TCRLA_Public/110113.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, January 13, 2011, Vol. 12, No. 9


                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD: Firms Line Up to Replace FRP Advisory as Liquidators


C A Y M A N  I S L A N D S

4C INVESTMENT: Creditors' Proofs of Debt Due January 20
ACP NOMINEES: Creditors' Proofs of Debt Due January 19
AENEAS EVOLUTION: Creditors' Proofs of Debt Due January 19
ALTVANTAGE ABSOLUTE: Creditors' Proofs of Debt Due January 19
AS RESIDENTIAL: Creditors' Proofs of Debt Due January 19

BFH INVESTMENT: Creditors' Proofs of Debt Due January 19
BLISS INVESTMENTS: Commences Liquidation Proceedings
CHEYNE ANDEAN: Creditors' Proofs of Debt Due January 19
C.I. SNAPDRAGON: Placed Under Voluntary Wind-Up
CO-INVESTMENT LIMITED: Commences Liquidation Proceedings

COOPER CO: Creditors' Proofs of Debt Due January 19
CREDIT ASIA: Creditors' Proofs of Debt Due January 19
CRESTSTREET CAPITAL: Commences Liquidation Proceedings
DRAGONBACK ASIA: Creditors' Proofs of Debt Due January 19
DRAGONBACK VOLASIA: Commences Liquidation Proceedings

DRAGONBACK VOLASIA: Commences Liquidation Proceedings
DRAGONBACK VOLASIA: Commences Liquidation Proceedings
ENDEAVOUR CORPORATION: Creditors' Proofs of Debt Due January 19
EDELNOR INTERNATIONAL: Creditors' Proofs of Debt Due January 21
FCM EUROPEAN: Creditors' Proofs of Debt Due January 21

FUND BASKET: Commences Liquidation Proceedings
MONOLITH MANAGEMENT: Commences Liquidation Proceedings
NL FORTUNE: Creditors' Proofs of Debt Due January 19
NL GOD: Creditors' Proofs of Debt Due January 19
PAKPOLEE RETAIL: Commences Liquidation Proceedings

POST ROAD: Creditors' Proofs of Debt Due January 19
RECODIZING CORPORATION: Creditors' Proofs of Debt Due January 17
REDCLIFFE MANAGEMENT: Commences Liquidation Proceedings


M E X I C O

VITRO SAB: Bondholders Seek Talks After Judge's Ruling


T R I N I D A D  &  T O B A G O

CL FIN'L: CLICO Policyholders to Get Payout Before Carnival Celeb


X X X X X X X X

Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


STANFORD: Firms Line Up to Replace FRP Advisory as Liquidators
--------------------------------------------------------------
Jamaica Gleaner reports that liquidators at Grant Thornton,
PricewaterhouseCoopers and Zolfo Cooper have been lined up to
replace United Kingdom-based insolvency firm FRP Advisory to
unravel the remaining assets of Stanford International Bank, which
is at the centre of an alleged US$7-billion Ponzi scheme.

Nigel Hamilton-Smith and Peter Wastell of Vantis Plc were
appointed joint liquidators by the Antiguan courts, but were
stripped of the role last June, after Alexander Fundora, a
Stanford investor, and alleged victim who lost US$2.7 million,
challenged the appointments, according to the report.  Mr.
Fundora's team successfully argued that the liquidators'
destruction of valuable computer data in Canada warranted their
removal, although most creditors continued to support the
appointments.

Later that month, Vantis went into administration. Since then, FRP
has tried to get permission to appeal, with the case moving back-
and-forth between the Antigua High Court and the more senior
Eastern Caribbean Court of Appeal, the report notes.  Last month,
FRP was granted that right of appeal, but Mr. Fundora's legal
counsels are preparing to counter-challenge that ruling later this
month, Jamaica Gleaner relates.

According to the report, if FRP loses, Mr. Fundora's team has
lined up Marcus Wide of PwC in Canada, Hugh Dixon of Grant
Thornton in the Cayman Islands, and William Tacon of Zolfo Cooper
in the British Virgin Islands as potential replacements.

Mr. Fundora, based in Miami, has previously endorsed Mr. Wide's
appointment, but was told by the courts that three options would
need to be submitted so a fair choice could be made, the report
adds.

