TCRLA_Public/110126.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 26, 2011, Vol. 12, No. 17

                            Headlines



B R A Z I L

COMPANHIA ENERGETICA: Eletrobras May Take a Stake in Firm


C A Y M A N   I S L A N D S

AM DIVERSIFIED: Shareholders Receive Wind-Up Report
CDROMULUS CORPORATION: Shareholders' Final Meeting Set for Jan. 26
DEVELOPMENT CREDIT: Shareholders Receive Wind-Up Report
ECF SPECIAL: Shareholders Receive Wind-Up Report
ECF SPECIAL: Shareholders Receive Wind-Up Report

ELLINGTON EMERGING: Shareholders Receive Wind-Up Report
GERMEX LTD: Shareholders Receive Wind-Up Report
GMFF ARES: Shareholders Receive Wind-Up Report
GYLDMARK LIQUID: Shareholders Receive Wind-Up Report
HB COMMODITY: Shareholders Receive Wind-Up Report

HIGHBRIDGE CONVERTIBLE: Shareholders Receive Wind-Up Report
ISLAND SEA: Shareholder Receives Wind-Up Report
IVY EQUITY: Shareholders Receive Wind-Up Report
IVY FIXED: Shareholders Receive Wind-Up Report
MARCAP OVERSEAS: Shareholders Receive Wind-Up Report

NEW ELLINGTON: Shareholders Receive Wind-Up Report
ORGANON HOLDINGS: Shareholders Receive Wind-Up Report
P.G.P. COMPANY: Shareholder Receives Wind-Up Report
PBL CAYMAN: Shareholders Receive Wind-Up Report
PBL MH: Shareholders Receive Wind-Up Report

PBL MH2: Shareholders Receive Wind-Up Report
PBLMH1 HOLDINGS: Shareholders Receive Wind-Up Report
RRE INVESTORS: Shareholders Receive Wind-Up Report
RUSSIAN ENTERTAINMENT: Shareholders Receive Wind-Up Report
SHELTER COVE: Shareholders Receive Wind-Up Report

SHUAA FUND: Shareholders Receive Wind-Up Report
SL NISHINAKASU: Shareholders Receive Wind-Up Report
WCOP LTD: Shareholders Receive Wind-Up Report
WDB CAPITAL: Shareholders Receive Wind-Up Report
WOODPECKER CO: Shareholders Receive Wind-Up Report


M E X I C O

EMPRESAS ICA: Moody's Rates Proposed Senior Unsec. Notes at Ba3
MEXICANA AIRLINES: To Resume Flights 'Soon' With Seven Planes
SATMEX SAB: To File for Pre-Pack Restructuring in U.S.
VITRO SAB: Files Appeal on Dismissed Bankruptcy Plan


P U E R T O   R I C O

FUGITIVE RECOVERY: Case Summary & 20 Largest Unsecured Creditors




                            - - - - -


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


COMPANHIA ENERGETICA: Eletrobras May Take a Stake in Firm
---------------------------------------------------------
Katia Cortes at Bloomberg News reports that Governor Marconi
Perillo, the governor of Brazil's Goias state, said Centrais
Eletricas Brasileiras SA may take a stake in Cia. Energetica de
Goias SA (Celg) as part of a plan to rescue the smaller utility.

According to Bloomberg, Mr. Perillo said Celg has BRL3 billion
debt to Eletrobras.


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


AM DIVERSIFIED: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of AM Diversified Relative Value Offshore Fund,
Ltd. received on January 21, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


CDROMULUS CORPORATION: Shareholders' Final Meeting Set for Jan. 26
------------------------------------------------------------------
The shareholders of Cdromulus Corporation will hold their final
meeting on January 26, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Linburgh Martin
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KYI-1102
         Cayman Islands


DEVELOPMENT CREDIT: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Development Credit Limited received on
January 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


ECF SPECIAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of ECF Special Securities II, Ltd. received on
January 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


ECF SPECIAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of ECF Special Securities, Ltd. received on
January 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


ELLINGTON EMERGING: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Ellington Emerging Markets Fund, Ltd. received
on January 21, 2011, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


GERMEX LTD: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Germex Ltd. received on January 17, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


GMFF ARES: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of GMFF Ares Fund received on January 21, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


GYLDMARK LIQUID: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Gyldmark Liquid Macro Fund Limited received on
January 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


HB COMMODITY: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of HB Commodity Strategies Fund, Ltd. received on
January 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


HIGHBRIDGE CONVERTIBLE: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Highbridge Convertible Opportunities Fund,
Ltd. received on January 21, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


ISLAND SEA: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Island Sea Limited received on January 21,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694, Grand Cayman
         Telephone: 949 8666
         Facsimile: 949 0626


