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                     L A T I N   A M E R I C A

           Friday, November 26, 2010, Vol. 11, No. 234

                            Headlines


A R G E N T I N A

ABASTECEDORA DEL: Creditors' Proofs of Debt Due December 28
ABG CRISTALES: Creditors' Proofs of Debt Due February 8
ASISRED GROUP: Creditors' Proofs of Debt Due December 22
BIOPLAS SRL: Creditors' Proofs of Debt Due December 20
NOVEL SRL: Creditors' Proofs of Debt Due December 10

PETRA OBRAS: Creditors' Proofs of Debt Due February 15
WEILING SA: Creditors' Proofs of Debt Due February 21


B E R M U D A

ALDGATE REINSURANCE: Creditors' Proofs of Debt Due December 10
ALDGATE REINSURANCE: Members' Final Meeting Set for December 31
FBC LTD: Creditors' Proofs of Debt Due December 10
FBC LTD: Members' Final Meeting Set for December 31
SAFE HARBOR: Creditors' Proofs of Debt Due December 10

SAFE HARBOR: Members' Final Meeting Set for December 31


B R A Z I L

BANCO SOFISA: Gets US$140 Million Syndicated Loan From IDB


C A Y M A N   I S L A N D S

ABACUS HOLDINGS: Members' Final Meeting Set for November 29
AQUARIUS AVIATION: Members' Final Meeting Set for November 29
ASHWOOD LIMITED: Members' Final Meeting Set for November 29
ASPECT MULTISTRATEGIES: Members' Final Meeting Set for November 29
BENTEN MAC: Members' Final Meeting Set for November 29

CYBER-TECH INVESTMENTS: Members' Final Meeting Set for November 29
GOLDEN FLOWER: Members' Final Meeting Set for November 29
H4H ALTERNATIVE: Members' Final Meeting Set for December 6
LOUIS VUITTON: Members' Final Meeting Set for November 30
PETROMIL LTD: Members' Final Meeting Set for November 29

PIECE OF CAKE: Members' Final Meeting Set for November 29
QT INVESTMENTS: Members' Final Meeting Set for November 29
R.J.J. LIMITED: Members' Final Meeting Set for November 29
SEASONS AGGRESSIVE: Shareholders' Final Meeting Set for Dec. 10
SEASONS CORE: Shareholders' Final Meeting Set for December 10

SEASONS LEVERAGED: Shareholders' Final Meeting Set for December 10
SEASONS PINNACLE: Shareholders' Final Meeting Set for December 10
SMITH & WILLIAMSON: Shareholders' Final Meeting Set for Nov. 30
SMITH & WILLIAMSON: Shareholders' Final Meeting Set for Nov. 30
TORTOISE LIMITED: Members' Final Meeting Set for November 29

TREMUDE LIMITED: Members' Final Meeting Set for November 30


C H I L E

BANCREDITO: Court Acquits Bank Case Defendants


H O N D U R A S

* HONDURAS: IDB Approves US$30-Million Loan


M E X I C O

VITRO SAB: Petitioners Want U.S. Units Excluded From Parent


P A N A M A

HILLVIEW ENTERPRISES: Moody's Assigns 'B3' Rating to Senior Notes


V E N E Z U E L A

* VENEZUELA: Financial Regulator Liquidates Seven Brokerages Firms




                            - - - - -


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


ABASTECEDORA DEL: Creditors' Proofs of Debt Due December 28
-----------------------------------------------------------
The court-appointed trustee for Weiling 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.


ABG CRISTALES: Creditors' Proofs of Debt Due February 8
-------------------------------------------------------
The court-appointed trustee for ABG Cristales 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 3, 2011.


ASISRED GROUP: Creditors' Proofs of Debt Due December 22
--------------------------------------------------------
The court-appointed trustee for Asisred Group S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
December 22, 2010.


BIOPLAS SRL: Creditors' Proofs of Debt Due December 20
------------------------------------------------------
The court-appointed trustee for Bioplas S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
December 20, 2010.


NOVEL SRL: Creditors' Proofs of Debt Due December 10
----------------------------------------------------
The court-appointed trustee for Novel S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
December 10, 2010.

