TCRLA_Public/110112.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, January 12, 2011, Vol. 12, No. 8

                            Headlines



A R G E N T I N A

ASISGER SRL: Asks for Bankruptcy Proceedings
BANCO DE SERVICIOS: Moody's Puts Rating on Currency Deposit at B2
CAMINOS DEL COMAHUE: Requests for Bankruptcy Proceedings
CORPORACION DEL: Creditors' Proofs of Debt Due March 15
DX2 PUBLICIDAD: Creditors' Proofs of Debt Due February 25

GREEN OIL: Creditors' Proofs of Debt Due April 4
LINDBERG ARGENTINA: Asks for Bankruptcy Proceedings
SCROLL INTERNATIONAL: Creditors' Proofs of Debt Due March 9
SICIALL SA: Applies for Reorganization
TERMINACIONES ARTESANALES: Creditors' Proofs of Debt Due April 5

ZARATE PORT: Asks for Bankruptcy Proceedings


B E R M U D A

EAST LONDON: Placed Under Voluntary Wind-Up
MERNA REINSURANCE: Creditors' Proofs of Debt Due January 14
MERNA REINSURANCE: Members' Final Meeting Set for February 4
SES HOLDINGS: Creditors' Proofs of Debt Due January 14
SES HOLDINGS: Members' Final Meeting Set for February 4


C A Y M A N  I S L A N D S

APOLLO INC: Creditors' Proofs of Debt Due January 21
APPLETON UNIVERSAL: Creditors' Proofs of Debt Due January 19
BRIGADIER CAPITAL: Creditors' Proofs of Debt Due January 19
COMMONFUND INDEX: Creditors' Proofs of Debt Due January 19
COMMONFUND INDEX: Creditors' Proofs of Debt Due January 19

CREDIT ASIA: Creditors' Proofs of Debt Due January 19
DIAPASON L/S: Creditors' Proofs of Debt Due January 19
ENVISION CAYMAN: Creditors' Proofs of Debt Due January 19
ENVISION MASTER: Creditors' Proofs of Debt Due January 19
HORTI LIMITED: Placed Under Voluntary Wind-Up

INVESTCORP MENA: Creditors' Proofs of Debt Due January 18
K2 CAPITAL: Placed Under Voluntary Wind-Up
LINCOLN VALE: Creditors' Proofs of Debt Due January 20
LINCOLN VALE: Creditors' Proofs of Debt Due January 20
LIONGATE DISTRESSED: Creditors' Proofs of Debt Due January 19

LIONGATE MULTI-STRATEGY: Creditors' Proofs of Debt Due January 19
LLAMA INC: Creditors' Proofs of Debt Due January 21
LUGANO HOLDING: Creditors' Proofs of Debt Due January 19
M. SAFRA: Commences Liquidation Proceedings
NOS ASIA: Commences Liquidation Proceedings

NOS ASIA: Commences Liquidation Proceedings
PENINSULA INC: Creditors' Proofs of Debt Due January 21
R-ONE JOTO: Commences Liquidation Proceedings
R-ONE KOKURA: Commences Liquidation Proceedings
SANS SOUCI: Placed Under Voluntary Wind-Up

SCIVEST GLOBAL: Creditors' Proofs of Debt Due January 19
TRICO MARINE: January 31 Hearing on Key Settlement
TRICO MARINE: Alleghany Corp. Ceases to Own Common Shares
STARTS CAYMAN: Moody's Downgrades AUD70 Million Notes  to C(sf)
WEST LAKE: Creditors' Proofs of Debt Due January 19

WIMBLEDON HDN: Commences Liquidation Proceedings


J A M A I C A

AIR JAMAICA: To Relocate Head Offices to Norman Manley Airport
JAMAICA RAILWAY: Seeks Bidders for Henderson Property


M E X I C O

VITRO SAB: Mexico Judge Rejects Bankruptcy Plan
VITRO SAB: No Ruling on Change of Venue Issue So Far


P U E R T O  R I C O

CARIBBEAN PETROLEUM: US Trustee Forms New 3-Member Creditors Panel
REITTER CORP: Gets Court OK to Use Cash Collateral Until Feb. 28


X X X X X X X X

* Moody's: Global Default Rate Fell to 3.1% in Fourth Quarter
* S&P's Global Corporate Default Tally at 77 in 2010




                            - - - - -


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


ASISGER SRL: Asks for Bankruptcy Proceedings
--------------------------------------------
Asisger SRL asked for bankruptcy proceedings.


BANCO DE SERVICIOS: Moody's Puts Rating on Currency Deposit at B2
-----------------------------------------------------------------
Moody's Investors Service has assigned a bank financial strength
rating of E+ to Banco de Servicios y Transacciones S.A.  Moody's
has also assigned the bank long- and short-term global local-
currency deposit ratings of B2 and Not Prime, respectively, as
well as long- and short-term foreign-currency deposit ratings of
Caa1 and Not Prime, respectively.

At the same time, Moody's has assigned an A1.ar local-currency
deposit rating and a Ba1.ar foreign-currency deposit rating to the
bank on the Argentine national scale.

The outlook on all the ratings is stable.

