TCRLA_Public/110303.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, March 3, 2011, Vol. 12, No. 44

                            Headlines



B R A Z I L

BROOKFIELD INCORPORACOES: Moody's Puts 'Ba2' Corp. Family Rating
FIBRIA OVERSEAS: Moody's Assigns 'Ba1' Rating to Senior Notes
FIBRIA OVERSEAS: S&P Assigns 'BB' Rating to Senior Unsec. Notes


C A Y M A N   I S L A N D S

ARTEMUS STRATEGIC: Creditors' Proofs of Debt Due March 30
CAPITAL TRADING: Creditors' Proofs of Debt Due March 30
CHEYNE LEVERAGE: Creditors' Proofs of Debt Due March 30
CMG CAPITAL: Creditors' Proofs of Debt Due March 28
CMG CAPITAL: Creditors' Proofs of Debt Due March 28

COMPREHENSIVE INDEMNITY: Creditors' Proofs of Debt Due March 31
DEVELOPMENT PARTNERS: Creditors' Proofs of Debt Due March 22
DGC VISION: Creditors' Proofs of Debt Due March 22
DGC VISION: Creditors' Proofs of Debt Due March 22
GALLE GLOBAL: Creditors' Proofs of Debt Due March 28

HALABRISA INVESTMENTS: Placed Under Voluntary Wind-Up
HIMALAYA FUNDING: Creditors' Proofs of Debt Due March 28
OPUS TRINITY: Court Enters Wind-Up Order
SAKURAMORI HOLDINGS: Creditors' Proofs of Debt Due March 28
SAXLINGHAM EUROPE: Creditors' Proofs of Debt Due March 31

STRONGBOW CAPITAL: Creditors' Proofs of Debt Due March 21
WATERFALLS INVESTMENTS: Placed Under Voluntary Wind-Up


M E X I C O

GRUMA SAB: Fitch Removes Issuer Default Ratings to 'BB'
SATMEX SA: First Lien Noteholders Retain Counsel
VITRO SAB: Judge Sets March 31 Hearing, Urges Agreement
VITRO SAB: Incurs US$58-Mil Consolidated Net Loss for 4Q 2010


X X X X X X X X


* Upcoming Meetings, Conferences and Seminars


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B R A Z I L
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BROOKFIELD INCORPORACOES: Moody's Puts 'Ba2' Corp. Family Rating
----------------------------------------------------------------
Moody's Investors Service has assigned first-time Ba2 local
currency and Aa3.br Brazil national scale corporate family ratings
to Brookfield Incorporacoes S.A. The outlook for the ratings is
stable.

Ratings Assigned:

  -- Corporate Family Rating: Ba2/Aa3.br

                        Ratings Rationale

"Brookfield's Ba2 rating reflects its position among the top five
largest homebuilders in Brazil with strong brand name, long track
record, diversity in terms of product offering ranging from
economic to high income apartments and office buildings.", said
Moody's Analyst, Marcos Schmidt.  "The rating also considers the
company's significant market share in its geographic markets,
adequate corporate governance standards, increasing geographic
diversity, relatively low leverage when compared to peers, good
profitability, and the benefit of having Brookfield Asset
Management Inc. (Baa2/STA) as the largest individual shareholder.
Conservative financial policies have contributed to adequate debt
protection metrics and liquidity for this rating level," added
Schmidt.

On the other hand, Brookfield's rating is constrained by the
geographic concentration of the company's landbank in Sao Paulo
and Rio de Janeiro, aggressive growth through acquisitions that
more than doubled the size of the company since 2008.  Focus in
the high-rise segment that pressures working capital and free cash
flow due to the extended construction periods and potential
increase in leverage over the next three years also constrain the
ratings.

Brookfield is the result from the combination of Brascan, Company
and MB Engenharia all strong brand names with long experience in
the Brazilian homebuilding market.  Brascan started its operations
in Rio de Janeiro in 1978, MB Engenharia started its operations in
1986 in Goiania and was acquired in April 2008, Company in its
turn started its operation in 1982 in Sao Paulo and was acquired
in October 2008.

