TCRLA_Public/110307.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

            Monday, March 7, 2011, Vol. 12, No. 46

                            Headlines



A R G E N T I N A

ASTMAX CGM: Creditors' Proofs of Debt Due March 28
CALEDONIAN REINSURANCE: Members' Final Meeting Set for March 31
CC ASSURANCE: Creditors' Proofs of Debt Due March 21
GP INVESTMENTS: S&P Affirms 'BB-' Counterparty Credit Rating
GS PEP TECH: Shareholders' Final Meeting Set for April 1

HALCYON STRUCTURED: Shareholders' Final Meeting Set for April 1
ICM OPPORTUNITY: Shareholders' Final Meeting Set for April 1
MASTER TREND: Shareholders' Final Meeting Set for April 1
PLAINFIELD ACCEPTANCE: Creditors' Proofs of Debt Due March 28
RAB EMERGING: Shareholders' Final Meeting Set for March 22

REACHCAPITAL INTERNATIONAL: Shareholders' Meeting Set for April 1
SAXLINGHAM EUROPE: Creditors' Proofs of Debt Due March 31
SIAM CROSS-STRAIT: Shareholders' Final Meeting Set for April 1
TANMIYAT SUKUK: Shareholders' Final Meeting Set for April 4
TRADEX CURRENCY: Creditors' Proofs of Debt Due March 28

TRADEX CURRENCY: Creditors' Proofs of Debt Due March 28
VARA GLOBAL: Shareholders' Final Meeting Set for March 28
VARA GLOBAL: Shareholders' Final Meeting Set for March 28
WALL CAPITAL: Creditors' Proofs of Debt Due March 21
WHARF CAPITAL: Creditors' Proofs of Debt Due March 28

WHARF INTERNATIONAL: Creditors' Proofs of Debt Due March 28


B R A Z I L

INVEPAR: Moody's Reviews 'Ba2' Rating to Senior Debentures


M E X I C O

MEXICANA AIRLINES: Initiates Talks With Several Investor Groups
VITRO SAB: Judge to Study Appeal on Dismissal of Bankruptcy Case


X X X X X X X X

* BOND PRICING: For the Week February 28 to March 4, 2011


                            - - - - -


=================
A R G E N T I N A
=================


ASTMAX CGM: Creditors' Proofs of Debt Due March 28
--------------------------------------------------
The creditors of ASTMAX CGM 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 9, 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


CALEDONIAN REINSURANCE: Members' Final Meeting Set for March 31
---------------------------------------------------------------
The members of Caledonian Reinsurance SPC will hold their final
meeting on March 31, 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:

          Bernard McGrath
          c/o #69 Dr. Roy's Drive
          P.O. Box 1043, George Town
          Grand Cayman KY1-1102
          Cayman Islands
          Telephone: 949-0050
          Facsimile: 949-8062


CC ASSURANCE: Creditors' Proofs of Debt Due March 21
----------------------------------------------------
The creditors of CC Assurance Company, 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 liquidation proceedings on February 3, 2011.

The company's liquidator is:

          Russell Smith
          c/o Russell Homer
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499, George Town KY1-1104
          Grand Cayman
          Cayman Islands


GP INVESTMENTS: S&P Affirms 'BB-' Counterparty Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB-'
long-term counterparty credit rating on GP Investments Ltd.  The
outlook is stable.

The rating on GP mainly reflects an insufficient level of
recurring cash revenues (mainly management fees) to cover
operating and financial expenses.  The rating also considers the
high geographical concentration of GP's investment portfolio in
Brazil and the inherent volatility of the private equity business.
"These weaknesses are partly offset by GP's leading position in
the Brazilian private equity industry, the large experience and
strong reputation of its team of professionals, good track record
of most of its investments, good liquidity, and good performance
of the Brazilian economy," said Standard & Poor's credit analyst
Sergio Fuentes.