The following ratings have been assigned to Banco de Servicios y
Transacciones S.A.:

* Bank Financial Strength Rating: E+, stable outlook

* Long- and short-term global local-currency deposit rating: B2
   and Not Prime, stable outlook

* Long- and short-term global foreign-currency deposit rating:
   Caa1 and Not Prime, stable outlook

* Long-term national scale local-currency deposit rating: A1.ar

* Long-term national scale foreign-currency deposit rating:
   Ba1.ar

* AR$500 million global medium-term note multicurrency program:

* Long-term global foreign-currency debt rating: (P)B2, stable
   outlook

* Long-term global local-currency debt rating: (P)B2, stable
   outlook

* National scale rating foreign-currency debt rating: A1.ar

* National scale rating local-currency debt rating: A1.ar

* AR$50 million senior notes

* Global local-currency debt rating: B3, stable outlook

* National scale rating for local currency debt: A2.ar

Moody's says, "The BFSR largely derives from the bank's very
modest franchise, which is reflected in the small size of its
balance sheet, still limited earnings generation, as well as its
small participation in Argentina's deposit market (a 0.2% share).
BST's business focus has been transitioning from wholesale and
commercial banking towards consumer finance, and particularly
payroll lending, following the merger with its sister company,
Credilogros Compania Financiera S.A. in January 2010."

Moody's noted that the combination has added a network of 30
branches to BST's operations and is intended to help diversify its
deposit base, which is concentrated and predominantly wholesale
funded.  BST's funding is mainly short-term and sourced from
wholesale depositors, including a relevant portion that is
supplied by related parties, with its top 10 depositors accounting
for 66% of total deposits as of September 2010.  Moreover, the
bank has traditionally relied on securitizations of its performing
loan book in order to fund its business, and is also very active
in repurchase agreements with government securities.

Moody relates "The ratings also incorporate the bank's weak asset
quality, as indicated by a high non-performing loan ratio of 9.4%
as of September 2010, which is in part explained by the sale of
performing loans to trusts.  We anticipate that Credilogros could
contribute to improve the granularity of BST's loan portfolio, as
consumer lending grows."

Moody's noted BST's modest capitalization, which when adjusted for
the securitized assets, would position its Tier one capital ratio
below its reported. Because of the high delinquency of its loan
book and modest profitability, a thin capital cushion provides
less protection to bondholders.

Moody says, "The B2 global local-currency deposit rating is
derived from BST's unsupported baseline credit assessment of B2.
Because we assess a low probability of systemic support as a
consequence of its small market share in terms of deposits, the
bank's deposit rating does not benefit from any systemic uplift,
and remains at B2."

Moody's has also assigned (P)B2 local-and foreign- currency debt
ratings to BST AR$500 million global medium-term note program. The
program allows for multi-currency debt issuances. Local- and
foreign-currency debt ratings of A1.ar were assigned to the
program on the national scale.

Additionally, Moody's has assigned B3 global local-currency and
A2.ar national scale local-currency debt ratings to the proposed
AR$50 million subordinated bonds due in 2018, to be issued under
the program.

Moody's National Scale Ratings are intended as relative measures
of creditworthiness among debt issues and issuers within a
country, enabling market participants to better differentiate
relative risks.  NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country.  NSRs are designated
by a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico. For further information on Moody's approach
to national scale ratings, please refer to Moody's Rating
Implementation Guidance published in August 2010 entitled "Mapping
Moody's National Scale Ratings to Global Scale Ratings."

Banco de Servicios y Transacciones is headquartered in Buenos
Aires, Argentina, and had AR$1.053 million in assets, AR$551.7
million in deposits and a net worth of AR$78.2 million as of
September 2010.  The bank has a branch-network of 30 branches, 16
of them located in greater Buenos Aires.


CAMINOS DEL COMAHUE: Requests for Bankruptcy Proceedings
--------------------------------------------------------
Caminos del Comahue SA requested for the opening of bankruptcy
proceedings.


CORPORACION DEL: Creditors' Proofs of Debt Due March 15
-------------------------------------------------------
Alberto Jorge Rotenberg, the court-appointed trustee for
Corporacion del Sud SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until March 15, 2011.

Mr. Rotenberg 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. 49, 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:

         Alberto Jorge Rotenberg
         Avenida Cordoba 1336
         Argentina


DX2 PUBLICIDAD: Creditors' Proofs of Debt Due February 25
---------------------------------------------------------
Sonia Luisa Scotti, the court-appointed trustee for DX2 Publicidad
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until February 25, 2011.

Ms. Scotti will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 39, 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:

         Sonia Luisa Scotti
         Bartolome Mitre 3419
         Argentina


GREEN OIL: Creditors' Proofs of Debt Due April 4
------------------------------------------------
Susana Ruth Zapata, the court-appointed trustee for Green Oil SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until April 4, 2011.

Ms. Zapata 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. 28, 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:

         Susana Ruth Zapata
         Avenida Presidente Roque Saenz Pena 651
         Argentina


LINDBERG ARGENTINA: Asks for Bankruptcy Proceedings
---------------------------------------------------
Lindberg Argentina SA asked for bankruptcy proceedings.


SCROLL INTERNATIONAL: Creditors' Proofs of Debt Due March 9
-----------------------------------------------------------
Alicia Gloria Zurron, the court-appointed trustee for Scroll
International SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until March 9, 2011.

Ms. Zurron 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. 49, 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 Gloria Zurron
         Avenida Corrientes 2963
         Argentina


SICIALL SA: Applies for Reorganization
--------------------------------------
Siciall SA applied for reorganization proceedings.  The company
stopped making payments last November 8.


TERMINACIONES ARTESANALES: Creditors' Proofs of Debt Due April 5
----------------------------------------------------------------
Dora Magdalena Paiva, the court-appointed trustee for
Terminaciones Artesanales SRL's bankruptcy proceedings, will be
verifying creditors' proofs of claim until April 5, 2011.