IVY EQUITY: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Ivy Equity Alpha Transport Fund, Ltd. received
on January 21, 2011, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


IVY FIXED: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Ivy Fixed Income Alpha Transport Fund, Ltd.
received on January 21, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


MARCAP OVERSEAS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Marcap Overseas, Limited received on
January 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


NEW ELLINGTON: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of New Ellington Credit Overseas, Ltd. received
on January 21, 2011, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


ORGANON HOLDINGS: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Organon Holdings received on January 21, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


P.G.P. COMPANY: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of P.G.P. Company Ltd. received on January 21,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694, Grand Cayman
         Telephone: 949 8666
         Facsimile: 949 0626


PBL CAYMAN: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of PBL Cayman Investments Limited received on
January 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


PBL MH: Shareholders Receive Wind-Up Report
-------------------------------------------
The shareholders of PBL MH Investments No. 1 (CI) Limited received
on January 21, 2011, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


PBL MH2: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of PBL MH2 Holdings No.1 (CI) Limited received on
January 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


PBLMH1 HOLDINGS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of PBLMH1 Holdings No. 1 (CI) Limited received on
January 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


RRE INVESTORS: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of RRE Investors Fund, LDC received on
January 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


RUSSIAN ENTERTAINMENT: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Russian Entertainment Fund received on
January 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


SHELTER COVE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Shelter Cove Capital Management received on
January 20, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor,
         P.O. Box 1344, Grand Cayman KY1-1108
         Cayman Islands


SHUAA FUND: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Shuaa Fund Management Ltd. received on
January 17, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ghassan Hitti
         Alan G. de Saram
         Telephone: 949-4544
         Facsimile: 949-8460
         Charles Adams Ritchie & Duckworth
         Zephyr House
         122 Mary Street
         P.O. Box 709, Grand Cayman KY1-1107
         Cayman Islands


SL NISHINAKASU: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of SL Nishinakasu Holdings Inc. received on
January 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


WCOP LTD: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of WCOP Ltd. received on January 21, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


WDB CAPITAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of WDB Capital UK Equity Fund Limited received on
January 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


WOODPECKER CO: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Woodpecker Co, Ltd received on January 20,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor,
         P.O. Box 1344, Grand Cayman KY1-1108
         Cayman Islands


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


EMPRESAS ICA: Moody's Rates Proposed Senior Unsec. Notes at Ba3
---------------------------------------------------------------
Moody's assigned a Ba3 corporate family rating to Empresas ICA,
S.A.B. de C.V. and a Ba3 rating to its proposed senior unsecured
perpetual notes.  Proceeds from the new notes will be used to
refinance existing debt and for general corporate purposes,
including equity contributions for new and existing projects.
The outlook on the ratings is stable.

"ICA's Ba3 ratings are based on its leading position in the
construction industry in Mexico; its long-term track record of
participating in the largest construction and infrastructure
projects in Mexico; and the company's diversified and solid
portfolio of concessions in the road, airport and water treatment
sectors, most of which have solid margins and favorable earnings
prospects" said Nymia Almeida, Vice President and senior analyst
at Moody's.  "Constraining its ratings is ICA's small revenue size
as compared to its global peers; limited global geographic
diversity; high leverage and limited cash flow generation", added
the analyst.

The rating on the proposed notes is based on the fact that they
will be unconditionally and irrevocably guaranteed by CICASA,
CONOISA and CONEVISA, the principal operating subsidiaries of ICA.
Joint ventures or project companies will not guarantee the notes.
The new notes will be the sole debt at the holding/issuer level.
As of September 30, 2010, about 8% of ICA's consolidated debt was
secured by specific assets, and about 25% of its cash position was
located at joint ventures which do not guarantee ICA's debt.

ICA's Moody's-adjusted debt leverage of 6.6 times for the last
twelve months ended in September 30, 2010 compares to the
company's reported 6 times.  Moody's adjusts the company's debt by
adding operating leases with a multiple of 5 times.  At year end
2010, Moody's estimates that approximately 35% of the company's
total debt had no legal recourse against ICA since it was related
to the concession business.  However, we assume that, in case of
need, ICA would probably support the debt at the concession
business given its high margin and long-term profile.  As of
September 30, 2010, the CFE receivables related to the financing
of "La Yesca", which are scheduled to be paid in 2012, represented
25% of ICA's consolidated debt.

ICA's ratings are also supported by the company's strong
management team with solid track record in the execution of
complex projects.  In addition, the company has a good though
concentrated customer profile since about 55% of its receivables
are related, directly or indirectly, to the Mexican federal
government and another 39% are related to long-term concessions,
which overall have solid cash flows and margins.  ICA's ratings
are also supported by the favorable growth potential for its most
important business lines, construction and infrastructure: the
Mexican government was one of the least affected by the global
crisis and has demonstrated sufficient budget and financial
flexibility to keep investing in necessary infrastructure
projects.  These credit strengths are offset by the company's
revenue volatility derived from the inherent unpredictability of
the construction industry; the often variable government
construction spending; and the geographic concentration in Mexico,
where the company generates 93% of its construction revenues and
95% of infrastructure/concession revenues.