The good track record of most of its investments reflects its
adequate investment strategy of controlling or sharing control of
equity stakes and focusing on actively participating in medium and
large Brazilian companies.  GP does not participate in start-ups,
non-environmentally friendly, and weapon-related companies.  In
addition, the company complies with certain policies on maximum
concentration by company and by industry, but the concentration of
its current investment portfolio in 10 Brazilian companies
compares unfavorably with other global private equity firms.

GP currently manages three funds (GPCP III, GPCP IV, and GPCP V)
with investments in nine Brazilian companies and a total
investment value of about US$1.3 billion as of Sept. 30, 2010.  GP
collects a 2% management fee on the limited partner's committed
capital during the first five years of the funds and on the net
invested capital thereafter.  GP participates with relatively high
minority equity stakes (US$427 million as of Sept. 30, 2010) in
the three funds and also with direct equity stakes (about $91
million as of Sept. 30, 2010).  Thus it not only collects
management and performance fees on the limited partners' stakes,
but it also benefits from the appreciation of its share in the
funds.  In addition, GP has the right to collect dividends from
its 84.5% participation in BRZ Investimentos S.A., a Brazilian
asset management company with about US$2.5 billion in assets under
management.  During 2011, S&P expects that GP's management fees
and interest income from its short-term financial investments will
not be enough to cover operating (payroll, bonuses on management
fees, and administrative) and financial expenses.  S&P also don't
expect dividends from BRZ Investimentos in 2011.  Thus, S&P
believes GP will depend on the collection of performance fees,
divestitures of its own investments, or on its cash position of
about $500 million as of Sept. 30, 2010, to cover them.  Going
forward, S&P expects assets under management to increase to about
US$2.4 billion (without considering changes in the value of the
investments) by 2013, assuming that GPCP V will be fully invested.

GP enjoys good liquidity.  The company had a high US$509 million
in cash and liquid securities (about 50% invested in corporate
bonds) as of Sept. 30, 2010.  S&P expects that these liquid
assets, as well as management fees, interest income, and proceeds
from potential divestments and performance fees, would be enough
to finance payroll, administrative, bonuses, financial expenses,
and investment commitments for about US$320 million in GPCP V in
2011 and 2012.

The stable outlook reflects GP's good liquidity, adequate debt
structure, and S&P's expectation that the good Brazilian economy
will benefit the company's investment portfolio during 2011.  A
potential upgrade would require a significant increase in
recurring revenues, which S&P does not anticipate in the short
term.  S&P could lower the rating if the company's liquidity
position falls below US$100 million or if the results of its
investment portfolio significantly deteriorate.


GS PEP TECH: Shareholders' Final Meeting Set for April 1
--------------------------------------------------------
The shareholders of GS Pep Tech Offshore EZC Holdings, Inc. will
hold their final meeting on April 1, 2011, at 8:45 a.m., to
receive 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


HALCYON STRUCTURED: Shareholders' Final Meeting Set for April 1
---------------------------------------------------------------
The shareholders of Halcyon Structured Asset Management Long
Secured/Short Unsecured CLO 2007 Ltd. will hold their final
meeting on April 1, 2011, at 9:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ICM OPPORTUNITY: Shareholders' Final Meeting Set for April 1
------------------------------------------------------------
The shareholders of ICM Opportunity Fund Ltd. will hold their
final meeting on April 1, 2011, at 9:15 a.m., to receive 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


MASTER TREND: Shareholders' Final Meeting Set for April 1
---------------------------------------------------------
The shareholders of Master Trend Capital Management (Cayman)
Limited will hold their final meeting on April 1, 2011, at
9:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


PLAINFIELD ACCEPTANCE: Creditors' Proofs of Debt Due March 28
-------------------------------------------------------------
The creditors of Plainfield Acceptance International 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 9, 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


RAB EMERGING: Shareholders' Final Meeting Set for March 22
----------------------------------------------------------
The shareholders of Rab Emerging Markets Opportunities (Master)
Fund Limited will hold their final meeting on March 22, 2011, at
12:00 noon, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Avalon Management Limited
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: 1 345 769-9351