Ms. Paiva will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 8 in
Buenos Aires, with the assistance of Clerk No. 16, 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:

         Dora Magdalena Paiva
         Rivadavia 986
         Argentina


ZARATE PORT: Asks for Bankruptcy Proceedings
--------------------------------------------
Zarate Port SA asked for bankruptcy proceedings.  The company
stopped making payments last May 30.


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


EAST LONDON: Placed Under Voluntary Wind-Up
-------------------------------------------
On December 23, 2010, a wind-up order was made against East London
Bus Group International Holdings Limited.

Michael Morrison and Charles Thresh were appointed as joint
provisional liquidators.


MERNA REINSURANCE: Creditors' Proofs of Debt Due January 14
-----------------------------------------------------------
The creditors of Merna Reinsurance Ltd. are required to file their
proofs of debt by January 14, 2011, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


MERNA REINSURANCE: Members' Final Meeting Set for February 4
------------------------------------------------------------
The members of Merna Reinsurance Ltd. will hold their final
meeting on February 4, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


SES HOLDINGS: Creditors' Proofs of Debt Due January 14
------------------------------------------------------
The creditors of SES Holdings (Bermuda) Limited are required to
file their proofs of debt by January 14, 2011, to be included in
the company's dividend distribution.

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

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


SES HOLDINGS: Members' Final Meeting Set for February 4
-------------------------------------------------------
The members of SES Holdings (Bermuda) Limited will hold their
final meeting on February 4, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


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


APOLLO INC: Creditors' Proofs of Debt Due January 21
----------------------------------------------------
The creditors of Apollo Inc. Ltd. are required to file their
proofs of debt by January 21, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 26,
2010.

The company's liquidator is:

         Paget-Brown Trust Company Ltd.
         c/o Vashti Ramgeet
         Telephone: (345)-949-5122
         Facsimile: (345)-949-7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


APPLETON UNIVERSAL: Creditors' Proofs of Debt Due January 19
------------------------------------------------------------
The creditors of Appleton Universal Fund Limited are required to
file their proofs of debt by January 19, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on November 30,
2010.

The company's liquidator is:

         Graham Robinson
         Telephone: (345) 949 7576
         Facsimile:  (345) 949 8295
         P.O. Box 897, Windward 1, Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


BRIGADIER CAPITAL: Creditors' Proofs of Debt Due January 19
-----------------------------------------------------------
The creditors of Brigadier Capital Master Fund Ltd. are required
to file their proofs of debt by January 19, 2011, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on November 24,
2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


COMMONFUND INDEX: Creditors' Proofs of Debt Due January 19
----------------------------------------------------------
The creditors of Commonfund Index Plus Company, SPC are required
to file their proofs of debt by January 19, 2011, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on November 23,
2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


COMMONFUND INDEX: Creditors' Proofs of Debt Due January 19
----------------------------------------------------------
The creditors of Commonfund Index Plus Absolute Return Fund
Limited are required to file their proofs of debt by January 19,
2011, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on November 23,
2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


CREDIT ASIA: Creditors' Proofs of Debt Due January 19
-----------------------------------------------------
The creditors of Credit Asia Capital Offshore Fund Ltd. are
required to file their proofs of debt by January 19, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on November 29,
2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


DIAPASON L/S: Creditors' Proofs of Debt Due January 19
------------------------------------------------------
The creditors of Diapason L/S Agriculture Commodity Fund are
required to file their proofs of debt by January 19, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on November 30,
2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


ENVISION CAYMAN: Creditors' Proofs of Debt Due January 19
---------------------------------------------------------
The creditors of Envision Cayman Fund, Ltd. are required to file
their proofs of debt by January 19, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 29,
2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


ENVISION MASTER: Creditors' Proofs of Debt Due January 19
---------------------------------------------------------
The creditors of Envision Master Fund Ltd. are required to file
their proofs of debt by January 19, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 29,
2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


HORTI LIMITED: Placed Under Voluntary Wind-Up
---------------------------------------------
On November 30, 2010, the sole shareholder of Horti Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
January 11, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487
         Grand Cayman  KY1-1106
         Cayman Islands
         Telephone:  345 949-7128


INVESTCORP MENA: Creditors' Proofs of Debt Due January 18
---------------------------------------------------------
The creditors of Investcorp Mena Investments Limited are required
to file their proofs of debt by January 18, 2011, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on November 30,
2010.

The company's liquidator is:

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


K2 CAPITAL: Placed Under Voluntary Wind-Up
------------------------------------------
On November 25, 2010, the sole shareholder of K2 Capital Partners
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 28, 2010, will be included in the company's dividend
distribution.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile:  (345) 949 2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


LINCOLN VALE: Creditors' Proofs of Debt Due January 20
------------------------------------------------------
The creditors of Lincoln Vale Asia Macro Fund (Offshore) Limited
are required to file their proofs of debt by January 20, 2011, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on November 29,
2010.

The company's liquidator is:

         Highwater Limited
         c/o Nicole Ebanks
         Telephone: (345) 943 2295
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre, 1st Floor
         802 West Bay Road
         P.O. Box   31855, Grand Cayman KY1-1207
         Cayman Islands


LINCOLN VALE: Creditors' Proofs of Debt Due January 20
------------------------------------------------------
The creditors of Lincoln Vale Asia Macro Fund (US) LP are required
to file their proofs of debt by January 20, 2011, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on November 29,
2010.

