TCRLA_Public/110127.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 27, 2011, Vol. 12, No. 18

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Receiver Sues Miami Heat NBA Franchise


C A Y M A N   I S L A N D S

AMALFI INVESTMENTS: Shareholders Receive Wind-Up Report
ANCHORAGE CROSSOVER: Shareholders Receive Wind-Up Report
AVI GERMANY: Shareholders Receive Wind-Up Report
CHEYNE EQUITY: Shareholders Receive Wind-Up Report
COLUMBIA PARTNERS: Shareholders Receive Wind-Up Report

CONCORD INTERNATIONAL: Member to Hear Wind-Up Report on Jan. 27
CPI POLICE: Shareholder to Hear Wind-Up Report on January 27
EUROPEAN ENERGY: Members Receive Wind-Up Report
GLOBAL MARITIME: Shareholders Receive Wind-Up Report
GLOBAL MARITIME: Shareholders Receive Wind-Up Report

ICM OPPORTUNITY: Shareholders Receive Wind-Up Report
IRI FINANCE: Shareholders Receive Wind-Up Report
MAXIMUM EMERGING: Members Receive Wind-Up Report
MELLON OFFSHORE: Shareholders Receive Wind-Up Report
NEW REALM: Shareholders Receive Wind-Up Report

NEW REALM: Shareholders Receive Wind-Up Report
OAKLEY HOLDINGS: Shareholders Receive Wind-Up Report
OMAN GATEWAY: Members Receive Wind-Up Report
OVERTURE CDO: Shareholders Receive Wind-Up Report
PALANTIR OFFSHORE: Shareholders Receive Wind-Up Report

PERSHING SQUARE: Shareholders Receive Wind-Up Report
PERSHING SQUARE: Shareholders Receive Wind-Up Report
PLATINUM MOTORS: Shareholders Receive Wind-Up Report
PLAZA SANNO: Shareholders Receive Wind-Up Report
SOUTHGATE INVESTMENTS: Shareholders Receive Wind-Up Report

TORREY PINES: Shareholders Receive Wind-Up Report
TURKEY ADVANTAGE: Members Receive Wind-Up Report
UBS DYNAMIC: Shareholders' Final Meeting Set for January 28
VICTORY ABSOLUTE: Shareholders Receive Wind-Up Report
WIN ASSET: Shareholders Receive Wind-Up Report


C O L O M B I A

EMPRESA DE ENERGIA: Fitch Affirms 'BB' Issuer Default Ratings


M E X I C O

SATELITES MEXICANOS: Has Deal with Noteholders for U.S. Prepack
VITRO SAB: Agrees to Dismiss Chapter 15 Petition in U.S.


P A R A G U A Y

BANCO BILBAO: Moody's Puts Ba3 Rating on Foreign Currency Debt


T R I N I D A D  &  T O B A G O

CL FIN'L: CLICO Payout "More Difficult Than First Anticipated"


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


STANFORD INT'L: Receiver Sues Miami Heat NBA Franchise
------------------------------------------------------
Andrew M. Harris at Bloomberg News reports that Stanford Financial
Group court-appointed receiver, Ralph Janvey, has sued the
National Basketball Association's Miami Heat for allegedly
collecting more than US$1.3 million in ill-gotten gains from Mr.
Stanford's alleged fraud.

"The payments to the Miami Heat parties are related to
Stanford's sponsorship, advertising and promotional activities,"
Mr. Janvey said in a complaint filed in Dallas federal court,
according to Bloomberg.

The case is Janvey v. Miami Heat LP, 11cv158, U.S. District Court,
Northern District of Texas.

                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
===========================


AMALFI INVESTMENTS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Amalfi 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


ANCHORAGE CROSSOVER: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Anchorage Crossover Credit 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


AVI GERMANY: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of AVI Germany Fund I 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


CHEYNE EQUITY: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Cheyne Equity Macro Fund 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 Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


COLUMBIA PARTNERS: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Columbia Partners Absolute Return Fund, 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:

         K. Dunlop Scott
         5425 Wisconsin Avenue
         Suite 700, Chevy Chase MD 20815
         USA


CONCORD INTERNATIONAL: Member to Hear Wind-Up Report on Jan. 27
---------------------------------------------------------------
The member of Concord International Ltd. will receive on
January 27, 2011, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CPI POLICE: Shareholder to Hear Wind-Up Report on January 27
------------------------------------------------------------
The shareholder of CPI Police Services, Ltd. will receive on
January 27, 2011, at 9:00 a.m., 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


