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        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Wednesday, December 15, 2010, Vol. 11, No. 247

                            Headlines



A R G E N T I N A

CONSORCIO OLIVARERO: Creditors' Proofs of Debt Due May 9
EL CENTRO: Creditors' Proofs of Debt Due February 8
FOGATA FACTORY: Creditors' Proofs of Debt Due February 12
FIDEICOMISO FINANCIERO: Moody's Assigns 'B3' on Debt Securities
FRIGOSUR SA: Creditors' Proofs of Debt Due February 16

GRUPO SUPERVIELLE: Moody's Assigns 'B1' Rating to Debt Program
SOUTHERN FOODS: Creditors' Proofs of Debt Due December 30


B R A Z I L

LUPATECH SA: S&P Downgrades Corporate Credit Rating to 'B-'


B O L I V I A

FONDO FINANCIERO: Moody's Assigns Caa1 Rating to Subordinated Debt


C A Y M A N  I S L A N D S

ALCAZAR SHIPPING: Shareholders' Final Meeting Set for December 23
ALGECIRAS SHIPPING: Shareholders' Final Meeting Set for Dec. 23
ALHAMBRA SHIPPING: Shareholders' Final Meeting Set for December 23
ALICANTE SHIPPING: Shareholders' Final Meeting Set for December 23
ALTARA SHIPPING: Shareholders' Final Meeting Set for December 23

ARTIST CAPITAL: Shareholders' Final Meeting Set for December 23
ARTIST CAPITAL: Shareholders' Final Meeting Set for December 23
CAPULA INVESTMENTS: Members Receive Wind-Up Report
COLD SPRING: Shareholder to Receive Wind-Up Report on December 22
CRC FINANCIALS: Shareholders' Final Meeting Set for December 23

CRYSELLA IAM: Shareholders' Final Meeting Set for December 21
ECP (NQ): Shareholders' Final Meeting Set for December 23
FAIRFIELD LION: Shareholders' Final Meeting Set for December 17
FOUR CORNERS: Shareholders' Final Meeting Set for December 23
GP MANAGEMENT: Member to Receive Wind-Up Report on December 22

HCM HEGEMONY: Shareholder to Receive Wind-Up Report on December 22
HCM PATHFINDER: Shareholder to Receive Wind-Up Report on Dec. 22
HCM PATHFINDER: Shareholder to Receive Wind-Up Report on Dec. 22
JHL OFFSHORE: Shareholders' Final Meeting Set for December 23
LENA S 03-1: Members' Final Meeting Set for December 23

MARIGOLD IAM: Shareholders' Final Meeting Set for December 21
MASTER TREND: Shareholders' Final Meeting Set for December 23
NES OFFSHORE: Shareholder to Receive Wind-Up Report on December 22
PEBBLE IAM: Shareholders' Final Meeting Set for December 21
PROTEGE DIRECT: Shareholder to Receive Wind-Up Report on Dec. 17

PROTEGE DIRECT: Shareholder to Receive Wind-Up Report on Dec. 17
SAMARA IAM: Shareholders' Final Meeting Set for December 21
TT LONG/SHORT: Shareholders' Final Meeting Set for December 17
TT LONG/SHORT: Shareholders' Final Meeting Set for December 17
WINDERMERE MORTGAGE: Shareholders' Final Meeting Set for Dec. 23


J A M A I C A

AIR JAMAICA: Caribbean Airlines Board Says it Will Not Resign


M E X I C O

GMAC FINANCIERA: S&P Cuts Ratings on Five Mexican RMBS Tranches
GRUPO POSADAS: Moody's Downgrades Corporate Family Rating to 'B3'
SERVICIOS CORPORATIVOS: Fitch Cuts Issuer Default Rating to 'B'
VITRO SAB: Relays Intent to File Concurso Plan in Mexico
VITRO SAB: Files Concurso Plan in Mexican Court

VITRO SAB: Files for Chapter 15 Bankruptcy in New York
VITRO SAB: Chapter 15 Case Summary


P U E R T O  R I C O

PALMAS DEL MAR: Country Club Facilities Reopen


U R U G U A Y

ADMINISTRACION NACIONAL: Moody's Retains 'Ba2' Corp. Family Rating
BANCO ITAU: Moody's Upgrades Foreign Deposit Ratings to 'Ba2'
BANCO SANTANDER: Moody's Upgrades Bank Strength Rating to 'D+'


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Appeal Court Sides With CLICO Investment Manager



                            - - - - -


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


CONSORCIO OLIVARERO: Creditors' Proofs of Debt Due May 9
--------------------------------------------------------
Elisa Tomattis, the court-appointed trustee for Consorcio
Olivarero Argentino SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until May 9, 2011.

Ms. Tomattis will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 44, 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:

         Elisa Tomattis
         Rodriguez Pena 110
         Argentina


EL CENTRO: Creditors' Proofs of Debt Due February 8
---------------------------------------------------
Maria Rosa Lopez, the court-appointed trustee for El Centro del
Cristal SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until February 8, 2011.

Ms. Lopez 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:

         Maria Rosa Lopez
         Paraguay 2081
         Argentina


FOGATA FACTORY: Creditors' Proofs of Debt Due February 12
---------------------------------------------------------
Eduardo Hugo Caggiano, the court-appointed trustee for Fogata
Factory SA's reorganization proceedings, will be verifying
creditors' proofs of claim until February 12, 2010.

Mr. Caggiano will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 52, 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:

         Eduardo Hugo Caggiano
         San Martin 66
         Argentina


FIDEICOMISO FINANCIERO: Moody's Assigns 'B3' on Debt Securities
---------------------------------------------------------------
Moody's Latin America has assigned a rating of A3.ar (Argentine
National Scale) and of B3 (Global Scale, Local Currency) to the
debt securities of Fideicomiso Financiero Puente Pymes II.

                        Ratings Rationale

The rated securities are backed by a pool of loans to small and
medium sized companies in Argentina, originated by Puente Hnos.
Inversiones S.A. The loans are guaranteed by Puente Hnos. S.G.R.,
a financial guarantor in Argentina. Puente Hnos. S.G.R. has a
rating of A3.ar (Argentine National Scale) and of B3 (Global
Scale, Local Currency).

The rating assigned to this transaction is primarily based on the
rating of Puente Hnos. S.G.R.  Therefore, any future change in the
rating of the guarantor may lead to a change in the rating
assigned to this transaction.

Bapro Mandatos y Negocios S.A. (Issuer and Trustee) issued one
class of debt securities denominated in US dollars.  The rated
securities will bear a 9% annual interest rate.

The rated securities will be repaid from cash flow arising from
the assets of the Trust, comprised of a pool loans denominated in
US dollars, guaranteed by Puente Hnos. S.G.R.  The underlying
loans will bear the same interest rate as the rated securities.

Although the rated securities (and the underlying loans) are
denominated in US dollars, they are payable in Argentine pesos at
the exchange rate published by Banco de la Nacion Argentina as of
the day prior to the date that the funds are initially deposited
into the Trust account.  As a result, the dollar is used as a
currency of reference and not as a mean of payment.  For that
reason, the transaction is considered to be denominated in local
currency.

If borrowers fail to make schedule interest and principal payments
on the loans, the trustee is obligated to request Puente Hnos.
S.G.R. to make payment under the loans.  Puente Hnos. S.G.R., in
turn, will have two days to make this payment into the trust
account.  Under the terms of the transaction documents, the
trustee has up to ten days to distribute interest and principal
payments to investors.  Interest on the securities will accrue up
to the date on which the funds are initially deposited by either
the borrowers or the guarantor into the Trust Account.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments in this transaction.


FRIGOSUR SA: Creditors' Proofs of Debt Due February 16
------------------------------------------------------
Fernando Marziale, the court-appointed trustee for Frigosur SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until February 16, 2010.

Mr. Marziale will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk No.
50, 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:

         Fernando Marziale
         Avenida Callao 930
         Argentina


GRUPO SUPERVIELLE: Moody's Assigns 'B1' Rating to Debt Program
--------------------------------------------------------------
Moody's Latin America assigned Aa3.ar national scale local and
foreign currency debt ratings to Grupo Supervielle S.A.'s debt
program in the amount of AR$200 million or its equivalent in other
currencies.  The program allows for multicurrency debt issuances
of both senior and subordinated debt.  In addition, a national
scale local currency debt rating of Aa3.ar was assigned to the
proposed two tranches of senior notes to be issued under the
program, in an amount of up to AR$100 million and maturity in 2011
for the first tranche, and the remaining amount for the second
tranche, with maturity till 2012.  Moody's noted that the
instrument will be governed by Argentinean law.

At the same time, Moody's Investors Service assigned a (P)B1 and a
(P) B2 global local and foreign currency debt ratings to the
program.  Moody's also assigned a B1 global local currency senior
debt rating to the aforementioned expected two tranches.

The rating agency also assigned a local and foreign currency
issuer ratings of B1 and B2 respectively under the global scale.
In the National Scale a Aa3.ar was also assigned for local and
foreign currency.

The outlook on all ratings is stable.