REACHCAPITAL INTERNATIONAL: Shareholders' Meeting Set for April 1
-----------------------------------------------------------------
The shareholders of Reachcapital International Fund I, Ltd. will
hold their final meeting on April 1, 2011, at 9:30 a.m., to
receive 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


SAXLINGHAM EUROPE: Creditors' Proofs of Debt Due March 31
---------------------------------------------------------
The creditors of Saxlingham Europe 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 MaplesFS Limited
          Boundary Hall, Cricket Square, 4th Floor
          George Town, Grand Cayman
          Cayman Islands
          c/o Victor Murray
          Telephone: 345 814 5722


SIAM CROSS-STRAIT: Shareholders' Final Meeting Set for April 1
--------------------------------------------------------------
The shareholders of Siam Cross-Strait Investment Fund will hold
their final meeting on April 1, 2011, at 8:30 a.m., to receive 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


TANMIYAT SUKUK: Shareholders' Final Meeting Set for April 4
-----------------------------------------------------------
The shareholders of Tanmiyat Sukuk Company will hold their final
meeting on April 4, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ohad Corporate Services Limited
          c/o Stefan Cnoops
          e-mail: stefan.cnoops@ohad.com
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands
          Telephone: + 973 17 213 199
          Facsimile: + 973 17 213 198


TRADEX CURRENCY: Creditors' Proofs of Debt Due March 28
-------------------------------------------------------
The creditors of Tradex Currency Fund Holdings SPC, 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 9, 2011.

The company's liquidators are:

          Mourant Ozannes Cayman Liquidators Limited
          Mourant Ozannes
          Attorneys-at-Law
          Reference: JJW
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647; or

          Mourant Ozannes Cayman Liquidators Limited
          Reference: Peter Goulden
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647
          Harbour Centre
          42 North Church Street
          P.O. Box 1348, George Town
          Grand Cayman KY1-1108
          Cayman Islands


TRADEX CURRENCY: Creditors' Proofs of Debt Due March 28
-------------------------------------------------------
The creditors of Tradex Currency Fund SPC, 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 9, 2011.

The company's liquidators are:

          Mourant Ozannes Cayman Liquidators Limited
          Mourant Ozannes
          Attorneys-at-Law
          Reference: JJW
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647; or

          Mourant Ozannes Cayman Liquidators Limited
          Reference: Peter Goulden
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647
          Harbour Centre
          42 North Church Street
          P.O. Box 1348, George Town
          Grand Cayman KY1-1108
          Cayman Islands


VARA GLOBAL: Shareholders' Final Meeting Set for March 28
---------------------------------------------------------
The shareholders of Vara Global Macro Fund, Ltd will hold their
final meeting on March 28, 2011, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Bernadette Bailey-Lewis
          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


VARA GLOBAL: Shareholders' Final Meeting Set for March 28
---------------------------------------------------------
The shareholders of Vara Global Macro Master Fund Ltd will hold
their final meeting on March 28, 2011, at 4:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Bernadette Bailey-Lewis
          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


WALL CAPITAL: Creditors' Proofs of Debt Due March 21
----------------------------------------------------
The creditors of Wall Capital Limited 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 February 11, 2011.

The company's liquidator is:

          Avalon Management Limited
          Reference: GL
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351
          Landmark Square, 1st Floor, 64 Earth Close
          West Bay Beach
          P.O. Box 715, George Town
          Grand Cayman KY1-1107
          Cayman Islands


WHARF CAPITAL: Creditors' Proofs of Debt Due March 28
-----------------------------------------------------
The creditors of Wharf Capital International Limited 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 9, 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


WHARF INTERNATIONAL: Creditors' Proofs of Debt Due March 28
-----------------------------------------------------------
The creditors of Wharf International Finance Limited 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 9, 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


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


INVEPAR: Moody's Reviews 'Ba2' Rating to Senior Debentures
----------------------------------------------------------
Moody's America Latina placed on review for possible downgrade the
Ba2 rating on the global scale and the A1.br ratings on the
Brazilian national scale of the BRL450 million senior unsecured
debentures issued by Invepar and guaranteed by its operating
subsidiary Linha Amarela S.A.  At the same time, Moody's affirmed
Invepar's corporate family ratings of Ba3 and A2.br and Metro
Rio's Issuer Ratings of Ba3 and A3.br and changed the outlook for
those ratings to negative from stable.