The trustee will present the validated claims in court as
individual reports on February 25, 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 11, 2011.


PETRA OBRAS: Creditors' Proofs of Debt Due February 15
------------------------------------------------------
The court-appointed trustee for Petra Obras S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
February 15, 2011.


WEILING SA: Creditors' Proofs of Debt Due February 21
-----------------------------------------------------
The court-appointed trustee for Weiling S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
February 21, 2011.

The trustee will present the validated claims in court as
individual reports on April 5, 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 19, 2011.


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


ALDGATE REINSURANCE: Creditors' Proofs of Debt Due December 10
--------------------------------------------------------------
The creditors of Aldgate Reinsurance Company Limited are required
to file their proofs of debt by December 10, 2010, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on November 19, 2010.

The company's liquidator is:

         Jennifer Y. Fraser
         Canonae' Court, 22 Victoria Street
         Hamilton, Bermuda


ALDGATE REINSURANCE: Members' Final Meeting Set for December 31
---------------------------------------------------------------
The members of Aldgate Reinsurance Company Limited will hold their
final meeting on December 31, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on November 19, 2010.

The company's liquidator is:

         Jennifer Y. Fraser
         Canonae' Court, 22 Victoria Street
         Hamilton, Bermuda


FBC LTD: Creditors' Proofs of Debt Due December 10
--------------------------------------------------
The creditors of FBC Ltd. are required to file their proofs of
debt by December 10, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on November 19, 2010.

The company's liquidator is:

         Jennifer Y. Fraser
         Canonae' Court, 22 Victoria Street
         Hamilton, Bermuda


FBC LTD: Members' Final Meeting Set for December 31
---------------------------------------------------
The members of FBC Ltd. will hold their final meeting on
December 31, 2010, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on November 19, 2010.

The company's liquidator is:

         Jennifer Y. Fraser
         Canonae' Court, 22 Victoria Street
         Hamilton, Bermuda


SAFE HARBOR: Creditors' Proofs of Debt Due December 10
------------------------------------------------------
The creditors of Safe Harbor Insurance Company, (SAC) Ltd. are
required to file their proofs of debt by December 10, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on November 22, 2010.

The company's liquidator is:

         Jennifer Y. Fraser
         Canonae' Court, 22 Victoria Street
         Hamilton, Bermuda


SAFE HARBOR: Members' Final Meeting Set for December 31
-------------------------------------------------------
The members of Safe Harbor Insurance Company, (SAC) Ltd. will hold
their final meeting on December 31, 2010, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on November 22, 2010.

The company's liquidator is:

         Jennifer Y. Fraser
         Canonae' Court, 22 Victoria Street
         Hamilton, Bermuda


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


BANCO SOFISA: Gets US$140 Million Syndicated Loan From IDB
----------------------------------------------------------
The Inter-American Development Bank has closed a US$140 million
syndicated loan to help Banco Sofisa increase its capacity to lend
to small enterprises in Brazil.

The transaction involves a five-year IDB US$25 million A loan and
a syndicated B loan composed of four tranches: two denominated in
U.S. dollars for a total amount of US$90 million, and two
denominated in Euros for a total amount of EUR18.6 million.  The
syndicated loans mature in two and three years.

The IDB and Banco Itau Europa acted as global coordinators and
joint bookrunners responsible for the syndication process, while
Banco do Brasil Vienna AG, HSBC Bank USA N.A. and Standard Bank
PLC. acted as joint bookrunners in the transaction.

"The operation will promote greater participation of the private
sector in financing to SMEs, especially those located in the north
and northeast states of Brazil, which is crucial to enhance
competitiveness, job creation and sustained economic growth in the
country" said Daniela Carrera-Marquis, Chief of the Financial
Markets Division at the IDB.

In Brazil, there are about 4.5 million small businesses that
create more than 60% of urban jobs and generate more than 30% of
gross domestic product, but their capacity to grow is limited by
insufficient credit.  Financial institutions play an important
role in the expansion of SMEs, facilitating access to financial
products.

With the resources, Sofisa will increase lending to small firms
with incomes not exceeding US$30 million per year particularly in
the least developed states in the north and northeast of Brazil:
Para, Ceara, Pernambuco, Bahia, Goias and Amazonas.