In June 2009 the group's name was changed to Brookfield
Incorporacoes S.A. consolidating the three names and associating
its franchise to its indirect controlling company, BAM.  BAM is an
asset manager with more than US$100 billion in assets under
management of which US$41 billion are in real estate.

Brookfield's shares are listed on the Bovespa's "Novo Mercado",
which is the highest level of corporate governance standards in
the Brazilian stock market and is also Sarbanes-Oxley compliant
through BAM.

In addition to BAM which controls 42.6% of the shares, the other
shareholders include those in the shareholder's agreement who hold
6.1%.  The market holds the largest stake with the remaining
51.3%.

With some BRL2.85 billion of net revenues in LTM ending in
September, 2010, Brookfield is one of the 5 largest players in
Brazil.  The company's launches are distributed across Sao Paulo
(23%), Rio de Janeiro (22.1%), the Mid West region (18.6%) and
Brasilia (33.2%), regions that together account for around 60% of
Brazil's GDP, Sao Paulo alone concentrates 34% of the country's
GDP and 45% of the Brazilian real estate market.

The merger between the three companies provided better geographic
distribution, stronger bargaining power in the purchase of raw
materials and land from suppliers, as well as with better
bargaining power for the hiring of service.  The companies are now
fully merged and integrated.

Despite its fast organic growth and acquisitions, Brookfield has
been able to maintain an adequate capital structure and interest
coverage, with total adjusted debt/book capitalization of around
40%, one of the lowest in the local market and EBITA to Interest
of around 3.2 times.  It is important to mention that 35% or
BRL623 million of total debt of BRL1.8 billion is comprised of
construction related SFH loans, while 33% are working capital
loans, 30% local debentures and the remaining 2% receivable backed
loans.  According to the debt maturity schedule most of the loans
coming due in 2011 and 2012 are linked to construction and should
be repaid with the proceeds from the sale of finished units.

Given high commitments in the beginning of the construction phase,
Brazilian homebuilders generally have substantial working capital
requirements before construction financing kicks in, approximately
20% of the construction costs on average.  This 20% is a use of
the company's working capital, funded mostly through client's down
payment or internal cash generation from finished projects being
delivered.  The financing for all the projects launched by
Brookfield has already been committed and will be disbursed
according to the construction progress.  The company usually does
not start construction without having secured the respective
financing.

At the end of September 2010 Brookfield had BRL652 million in cash
and marketable securities on its balance sheet, BRL767 million in
ST debt and working capital consumption of BRL250 million per
quarter on average.  The majority of the ST debt is comprised by
SFH loans directly linked to construction that will be repaid at
the end of each project as well as working capital loans that will
be extended with a BRL300 million 4 to 5-year debenture.  Most of
the working capital requirements will be financed by the BRL2.2
billion in contracted SFH loans plus BRL1.2 billion already
approved by the local banks.  The company also has BRL965 million
in receivables from finished units that could be used as an
alternative source of liquidity.

In January 2009 the company raised BRL200 million in an equity
offering.  The offering was guaranteed by Brookfield's main
shareholder BAM, demonstrating its commitment to Brookfield.  In
November 2009, the company raised another BRL665 million in an
equity offering to the market.

The company's financial policy requires a minimum cash level of
BRL500 million and net debt no greater than Shareholders' Equity.

SFH loans and other construction loans are secured and represent
46% of Brookfield's capital structure, but in a liquidation
scenario the company would have enough assets to more than cover
all of the secured and unsecured debt.

The stable outlook takes into consideration that Brookfield will
continue to maintain adequate liquidity on its balance sheet to
execute its launched projects and growth plans, preserving a
minimum cash balance to face weaker economic environments and be
able to manage its debt obligations during a downturn in the
homebuilding industry.  The stable outlook also assumes that BAM
will remain the largest shareholder of the company demonstrating
its commitment to Brookfield's operations.

Brookfield's rating or outlook could experience upward pressure if
the company is able to further diversify its landbank outside the
state of Sao Paulo, and at the same time maintain its leverage
metrics and increase profitability as well as interest coverage.
Quantitatively, positive pressure could arise from an increase in
gross margin to the upper 30% (33.7% in the last twelve months
ended in September 2010), maintenance of total debt to
capitalization in the low 40% range (40.8% in the last twelve
months ended in September 2010), and an increase in interest
coverage (EBIT to Interest expense) to above 4.5 times (3.2 times
for the last twelve months ended in September 2010) on a
sustainable basis.

