TCRLA_Public/110428.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Thursday, April 28, 2011, Vol. 12, No. 83

                            Headlines



A R G E N T I N A

BANCO CETELEM: Moody's Assigns Ba1 Debt Rating to ARS100MM Bond
CONIMAX SRL: Creditors' Proofs of Debt Due June 28
DUETEL SA: Creditors' Proofs of Debt Due June 14
FULGIR SA: Creditors' Proofs of Debt Due June 30
GANADERA SAN: Applies for Reorganization Proceedings

GASTRONOMICA CANDILEJAS: Creditors' Proofs of Debt Due June 13
LEONARDS SRL: Creditors' Proofs of Debt Due May 17
OESTE FOTOPOLIMEROS: Creditors' Proofs of Debt Due June 1
PAN AMERICAN ENERGY: Fitch Affirms Foreign Currency IDR at 'BB-'
PROVINCE OF NEUQUEN: S&P Assigns 'B' Rating on US$260MM Program

TELETV SA: Creditors' Proofs of Debt Due May 20
WACU SRL: Asks for Bankruptcy Proceedings
YAPO SA: Creditors' Proofs of Debt Due June 29


B E R M U D A

MAJESTIC CAPITAL: May File for Bankruptcy in U.S. or Bermuda
MAJESTIC CAPITAL: DOI Places Insurance Unit into Conservation


C A Y M A N   I S L A N D S

NEW STREAM: Opens Asset Sale to Competing Bids


J A M A I C A

BREEZES RIO: Government Seeks to Keep Resort Open
JAMALCO: Seeks to Resume Operations at Mount Oliphant Facility


M E X I C O

VITRO SAB: U.S. Court Denies 8 Involuntary Petitions


S T  V I N C E N T  &  T H E  G R E N A D I N E S

SAFE HARBOR BANK: Seeks U.S. Recognition of Caribbean Liquidation
SAFE HARBOR BANK: Chapter 15 Case Summary


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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A R G E N T I N A
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BANCO CETELEM: Moody's Assigns Ba1 Debt Rating to ARS100MM Bond
---------------------------------------------------------------
Moody's Investors Service assigned a Ba1 global local currency
senior debt rating to Banco Cetelem Argentina's third bond
issuance for an amount up to AR$100 million, which will be due in
30 months, as well as to the fourth issuance for an amount of
AR$30 million, which will be due in 270 days.  At the same time,
on the National Scale, Moody's assigned Aaa.ar local currency debt
rating to both issuances.

The local currency debt ratings reflect Cetelem's status as a
subsidiary of Cetelem S.A., France, as well as the formal
guarantee provided by BNP Paribas (France) to Banco Cetelem debt.

The outlook on all ratings is stable.

Banco Cetelem Argentina S.A. is headquartered in Vicente Lopez,
Argentina, and it had assets of AR$602 million and total loans of
AR$574 million as of December 2010.

These ratings were assigned to Banco Cetelem Argentina S.A.:

   -- AR$100 million senior unsecured debt issuance:

   -- Ba1 Global Local Currency Debt Rating

   -- Aaa.ar Argentina National Scale Local Currency Debt Rating

   -- AR$30 million senior unsecured debt issuance:

   -- Ba1 Global Local Currency Debt Rating

   -- Aaa.ar Argentina National Scale Local Currency Debt Rating

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks.  NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".ar" for Argentina. For further information on Moody's approach
to national scale ratings, please refer to Moody's Rating
Implementation Guidance published in August 2010 entitled "Mapping
Moody's National Scale Ratings to Global Scale Ratings."


CONIMAX SRL: Creditors' Proofs of Debt Due June 28
--------------------------------------------------
Liliana Beatriz Basualdo, the court-appointed trustee for Conimax
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 28, 2011.

Ms. Basualdo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 26, 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:

         Liliana Beatriz Basualdo
         Lavalle 1537
         Argentina


DUETEL SA: Creditors' Proofs of Debt Due June 14
------------------------------------------------
Maria Julia Luz Vega, the court-appointed trustee for Duetel SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 14, 2011.

Ms. Vega will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 11
in Buenos Aires, with the assistance of Clerk No. 22, 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:

         Maria Julia Luz Vega
         Avenida Corrientes 1963
         Argentina


FULGIR SA: Creditors' Proofs of Debt Due June 30
------------------------------------------------
Eduardo Hugo Caggiano, the court-appointed trustee for Fulgir SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 30, 2011.