EUROPEAN ENERGY: Members Receive Wind-Up Report
-----------------------------------------------
The members of European Energy Fund received on January 11, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Kurt Frohlicher
         Sihlstrasse 24
         8001 Zurich


GLOBAL MARITIME: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Global Maritime Futures 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


GLOBAL MARITIME: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Global Maritime Futures Master 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


ICM OPPORTUNITY: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of ICM Opportunity Master 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


IRI FINANCE: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Iri Finance & Technology Asia 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


MAXIMUM EMERGING: Members Receive Wind-Up Report
------------------------------------------------
The members of Maximum Emerging Asia Alpha received on January 10,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


MELLON OFFSHORE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Mellon Offshore Enhanced Global Opportunity
Master 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


NEW REALM: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of New Realm Capital, 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


NEW REALM: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of New Realm Intelligence, 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


OAKLEY HOLDINGS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Oakley Holdings Ltd received on January 26,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         EQ Nominees Ltd
         c/o Ian Goddard
         Cereita Lawrence
         P.O. Box 10338, Grand Cayman KY1 -- 1003
         Telephone: 345-949-7232
         e-mail: clawrence@ky.equitytrust.com


OMAN GATEWAY: Members Receive Wind-Up Report
--------------------------------------------
The members of Oman Gateway Fund 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
         c/o 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


OVERTURE CDO: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Overture CDO I (Cayman Islands) 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 SPV Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


PALANTIR OFFSHORE: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Palantir Offshore Ltd. received on January 24,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


PERSHING SQUARE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Pershing Square International IV, 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


PERSHING SQUARE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Pershing Square International IVI, 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


PLATINUM MOTORS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Platinum Motors Cayman Ltd. received on
January 18, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Brian Nicholas Mackie
         c/o Courtesy Garage Ltd.
         Wildey, St. Michael
         Barbados
         Telephone: (246) 431-4100
         Facsimile: (246) 426-2276


PLAZA SANNO: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Plaza Sanno Holding Co., 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 SPV Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


SOUTHGATE INVESTMENTS: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Southgate Investments Ltd. received on
January 10, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Royhaven Secretaries Limited
         Julie Reynolds
         Telephone: 945-4777
         Facsimile: 945-4799
         c/o P.O. Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile:  945-4799


TORREY PINES: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Torrey Pines Asia 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


TURKEY ADVANTAGE: Members Receive Wind-Up Report
------------------------------------------------
The members of Turkey Advantage Fund 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
         c/o 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


UBS DYNAMIC: Shareholders' Final Meeting Set for January 28
-----------------------------------------------------------
The shareholders of UBS Dynamic Alpha Strategies Master Fund 3
Ltd. will hold their final meeting on January 28, 2011, at
10:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


VICTORY ABSOLUTE: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Victory Absolute Return Credit II Master 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


WIN ASSET: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Win Asset Management (Cayman) Limited received
on January 12, 2011, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Anishinder Grewal
         c/o WiN Asset Management LLP
         City Point, 1 Ropemaker Street
         London EC2Y 9HT
         United Kingdom


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C O L O M B I A
===============


EMPRESA DE ENERGIA: Fitch Affirms 'BB' Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings affirmed Empresa de Energia de Bogota S.A.'s foreign
and local currency Issuer Default Ratings at 'BB' and its national
scale rating at 'AA(col)'.  In conjunction with this rating
action, Fitch has affirmed the 'BB' foreign and local currency
ratings of Transportadora de Gas Internacional S.A. E.S.P.'s.  The
Rating Outlook for both companies is Stable.  Approximately
US$750 million of TGI notes due 2017 and US$610 million of EEB
notes due in 2014 are affected by this rating action.

These rating actions follow the announcement by EEB that Citi
Venture Capital International will inject US$400 million of
capital into TGI.  This proposed equity increase in TGI by CVCI
would decrease EEB's participation in the company to approximately
66.0% from 97.9%.  Simultaneously, TGI will distribute
approximately US$230 million to EEB to repay an intercompany loan
issued to temporarily finance TGI's capital expenditures.  EEB
intends to use this cash plus additional liquidity to purchase,
for US$350 million, a 15.6% non-controlling stake in Promigas S.A.
E.S.P. (IDR 'BBB-') and a 60% stake in Gas Natural de Lima y
Callao S.A. (Calidda).