During recent years, while ICA has remained the dominant
construction company in Mexico, it has faced increasing
competition mostly from larger and better capitalized foreign
construction companies such as OHL, Abengoa, Odebrecht, and
Andrade Guitierrez, as well as from well-funded local companies
such as CICSA and IDEAL. Somewhat offsetting this competitive risk
is the company's favorable operating track record as well as its
solid long-term business relationship with major government-
related entities such as Pemex and CFE (Baa1 stable), which in
2009 represented about 40% of ICA's revenues.  This advantage is
particularly relevant when partnering with select international
and local companies to bid for large construction or concession
projects.

In the last twelve months ended in September 30, 2010, ICA's
revenue was 79% driven by construction-related business; 13% by
infrastructure and concession projects; and 8% by housing.  In
turn, construction provided for 40% of EBITDA; infrastructure and
concessions for 53%; and housing for 7%. ICA's business strategy
is to increase the share of infrastructure and concessions of its
total revenues so that it can improve its margins.  However, the
company could also choose to sell certain mature infrastructure
assets to provide funds for new projects.  In case the net result
is an increase of revenues and EBITDA from
infrastructure/concession projects, the relatively stable nature
of this business in comparison with the construction business
could contribute to a lower overall business risk for ICA.

ICA's liquidity position is weak and is a negative ratings factor.
The company's MXP3,618 million in cash on hands as of September
30, 2010, although in line with management's minimum cash target
of 10% of revenues, was insufficient to cover the MXN5,474 million
in short term debt.  In addition, approximately 25% of the cash
balance is at joint ventures and is not fully or immediately
accessible. Although a portion of short term debt will be
refinanced with proceeds from the proposed notes, Moody's believes
that this would not represent a significant change in refinancing
risk.  ICA is thus dependent on approximately MXN15 billion in
uncommitted revolving credit lines, of which one third was unused
at the end of the third quarter 2010.  Liquidity risk is somewhat
mitigated by ICA's solid banking relationships as well as
relatively modest committed revolving credit lines that mature in
late 2011.  Moody's ratings assumes continued renewal of ICA's
credit lines.  Regarding foreign exchange exposure, Moody's
assumes that the company will continue to match foreign currency
revenues with foreign currency debt, thus significantly reducing
the impact of currency fluctuation.  Moody's expects that the
proposed perpetual notes will be swapped into pesos.

The stable outlook on the ratings is based on Moody's expectation
that ICA will be successful in maintaining its market share of
construction and concession business and that the latter's
portfolio, specifically, will provide for stable earnings
contributions.  Moody's does anticipate, however, that the
construction business revenue growth and margin may decline in
2012 due to lower government spending, typical during Mexico's
presidential elections years.  The stable outlook also assumes
that the company's leverage will not change significantly over the
next couple of years.

ICA's ratings could be upgraded if the company's maturing
concession portfolio either increase dividends to ICA or can
be monetized via asset sales, with the proceeds used for debt
reduction.  In this sense, the ratings could be positively
affected if the company manages to reduce its Moody's-adjusted
leverage to around 4 times on a sustained basis, while maintaining
positive revenue growth and stable margins.

Conversely, ICA's ratings could be downgraded if revenue growth or
margins are affected by an increasingly competitive business
environment; if debt leverage increases further; or if it becomes
difficult for the company to renew its revolver credit lines,
which today fund its working capital needs.

The principal methodology used in this rating was Global
Construction Methodology published in November 2010.

The methodology-indicated rating for ICA is B2, two notches below
ICA's Ba3 ratings. Supporting the gap is the company's solid
concession business.

ICA is a Mexican holding company which began operations in 1947.
The company is the largest engineering, procurement and
construction company in Mexico and the largest provider in Mexico
of construction services to both public and private-sector
clients.  It is engaged in a full range of construction and
related activities, involving the construction of infrastructure
facilities, as well as industrial, urban and housing construction.
In addition, it is engaged in the development and marketing of
real estate, the construction, maintenance and operation of
airports, highways, bridges and tunnels and in the management and
operation of water supply systems and solid waste disposal systems
under concessions granted by governmental authorities.  During the
last twelve months ended in September 30, 2010, its revenues and
adjusted EBITDA amounted to USD2.7 billion and USD415 million,
respectively.