Further complicating matters is a jurisdictional battle over the
unwinding of assets with the receiver in the United States, Ralph
Janvey, the report says.

FRP has outlined its position on the jurisdictions in which
different parties can recover assets, but the other three seem to
want to retain seniority over creditor claims, Jamaica Gleaner
says.

              About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi- billion dollar investment scheme centering on
an US$8 billion Certificate of Deposit program.

A criminal case was pursued against him in June 2009, before the
U.S. District Court in Houston, Texas.  Mr. Stanford pleaded not
guilty to 21 charges of multi-billion dollar fraud, money-
laundering and obstruction of justice.  Assistant Attorney General
Lanny Breuer, as cited by Agence France-Presse News, said in a 57-
page indictment that Mr. Stanford could face up to 250 years in
prison if convicted on all charges.  Mr. Stanford surrendered to
U.S. authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.).  The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).


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


4C INVESTMENT: Creditors' Proofs of Debt Due January 20
-------------------------------------------------------
The creditors of 4C Investment Manager 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 December 2, 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


ACP NOMINEES: Creditors' Proofs of Debt Due January 19
------------------------------------------------------
The creditors of ACP Nominees (CI) 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 December 6, 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 KY1-9005
         Cayman Islands


AENEAS EVOLUTION: Creditors' Proofs of Debt Due January 19
----------------------------------------------------------
The creditors of Aeneas Evolution 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 December 3, 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 KY1-9005
         Cayman Islands


ALTVANTAGE ABSOLUTE: Creditors' Proofs of Debt Due January 19
-------------------------------------------------------------
The creditors of Altvantage Absolute Return 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 December 6, 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 KY1-9005
         Cayman Islands


AS RESIDENTIAL: Creditors' Proofs of Debt Due January 19
--------------------------------------------------------
The creditors of AS Residential One Holdings Inc. 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 December 6, 2010.

The company's liquidator is:

         Walkers SPV Limited
         Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town, Grand Cayman KY1-9005
         Cayman Islands


BFH INVESTMENT: Creditors' Proofs of Debt Due January 19
--------------------------------------------------------
The creditors of BFH Investment Company 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 December 6, 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 KY1-9005
         Cayman Islands


BLISS INVESTMENTS: Commences Liquidation Proceedings
----------------------------------------------------
On November 12, 2010, a special resolution was passed that
voluntarily liquidates the business of Bliss Investments Ltd.

Only creditors who were able to file their proofs of debt by
January 12, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Galaxy Chan Mei Lan
         KPMG
         Prince's Building, 8th Floor
         10 Chater Road, Central
         Hong Kong
         Graham Kot
         Telephone: +852 2847 5130
         Facsimile: +852 2973 6616
         Alexandra House, 27th Floor
         18 Chater Road
         Central, Hong Kong
         Telephone: +852 3121 9888
         Facsimile: +852 2973 6616


CHEYNE ANDEAN: Creditors' Proofs of Debt Due January 19
-------------------------------------------------------
The creditors of Cheyne Andean Fund Inc. 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 KY1-9005
         Cayman Islands


C.I. SNAPDRAGON: Placed Under Voluntary Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on December 1, 2010, the
shareholders of C.I. Snapdragon Ltd. resolved to voluntarily wind
up the company's operations.

Only creditors who were able to file their proofs of debt by
January 7, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


CO-INVESTMENT LIMITED: Commences Liquidation Proceedings
--------------------------------------------------------
On November 19, 2010, a special resolution was passed that
voluntarily liquidates the business of Co-Investment Limited III
(Schoeller).

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

Cititrust (Bahamas) Limited is the company's liquidator.


COOPER CO: Creditors' Proofs of Debt Due January 19
---------------------------------------------------
The creditors of Cooper Co. 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 December 3, 2010.

The company's liquidator is:

         Walkers SPV Limited
         Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town, Grand Cayman KY1-9005
         Cayman Islands


CREDIT ASIA: Creditors' Proofs of Debt Due January 19
-----------------------------------------------------
The creditors of Credit Asia Capital (Cayman Sub) 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 KY1-9005
         Cayman Islands


CRESTSTREET CAPITAL: Commences Liquidation Proceedings
------------------------------------------------------
On November 26, 2010, a special resolution was passed that
voluntarily liquidates the business of Creststreet Capital
(Cayman) Inc.

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


DRAGONBACK ASIA: Creditors' Proofs of Debt Due January 19
---------------------------------------------------------
The creditors of Dragonback Asia Pacific Equity Multi-Strategy
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 December 1, 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 KY1-9005
         Cayman Islands


DRAGONBACK VOLASIA: Commences Liquidation Proceedings
-----------------------------------------------------
On December 1, 2010, a special resolution was passed that
voluntarily liquidates the business of Dragonback Volasia Feeder
Fund.

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


DRAGONBACK VOLASIA: Commences Liquidation Proceedings
-----------------------------------------------------
On December 1, 2010, a special resolution was passed that
voluntarily liquidates the business of Dragonback Volasia Fund.

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


DRAGONBACK VOLASIA: Commences Liquidation Proceedings
-----------------------------------------------------
On December 1, 2010, a special resolution was passed that
voluntarily liquidates the business of Dragonback Volasia US
Feeder Fund.

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


ENDEAVOUR CORPORATION: Creditors' Proofs of Debt Due January 19
---------------------------------------------------------------
The creditors of Endeavour Corporation 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 December 3, 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 KY1-9005
         Cayman Islands


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

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

The company's liquidator is:

         H&J Corporate Services (Cayman) Ltd.
         Telephone: (345) 949 7555
         Anderson Square, 5th Floor
         Shedden Road
         PO Box 866, Grand Cayman KY1-1103
         Cayman Islands


FCM EUROPEAN: Creditors' Proofs of Debt Due January 21
------------------------------------------------------
The creditors of FCM European Frontier Fund Limited 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 29,
2010.

The company's liquidator is:

         Ian D. Stokoe
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


FUND BASKET: Commences Liquidation Proceedings
----------------------------------------------
On December 2, 2010, a special resolution was passed that
voluntarily liquidates the business of Fund Basket Master Fund
(S-1) Limited.

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


MONOLITH MANAGEMENT: Commences Liquidation Proceedings
------------------------------------------------------
On November 19, 2010, a special resolution was passed that
voluntarily liquidates the business of Monolith Management Ltd.

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:

         Albert Pirotte
         c/o Alan G. de Saram
         Telephone: 949-4544
         Facsimile: 949-8460
         Charles Adams Ritchie & Duckworth
         Zephyr House
         122 Mary Street
         PO Box 709, Grand Cayman KY1-1107
         Cayman Islands


NL FORTUNE: Creditors' Proofs of Debt Due January 19
----------------------------------------------------
The creditors of NL Fortune City Produce, 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 December 2, 2010.

The company's liquidator is:

         Walkers SPV Limited
         Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town, Grand Cayman KY1-9005
         Cayman Islands


NL GOD: Creditors' Proofs of Debt Due January 19
------------------------------------------------
The creditors of NL God South, 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 December 2, 2010.

The company's liquidator is:

         Walkers SPV Limited
         Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town, Grand Cayman KY1-9005
         Cayman Islands


PAKPOLEE RETAIL: Commences Liquidation Proceedings
--------------------------------------------------
On November 12, 2010, a special resolution was passed that
voluntarily liquidates the business of Pakpolee Retail Investments
Limited.

Only creditors who were able to file their proofs of debt by
January 12, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Galaxy Chan Mei Lan
         KPMG
         Prince's Building, 8th Floor
         10 Chater Road, Central
         Hong Kong
         Graham Kot
         Telephone: +852 2847 5130
         Facsimile: +852 2973 6616
         Alexandra House, 27th Floor
         18 Chater Road
         Central, Hong Kong
         Telephone: +852 3121 9888
         Facsimile: +852 2973 6616


POST ROAD: Creditors' Proofs of Debt Due January 19
---------------------------------------------------
The creditors of Post Road Offshore Value 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 December 1, 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 KY1-9005
         Cayman Islands


RECODIZING CORPORATION: Creditors' Proofs of Debt Due January 17
----------------------------------------------------------------
The creditors of Recodizing Corporation Limited are required to
file their proofs of debt by January 17, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on November 30, 2010.

The company's liquidator is:

         Trident Liquidators (Cayman) Ltd
         Mrs. Eva Moore
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, George Town, Grand Cayman KY1-1103
         Cayman Islands


REDCLIFFE MANAGEMENT: Commences Liquidation Proceedings
-------------------------------------------------------
On November 30, 2010, a special resolution was passed that
voluntarily liquidates the business of Redcliffe Management
Company Limited.