Brookfield's ratings could be downgraded if Total Debt to
Capitalization increased above the mid 50% range (40.8% in the
last twelve months ended in September 2010) on a sustainable basis
or if the company were to face a significant deterioration in its
liquidity profile due to a downturn in the homebuilding industry
or due to excessive dividend payout that could instead be used in
the down payment of debt or in the buildup of a liquidity cushion.
Negative pressure could arise if the company's cash balance
decreases to a level that would not be sufficient to meet the
company's short term financial obligations and minimum working
capital requirements or in case of a breach in the company's
internal leverage and minimum cash policies.

Headquartered in Rio de Janeiro, Brookfield Incorporacoes S.A. is
a vertically integrated real estate developer with activities
focused mainly in the states of Sao Paulo, Rio de Janeiro, Santa
Catarina and the mid-west region of Brazil including the Federal
District, it develops, builds and sales residential projects in
virtually all price segments as well as office buildings.  The
largest shareholder is Brookfield Asset Management (Baa2/STA) with
an indirect stake of 42.6% of the shares.  During the last twelve
months ended in September 2010 the company had BRL2.85 billion in
net revenues.


FIBRIA OVERSEAS: Moody's Assigns 'Ba1' Rating to Senior Notes
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 foreign currency
rating to Fibria Overseas Finance Ltd (Cayman Islands) proposed
issuance of approximately US$500 million (could be upsized to up
to US$750 million depending on market conditions) in senior
unsecured notes due 2021, to be unconditionally and irrevocably
guaranteed by Fibria Celulose S.A.  The rating outlook is
positive.  The issuance will not result in leverage increase as
the net proceeds from the notes will be used to refinance existing
debt, improving the company's debt maturity profile and liquidity.

Rating assigned:

Issuer: Fibria Overseas Finance Ltd (Cayman Islands)

  -- Approximately US$500 million Senior Unsecured Guaranteed
     Notes: Ba1 foreign currency rating

Existing ratings:

Issuer: Fibria Celulose S.A.

  -- Corporate Family Rating: Ba1 (global scale); Aa2.br
      (Brazilian national scale)

Issuer: Fibria Overseas Finance Ltd (Cayman Islands)

  -- US$1.87 billion senior unsecured guaranteed notes due 2020:
     Ba1 (foreign currency)

  -- US$63 million senior unsecured guaranteed notes due 2019:
     Ba1 (foreign currency)

The outlook for all ratings is positive.

                        Ratings Rationale

The Ba1 rating of the notes assume that the final transaction
documents will not be materially different from draft legal
documentation reviewed by Moody's to date and assume that these
agreements are legally valid, binding and enforceable.  The rating
of the proposed notes is at the same level as its Ba1 corporate
family rating based on the low amount of secured debt and
unsecured debt with claim priority over the proposed notes
(totaling approximately 17% of total consolidated adjusted debt
including financial obligations related to the acquisition of
Aracruz) and the fact that some 99% of the total consolidated
adjusted debt as of December 31, 2010 was either at Fibria or
guaranteed by Fibria.

Fibria's Ba1 rating reflects its leading position as the largest
producer of market pulp in the world, it's extremely competitive
production costs which are among the lowest worldwide based on a
long-term sustainable business model depicted by structural cost
advantages when compared with most international peers, including
self-sufficiency in wood fiber and electricity and efficient
logistics.  Fibria's low product diversity and its relative small
size when compared with global peers as measured by net revenues
are constraining factors for its rating.  Operational diversity is
good with pulp production spread over five plants, although 83% of
capacity is concentrated in three site locations.