EEB's pro forma credit metrics after the acquisition of stakes in
Promigas and Calidda are expected to remain relatively unchanged.
EEB should receive about US$15 million to US$20 million per year
in dividends from Promigas.  The consolidation of Calidda by
EEB should add approximately US$50 million of debt and about
US$20 million of EBITDA to EEB's consolidated financial
statements.  The resulting leverage for EEB, as measured by
total debt to EBITDA is estimated to be approximately 3.3 times
(x) on a pro forma basis.  This ratio is similar to the 3.3x
consolidated leverage ratio of the company for the LTM ended
Sept. 30, 2010.

EEB will have high cash needs during 2011.  In addition to the
US$350 million of acquisitions, the company is expected to spend
approximately US$155 million on capital expenses for projects in
Colombia, Peru and Guatemala.  These payments, coupled with
dividend payments for the next 12 months would represent the
bulk of the company's capital needs for 2011.  The company
expects to fund these payments with cash on hand of approximately
US$158 million as of Sept. 30, 2010, proceeds from the US$230
million intercompany loan repayment from TGI and dividends
received during 2011.  Additional sources of cash could come from
the sale of minority participations in other assets and additional
debt to be raised at the holding company.

Promigas owns and operates directly and indirectly a 3,565 km
natural gas pipeline transportation network located on the
northern coast of Colombia, which represents approximately 48% of
Colombia's natural gas transportation pipeline infrastructure.
The company's maximum transportation capacity is 545 million cubic
feet per day (mcf/d), and its pipeline is connected to Colombia's
second largest natural gas production field (Ballena) located in
the northern most part of Colombia, as well as to other production
fields such as La Creciente and Chuchupa.

Calidda is a Peruvian natural gas distribution company that owns a
33-year build, operate, own and transfer (BOOT) concession to
operate in Lima and Callao provinces of Peru.  The company began
distributing gas in 2005 and as of December 2009 had approximately
19,000 clients and 100 vehicular gas service stations.

EEB's ratings reflect the company's diversified portfolio of
assets, which have a low business-risk profile, and stable and
predictable cash flow generation.  EEB's low business-risk profile
stems from its diversified portfolio of energy assets, which for
the most part operate as regulated natural monopolies.  EEB owns
non-controlling majority participations in Colombia's largest
electric generation company, Emgesa (IDR 'BBB'), as well as in the
country's largest electric distribution company, Codensa (IDR
'AAA(col)'), which operates in the city of Bogota.  The company
also owns a majority participation in TGI (IDR 'BB'), Colombia's
largest natural gas pipeline transportation company, which
provides natural gas to the country's major cities.

TGI's ratings reflect the company's low business risk profile,
which stems from its stable and predictable cash flow generation,
as well as its strong competitive position.  TGI has favorable
long-term take-or-pay contracts with approximately 70% of revenues
coming from regulated, fixed capacity payments from a diversified
portfolio of off-takers, which add to cash flow stability.  The
company has low exposure to volume risk as only 20% of revenue is
linked to volume throughput.  TGI's pipeline location and the
importance of its service area, where 70% of the Colombian
population resides, represent great growth potential and help
support the company's credit profile and credit rating.  As of
Sept. 30, 2010, TGI had US$85 of cash and US$869 of total debt.
TGI generated US$215 million of EBITDA during the LTM ended
Sept. 30, 2010.


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


SATELITES MEXICANOS: Has Deal with Noteholders for U.S. Prepack
---------------------------------------------------------------
Satelites Mexicanos, S.A. de C.V. (Satmex SAB) has reached an
agreement with the holders of more than two-thirds of the
outstanding principal amount of its Second Priority Senior Secured
Notes due 2013 regarding a comprehensive recapitalization to be
effected through the solicitation of a prepackaged plan of
reorganization to be filed in the United States bankruptcy court.
The recapitalization will provide the resources for the Company to
finance the timely completion of Satmex 8, a satellite scheduled
to be launched in 2012 to replace the Company's Satmex 5
satellite, and to lay the groundwork for the future construction
of Satmex 7, which is intended to replace the Company's
Solidaridad 2 satellite.

Satmex has joined in a Restructuring Support Agreement among the
Supporting Holders and Holdsat Mexico S.A.P.I. de C.V., a Mexican
company which was newly formed in cooperation with the Supporting
Holders to effect the proposed recapitalization, and which will be
majority controlled by certain Mexican partners in compliance with
applicable Mexican foreign investment laws.  The Plan contemplates
that the recapitalization will be financed with the proceeds of an
offering of up to US$325 million in aggregate principal amount of
new senior secured debt financing and the proceeds of a rights
offering of equity securities in the indirect parent of
reorganized Satmex to eligible holders of Second Priority Senior
Secured Notes in an aggregate amount of up to US$96.25 million.
Eligible holders of Second Priority Senior Secured Notes will also
have the right to invest in their pro rata share of a follow-on
issuance of equity securities in an aggregate amount of up to
$40 million, which may be called by the reorganized company for
purposes of funding the construction and launch of Satmex 7.