These ratings were assigned to Grupo Supervielle S.A.:

  -- B1 Local Currency Global Issuer Rating
  -- B2 Foreign Currency Global Issuer Rating
  -- Aa3.ar Local Currency National Scale Issuer Rating
  -- Aa3.ar Foreign Currency National Scale Issuer Rating

AR$200 million (or its equivalent in other currencies) global debt
program:

  -- (P)B1 Global Local Currency Debt Rating, with stable outlook

  -- (P)B2 Global Foreign Currency Debt Rating, with stable
     outlook

  -- Aa3.ar Argentina National Scale Local Currency Debt Rating

  -- Aa3.ar Argentina National Scale Foreign Currency Debt Rating

First Tranche of AR$100 million:

  -- B1 Global Local Currency Senior Debt Rating, with stable
     outlook

  -- Aa3.ar Argentina National Scale Local Currency Senior Debt
     Rating

Second Tranche of AR$100 million, minus the amount issued in the
first tranche:

  -- B1 Global Local Currency Senior Debt Rating, with stable
     outlook

  -- Aa3.ar Argentina National Scale Local Currency Senior Debt
     Rating

                        Ratings Rationale

Moody's said that the assignment of the B1 rating was based on
these considerations: 1) consistent profitability indicators,
essentially sustained on the dividend contributions and management
fees (the two main income sources for GS) anticipated under both
expected and highly stressed earnings scenarios, reflecting an
adequate franchise value and financial metrics of GS' main
operating subsidiaries, especially Banco Supervielle and 2) GS'
low debt levels and leverage as a stand-alone holding company,
with total equity representing 73% of total assets.  The rating
also assumes that GS' companies will maintain homogenous strategy
across the franchise.  It was also noted that the bond issuance is
expected to replace outstanding bank debt at the holding company
level.

The B1 rating for the GS' program and tranches is anchored on the
Ba3 stand-alone credit assessment of Banco Supervielle, the
group's largest earnings and dividend generator.  However, as a
regulated entity, Banco Supervielle is subject to minimum capital
requirements that could affect the upstreaming of dividends to GS.
In addition, the bank's expanding positioning and market
penetration in the commercial and consumer finance segments were
considered, as well as its recent track record of healthy earnings
growth, good asset quality, and market risk and liquidity
management.  Even under stressed scenarios, the bank's capital and
loan loss reserves provide a cushion to support expected and
unexpected losses well within its rating category.  Moody's,
however, notes that Banco Supervielle has a limited market share
within the system, with a modest 1% of its total assets

Moody's said that the one-notch differential between the Ba3 stand
alone rating for Banco Supervielle and the B1 debt ratings also
reflects the structural subordination of GS' bondholders to all
liability holders of Banco Supervielle, given that the notes are
not guaranteed by any of GS' subsidiaries.  The B1 rating also
takes into account the lack of restrictions on holding company
dividends.

Incorporated in Argentina, Grupo Supervielle is the ultimate
holding company for a group of financial services companies,
including Banco Supervielle, Supervielle Asset Management, Tarjeta
Automatica , Cordial Negocios (a microfinance entity) and
PuntaCall (a call center).

The main challenges facing GS in the near term center on 1) any
potential regulatory restriction on dividend distribution, 2)
future investments that could potentially lead to a drain on
dividend flows (3) changes in market dynamics that could compress
margins and business volumes.  Nonetheless, the expected
continuation of Argentina's growth momentum -- at least during the
life of the two rated tranches - coupled with limited risks of
regulatory interference in dividend policies, contribute to add
resiliency to Grupo Supervielle's cash flow.

Grupo Supervielle S.A. is headquartered in Buenos Aires, and it
had unconsolidated assets of Ar$586 million and unconsolidated
equity of Ar$428 million, as of September 2010.


SOUTHERN FOODS: Creditors' Proofs of Debt Due December 30
---------------------------------------------------------
Alicia Romeo, the court-appointed trustee for Southern Foods SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until December 30, 2010.

Ms. Romeo will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 14
in Buenos Aires, with the assistance of Clerk No. 27, 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:

         Alicia Romeo
         Parana 26
         Argentina


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


LUPATECH SA: S&P Downgrades Corporate Credit Rating to 'B-'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term global
scale corporate credit rating on Brazil-based industrial and oil
and gas valves producer Lupatech S.A. to 'B-' from 'B+', and its
Brazil National Scale rating to 'brBB' from 'brBBB+', removing
them from CreditWatch with negative implications where they were
placed on Sept. 3, 2010.  At the same time, S&P lowered its rating
on Lupatech's US$275 million perpetual notes to 'CCC' from 'B-'.
The outlook on the company is stable.

"The downgrade reflects Lupatech's persistently weak results and
S&P's opinion that cash flows, though improving, will remain
weaker than S&P had expected," said Standard & Poor's credit
analyst Piero Parolin.  Although market conditions are improving,
S&P believes its tight liquidity and its highly-leveraged
financial profile will pose challenges for Lupatech to finance
capital expenditures and working capital--all needed to ramp up
production in the coming quarters, which is critical for
profitability to improve.  While S&P anticipates that Lupatech
will not be able to comply with its debentures covenants in the
next quarters, the rating assumes that there are strong incentives
for investors to waive the covenant breach.

The ratings on Lupatech reflect the company's weak business
profile and highly-leveraged financial profile.  Relevant risks
include weak liquidity; very high debt levels from its
historically acquisitive strategy; and a high interest burden,
subject to currency mismatch.  S&P also consider the risks of
client concentration and low bargaining power with Petroleo
Brasileiro S.A. (BBB-/Stable/--), which accounts for a large
portion of Lupatech's sales.  A leading position in valves in
Brazil; the long-term profile of debt; and strong growth
prospects, given heavy expansion of the oil and gas industry in
the country projected for the next years, partly offset these
negative factors.

Improving capacity utilization, which is still very low, is
critical for Lupatech to improve profitability because it
currently is not able to dilute high fixed costs, which originated
from its acquisitive growth strategy in previous years.  Demand is
improving and Lupatech's backlog is robust, with new orders just
gained in second-half 2010.  However, S&P sees challenges for
Lupatech to ramp up production because it depends on the company's
ability to finance increasing working capital needs and fund
capital expenditures to meet contract requirements.  Even assuming
stronger sales and EBITDA, S&P projects credit metrics to remain
weak through 2011 and 2012.  Lupatech's backlog consists primarily
of contracts that will be monetized only in the medium term, which
makes it all more challenging for the company to fund growth in
the next couple of years.

Liquidity is weak.  In September 2010, cash reserves amounted to
Brazilian reais R$105 million compared with short-term debt of
R$70.3 million.  S&P projects free operating cash flow to remain
negative because of heavy fixed costs, high interest payments, and
capital expenditures required to meet backlog contracts through
2012, but it is working on initiatives to strengthen liquidity in
2011, including those to improve working capital management.  It
also counts on contingent liquidity as receivables and long-term
contracts with Petrobras.  Out of its R$1 billion total debt,
about R$470 million consists of perpetual notes, which minimizes
refinancing risk.  However, S&P anticipates Lupatech will have to
roll over debt and fund additional working capital requirements in
2011 and 2012.  The company will likely breach covenants in the
next few quarters, but S&P assumes successful waiver negotiation
as S&P's current base case.

The stable outlook reflects S&P's expectation that Lupatech will
be successful in its initiatives to improve liquidity in 2011,
although there are challenges for that.  S&P remains concerned
about Lupatech's liquidity to successfully ramp up production in
the next few years to improve profitability.  S&P could lower the
rating if Lupatech doesn't improve profitability in the next few
quarters--the debt-to-EBITDA ratio is moving toward 8.0x--if
liquidity weakens, or if waiver negotiations are delayed.  S&P
does not foresee rating upside now given its liquidity challenges
in the intermediate term.


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B O L I V I A
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FONDO FINANCIERO: Moody's Assigns Caa1 Rating to Subordinated Debt
------------------------------------------------------------------
Moody's Latin America assigned an A2.bo local currency debt rating
under the Bolivian National Scale to Fondo Financiero Privado Eco
Futuro's subordinated debt issuance in the amount of Bs.27.18
million.

At the same time, Moody's Investors Service assigned a Caa1 global
local currency debt rating to the aforementioned issuance.

The outlook on the Caa1 and A2.bo long term local currency debt
ratings under the global and national scales is positive, in line
with the outlook of the local currency deposit ratings.

These ratings were assigned to Fondo Financiero Privado Eco
Futuro's Bs.27.18 million issuance:

  -- Global Local-Currency Debt Rating: Caa1, positive outlook

  -- Bolivia National Scale Local Currency Debt Rating: A2.bo,
     positive outlook

Fondo Financiero Privado Fassil S.A. is headquartered in Santa
Cruz de la Sierra, Bolivia, and it had assets of Bs.968.3 million
and total loans of Bs.530.8 million, as of September 2010.