"We are pleased to have worked together with the IDB," said
Gilberto Meiches, President of Banco Sofisa.  "Banco Sofisa's
commitment to promote SME credit growth in underserved regions in
Brazil is very much aligned with IDB's Financial Markets
Division's strategy to promote sustainability principles in
banking.  The synergies are large and we have consolidated a
strategic relationship with the IDB".

Other participants in the syndication were: ING Bank NY as
Mandated Lead Arranger; Barclays Bank PLC, Commerzbank
Aktiengesellschaft, Israel Discount Bank of New York and Santander
Bank PLC as Lead Arrangers; and AKA Ausfuhrkredit-Gesellschaft
mbH, BAC Florida Bank, Banco Security, Oberbank AG, Standard
Chartered Bank and UBS AG Stamford Branch as Arrangers.  The
successful mobilization of 15 B-Loan participants in this
transaction was the result of a well executed syndication strategy
and the commitment of IDB's partners in the B-Loan Program.

"The confidence deposited on us by IDB has been instrumental in
the successful syndication of this loan," Ricardo Pereira, Banco
Sofisa's CFO and Investment Relations Director said.  "We have
sent a positive signal to international investors and expanded our
network of banks.  The transaction was almost two times
oversubscribed".

Banco Sofisa serves the Brazilian SME market by providing banking
services to over 1,000 clients through 14 branches in 11 states.

Thanks to the support of the IDB, Sofisa is expected to duplicate
its customer base by 2015, while total loans will increase from
the current US$1 billion to more than US$2 billion.

                       About Banco Sofisa

Banco Sofisa SA is a full service commercial bank.  The bank
specializes in credit for small to medium companies, Banco
operates branches throughout Brazil.

                          *     *     *

As of April 14, 2010, the bank continues to carry Moody's "Ba1"
long-term rating, long-term bank deposits ratings, and senior
unsecured debt rating.  The bank also carries Moody's "D+" bank
financial rating.


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


ABACUS HOLDINGS: Members' Final Meeting Set for November 29
-----------------------------------------------------------
The members of Abacus Holdings Limited will hold their final
meeting on November 29, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town
         Grand Cayman
         Cayman Islands


AQUARIUS AVIATION: Members' Final Meeting Set for November 29
-------------------------------------------------------------
The members of Aquarius Aviation Limited will hold their final
meeting on November 29, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Rachel Lister
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


ASHWOOD LIMITED: Members' Final Meeting Set for November 29
-----------------------------------------------------------
The members of Ashwood Limited will hold their final meeting on
November 29, 2010, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town
         Grand Cayman
         Cayman Islands


ASPECT MULTISTRATEGIES: Members' Final Meeting Set for November 29
------------------------------------------------------------------
The members of Aspect Multistrategies MAC 23 Ltd. will hold their
final meeting on November 29, 2010, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


BENTEN MAC: Members' Final Meeting Set for November 29
------------------------------------------------------
The members of Benten MAC 20 Ltd. will hold their final meeting on
November 29, 2010, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


CYBER-TECH INVESTMENTS: Members' Final Meeting Set for November 29
------------------------------------------------------------------
The members of Cyber-Tech Investments Limited will hold their
final meeting on November 29, 2010, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town
         Grand Cayman
         Cayman Islands


GOLDEN FLOWER: Members' Final Meeting Set for November 29
---------------------------------------------------------
The members of Golden Flower Limited will hold their final meeting
on November 29, 2010, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town
         Grand Cayman
         Cayman Islands


H4H ALTERNATIVE: Members' Final Meeting Set for December 6
----------------------------------------------------------
The members of H4H Alternative SPC 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


LOUIS VUITTON: Members' Final Meeting Set for November 30
---------------------------------------------------------
The members of Louis Vuitton Cayman Ltd. 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.

Marco Megiani is the company's liquidator.


