000 Debts: US$1,000,001 to US$10,000,000 ========================== C A Y M A N I S L A N D S ========================== 336251 Limited: Shareholders' Final Meeting Set for December 8 -------------------------------------------------------------- The shareholders of 336251 Limited will hold their final meeting on December 8, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Royhaven Secretaries Limited Julie Reynolds Telephone: 945-4777 Facsimile: 945-4799 c/o PO Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 ABBA PARTNERS: Shareholder to Hear Wind-Up Report on November 30 ---------------------------------------------------------------- The shareholder of Abba Partners will receive on November 30, 2010, at 11:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: K. D. Blake c/o David Thacker Telephone: +1 345-815-2631/ + 1 345-949-4800 Facsimile: +1 345-949-7164/ +1 345-949-7164 P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands ANTHRACITE BALANCED: Shareholders' Final Meeting Set for Dec. 15 ---------------------------------------------------------------- The shareholders of Anthracite Balanced Company (IR-17) Limited will hold their final meeting on December 15, 2010, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ian Stokoe c/o Aaron Gardner Telephone: (345) 914 8655 Facsimile: (345) 945 4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands ANTHRACITE REFERENCE: Shareholders' Final Meeting Set for Dec. 15 ----------------------------------------------------------------- The shareholders of Anthracite Reference Company (23) Limited will hold their final meeting on December 15, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ian Stokoe c/o Aaron Gardner Telephone: (345) 914 8655 Facsimile: (345) 945 4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands CHINA RETAIL: Shareholders' Final Meeting Set for November 30 ------------------------------------------------------------- The shareholders of China Retail Management LDC will hold their final meeting on November 30, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: Lai Kar Yan (Derek) Darach E. Haughey Deloitte Touche Tohmatsu One Pacific Place, 35th Floor 88 Queensway Hong Kong Telephone: + (852) 2852 1659 Facsimile: + (852) 2850 8362 COSAK LIMITED: Shareholders' Final Meeting Set for December 8 ------------------------------------------------------------- The shareholders of Cosak Limited will hold their final meeting on December 8, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Royhaven Secretaries Limited Julie Reynolds Telephone: 945-4777 Facsimile: 945-4799 c/o PO Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 DYNASTY ASSETS: Shareholders' Final Meeting Set for December 10 --------------------------------------------------------------- The shareholders of Dynasty Assets (Holdings) Limited will hold their final meeting on December 10, 2010, at 12:00 noon, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands GLOBAL FINANCIALS: Shareholders' Final Meeting Set for December 10 ------------------------------------------------------------------ The shareholders of Global Financials (General Partner) Inc. will hold their final meeting on December 10, 2010, at 11:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands GLOBAL MULTI: Shareholders' Final Meeting Set for December 15 ------------------------------------------------------------- The shareholders of Global Multi Strategy Fund Limited will hold their final meeting on December 15, 2010, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ian Stokoe c/o Aaron Gardner Telephone: (345) 914 8655 Facsimile: (345) 945 4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands GYRFALCON OFFSHORE: Shareholders' Final Meeting Set for December 8 ------------------------------------------------------------------ The shareholders of Gyrfalcon Offshore Fund Ltd will hold their final meeting on December 8, 2010, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands ISLAND BROOK: Shareholders' Final Meeting Set for December 13 ------------------------------------------------------------- The shareholders of Island Brook Offshore Fund, Ltd. will hold their final meeting on December 13, 2010, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay c/o Tania Dons Telephone: (345) 814 7766 Facsimile: (345) 945 3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands K SQUARED: Shareholders' Final Meeting Set for December 10 ---------------------------------------------------------- The shareholders of K Squared Capital (Offshore), Ltd. will hold their final meeting on December 10, 2010, at 11:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands MELODY IAM: Shareholders' Final Meeting Set for December 6 ---------------------------------------------------------- The shareholders of Melody Iam Limited will hold their final meeting on December 6, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 P.O. Box 1111, Grand Cayman KY1-1102 Cayman Islands OMNIFIC MULTI-MANAGER: Member to Hear Wind-Up Report on Nov. 30 --------------------------------------------------------------- The shareholder of Omnific Multi-Manager Fund SPC will receive on November 30, 2010, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: K. D. Blake c/o David Thacker Telephone: +1 345-815-2631/ + 1 345-949-4800 Facsimile: +1 345-949-7164/ +1 345-949-7164 P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands PAMAJO LIMITED: Members' Final Meeting Set for December 1 --------------------------------------------------------- The members of Pamajo Limited will hold their final meeting on December 1, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487, Grand Cayman KY1-1106 Cayman Islands RASMALA GLOBAL: Shareholders' Final Meeting Set for December 6 -------------------------------------------------------------- The shareholders of Rasmala Global Real Estate Opportunity Fund Ltd. will hold their final meeting on December 6, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 Cayman Islands RASMALA GLOBAL: Shareholders' Final Meeting Set for December 6 -------------------------------------------------------------- The shareholders of Rasmala Global Real Estate Opportunity Ltd. will hold their final meeting on December 6, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 Cayman Islands ROCKBAY CAPITAL: Shareholders' Final Meeting Set for December 10 ---------------------------------------------------------------- The shareholders of Rockbay Capital Commitment Offshore Fund, Ltd. will hold their final meeting on December 10, 2010, at 11:45 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands TAIB EXPLORER: Shareholder to Hear Wind-Up Report on December 9 --------------------------------------------------------------- The shareholder of Taib Explorer Fund, Ltd. will receive on December 9, 2010, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Reid Services Limited Clifton House, 75 Fort Street PO Box 1350 Grand Cayman KY1-1108 Cayman Islands WINDERMERE MORTGAGE: Shareholders' Final Meeting Set for Dec. 10 ---------------------------------------------------------------- The shareholders of Windermere Mortgage Offshore Ltd. will hold their final meeting on December 10, 2010, at 12:15 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands ============= E C U A D O R ============= * ECUADOR: IDB Approves US$64.7-Million Loan -------------------------------------------- Ecuador will improve its ability to efficiently transmit electricity to meet rising demand with a US$64.7 million loan approved by the Inter-American Development Bank. The Government of Ecuador is developing several hydroelectric projects that will come online between now and 2014, as part of its overall strategy to meet anticipated growth in energy demand. This new generation capacity will be added to an electricity transmission system that is already overloaded and in need of upgrades. The IDB loan will enable Ecuador to increase the overall capacity of its electricity transmission system by building and expanding electrical substations and transmission lines and acquiring the necessary transformers and related equipment. These investments will satisfy 20% of Ecuador's expected transmission needs over the next four years, while also helping to modernize the management of transmission services. As a result, Ecuador will triple its transmission reserve capacity, satisfying an incremental demand of 60.105 MWh a month, equivalent to the amount needed to supply electricity to 500,000 average households. By improving the overall reliability and quality of the electric power supply, the project will also have a positive impact on investments and economic activity. The IDB loan is for 25 years, with a four-year grace period and an interest rate based on LIBOR. * * * As of November 24, 2010, the country continues to carry Moody's "Caa2" country ceiling long-term foreign bank deposit and current deposit rating. ================= N I C A R A G U A ================= * NICARAGUA: To Receive US$42.5-Million IDB Loan ------------------------------------------------ Nicaragua will strengthen its fiscal management, improve tax collection and increase the quality, transparency and efficiency of spending on poverty with the third and final loan totaling US$42.5 million approved by the Inter-American Development Bank to support policy reforms. Nicaragua's government expects this project will contribute to improve the macroeconomic environment, accelerate economic growth and reduce poverty rates. With this third loan, the IDB has provided a total of US$103 million since December 2008 on budget support Nicaragua's tax system reform. This project will finance several activities including the maintenance of a stable macroeconomic framework for renewed growth, with single-digit inflation and reduced fiscal deficit. The project will help improve tax and customs administration by modernizing legislation; implementing control tools and processes, improving collection and lowering transaction costs. The efficiency of government spending will improve with the expansion of the Medium-Term Expenditure Framework and the implementation of a national system to improve the quality of public investment. The project will also implement an electronic system for government procurement, which will boost transparency in the management of government resources as well as improve the coverage of the country's national audit and administrative contracting systems. Finally, the program is expected to improve the coverage, quality and targeting