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


ALCAZAR SHIPPING: Shareholders' Final Meeting Set for December 23
-----------------------------------------------------------------
The shareholders of Alcazar Shipping Corporation will hold their
final meeting on December 23, 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


ALGECIRAS SHIPPING: Shareholders' Final Meeting Set for Dec. 23
---------------------------------------------------------------
The shareholders of Algeciras Shipping Corporation will hold their
final meeting on December 23, 2010, at 1:30 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


ALHAMBRA SHIPPING: Shareholders' Final Meeting Set for December 23
------------------------------------------------------------------
The shareholders of Alhambra Shipping Corporation will hold their
final meeting on December 23, 2010, at 1:45 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


ALICANTE SHIPPING: Shareholders' Final Meeting Set for December 23
------------------------------------------------------------------
The shareholders of Alicante Shipping Corporation will hold their
final meeting on December 23, 2010, at 2:00 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


ALTARA SHIPPING: Shareholders' Final Meeting Set for December 23
----------------------------------------------------------------
The shareholders of Altara Shipping Corporation will hold their
final meeting on December 23, 2010, at 2:15 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


ARTIST CAPITAL: Shareholders' Final Meeting Set for December 23
---------------------------------------------------------------
The shareholders of Artist Capital Advantage Ltd. will hold their
final meeting on December 23, 2010, at 9:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre 42 North Church Street
         George Town
         P.O. Box 1348, Grand Cayman KY1-1108
         Cayman Islands


ARTIST CAPITAL: Shareholders' Final Meeting Set for December 23
---------------------------------------------------------------
The shareholders of Artist Capital Advantage Plus Ltd. will hold
their final meeting on December 23, 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:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre 42 North Church Street
         George Town
         P.O. Box 1348, Grand Cayman KY1-1108
         Cayman Islands


CAPULA INVESTMENTS: Members Receive Wind-Up Report
--------------------------------------------------
The members of Capula Investments Limited received on December 14,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Ogier Employee Benefit Services Limited
         Ogier House, The Esplanade
         St Helier, Jersey JE4 9WG
         Cayman Islands


COLD SPRING: Shareholder to Receive Wind-Up Report on December 22
-----------------------------------------------------------------
The shareholder of Cold Spring Company Limited will receive on
December 22, 2010, at 11:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Company Secretaries Ltd.
         P.O. Box 30592
         Landmark Square, 3rd Floor
         64 Earth Close, Grand Cayman KY1-1203
         Cayman Islands


CRC FINANCIALS: Shareholders' Final Meeting Set for December 23
---------------------------------------------------------------
The shareholders of CRC Financials Opportunity Fund Ltd will hold
their final meeting on December 23, 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
         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


CRYSELLA IAM: Shareholders' Final Meeting Set for December 21
-------------------------------------------------------------
The shareholders of Crysella Iam Limited will hold their final
meeting on December 21, 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:

         Westport Services Ltd.
         Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


ECP (NQ): Shareholders' Final Meeting Set for December 23
---------------------------------------------------------
The shareholders of ECP (NQ) Cayman GP Limited will hold their
final meeting on December 23, 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 Corporate Services Limited
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9002
         Cayman Islands


FAIRFIELD LION: Shareholders' Final Meeting Set for December 17
---------------------------------------------------------------
The shareholders of Fairfield Lion Japan Equity Fund Ltd. will
hold their final meeting on December 17, 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:

         Ian Stokoe
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


FOUR CORNERS: Shareholders' Final Meeting Set for December 23
-------------------------------------------------------------
The shareholders of Four Corners CLO IV, Ltd. will hold their
final meeting on December 23, 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 SPV Limited
         Walker House, 87 Mary Street
         George Town Grand Cayman, KY1-9002
         Cayman Islands


GP MANAGEMENT: Member to Receive Wind-Up Report on December 22
--------------------------------------------------------------
The sole member of GP Management V, Ltd. will receive on
December 22, 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:

         Bernard McGrath
         c/o Caledonian House
         69 Dr. Roy's Drive
         P.O. Box 1043 Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 949-0050
         Facsimile: 814-4863


HCM HEGEMONY: Shareholder to Receive Wind-Up Report on December 22
------------------------------------------------------------------
The shareholder of HCM Hegemony Fund, Ltd. will receive on
December 22, 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:

         Ogier
         Jonathan McLean
         Telephone: (345) 815 1805
         Facsimile: (345) 949-9877


HCM PATHFINDER: Shareholder to Receive Wind-Up Report on Dec. 22
----------------------------------------------------------------
The shareholder of HCM Pathfinder Master Fund, Ltd. will receive
on December 22, 2010, at 11:30 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         Jonathan McLean
         Telephone: (345) 815-1805
         Facsimile: (345) 949-9877


HCM PATHFINDER: Shareholder to Receive Wind-Up Report on Dec. 22
----------------------------------------------------------------
The shareholder of HCM Pathfinder Fund, Ltd. will receive on
December 22, 2010, at 11:15 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         Jonathan McLean
         Telephone: (345) 815-1805
         Facsimile: (345) 949-9877


JHL OFFSHORE: Shareholders' Final Meeting Set for December 23
-------------------------------------------------------------
The shareholders of JHL Offshore Ltd. will hold their final
meeting on December 23, 2010, at 12:45 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


LENA S 03-1: Members' Final Meeting Set for December 23
-------------------------------------------------------
The members of Lena S 03-1 Holdings will hold their final meeting
on December 23, 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:

         Bernard McGrath
         69 Dr. Roy's Drive
         PO Box 1043 George Town, Grand Cayman KY1-1102
         Cayman Islands


MARIGOLD IAM: Shareholders' Final Meeting Set for December 21
-------------------------------------------------------------
The shareholders of Marigold Iam Limited will hold their final
meeting on December 21, 2010, at 1:30 p.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.
         Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


MASTER TREND: Shareholders' Final Meeting Set for December 23
-------------------------------------------------------------
The shareholders of Master Trend Global Opportunities Master Fund
(Cayman) Limited will hold their final meeting on December 23,
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


NES OFFSHORE: Shareholder to Receive Wind-Up Report on December 22
------------------------------------------------------------------
The shareholder of Nes Offshore Ltd. will receive on December 22,
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:

         Transcontinental Fund Administration, Ltd.
         Claudia Woerheide
         Telephone: (345) 949-5013
         Facsimile: (345) 946-4654


PEBBLE IAM: Shareholders' Final Meeting Set for December 21
-----------------------------------------------------------
The shareholders of Pebble Iam Limited will hold their final
meeting on December 21, 2010, at 2:00 p.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.
         Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


PROTEGE DIRECT: Shareholder to Receive Wind-Up Report on Dec. 17
----------------------------------------------------------------
The shareholder of Protege Direct Fund, Ltd. will receive on
December 17, 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:

         Ogier
         Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877


PROTEGE DIRECT: Shareholder to Receive Wind-Up Report on Dec. 17
----------------------------------------------------------------
The shareholder of Protege Direct Master Fund, Ltd. will receive
on December 17, 2010, at 10:05 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877


SAMARA IAM: Shareholders' Final Meeting Set for December 21
-----------------------------------------------------------
The shareholders of Samara Iam Limited will hold their final
meeting on December 21, 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:

         Westport Services Ltd.
         Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


TT LONG/SHORT: Shareholders' Final Meeting Set for December 17
--------------------------------------------------------------
The shareholders of TT Long/Short Europe Fund Limited will hold
their final meeting on December 17, 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
         Jennifer Chailler
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949-7500
         Facsimile: (345) 949-8258


TT LONG/SHORT: Shareholders' Final Meeting Set for December 17
--------------------------------------------------------------
The shareholders of TT Long/Short Europe Alpha Fund Limited will
hold their final meeting on December 17, 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
         Jennifer Chailler
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949-7500
         Facsimile: (345) 949-8258


WINDERMERE MORTGAGE: Shareholders' Final Meeting Set for Dec. 23
----------------------------------------------------------------
The shareholders of Windermere Mortgage Ltd. will hold their final
meeting on December 23, 2010, at 12:15 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


=============
J A M A I C A
=============


AIR JAMAICA: Caribbean Airlines Board Says it Will Not Resign
-------------------------------------------------------------
Jamaica Observer reports that the embattled board of directors of
the state-owned Caribbean Airlines Limited said it has no
intention of resigning less than 24 hours after the Works and
Transport Minister Austin 'Jack' Warner gave the six-month-old
Trinidad and Tobago government an ultimatum that it must either
choose between him or the board.

According to Jamaica Observer, Mr. Warner and Caribbean Airlines
have been at loggerheads after the line minister accused the board
of disregarding a government directive regarding the
US$200-million deal to purchase a fleet of aircraft from French
manufacturer ATR in favor of negotiating a new deal with
Bombardier.

Jamaica Observer notes that in a statement issued on December 12,
2010, CAL said that it was not its intention to engage in a public
debate with its line minister because this was "entirely
inappropriate" and denied suggestions that it had been seeking to
terminate the arrangements between the airline and ATR.

"As a newly appointed board, while it was selected and not
elected, being fully cognizant of its statutory and fiduciary
obligations and liability, it sought an opportunity to review the
transaction and to satisfy itself that it was in fact the best
option in keeping with the operational requirements of the
airline.  This it did in correspondence to its line minister on
November 22.  Sadly, it appears that its attempts at good
governance have been misconstrued.  Instead, the Board has been
accused of flouting the decision of Cabinet and the line minister.
The board did not and does not share the view that asking for time
to review and consider a decision made prior to its appointment,
which could have a profound impact on the airline during its
tenure, or asking for the permission of its line minister to seek
the advice of a global expert on the matter was improper.  The
previous board did not in fact give a final approval for the
purchase of the ATRs or the number and price of the aircraft," the
statement said, Jamaica Observer discloses.

Meanwhile, Jamaica Observer relates that media reports quoted Mr.
Warner as saying that former chief executive officer Ian Brunton
was dismissed following a disagreement between himself (Mr.
Warner) and the board's chairman George Nicholas over the purchase
of the planes.

As reported in the Troubled Company reporter-Latin America on
December 6, 2010, RadioJamaica said that Captain Brunton described
his dismissal as an unnecessary act of viciousness.  According to
the report, Robert Corbie was appointed as the new Chief Executive
Officer of Caribbean Airlines.  The Trinidadian airline has a
controlling stake in Air Jamaica Limited.  RadioJamaica related
Caribbean Airlines has disclosed Mr. Corbie, who is Vice President
of Commercial and Customer Experience, will hold the post for the
time being.  Mr. Corbie will oversee a newly merged work force of
1,866 employees, the report noted.