PETROMIL LTD: Members' Final Meeting Set for November 29
--------------------------------------------------------
The members of Petromil Ltd will hold their final meeting on
November 29, 2010, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town
         Grand Cayman
         Cayman Islands


PIECE OF CAKE: Members' Final Meeting Set for November 29
---------------------------------------------------------
The members of Piece Of Cake Limited will hold their final meeting
on November 29, 2010, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town
         Grand Cayman
         Cayman Islands


QT INVESTMENTS: Members' Final Meeting Set for November 29
----------------------------------------------------------
The members of QT Investments Limited will hold their final
meeting on November 29, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town
         Grand Cayman
         Cayman Islands


R.J.J. LIMITED: Members' Final Meeting Set for November 29
----------------------------------------------------------
The members of R.J.J. Limited will hold their final meeting on
November 29, 2010, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town
         Grand Cayman
         Cayman Islands


SEASONS AGGRESSIVE: Shareholders' Final Meeting Set for Dec. 10
---------------------------------------------------------------
The shareholders of Seasons Aggressive Fund, Ltd. will hold their
final meeting on December 10, 2010, at 1:00 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


SEASONS CORE: Shareholders' Final Meeting Set for December 10
-------------------------------------------------------------
The shareholders of Seasons Core Fund, Ltd. will hold their final
meeting on December 10, 2010, at 12:45 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


SEASONS LEVERAGED: Shareholders' Final Meeting Set for December 10
------------------------------------------------------------------
The shareholders of Seasons Leveraged Core Fund, Ltd. will hold
their final meeting on December 10, 2010, at 12:30 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


SEASONS PINNACLE: Shareholders' Final Meeting Set for December 10
-----------------------------------------------------------------
The shareholders of Seasons Pinnacle Fund, Ltd. will hold their
final meeting on December 10, 2010, at 1:15 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


SMITH & WILLIAMSON: Shareholders' Final Meeting Set for Nov. 30
---------------------------------------------------------------
The shareholders of Smith & Williamson Enterprise Master Fund
Limited 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 liquidator is:

         Stuart Sybersma
         c/o Trudy-Ann Baines
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949-7500
         Facsimile: (345) 949-8258
         e-mail: tabaines@deloitte.com


SMITH & WILLIAMSON: Shareholders' Final Meeting Set for Nov. 30
---------------------------------------------------------------
The shareholders of Smith & Williamson Enterprise Fund Limited
will hold their final meeting on November 30, 2010, at 10:30 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Stuart Sybersma
         c/o Trudy-Ann Baines
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949-7500
         Facsimile: (345) 949-8258
         e-mail: tabaines@deloitte.com


TORTOISE LIMITED: Members' Final Meeting Set for November 29
------------------------------------------------------------
The members of Tortoise Limited will hold their final meeting on
November 29, 2010, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town
         Grand Cayman
         Cayman Islands


TREMUDE LIMITED: Members' Final Meeting Set for November 30
-----------------------------------------------------------
The members of Tremude Limited will hold their final meeting on
November 30, 2010, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town
         Grand Cayman
         Cayman Islands


=========
C H I L E
=========


BANCREDITO: Court Acquits Bank Case Defendants
----------------------------------------------
A National District court acquitted the defendants in the case of
the bank Bancredito, after the Justice Ministry dropped the fraud
charges against its ex-president Manuel Arturo Pellerano and
Senior Executive Juan Felipe Mendoza, Dominican Today reports.
The report relates that in a hearing Collegiate Court 2nd Penal
Chamber Presiding Judge Ingrid Fernandez handed down the ruling
after the Justice Ministry desisted from its claim.

According to the report, the lawyers for Mr. Pellerano and Mendoza
Aristides Trejo, Luz Diaz, Napoleon Estevez and Claudio Stephen
petitioned the court to declare the acquittal, citing several
provisions of the Penal Procedural Code.

Dominican Today notes that to formally retire the accusation,
National District Assistant prosecutor Narciso Escano noted that
the Central Bank and the Banks Superintendent had desisted from
continuing the civil suit after reviewing the agreement reached
between the bankers and the plaintiffs.

Detailing the agreement, the report says, the Assistant Prosecutor
noted that even though the damage was caused to society and hast
yet to be fully repaired, Mr. Pellerano and Mr. Mendoza cannot be
held accountable, and instead the responsibility of the Central
Bank officials as made public at that time, which escapes the
court's jurisdiction.