The company's liquidator is:

         Highwater Limited
         c/o Nicole Ebanks
         Telephone: (345) 943 2295
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre, 1st Floor
         802 West Bay Road
         P.O. Box   31855, Grand Cayman KY1-1207
         Cayman Islands


LIONGATE DISTRESSED: Creditors' Proofs of Debt Due January 19
-------------------------------------------------------------
The creditors of Liongate Distressed Opportunity Fund are required
to file their proofs of debt by January 19, 2011, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on November 23,
2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


LIONGATE MULTI-STRATEGY: Creditors' Proofs of Debt Due January 19
-----------------------------------------------------------------
The creditors of Liongate Multi-Strategy Feeder Fund are required
to file their proofs of debt by January 19, 2011, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on November 26,
2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


LLAMA INC: Creditors' Proofs of Debt Due January 21
---------------------------------------------------
The creditors of Llama Inc. Ltd. are required to file their proofs
of debt by January 21, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on November 26,
2010.

The company's liquidator is:

         Paget-Brown Trust Company Ltd.
         c/o Vashti Ramgeet
         Telephone: (345)-949-5122
         Facsimile: (345)-949-7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


LUGANO HOLDING: Creditors' Proofs of Debt Due January 19
--------------------------------------------------------
The creditors of Lugano Holding Company Ltd. are required to file
their proofs of debt by January 19, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 25,
2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


M. SAFRA: Commences Liquidation Proceedings
-------------------------------------------
On October 20, 2010, the sole shareholder of M. Safra Liquidity
Fund resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
January 10, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


NOS ASIA: Commences Liquidation Proceedings
-------------------------------------------
On November 29, 2010, Nos Asia Fund commenced liquidation
proceedings.

Only creditors who were able to file their proofs of debt by
January 10, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106
         Grand Cayman KY1-1205
         Cayman Islands


NOS ASIA: Commences Liquidation Proceedings
-------------------------------------------
On November 29, 2010, Nos Asia Master Fund commenced liquidation
proceedings.

Only creditors who were able to file their proofs of debt by
January 10, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106
         Grand Cayman KY1-1205
         Cayman Islands


PENINSULA INC: Creditors' Proofs of Debt Due January 21
-------------------------------------------------------
The creditors of Peninsula Inc. Ltd. are required to file their
proofs of debt by January 21, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 26,
2010.

The company's liquidator is:

         Paget-Brown Trust Company Ltd.
         c/o Vashti Ramgeet
         Telephone: (345)-949-5122
         Facsimile: (345)-949-7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


R-ONE JOTO: Commences Liquidation Proceedings
---------------------------------------------
On November 29, 2010, the sole shareholder of R-One Joto Holdings
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
January 19, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


R-ONE KOKURA: Commences Liquidation Proceedings
-----------------------------------------------
On November 29, 2010, the sole shareholder of R-One Kokura
Holdings resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
January 19, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


SANS SOUCI: Placed Under Voluntary Wind-Up
------------------------------------------
On November 24, 2010, the shareholders of Sans Souci Holdings
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 31, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170
         Grand Cayman KY1-1102
         Cayman Islands


SCIVEST GLOBAL: Creditors' Proofs of Debt Due January 19
--------------------------------------------------------
The creditors of Scivest Global Net Short Equity Fund are required
to file their proofs of debt by January 19, 2011, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on November 26,
2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


TRICO MARINE: January 31 Hearing on Key Settlement
--------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Trico Marine Services, Inc., will be facing
objections from the U.S. Trustee and Arrowgrass Capital Partners
at the January 31 hearing to a settlement with holders of
US$400 million in 11.875% secured notes issued by non-bankrupt
Trico operating companies that would grant the noteholders
ownership of the non-bankrupt unit that provides subsea services.

Mr. Rochelle relates that like Arrowgrass, the U.S. Trustee
contends that the settlement can't be approved without the
protections accompanying the confirmation of a Chapter 11 plan.
The U.S. Trustee, the bankruptcy watchdog for the U.S. Justice
Department, points out how the largest asset of the bankrupt Trico
companies is US$525 million owing by the non-bankrupt
subsidiaries, which would be spun off in the settlement to holders
of the high yield notes.  In return, the bankrupt Trico companies
would receive warrants for 5% of the common stock issued in the
spinoff.

Opposing the settlement short of inclusion in a Chapter 11 plan,
the U.S. Trustee says it would "strip the debtor estates of their
most valuable assets primarily for the benefit of high yield
noteholders and the debtor's insider."  The settlement would
dictate the outcome of the case "for the remaining creditor body,"
the U.S. Trustee said.

                         About Trico Marine

Headquartered in Texas, Trico Marine Services, Inc. --
http://www.tricomarine.com/-- provides subsea services, subsea
trenching and protection services, and towing and supply vessels.
Trico filed for Chapter 11 protection on August 25, 2010 (Bankr.
D. Del. Case No. 10-12653).  John E. Mitchell, Esq., Angela B.
Degeyter, Esq., and Harry A. Perrin, Esq., at Vinson & Elkins LLP,
assist the Debtor in its restructuring effort.  The Debtor
disclosed US$30,562,681 in assets and US$353,606,467 in
liabilities as of the Petition Date.

Affiliates Trico Marine Assets, Inc. (Bankr. D. Del. Case No.
10-12648), Trico Marine Operators, Inc. (Case No. 10-12649), Trico
Marine International, Inc. (Case No. 10-12650), Trico Marine
Cayman, L.P. (Case No. 10-12651), and Trico Holdco, LLC (Case No.
10-12652) filed separate Chapter 11 petitions.