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:

         Christopher D. Johnson
         c/o Russell Homer
         Telephone: (345) 946-0820
         Facsimile: (345) 946-0864
         PO Box 2499, George Town KY1-1104
         Grand Cayman
         Cayman Islands


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


VITRO SAB: Bondholders Seek Talks After Judge's Ruling
------------------------------------------------------
Thomas Black at Bloomberg News reports that Thomas Lauria, who
represents holders of US$735 million in defaulted bonds, said
creditors of Vitro, S.A.B. de C.V., are urging the company to
renew talks after a judge rejected the company's bankruptcy.

As reported in the Troubled Company Reporter-Latin America on
January 12, 2011, Bloomberg News said that Vitro SAB 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.

"This ruling signals to Vitro and its controlling shareholders
that they need to promptly engage our group," Mr. Lauria, a Miami-
based partner at White & Case LLP, said in an e-mail obtained by
Bloomberg.  "This is something they had to this point resisted
doing in the hopes that they could use intercompany claims to cram
down a nonconsensual restructuring," he added.

Vitro SAB will file an appeal to the judge's decision within days,
Claudio del Valle, chief of Vitro's debt restructuring, told the
company in an interview.  The appeal may take one to three months,
he added.  "This ruling doesn't change our plan in any way,"
Bloomberg quoted Mr. Del Valle as saying.  "We're convinced that
our plan follows the law and the law will prevail at the end of
the day," he added.

Bloomberg notes that Mr. Lauria said creditors want to be paid
full face value of the bonds or receive equity to make up for a
writedown of debt.  "We think the company has sufficient income-
generating power to provide a full recovery to the notes,"
Bloomberg quoted Mr. Lauria as saying.

Vitro said it obtained support for its bankruptcy plan from third-
party creditors holding more than US$500 million of the defaulted
debt, Bloomberg discloses.  The report relates Mr. Del Valle said
that the four bondholders that filed the involuntary bankruptcy
hold about US$75 million of bonds.  The bondholders' group hasn't
proved its claim that it represents more than US$700 million of
bonds, he added.

                         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.


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


CL FIN'L: CLICO Policyholders to Get Payout Before Carnival Celeb
-----------------------------------------------------------------
Joel Julien at Trinidad Express reports that Attorney General
Anand Ramlogan has said Colonial Life Insurance Company (Trinidad)
Limited (CLICO) policyholders should get their promised payout
before Carnival, which will be celebrated on March 7-8, 2011.
CLICO is a subsidiary of CL Financial Limited.

"My ministry has been collaborating with the Ministry of Finance
to finalize the terms of the agreement that will facilitate the
payout in the CLICO matter.  I am pleased to say that the Ministry
of Finance has in fact submitted a complete version of the
agreement for vetting by the Ministry of the Attorney General so
we are now in the process of going though line by line and clause
by clause that agreement to facilitate the purchase of those
rights from policyholders who may wish to exercise their option to
take the TT$75,000 and the plan that the Minister of Finance has
proposed," Trinidad Express quoted Mr. Ramlogan as saying.

"For those with TT$75,000 and under there are no qualms really and
those that have more money than TT$75,000 there are some personal
issues they may want to consider.  I will anticipate that
policyholders in my view by Carnival hopefully, we would expect
and hope that the policyholders will get money," Mr. Ramlogan
said.

As reported in the Troubled Company Reporter-Latin America on
December 22, 2010, Trinidad and Tobago Newsday said that CLICO's
messy financial records and pending concerns over the terms of a
legal agreement to be signed by policyholders upon receipt of
their money have been the main factors that have delayed the
government's moves to pay out claims to Clico policyholders under
the terms of a government bailout.  According to T&T Newsday,
Finance Minister Winston Dookeran said that it was unlikely that
policyholders will be paid before Christmas.  The report noted
that Mr. Dookeran maintained the possibility of a payout before
the end of the year but, for the first time, suggested that this
may have to be pushed back to January 2011.

The Express notes Mr. Ramlogan said that policyholders who opt to
accept government's proposed payout will not be able to sue the
State afterwards.  A clause is being included in the terms and
conditions of the payout to make certain of this, Mr. Ramlogan
added.

