TCRLA_Public/110427.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

             Wednesday, April 27, 2011, Vol. 12, No. 82

                            Headlines



A R G E N T I N A

AFRAN SA: Creditors' Proofs of Debt Due June 23
CHELAS SA: Creditors' Proofs of Debt Due May 31
EL GRAN: Requests Opening of Bankruptcy Proceedings
MATCYN SA: Creditors' Proofs of Debt Due May 23
MEJIAS & D'AGOSTINO: Creditors' Proofs of Debt Due June 22

SANCHEZ Y JUAN: Applies for Reorganization Proceedings
VIAMONTE Y PUEYRREDON: Creditors' Proofs of Debt Due May 31
VITRUVIUS SRL: Asks for Bankruptcy Proceedings


B E R M U D A

AL-ASWAT MAN: Creditors' Proofs of Debt Due May 4
AL-ASWAT MAN: Member to Receive Wind-Up Report on May 25


C A Y M A N   I S L A N D S

PEREGRINE I LLC: Files for Chapter 11 Due to Unpaid Loans


M E X I C O

VITRO SAB: Bondholders Aim to Move Chapter 15 Case to Dallas
VITRO SAB: U.S. Units Propose KCC as Claims Agent


P U E R T O   R I C O

CARIBBEAN CARRIER: Bankr. Ct. Won't Revisit Admin. Claim Ruling
CARIBBEAN PETROLEUM: U.S., Insurer Object to Liquidation Plan


T R I N I D A D  &  T O B A G O

NATIONAL PETROLEUM: Board Dismisses CEO & Division Manager




                            - - - - -


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


AFRAN SA: Creditors' Proofs of Debt Due June 23
-----------------------------------------------
Luciano Arturo Melegari, the court-appointed trustee for Afran
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 23, 2011.

Mr. Melegari will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 7, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Luciano Arturo Melegari
         Bartolome Mitre 1131
         Argentina


CHELAS SA: Creditors' Proofs of Debt Due May 31
-----------------------------------------------
Hector Jorge Garcia, the court-appointed trustee for Chelas SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 31, 2011.

Mr. Garcia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 51, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Hector Jorge Garcia
         Uruguay 572


EL GRAN: Requests Opening of Bankruptcy Proceedings
---------------------------------------------------
El Gran Titan SA requested the opening of bankruptcy proceedings.

The company has defaulted on its payments due last March 2.


MATCYN SA: Creditors' Proofs of Debt Due May 23
-----------------------------------------------
Gustavo Adrian Milio, the court-appointed trustee for Matcyn SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until May 23, 2011.

Mr. Milio will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 14
in Buenos Aires, with the assistance of Clerk No. 27, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

         Gustavo Adrian Milio
         Echenagucia 925
         Argentina


MEJIAS & D'AGOSTINO: Creditors' Proofs of Debt Due June 22
----------------------------------------------------------
Elsa Esther Andrade, the court-appointed trustee for Mejias &
D'Agostino Consultores's bankruptcy proceedings, will be verifying
creditors' proofs of claim until June 22, 2011.

Ms. Andrade will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 8, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Elsa Esther Andrade
         Avenida Callao 449
         Argentina


SANCHEZ Y JUAN: Applies for Reorganization Proceedings
------------------------------------------------------
Sanchez y Juan Adan SA applied for reorganization proceedings.

The company has defaulted on its payments that were due on July 2,
2010.


VIAMONTE Y PUEYRREDON: Creditors' Proofs of Debt Due May 31
-----------------------------------------------------------
Miguel Alfredo Kupcnik, the court-appointed trustee for Viamonte y
Pueyrredon SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until May 31, 2011.

Mr. Kupcnik will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 18, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Miguel Alfredo Kupcnik
         San Luis 3067
         Argentina


VITRUVIUS SRL: Asks for Bankruptcy Proceedings
----------------------------------------------
Vitruvius SRL asked for bankruptcy proceedings.


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B E R M U D A
=============


AL-ASWAT MAN: Creditors' Proofs of Debt Due May 4
-------------------------------------------------
The creditors of Al-Aswat Man Multi-Strategy Trading Ltd are
required to file their proofs of debt by May 4, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 14, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM 09
         Bermuda


AL-ASWAT MAN: Member to Receive Wind-Up Report on May 25
--------------------------------------------------------
The member of Al-Aswat Man Multi-Strategy Trading Ltd will receive
on May 25, 2011, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on April 14, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM 09
         Bermuda


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


PEREGRINE I LLC: Files for Chapter 11 Due to Unpaid Loans
---------------------------------------------------------
Edvard Pettersson at Bloomberg News reports that Peregrine I LLC
filed for Chapter 11 bankruptcy protection, saying US$190 million
of a US$259 million loan is unpaid.

Peregrine I said in a filing in U.S. Bankruptcy Court in
Wilmington, Delaware, that its Class B members, EFS-M Inc., an
entity for which it provided the address of GE Energy Financial
Services in Stamford, Connecticut, and Oslo-based Pareto World
Wide Offshore AS, agreed to the bankruptcy reorganization,
according to Bloomberg.

Bloomberg recalls that GE Energy Financial Services said in
December 2007 that it would invest US$54 million in Peregrine I, a
deepwater drill ship that was drilling for oil in the Atlantic
Ocean off the coast of Brazil.  WestLB AG, a German bank, helped
arrange the US$259 million loan for the venture and was listed as
one of the creditors in the Chapter 11 filing.

The case is In re Peregrine I LLC, 11-11230, U.S. Bankruptcy
Court, District of Delaware (Wilmington).

Headquartered in Cayman Islands, Peregrine I LLC, is an offshore
drilling company backed by a unit of General Electric Co.


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


VITRO SAB: Bondholders Aim to Move Chapter 15 Case to Dallas
------------------------------------------------------------
Bill Rochelle, Bloomberg News' bankruptcy columnist, reports that
the Chapter 11 case of four U.S. Vitro affiliates pending in Fort
Worth, Texas, have been assigned temporarily to U.S. Bankruptcy
Judge Harlin "Cooter" Hale in Dallas.  Vitro filed another Chapter
15 petition on April 14 in New York, shortly after the company's
Mexican reorganization was reinstated.  Last week, bondholders
filed a motion in the Dallas bankruptcy court seeking to move the
New York Chapter 15 case to Texas.

Mr. Rochelle relates that the prior Chapter 15 case was before
U.S. Bankruptcy Judge Sean Lane in New York. The new Chapter 15
case in New York was assigned last week to U.S. Bankruptcy Judge
Shelley C. Chapman.  Holders of defaulted bonds, who have been
opposing Vitro's reorganization, asked Judge Chapman to transfer
the case to Lane.  Judge Chapman declined and signed an order
keeping the case in her courtroom, assuming Judge Hale doesn't
move the entire case to Texas.

Mr. Rochelle notes that the bondholders' motion to transfer the
case to Texas automatically enjoined all proceedings in Judge
Chapman's court.

                        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 sought 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.

            Concurso Mercantil & Chapter 15 Proceedings

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, commencing its
voluntary concurso mercantil proceedings -- the Mexican equivalent
of a prepackaged Chapter 11 reorganization.  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.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  The judge said Vitro couldn't push through
a plan to buy back or swap US$1.2 billion in debt from bondholders
based on the vote of US$1.9 billion of intercompany debt when
third-party creditors were opposed.  Vitro as a result dismissed
the first Chapter 15 petition following the ruling by the Mexican
court.

On April 12, 2011, an appellate court in Mexico reinstated the
reorganization.  Accordingly, Vitro SAB on April 14 re-filed a
petition for recognition of its Mexican reorganization in U.S.
Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-11754).

In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.

                      Chapter 11 Proceedings

A group of noteholders opposed 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.  Together, they held US$75 million, or approximately 6%
of the outstanding bond debt.  The Noteholder group 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 15 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).

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, Vitro SAB agreed to put Vitro units -- Vitro America LLC
and three other U.S. subsidiaries -- that were subject to the
involuntary petitions into voluntary Chapter 11.  The judge will
decide later about the involuntary petitions filed against eight
non-operating Vitro subsidiaries in the U.S.

An official committee of unsecured creditors has been appointed in
the Chapter 11 cases of Vitro Asset Corp., et al.


VITRO SAB: U.S. Units Propose KCC as Claims Agent
-------------------------------------------------
Vitro America, LLC and its debtor affiliates have sought approval
from the U.S. Bankruptcy Court for the Northern District of Texas
to employ Kurtzman Carson Consultants LLC as their notice, claims
and balloting agent.

The Debtors tapped the firm to prepare and serve notices, and to
examine and maintain copies of proofs of claim and interest filed
in their Chapter 11 cases.

KCC will also be tasked to maintain official claims register;
provide temporary employees to process the claims; provide free
access to the public for examination of claims and claims
register; monitor the Court's docket for any claim-related
pleadings, among other things.

The retention of KCC to provide administrative services is
necessary given the large number of creditors in the Debtors'
cases.  The Debtors estimate that there are more than 24,000
creditors and other parties which are expected to file proofs of
claim, according to their lawyer, Louis Strubeck Jr., Esq., at
Fulbright & Jaworski LLP, in Dallas, Texas.

The Debtors paid KCC a retainer in the sum of US$30,000, as
security for their payment obligations.  The firm will hold the
retainer until the termination of its employment.

                           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 sought 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.

            Concurso Mercantil & Chapter 15 Proceedings

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, commencing its
voluntary concurso mercantil proceedings -- the Mexican equivalent
of a prepackaged Chapter 11 reorganization.  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.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  The judge said Vitro couldn't push through
a plan to buy back or swap US$1.2 billion in debt from bondholders
based on the vote of US$1.9 billion of intercompany debt when
third-party creditors were opposed.  Vitro as a result dismissed
the first Chapter 15 petition following the ruling by the Mexican
court.

On April 12, 2011, an appellate court in Mexico reinstated the
reorganization.  Accordingly, Vitro SAB on April 14 re-filed a
petition for recognition of its Mexican reorganization in U.S.
Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-11754).

In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.

                      Chapter 11 Proceedings

A group of noteholders opposed 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.  Together, they held US$75 million, or approximately 6%
of the outstanding bond debt.  The Noteholder group 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 15 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).

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, Vitro SAB agreed to put Vitro units -- Vitro America LLC
and three other U.S. subsidiaries -- that were subject to the
involuntary petitions into voluntary Chapter 11.  The judge will
decide later about the involuntary petitions filed against eight
non-operating Vitro subsidiaries in the U.S.

An official committee of unsecured creditors has been appointed in
the Chapter 11 cases of Vitro Asset Corp., et al.


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


CARIBBEAN CARRIER: Bankr. Ct. Won't Revisit Admin. Claim Ruling
---------------------------------------------------------------
Bankruptcy Judge Mildred Caban Flores denied separate motions by
Holland Group Port Investment, Inc., and Caribbean Carrier Holding
Panama, Inc., asking the Court to reconsider a prior order.

At the evidentiary hearing held on Jan. 21, 2011, the Court
determined that HGP was entitled to an administrative expense
under 11 U.S.C. Sec. 503(b)(1)(A) for the post-petition security
guard services provided by HGP up and until July 30, 2010.
Consequently, the Court approved the amount of US$20,880 as an
administrative expense.  The Court also determined that HGP was
not entitled to distribution under 11 U.S.C. Sec. 506(c).

HGP filed a Motion for Reconsideration on Feb. 9, 2011, requesting
a modification of the ruling that the security guard services
incurred were, in fact, an administrative expense under Section
506(c) because these services are a form of "post-petition
maritime lien" as necessary services.

The Debtor opposed HGP's reconsideration on these grounds: "(1) in
view of [HGP's President's] testimony, [HGP's] claim should only
be allowed up to June 26, 201 for an amount of US$7,377.00; (2)
the reconsideration should be denied for raising not one, but two
new legal arguments and/or remedies; (3) even if the arguments
were not new, HGP is incorrect in as much as its services do not
create a post-petition lien on the vessel; and (4) HGP did not
properly notify other lien holders of its request to be considered
as a secured lien holder."

The Court agreed.

The Debtor filed a separate Motion for Reconsideration under Fed.
R. Civ. P. 59 on Feb. 10, 2011.  The Debtor claims that the
security guard services should be allowed until June 26, 2010, the
date in which the crew of the M/V CARIBBEAN CARRIER was
transferred to the M/V CARIBBEAN EXPRESS, thus making unnecessary
the security guard services for the Debtor after June 26, 2010.