The review was prompted by Moody's perception of increased credit
risk at the subsidiary guarantor, Lamsa, as a result of additional
investment requirements through 2012.  In spite of long-term
compensations provided by the amendment of its concession
agreement, the unexpected increase in Lamsa's leverage creates
additional near-term pressure on the group's already high
consolidated leverage and weak liquidity position.

Invepar's operating performance to date has been moderately weaker
than Moody's initial expectation and leverage is likely to remain
high in the medium term to support its significant investment
plans, which may challenge the company's ability to achieve the
credit metrics required for the Ba3 rating category.
Nevertheless, Moody's has affirmed Invepar's corporate family
ratings and Metro Rio's issuer ratings given the strong evidence
of financial support from its shareholders over the last couple
years.

The negative outlook reflects Moody's expectation that prolonged
high leverage coupled with an inadequate liquidity profile in the
current environment of rising interest rates in Brazil could lead
to higher debt costs, weaker coverage ratios for the rating
category and an increasing likelihood of a possible covenant
violation in the near term.

Ratings under review for downgrade include:

  -- BRL450 million senior unsecured debentures issued by Invepar
     and guaranteed by Linha Amarela S.A.(Lamsa): Ba2/A1.br

These ratings were affirmed with negative outlook:

Issuer: Invest. E Part. Em Infra-Estr S.A.

  -- Corporate Family Ratings: Ba3 (global scale) / A2.br (Brazil
     national scale)

Issuer: Concessao Metroviaria Rio de Janeiro S/A (Metro Rio)

  -- Issuer Ratings: Ba3 /A3.br

                        Ratings Rationale

Invepar's Ba3 and A2.br corporate family ratings reflect the
inherently stable and predictable cash flow of its subsidiaries,
which are supported by long-term concession contracts for toll
roads and subway services.  The ratings also reflect the
strengthened capital structure of Invepar following the issuance
of BRL799 million in new equity in 2009 and an additional BRL375
million in 2010, which is evidence of the strong financial support
Invepar has from its shareholders; however, the ratings are
currently pressured by the significant amount of debt due in the
near term and the group's high leverage when compared to its local
peers (illustrated by a Funds from Operations (FFO)-to-Debt ratio
adjusted according to Moody's standard adjustments of 6.2% for the
last twelve months ended September 30, 2010).  Other factors
pressuring Invepar's ratings include its rather ambitious business
plan, not only within the scope of its existing businesses that
calls for investments of approximately BRL2.4 billion over the
next five years, but also for the potential new ventures in the
infrastructure sector.  Thus, the ratings reflect a high
dependence of new equity capital from the shareholders in a timely
manner over the next several years.

The Ba2 and A1.br ratings on Invepar's BRL450 million debentures
are one notch higher than the corporate family ratings to reflect
the solid cash flow of Lamsa, which is supported by a long-term
concession contract for toll road services in the city of Rio de
Janeiro.  Lamsa is not only the guarantor of these debentures, but
its dividends are also the primary source of cash to meet the debt
service at the level of the holding company in the short term.
The other two major sources of cash to the Invepar holding
company, the operating subsidiaries Metro Rio and Concessionaria
Auto Raposo Tavares S.A. are involved in significant capital
expenditure programs and Moody's does not expect these two
companies to distribute dividends before 2019.  To date, Lamsa has
exhibited strong credit metrics for the rating category and a
relatively long track record since 1998 of improving operating
performance, but the company has recently engaged in additional
investments for road improvements that will translate into lower
free cash flows in the near term.  Moody's will evaluate within
the next three months if the one-notch difference is adequate in
the face of the expected additional leverage associated with these
investments.