Revenues are largely generated under long-term supply contracts
that support stable sales volume with good geographic
diversification.  Additionally, the Ba1 rating incorporates the
benefit from the ownership by and expected support from Votorantim
Participacoes S.A. (Baa3, outlook stable) due to existing cross
default provisions in part of Votorantim's outstanding debt.
Also, Moody's view of Fibria's strong ownership considers the fact
that the Brazilian Development Bank BNDES (A3, outlook stable) is
currently its largest individual shareholder through its
subsidiary BNDES Participacoes S.A. (A3, outlook stable) with
30.4% of Fibria's voting and total capital, and a major lender to
the company on an arms-length basis.

As anticipated, during 2010 Fibria has significantly reduced its
leverage as measured by Total Adjusted Debt (including financial
obligations related to the acquisition of Aracruz) to EBITDA of
4.1x as of December 31, 2010, down from 9.0x one year earlier.
Because Fibria has a track record of maintaining hefty cash
position on its balance sheet, Moody's also looks at its leverage
on a Net Adjusted Debt basis considering a minimum cash position
of BRL1 billion, which together with the company's access to
export pre-financing, BNDES loans to fund capex, and Votorantim's
committed credit facility, provide comfort on the company's
adequate liquidity.  On a net debt basis, leverage declined to
3.8x as of 2010 year-end (or 3.3x pro-forma for the BRL1.5 billion
proceeds from the disposal of Conpacel and KSR) from 7.4x in 2009.
The leverage reduction reflects Fibria's improved operational
performance due to higher pulp prices and synergies captured from
the merger with Aracruz, that more than off-set the negative
impacts of the strong Real, as well as the use of proceeds from
the disposal of the Guaiba mill in late 2009 to prepay debt.
Consequently, EBITDA margin (as defined by Moody's) increased to
46% in 2010 from 31% in 2009, comparing very favorably with most
international peers.  Despite the pressure on costs deriving from
the strong Real, Moody's expect margins to remain robust given the
lack of significant additional new capacity before 2013 and
continuous global demand growth supporting prices at fairly high
levels over the next couple of years.

Moody's expect Fibria will continue to be free cash flow positive
in 2011 and will continue to have ample access to pre-export
financing in support of the maintenance of adequate liquidity.
Still on liquidity, Moody's expect Fibria will proactively and
timely manage to remain in compliance with tightening leverage
covenants under existing debts totaling some BRL382 million, which
indentures limit Net Debt to EBITDA at 3.0x as of June 30, 2011
(3.72x reported as of December 31, 2010; 3.2x pro-forma for the
disposal of Conpacel and KSR).  Also, Moody's believe that the
Brazilian Development Bank - BNDES will continue to finance a
substantial portion of Fibria's capital spending at arm's-length
terms and conditions.

Fibria has ambitious expansion projects in the period 2012 -- 2018
that include the expansion of the Tres Lagoas and Veracel (50%-50%
joint venture with Stora Enso) mills at an estimated total cost of
about BRL8 billion.  Moody's expect the company will prudently
manage the timing of its capex program in order to maintain
adequate leverage and liquidity during the execution period.

The positive outlook reflects Moody's expectation that Fibria will
accelerate leverage reduction with the proceeds from assets sale
and will continue to report strong margins and cash generation in
the near term supported by favorable market conditions for BEKP
and despite the strengthened Real.  Moody's expect that Fibria
will prudently manage its large capex program in the near term
while maintaining healthy liquidity.

The ratings could be upgraded if Fibria manages to reduce leverage
as measured by Total Adjusted Net Debt (considering a minimum cash
position of BRL1 billion) to EBITDA approaching 3x (3.3x reported
as of December 31, 2010 pro-forma for the disposal of Conpacel and
KSR) together with Retained Cash Flow (defined as Funds From
Operations less Dividends) less Capex to Total Adjusted Net Debt
(as defined above) above 12% on a consistent basis (reported 11%
as of December 31, 2010 pro-forma for the disposal of Conpacel and
KSR).  Moody's expect a large portion of Fibria's planned capex
will be pre-funded with committed long term debt.  During period
of heavy capital spending Moody's may also look at capex net of
pre-funding.

The ratings outlook could be stabilized in case Fibria is unable
to continue to delever, or in case of deterioration in liquidity.
Also, a deterioration of VPAR's credit quality could negatively
impact Fibria's ratings.  A substantial increase in secured debt
could negatively affect the senior unsecured notes rating.