                       About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  As reported in the Troubled Company
Reporter-Latin America on June 23, 2010, Trinidad and Tobago
Caribbean Airline on May 1, 2010, acquired Air Jamaica for US$50
million and operated six Air Jamaica aircraft and eight of its
routes.  Jamaica got a 16% stake in the merged operation, with CAL
owning 84%.  According to a TCRLA report on June 29, 2009,
RadioJamaica News said the Jamaican government indicated it will
name a buyer for cash-strapped Air Jamaica.  Radio Jamaica related
the airline has been hemorrhaging over US$150 million per annum
and the government has had to foot the massive bill.  In addition,
Radio Jamaica said, Air Jamaica currently has over US$600 million
in loans outstanding.

                          *     *     *

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


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


GMAC FINANCIERA: S&P Cuts Ratings on Five Mexican RMBS Tranches
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term ratings
on five Mexican residential mortgage-backed securities tranches
issued by GMAC Financiera S.A. de C.V., S.F.O.M., E.N.R. and
removed two of the lowered ratings from CreditWatch negative.  S&P
also lowered its Standard & Poor's underlying rating on another
tranche.  S&P also affirmed its ratings on seven Mexican RMBS
tranches from transactions originated by GMAC Financiera.  Lastly,
S&P affirmed its SPUR on one other tranche.

The lowered ratings reflect the sustained deterioration of the
related transactions' credit enhancement, particularly since S&P's
last review on June 2, 2010, due to rising delinquencies and
defaults.  S&P's affirmed ratings reflect the affected
transactions' sufficient credit enhancement levels, which continue
to support the assigned ratings on the tranches under observed and
stressed performance scenarios.  It is important to note, however,
S&P will review the transactions again if S&P observe further
deterioration in the performance beyond S&P's projections.

The 'BB+' global scale rating and the 'mxA' Mexican national scale
rating on GMAC Financiera - Bursatilizaciones de Hipotecas
Residenciales II's series MXACFW 07-3U certificates are based on
the full financial guarantee insurance policy provided by MBIA
Insurance Corp. (BB+/Negative/-- insurer financial strength
rating).  The 'BB+' global scale rating and the 'mxA' Mexican
national scale rating on series MXACFW 07-5U are based on the full
financial guarantee insurance policy provided by MBIA Mexico S.A.
de C.V. (mxA/Negative CaVal [Mexico] national scale rating and
BB+/Negative/-- insurer financial strength rating).  Although the
MXMACFW 06U and MXMACFW 07U certificates have full financial
guarantee insurance policies provided by Financial Guaranty
Insurance Co., the ratings on those series reflect the underlying
strength of the transactions, since Standard & Poor's does not
rate FGIC.  Under S&P's criteria, the issue rating on an insured
bond reflects the higher of the rating on the bond insurer
(monoline) or the SPUR on the security.

On June 2, 2010, S&P placed its ratings on the MXMACCB 05-2U and
MXMACCB 06U certificates in CreditWatch negative to reflect those
series' high concentration of loans originated and serviced by
Hipotecaria Credito y Casa S.A. de C.V. S.F.O.L. (not ranked),
which was undergoing a liquidation process.  Credito y Casa
serviced a portion of the underlying loans in some deals, but
Patrimonio S.A. de C.V. S.F.O.L. has been appointed as the
replacement servicer in these cases.  Patrimonio has an ABOVE
AVERAGE ranking from Standard & Poor's a residential mortgage loan
servicer.

Likewise, Hipotecaria Su Casita S.A. de C.V. SOFOM E.N.R. (SD)
services a portion of the underlying loans in some deals.  Because
of the financial distress Su Casita is in, Standard & Poor's has
received confirmation that it will be replaced as primary servicer
by either ING Hipotecaria, S.A. de C.V. S.F.O.L. (ranked ABOVE
AVERAGE as a residential mortgage loan servicer) or by Patrimonio.

The fact that the respective underlying loans in certain deals
will be serviced by either Patrimonio or ING Hipotecaria, in and
of itself, does not affect the assigned ratings, since S&P
believes that the substitute servicers have the sufficient
capacity to appropriately act as servicer.  Although there are
non-recurrent costs to the deals associated with the replacement
process, including file review, systems migration, and borrower
notifications, S&P's preliminary cash flow analysis suggests that
these costs should not have a negative impact on the deal ratings

S&P estimated the transactions' delinquency, default, and current
credit enhancement levels according to its methodology and
assumptions.  S&P analyzed the transactions using LEVELS Mexico to
determine their updated foreclosure frequency and loss severity
levels.  S&P then used its Mexican RMBS cash flow model to
determine each transaction's new rating based on the transaction's
financial position, projected performance, and structure.  S&P
modeled each transaction's expected recovery from asset
liquidation consistent with LEVELS Mexico output and current
methodology and assumptions.  S&P also considered the new
servicing fees and an estimate of the nonrecurrent costs the deals
will incur in association with the replacement process in its cash
flow analysis.

                         Ratings Lowered

   GMAC Financiera - Bursatilizaciones de Hipotecas Residenciales

               Series New                            Outs. amount
Tranche       type   servicer To         From       (mil. UDI)
-------       ------ -------- --         ----       ------------
MXMACCB 04U   Senior  N/A     mxAA- (sf) mxAA+ (sf)  125.4
MXMACFW 07U   Senior  TBD     B+ (sf)    BB (sf)     150.0
MXMACFW 07U   Senior  TBD     mxBBB (sf) mxA (sf)    150.0
MXMACFW 07-2U Sub.    TBD     mxBBB- (sf)mxBBB (sf)  14.6

TBD -- Replacement servicer is yet to be determined.  It will
either be ING Hipotecaria or Patrimonio.

GMAC Financiera - Bursatilizaciones de Hipotecas Residenciales II


               Series New                            Outs. amount
Tranche       type   servicer To         From       (mil. UDI)
-------       ------ -------- --         ----       ------------
MXMACFW 07-3U SPUR    TBD     B (sf)     B+ (sf)     215.9

N/A - Not applicable.  Neither Su Casita nor Credito y Casa acts
as primary servicer on those deals.

      Ratings Lowered And Removed From Creditwatch Negative

  GMAC Financiera - Bursatilizaciones de Hipotecas Residenciales

                                Series   New
                  Tranche       type     servicer
                  -------       ------   --------
                  MXMACCB 05-2U Senior   TBD

         Rating
         ------
    To           From                   Outs. amount (mil. UDI)
    --           ----                   -----------------------
    mxBBB (sf)   mxA+ (sf)/Watch Neg      84.2

TBD -- Replacement servicer is yet to be determined.  It will
either be ING Hipotecaria or Patrimonio.

   GMAC Financiera - Bursatilizaciones de Hipotecas Residenciales

                                Series   New
                  Tranche       type     servicer
                  -------       ------   --------
                  MXMACCB 06U   Senior   TBD

        Rating
        ------
    To           From                    Outs. amount (mil. UDI)
    --           ----                    -----------------------
    mxBBB- (sf)  mxBBB+ (sf)/Watch Neg    71.1

TBD -- Replacement servicer is yet to be determined.  It will
either be ING Hipotecaria or Patrimonio.

                        Ratings Affirmed

  GMAC Financiera - Bursatilizaciones de Hipotecas Residenciales

                   Series  New                    Outs. amount
    Tranche        type    servicer   Rating      (mil. UDI)
    -------        ------  --------   ------      ------------
    MXMACCB 05U    Senior  N/A        mxBBB+ (sf) 125.4
    MXMACFW 06U    Senior  TBD        CC (sf)     110.8
    MXMACFW 06U    Senior  TBD        mxCCC (sf)  110.8
    MXMACFW 06-2U  Sub.    TBD        mxCC (sf)   15.6

GMAC Financiera - Bursatilizaciones de Hipotecas Residenciales II

                   Series  New                    Outs. amount
    Tranche        type    servicer   Rating      (mil. UDI)
    -------        ------  --------   ------      ------------
    MXMACFW 07-3U  Senior   TBD       BB+ (sf)     215.9
    MXMACFW 07-3U  Senior   TBD       mxA (sf)     215.9
    MXMACFW 07-4U  Sub.     TBD       mxBB- (sf)   18.1
    MXMACFW 07-5U  Senior   TBD       BB+ (sf)     120.8
    MXMACFW 07-5U  Senior   TBD       mxA (sf)     120.8
    MXMACFW 07-5U  SPUR     TBD       CCC (sf)     120.8
    MXMACFW 07-6U  Sub.     TBD       mxCCC (sf)   14.8

                      N/A -- Not applicable.

Neither Su Casita nor Credito y Casa acts as primary servicer on
those deals.

TBD -- Replacement servicer is yet to be determined.  It will
either be ING Hipotecaria or Patrimonio.

       Modeled Foreclosure Frequencies And Loss Severities

                                   Foreclosure      Loss
    Tranche            Rating      frequency (%)    severity (%)
    -------            ------      -------------    ------------
    MXMACCB 04U        mxAA-       19.4311              61.4974
    MXMACCB 05U        mxBBB+      21.2696              44.8125
    MXMACCB 05-2U      mxBBB       14.9434              50.3879
    MXMACCB 06U        mxBBB-      12.9456               41.158
    MXMACFW 06U        CC/mxCCC     5.6788              46.4056
    MXMACFW 06-2U      mxCC         5.6788              46.4056
    MXMACFW 07U        B+/mxBBB     9.5426              74.0152
    MXMACFW 07-2U      mxBBB-       7.6536                63.84
    MXMACFW 07-3U      B/mxBBB-     10.8701              63.8637
    MXMACFW 07-4U      mxBB-        6.3452              59.0058
    MXMACFW 07-5U      CCC/mxB-     5.0725              45.4092
    MXMACFW 07-6U      mxCCC        5.0725              45.4092



GRUPO POSADAS: Moody's Downgrades Corporate Family Rating to 'B3'
-----------------------------------------------------------------
Moody's Investors Service downgraded Grupo Posadas, S.A.B. de
C.V.'s corporate family and senior unsecured debt ratings to B3
from B2.  The ratings outlook is negative.  This concludes the
ratings review process started on August 11, 2010.