On May 14, 2010, Lamsa signed an amendment to its concession
agreement, whereby the City Government of Rio de Janeiro granted
an additional 15 years in the term of this concession, extending
it until January 2037.  In exchange, Lamsa committed to investing
BRL258 million in road improvements through 2012.  In order to
fully restore its financial equilibrium based on an internal rate
of return of 10.9%, the concessionaire has also negotiated a
tariff increase of 2.32% per year from June 2012 through June
2015, in addition to the annual pass through of inflation.  In
spite of these compensations, the unexpected increase in Lamsa's
leverage creates additional pressure on the group's consolidated
leverage and liquidity position for the short term.  The ultimate
magnitude of an increase in leverage at Lamsa could potentially
violate the financial covenants embedded in the indenture of
Invepar's debentures, including a maximum Net Debt-to-EBITDA ratio
of 2.0x for Lamsa and 5.8x for the Invepar consolidated company in
2010 (5.0x in 2011).

Further potential cash flow pressures on the subsidiary guarantor,
Lamsa, also constrain the debenture's ratings because of the lack
of adequate ring-fencing through strong contractual provisions
that prevent Lamsa from granting intercompany loans.  Moody's
notes that intercompany loans within the Invepar could be used
more frequently.  While this practice reduces the cost of debt for
Invepar on a consolidated basis, it increases the potential for
cross-defaults, which brings the risks of financially weaker
subsidiaries into the credit profile of those subsidiaries that
would otherwise have a higher rating.

Metro Rio's Ba3 and A3.br ratings also reflect the stable and
predictable nature of the cash flow derived from its long-term
concession contract and a solid track record of operating
performance along with the implicit support of financially strong
shareholders.  The ratings are pressured by its highly leveraged
capital structure (evidenced by a FFO-to-Debt ratio adjusted
according to Moody's standard adjustments of just 0.5% for the
last twelve months as of September 30, 2010), and the ongoing
risks associated with raising sufficient and timely long-term
capital to fund its sizeable capital expenditure program of
approximately BRL700 million over the next five years.  Metro Rio
experienced a significant increase in leverage as a result of the
merger with Megapar in September 2009.  The high leverage
represents an additional risk since there are loans with the BNDES
that include a financial covenant of EBITDA to Net interest
expense higher than 2.0x.  The risk of potential political
interference with respect to fare adjustments and/or alterations
to the current expansion plans to Rio's existing mass
transportation system further constrain Metro Rio ratings.

Despite some recent improvements, Invepar's consolidated liquidity
profile remains weak in the face of the sizeable near-term debt
maturities and significant expected cash outflows associated with
its capital expenditure requirements.  Like most Brazilian
companies, Invepar does not have committed banking facility to
fund significant unexpected cash disbursements.  At September 30,
2010, Invepar reported consolidated short-term debt of BRL1.3
billion (including concession liabilities) vis--vis a cash
position of BRL397 million.  These maturities are expected to
decrease during the first quarter of 2011 as a result of some
successful refinancing activities.  These included a BRL1.05
billion long-term loan approved by the BNDES last December to
support Cart's capital expenditures (of which the first
disbursement occurred last month replacing a bridge loan from the
BNDES of approximately BRL261 million) and the issuance of a 2-
year BRL400 million debenture by this subsidiary in January 2011.
Additionally, some BRL230 million of Metro Rio's outstanding
commercial paper has been amortized with the release of restricted
cash on the balance sheet.  Nevertheless, the overall debt
maturity profile remains inadequate in relation to Invepar's
estimated investments of approximately BRL2.4 billion over the
next five years.  The support of shareholders through capital
injections and debt acquisition in the past has partially tempered
this weak liquidity profile.

Invepar's operating performance to date has been moderately weaker
than Moody's initial expectation given the delays experienced in
the implementation of new toll plazas at Cart and some technical
difficulties in starting operations at the interconnection of
lines 1 and 2 of Metro Rio.  Going forward, Invepar's consolidated
operating cash flows are likely to gradually increase as the new
investments mature.

