TCRLA_Public/110128.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

             Friday, January 28, 2011, Vol. 12, No. 19

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Judge Finds Owner Incompetent to Stand Trial


C A Y M A N   I S L A N D S

ANALYTIC US: Members Receive Wind-Up Report
AVIATOR LIMITED: Shareholders Receive Wind-Up Report
BALLYDUFF LIMITED: Members Receive Wind-Up Report
BDML INTERNATIONAL: Shareholders' Final Meeting Set for January 28
BROAD STREET: Shareholders Receive Wind-Up Report

COMPASS INCOME: Shareholder Receives Wind-Up Report
COMPASS INCOME: Shareholder Receives Wind-Up Report
CREDIA FUNDING: Shareholders Receive Wind-Up Report
EPPING FUNDING: Shareholders Receive Wind-Up Report
FAIRFIELD ICAHN: Shareholders' Final Meeting Set for January 28

HFV MULTI-STRATEGY: Shareholders Receive Wind-Up Report
INNOVATION ADMINISTRATION: Shareholders' Meeting Set for Jan. 28
INNOVATION MANAGEMENT: Shareholders' Final Meeting Set for Jan. 28
INNOVATION ADVISORS: Shareholders' Final Meeting Set for Jan. 28
JOHNSON HOLDINGS: Shareholders Receive Wind-Up Report

LINKS VOLATILITY: Shareholders Receive Wind-Up Report
LONGPOINT RE: Shareholder Receives Wind-Up Report
MASTER TREND: Shareholders Receive Wind-Up Report
MELKART DIVERSIFIED: Shareholders Receive Wind-Up Report
MISR CARD: Shareholder Receives Wind-Up Report

MOUNTAIN CAPITAL: Shareholders Receive Wind-Up Report
MOUNTAIN CAPITAL: Shareholders Receive Wind-Up Report
PRIMORES FUND: Shareholders Receive Wind-Up Report
RLR FOCUS: Shareholders Receive Wind-Up Report
SR VISTA: Shareholders' Final Meeting Set for January 28

SR YORK: Shareholders Receive Wind-Up Report
UBS DYNAMIC: Shareholders' Final Meeting Set for January 28
UBS GLOBAL: Shareholders' Final Meeting Set for January 28
VICTORY ABSOLUTE: Shareholders Receive Wind-Up Report
WILLIAMS FINANCIAL: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

AES ANDRES: Fitch Upgrades Long-Term Debt Rating to 'B'


M E X I C O

SATMEX SA: Mexico Government Sold Total Stake in Firm
VITRO SAB: Wants Delay in Trial on Texas Involuntary Cases




                            - - - - -


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


STANFORD INT'L: Judge Finds Owner Incompetent to Stand Trial
------------------------------------------------------------
Michael Rothfeld at The Wall Street Journal reports that U.S.
District Judge David Hittner found Stanford International Bank
owner, Robert Allen Stanford, incompetent to stand trial on
charges of operating a large Ponzi scheme through the Stanford
International Bank, following conclusions by three psychiatrists
that Mr. Stanford is mentally impaired.

According to The Wall Street Journal, the decision by Judge
Hittner means Mr. Stanford's trial, originally scheduled to begin
this month, could be delayed at least to the second half of the
year.

The report discloses that Mr. Stanford's condition, according to
the experts, has deteriorated since he was incarcerated in mid-
2009 due to a combination of factors, including a head injury
suffered in a confrontation with another inmate, a major
depressive disorder and excessive medication for anxiety and
depression, to which he has become addicted.

"[T]he Court has no viable alternative but to find that Stanford
does not have the present medical capacity to effectively assist
his attorneys in preparing his defense," Judge Hittner wrote in
his 16-page decision, The Wall Street Journal says.

Judge Hittner, the report notes, ordered that Mr. Stanford be
transferred from the federal prison in Houston where he is
currently housed to a prison medical facility, such as the Federal
Medical Center in Butner, N.C., where he can undergo treatment.
The Wall Street Journal discloses that the judge rejected requests
by Mr. Stanford's lawyers that he be released so he can be treated
at a private facility.

The report notes that the psychiatrists who evaluated him have
recommended that Mr. Stanford be weaned off his medication, a
process that one said could take up to six months.

The judge signaled that his decision wouldn't delay Mr. Stanford's
day in court forever; he said he was admonishing lawyers for both
sides to continue to prepare for trial, The Wall Street Journal
adds.