The Court said the Debtor is using its motion as a means of
rebutting the testimony produced by HGP's President, when the
correct procedure would have been to have raised this matter
immediately at the evidentiary hearing held on Jan. 21, 2011.

The case is In re: Caribbean Carrier Holding Panama, Inc. (Bankr.
D. P.R. Case No. 10-04642).  A copy of Judge Flores' March 30,
2011 Opinion and Order is available at http://is.gd/KCZT3dfrom
Leagle.com.


CARIBBEAN PETROLEUM: U.S., Insurer Object to Liquidation Plan
-------------------------------------------------------------
Carolina Bolado at Bankruptcy Law360 reports that the U.S. and
Westchester Surplus Lines Insurance Co. objected Friday to
provisions in Caribbean Petroleum Corp.'s liquidation plan, saying
it would place unlawful filing requirements on the government and
improperly reassign a liability policy.  The objections could
throw a stumbling block in the path of CPC's Chapter 11 plan
approval, according to Law360.

As reported in the Troubled Company Reporter on April 1, 2011,
Caribbean Petroleum Corp. and its debtor-affiliates will present
its Chapter 11 plan of liquidation for confirmation at a hearing
on April 28, 2011, at 10:00 a.m., in Wilmington, Delaware.
Objections were due April 22, 2011.

Caribbean Petroleum scheduled the confirmation hearing after
receiving approval of the explanatory disclosure statement, which
was amended three times.

The Official Committee of Unsecured Creditors  and Banco Popular
de Puerto Rico were co-proponents of the Plan.

Under the liquidation plan, FirstBank, owing US$12.2 million, will
recover 94% of its allowed claim, and BPPR, owing US$146.8
million, will get 19%.1 of its allowed claim.  Holders of
unsecured claim, owing between US$150 million and US$3.7 billion,
will recover between 0.78% and 19.3%.

On the Plan's effective date, the Debtors will cause the
liquidation trust assets to be transferred to the liquidation
trust and, the liquidation trust will assume all obligations of
the Debtors under the Plan.

                       About Caribbean Petroleum

San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products.  Caribbean Petroleum sought Chapter 11
protection (Bankr. D. Del. Case No. 10-12553) on Aug. 12, 2010,
nearly 10 months after a massive explosion at its major Puerto
Rican fuel storage depot virtually shut down the company's
operations.  The Debtor estimated assets of US$100 million to
US$500 million and debts of US$500 million to US$1 billion as of
the Petition Date.

Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on Aug. 12, 2010.

John J. Rapisardi, Esq., George A. Davis, Esq., and Zachary A.
Smith, Esq. at Cadwalader, Wickersham & Taft LLP serve as lead
counsel to the Debtors, and Mark D. Collins, Esq., and Jason M.
Madron, Esq., at Richards, Layton & Finger, P.A., serve as local
counsel.  The Debtors' financial advisor is FTI Consulting Inc.
The Debtors' chief restructuring officer is Kevin Lavin of FTI
Consulting Inc.  Kurtzman Carson Consultants LLC serves as the
noticing, claims and balloting agent.

In December 2010, the Debtor won bankruptcy court approval to sell
its business to Puma Energy International for US$82 million.  Puma
obtained Capeco's entire retail network which consists of 157
locations, gasoline, diesel and other fuel storage facilities as
well as undeveloped land and a private deep water jetty.


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


NATIONAL PETROLEUM: Board Dismisses CEO & Division Manager
----------------------------------------------------------
Trinidad and Tobago's Newsday reports that the Board of National
Petroleum Marketing Company Limited (NP) has advised that Chief
Executive Officer Richard Callender and Divisional Manager
(Finance) Wendy Dwarika have been dismissed from the organization,
effective April 15.

In a media statement, the company said during the events that led
to the two senior managers' dismissal and suspension of other
managers from the company, the board ensured that complete
integrity and independence of the investigating process was
maintained in compliance with the highest standards of corporate
governance, according to the report.

Trinidad and Tobago's Newsday discloses that the board expressed
regret about "this unfortunate turn of events" and noted that the
Neil Gosine-led board remained committed to upholding all the
values, policies and procedures that will ensure best practice and
equity for all employees and stakeholders in all the company's
activities.

The Trinidad & Tobago National Petroleum Marketing Company Limited
is the most diversified petroleum marketing company in the
English-speaking Caribbean.

                            ***********


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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