Despite Moody's expectation that the strong financial support of
Invepar's shareholders will continue, refinancing risk remains a
major credit concern which has prompted the negative outlook;
however, the outlook could be stabilized should Invepar obtain
adequate long-term funding to finance its investment programs over
the next 12 to 18 months and materially improve its overall
liquidity position.

Downward rating pressure will develop if Moody's perceives
refinancing risk materially increasing or if there is a sustained
deterioration in credit metrics so that Invepar's consolidated
FFO-to-debt ratio, adjusted according to Moody's standard
adjustments, remains below 8% and its consolidated interest
coverage ratio stays below 2.0x for an extended period.  Any
reduction in the perceived level of support from shareholders
could also trigger a downgrade.

Investimentos e Participacoes em Infraestrutura S.A. (Invepar) is
a holding company controlled by three of the largest Brazilian
pension funds (PREVI, FUNCEF and PETROS) and the construction
company OAS (unrated).  Invepar was created in March 2000 to
invest in other companies in the infrastructure segment.  Its
current portfolio of concessions consists of three toll roads:
Linha Amarela S.A., Concessionaria Auto Raposo Tavares S.A. and
Concessionaria Litoral Norte S.A., and one subway concession
operated by Concessao Metroviaria Rio de Janeiro S/A.  Invepar
also participates in a joint venture with Construtora Norberto
Odebrecht S.A. (Baa3/Aa1.br; Stable) on the recently auctioned BA-
093 road system in Bahia.  Invepar reported consolidated net
revenues of BRL695 million (US$390 million) and EBITDA of BRL249
million (US$140 million) in the last twelve months ended
September 30, 2010.  Metro Rio accounted for 54% of the revenues
and 50% of the EBITDA.


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


MEXICANA AIRLINES: Initiates Talks With Several Investor Groups
---------------------------------------------------------------
Jonathan J. Levin at Bloomberg News reports that Compania Mexicana
de Aviacion or Mexicana Airlines said in an e-mail statement has
initiated talks with several investor groups interested in
restarting the bankrupt airline.

The company said that current conditions "favor the presentation
of new proposals," according to Bloomberg.

As reported in the Troubled Company Reporter-Latin America on
March 4, 2011, Dow Jones Newswires said that Mexicana Airlines'
planned return to the air suffered another setback when the
private equity group that had secured agreements for a
restructuring failed to come up with the capital to buy the shares
from the current owners.  PC Capital said that the transfer of
funds to buy Mexicana's holding company Nuevo Grupo Aeronautico
(NGA) wasn't made by the deadline set by current owner Tenedora K,
according to Dow Jones' Newswires.  The report recounted that
Tenedora K took over Mexicana last year after the airline filed
for bankruptcy protection and was grounded, but failed to secure
labor and other agreements that would have made the airline
viable.  Dow Jones' Newswires disclosed that PC Capital came up
with a business plan which government authorities approved, and
secured agreements with pilots, flight attendants and ground staff
that included significant layoffs.  The report related that PC
Capital, which hasn't publicly identified the would-be investors,
said it would facilitate the transfer of the restructuring process
to any other group of investors interested in capitalizing the
airline.

                   About Mexicana Airlines

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

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

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

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

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


VITRO SAB: Judge to Study Appeal on Dismissal of Bankruptcy Case
----------------------------------------------------------------
Thomas Black at Bloomberg News reports that Vitro, S.A.B. de C.V.
said a Mexican judge decided to study an appeal that seeks to have
the company's bankruptcy filing accepted.

The same judge on Jan. 28, 2011, had rejected the appeal, which
Vitro SAB filed after its bankruptcy plan was dismissed, Vitro
said in an e-mailed statement obtained by Bloomberg.