Mr. Caggiano 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. 52, 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:

         Eduardo Hugo Caggiano
         San Martin 66
         Argentina


GANADERA SAN: Applies for Reorganization Proceedings
----------------------------------------------------
Ganadera San Roque SA applied for reorganization proceedings.

The company has defaulted on its payments due on end of last
March.


GASTRONOMICA CANDILEJAS: Creditors' Proofs of Debt Due June 13
--------------------------------------------------------------
Ida Irene Nussenbaum, the court-appointed trustee for Gastronomica
Candilejas SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until June 13, 2011.

Ms. Nussenbaum will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 39, 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:

         Ida Irene Nussenbaum
         Lavalle 2024
         Argentina


LEONARDS SRL: Creditors' Proofs of Debt Due May 17
--------------------------------------------------
Ricardo Jose Roussy, the court-appointed trustee for Leonards
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until May 17, 2011.

Mr. Roussy will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 22, 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:

         Ricardo Jose Roussy
         Florida 253


OESTE FOTOPOLIMEROS: Creditors' Proofs of Debt Due June 1
---------------------------------------------------------
Eduardo Daniel Gruden, the court-appointed trustee for Oeste
Fotopolimeros SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until June 1, 2011.

Mr. Gruden will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 31, 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:

         Eduardo Daniel Gruden
         Avenida Presidente Roque Saenz Pena 1219
         Argentina


PAN AMERICAN ENERGY: Fitch Affirms Foreign Currency IDR at 'BB-'
----------------------------------------------------------------
Fitch Ratings has affirmed Pan American Energy LLC's (PAE) foreign
currency Issuer Default Rating (IDR) and the international debt
issuances of Pan American Energy LLC Sucursal Argentina (PAME) at
'BB-'.  Fitch has also affirmed the local currency IDR of PAE at
'BB'.  In addition, Fitch has affirmed the national long-term
rating of PAME and its debt issuances at 'AAA (arg)'. The rating
actions affect US$750 million of issued debt.

Below is a detail of Fitch's rating actions on PAME's debt
instruments; fully guaranteed by PAE:

   -- US$250 million 2012 notes affirmed at 'BB-';

   -- US$500 million 2021 notes at 'affirmed at BB-'.

The Rating Outlook for all ratings is Stable.

PAE's ratings are supported by the company's long-lived reserve
base and solid credit metrics.  The two-notch foreign currency IDR
above the country ceiling of Argentina is supported by PAE LLC's
reliable strong cash flow generation, high level of dollar-
denominated export revenues relative to total debt which mitigates
its exposure to currency mismatch, and its ability to maintain up
to 70% of export revenues offshore which mitigates transfer and
convertibility risk.  PAE exports totaled US$2.1 billion in 2010
and favorably compared to long-term debt maturities of US$288
million in 2011.  In addition, the company has a track record of
payment during stressed sovereign scenarios.

The ratings are tempered by PAE's exposure to local political
interference, inflation pressures on its cost structure and the
potential incremental leverage following the acquisition of BP's
stake in PAE by Bridas, which could increase the burden on PAE's
future cash flow.  However, mitigants to this situation include
PAE's ample liquidity and its proved access to the financial
markets.

PAE's Outlook remains Stable.  The company's Outlook could be
revised to Negative if credit metrics sharply deteriorate due to a
combination of a reduction in cash generation due to rising costs
and debt funded dividends.  A revision to a Positive Outlook is
rather unlikely given its linkage to the country ceiling of
Argentina and the expectation of higher leverage.

In 2010, PAE's EBITDA was US$1,435 million, slightly below the
US$1,487 million in 2009.  The reduction is mostly attributable to
a delay in receiving tax certificates from the government to be
used to pay for a portion of the export tariffs.  Fitch expects
EBITDA will remain within current levels as moderate expected
increases in production levels could potentially be compensated
with a higher cost structure due to growing inflation and
personnel expenses.

PAE's leverage is expected to increase as a result of Bridas'
acquisition of BP's stake in the company.  On a pro forma basis,
total consolidated debt including PAE's and Bridas' could climb to
approximately US$4 billion, and would result in a consolidated
debt to EBITDA ratio near 2.7 times (x) and a debt to proved
reserves of US$3 per barrel of oil equivalent (boe).  As of
December 2010, PAE had a debt to EBITDA ratio of 1.3x and a debt
to proved reserves of US$1.3 per boe.  Given the fact that PAE's
current ratings ('BB-' foreign currency IDR) have been constrained
by the operating business environment in Argentina, the new credit
metrics will most likely be acceptable for the current rating
level.  However, Fitch will monitor the terms and conditions of
the incremental leverage upon its closing and asses its impact in
PAE's cash flow burden, including its annual capex and debt
service.

As of December 2010, PAE had a good liquidity position of US$420
million with long-term debt maturities of US$288 million in 2011
(of which US$123 million was paid last February), US$388 million
in 2012 and US$253 million in 2013.

PAE is the second largest producer of oil and gas in Argentina,
accounting for approximately 17% of domestic 2010 production.
PAE, a company incorporated in the United States, is currently 40%
owned by Bridas Corporation (Bridas) which is in the process of
acquiring BP's remaining 60% stake in the company.  The
transaction is subject to regulatory and governmental approval and
is expected to close during the first half of 2011.  The
acquisition excludes Pan American's assets in Bolivia.  Bridas is
50% owned by Bridas Energy Holdings Ltd (BEH) and 50% by China
National Offshore Oil Corporation Limited (CNOOC, rated 'A' by
Fitch).


PROVINCE OF NEUQUEN: S&P Assigns 'B' Rating on US$260MM Program
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B (sf)' 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 secured by
oil royalties.  On April 14, 2011, the investors of Titulos de
Deuda de Desarrollo Provincial (TIDEPRO) bonds, the province's
first issuance, agreed to a change in the bonds' terms and
conditions that enabled the province issue the TICAP bonds.  The
notes will pay a 7.875% fixed interest rate on a quarterly basis.
Interest payments will begin on July 26, 2011, while principal
payments will start on April 26, 2013.  The final legal maturity
will be on April 26, 2021.

Neuquen, a province in southern Argentina, has raised US$260
million in the capital markets via the TICAP bonds to repay
existing debt and finance specific construction projects.  The
TICAP notes are secured by certain oil royalties paid to the
province by different oil producers (the dedicated
concessionaires) 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 of El Trapial and
Puesto Hernandez to the trust for the repayment of the TICAP notes
only if the TIDEPRO notes are fully repaid in 2014, because these
areas are also 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 assigned rating is based on the following 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, extraordinary and trigger event prepayment
      accounts will exist to cover any liquidity shortfall in case
      of a prepayment event;

    * The pool of highly rated private oil
      producers/concessionaries that support the underlying
      assets.  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 that the oil
      royalties, which will be paid directly to an onshore
      Argentine trust and held at Citibank N.A., will provide;

    * The province's adequate financial characteristics 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.

Rating Assigned

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


TELETV SA: Creditors' Proofs of Debt Due May 20
-----------------------------------------------
Franco Brindisi, the court-appointed trustee for Teletv SA
Argentina's bankruptcy proceedings, will be verifying creditors'
proofs of claim until May 20, 2011.

Mr. Brindisi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 42, 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:

         Franco Brindisi
         Peru 367


WACU SRL: Asks for Bankruptcy Proceedings
-----------------------------------------
Wacu SRL asked for bankruptcy proceedings.


YAPO SA: Creditors' Proofs of Debt Due June 29
----------------------------------------------
Gonzalo Daniel Cueva, the court-appointed trustee for Yapo SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 29, 2011.

Mr. Cueva will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 20
in Buenos Aires, with the assistance of Clerk No. 39, 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:

         Gonzalo Daniel Cueva
         Joaquin V. Gonzalez 1429
         Argentina


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B E R M U D A
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MAJESTIC CAPITAL: May File for Bankruptcy in U.S. or Bermuda
------------------------------------------------------------
Majestic Capital, Ltd. (formerly CRM Holdings, Ltd.) filed on
April 22, 2011, its annual report on Form 10-K for the fiscal year
ended Dec. 31, 2010.