Cahill Gordon & Reindell LLP is the Debtors' special counsel.
Alix Partners Services, LLC, is the Debtors' chief restructuring
officer.  Epiq Bankruptcy Solutions is the Debtors' claims and
notice agent.  Postlethwaite & Netterville serves as the Debtors'
accountant and Ernst & Young LLP serves as tax advisors.
Pricewaterhousecoopers LLC provides the independent accountants
and tax advisors for the Debtors.

Aside from the Cayman Islands holding company, Trico's foreign
subsidiaries were not included in the filing and will not be
subject to the requirements of the U.S. Bankruptcy Code.


TRICO MARINE: Alleghany Corp. Ceases to Own Common Shares
---------------------------------------------------------
In a regulatory filing Thursday, Alleghany Corporation, et al.,
disclose that, as of December 31, 2010, they have ceased to
beneficially own any shares of Trico Marine Services, Inc.'s
Common Stock, Par Value US$0.01.

In light of the change in beneficial ownership as reported in this
Final Amendment to Schedule 13G, the Reporting Persons have no
further reporting obligations on Schedule 13G with respect to the
Common Stock.

The complete names of the Reporting Persons are:

   Alleghany Corporation
   Alleghany Insurance Holdings LLC
   Alleghany Capital Partners LLC
   Capitol Transamerica Corporation
   Pacific Compensation Corporation
   Platte River Insurance Company
   RSUI Group, Inc.
   Capitol Indemnity Corporation
   Capitol Specialty Insurance Corporation
   Pacific Compensation Insurance Company
   RSUI Indemnity Company

A full-text copy of the SC13G Final Amendment is available for
free at http://researcharchives.com/t/s?71ea

                       About Trico Marine

Headquartered in Texas, Trico Marine Services, Inc. --
http://www.tricomarine.com/-- provides subsea services, subsea
trenching and protection services, and towing and supply vessels.
Trico filed for Chapter 11 protection on August 25, 2010 (Bankr.
D. Del. Case No. 10-12653).  John E. Mitchell, Esq., Angela B.
Degeyter, Esq., and Harry A. Perrin, Esq., at Vinson & Elkins LLP,
assist the Debtor in its restructuring effort.  The Debtor
disclosed US$30,562,681 in assets and US$353,606,467 in
liabilities as of the Petition Date.

Affiliates Trico Marine Assets, Inc. (Bankr. D. Del. Case No.
10-12648), Trico Marine Operators, Inc. (Case No. 10-12649), Trico
Marine International, Inc. (Case No. 10-12650), Trico Marine
Cayman, L.P. (Case No. 10-12651), and Trico Holdco, LLC (Case No.
10-12652) filed separate Chapter 11 petitions.

Cahill Gordon & Reindell LLP is the Debtors' special counsel.
Alix Partners Services, LLC, is the Debtors' chief restructuring
officer.  Epiq Bankruptcy Solutions is the Debtors' claims and
notice agent.  Postlethwaite & Netterville serves as the Debtors'
accountant and Ernst & Young LLP serves as tax advisors.
Pricewaterhousecoopers LLC provides the independent accountants
and tax advisors for the Debtors.

Aside from the Cayman Islands holding company, Trico's foreign
subsidiaries were not included in the filing and will not be
subject to the requirements of the U.S. Bankruptcy Code.


STARTS CAYMAN: Moody's Downgrades AUD70 Million Notes  to C(sf)
---------------------------------------------------------------
Moody's Investors Service disclosed the following rating action on
the notes issued by Starts (Cayman) Limited.  The transaction is a
synthetic CDO referencing a managed portfolio of corporate
entities.

Issuer: Starts (Cayman) Limited

  * Series 2005-5 AUD70,000,000 Rated TIGERS Credit-Linked Notes
    due 2013, Downgraded to C (sf); previously on February 13,
    2009 Downgraded to Ca (sf)


WEST LAKE: Creditors' Proofs of Debt Due January 19
---------------------------------------------------
The creditors of West Lake Holding Company Ltd. are required to
file their proofs of debt by January 19, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on November 25,
2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


WIMBLEDON HDN: Commences Liquidation Proceedings
------------------------------------------------
On November 24, 2010, the sole shareholder of Wimbledon HDN
Leveraged Fund Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
January 10, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


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


AIR JAMAICA: To Relocate Head Offices to Norman Manley Airport
--------------------------------------------------------------
RadioJamaica reports that Air Jamaica Limited's head offices will
be at a new location effective Monday, January 10, 2011.

The airline disclosed on the weekend that it is moving from the
building at 72 Harbour Street in downtown Kingston to the Norman
Manley International Airport, according to RadioJamaica.  The
report relates that the change comes as Caribbean Airlines
prepares to formally assume ownership of Air Jamaica's assets.

RadioJamaica notes that the transition process is expected to be
completed by April 30.

                      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.


JAMAICA RAILWAY: Seeks Bidders for Henderson Property
-----------------------------------------------------
RadioJamaica reports that the Jamaica Railway Corporation is set
to rake in nearly JM$200 million from the sale of lands which it
owns in St. Catherine.  The report relates that the entity is
seeking offers for the 113 acre property in Port Henderson.

It has set a reserve price of JM$185 million, according to
RadioJamaica.

Interested persons have until January 21, 2011 to submit offers
which should indicate the proposed use of the property which runs
from Port Henderson to Green Bay and south west of the roundabout
at the Forum Hotel, the report notes.

RadioJamaica discloses that the divestment is being carried out as
JRC officials make final preparations to have the trains rolling
again by next month.