                        Ratings Rationale

The ratings downgrade was based on Posadas' limited financial
flexibility, evidenced by high debt leverage and low cash flow
generation given stagnant revenue growth.  While Moody's
recognizes that tourism flow into Mexico has been posting some
improvements in 2010, this may not be sustainable due to the
country's significant security concerns.  Moreover, the economic
conditions of the two main tourism sources for Mexico, the U.S.
and Europe, remain uncertain.  In addition, while the economic
situation in Mexico has improved somewhat in 2010, this has not
yet been reflected in Posadas' revenues or margins.  These
conditions represent risks as to whether Posadas will be able to
post higher revenues, restore capex to historical levels and
simultaneously improve cash generation and credit metrics.

The company's liquidity position for the next 12 months is
adequate if Moody's consider low levels of capex and the
possibility of a limited amount of dividend payments in 2011, as
permitted under the company's bond indentures, and assuming that
upcoming debt maturities will be rolled over as planned.  During
2010, the company paid dividends amounting to about US$18 million
which diminished its liquidity and was a credit negative to
Posadas' ratings.  Margin calls on cross currency swaps, which at
September 30, 2010 was US$24 million, continue to be a liquidity
drag and exposes the company to a peso depreciation; Moody's
assessment of liquidity risk deducts this amount from available
cash.  .

Posadas' ratings continue to be supported by the company's leading
position and brand equity in the Mexican lodging industry,
nationwide coverage in Mexico with both coastal and urban
locations, segment diversification across different hotel classes
and a growing service business.  These credit strengths are partly
offset by the company's high adjusted financial leverage and
current earnings pressures, its small operating scale relative to
global industry peers, and the intense competition it faces from
large, financially strong domestic and international hotel chains.

A weak operating performance that leads to weaker liquidity
position could trigger further ratings downgrade.  Conversely, if
revenues and margins return to historical levels and Posadas'
manages to reduce leverage and improve its credit protection
metrics while increasing capex, its ratings could experience
upwards pressure.

The last rating action on Posadas was on August 11, 2010, when
Moody's places Posadas' ratings on review for a possible
downgrade.  Please see the related press release for further
detail.

Grupo Posadas, S.A.B. de C.V., headquartered in Mexico City, is a
leading hotel chain operator in Latin America, with MXN7 billion
(about US$560 million) in revenues for the 12 months ended
September 30, 2010, and 113 hotels and 20,006 rooms in operation.
Posadas derives most of its revenues from Mexico, where it
operates its key 5- and 4-star Fiesta Americana and Fiesta Inn
formats, a 3-star format ("One") and its Vacation Club timeshare
business.  The company also operates hotels in Brazil, Argentina
and Chile under its Caesar Park and Caesar Business brands and has
a small operation in Texas.


SERVICIOS CORPORATIVOS: Fitch Cuts Issuer Default Rating to 'B'
---------------------------------------------------------------
Fitch Ratings has downgraded Servicios Corporativos Javer,
S.A.P.I. de C.V.'s ratings:

  -- Foreign Currency Issuer Default Rating to 'B' from 'B+';

  -- Local Currency IDR to 'B' from 'B+';

  -- US$210 million senior unsecured notes to 'B+/RR3' from 'BB-
     /RR3'.

The Rating Outlook is Stable.

The ratings downgrade reflects Javer's increased leverage as a
result of lower cash flow generation, measured by EBITDA, as well
as the view that the company's strategy to resume growth during
2011 will limit its capacity to generate positive free cash flow.
The Stable Outlook incorporates the expectation that Javer's
credit metrics will moderately improve during 2011.

The ratings reflect Javer's solid regional market position in
northeastern Mexico with a firm leadership presence in the state
of Nuevo Leon, its sustainable business strategy oriented to the
low-income housing segment, its significant land reserve, and its
relatively adequate liquidity position.

The ratings are constrained by Javer's volatile operational
performance, moderate leverage, limited geographic
diversification, and reduced capacity to generate positive cash
flow from operations in the medium term.

Like other Mexican homebuilders, Javer's credit ratings
incorporate a challenging operating environment, growing working
capital requirements, and a high dependence upon government-
related mortgage funding for low-income homes.  The 'B+/RR3'
ratings of the company's unsecured public debt reflect good
recovery prospects in the range of 50%-70% given default.

Solid Regional Market Position:

The ratings consider Javer' solid market share in the states of
Nuevo Leon, Tamaulipas, Aguas Calientes, and Jalisco, and its
important 20% market share on Infonavit's granted mortgages in
Nuevo Leon.  The company also benefits from large scale and
operations, with 13,166 units sold during the LTM period ended in
September 2010 (LTM Sep. 2010), which allows the company to
benefits from economies of scale, superior negotiating position
with suppliers, and enhanced relationships with land suppliers.

The ratings incorporated Javer's limited geographic
diversification as its operations in the state of Nuevo Leon
historically have represented around 75% of the company's total
units sold.  This concentration increases the company's dependency
on specific local and municipal governments to secure land and
permits.  Fitch views as a positive the company's efforts to
expand operations to two new states Queretaro and State of Mexico,
which is expected to diversify the company's operations during the
next years.

Volatile Operational Results:

Negatively incorporated in the ratings is the company's volatile
operational performance during 2010.  Javer's revenue and EBITDA
levels for 9M 2010 were MXN2.57 billion and MXN408 million,
respectively.  These figures represent declines of 25.2% and 39.9%
below those achieved by the company during 2009's same period.
During 9M2010, the company's CFFO was negative in MXN526 million,
which includes MXN224 million in interest paid, the major factor
explaining this trend was the increase in the company's inventory
levels.  The ratings incorporates the expectation that the company
will have the capacity to build a track-record of more stable
operational results during the next quarters with EBITDA margins
around 21%.

2010 Units Sold Expected To Be Around 16,000 Units:

The company's units sold for LTM Sept. 2010 was 13,166, a decline
of 23% when compared to the same period ended in September 2009.
The company's 2010 results reflect its low levels of available
finished inventory toward the end of 2009, which limited Javer's
capacity during 2010 to maintain units sold, revenue, and EBITDA
levels similar to those reached during 2009.  Last year the
company's homes titled (16,026 units) surpassed its level of homes
completions (11,773 units), resulting in a significant decline in
its AFI levels, which declined from 6,324 units to 1,333 from
December 2008 to December 2009, respectively.

During 2010, the company oriented its efforts in increasing its
levels of home completions and home titled, while rebuilding its
levels of AFI, which closed September at an still relatively low
level of 1,374 units.  During the fourth quarter of 2010, the
company is expected to reach a significant improvement in its
levels of homes completions, homes titled and AFI, which should
support a more stable operational performance during 2011.  The
ratings factor in the view that the company's total units sold for
2010 would be around the 16,000 units.

Leverage Expected To Remain Stable:

The downgrade reflects the deterioration in the company's gross
leverage during LTM September 2010 at levels above Fitch's
expectations.  The increase in the company's leverage results from
deterioration in its cash flow generation, measured by EBITDA.
Javer's EBITDA for LTM period ended September 2010 was MXN850
million, which negatively compares with its EBITDA levels of
MXN1.09 billion and MXN1.101 billion in 2009 and 2008,
respectively.  In addition, the company's EBITDA margins have
maintained negative trend, reaching levels of 24.6%, 22.1%, and
20.9% during years 2008, 2009 and LTM September 2010,
respectively.

The company's gross leverage was 3.1 times by the end of September
2010, which negatively compares with the company's gross leverage
of 2.2x and 2.4x by the end of December 2008 and December 2009,
respectively.  The ratings incorporate the expectation that
Javer's gross leverage will be around 2.5x during 2011.

Adequate Liquidity:

Positively factored in the ratings is the company's adequate debt
payment schedule with no material debt maturities during the
following years.  The ratings also reflect the expectation that
the company's cash position will remain relatively stable around
MXN500 million during 2011.  By the end of September 2010, Javer's
total debt was MXN2.661 billion, and it was composed almost
entirely by its public debt of US$210 million (MXN2.62 billion)
senior unsecured notes due in 2014.  In addition to the financial
debt, by the end of September 2010 the company maintains MXN124
million in real estate liabilities from commitments with land
suppliers.

Significant Land Reserves:

By the end of September 2010, the company had land reserves
equivalent to 122,975 homes, which represents around five years of
production.  The company has managed two acquisition schemes,
direct land purchase and joint-agreements (off-balance),
representing each one 50%, which Fitch believes broadens the
company's leeway by reducing working capital needs under the
joint-agreements, reducing risks related to property ownership and
allowing for higher disposal of free cash flow for other purposes.
As of Sept. 30, 2010, the company had a land bank of approximately
69,784 units in its owned land reserves.  The company also had
71,361 units of land reserves through land trust agreements.

Rating Drivers:

Positive rating actions could result from some combination of
these factors: a sustained strengthening of the company's gross
leverage returning to levels around 2.0x, stability in credit
metrics, stable operational results supported by consistent AFI
levels, and improved geographic diversification.

A negative rating action could be triggered by a deterioration of
the company's credit protection measures and cash position due to
weak operational results, a decline of government funding
programs, and, deterioration in the company's industry business
environment leading to erosion in the company's market position.


VITRO SAB: Relays Intent to File Concurso Plan in Mexico
--------------------------------------------------------
Vitro S.A.B. de C.V. disclosed the upcoming filing of its Concurso
Plan, the expiration of its cash tender offer conducted as a
modified Dutch auction in respect of its outstanding senior notes,
and the extension of the expiration time for its exchange offer
and consent solicitation.