Trinidad Express notes that Mr. Dookeran's budget proposal is a
lumpsum payment of TT$75,000 in the form of a Government IOU to
those investors whose principal balance exceeded that amount and
an amortized balance payment at zero interest over the next 20
years.

The CLICO Policyholders Group, which is opposed to Mr. Dookeran's
20-year payment plan, has signalled its intention to take legal
action against CLICO, the Central Bank and the Government, the
report discloses.

The Express says that Deputy Chairman of the CLICO Policyholders
Group, Peter Permell, has advised policyholders with less than
TT$75,000 invested to take full advantage of Dookeran's bailout
plan.  Policyholders with more than TT$75,000 invested would
persist with the planned lawsuit, Mr. Permell added.


                           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.


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


Upcoming Meetings, Conferences and Seminars
-------------------------------------------

January 26-28, 2011
TURNAROUND MANAGEMENT ASSOCIATION
   TMA Distressed Investing Conference
      Aria Las Vegas
         Contact: http://www.turnaround.org/

Jan. 27-28, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Rocky Mountain Bankruptcy Conference
      Westin Tabor Center, Denver, Colo.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 3-5, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Caribbean Insolvency Symposium
      Westin Casuarina Resort & Spa, Grand Cayman Island
         Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 24-25, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Valcon
      Four Seasons Las Vegas, Las Vegas, Nev.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 4, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Bankruptcy Battleground West
      Hyatt Regency Century Plaza, Los Angeles, Calif.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 7-9, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Conrad Duberstein Moot Court Competition
      Duberstein U.S. Courthouse, New York, N.Y.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Nuts and Bolts - Florida
      Tampa, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
   SUCL/ Alexander L. Paskay Seminar on
   Bankruptcy Law and Practice
      Marriott Tampa Waterside, Tampa, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 17-19, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Byrne Judicial Clerkship Institute
      Pepperdine University School of Law, Malibu, Calif.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Annual Spring Meeting
      Gaylord National Resort & Convention Center,
      National Harbor, Md.
         Contact: 1-703-739-0800; http://www.abiworld.org/

April 27-29, 2011
TURNAROUND MANAGEMENT ASSOCIATION
   TMA Spring Conference
      JW Marriott, Chicago, IL
         Contact: http://www.turnaround.org/

May 5, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Nuts and Bolts - New York City
      Association of the Bar of the City of New York,
      New York, N.Y.
         Contact: 1-703-739-0800; http://www.abiworld.org/

May 6, 2011
AMERICAN BANKRUPTCY INSTITUTE
   New York City Bankruptcy Conference
      Hilton New York, New York, N.Y.
         Contact: 1-703-739-0800; http://www.abiworld.org/

June 6, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Canadian-American Cross-Border Insolvency Symposium
      Fairmont Royal York, Toronto, Ont.
         Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Central States Bankruptcy Workshop
      Grand Traverse Resort and Spa, Traverse City, Mich.
            Contact: http://www.abiworld.org/

July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Northeast Bankruptcy Conference
      Hyatt Regency Newport, Newport, R.I.
         Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Southeast Bankruptcy Workshop
      The Sanctuary at Kiawah Island, Kiawah Island, S.C.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Mid-Atlantic Bankruptcy Workshop
      Hotel Hershey, Hershey, Pa.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
   NCBJ/ABI Educational Program
      Tampa Convention Center, Tampa, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
AMERICAN BANKRUPTCY INSTITUTE
   International Insolvency Symposium
      Dublin, Ireland
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
   Hilton San Diego Bayfront, San Diego, CA
      Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
   23rd Annual Winter Leadership Conference
      La Quinta Resort & Spa, La Quinta, Calif.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Annual Spring Meeting
      Gaylord National Resort & Convention Center,
      National Harbor, Md.
         Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Southeast Bankruptcy Workshop
      The Ritz-Carlton Amelia Island, Amelia Island, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Mid-Atlantic Bankruptcy Workshop
      Hyatt Regency Chesapeake Bay, Cambridge, Md.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Winter Leadership Conference
      JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
         Contact: 1-703-739-0800; http://www.abiworld.org/


                            ***********

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

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

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


                            ***********


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine 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
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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