Last month, the report recounts, JRC Chairman Barry Bonitto
confirmed that crews from the Corporation have begun track repairs
ahead of the startup.  RadioJamaica relates that Mr. Bonitto said
the JRC has identified a route and a program is underway to
relocate persons squatting near rail lines.

                   About Jamaica Railway Corporation

The Jamaica Railway Corporation was established under the Jamaica
Railway Corporation Act.  The corporation is established to
control the expenditure of the corporation whether on revenue or
capital account; to ensure that the annual revenues of the
corporation are sufficient to meet all charges properly chargeable
to revenue; and to direct and control any expansion or extension
of the railway and the construction of any new railway.

                              *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 20, 2010, RadioJamica said that the Transport Minister has
confirmed the resignation of Harold Brady, as Chairman of the
Board of the Jamaica Railway Corporation.  The report related that
Mr. Brady's departure comes more than two months before the
October 31 expiration of the life of the Board of the JRC.
According to RadioJamiaca, Mr. Brady's resignation caused some
concern among government officials, as his departure brought an
abrupt halt to the Transport Ministry's plans to divest the
"failing" JRC as quickly as possible.  The report recounts that
the Railway Corporation ceased operations several years ago and is
now on the list of entities to be merged and retained by the
Transport Ministry.


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


VITRO SAB: Mexico Judge Rejects Bankruptcy Plan
-----------------------------------------------
Thomas Black at Bloomberg News reports that Vitro, S.A.B. de C.V
said that a Mexican judge rejected a bankruptcy plan the company
filed in a Monterrey court.  The company plans to appeal the
judge's decision to dismiss the petition for bankruptcy, Vitro
said in an e-mailed statement obtained by the news agency.

According to Bloomberg, the judge, Francisco Flores of the federal
district court in Monterrey, in December accepted an involuntary
bankruptcy petition from a group of creditors that said it
represents holders of US$700 million of the bonds.

Bloomberg notes that Vitro SAB submitted to the Mexican court a
plan that was voted down by a majority of bondholders in December.

The company said it had majority support for the proposal after
including the votes from US$1.9 billion of intercompany debt,
Bloomberg says.

In the plan, Bloomberg notes, Vitro SAB offered US$850 million of
new bonds and US$100 million of debt convertible to shares in
exchange for US$1.5 billion of defaulted debt, including the
dollar bonds, Mexican peso bonds, debt from derivative losses and
other liabilities.

                         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
MXN23,991 million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and is now seeking to
restructure around US$1.5 billion in debt, including US$1.2
billion in notes.

Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders.  The tender offer would 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 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 US$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 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.  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.

Vitro SAB also commenced parallel proceedings under Chapter 15 of
the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in
Manhattan on December 13, 2010, to seek U.S. recognition and
deference to its bankruptcy proceedings in Mexico.

Alejandro Francisco Sanchez-Mujica, as foreign representative of
Vitro, has asked 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 SAB: No Ruling on Change of Venue Issue So Far
----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Judge Russell F. Nelms in Fort Worth, Texas, held a
hearing on January 6 on the change-of-venue issue for the U.S.
side of the reorganization of Vitro SAB -- (i) a request of
bondholders to transfer the Chapter 15 case filed by Vitro SAB in
Manhattan to Texas, where involuntary Chapter 11 petitions were
filed against U.S. affiliates of Vitro prior to the Chapter 11
filing and (ii) a cross motion by Vitro to transfer the Texas
involuntary cases to New York.

Judge Nelms did not rule on the change-of-venue issue at the end
of the hearing.  Judge Nelms did clarify a prior ruling by saying
that the contending parties could ask the New York bankruptcy
judge to terminate or confirm attachments that some noteholders
obtained from a state court in New York attempting to recover on
the defaulted bonds.  The state court suits had been shifted to
the bankruptcy court.

                 Ruling on Dismissal Without Trial

Mr. Rochelle relates that Vitro, saying there are no disputed
facts, filed a motion on Jan. 5 in Fort Worth for summary judgment
dismissing involuntary Chapter 11 petitions filed against the U.S.
subsidiaries.  Unless summary judgment is granted in favor of
Vitro, Judge Nelms already scheduled a trial to begin in Fort
Worth on Feb. 10 to decide if the subsidiaries can be thrown into
Chapter 11 involuntarily.

While not disputing that the US$1.2 billion in bonds have been in
default for about two years, Vitro nonetheless contends the
involuntary petitions must be dismissed.  Vitro argues that a
required demand for payment was never made before the petitions
were filed.  Without such a demand, Vitro takes the position that
the subsidiaries have no liability on their guarantees of the
bonds.

Vitro's second argument is based on provisions in the bonds
limiting each subsidiary's guarantee to an amount that won't make
the guarantee voidable as a fraudulent transfer.  For that reason,
Vitro contends the amount of the debt is "uncertain," again
precluding the bond default from being the basis for an
involuntary petition.

                         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
MXN23,991 million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and is now seeking to
restructure around US$1.5 billion in debt, including US$1.2
billion in notes.

Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders.  The tender offer would 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 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 US$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 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.  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.

Vitro SAB also commenced parallel proceedings under Chapter 15 of
the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in
Manhattan on December 13, 2010, to seek U.S. recognition and
deference to its bankruptcy proceedings in Mexico.

Alejandro Francisco Sanchez-Mujica, as foreign representative of
Vitro, has asked 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.


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


CARIBBEAN PETROLEUM: US Trustee Forms New 3-Member Creditors Panel
------------------------------------------------------------------
Roberta A. DeAngelis, the United States Trustee for Region 3, has
filed an amended notice of appointment the Committee of Unsecured
Creditors in the Chapter 11 cases of Caribbean Petroleum Corp. and
its debtor-affiliates.