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


ANALYTIC US: Members Receive Wind-Up Report
-------------------------------------------
The members of Analytic US Market Neutral Offshore Master, 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:

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


AVIATOR LIMITED: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Aviator Limited received on January 20, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Darren Riley
         c/o Ellen J. Christian
         Telephone: 345 945 9208
         Facsimile: 345 945 9210
         c/o BNP Paribas Bank & Trust Cayman Limited
         Royal Bank House, 3rd Floor
         Shedden Road, George Town
         Grand Cayman
         Cayman Islands


BALLYDUFF LIMITED: Members Receive Wind-Up Report
-------------------------------------------------
The members of Ballyduff 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:

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


BDML INTERNATIONAL: Shareholders' Final Meeting Set for January 28
------------------------------------------------------------------
The shareholders of BDML International Ltd. will hold their final
meeting on January 28, 2011, at 10:10 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


BROAD STREET: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Broad Street Hedged Equity 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:

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


COMPASS INCOME: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Compass Income Fund received on January 25,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Ogier
         c/o Jody Powery-Gilbert
         Telephone: (345) 815-1763
         Facsimile: (345) 949-9877


COMPASS INCOME: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Compass Income Master Fund, Inc. received on
January 25, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jody Powery-Gilbert
         Telephone: (345) 815-1763
         Facsimile: (345) 949-9877


CREDIA FUNDING: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Credia Funding Limited received on January 20,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Darren Riley
         c/o Ellen J. Christian
         Telephone: 345 945 9208
         Facsimile: 345 945 9210
         c/o BNP Paribas Bank & Trust Cayman Limited
         Royal Bank House, 3rd Floor
         Shedden Road, George Town
         Grand Cayman
         Cayman Islands


EPPING FUNDING: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Epping Funding Limited received on January 20,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London


FAIRFIELD ICAHN: Shareholders' Final Meeting Set for January 28
---------------------------------------------------------------
The shareholders of Fairfield Icahn Fund Ltd will hold their final
meeting on January 28, 2011, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HFV MULTI-STRATEGY: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of HFV Multi-Strategy GP, 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


INNOVATION ADMINISTRATION: Shareholders' Meeting Set for Jan. 28
----------------------------------------------------------------
The shareholders of Innovation Administration 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:

         K.D Blake
         c/o Gerhard Albertyn
         Telephone: 345-914-4395
         Facsimile:  345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone:  345-949-4800
         Facsimile:   345-949-7164


INNOVATION MANAGEMENT: Shareholders' Final Meeting Set for Jan. 28
------------------------------------------------------------------
The shareholders of Innovation Management Ltd will hold their
final meeting on January 28, 2011, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         K.D Blake
         c/o Gerhard Albertyn
         Telephone: 345-914-4395
         Facsimile:  345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone:  345-949-4800
         Facsimile:   345-949-7164


INNOVATION ADVISORS: Shareholders' Final Meeting Set for Jan. 28
----------------------------------------------------------------
The shareholders of Innovation Advisors will hold their final
meeting on January 28, 2011, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         K.D Blake
         c/o Gerhard Albertyn
         Telephone: 345-914-4395
         Facsimile:  345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone:  345-949-4800
         Facsimile:   345-949-7164


JOHNSON HOLDINGS: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Johnson Holdings Ltd. received on January 14,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


LINKS VOLATILITY: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Links Volatility Impact 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


LONGPOINT RE: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Longpoint Re Ltd. received on January 20, 2011,
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Katherine Chiazza
         Damien Austin
         Telephone: 914-7553 / 914-7580
         Facsimile: 949-6021
         P.O. Box 1109, Grand Cayman
         Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-6021


MASTER TREND: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Master Trend Global Opportunities (Cayman)
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


MELKART DIVERSIFIED: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Melkart Diversified 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


MISR CARD: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of MISR Card Finance 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:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


MOUNTAIN CAPITAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Mountain Capital CLO II 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:

         Darren Riley
         c/o Ellen J. Christian
         Telephone: 345 945 9208
         Facsimile: 345 945 9210
         c/o BNP Paribas Bank & Trust Cayman Limited
         Royal Bank House, 3rd Floor
         Shedden Road, George Town
         Grand Cayman
         Cayman Islands


MOUNTAIN CAPITAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Mountain Capital CLO I 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:

         Darren Riley
         c/o Ellen J. Christian
         Telephone: 345 945 9208
         Facsimile: 345 945 9210
         c/o BNP Paribas Bank & Trust Cayman Limited
         Royal Bank House, 3rd Floor
         Shedden Road, George Town
         Grand Cayman
         Cayman Islands


PRIMORES FUND: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Primores Fund II SPC received on January 24,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Eric Andersen
         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
         Cayman Islands


RLR FOCUS: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of RLR Focus 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


SR VISTA: Shareholders' Final Meeting Set for January 28
--------------------------------------------------------
The shareholders of SR Vista Inc. will hold their final meeting on
January 28, 2011, at 11:00 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


SR YORK: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of SR York Limited received on January 20, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London


UBS DYNAMIC: Shareholders' Final Meeting Set for January 28
-----------------------------------------------------------
The shareholders of UBS Dynamic Alpha Strategies Fund 1 Ltd. will
hold their final meeting on January 28, 2011, at 10:45 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


UBS GLOBAL: Shareholders' Final Meeting Set for January 28
----------------------------------------------------------
The shareholders of UBS Global Frontier Portfolio, Ltd. -
Institutional will hold their final meeting on January 28, 2011,
at 10:30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         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 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


WILLIAMS FINANCIAL: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Williams Financial Services (Grand Cayman),
Limited received on January 26, 2011, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Emerito Besa
         Jaime Jose Robles Gil Bueno
         C. Juan Gomez de Transmonte 804
         Col. San Mateo Tlaltenango 5600
         Alvaro Obregon, DF
         Mexico
         CDA Arteaga y Salazar
         Cuajimalpa de Morelos, DF
         Mexico


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D O M I N I C A N   R E P U B L I C
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AES ANDRES: Fitch Upgrades Long-Term Debt Rating to 'B'
-------------------------------------------------------
Fitch Ratings upgraded AES Andres Dominicana SPV's, Empresa
Generadora de Electricidad Haina's and Itabo Dominicana SPV's
foreign currency and local currency Issuer Default Ratings, as
well as their respective long-term debt ratings, to 'B' from 'B-'.
The Recovery Rating for all issuances is RR4.  All companies'
rating outlook has been revised to Positive from Stable.

These rating actions follow this month's Rating Outlook revision
of the Dominican Republic's Sovereign ratings to Positive from
Stable as well as the positive impact of recent policy changes.
Over the past year, the Dominican Republic government has
implemented changes aimed at strengthening the operational and
financial viability of the electricity sector in the country.  The
Dominican generating companies' ratings reflect recent positive
operational and financial results stemming from sector policy
implementation that signals the beginning of what is expected to
be a gradual recovery to self-sustainability.

Although Dominican Gencos continue to reflect the electricity
sector's high dependency on transfers from the central government
to service its financial obligations, Fitch expects the
continuation of recent policy changes to allow distribution
companies to reach breakeven cash flow generation during 2012.
Policy changes include: i) an 11% tariff adjustment on the price
of electricity during December 2010; ii) a significant reduction
of the Government's debt with Gencos; and iii) the incorporation
of 521,492 metered users that previously did not pay for their
electricity consumption by December 2010.  This has provided the
distribution companies with higher collections in support of
better operational results and therefore bolstered the Gencos'
cash flow generation.

The rating actions follow the country's economic resilience during
the global financial crisis, which was supported by an SBA with
the IMF, improving export prospects, and structural improvements
in debt management.  Fitch believes these developments will
support the maintenance of macroeconomic stability within an
environment of robust growth of around 6% over the medium-term,
further enhancing the positive outlook of the electricity sector.

Notwithstanding this positive trend, the electricity sector
continues to register an important deficit, which amounted to
US$721 million during January - October 2010.  Of this, US$491
million corresponded to the operational deficit of the
distribution companies.  Similarly, the sector's deficit amounted
to US$652 million for the same period in 2009, of which the EDEs'
deficit amounted to US$449 million.

Going forward, Fitch will continue to closely monitor the
performance of the electricity sector, in particular as the year
2012 approaches, the year in which the IMF's SBA expires and the
country will hold presidential elections.  These factors make 2012
a critical year for the electricity sector as the change in
authority poses transition risks that could stall the progress so
far achieved.  The government's commitment to the continuation of
the structural reforms initiated under the umbrella of the IMF is
key to ensuring the financial self-sustainability of the
electricity sector.

Ratings Constrained by Credit Quality of the Government:

The Dominican Republic's power sector is characterized by low
collections from end-users and high electricity losses.  Such
conditions have kept distribution companies from effectively
transferring cash to the country's generation companies, and the
government subsidies have covered this gap during recent years.
This links the credit quality of the distribution and generation
companies in the country to that of the sovereign.