Both the Tender Offer and the Exchange Offer and Consent
Solicitation apply to all three series of Vitro's outstanding Old
Notes, which are described in the following table:

                                                   Outstanding
                                                     Principal
Series of Senior Notes          CUSIP No.             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

The Tender Offer and the Exchange Offer and Consent Solicitation
have been conducted in contemplation of, and as a step towards,
restructuring Vitro's outstanding debt through an in-court
proceeding under the insolvency law of Mexico pursuant to its pre-
packaged Concurso Plan, which Vitro expects to be filing with the
relevant Mexican Federal Court no later than December 16, 2010.

                 Results of the Tender Offer and
         the Exchange Offer and Consent Solicitation

The Tender Offer expired at 5:00 p.m., New York City time, on
December 7, 2010.  Vitro and its wholly-owned subsidiary
Administracion de Inmuebles Vitro, S.A. de C.V. have been advised
by the depositary that, as of the Tender Offer Expiration Time,
approximately US$30 million in aggregate principal amount of Old
Notes had been tendered pursuant to the Tender Offer.  The
clearing price applicable to the Old Notes tendered pursuant to
the Tender Offer is US$575 per US$1,000 principal amount of Old
Notes.  Pursuant to the terms of the Tender Offer, Vitro and AIV
will accept all of the Old Notes tendered pursuant to the Tender
Offer.  On the settlement date for the Tender Offer, which is
expected to be December 10, 2010, Vitro and AIV will cause
participating holders whose Old Notes were accepted pursuant to
the Tender Offer to receive the Tender Offer consideration.

Consents obtained through the Exchange Offer and Consent
Solicitation, together with consents obtained through lock-up
agreements, represent approximately 32% of the Restructured Debt.
At this time, Vitro has accepted all Old Notes validly submitted
pursuant to the Exchange Offer and Consent Solicitation.

                 Upcoming Filing of Concurso Plan

Vitro has the requisite majority, among debt controlled by Vitro,
debt subject to lock-up agreements and consents received through
the Exchange Offer and Consent Solicitation, to accomplish a
prearranged concurso mercantil pursuant to the terms of the pre-
packaged Concurso Plan included in the Solicitation Statement, and
will proceed with the filing of such Concurso Plan no later than
December 16, 2010.

Notwithstanding the various baseless allegations made in the press
and circulating in the market relating to certain legal aspects of
Vitro's proposed restructuring and pre-packaged insolvency process
in Mexico, Vitro's Concurso Plan has been prepared and negotiated
with the advice and approval of some of the leading insolvency law
practitioners in Mexico.  Accordingly, Vitro and its advisors are
fully confident that any challenges that may be brought against
its Concurso Plan based on these baseless allegations will be
discredited and set aside by the relevant Mexican court and that
Vitro's Concurso Plan will be approved by the Mexican court.

Consistent with Mexican insolvency law, following the new
expiration time for the exchange offer, additional creditors will
still be able to voluntarily consent to the Concurso Plan and
enter into lock-up agreements with Vitro but will not be entitled
to receive a consent payment in respect of their participation in
the Concurso Plan.  At the request of certain participating
holders, Vitro is also exploring the possibility under Mexican
insolvency law of providing in the Concurso Plan that costs and
expenses incurred by Vitro in defending against baseless
litigation commenced by certain dissident bondholders will be
deducted from the consideration that such litigating bondholders
would otherwise stand to receive under the terms of the Concurso
Plan.

              Extension of Expiration Time for Exchange
                   Offer and Consent Solicitation

Given that Vitro is finalizing discussions for potential lock-up
arrangements with at least two significant creditors and that
certain holders of Old Notes have continued to request additional
time to fully complete their technical holder documentation
required to participate under the Exchange Offer and Consent
Solicitation, Vitro is extending the expiration time for its
Exchange Offer and Consent Solicitation in order to finalize such
potential lock-up arrangements and allow such holders of Old Notes
to fully complete their necessary technical holder documentation
and participate in the Exchange Offer and Consent Solicitation.
The Exchange Offer and Consent Solicitation were previously
scheduled to expire at 5:00 p.m., New York City time, on
December 7, 2010.  Vitro is extending the expiration time solely
for the Exchange Offer and Consent Solicitation to 5:00 p.m., New
York City time, on December 21, 2010.  Holders who have previously
submitted their Old Notes for exchange and provided consents to
the Exchange Offer and Consent Solicitation will not be able to
withdraw their tendered Old Notes or revoke their consents as
provided in the Solicitation Statement.  Vitro does not intend to
extend the expiration time of the Exchange Offer and Consent
Solicitation beyond the New Exchange Offer Expiration Time.

Notwithstanding the extension of the expiration time for the
Exchange Offer and Consent Solicitation, no later than
December 13, 2010 the Payment Trust will make a partial consent
payment in an amount of 5% of the aggregate principal amount of
Old Notes for which consents were validly provided as of the
Original Exchange Offer Expiration Time to the holders of such
validly tendered Old Notes.  No later than December 28, 2010, the
Payment Trust will make an additional consent payment of 5% of the
aggregate principal amount of additional Old Notes for which
consents are validly provided by the New Exchange Offer Expiration
Time to the holders of such additional Old Notes.  In addition, as
provided in the Solicitation Statement, the Payment Trust will
calculate the pro rata amount of the remaining consent payment (up
to 10% of the aggregate principal amount of the Old Notes of each
participating holder) and will make a consent payment in such pro
rata amounts to each participating holders no later than
December 28, 2010.  Thus, based on the amount available in the
Payment Trust for the payment of these consent payments, in the
event that all participating holders who provide their consent in
respect of their Old Notes by the New Exchange Offer Expiration
Time represent 50% or less of the Restructured Debt, then all such
participating holders will receive, in aggregate, a total consent
payment of 10% of the aggregate principal amount of the Old Notes
for which they provided consents to the Exchange Offer and Consent
Solicitation.

Vitro encourages all holders to objectively analyze the terms of
the Exchange Offer and Consent Solicitation, including the consent
payments described above, and to consult with their respective
legal and financial advisors or with the independent legal and
financial advisors that Vitro appointed to respond to inquiries
from, and act on behalf of, holders who may wish to consult them
in matters relating to the Exchange Offer and Consent
Solicitation.

D.F. King & Co., Inc. will continue to act as the depositary for
the Tender Offer and information and exchange agent for the
Exchange Offer and Consent Solicitation for holders of Old 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 Old Notes may contact Vitro at
+52 (81) 8863-1731 (attn: Carlos Garza).

                        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 was to 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).


VITRO SAB: Files Concurso Plan in Mexican Court
-----------------------------------------------
Vitro S.A.B. de C.V. (BMV: VITROA) on December 13 filed its
voluntary petition for a pre-packaged Concurso Plan in the Federal
District Court for Civil and Labor Matters for the State of Nuevo
Leon, thereby commencing its voluntary concurso mercantil
proceedings.

Following the filing in Mexico, Vitro intends to commence an
ancillary case under chapter 15 of the U.S. Bankruptcy Code,
requesting that the U.S. Bankruptcy Court recognize and give
deference to its proceedings in Mexico.  Vitro also will ask the
U.S. Bankruptcy Court to protect it and its non-U.S. subsidiaries
from creditor actions in the U.S. while the Mexican proceedings
are pending.  Once the Concurso Plan is approved by the Mexican
court at the conclusion of the Mexican proceedings, Vitro further
intends to ask the U.S. Bankruptcy Court to enforce the terms of
its restructuring in the U.S., including the cancellation of all
Old Notes and the issuance of the New Notes in exchange.

Three funds managed by Aurelius Capital Management filed suit
against Vitro and several of its subsidiaries in New York State
court on December 3, 2010, premised on Vitro's default and non-
payment of the Old Notes, and obtained from the court a pre-
judgment order of attachment on any assets of Vitro located in New
York.  On December 9, 2010, certain funds managed by Elliott
Management Corp. also obtained a pre-judgment order of attachment
similar to the Aurelius Order.  On December 9, 2010, the Aurelius
Order was served on D.F. King, which acts as the depositary for
the Tender Offer, and D.F. King has determined not to direct the
settlement of the Tender Offer or instruct the Depository Trust
Company to complete the settlement, until D.F. King receives
further guidance from the New York court as to whether its
instructions to settle the Tender Offer will violate the terms of
the Orders.  Thus, the settlement of the Tender Offer and the
distribution of the Consent Payments pursuant to the Exchange
Offer and Consent Solicitation have been delayed pending further
guidance from the New York State court.

Vitro filed a brief in New York State court yesterday arguing that
settlement of the Tender Offer and distribution of the Consent
Payments will not violate the terms of the Orders. Vitro is also
seeking an order from the court stating that failure to settle the
Tender Offer shall not be deemed a violation of any applicable
agreements, regulations or laws.  A hearing regarding both orders
of attachment is currently scheduled for December 16, 2010.

The involuntary chapter 11 proceedings that were filed by four
dissident minority bondholders against Vitro's U.S. subsidiaries
remain pending before the U.S. Bankruptcy Court in Texas.  Last
week, Vitro's U.S. subsidiaries filed an answer contesting the
grounds for allowing those proceedings to continue.  In their
answer, Vitro America and its affiliates contest the basis for the
involuntary petitions and assert affirmative defenses, including
that Vitro America and its affiliates are generally paying their
debts as they become due.  A status conference before the Texas
Bankruptcy Court has been scheduled for December 20.  Vitro and
its subsidiaries continue to vigorously act to protect their
respective rights against the multiple actions being made by a
relatively small group of bondholders.