Moody's last rating action on Fibria was on Dec. 30, 2010 when
Moody's affirmed its corporate family ratings of Ba1 on the global
scale and Aa2.br on the Brazilian national scale rating, as well
as the Ba1 foreign currency ratings of Fibria Overseas Finance Ltd
senior unsecured guaranteed notes, and changed the outlook for all
ratings to positive from stable.  The action followed the
announcement of the disposal to Suzano Papel e Celulose S.A.
(rated Baa3, outlook stable) of its 50% interest in Consorcio
Paulista de Papel e Celulose - Conpacel and 100% of KSR
Distribuidora (paper distribution subsidiary) for BRL1.5 billion
in cash.

Fibria Celulose S.A. is the largest producer of market pulp in the
world, and also produces specialty paper, such as coated, thermal,
and carbonless paper.  In 2010, Fibria reported consolidated net
revenues of BRL6.3 billion (approximately US$3.6 billion converted
by the average foreign exchange rate).


FIBRIA OVERSEAS: S&P Assigns 'BB' Rating to Senior Unsec. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB'
senior unsecured debt rating to the forthcoming issuance of senior
unsecured notes by Fibria Overseas Finance Ltd., a wholly owned
subsidiary of Fibria Celulose S.A. (BB/Positive/--).  Fibria will
unconditionally guarantee the notes.

The rating reflects Fibria's credit quality, its satisfactory
business profile marked by its very competitive cost position, its
world-class operations and economies of scale, and its strong
market position in the eucalyptus pulp market, resulting in strong
profitability.  S&P views Fibria's financial risk profile as
significant, due to its still-aggressive, though reducing, and
financial leverage.  As Fibria starts investing more heavily in
Tres Lagoas II, S&P's base case predicts limited gross debt
reduction.  However, S&P expects the company to continue reducing
interest costs and improving its debt profile as it moves on with
its liability-management strategy.

                           Ratings List

                   Fibria Overseas Finance Ltd.

          Senior Unsecured Notes                    BB


===========================
C A Y M A N   I S L A N D S
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ARTEMUS STRATEGIC: Creditors' Proofs of Debt Due March 30
---------------------------------------------------------
The creditors of Artemus Strategic Asian Credit Fund Limited II
are required to file their proofs of debt by March 30, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on February 17,
2011.

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


CAPITAL TRADING: Creditors' Proofs of Debt Due March 30
-------------------------------------------------------
The creditors of The Capital Trading Fund Offshore, Ltd. are
required to file their proofs of debt by March 30, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on February 8, 2011.

The company's liquidator is:

          Jonathan Culshaw
          Telephone: +44 207 842 6085
          Facsimile: +44 207 353 0487
          Harney Westwood & Riegels LLP
          5 New Street Square, 5th Floor
          London EC4A 3BF
          United Kingdom


CHEYNE LEVERAGE: Creditors' Proofs of Debt Due March 30
-------------------------------------------------------
The creditors of Cheyne Leverage Fund Inc. are required to file
their proofs of debt by March 30, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 16,
2011.

The company's liquidator is:

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


CMG CAPITAL: Creditors' Proofs of Debt Due March 28
---------------------------------------------------
The creditors of CMG Capital, Ltd are required to file their
proofs of debt by March 28, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on February 17,
2011.

The company's liquidator is:

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


CMG CAPITAL: Creditors' Proofs of Debt Due March 28
---------------------------------------------------
The creditors of CMG Capital Master Fund, Ltd are required to file
their proofs of debt by March 28, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 17,
2011.

The company's liquidator is:

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


COMPREHENSIVE INDEMNITY: Creditors' Proofs of Debt Due March 31
---------------------------------------------------------------
The creditors of Comprehensive Indemnity, Ltd. are required to
file their proofs of debt by March 31, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 9, 2011.

The company's liquidator is:

          Steven R. Butler
          Financial Director
          Chandler Insurance Management, Ltd.
          Waterfront Centre, 2nd Floor
          North Church Street
          P.O. Box 1854, Grand Cayman KY1-1110
          Cayman Islands
          Telephone: (345) 949 8177
          Facsimile: (345) 949 8376


DEVELOPMENT PARTNERS: Creditors' Proofs of Debt Due March 22
------------------------------------------------------------
The creditors of Development Partners (Cayman) Limited are
required to file their proofs of debt by March 22, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on February 17, 2011.