IMF Agreement Positive for Generators:

The agreement signed with the IMF seeks to gradually eliminate the
tariff deficit; increase the cash recovery index (CRI) to 70%,
from the historical 50%, by incorporating approximately 600,000
non-paying users into paying and metered users; and eliminate free
electricity (PRA) zones.  The agreement should also result in
focused subsidies and the creation of a central account to pay all
generation companies.

Under terms of the agreement, Gencos should now be paid by the
government within 45 days.  This compares with an average of
approximately 170 to 200 days during the past few years.  The new
management team of the distribution companies has adhered to the
recently revised electricity law and has also implemented loss
reduction programs such as the zero debt- zero theft initiative.

Strong Credit Protection Measures:

In general, the Dominican Republic electricity generation
companies have benefited from the recent implementation of the
IMF's SBA, which includes certain structural policy changes aimed
at strengthening the sector's operation and financial performance.
In particular, the government has remained current in its payments
to all Gencos, which in turn has contributed to cash flow
generation.

AES Dominicana (i.e. the consolidation of AES Andres and DDP)
generated approximately US$160 million of EBITDA during the latest
12 months (LTM) ended Sept. 30, 2010.  The company reported cash
flow from operations (CFO) of approximately US$70 million during
the same period.  The company can meet its annual debt service of
approximately US$12 million with CFO or by using some of its
US$102 million cash holdings.

EGE Haina generated approximately US$71 million of EBITDA during
the LTM ended Sept. 30, 2010.  The company reported CFO of
approximately US$60 million during the same period.  The company
can comfortably meet its annual debt service of with CFO or by
using some of its US$69 million cash holdings.

Similarly, Itabo shows a strong credit profile for the rating
category, although its EBITDA and credit metrics have been
temporarily affected by an adverse price contract that increased
its coal cash cost.  Going forward, the company's financial
performance is expected to improve once existing coal contracts
wind down and its cost structure is aligned with current fuel
market prices.  The company generated approximately US$8 million
of EBITDA during the LTM ended Sept. 30, 2010, while it registered
CFO that more than covered the company's debt service during the
same period.  These figures mainly reflect high positive cash
flows during the beginning of 2010 and end of 2009.


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


SATMEX SA: Mexico Government Sold Total Stake in Firm
-----------------------------------------------------
Carlos Manuel Rodriguez at Bloomberg News reports that Gerardo
Sanchez Henkel, the legal director for Mexico's Communications and
Transportation Ministry, said Mexico has sold its stake in
Satelites Mexicanos, S.A. de C.V..

According to Bloomberg, investors bought all of Satmex's shares
from the government and other shareholders for US$6.25 million,
according to an e-mailed statement from the ministry.

Bloomberg notes that the new investors agreed to capitalize Satmex
SAB's debt for US$198 million and to inject US$90 million in new
capital into the Mexican satellite company.

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: Wants Delay in Trial on Texas Involuntary Cases
----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Vitro, S.A.B. de C.V. filed a motion asking the
bankruptcy judge in Fort Worth, Texas, to push back the hearing
date for deciding if its U.S. subsidiaries should be in Chapter 11
reorganizations involuntarily.

Holders of some of the US$1.2 billion in defaulted bonds filed
involuntary petitions against Vitro's U.S. subsidiaries in
November.  Vitro SAB is opposing the petitions, saying the
subsidiaries don't qualify for involuntary bankruptcy although
they admittedly haven't made good on guarantees of bonds in
default for about two years.

The bankruptcy judge had scheduled a February 10 trial on the
involuntary petitions.

Mr. Rochelle discloses that Vitro SAB said it can't complete the
production of documents even by January 26, the extended deadline.
Vitro wants more time to produce documents requested by
noteholders and is asking the court to reschedule the hearing
until February 22 to 23, Mr. Rochelle notes.

Mr. Rochelle notes that Vitro SAB said it identified 56,000
documents responsive to the bondholders' requests.  Among them,
Mr. Rochelle relates, more than 60% are in Spanish, Vitro SAB
said.  Vitro needs to review the documents before turning them
over to the bondholders, Mr. Rochelle adds.

                          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.  The Mexican judge ruled that Vitro
couldn't push through a plan based on the vote of intercompany
debt when third-party creditors were opposed.  Vitro has
voluntarily dismissed the Chapter 15 case in view of the dismissal
of its reorganization in Mexico.


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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,
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Chapman, Editors.

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