of poverty reduction expenditures in order to ensure they reach the poorest and most vulnerable population groups. The program will enable Nicaragua to improve the quality of spending on poverty reduction and increase poverty alleviation spending from 12.3% of gross domestic product in 2007 to 13 percent in 2011. In addition, the project will enable the Internal Revenue Service to increase the number of new taxpayers registered in the single taxpayer system by 30%. Also, the Customs Administration expects to speed up the clearance process by 35%, after the implementation of risk management module in 12 customs administrations in the country. The IDB financing includes a loan of US$21.25 million with a 30- year maturity, a grace period of 5.5 years at a fixed interest rate. The remaining US$21.25 million will be comprised of another loan from the Fund for Special Operations, with a term and grace period of 40 years and an annual interest rate of 0.25%. * * * As of November 24, 2010, the company continues to carry Moody's "Caa1" country ceiling long-term foreign bank deposit rating. The country also continues to carry Moody's "B2" country ceiling long- term foreign currency debt rating. =========== M E X I C O =========== VITRO SAB: Extends Tender Offer Until December 7 ------------------------------------------------ Vitro S.A.B. de C.V. disclosed an extension of the expiration time for its tender offer and exchange offer and consent solicitation and responded to misleading statements made by dissident minority bondholder group. Vitro extends the expiration time at the request of holders wishing to participate in the solicitation transactions. On November 22, 2010, Vitro issued a supplement to its tender offer and exchange offer and consent solicitation statement dated November 1, 2010. This supplement includes certain technical changes to the procedures described in the offer documents to facilitate participation in the solicitation transactions and provides certain updating disclosure. As described in further detail in the supplement, Vitro is extending the expiration time at the request of market participants, in spite of having the required majority to implement the Concurso Plan, to facilitate participation in the solicitation transactions. Vitro has been receiving numerous procedural questions regarding the solicitation transactions and has been working, and will continue to work, diligently to answer any questions of bondholders to ensure their participation in such transactions. Both offers were previously scheduled to expire at 9:00 a.m., New York City time, on December 1, 2010. Vitro is extending the expiration time for both offers to 5:00 p.m., New York City time, on December 7, 2010. Following the expiration time, Vitro plans to initiate promptly the previously announced pre-packed insolvency process in Mexico. Both offers apply to all three series of Vitro's outstanding senior notes, which are described in the following table: Series of Senior Notes CUSIP No. Outstanding Principal Amount 8.625% Senior Notes due 2012 92851RAC1; P98100AA1 US$300,000,000 11.75% Senior Notes due 2013 92851FAD5; P98022AB5 US$216,000,000 9.125% Senior Notes due 2017 92851RAD9; P98100AB9 US$700,000,000 Vitro is also changing the definition of the term "Record Date" in the offer documentation to 5:00 p.m., New York City time, on November 30, 2010. This change was also requested by holders who purchased senior notes after November 1, 2010 and who wish to participate in the solicitation transactions. Vitro responds to misleading statements of minority dissident bondholders clearly aimed at disrupting Vitro's restructuring process On November 17, 2010, a minority group of four bondholders representing approximately US$75 million, or approximately 6% of the outstanding bond debt to be restructured, commenced involuntary cases under Chapter 11 of the U.S. Bankruptcy Code in the Northern District of Texas against Vitro's U.S. subsidiaries which are guarantors of the bond debt. The bankruptcy petition was signed only by these four bondholders. No other bondholders have stepped forward to initiate litigation against Vitro notwithstanding the unsubstantiated statements made by the advisors to these dissident bondholders in an effort to influence creditor participation and manipulate the market in Vitro's securities. In view of these and other irregularities, Vitro has engaged the law firm of Susman Godfrey, L.L.P. as special litigation US Counsel, in order to analyze the potential rights that Vitro may exercise in the United States against this ad hoc group of dissident bondholders and its advisors. The allegations regarding the transactions and the disclosure provided in Vitro's offer documents are baseless Vitro's exchange offer and consent solicitation, including the restructuring plan pursuant to the Mexican insolvency law, has been structured, prepared and negotiated, at arms length, with the advice and approval of some of the leading insolvency law practitioners in Mexico. Accordingly, Vitro is confident that any challenges that may be brought against its restructuring plan based on these minority bondholders' baseless allegations will not succeed. Bondholders who consent pursuant to the offer documents will not in fact be subject to adverse consequences that have not been disclosed by Vitro. The ad hoc bondholder group has clearly not carefully reviewed the disclosure as thoroughly as they claim. In the event that Vitro waives the conditions of the exchange offer and consent solicitation or otherwise amends the exchange offer and consent solicitation in a manner that is materially adverse to holders of the debt subject to restructuring, noteholders will be informed and allowed to withdraw their consent, as described in greater detail in the offer documents. Actions by dissident holders will not change proposal; Vitro expects success As described in the offer documentation, Vitro engaged in active, good faith negotiations with a group of institutional bondholders for over a year and a half (including paying more than US$4.3 million in fees and expenses of such group's legal and financial advisors). After more than year of negotiations with this group of bondholders, the Company in October of this year presented its final restructuring proposal to the group indicating that if it was not accepted by the group it would go to the market without the support of the group. At the time, the differences between Vitro's offer and the Bondholder's ad hoc Committee request was only marginal. The restructuring proposal reflected in the offer documentation represents Vitro's final restructuring proposal. Vitro will not engage in any further negotiations with the dissent, minority bondholder group who have initiated legal actions against Vitro's U.S. subsidiaries, or to otherwise improve the terms of its proposed restructuring reflected in the offer documentation. As described in the offer documentation, Vitro fully intends to file its Concurso Plan for approval in Mexico shortly after the expiration of the solicitation transactions. The public statements made by the dissent bondholder group alleging that bondholders who choose to participate in Vitro's outstanding restructuring offer will be worse off than those who do not participate are blatantly misleading and false and contrary to the express terms of the restructuring offer described in the offer documentation. As described in the offer documentation, bondholders who do not participate in the Company's restructuring offer and consent to the Concurso Plan on or prior to the expiration date of the offer will give up a substantial upfront cash consent fee, currently offered to all creditors, of no less than 5% and no more than 10% of the principal amount of bonds they hold (which will be payable shortly after the expiration of the restructuring offer and regardless of whether the Concurso Plan is ultimately approved or not). Bondholders who do not participate in the restructuring offer will nonetheless receive the same pro rata portion of the Restructuring Consideration described in the offer documentation upon approval of the Company Concurso Plan, but they will not receive the upfront cash consent fee previously described. The dissident minority's group's public (and misguided) allegations of legal impropriety relating to certain transactions entered into by the Company with respect to the settlement of certain financial derivative claims, certain intercompany claims and the consent fee described in the solicitation statement (and referenced above) amount to nothing but baseless allegations. All of the Company's transactions relating to the settlement of certain financial derivative claims and the intercompany claims that will be participating in the Company's Concurso Plan were reviewed and approved by some of the leading corporate and insolvency law practitioners in Mexico and implemented in accordance with applicable Mexican law. Accordingly, the Company is fully confident that the spurious challenges that may be brought in respect of these transactions will be discredited and set aside by the relevant Mexican court. Despite the desperate attempts by dissident holders to disrupt the process, Vitro continues to expect that both offers will be concluded successfully. "Due to a clear reflection of a divided ad doc Bondholder Committee, Vitro strongly encourages its bondholders to objectively analyze the terms and conditions of the tender offer, and the exchange offer and consent solicitation," stated Mr. Claudio Del Valle, Chief Restructuring Officer of Vitro, "and we also urge each of them to respond to the tender offer and the exchange offer and consent solicitation promptly." Further information related to tender offer and exchange offer and consent solicitation procedures D.F. King & Co., Inc. will act as the depositary for the tender offer and information and exchange agent for the exchange offer and consent solicitation for holders of senior notes. Questions regarding the tender offer and exchange offer and consent solicitation and requests for additional copies of the tender offer and exchange offer and consent solicitation materials may be directed to D.F. King & Co., Inc. at (800) 431-9633 (toll free) or (212) 269-5550 (bankers and brokers). Holders of restructured debt other than the senior notes may contact Vitro at +52 (81) 8863-1731. 