MEXICANA AIRLINES: To Resume Flights 'Soon' With Seven Planes
-------------------------------------------------------------
Anthony Harrup at Dow Jones Newswires reports that Compania
Mexicana de Aviacion or Mexicana Airlines said it has made
significant progress in its debt restructuring negotiations, and
expects to resume flights "soon" with seven planes and 11 routes.
The report relates that the company, which was grounded last
August amid bankruptcy proceedings, said in a press release that
it expects to be operating 40 planes and more than 40 routes in
the second half of 2011.

Dow Jones Newswires notes that the company said it has reached
agreements with enough creditors to carry out its restructuring,
and that it should start selling tickets in coming days.  The
report relates that the company plans to restart with
international service to Los Angeles, Chicago, San Antonio, and
Havana, Cuba, and domestic flights to Guadalajara, Monterrey,
Cancun, Oaxaca, Tuxtla Gutierrez and Veracruz. The company said it
has 39 pilots, 80 flight attendants, and 846 maintenance
technicians ready to begin operations.

As reported in the Troubled Company Reporter-Latin America on
November 24, 2010, Latin American Herald Tribune said that pilots
and flight attendants of Mexicana Airlines agreed to the
reorganization proposed by PC Capital, even though the plan
implies the elimination of 75% of the airline's workforce.
According to the Latin American Herald Tribune, three investor
groups expressed an interest in acquiring Mexicana, but PC Capital
emerged earlier this month as the only applicant deemed suitable
by the court-appointed conciliator and administrator, the Mexican
government and the carrier's main creditors.

Dow Jones Newswires discloses that PC Capital has put together a
group of investors to capitalize the airline, whose identities
will be revealed once audits have been carried out and the
restructuring formalized.

                    About Mexicana Airlines

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/--is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than US$1
billion.  William C. Heuer, Esq., at Duane Morris LLP, serves as
counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings did
not affect the operations of Click Mexicana and Mexicana Link,
which are independent companies from Mexicana de Aviacion.


SATMEX SAB: To File for Pre-Pack Restructuring in U.S.
------------------------------------------------------
Satelites Mexicanos SA has reached an agreement for a pre-packaged
restructuring in the U.S., according to an e-mailed statement to
Bloomberg News.

Bloomberg's Crayton Harrison said Satmex reached an agreement with
the holders of two-thirds of the company's second-priority bonds
and the company will be under Mexican majority control after the
restructuring.  Satmex will issue US$325 million in new debt and
sell up to US$96 million of equity to second-priority noteholders,
according to the statement.

Satelites Mexicanos, S.A. de C.V., (Satmex) is a Mexico-based
satellite service provider in Latin America.  Satmex's fleet
offers hemispheric and regional coverage throughout the Americas.

Satmex balance sheet a June 30, 2010, showed US$438.29 million in
assets, US$516.55 million in liabilities, and a US78.26 million
shareholders' deficit.

Satmex had a net loss of US$6.12 million on US$53.06 million of
revenue for the six months ended June 30, 2010, compared with a
net loss of US$8.81 million on US$50.35 million of revenue for six
months ended June 30, 2009.

Satmex has a 'C' issuer rating and 'Ca' long term corporate family
rating, with negative outlook, from Moody's Investors Service.


VITRO SAB: Files Appeal on Dismissed Bankruptcy Plan
----------------------------------------------------
Carlos Manuel Rodriguez and Thomas Black at Bloomberg News report
that Vitro, S.A.B. de C.V. Chief Executive Officer Hugo Lara said
the company filed an appeal in Mexican court to challenge a ruling
dismissing the company's voluntary bankruptcy petition.

According to Bloomberg, Mr. Lara said the appeal should be decided
in one to three months.  It was legal to use US$1.9 billion of
intercompany debt to gain majority support for a debt plan that
was rejected by third-party creditors, he added.

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.

Bloomberg says that following the ruling, the company agreed to
withdraw its related bankruptcy petition in a New York court,
according to a court document filed on January 24, 2011.

                          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.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.


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


FUGITIVE RECOVERY: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Fugitive Recovery Investigations, Inc.
        Calle 1 SE,
        Esq. Calle 30 SE
        P.O. Box 270089
        San Juan, PR 00927-0089

Bankruptcy Case No.: 11-00336

Chapter 11 Petition Date: January 20, 2011

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Alexis Fuentes Hernandez, Esq.
                  FUENTES LAW OFFICES
                  P.O. Box 9022726
                  San Juan, PR 00902-2726
                  Tel: (787) 722-5216
                  Fax: (787) 722-5206
                  E-mail: alex@fuentes-law.com

Scheduled Assets: US$4,138,091

Scheduled Debts: US$2,903,712

A list of the Company's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/prb11-00336.pdf

The petition was signed by Girald R. Setien, president.


                            ***********


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
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