For further information, please contact:

  Adrian Meouchi / Carlos Garza
  Vitro S.A.B. de C.V.
  Tel: + (52) 81-8863-1765 / 1730
  E-mail: ameouchi@vitro.com
          cgarza@vitro.com

  U.S. agency

  Susan Borinelli / Barbara Cano
  Breakstone Group
  Tel: (646) 330-5907
  E-mail: sborinelli@breakstone-group.com
          bcano@breakstone-group.com

  Media Relations

  Albert Chico/ Roberto Riva Palacio
  Vitro, S.A.B. de C.V.
  Tel: + (52) 81-8863-1661/ 1689
  E-mail: achico@vitro.com
          rriva@vitro.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 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 was to 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).


VITRO SAB: Files for Chapter 15 Bankruptcy in New York
------------------------------------------------------
Vitro, S.A.B de C.V. filed for Chapter 15 bankruptcy (Bankr.
S.D.N.Y. Case No. 10-16619) in Manhattan on Tuesday to seek U.S.
recognition and deference to its bankruptcy proceedings in Mexico.

Vitro SAB on December 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, thereby commencing
its voluntary concurso mercantil proceedings.

Alejandro Francisco Sanchez-Mujica, as foreign representative of
Vitro, is asking the U.S. Bankruptcy Court to enter an order
recognizing the Mexican Proceeding as "foreign main proceeding"
pursuant to 11 U.S.C. Secs. 1515 and 1517.

Vitro is also asking the U.S. Bankruptcy Court to protect it and
its non-U.S. subsidiaries from creditor actions in the U.S. while
the Mexican proceedings are pending.  Various actions have been
filed against Vitro and its units in the United States:

   * Three funds managed by Aurelius Capital Management filed suit
     against Vitro and several of its subsidiaries in New York
     State court on December 3, 2010, premised on Vitro's default
     and non-payment of the Old Notes, and obtained from the court
     a pre-judgment order of attachment on any assets of Vitro
     located in New York.

   * Several members of the ad hoc committee of the holders
     of the Old Notes initiated various legal proceedings in
     multiple jurisdictions against Vitro.

   * The involuntary chapter 11 proceedings that were filed by
     four dissident minority bondholders against Vitro's U.S.
     subsidiaries remain pending before the U.S. Bankruptcy Court
     in Texas.

Once the Concurso Plan is approved by the Mexican court at the
conclusion of the Mexican proceedings, Vitro further intends to
ask the U.S. Bankruptcy Court to enforce the terms of its
restructuring in the U.S., including the cancellation of all Old
Notes and the issuance of the New Notes in exchange.

                           Tender Offer

As of September 30, 2010, Vitro's aggregate outstanding third
party consolidated indebtedness was approximately $1.981 billion,
consisting of:

   * $1.216 billion in outstanding principal amount under the 2012
     Notes, 2017 Notes and 2013 Notes;

   * $253 million relating to certain of Vitro SAB's and its
     subsidiaries' derivative financial instruments;

   * $59 million of debt consisting of the Certificados Bursatiles
     and the ABN Note;

   * $268 million in past-due interest and unamortized discounts;
     and

   * $185 million of additional indebtedness that Vitro SAB does
     not plan to restructure or discharge in the Mexican
     Proceeding.

Vitro defaulted on the DFI debt in early 2009.  Vitro SAB stopped
interest making payments on the Old Notes, beginning with a $45
million coupon due on February 2, 2009 on the 2012 Notes and 2017
Notes.

On November 1, 2010, Vitro SAB launched two alternative offers to
the holders of the Old Notes: a tender offer to purchase the Old
Notes and an exchange offer and solicitation of consents to an in-
court restructuring under the Mexican Business Reorganization Act.
Concurrently, Vitro SAB also sought consents to the Concurso Plan
from the other holders of Restructured Debt, namely the Other Debt
and the DFI.

The expiration of both Offers was extended at the request of
certain holders of Old Notes to facilitate their participation
therein.  While the Tender Offer expired on December 7, 2010, the
Exchange Offer and Consent Solicitation is currently scheduled to
expire at 5:00 p.m. (New York City time) on December 21, 2010.

                          Concurso Plan

Under the Concurso Plan, on the Issue Date, the Restructured Debt
will be exchanged for the following consideration:

   -- $850 million in aggregate principal amount of unsecured
      notes due 2019;

   -- $100 million (plus the Issue Date Adjustment) in aggregate
      principal amount of new convertible debt obligations, which
      will mandatorily convert into 15% of Vitro SAB's equity
      interests (on a fully diluted basis) if not paid in full at
      maturity or upon the occurrence of certain events of
      default;

   -- a cash payment in an amount equal to the balance of
      $75.0 million held in the Payment Trust remaining after the
      making of the Consent Payments; and

   -- a cash restructuring fee to be determined as described in
      the Solicitation Statement.

Based on the foregoing, under the Concurso Plan, for every $1,000
of the principal amount of the Restructured Debt exchanged, the
holders thereof will be entitled to receive:

    * $561 principal amount of New 2019 Notes or New Certificados
      Bursatiles, as applicable;

    * $66 principal amount of New MCDs or New Obligaciones
      Convertibles en Acciones, as applicable (not including the
      Issue Date Adjustment);

    * a pro rata portion of the Restructuring Cash Payment; and

    * a pro rata portion of the Restructuring Fee.

Additionally, Vitro SAB's obligations under the New 2019 Notes,
including any repurchase obligation resulting from a Change of
Control and other mandatory prepayment provisions thereunder, on
the Issue Date, will be unconditionally guaranteed, jointly and
severally, on an unsecured basis, by Vitro SAB's direct and
indirect subsidiaries that are currently guarantors of the Old
Notes.

In exchange for the Restructuring Consideration and the New
Guarantees, the Concurso Plan provides for the cancellation of all
obligations of Vitro SAB and its subsidiaries with respect to the
Restructured Debt (including all Accrued Interest and all
guarantee obligations of the Old Guarantors), regardless of
whether or not any particular holder of the Restructured Debt
voted to accept the Concurso Plan.

Vitro SAB believes that, as a result of the implementation of the
Concurso Plan through the Mexican Proceeding, the holders of the
Restructured Debt will recover 68% to 75% of the face value of
their respective claims.

                         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 is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of Ps. 23,991
million ($1.837 billion).

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 was to 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).


VITRO SAB: Chapter 15 Case Summary
----------------------------------
Chapter 15 Petitioner: Alejandro Francisco Sanchez-Mujica, as
                       Foreign Representative of
                       Vitro, S.A.B de C.V.
                       Miami, FL 33131

Chapter 15 Debtor: Vitro, S.A.B de C.V.
                   Av. Ricardo Margain Zozaya # 400
                   Col. Valle del Campestre
                   San Pedro Garza Garca, N.L. 66265
                   Mexico

Chapter 15 Case No.: 10-16619

Chapter 15 Petition Date: December 14, 2010

Court: U.S. Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Sean H. Lane

About the Debtor: Vitro S.A.B. (BMV: VITROA) 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.

Chapter 15
Petitioner's
Counsel:          Dennis F. Dunne
                  MILBANK, TWEED, HADLEY & MCCLOY LLP
                  1 Chase Manhattan Plaza
                  New York, NY 10005
                  Tel: (212) 530-5000
                  Fax: (212) 530-5219
                  E-mail: ddunne@milbank.com

Estimated Assets: More than US$1 billion

Estimated Assets: More than US$1 billion


====================
P U E R T O  R I C O
====================


PALMAS DEL MAR: Country Club Facilities Reopen
----------------------------------------------
Caribbean Business reports that the recreational facilities
reopened in Palmas del Mar on December 11, 2010, after a months-
long shutdown due to the bankruptcy filing of Palmas del Mar
Properties, Inc.

As reported in the Troubled Company Reporter-Latin America on
October 12, 2010, Caribbean Business said that the U.S.
Bankruptcy Court has authorized the transfer of the Palmas del Mar
Country Club recreational facilities to the Tourism Development
Fund pending its final transfer to a new operator, Palmas Athletic
Club Inc., a non-profit organization created by the Palmas del Mar
Homeowners Association (PHA).  According to Caribbean Business,
both Palmas del Mar Properties, Inc. (PDMP), the original
proprietor of Palmas del Mar Country Club, Inc. (PCCI), and the
PHA welcomed the move by the bankruptcy court.  Caribbean Business
noted that U.S. Bankruptcy Court determined that the recreational
facilities of Palmas del Mar could be transferred to the TDF,
which would pave the way for the title transfer to Palmas Athletic
Club Inc.  Morgan Stubbe disclosed in June that Palmas del Mar
Country Club would close July 28 due to lack of financing to float
the operations, the report noted.  Caribbean Business related that
the Government Development Bank denied financing to the complex,
which has an outstanding AFICA loan of more than US$27 million.
The report says that the company and PHA worked to seek avenues to
keep the facilities in operation.

Caribbean Business recounts that PCCI shut the facilities in July
and filed for Chapter 11 (reorganization) bankruptcy protection in
August in a bid to expedite the reopening of the shuttered
facilities in Humacao.

The new administrator will have to pay that off and has 18 months
to show the GDB it has the liquidity to keep the facilities in
operation, Caribbean Business says.  At that point, the non-profit
entity would form a cooperative to complete the purchase, the
report adds.


                        About Palmas del Mar

Palmas del Mar Properties Inc., development firm of Palmas del Mar
resort, has invested more than US$53 million throughout the years
in the recreational facilities of the Palmas del Mar community in
Humacao.  PCCI filed for Chapter 11 (reorganization) bankruptcy
protection in August in a bid to expedite the reopening of the
shuttered facilities in Humacao.