The company's liquidator is:

          Richard Finlay
          c/o Krysten Lumsden
          Telephone: (345) 814 7366
          Facsimile: (345) 945 3902
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands


DGC VISION: Creditors' Proofs of Debt Due March 22
--------------------------------------------------
The creditors of DGC Vision Euro Holdings Ltd. are required to
file their proofs of debt by March 22, 2011, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Richard Finlay
          c/o Gene DaCosta
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands
          Telephone: (345) 814 7765
          Facsimile: (345) 945 3902


DGC VISION: Creditors' Proofs of Debt Due March 22
--------------------------------------------------
The creditors of DGC Vision INT. Ltd. are required to file their
proofs of debt by March 22, 2011, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Richard Finlay
          c/o Gene DaCosta
          Telephone: (345) 814 7765
          Facsimile: (345) 945 3902
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands


GALLE GLOBAL: Creditors' Proofs of Debt Due March 28
----------------------------------------------------
The creditors of Galle Global Macro Offshore Fund, Ltd are
required to file their proofs of debt by March 28, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on February 16,
2011.

The company's liquidator is:

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


HALABRISA INVESTMENTS: Placed Under Voluntary Wind-Up
-----------------------------------------------------
At an extraordinary general meeting held on February 18, 2011, the
shareholder of Halabrisa Investments Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

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


HIMALAYA FUNDING: Creditors' Proofs of Debt Due March 28
--------------------------------------------------------
The creditors of Himalaya Funding Holding Inc. are required to
file their proofs of debt by March 28, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 17,
2011.

The company's liquidator is:

          Victor Murray
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


OPUS TRINITY: Court Enters Wind-Up Order
----------------------------------------
On February 11, 2011, the Grand Court of the Cayman Islands
entered an order that voluntarily winds up the operations of Opus
Trinity SPC.

The company's liquidators are:

          S.L.C. Whicker
          K. Beighton
          KPMG, 2nd Floor, Century Yard
          Cricket Square
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: +1 345-815-2631 / +1 345-949-4800
          Facsimile: +1 345-949-7164 / +1 345-949-7164


SAKURAMORI HOLDINGS: Creditors' Proofs of Debt Due March 28
-----------------------------------------------------------
The creditors of Sakuramori Holdings Ltd. are required to file
their proofs of debt by March 28, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 17,
2011.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


SAXLINGHAM EUROPE: Creditors' Proofs of Debt Due March 31
---------------------------------------------------------
The creditors of Saxlingham Europe Master Fund Limited are
required to file their proofs of debt by March 31, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on February 10,
2011.

The company's liquidator is:

          Darren Swayne
          c/o Maples FS Limited
          Cricket Square, Boundary Hall, 4th Floor
          George Town, Grand Cayman
          Cayman Islands


STRONGBOW CAPITAL: Creditors' Proofs of Debt Due March 21
---------------------------------------------------------
The creditors of Strongbow Capital, Ltd. are required to file
their proofs of debt by March 21, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on December 13, 2010.

The company's liquidator is:

          Ogier
          c/o Michael Lubin
          Telephone: (345) 815 1793
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


WATERFALLS INVESTMENTS: Placed Under Voluntary Wind-Up
------------------------------------------------------
At an extraordinary general meeting held on February 18, 2011, the
shareholder of Waterfalls Investments Ltd. resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

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


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


GRUMA SAB: Fitch Removes Issuer Default Ratings to 'BB'
--------------------------------------------------------
Fitch Ratings has upgraded and removed these Issuer Default
Ratings and outstanding debt ratings of Gruma, S.A.B. de C.V. from
Rating Watch Positive:

  -- Long-term Foreign Currency IDR to 'BB' from 'B+';
  -- Long-term Local Currency IDR to 'BB' from 'B+';
  -- US$300 million perpetual bonds to 'BB' from 'BB-/RR3'.

The Rating Outlook is Positive.