                         About Bancredito

Bancredito is a subsidiary of Banco Intercontinental, which
collapsed in 2003 as a result of massive fraud that drained it of
about US$657 million.  As a consequence, all of its branches were
closed.  The bank's current and savings accounts holders were
transferred to the bank's new owner -- Scotiabank.  The bankruptcy
of Baninter was considered the largest in world history, in
relation to the Dominican Republic's Gross Domestic Product.  The
resulting deficit was equal to 12% to 15% of the country's
national GDP.  It costed Dominican taxpayers DOP55 billion and
resulted to the country's worst economic crisis.


===============
H O N D U R A S
===============


* HONDURAS: IDB Approves US$30-Million Loan
-------------------------------------------
Honduras will implement a modern public transportation system in
the Central District and improve the quality of life for residents
of its main urban center with a US$30 million loan approved by the
Inter-American Development Bank.

The objective of this project is to create a city that is
competitive, efficient and equitable, which offers sustainable
mobility for the low-income population and facilitates
transportation to jobs and other economic and social development
opportunities.

The Central District Municipal Government has about 1 million
inhabitants, most of whom are living in the suburban outskirts.
The loan will finance the implementation of a modern Bus Rapid
Transit system that will connect the outlying areas to districts
that generate jobs and services.  This system will help reduce
travel times and costs for users in the suburbs as well as the
frequency of road accidents.  It will also strengthen the public
transport industry and reduce environmental pollution.

The IDB financing includes a US$21 million loan for a 30-year
term, with a grace period of 5.5 years and an interest rate based
on LIBOR, and another loan from the Fund for Special Operations
for US$9 million with a term and a grace period of 40 years and an
interest rate of 0.25%.  The counterpart contribution of $3
million will be financed by the Central District Municipal
Government.

                           *     *     *

As of November 25, 2010, the country continues to carry Moody's
"B3" country ceiling long-term foreign bank deposit and foreign
currency debt rating.


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


VITRO SAB: Petitioners Want U.S. Units Excluded From Parent
-----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that holders of $75 million in bonds issued by Vitro SAB
have asked the U.S. Bankruptcy Court for the Northern District of
Texas to enjoin Vitro's U.S. companies from being part of the
exchange offer or any bankruptcy by the parent in Mexico.

According to the report, the bondholders argue that the bankruptcy
court must insure that the value of the U.S. businesses isn't
diminished or assets transferred outside the country.  The
bondholders want the bankruptcy judge to enjoin an exchange offer
without making the showing under corporate or securities laws that
would be entailed in halting an offering were bankruptcy not
involved.

The bankruptcy judge has not yet entered an order approving the
bondholders' petition to put Vitro's U.S. units into Chapter 11.

                        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 has launched an offer to buy back or swap US$1.2 billion in
debt from bondholders.  The tender offer will be consummated with
a bankruptcy filing in Mexico and Chapter 15 filing in the United
States. Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.
The offer will expire December 7.

Noteholders who oppose the exchange, namely Knighthead Master
Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson
Kempner Distressed Opportunities Fund LP, and Brookville Horizons
Fund, L.P. -- which hold US$75 million, or approximately 6% of the
outstanding bond debt -- commenced involuntary bankruptcy cases
under Chapter 11 of the U.S. Bankruptcy Code against Vitro Asset
Corp. (Bankr. N.D. Tex. Case No. 10-47470) and nine other
affiliates on November 17, 2010.

Vitro has engaged Susman Godfrey, L.L.P. as U.S. special
litigation Counsel to analyze the potential rights that Vitro
may exercise in the United States against the ad hoc group of
dissident bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately $650 million of the Senior
Notes due 2012, 2013 and 2017 issued by Vitro -- was not among the
Chapter 11 petitioners, although the group has expressed concerns
over the exchange offer.  The group says the exchange offer
exposes Noteholders who consent to potential adverse consequences
that have not been disclosed by Vitro.  The group is represented
by John Cunningham, Esq., and Richard Kebrdle, Esq. at White &
Case LLP.

The U.S. affiliates subject to the involuntary petitions are
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).