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. Knighthead Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson Kempner Distressed Opportunities Fund LP, and Brookville Horizons Fund, L.P., commenced involuntary bankruptcy cases under Chapter 11 of the U.S. Bankruptcy Code against Vitro Asset Corp. -- aka American Asset Holding Corp., Imperial Arts Corp., VK Corp., and Oriental Glass, Inc. -- on November 17, 2010 (Bankr. N.D. Tex. Case No. 10-47470). Affiliates Vitro Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10-47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473); Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10- 47474); Super Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10- 47475); Super Sky International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O. Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass, Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC (Bankr. N.D. Tex. Case No. 10-47485) are also subject to involuntary petitions by the petitioning credito =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Nov. 29, 2010 RENAISSANCE AMERICAN MANAGEMENT, INC. & BEARD GROUP, INC. 17th Annual Distressed Investing Conference The Helmsley Park Lane Hotel, New York City Contact: 1-903-595-3800; http://www.renaissanceamerican.com/ Dec. 9-11, 2010 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Camelback Inn, a JW Marriott Resort & Spa, Scottsdale, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 2-4, 2010 AMERICAN BANKRUPTCY INSTITUTE 22nd Annual Winter Leadership Conference Camelback Inn, Scottsdale, Arizona Contact: 1-703-739-0800; http://www.abiworld.org/ January 26-28, 2011 TURNAROUND MANAGEMENT ASSOCIATION TMA Distressed Investing Conference Aria Las Vegas Contact: http://www.turnaround.org/ Jan. 27-28, 2011 AMERICAN BANKRUPTCY INSTITUTE Rocky Mountain Bankruptcy Conference Westin Tabor Center, Denver, Colo. Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 3-5, 2011 AMERICAN BANKRUPTCY INSTITUTE Caribbean Insolvency Symposium Westin Casuarina Resort & Spa, Grand Cayman Island Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 24-25, 2011 AMERICAN BANKRUPTCY INSTITUTE Valcon Four Seasons Las Vegas, Las Vegas, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 4, 2011 AMERICAN BANKRUPTCY INSTITUTE Bankruptcy Battleground West Hyatt Regency Century Plaza, Los Angeles, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 7-9, 2011 AMERICAN BANKRUPTCY INSTITUTE Conrad Duberstein Moot Court Competition Duberstein U.S. Courthouse, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 10, 2011 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts - Florida Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 10-12, 2011 AMERICAN BANKRUPTCY INSTITUTE SUCL/ Alexander L. Paskay Seminar on Bankruptcy Law and Practice Marriott Tampa Waterside, Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 17-19, 2011 AMERICAN BANKRUPTCY INSTITUTE Byrne Judicial Clerkship Institute Pepperdine University School of Law, Malibu, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 31-Apr. 3, 2011 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ April 27-29, 2011 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference JW Marriott, Chicago, IL Contact: http://www.turnaround.org/ May 5, 2011 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts - New York City Association of the Bar of the City of New York, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ May 6, 2011 AMERICAN BANKRUPTCY INSTITUTE New York City Bankruptcy Conference Hilton New York, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ June 6, 2011 AMERICAN BANKRUPTCY INSTITUTE Canadian-American Cross-Border Insolvency Symposium Fairmont Royal York, Toronto, Ont. Contact: 1-703-739-0800; http://www.abiworld.org/ June 9-12, 2011 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Mich. Contact: http://www.abiworld.org/ July 21-24, 2011 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Hyatt Regency Newport, Newport, R.I. Contact: 1-703-739-0800; http://www.abiworld.org/ July 27-30, 2011 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Sanctuary at Kiawah Island, Kiawah Island, S.C. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 4-6, 2011 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hotel Hershey, Hershey, Pa. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 14, 2011 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Tampa Convention Center, Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. __, 2011 AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium Dublin, Ireland Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 25-27, 2011 TURNAROUND MANAGEMENT ASSOCIATION Hilton San Diego Bayfront, San Diego, CA Contact: http://www.turnaround.org/ Dec. 1-3, 2011 AMERICAN BANKRUPTCY INSTITUTE 23rd Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 19-22, 2012 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ July 14-17, 2012 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton Amelia Island, Amelia Island, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 2-4, 2012 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 29 - Dec. 2, 2012 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference JW Marriott Starr Pass Resort & Spa, Tucson, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ *********** 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 * * *