In accordance with Fitch's published methodology, the Recovery
Ratings on Gruma's perpetual bonds will no longer be published.

The ratings upgrade reflects Gruma's considerable debt reduction
with the proceeds received from the sale of its shares of Grupo
Financiero Banorte, S.A.B.  de C.V., as well as sound operating
performance and improved financial position.  The ratings are
supported by Gruma's solid business profile as one of the leading
producers of corn flour and tortillas in the United States and
Central America, and corn and wheat flour in Mexico and Venezuela.
The ratings also incorporate the expected effect of the
nationalization of the Venezuelan operations, where Fitch assumes
no contribution to Gruma's results, neither any cash compensation
at the end of this process.

The Positive Rating Outlook considers Fitch's expectation that
Gruma will maintain its total debt to EBITDA ratio within a 2.1
times to 2.5x range over the next 12 to 18 months.  Gruma's
internal initiatives are to mitigate core raw materials cost
volatility and contain cost and expenses, allowing it to improve
its profitability and free cash flow generation.

Gruma's sale of its shares in Banorte represented a net cash
inflow of approximately MXN9 billion which were used to prepay
debt, improving the company's credit metrics.  With these funds,
available cash balances and others short term facilities, Gruma
made on February 2011 debt prepayments to loan agreements related
to derivatives losses that were converted to debt in 2009 for
US$752.6 million and MXN773.3 million.  This action will allow
Gruma to remove restrictive financial and operative conditions
related to those agreements and obtain flexibility to improve and
strengthen its financial profile.  On a proforma basis as of
Dec.31, 2010, Gruma's estimated total debt to EBITDA was 2.1x,
down significantly from 4.3x at Dec. 31, 2009 year-end.  Adjusting
for operating leases on sale and lease-back agreements for
production equipment, Gruma's estimated adjusted debt to EBITDAR
decreased to 2.8x from 4.6x when comparing the same periods above
mentioned.

Gruma's operating performance during 2010 was supported by the
company's strong position and fundamentals in a difficult business
environment.  Net sales decreased 8% versus the prior year period
to MXN46.6 billion mainly as a result of Venezuelan Bolivar
devaluation and to a lesser extent lower prices in Gruma
Corporation.  In contrast, sales volume increased 4% supported
mainly by the acquisition of one corn grits plant in Ukraine and
higher volumes in Venezuela.  Gruma's consolidated EBITDA margin
at YE 2010 was 9.3% versus 10.8% in 2009.  The reduction in
margins, which remain slightly below its historical levels, was
mainly the result of higher raw material costs, consumer shift to
lower margin products and the depreciation of the Bolivar.  Fitch
expects that net sales growth during 2011 may be negatively
impacted by the disincorporation of the Venezuelan assets.  Fitch
estimates that operating margins will remain stable as a result of
the implementation of price increases and raw material hedges that
will help Gruma to offset the pressure from higher costs of
inputs.

Gruma's liquidity position is limited with low cash balances.  In
contrast, it is supported by Gruma's positive free cash flow
generation and access to credit lines.  As of Dec. 31, 2010, Gruma
had MXN21 million of cash balances and annual funds from
operations generation of MXN2.4 billion, which compare unfavorably
with last year figures of MXN2 billion and MXN3.4 billion,
respectively.  In addition on a proforma basis as of
Dec. 31, 2010, estimated short term debt reached US$160 million
which is high to the current level of cash balances.  This
situation is mitigated by Gruma's access to credit lines and
supports Fitch's expectation that the company will be able to
refinance its short term debt.  Also, Fitch's estimation of FFO
above MXN2.6 billion at YE 2011 will be sufficient to cover short
term obligations.

Fitch has already factored in Gruma's 'BB' IDR the high
uncertainty and volatility of the cash flows coming from
Venezuela.  On a pro-forma basis as of Dec. 31, 2010, total debt
to EBITDA excluding the operations of Venezuela, increases to 4.7x
versus 4.3x, including Venezuela.  When considering the recent
debt reduction for the same period mentioned, estimated leverage
ratio reached 2.3x from 2.1x, respectively.  These last proforma
ratios remain consistent with the current rating category.  Going
forward Fitch estimates that total debt to EBITDA, excluding
Venezuelan operations, should stay below 2.5x at YE 2011.