Under the terms of the Plan, holders of Satmex's First Priority
Senior Secured Notes due 2011 will be paid out in cash at par plus
accrued interest.  Holders of Satmex's Second Priority Senior
Secured Notes will receive their pro rata share of (i) a pool of
equity interests in the indirect parent of reorganized Satmex (the
"Parent Interests"), (ii) the Primary Rights to invest in
additional Parent Interests, and (iii) the Follow-On Rights, but
only to the extent that holders have exercised their Primary
Rights.  In the alternative, such holders may elect to receive, in
lieu of the Parent Interests, Primary Rights and Follow-On Rights,
a cash payment of 38 cents for every dollar of Second Priority
Senior Secured Notes held by such electing holders, which payment
will be funded by certain of the Supporting Holders.  It is
anticipated that other creditors, including trade creditors, will
be paid in full under the Plan.  If the Plan is consummated and
certain other conditions are satisfied, existing stockholders of
Satmex will receive their share of US$6.25 million under a
purchase agreement with Holdsat Mexico S.A.P.I. de C.V. as part of
the recapitalization transactions.

The Restructuring Support Agreement provides that the Supporting
Holders will vote in favor of the Plan. Furthermore, Centerbridge
Partners, L.P., Monarch Alternative Capital, L.P., Moneda Asset
Management, New Generation Advisors, LLC and Outrider Management,
LLC and certain of their affiliates have committed to exercise all
of the rights granted to them under the Plan as holders of the
Second Priority Senior Secured Notes and to purchase any interests
which are not subscribed by other holders.

"We are pleased by the confidence in Satmex shown by the
investment commitment of the Supporting Holders," said Patricio
Northland, Chief Executive Officer of Satmex.  "As a result of
these initiatives our debt and interest expense will be reduced
and our liquidity and equity capital will be greatly enhanced.
This will provide support for ongoing service to our customers in
the near term and will facilitate a number of important operating
initiatives, including the completion of construction and the
launch of our Satmex 8 satellite, and the entry into a
construction and launch agreement for our Satmex 7 satellite.

These initiatives will ensure that Satmex continues to provide our
customers with the broadest and most flexible C and Ku band
coverage across the hemisphere, and allow us to capitalize on the
attractive growth opportunities in our core markets. We intend to
move forward as expeditiously as possible to complete the
recapitalization, and we anticipate that the process will have no
day-to-day impact on our suppliers, customers or employees."  Mr.
Northland also stated that he is grateful to the Company's
employees for their dedication and to Satmex's customers and
business partners for their continued support over the past year.

Jared S. Hendricks, a Managing Director of Centerbridge Partners,
expressed appreciation on behalf of the Backstop Parties to
Satmex's management team for their tireless efforts in bringing
the Company to this important threshold.  "This transaction would
not have been possible without the dedication and leadership of
Satmex's management team, whom the Backstop Parties are excited to
support as the Company enters this next stage of its corporate
development," said Mr. Hendricks.

"We believe in the opportunities for growth in the markets served
by Satmex and are pleased to be part of the Company's continued
development" said Josiah Rotenberg, a Managing Principal of
Monarch Alternative Capital.  "We look forward to a long and
mutually beneficial relationship."

Completion of the transaction is subject to certain regulatory
approvals and other conditions precedent.

Lazard and its Mexican alliance partner, Alfaro, Davila y Rios,
S.C. are serving as financial advisors to Satmex, and Greenberg
Traurig is serving as U.S. counsel and Santamarina y Steta and
Rubio Villegas & Asociados are serving as the Company's Mexican
counsels.

Jefferies & Company, Inc. is serving as the financial advisor to
certain holders of the Second Priority Senior Secured Notes, and
Ropes & Gray LLP is serving as U.S. counsel and Cervantes Sainz as
Mexican counsel to this group.

The bonds maturing this year are trading at par while the bonds
due in 2013 traded on Jan. 19 for 39.5 cents on the dollar,
according to Trace, the bond-price reporting system of the
Financial Industry Regulatory Authority, Bloomberg News reported.

                      U.S. Bankruptcy in 2006

Bill Rochelle, the bankruptcy columnist at Bloomberg News, notes
that Satelites Mexicanos will be seeking a prepackaged bankruptcy
reorganization in the U.S. less than five years after emerging
from a prior U.S. Chapter 11 case.