As reported in the Troubled Company Reporter-Latin America on
Jan. 26, 2011, Bloomberg News said that Vitro SAB Chief Executive
Officer Hugo Lara said the company filed an appeal in Mexican
court to challenge a ruling dismissing the company's voluntary
bankruptcy petition.  According to Bloomberg, Mr. Lara said it was
legal to use US$1.9 billion of intercompany debt to gain majority
support for a debt plan that was rejected by third-party
creditors.  A TCR-LA report on Jan. 12, 2011, citing Bloomberg
News, related that Vitro SAB said a Mexican judge rejected a
bankruptcy plan the company filed in a Monterrey court.  The
company plans to appeal the judge's decision to dismiss the
petition for bankruptcy, Vitro said in an e-mailed statement
obtained by the news agency.

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


* BOND PRICING: For the Week February 28 to March 4, 2011
---------------------------------------------------------

Issuer              Coupon   Maturity   Currency          Price
------              ------   --------   --------          -----


ARGENTINA
---------

ARGENT- DIS             5.83   12/31/2033    ARS            165.8
ARGENT-PAR              1.18   12/31/2038    ARS             62.5
ARGENT-DIS             7.82   12/31/2033    EUR              70.25
ARGENT-DIS             7.82   12/31/2033    EUR              72
ARGENT-DIS             4.33   12/31/2033    JPY              42
ARGENT-PAR&GDP         0.45   12/31/2038    JPY               8
BODEN 2014                 2   9/30/2014     ARS            162
BOGAR 2018                 2   2/4/2018      ARS            151


CAYMAN ISLAND
-------------

BANCO BPI (CI)          4.15   11/14/2035    EUR           49.121
BANIF FIN LTD              3   12/31/2019    EUR            18.75
BCP FINANCE BANK        5.01   3/31/2024     EUR           56.783
BCP FINANCE BANK        5.31   12/10/2023    EUR           59.599
BCP FINANCE CO         5.543                 EUR         59.83186
BCP FINANCE CO         4.239                 EUR               58
BES FINANCE LTD        5.772   2/7/2035      EUR         58.15221
BES FINANCE LTD         5.58                 EUR         61.01657
BES FINANCE LTD          4.5                 EUR         60.46845
CHINA FORESTRY          7.75   11/17/2015    USD               62
CHINA FORESTRY          7.75   11/17/2015    USD               55
DUBAI HLDNG COMM           6   2/1/2017      GBP         76.14821
EFG ORA FUNDING          1.7   10/29/2014    EUR         65.36897
ESFG INTERNATION       5.753                 EUR           59.725
IMCOPA INTL CAYM      10.375   12/16/2014    USD               38
PUBMASTER FIN          6.962   6/30/2028     GBP         53.09666
PUBMASTER FIN           8.44   6/30/2025     GBP           55.724
THPA FINANCE LTD       8.241   3/15/2028     GBP         72.93495


CHILE
-----

AGUAS NUEVAS             3.4   5/15/2012     CLP           1.0996
CGE DISTRIBUCION        3.25   12/1/2012     CLP         39.74357
ESVAL S.A.               3.8   7/15/2012     CLP         37.65094
MASISA                  4.25   10/15/2012    CLP          40.4049


VENEZUELA
---------

PETROLEOS DE VEN       12.75   2/17/2022     USD         76.51667
VENEZUELA                  7   3/31/2038     USD            55.25
VENEZUELA                  7   3/31/2038     USD         54.07785
VENEZUELA                  6   12/9/2020     USD            57.35
VENEZUELA               7.65   4/21/2025     USD             59.6
VENEZUELA               8.25   10/13/2024    USD            62.15
VENEZUELA               9.25   5/7/2028      USD            65.75
VENEZUELA               7.75   10/13/2019    USD            66.25
VENEZUELA                  9   5/7/2023      USD               67
VENEZUELA                  7   12/1/2018     USD            66.75
VENEZUELA               9.25   9/15/2027     USD         68.94757
VENEZUELA               9.25   9/15/2027     USD             71.5
VENEZUELA               5.75   2/26/2016     USD             71.1
VENZOD - 189000        9.375   1/13/2034     USD            66.25


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *