TCRLA_Public/110415.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

               Friday, April 15, 2011, Vol. 12, No. 75

                            Headlines



A R G E N T I N A

BANCO CRUZEIRO: S&P Assigns 'BB-' Rating on $200MM Sr. Notes
PROVINCE OF NEUQUEN: S&P Assigns 'B' Rating on $260MM Debt Bond


B R A Z I L

BANCO CRUZEIRO: Moody's Puts Ba2 Rating on Proposed Unsec. Notes
BANCO PINE: Moody's Assigns 'Ba2' Rating to Proposed Senior Notes


C A Y M A N  I S L A N D S

AIS HOLDINGS: Creditors' Proofs of Debt Due May 11
AJW MASTER: Creditors' Proofs of Debt Due May 11
ALPHA WISDOM: Creditors' Proofs of Debt Due May 16
AZURE FUNDING: Creditors' Proofs of Debt Due May 11
CHINA TODAY: Creditors' Proofs of Debt Due May 9

DORADA CORPORATION: Creditors' Proofs of Debt Due May 11
DWS ASIAN: Creditors' Proofs of Debt Due May 3
FISAM OFFSHORE: Creditors' Proofs of Debt Due May 16
GREY LYNN: Creditors' Proofs of Debt Due May 11
INVEST AD: Creditors' Proofs of Debt Due May 11

LANSING INTERNATIONAL: Creditors' Proofs of Debt Due May 11
OMNIA LTD (P64): Creditors' Proofs of Debt Due May 11
OMNIA LTD (P66): Creditors' Proofs of Debt Due May 11
OMNIA LTD (P71): Creditors' Proofs of Debt Due May 11
UNITED CAPITAL: Creditors' Proofs of Debt Due May 13


J A M A I C A

NATIONAL COMMERCIAL: S&P Rates Long-term Counterparty as 'B-'


M E X I C O

VITRO SAB: Court Denies Involuntary Petitions vs. 4 US Units


P U E R T O  R I C O

FR & S CORP: Court Rules on Puerto Rico Treasury's Tax Claims




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A R G E N T I N A
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BANCO CRUZEIRO: S&P Assigns 'BB-' Rating on $200MM Sr. Notes
------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB-'
senior unsecured debt rating to Banco Cruzeiro do Sul S.A.'s (BB-
/Stable/B) forthcoming $200 million senior unsecured notes due
2014, under its short-term notes program.

"The rating on the notes is the same as the long-term counterparty
credit rating on Banco Cruzeiro, reflecting our view that the
notes will rank on par with other senior unsecured debt and that
they will be direct, unsecured, unsubordinated, and unconditional
obligations of the bank.  The bank will use the proceeds for
general corporate purposes," S&P stated.

The rating on Banco Cruzeiro reflects the bank's concentration in
one type of product and its volatile profitability.  The bank has
business sensitivity to high competition and market conditions.
The ratings also take into account the bank's challenge to
increase and diversify its funding and capital base to sustain its
credit expansion.  Banco Cruzeiro's relevant market position in
its niche market, its good asset-quality indicators, and its good
technology and distribution capabilities partially offset the
weaknesses.

Ratings List

Banco Cruzeiro do Sul S.A.
Corporate Credit Rating            BB-/Stable/B

New Rating
Senior Unsecured Due 2014          BB-


PROVINCE OF NEUQUEN: S&P Assigns 'B' Rating on $260MM Debt Bond
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B (sf)'
preliminary rating to Argentina's Province of Neuquen's
US$260 million debt cancellation bond program (Program de
Titulos de Cancelacion de Pasivos, or TICAP) due 2021.

This is the province's second structured transaction to be secured
by oil royalties.  However, as the Titulos de Deuda de Desarrollo
Provincial (TIDEPRO) bonds' original terms and conditions state
that the province cannot issue new secured debt, this proposed
TICAP issuance is subject to approval by the investors of the
TIDEPRO bonds.  The province presented that it has requested
the consent of the TIDEPRO investors last week, the outcome of
which is due on April 14, 2011.