SATMEX SA: First Lien Noteholders Retain Counsel
------------------------------------------------
Satelites Mexicanos, S.A. de C.V. (Satmex SA) disclosed in a press
release on Jan. 25, 2011, that it had 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
a prepackaged plan of reorganization to be filed in the United
States Bankruptcy Court for the District of Delaware.

According to a March 1, 2011, press release, the Company has been
advised that certain of the holders of Satmex's First Priority
Senior Secured Notes due 2011 have retained Michael J. Sage of
Dechert LLP as their counsel in this matter and are planning an
organizational telephone conference at 5:00 p.m. Eastern Time on
Wednesday, March 2, 2011, to discuss next steps.  Holders of the
First Priority Senior Secured Notes who would like to participate
on that call may contact Mr. Sage directly in advance.

The Company is presently confirming that under the terms of the
proposed Plan, holders of the First Priority Senior Secured Notes
will be paid out in cash at par plus accrued interest without
premium or penalty.  To the extent not paid pursuant to a
bankruptcy court order authorizing the use of cash collateral or
otherwise, the accrued and unpaid fees and expenses of the
indenture trustee and the collateral trustee related to the First
Priority Senior Secured Notes (including the accrued and unpaid
fees and expenses of their counsel and the counsel to the ad hoc
committee of holders of the First Priority Senior Secured Notes)
will be paid in full in cash on the effective date of the Plan.

Satmex SA has also entered into a commitment letter with Jefferies
Finance LLC providing for US$325 million of committed senior
secured exit financing, which may be used, along with the proceeds
of the previously-announced US$96.25 million fully-backstopped
rights offering of equity securities to holders of Second Priority
Senior Secured Notes, to, among other things, repay the First
Priority Senior Secured Notes as outlined above and fund the
timely completion of Satmex 8, a satellite scheduled to be
launched in 2012 to replace the Company's Satmex 5 satellite.

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

                         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: Judge Sets March 31 Hearing, Urges Agreement
-------------------------------------------------------
Thomas Black at Bloomberg News reports that Vitro, S.A.B. de C.V.
said a Mexican judge set a bankruptcy hearing for March 31 and
"energetically suggested" that the company and creditors reach an
agreement outside of court.

A conference was held with the judge on Feb. 24, 2011, according
to Bloomberg.

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, 2010.

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. Sections 1515 and 1517.

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


VITRO SAB: Incurs US$58-Mil Consolidated Net Loss for 4Q 2010
-------------------------------------------------------------
Vitro, S.A.B. de C.V. has incurred a consolidated net loss of
US$58 million for the fourth quarter 2010 from a net gain of US$41
million during the same period last year.  This variation is
principally explained by the US$51 million expense in total
financing result compared with an expense of US$20 million in the
fourth quarter 2009, mainly derived from a noncash foreign
exchange income related to a 1.2 percent peso appreciation
compared to a non-cash foreign exchange income related to a 3.3
percent peso appreciation in the fourth quarter 2009.

In addition, the variation is due to a US$20 million other
expenses during the quarter, related to the accelerated
amortization of fees associated with previous issued debt vs.
other income of US$7 million for the same period last year mostly
as a result of a gain related to asset sales.

Sales for the quarter increased 20.3% YoY to US$255 million from
US$212 million in the fourth quarter 2010.  Domestic sales
increased 16% in part as a result of the peso appreciation coupled
with higher volumes across all segments, with the exception of
food, and stronger product mix in the soft drinks and wine and
liquor segments.

Export sales increased 24.9% YoY due to higher volumes in every
segment, despite a lower price mix in all segments.

Sales from Glass Containers' foreign subsidiaries increased to
US$5 million from US$2 million on a YoY basis.

A full text copy of the company's fourth quarter 2010 release is
available free at:

     http://ResearchArchives.com/t/s?7438/

                        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, 2010.

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. Sections 1515 and 1517.

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


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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




                            ***********

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

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

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


                            ***********


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Psyche A. Castillon, Julie Anne G.
Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A.
Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.



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