=============
U R U G U A Y
=============


ADMINISTRACION NACIONAL: Moody's Retains 'Ba2' Corp. Family Rating
------------------------------------------------------------------
Moody's Investors Service said that Uruguay's recent upgrade has
no impact on Administracion Nacional de Combustibles, Alcoholes y
Portland's Ba2 Corporate Family Rating.  Ancap's rating outlook
remains stable.

Ancap's Ba2 rating already considered rating up-lift from its
government ownership structure, which is incorporated in Moody's
methodological analysis of government related issuers.

Since ANCAP is 100% owned by the Uruguayan state, ANCAP is a
government related issuer and its Ba2 CFR reflects "The
Application of Joint Default Analysis to Government Related
Issuers," Moody's rating methodology published in April 2005.

In accordance with Moody's GRI rating methodology, ANCAP's Ba2 CFR
is based on its baseline credit assessment of 14 (mapping to a B1
rating), medium dependence reflecting the moderate degree of
correlation between factors that could lead to financial stress on
ANCAP and the government at the same time, and a high probability
of extraordinary support from the government.  The government of
Uruguay's ability to provide support to ANCAP is measured by its
Ba1 local currency rating.  Moody's consider the government's
willingness to support the company as high, based on ANCAP's 100%
ownership by the government, the company's monopoly status for
refining activities in Uruguay and its strategic importance to
Uruguay's economy and national security.


BANCO ITAU: Moody's Upgrades Foreign Deposit Ratings to 'Ba2'
-------------------------------------------------------------
Moody's Investors Service upgraded to Ba2/Not Prime, from B1/Not
Prime, and to Aa3.uy, from A2.uy, the foreign currency deposit
ratings of Banco Itau Uruguay S.A., Credit Uruguay Banco S.A., and
Lloyds TSB Bank plc (Uruguay), respectively in the global and
national scales.  These rating actions are in response to the
upgrade, to Ba2 from B1, of Uruguay's country ceiling for foreign
currency deposits, which constrains the foreign currency deposit
ratings of these banks.

In a related action, Moody's upgraded the global local currency
deposit rating of Lloyds TSB Bank plc to A3/Prime-2 from
Baa2/Prime-2, in light of the upgrade of the Uruguayan local
currency deposit ceiling to A3, from Baa2, given that the local
currency deposit rating of Lloyds Uruguay is constrained.

Moody's also upgraded to Ba1/Not Prime, from Ba3/Not Prime, and to
Aa2.uy, from A1.uy, the foreign currency deposit ratings of Banco
de la Republica Oriental del Uruguay and Banco Hipotecario del
Uruguay, on its global and national scales, respectively.  The
upgrade of the foreign currency ratings of the two government-
owned banks, BROU and BHU, reflects the upgrade of the Uruguayan
government's foreign currency bond rating to Ba1, from Ba3.  The
Uruguayan government fully and unconditionally guarantees the
obligations of both banks.

At the same time, Moody's upgraded to Baa2/Prime-2, from
Baa3/Prime-3, the global local currency deposit ratings of BROU
and BHU, and to Aaa.uy, from Aa1.uy, their deposit ratings in the
Uruguayan national scale.  This move also results from the upgrade
of the government bond rating to Ba1 from Ba3, which serves as
reference for the systemic support indicator for Uruguayan banks.

These bank ratings were upgraded:

Banco de la Republica Oriental del Uruguay

  -- Foreign currency deposit rating to Ba1/NP from Ba3/NP, stable
     outlook

  -- Foreign currency national scale deposit rating to Aa2.uy from
     A1.uy

  -- Local currency deposit rating to Baa2/P-2 from Baa3/P-3,
     stable outlook

  -- Local currency national scale deposit rating to Aaa.uy from
     Aa1.uy

Banco Hipotecario del Uruguay

  -- Foreign currency deposit rating to Ba1/NP from Ba3/NP, stable
     outlook

  -- Foreign currency national scale deposit rating to Aa2.uy from
     A1.uy

  -- Local currency deposit rating to Baa2/P-2 from Baa3/P-3,
     stable outlook

  -- Local currency national scale deposit rating to Aaa.uy from
     Aa1.uy

Banco Itau Uruguay S.A.

  -- Foreign currency deposit rating to Ba2/NP from B1/NP, stable
     outlook

  -- Foreign currency national scale deposit rating to Aa3.uy from
     A2.uy

Credit Uruguay Banco S.A.

  -- Foreign currency deposit rating to Ba2/NP from B1/NP, stable
     outlook

  -- Foreign currency national scale deposit rating to Aa3.uy from
     A2.uy

Lloyds TSB Bank plc (Uruguay)

  -- Local currency deposit rating to A3/P-2 from Baa2/P-2, stable
     outlook

  -- Foreign currency deposit rating to Ba2/NP from B1/NP, stable
     outlook

  -- Foreign currency national scale deposit rating to Aa3.uy from
     A2.uy


BANCO SANTANDER: Moody's Upgrades Bank Strength Rating to 'D+'
--------------------------------------------------------------
Moody's Investors Service upgraded the bank financial strength
rating of Banco Santander (Uruguay) S.A. to D+ (plus) from D, with
a stable outlook.  At the same time, Moody's upgraded BSU's long-
and short-term global local-currency deposit ratings to
Baa3/Prime-3 from Ba1/Not Prime.  The local currency deposit
rating in national scale rating was raised to Aa1.uy from Aa2.uy.

Moody's also upgraded to Ba2/Not Prime, from B1/Not Prime, and to
Aa3.uy, from A2.uy, the foreign currency deposit ratings on its
global and national scales, respectively, in response to the
upgrade of the Uruguayan country ceiling for foreign currency
deposits to Ba2 from B1, and which constrains BSU's ratings.

The outlook on all the ratings is stable.

These ratings of Banco Santander (Uruguay) S.A. were upgraded:

  -- Bank Financial Strength Rating to D+ from D, stable outlook

  -- Long- and short-term global local-currency deposit rating to
     Baa3/P-3 from Ba1/NP, stable outlook

  -- Long-term national scale local-currency deposit rating to
     Aa1.uy from Aa2.uy

  -- Foreign currency deposit rating to Ba2/NP from B1/NP, stable
     outlook

  -- Foreign currency national scale deposit rating to Aa3.uy from
     A2.uy

                        Ratings Rationale

The D+ BFSR reflects BSU's enhanced franchise, as suggested by its
market shares of 18.8% of the system's loans and 17.4% of
deposits, as of September 2010, and which positions the bank as
the largest private sector bank in the Uruguayan financial system.
BSU's ranking has been strengthened since its acquisition of ABN
Amro's operations in 2008 and by its increasing focus on consumer
banking and commercial lending, both of which contributes to
earnings recurrence.

Moody's noted that BSU's base of retail and small commercial
depositors has continued to grow in 2010, and now accounts for 73%
of the bank's total deposits; by and large, these are stable and
inexpensive funding sources that also provide important liquidity
cushion to the bank, although they contribute a small share of the
loans.  A large part of BSU's earnings are generated by its well
established corporate lending and cash management businesses.  As
a result, asset quality indicators have remained sound, also
reflecting risk management policies that are aligned to those of
the parent bank, Banco Santander Spain.

The supportive operating environment and the growth prospects of
the Uruguyan economy should offer BSU opportunities for further
growth.  Nevertheless, Moody's notes that the low loan penetration
and high dollarization in the banking system continues to
challenge BSU and its peers.

Moody's Baa3 global local-currency deposit rating incorporates
Santander's baseline credit assessment of Ba1, as well as Moody's
assessment of the probability of modest support from its parent,
Banco Santander (Spain), currently rated Aa2.

Banco Santander (Uruguay) S.A. is headquartered in Montevideo,
Uruguay, and it had assets of Ur$86.1 billion, loans for Ur$66.6
billion and a net worth of Ur$ 9.7 billion as of September 2010.


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


CL FINANCIAL: Appeal Court Sides With CLICO Investment Manager
--------------------------------------------------------------
Jensen LaVende at Trinidad Express reports that three Appeal Court
judges ruled that Carl Hiralal, the government-appointed manager
of CLICO Investment Bank, had the authority to wind up the failed
subsidiary of the CL Financial Limited Group.  CLICO Investment
Bank is a subsidiary of CL Financial.

According to Trinidad Express, in an oral ruling on December 12,
2010, Chief Justice Ivor Archie agreed with High Court Judge
Ronnie Boodoosingh's decision that Mr. Hiralal had the power to
wind up the company to pay off its debts.

The decision, Trinidad Express notes, was appealed by two State
companies, the National Gas Company (NGC) and the National
Insurance Board (NIB), which had a combined investment of TT$1.8
billion in CIB.  The report relates that also adjudicating the
matter were appeal judges Humphrey Stollmeyer and Wendell
Kangaloo.

The judges also ruled that Judge Boodoosingh was wrong not to have
heard arguments from attorneys representing the two companies on
the issue before making his ruling, the report says.

CIB was one of the first casualties of the collapse of the
conglomerate in January 2009.  Both State companies are seeking to
stop a petition in the High Court which seeks to wind up the
assets of CIB, Trinidad Express discloses.

Trinidad Express says that the matter was then referred to the
High Court to be heard following the outcome of another similar
motion filed by the two State companies where they claim the
investments in CIB held by both companies, an Investment Note
Certificate, should be treated as a deposit in the company and
therefore not be eligible for liquidation.  This means that the
companies would be guaranteed their TT$1.8 billion, the report
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.


                            ***********

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, Ivy B. Magdadaro, 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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