Neuquen, a province in southern Argentina, plans to raise up to
US$260 million in the capital markets via the TICAP bonds to repay
existing debt and finance specific construction projects.  The
TICAP notes will be secured by certain oil royalties paid to the
province by different oil producers from six predetermined areas.
These royalties represent 12% of the oil production value
at the wellhead of the dedicated concessionaires.  The primary
areas to be assigned for this transaction are: Centenario,
Chihuido de la Sierra Negra, Loma La Lata-Sierra Barrosa, and San
Roque.  Additionally, the Province will transfer the oil producing
areas El Trapial and Puesto Hernandez areas to the trust for the
repayment of the TICAP notes only if the TIDEPRO notes are fully
repaid in 2014, as these areas are part of the collateral for the
TIDEPRO bonds.  As of Dec. 31, 2010, the four primary dedicated
areas accounted for 34.9% of the total oil production in the
province, and the additional dedicated areas accounted for 40.3%.

The preliminary rating is based on information as of April 8,
2011.  Subsequent information may result in the assignment of
final ratings that differ from the preliminary rating.

The preliminary rating is based on these characteristics of the
transaction:

    * The solid credit enhancement protection that includes
      overcollateralization and a debt service reserve account
      equivalent to the next scheduled debt service payment.  In
      addition, there will be extraordinary and trigger event
      prepayment accounts to cover any liquidity shortfall in case
      of a prepayment event;

    * The underlying assets' source of repayment is derived from a
      pool of highly rated private oil producers/concessionaries.
      These entities, which currently pay royalties to the
      province, will pay directly to the Argentine onshore trust
      for the benefit of the TICAP's noteholders.  Consequently,
      the source of repayment for this transaction depends on the
      evolution and performance of the royalties or oil production
      and not on the province's willingness or capability to pay
      debt;

    * The strength of the underlying collateral provided by the
      oil royalties to be assigned to an onshore Argentine trust
      to be held at Citibank N.A.;

    * The adequate financial characteristics of the province of
      Neuquen based mainly on the strong royalty revenues, solid
      fiscal performance, a track record of good management, and
      an adequate debt maturity profile;

    * The weak business risk profile of Neuquen's hydrocarbon
      industry, which results from a challenging institutional and
      regulatory environment, and disappointing reserve
      replacement performance in the past years mainly because of
      low investments in the industry by the oil companies.  These
      factors are somewhat balanced by a large reserve base, the
      importance of hydrocarbon production in the country,
      Neuquen's strategic location, the existence of adequate
      infrastructure to support the industry, and the low
      geological complexity of the Neuquen's basin; and

    * The fact that the oil from this province will be
      significantly distributed throughout the country's energy
      matrix.

Payments will be quarterly and interest-only until 2013.
Principal will be amortized in 33 quarterly periods.

Preliminary Rating Assigned to Province of Neuquen

Class                    Rating    Amount (mil. US$)
  Debt cancellation
   bond program          B (sf)    260


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B R A Z I L
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BANCO CRUZEIRO: Moody's Puts Ba2 Rating on Proposed Unsec. Notes
----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 foreign currency debt
rating to senior unsecured notes to be issued by Banco Cruzeiro
do Sul S.A. (BCSul).  The proposed notes will be due in April
2014.  The outlook on the rating is negative .

Assignment:

   Issuer: Banco Cruzeiro do Sul S.A.

   -- Senior Unsecured Regular Bond, Assigned Ba2

Ratings Rationale

The rating agency explained that the foreign currency senior
unsecured debt rating derives from BCSul's Ba2 issuer rating.
At this rating level, the bond rating is not constrained by
the country ceiling for foreign currency bonds and notes for
Brazil.

The proposed notes are being issued under the existing
US$1 billion Global Short Term Note Program, rated Ba2
by Moody's, with negative outlook.

The last rating action on Banco Cruzeiro do Sul was on
January 7, 2011, when Moody's assigned a Ba2 foreign currency
senior unsecured debt rating to the 8.375% US$400 million senior
unsecured notes due in January 2016.  The outlook on the rating
is negative.Other ratings remained unchanged.

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

Banco Cruzeiro do Sul S.A. is headquartered in Sao Paulo,
Brazil and had total unconsolidated assets of BRL9,276 million
(US$5,553 million) and equity of R$1,.127 million
(US$674.4 million) as of December 31, 2010.


BANCO PINE: Moody's Assigns 'Ba2' Rating to Proposed Senior Notes
--------------------------------------------------------
Moody's Investors Service assigned (P)Ba2 long-term and (P)Not
Prime short-term foreign currency debt ratings to the planned
US$1 billion Global Medium Term Note Program of Banco Pine S.A.
Moody's also assigned a Ba2 foreign currency debt rating to the
proposed 5-year senior unsecured notes in the amount up to
US$300 million to be issued by Pine under this program.  The
notes are due April 2016.  The rating outlook is stable.

Assignments:

   Issuer: Banco Pine S.A.

   -- US$ 1 billion Global Medium Term Note Program: Assigned
      (P)Ba2 and (P)Not Prime

   -- Senior Unsecured Regular Bond, Assigned Ba2

Ratings Rationale

The rating agency explained that the foreign currency senior
unsecured debt rating derives from Pine's Ba2 global local
currency deposit rating.  At this rating level, the bond rating
is not constrained by the country ceiling for foreign currency
bonds and notes for Brazil.

The last rating action on Banco Pine S.A. was on February 8,
2010, when Moody's assigned a Ba3 long-term foreign currency
subordinated debt rating to the bank's 8.75% US$125 million
subordinated notes.  Other ratings remained unchanged.

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

Banco Pine S.A. is headquartered in Sao Paulo, Brazil and had
total consolidated assets of R$9,150 million (US$5,478 million)
and equity of BRL867 million (US$519 million) as of December 31,
2010.


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


AIS HOLDINGS: Creditors' Proofs of Debt Due May 11
--------------------------------------------------
The creditors of AIS Holdings Limited are required to file their
proofs of debt by May 11, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 1, 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


AJW MASTER: Creditors' Proofs of Debt Due May 11
------------------------------------------------
The creditors of AJW Master Fund II, Ltd. are required to file
their proofs of debt by May 11, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 30, 2011.

The company's liquidator is:

         S.L.C Whicker
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         c/o Gerhard Albertyn
         Telephone: 345-914-4395
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


ALPHA WISDOM: Creditors' Proofs of Debt Due May 16
--------------------------------------------------
The creditors of Alpha Wisdom Limited are required to file their
proofs of debt by May 16, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 25, 2011.

The company's liquidator is:

         United Microelectronics Corporation
         Telephone:  886-2-26589168
         Facsimile: 886-2-26575299
         8th Floor., No. 68, Sec. 1
         Neihu Rd., Neihu Dist.
         Taipei City 114,
         Taiwan (R.O.C.)


AZURE FUNDING: Creditors' Proofs of Debt Due May 11
---------------------------------------------------
The creditors of Azure Funding North America II are required to
file their proofs of debt by May 11, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 31, 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


CHINA TODAY: Creditors' Proofs of Debt Due May 9
------------------------------------------------
The creditors of China Today Growth Fund are required to file
their proofs of debt by May 9, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 31, 2011.

The company's liquidator is:

         Mr. Xie Xuefeng
         Telephone: (852) 2185 0808
         Facsimile: (852) 2167 8067
         Unit 2503 25/F Low Block
         Grand Millennium Plaza
         181 Queen's Road Central
         Hong Kong


DORADA CORPORATION: Creditors' Proofs of Debt Due May 11
--------------------------------------------------------
The creditors of Dorada Corporation are required to file their
proofs of debt by May 11, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 28, 2011.

The company's liquidators are:

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


DWS ASIAN: Creditors' Proofs of Debt Due May 3
----------------------------------------------
The creditors of DWS Asian Micro Cap Fund are required to file
their proofs of debt by May 3, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 17, 2011.

The company's liquidator is:

         Hugh Dickson
         c/o Prudence Pryce
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815 8240
         Facsimile: (345) 949 7120


FISAM OFFSHORE: Creditors' Proofs of Debt Due May 16
----------------------------------------------------
The creditors of Fisam Offshore Fund, Ltd are required to file
their proofs of debt by May 16, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 1, 2011.

The company's liquidator is:

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


GREY LYNN: Creditors' Proofs of Debt Due May 11
-----------------------------------------------
The creditors of Grey Lynn Investments Limited are required to
file their proofs of debt by May 11, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 29, 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


INVEST AD: Creditors' Proofs of Debt Due May 11
-----------------------------------------------
The creditors of Invest AD UAE Real Estate Opportunity Fund No. 1
GP Limited are required to file their proofs of debt by May 11,
2011, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on March 28, 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


LANSING INTERNATIONAL: Creditors' Proofs of Debt Due May 11
-----------------------------------------------------------
The creditors of Lansing International Inc are required to file
their proofs of debt by May 11, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 29, 2011.

The company's liquidator is:

         Stuart Sybersma
         c/o Karen Scott
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1 (345) 814 3312
         Facsimile: +1 (345) 949 8258
         e-mail: kascott@deloitte.com


OMNIA LTD (P64): Creditors' Proofs of Debt Due May 11
-----------------------------------------------------
The creditors of Omnia Ltd (P64) are required to file their proofs
of debt by May 11, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on March 17, 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


OMNIA LTD (P66): Creditors' Proofs of Debt Due May 11
-----------------------------------------------------
The creditors of Omnia Ltd (P66) are required to file their proofs
of debt by May 11, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on March 17, 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


OMNIA LTD (P71): Creditors' Proofs of Debt Due May 11
-----------------------------------------------------
The creditors of Omnia Ltd (P71) are required to file their proofs
of debt by May 11, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on March 17, 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


UNITED CAPITAL: Creditors' Proofs of Debt Due May 13
----------------------------------------------------
The creditors of United Capital Partners Enterprise Ltd are
required to file their proofs of debt by May 13, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 31, 2011.

The company's liquidator is:

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


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J A M A I C A
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NATIONAL COMMERCIAL: S&P Rates Long-term Counterparty as 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services said it has affirmed its 'B-'
long-term and 'C' short-term counterparty ratings on National
Commercial Bank Jamaica Ltd. (NCB).  At the same time, Standard &
Poor's affirmed its 'BB-' survivability assessment on NCB.  The
outlook remains stable.

"The ratings on National Commercial Bank Jamaica Ltd. are
constrained by the sovereign ratings on Jamaica (B-/Stable/C)
due to the bank's high exposure to securities and loans with the
government and public entities," Standard & Poor's credit analyst
Elena Enciso said.

The stable outlook reflects Standard & Poor's view that NCB's
financial profile benefits from the Jamaican government's improved
financial position following the government's debt restructuring.

Any positive rating action would depend on the sovereign rating on
Jamaica.  A negative rating action would take place if current
economic conditions in the country significantly pressure the
bank's liquidity in either Jamaican or U.S. dollars, or if
profitability declines to below 1% and nonperforming assets
rise above 10%.


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M E X I C O
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VITRO SAB: Court Denies Involuntary Petitions vs. 4 US Units
------------------------------------------------------------
Bill Rochelle, Bloomberg News' bankruptcy columnist, reports that
Vitro SAB scored another victory this week when a bankruptcy judge
in Fort Worth, Texas, denied involuntary Chapter 11 petitions
filed against four U.S. subsidiaries.  Judge Russell Nelms said
the companies were generally paying debts as they come due.  Even
though they were in default on their guarantees of the bonds, the
judge said they have "a meaningful number of third party trade
vendors that are being paid."  Judge Nelms also noted that the
four companies are among almost 50 Vitro affiliates that are
liable on guarantees of the notes.

Judge Nelms, according to the report, will decide later about the
involuntary petitions filed against eight non-operating Vitro
subsidiaries in the U.S.

Judge Nelms wasn't required to rule on the involuntary petitions
against four other Vitro units -- Vitro America LLC and three
other U.S. subsidiaries into Chapter 11. -- because they put
themselves into Chapter 11 on April 6.  They too were facing
involuntary petitions filed in November by holders of some of the
$1.2 billion of bonds in default for two years.

                       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 Dec. 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 Nov. 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 Dec. 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 Dec. 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.  The judge said Vitro couldn't push through
a plan based on the vote of $1.9 billion of intercompany debt when
third-party creditors were opposed.  In April, Vitro SAB emerged
the victor when an appellate court in Mexico reinstated the
prepackaged reorganization the company filed last year under that
country's concurso mercantile.


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


FR & S CORP: Court Rules on Puerto Rico Treasury's Tax Claims
-------------------------------------------------------------
The Treasury Department of the Commonwealth of Puerto Rico
requests in the chapter 7 bankruptcy case of FR & S Corp.,
allowance and payment of alleged post-petition administrative
expenses for corporate income taxes for the tax year 2008, taxes
withheld from salaries for the period ending on Dec. 31, 2008, and
the 7% withholding of taxes for the payment of professional
services for tax year 2008, pursuant to 11 U.S.C. Sections
503(b)(1)(B)(i), 507(a)(2) and 507(a)(8)(A) and (D).

The chapter 7 trustee objects to the PR Treasury's request for the
2008 corporate income taxes, employment taxes and the 7% tax
withholding from the payment of professional services for tax year
2008 to be afforded administrative expense priority based on the
following: (i) Debtor filed its bankruptcy petition December 19,
2008, and was converted to chapter 7 on May 15, 2009, thus the
amount requested is an unsecured priority; (ii) The 2008 corporate
income taxes, employment taxes and the 7% withholding of taxes for
the payment of professional services are pre-petition taxes even
though the tax payment was due post-petition.  Thus, the PR
Treasury is not entitled to administrative expense priority; and
(iii) There was no tax incurred by the estate because Debtor's
taxable activity occurred pre-petition, before there was an
estate.

Bankruptcy Judge Enrique S. Lamoutte granted the PR Treasury's
request is granted in part and denied in part.  The Court found
and concluded that: (1) PR Treasury's claim for state income taxes
for the entire 2008 calendar year is an administrative expense
which satisfies the two prong test of Section 503(b)(1)(B)(i); (2)
the state income tax withholdings for the first three quarters of
the 2008 year were incurred pre-petition and as such are entitled
to eighth priority status in conformity with Section 507(a)(8)(C);
(3) the fourth quarter of Debtor's 2008 calendar year is a post-
petition tax claim and as such the same is afforded administrative
expense priority status since the same does not fall under Section
507(a)(8) and was incurred by the estate on Dec. 31, 2008; (4) the
7% tax withholdings for the first eleven (11) months of Debtor's
2008 calendar year were incurred pre-petition and as such must be
afforded eighth priority status pursuant to Section 507(a)(8)(C);
and (5) the 7% tax withholding for professional services rendered
for the entire month of December 2008 was incurred post-petition
and as such satisfies the two prong test of Section
503(b)(1)(B)(i).

A copy of the Court's March 30, 2011 Opinion and Order is
available at http://is.gd/bJVffHfrom Leagle.com.

FR & S Corp. filed a Chapter 11 bankruptcy petition (Bankr. D.
P.R. Case No. 08-08659) on Dec. 19, 2008, represented by Juan
Manuel Suarez Cobo, Esq. -- suarezcobo@prtc.net -- in San Juan,
Puerto Rico.  The petition listed under $50,000 in assets and
between $1 million and $10 million in debts.  The Court on May 15,
2009, granted the Debtor's request for conversion to chapter 7.


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

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

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


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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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