===========
P A N A M A
===========


HILLVIEW ENTERPRISES: Moody's Assigns 'B3' Rating to Senior Notes
-----------------------------------------------------------------
Moody's Latin America has assigned a first-time B3 foreign
currency rating to Hillview's proposed US$100 million senior
unsecured notes due in 2015.  At the same time, Moody's assigned
Hillview's corporate family rating a B3 on its global scale.  Net
proceeds will be used for liability management and corporate
purposes.  The outlook is stable.

                        Ratings Rationale

Hillview's B3 rating reflects its position as one of the largest
private gaming companies in terms of revenues operating in
Argentina and solid operating performance.  Its gaming revenues
continued to grow despite the impact of the recession, which was
driven by an increasing inflationary framework that led to higher
consumer expenditures.  Continued marketing and promotional
activity and a favorable competitive position in its primary
market are also helping Hillview's performance.  The ratings also
reflect Hillview's relatively low leverage and solid credit
metrics for its rating category.

Credit negatives that partly offset these strengths include
Hillview's small revenues and assets size, high property
concentration risk, with cash flow generation coming from a single
market niche, and its relatively short historical track as
operations started only in 2007.  Going forward, Moody's will
continue to closely monitor the likelihood that negative pressure
on future revenues and earnings will develop because of
potentially reduced gaming demand in the company's primary market.
Such a reduction is possible given the high level of unemployment
in areas around its operations, which could reduce gaming demand
in the coming months.

The stable outlook indicates that Moody's expects Hillview to
continue to have success implementing its business model, thus
allowing the company to maintain strong credit metrics for its
rating category.  The outlook also shows that Moody's expects the
company to follow prudent financial policies in terms of up-
streaming any cash or dividend payout to its parent company.
Finally, the outlook is stable because Moody's expects that
Hillview will be able to maintain adequate access to bank loans,
even as market conditions remain challenging.

An upgrade of the ratings or outlook could result from Hillview
increasing its revenues and assets size and becoming more
geographically diverse as the business environment in Argentina
improves.  Quantitatively, upward momentum could result if
Hillview's total adjusted debt to EBITDA is sustained below 1
times (2.0 times as of last fiscal year ended December, 2009) and
operating margins above 28% (23.7% as of last fiscal year ended
December, 2009).  Also important for upward rating pressure is for
Argentina to have a more predictable outlook for economic
activity.

Negative pressure on the ratings or outlook could result from
recovery in the Argentinean economy having a less-than-expected
positive impact on gaming demand, affecting revenues and margins.
Quantitatively, a downgrade could result from a drop in Hillview's
EBIT margin to below 15.0% on a three-year average basis or a
significant increase in leverage, with adjusted total debt to
EBITDA of above 3.5 times.  Indications of a weakening market
share in the domestic gaming market could also drive negative
pressure.

Headquartered in Panama, Hillview Enterprises Inc. is a company
which started operations on April 4th, 2007 and is engaged in
investment activities.  VR Global Partners L.P., a limited
partnership registered under the Exempted Limited Partnership Law
of the Cayman Islands, is its controlling company, holding an
ownership interest in Hillview of 60.2%.  Holding 0.4% of shares,
Argentine Gaming Group manages all companies operating three
gaming halls (bingos and electronic gaming machines) in Argentina.
With total revenues of US$110 million as of last twelve months
ended of June 30, 2010, the main gaming hall was founded in 1992
and is one of the largest gaming companies operating in Argentina.


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V E N E Z U E L A
=================


* VENEZUELA: Financial Regulator Liquidates Seven Brokerages Firms
------------------------------------------------------------------
El Universal reports that Venezuela's National Superintendence of
Securities has ordered the liquidation of brokerage houses
Italbursatil, Unovalores Casa de Bolsa, Caja Iberica de Valores
Sociedad de Corretaje, Venevalores Casa de Bolsa and Multinvest
Casa de Bolsa.

The Venezuelan financial regulation agency also reported the
administrative liquidation of brokerage companies Interactivos
Servicios Financieros ISF Casa de Bolsa and Inversur Mercado de
Capitales Sociedad de Corretaje, El Universal discloses.

El Universal says the agency also decided to take over
Multiservicios M&G, Valores Inmobiliarios de Venezuela, BBO
Servicios Financieros and Astra Sociedad de Corretaje de Valores.


                           ***********

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

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

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


                            ***********


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

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

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

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

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

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


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