Ernst & Young LLP, in New York, expressed substantial doubt about
Majestic Capital's ability to continue as a going concern.  The
independent auditors noted that the Company has incurred losses
[continuing operations before income taxes] of US$44.8 million and
US$41.6 million for the years ended Dec. 31, 2010, and 2009,
respectively.  "These losses have significantly weakened the
Company's financial position and its ability to fund its
operations and, at Dec. 31, 2010, the Company's accumulated
deficit is US$59.8 million.

"The following events have limited the sources of cash available
to the Company: (1) termination of the Company's previously
announced merger with a third party; (2) the conservation and
rehabilitation of Majestic Insurance Company, the Company's
principal operating subsidiary, by the California Department of
Insurance; and (3) the restrictions of the Bermuda Monetary
Authority on Twin Bridges, the Company's Bermuda reinsurance
subsidiary.  Furthermore, the Company is in violation of covenants
governing certain of its contractual obligations."

                        Bankruptcy Warning

"Based on the above factors, the Company may be forced to seek
relief through a filing under the U.S. Bankruptcy Code or Bermuda
Companies Act (bankruptcy filing).  A bankruptcy filing would
result in the violation of one or more legal and financial
covenants of the Company's debt and other contractual
obligations."

                      Results of Operations

The Company reported a net loss of US$48.6 million on US$61.8
million of total revenues for 2010, compared with a net loss of
US$46.8 million on US$96.8 million of total revenues for 2009.

The Company did not achieve our overall business, financial and
shareholder performance expectations for fiscal year 2010.  Net
loss from continuing operations in 2010 was US$43.9 million
compared to US$45.2 million in 2009.  The major factors
contributing to the net losses include:

  -- a significant decrease in net written and net earned premiums
     due to the A.M. Best downgrade and ongoing recession;

  -- unacceptable loss and loss adjustment and underwriting
     expenses given the lower in-force premium levels; and

  -- severance and other charges taken in 2010 due to the
     substantial doubt concerning the Company's ability to
     continue as a going concern and resulting violation of
     contractual covenants.

                    Balance Sheet Information

At Dec. 31, 2010, the Company's balance sheet showed
US$436.2 million in total assets, US$421.8 million in total
liabilities, and stockholders' equity of US$14.4 million.

A complete text of the Form 10-K is available for free at:

                       http://is.gd/OKt1nZ

Hamilton, Bermuda-based Majestic Capital, Ltd.
-- http://www.MajesticCapital.com/-- through its subsidiaries, is
a specialty provider of workers' compensation insurance products
and services.


MAJESTIC CAPITAL: DOI Places Insurance Unit into Conservation
-------------------------------------------------------------
In a regulatory filing Friday, Majestic Capital, Ltd., discloses
that it received a notification from the California Department of
Insurance (DOI) that the DOI Insurance Commissioner had placed its
principal subsidiary, Majestic Insurance Company, into
conservation and rehabilitation proceedings.

The Commissioner simultaneously filed a motion seeking approval
for a proposed rehabilitation plan designed to protect Majestic
Insurance's policyholders and claimants from loss due to the
conservation.  Under the Rehabilitation Plan, Majestic Insurance's
insurance liabilities and certain assets will be transferred to
AmTrust North America, Inc., which will assume responsibility for
the administration and payment of all policyholder claims under
Majestic Insurance's policies.  The Rehabilitation Plan includes a
Loss Portfolio Transfer Reinsurance Agreement, Sales of Renewal
Rights, and an Asset Purchase Transaction.  AmTrust will also
perform all of the administrative services necessary for the
prompt and efficient adjustment and payment of all pending and
future claims that arise under Majestic Insurance's policies.

The conservation will not cause any disruption or delay in the
delivery of workers' compensation benefits to injured workers
covered under Majestic Insurance policies.  During conservation,
the injured workers covered by Majestic Insurance's policies will
continue to receive benefit payments, and medical providers who
care for those injured workers will continue to be paid.  The San
Francisco Superior Court has set a hearing date of June 2, 2011,
on the Commissioner's motion to approve the Rehabilitation Plan.
Any party wishing to formally support, comment on or object to the
motion may file papers with the court by May 16, 2011.

Majestic Capital's management did not oppose the conservation and
is cooperating with the Commissioner's staff at the Conservation &
Liquidation Office as it works to stabilize Majestic Insurance
until the Rehabilitation Plan can be considered by the court and,
if approved, implemented through AmTrust.  The Conservation &
Liquidation Office will oversee the administration and payment of
claims during conservation, and is developing a transition plan to
move all policies and claims to AmTrust when the Rehabilitation
Plan is approved.

On April 21, 2011, the DOI issued a press release pertaining to
such conservation and rehabilitation proceedings.

A complete text of the DOI press release is available for free at:

                       http://is.gd/yurFyG

Hamilton, Bermuda-based Majestic Capital, Ltd.
-- http://www.MajesticCapital.com/-- through its subsidiaries, is
a specialty provider of workers' compensation insurance products
and services.


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C A Y M A N   I S L A N D S
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NEW STREAM: Opens Asset Sale to Competing Bids
----------------------------------------------
Lance Duroni at Bankruptcy Law360 reports that New Stream Secured
Capital Inc. agreed Monday in Delaware to entertain alternative
bids for its portfolio of life settlement investments in addition
to a McKinsey & Co. affiliate's US$184 million offer.

According to Law360, U.S. Bankruptcy Judge Mary F. Walrath signed
off on US$5.3 million in bid incentives for McKinsey at a hearing
Monday, which the unsecured creditors committee and dissident
investors agreed to in return for an open sale process.

                        About New Stream

New Stream is an inter-related group of companies that
collectively comprise an investment fund, headquartered in
Ridgefield, Connecticut.  Founded in 2002, New Stream focuses on
providing non-traded private debt to the insurance, real estate
and commercial finance sectors.

On March 7, 2011, when New Stream was still soliciting votes on
the Chapter 11 plan, certain investors filed a petition (Bankr. D.
Del. Lead Case No. 11-10690) seeking to force three new stream
funds -- New Stream Secured Capital Fund (U.S.) LLC, New Stream
Secured Capital Fund P1 (Cayman), Ltd. and New Stream Secured
Capital Fund K1 (Cayman), Ltd. -- to Chapter 11 bankruptcy.

The petitioning investors in the New Stream investment enterprise
say they are collectively owed over US$90 million, representing
roughly 28% of the approximately US$320 million owed to all U.S.
and Cayman investors.  The Petitioners are represented by (i)
Joseph H. Huston, Jr., Esq., Maria Aprile Sawczuk, Esq., Meghan A.
Cashman, Esq., at Stevens & Lee, P.C., in Wilmington, Delaware,
and Beth Stern Fleming, Esq., at Stevens & Lee, P.C., in
Philadelphia, Pennsylvania, and Nicholas F. Kajon, Esq., David M.
Green, Esq., and Constantine Pourakis, Esq., at Stevens & Lee,
P.C., in New York, (ii) Edward Toptani, Esq., at Toptani Law
Offices, in New York, and (iii) John M Bradham, Esq., and David
Hartheimer, Esq., at Mazzeo Song & Bradham LLP, in New York.

New Stream Secured Capital, Inc., and three affiliates (New Stream
Insurance, LLC, New Stream Capital, LLC, and New Stream Secured
Capital, L.P.) filed Chapter 11 petitions (Bankr. D. Del. Lead
Case No. 11-10753) on March 13, 2011, with a proposed prepackaged
Chapter 11 plan.

Kurt F. Gwynne, Esq., J. Cory Falgowski, Esq., Michael J.
Venditto, Esq., and Scott M Esterbrook, Esq., at Reed Smith LLP,
serve as the Debtors' bankruptcy counsel.  Kurtzman Carson
Consultants LLC is the Debtors' claims and notice agent.

NSSC, Inc., estimated its assets and debts at up to US$50,000.
NSC estimated its assets at US$100,000 to US$500,000 and debts at
US$50,000 to US$100,000.  NSI estimated its assets at US$100
million to US$500 million and debts at US$50 million to US$100
million.  NSSC, LP, estimated its assets and debts at US$500
million to US$1 billion.

NSI's insurance portfolio is being sold for US$184.35 million as
part of the Chapter 11 plan.  The aggregate indebtedness secured
by the investment portfolio of NSSC is US$688,412,974.  NSI owes
US$81,573,376 to certain account classes under a Bermuda fund.


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J A M A I C A
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BREEZES RIO: Government Seeks to Keep Resort Open
-------------------------------------------------
RJR News reports that Pearnel Charles, the Minister of Labour and
Social Security, said he will provide an update on steps the
government will take to keep Breezes Rio Bueno open.  The report
relates that the closure is expected to affect 300 employees.

Earlier this month, RJR News recalls, John Issa, the Chairman of
the Superclubs Group, which operates the hotel, said it would
close the hotel on April 30.

The pending closure of the property comes after the SuperClubs
Group said efforts to extend its lease arrangement were
stonewalled, according to the report.

The government owns the property through the National Insurance
Fund.

Breezes Rio Bueno is located in Trelawny.


JAMALCO: Seeks to Resume Operations at Mount Oliphant Facility
--------------------------------------------------------------
RJR News reports that JAMALCO (Alcoa Minerals of Jamaica) is
hoping to resume operations at its Mount Oliphant facility in
Manchester on April 27.  The report relates that a protest from
residents near the area caused the company to abandon production.

The residents said they have been forced to deal with dust and
noise nuisances from the mine for several years and demanded a
meeting with Jerome Maxwell, the company's Managing Director,
according to RJR News.

JAMALCO (Alcoa Minerals of Jamaica) is a wholly owned subsidiary
of Alcoa.  JAMALCO mines bauxite and refines it into alumina
before exporting the alumina from its port at Rocky Point,
Clarendon.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 13, 2009, Radio Jamaica News said Alcoa plans to cut
13,500 jobs or 13% of the work force in Jamaica, because of the
global slowdown.  Alcoa is also selling four business units and
reducing output to save money, the report noted.  Caribbean Net
News said the government is holding talks with potential
purchasers for its 45% stake in the Jamalco refinery in south-
central parish of Clarendon.  Aluminum giant Alcoa holds 55% of
the company, which has a production capacity of 1.4 million tons
of alumina.


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


VITRO SAB: U.S. Court Denies 8 Involuntary Petitions
----------------------------------------------------
Bill Rochelle, Bloomberg News' bankruptcy columnist, reports that
U.S. Bankruptcy Judge Russell Nelms signed an order on April 21
denying the involuntary petitions against the eight U.S.
subsidiaries of Vitro, S.A.B. de C.V. that didn't consent to being
in Chapter 11.

According to the report, in his five-page opinion on April 21,
Judge Nelms reversed himself on rulings he tentatively made at a
March 31 hearing when he concluded that bondholders weren't
required to make a demand for payment on the US$1.2 billion in
defaulted bonds.  Judge Nelms concluded that the subsidiaries only
had a contingent liability on their guarantees on the defaulted
bonds as no written demand for payment was made.  Since the eight
subsidiaries' debt was contingent, it wouldn't provide the basis
for an involuntary petition, Judge Nelms ruled.

Mr. Rochelle also reports that on account of Judge Nelms' illness,
the Vitro case in Texas was transferred to Bankruptcy Judge Harlin
"Cooter" Hale in Dallas.

                        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.

Vitro America, et al., have tapped Louis R. Strubeck, Jr., Esq.,
and William R. Greendyke, Esq., at Fulbright & Jaworski LLP, in
Dallas, Texas, as counsel.  Kurtzman Carson Consultants is the
claims and notice agent.

The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah Link
Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas,
Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq., and Alexis
Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York,
as counsel.


=================================================
S T  V I N C E N T  &  T H E  G R E N A D I N E S
=================================================


SAFE HARBOR BANK: Seeks U.S. Recognition of Caribbean Liquidation
-----------------------------------------------------------------
Safe Harbor Bank, Ltd., is seeking recognition from the United
States of its liquidation proceedings in its hometown in
Kingstown, St. Vincent and the Grenadines.

Graham Crabtree, as foreign representative, signed the petition
for protection under Chapter 15 of the U.S. Bankruptcy Code
(Bankr. D. Mass. Case No. 11-13629), which was filed in Boston on
April 21, 2011.

Mr. Crabtree wants the U.S. Bankruptcy Court to enter an order
recognizing Safe Harbor's St. Vincent and the Grenadines ("SVG")
liquidation proceeding, pending as Claim No. 9 of 2011 before the
Eastern Caribbean Supreme Court, High Court of Justice, as a
foreign main proceeding pursuant to Chapter 15 of the Bankruptcy
Code.

Safe Harbor is a private bank incorporated on May 25, 2000, under
the International Business Companies Act 1996, and, prior to its
license being revoked, was licensed under the International Banks
Act 1996 of St. Vincent and the Grenadines.  The Debtor estimated
assets and debts of US$1 million to US$10 million in its Chapter
15 petition.

Mr. Crabtree said in an affidavit that Safe Harbor's financial
difficulties stem from a capital shortfall due to investment
losses on its marketable securities, the nonpayment of loans it
provided to certain parties related to its former directors and
shareholders, and the withdrawal of significant unsecured bank
deposits during the course of 2010.

The International Financial Services Authority of St. Vincent and
the Grenadines undertook an onsite examination of Safe Harbor in
January 2009 and it was discovered that the bank was experiencing
a capital shortfall problem due primarily to investment losses on
its marketable securities.

On Oct. 20, 2010, the IFSA appointed Floyd A. Patterson, a
practicing partner with the firm BDO Eastern Caribbean, as
controller of Safe Harbor pursuant to Section 21(e) of the
International Banks Act.  The Controller then froze all customer
transactions and all transactions in clearing were immediately
suspended in an effort to safeguard Safe Harbor's assets.  The
Controller ultimately recommended to the IFSA that Safe Harbor
should be placed into liquidation proceedings.

Safe Harbor's assets as of the appointment of the Controller
totaled US$2,904,170, while Safe Harbor's liabilities totaled
US$3,419,980, resulting in a net deficiency, assuming all assets
could be realized, of at least US$515,810.

In accordance with the recommendation of the Controller and the
IFSA, on Jan. 11, 2011, the Attorney General of St. Vincent and
the Grenadines filed a petition for the winding up of Safe Harbor
before the Eastern Caribbean Supreme Court, pursuant to the St.
Vincent and the Grenadines Companies Act, Act No. 8 of 1994, the
International Business Companies Act of 2007, and the
International Banks Act of 2004.

The Eastern Caribbean Supreme Court appointed Mr. Crabtree, as
Provisional Liquidator of Safe Harbor, pursuant to an Order dated
Jan. 15, 2011 and entered on Jan. 17, 2011.  Pursuant to the
Order, Mr. Crabtree as Petitioner was tasked, among other things,
with safeguarding the assets of Safe Harbor and doing "all things
considered necessary by him in connection with the collection and
preservation of the assets".

The liquidator has sent Spinal Technology Inc. a notice of default
to demand payment of US$1,650,000 plus interest.  STI was a
Massachusetts corporation founded by James Tierney, who is a
majority shareholder of Safe Harbor.  Ariane St. Claire, the
former spouse of Safe Harbor founder Thomas Mangione, was CFO of
STI.  The Debtor made loans totaling US$3,000,000 to STI in March
2008.  STI agreed to make monthly payments in cash and receivables
but as of October 2010, US$1,650,000 was outstanding and STI was
six months in arrears on its payments.


SAFE HARBOR BANK: Chapter 15 Case Summary
-----------------------------------------
Chapter 15 Debtor: Safe Harbor Bank, Ltd.
                   Nanton's Building
                   P.O. Box 2630
                   Kingstown
                   St. Vincent and the Grenadines

Chapter 15 Case No.: 11-13629

Type of Business: Foreign Bank

Chapter 15 Petition Date: April 21, 2011

Court: District of Massachusetts (Boston)

Judge: William C. Hillman

Foreign Representative: Graham Crabtree, liquidator appointed in
                        Safe Harbor's St. Vincent and the
                        Grenadines liquidation proceeding, pending
                        as Claim No. 9 of 2011 before the Eastern
                        Caribbean Supreme Court, High Court of
                        Justice

Foreign
Representative's Counsel
in Chapter 15 Case:          John J. Monaghan, Esq.
                             Diane N. Rallis, Esq.
                             HOLLAND & KNIGHT
                             10 St. James Avenue
                             Boston, MA 02116
                             Tel: (617) 523-2700
                             E-mail: bos-bankruptcy@hklaw.com

Estimated Assets: US$1,000,001 to US$10,000,000

Estimated Debts: US$1,000,000 to US$10,000,000


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



                            ***********

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

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

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


                            ***********


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

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

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

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

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

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


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