PDCM Associates resigned from the Committee effective October 19,
2010, and Landron & Vera, LLP was removed from the Committee
effective October 26, 2010.

The new Committee Members are:

(1) Jesus Trilla Case
   c/o Jose Hernandez Mayoral
   206 Tetuan,  Suite 702
   San Juan, PR 00901
   Tel: (787) 722-7782
   Fax: (787) 722-7786

(2) Anderson Mulholland & Associates, Inc.
   Attn: Ellen Ivens
   110 Corporate Park Dr., Suite 202
   White Plains, NY 10604
   Tel: (914) 251-0400
   Fax: (914) 251-1286

(3) National Response Corp.
   Attn: Christopher J. Ward
   3500 Sunrise Highway, Suite 103
   Great River, NY 11935
   Tel: (631) 224-9141
   Fax: (631) 224-9082

                    About Caribbean Petroleum

San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products.  Caribbean Petroleum sought Chapter 11
protection (Bankr. D. Del. Case No. 10-12553) on August 12, 2010,
nearly 10 months after a massive explosion at its major
Puerto Rican fuel storage depot virtually shut down the
company's operations.  The Debtor estimated assets of
US$100 million to US$500 million and debts of US$500 million to
US$1 billion as of the Petition Date.

Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on August 12, 2010.

John J. Rapisardi, Esq., George A. Davis, Esq., and Zachary A.
Smith, Esq. at Cadwalader, Wickersham & Taft LLP serve as lead
counsel to the Debtors, and Mark D. Collins, Esq., and Jason M.
Madron, Esq., at Richards, Layton & Finger, P.A., serve as local
counsel.  The Debtors' financial advisor is FTI Consulting Inc.
The Debtors' chief restructuring officer is Kevin Lavin of FTI
Consulting Inc.  Kurtzman Carson Consultants LLC serves as the
noticing, claims and balloting agent.

Dow Jones' Daily Bankruptcy Review, citing court papers, said Puma
Energy International BV has been declared the winning bidder in a
bankruptcy sale of the Debtors' assets, with an offer of US$82
million.


REITTER CORP: Gets Court OK to Use Cash Collateral Until Feb. 28
----------------------------------------------------------------
Reitter Corporation sought and obtained authorization from the
Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court for
the District of Puerto Rico to use the cash collateral until
February 28, 2011.  The Debtor had reached a stipulation with
Banco Popular de Puerto Rico and the Internal Revenue Services on
the use of cash collateral.

On September 1, 2010, the Debtor and BPPR executed and filed a
joint motion and stipulation for interim use of the cash
collateral.  The stipulation was approved on September 8, 2010.
In the stipulation, BPPR agreed to let the Debtor use, on an
interim basis, the cash collateral to satisfy certain operating
expenses solely on the amounts and as set forth in the budget, a
copy of which is available for free at:

        http://bankrupt.com/misc/REITTER_CORP_budget.pdf

As adequate protection, the Debtor agreed to, among other things,
grant BPPR a valid perfected postpetition superpriority claim in
an amount equal to any diminution of value of BPPR's interest in
the cash collateral, resulting from the Debtor's use of the cash
collateral.

On October 26, 2010, the Debtor and BPPR executed and filed a
motion amending the stipulation for interim use of cash
collateral.  That first amendment to BPPR's stipulation was
approved on November 8, 2010.

The Debtors and BPPR executed and filed on November 8, 2010, a
motion for entry of court order extending stipulation, as amended,
for the interim use of Banco Popular's cash collateral until
December 6, 2010.   That second amendment was approved on
November 15, 2010.

On December 6, 2010, the IRS filed a motion to prohibit the use of
cash collateral. The Debtors and BPPR executed and filed that same
day a joint motion for entry of court order extending stipulation,
as amended, for the interim use of BPPR's cash collateral until
January 4, 2010.

On December 7, 2010, the Court denied approval on BPPR's
stipulation extension.  The Court granted the Debtor seven days to
reply to the IRS's objection, and a hearing was scheduled for
December 28, 2010.

On December 10, 2010, the Debtor, BPPR and the IRS filed a joint
motion and stipulation for the use of cash and cash collateral
from December 7, 2010, until December 28, 2010, in light of the
proximity of the date set for the hearing.  On December 14, 2010,
the Court approved the stipulation.

Because there are still controversies and issues that need to be
adjudicated between BPPR and the IRS in connection to the Debtor's
property, the Debtor will make two monthly payments to the U.S. in
the amount of US$25,000 per payment with the first payment due on
January 17, 2011, and the second payment due on February 17, 2011.

The IRS and BPPR stipulate that the authorization to allow the
Debtor's use of cash collateral from December 28, 2011 until
February 28, 2011, as agreed in BPPR's stipulation, doesn't grant
any replacement liens or postpetition liens therein granted any
priority over the IRS liens.  The parties also stipulate that the
authorization to allow the cash collateral use, as agreed in
BPPR's stipulation, doesn't grant the superpriority status granted
to BPPR by the Debtors, unless BPPR prevails s to its position.

The parties stipulate that, until the Court makes a final
determination as to the controversy at hand, all parties conserve
the priority which each one had at the time of the filing of the
Petition with respect to their respective claims, security
interests, liens and any and all other rights and privileges under
the U.S. Bankruptcy Code.

San Juan, Puerto Rico-based Reitter Corporation filed for Chapter
11 protection on August 6, 2010 (Bankr. D. P.R. Case No. 10-
07152).  Alexis Fuentes-Hernandez, Esq., at Fuentes Law Offices,
assists the Debtor in its restructuring effort.  In its schedules,
the Debtor disclosed US$20,440,765 in total assets and
US$17,250,033 in total debts.


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


* Moody's: Global Default Rate Fell to 3.1% in Fourth Quarter
-------------------------------------------------------------
The trailing 12-month global speculative-grade default rate
finished at 3.1% in the fourth quarter of 2010, down from 4.0% in
the previous quarter, Moody's Investors Service said in a new
report.  This level is close to the ratings agency's forecast of
3.3% made a year ago.  The global default rate stood much higher
at 13.1% in the fourth quarter of 2009.

The ratings agency's default rate forecasting model now predicts
that the global speculative-grade default rate will fall to 1.9%
in 2011 under a stable baseline scenario.  In a pessimistic
scenario, which incorporates a renewed liquidity freeze and
further economic contractions, the global default rate could
finish at 6.1%, while in an optimistic scenario, the
rate could dip even further to 1.2%.

"The story of 2010 is how few defaults were actually recorded,"
said Albert Metz, Managing Director of Credit Policy Research.
"Our baseline expectations call for continued stability in 2011.
But that baseline assumes that additional significant sovereign
and financial sector problems do not develop in Europe."

In the U.S., the speculative-grade default rate ended the fourth
quarter at 3.3%, also down from 4.0% in the third quarter, while
in Europe, the default rate fell to 1.9% from 3.5%. At the end of
2009, the U.S. default rate stood at 14.1% and the European rate
was 11.3%.

Moody's forecasting model projects the default rate to fall to
2.1% by December 2011 among speculative-grade issuers in the U.S.
and 1.2% among those in European.

A total of 19 Moody's-rated corporate debt issuers have defaulted
in the fourth quarter, which sends the 2010 default total to 59.
In comparison, there were 269 defaults last year of which 32 were
recorded in the fourth quarter.

The largest number of defaults came from the Media: Advertising,
Printing, & Publishing industry in 2010 with six companies in that
sector defaulting. This is followed by the Capital Equipment
sector, the Hotel, Gaming, & Leisure sector, and the Retail
sector, each of which contributed five defaults.

Across regions, 48 (or 81%) of the 2010 defaulters were from North
America while seven (or 12%) were from Europe. The remaining
defaulters were from Asia and Latin America.

Across industries over the coming year, default rates are expected
to be highest in the Consumer Transportation sector in the U.S.
and the Media: Advertising, Printing, & Publishing sector in
Europe.  Measured on a dollar volume basis, the global
speculative-grade bond default rate closed at 1.6% in 2010. The
current level is down from the level of 2.0% from the previous
quarter.  A year ago, the global dollar-weighted default rate
stood much lower at 16.4%.  In the U.S., the dollar-weighted
speculative-grade bond default rate ended the fourth quarter at
1.6%, down from third quarter's 1.8%.  The latest US dollar-
weighted bond default rate is significantly lower than the 16.6% a
year ago. In Europe, the dollar-weighted speculative-grade bond
default rate fell from 2.6% in the third quarter to 1.7% in the
final quarter of 2010.  At this time last year, the European
speculative-grade bond default rate was much higher at 13.1%.
Moody's speculative-grade corporate distress index -- which
measures the percentage of rated issuers that have debt trading at
distressed levels -- came in at 10.5% at the end of the fourth
quarter, down from the level of 15.0% in the previous quarter.  A
year ago, the index was much higher at 22.7%.

In the leveraged loan market, a total of four Moody's-rated loan
defaulters were recorded in the fourth quarter, sending the entire
year's loan default count to 23.  The trailing 12 month U.S.
leveraged loan default rate finished the fourth quarter at 2.8%,
down from 4.1% in the previous quarter.  In 2009, the U.S. loan
default rate ended at 12.0%.


* S&P's Global Corporate Default Tally at 77 in 2010
----------------------------------------------------
U.S.-based SuperMedia Inc. approved an amendment to allow subpar
repurchases and a subsequent tender offer on its term debt on
Dec. 20, 2010.  This raised the 2010 global corporate default
tally to 77, said an article published Jan. 7 by Standard &
Poor's, titled "Global Corporate Default Update (Dec. 17, 2010 -
Jan. 6, 2011) (Premium)."

Currently, the 2010 default tallies are 54 in the U.S., three in
Europe, nine in emerging markets, and 11 in the other developed
countries (Australia, Canada, Japan, and New Zealand).  In 2010,
27 defaults resulted from missed interest or principal payments,
while 24 defaults resulted from Chapter 11 and foreign bankruptcy
filings, 21 from distressed exchanges, three from receiverships,
and one from regulatory directives and administration.

Of the global corporate defaulters in 2010, 40% of issues with
available recovery ratings had recovery ratings of '6' (indicating
our expectation for negligible recovery of 0% to 10%), 10% of the
issues had recovery ratings of '5' (modest recovery prospects of
10% to 30%), 11% had recovery ratings of '4' (average recovery
prospects of 30% to 50%), and 17% had recovery ratings of '3'
(meaningful recovery prospects of 50% to 70%).  And for the
remaining two rating categories, 13% of the issues had recovery
ratings of '2' (substantial recovery prospects of 70% to 90%) and
10% had recovery ratings of '1' (very high recovery prospects of
90% to 100%).

                            ***********

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 T.
Fernandez, Valerie U. Pascual, Psyche A. Castillon, Julie Anne G.
Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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