Mr. Rochelle recounts that litigated disputes began in May 2005,
when bondholders filed an involuntary Chapter 11 petition against
Satmex.  The company responded in June 2005 by filing a concurso
mercantil, the Mexican version of reorganization.  It later asked
the U.S. bankruptcy judge to dismiss the involuntary petition.  A
partial settlement was made in mid-2005 entailing a dismissal of
the involuntary Chapter 11 petition while Satmex filed a Section
304 ancillary petition in New York, so that the bankruptcy court
could assist the Mexican court by enjoining legal actions in the
U.S.  The Section 304 ancillary petition was the predecessor to
what is now Chapter 15 for cross-border insolvencies.

After reaching final agreement with bondholders to restructure
$800 million in debt, the Company filed a prepackaged Chapter 11
petition in New York.  The plan called for swapping US$203.4
million of senior secured floating notes for US$234.4 million in
first-lien senior-secured notes, while US$320 million in 10.125%
unsecured notes became US$140 million of second-lien notes and 78%
of the new common stock.

The prior petition listed assets of US$906 million against debts
totaling US$743.5 million.

In August 2003, Satmex defaulted on US$320 million in senior
unsecured notes.  It was roughly half owned by Loral Space &
Communications Ltd., with the remainder split between Mexican
shareholders and the Mexican government, which had 23% of the
stock.  Satellite manufacturer Loral underwent its own Chapter 11
reorganization in July 2003.

                         About Satmex SAB

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: Agrees to Dismiss Chapter 15 Petition in U.S.
--------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Vitro SAB agreed to dismiss the Chapter 15 petition
it filed in New York in mid-December, according to a document
submitted January 24 to the U.S. Bankruptcy Court in Fort Worth,
Texas, where bondholders filed involuntary Chapter 11 petitions a
month earlier against Vitro's U.S. subsidiaries.

According to Mr. Rochelle, Vitro was forced into dismissing the
Chapter 15 case following a ruling from a court in Mexico this
month dismissing Vitro's attempted reorganization under that
country's version of Chapter 11.

Mr. Rochelle notes that a Chapter 15 case is exclusively to
provide support for a bankruptcy case pending abroad.  When the
Mexican case was dismissed, the necessary predicate for the
Chapter 15 petition in New York evaporated.  Vitro is appealing
the ruling by the judge in Mexico.

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


BANCO BILBAO: Moody's Puts Ba3 Rating on Foreign Currency Debt
--------------------------------------------------------------
Moody's Investors Service assigned a Ba3 foreign currency debt
rating to Banco Bilbao Vizcaya Argentaria Paraguay S.A senior debt
issuance totaling US$200 million and maximum tenor of up to 10
years.  The Notes will be governed by the laws of the State of New
York.

The outlook on the debt rating is stable.

Moody's explained that the foreign currency senior unsecured debt
rating derives from BBVA Paraguay's Ba1 global local currency
deposit rating, but the bond rating is constrained by Paraguay's
Ba3 country ceiling for foreign currency bonds.

The principal methodologies used in this rating were Global
Methodology published in February 2007, and Incorporation of
Joint-Default Analysis into Moody's Bank Ratings: A Refined
Methodology published in March 2007.

BBVA Paraguay is headquartered in Asuncion, Paraguay, and it had
assets of US$1.356 million and deposits for US$944 million as of
September 2010.

The following rating was assigned to Banco Bilbao Vizcaya
Argentaria Paraguay S.A.: Global Foreign-Currency Debt Rating:
Ba3, stable outlook


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


CL FIN'L: CLICO Payout "More Difficult Than First Anticipated"
--------------------------------------------------------------
Curtis Rampersad at Trinidad Express reports that Trinidad and
Tobago Finance Minister Winston Dookeran said the logistics to
make payments up to TT$75,000 to Colonial Life Insurance Company
(Trinidad) Limited (CLICO) (Trinidad & Tobago)'s depositors is
"more difficult than first anticipated."  CLICO is a subsidiary of
CL Financial Limited.

Trinidad Express notes that Mr. Dookeran said the legal aspects to
make the payments possible were being completed. Officials of the
ministry, CLICO and the Central Bank were meeting yesterday to
formalize payments, he added.  "It is imminent at this point,"
Trinidad Express quoted Mr. Dookeran as saying, but would not
provide an exact date.

As reported in the Troubled Company Reporter - Latin America on
January 13, 2011, Trinidad Express said that Attorney General
Anand Ramlogan said CLICO policyholders should get their promised
payout before Carnival, which will be celebrated on March 7-8,
2011.

                        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.



                   * * * End of Transmission * * *