TCRLA_Public/110505.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, May 5, 2011, Vol. 12, No. 88

                            Headlines


A R G E N T I N A

GPAT COMPANIA: Moody's Assigns 'Ba2' Sr. Unsecured Debt Rating
FRAVEGA S.A.: Moody's Upgrades LC Corporate Family Rating to 'B1'


B R A Z I L

BANCO DAYCOVAL: Fitch Affirms LT Issuer Default Rating at 'BB'


C A Y M A N   I S L A N D S

ALETRAX CAPITAL: Creditors' Proofs of Debt Due May 17
ALETRAX GLOBAL: Creditors' Proofs of Debt Due May 17
CITADEL RESIDENTIAL: Commences Liquidation Proceedings
CMOF OFFSHORE: Commences Liquidation Proceedings
FREEDOM IAM: Creditors' Proofs of Debt Due July 6

JOE-M LTD: Creditors' Proofs of Debt Due May 26
LIC INVESTMENT: Creditors' Proofs of Debt Due May 18
LIC OPPORTUNITIES: Creditors' Proofs of Debt Due May 18
RALPH-S LTD: Creditors' Proofs of Debt Due May 26
SIPIX GROUP: Creditors' Proofs of Debt Due May 17

TIDEN CORE: Creditors' Proofs of Debt Due May 27
TIDEN CORE: Creditors' Proofs of Debt Due May 27
WISTERIA ASSET: Creditors' Proofs of Debt Due May 27
ZIRUNDIUM LIMITED: Creditors' Proofs of Debt Due May 27


J A M A I C A

AIR JAMAICA: Axed 54 Employees Last Month


M E X I C O

MAQUINARIA ESPECIALIZADA: S&P Assigns BB- Rating on US$160MM Notes
VITRO SAB: Mexican Court Rejects Involuntary Bankruptcy Petition
VITRO SAB: Sun Capital Unit Offers $45MM for U.S. Units
VITRO SAB: Obtains Restraining Order Against Aurelius, Noteholders


P U E R T O   R I C O

CARIBBEAN PETROLEUM: Puma Energy Agrees to Clean Up Bayamon Site


S T  K I T T S  &  N E V I S

CLEAR HARBOR: High Court Judge Extends Injunction Against Firm


U R U G U A Y

BANCO SURINVEST: Fitch Affirms Issuer Default Rating at 'B'


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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GPAT COMPANIA: Moody's Assigns 'Ba2' Sr. Unsecured Debt Rating
--------------------------------------------------------------
Moody's Investors Service assigned a Ba2 global local-currency
senior unsecured debt rating to the expected second issuance of
GPAT Compania Financiera (GPAT) under its AR$400 million program
for up to AR$100 million. The outlook for the rating is stable.

At the same time, Moody's Latin America assigned a Aa1.ar national
scale local currency debt rating to GPAT's expected second
issuance.

These ratings were assigned to GPAT Compania Financiera S.A.:

   -- Second Issuance of a maximum amount of AR$ 100 million:

   -- Ba2 Global Local Currency Debt Rating, with stable outlook

   -- Aa1.ar Argentina National Scale Local Currency Debt Rating

Moody's explained that the local currency senior unsecured debt
rating derives from GPAT's Ba2 global local currency deposit
rating.  Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

GPAT Compania Financiera S.A. is headquartered in Buenos Aires,
Argentina, and reported Ar$ 357.6 million of total assets and Ar$
187.4 million of shareholders' equity as of December 31, 2010.


FRAVEGA S.A.: Moody's Upgrades LC Corporate Family Rating to 'B1'
-----------------------------------------------------------------
Moody's Latin America upgraded Fravega's local currency corporate
family rating to B1 from B2 and its Argentina national scale
rating to Aa2.ar from Aa3.ar.  At the same time, Moody's assigned
a B1 local currency rating and an Aa2.ar National Scale Rating to
the proposed issuance of ARS30 million in domestic market bonds in
Argentina.  The ratings outlook is stable.  The proceeds from the
issuance will be used to refinance short term debt, for working
capital and general corporate purposes.

"The upgrade of the global rating to B1 and national scale rating
to Aa2.ar are prompted by Fravega's strong revenue growth and cash
generation which benefited from the 2010 government sponsored
installment payment scheme for consumer electronics products as
well as the 2010 World Cup Soccer event.  Also supporting the
upgrades are the company's continued strong market position in the
Argentina retail sector, its well-known brand name, its strong
execution ability and efficient operations that translate into a
continued deleveraging of the company" said Veronica Amendola, AVP
analyst at Moody's.

The B1 rating reflect Fravega's position as one of the largest
dedicated retailers of consumer electronics and appliances in
Argentina, its solid position in selling recognized brand names
and its well-established relationships with suppliers.  The rating
is also based on the group's fully vertically integrated
operations, comprised of an appliance production plant based in
Tierra del Fuego, which is one of its main suppliers, and Banco
Saenz, which is responsible for granting personal consumer loans
to Fravega's clients.  Finally, the ratings reflect the long track
record the company has in the retail business.  Key credit
negatives include Fravega's low geographic diversity and
relatively small scale.  In addition, Fravega's liquidity position
depends on its ongoing ability to roll over its advised bank
credit lines, in particular during 2011 when most of its
outstanding debt comes due.

Fravega's B1 local currency rating reflects its global default and
loss expectation, while the Aa2.ar national scale rating reflects
the standing of Fravega's credit quality relative to its domestic
peers.  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 in Argentina are designated by
the ".ar" suffix. Issuers or issues rated Aa2.ar present above-
average creditworthiness relative to other domestic issuers. NSRs
differ from global scale ratings in that they are not globally
comparable to the full universe of Moody's rated entities, but
only with other rated entities within the same country.

The stable outlook reflects Moody's expectation that Fravega will
be able to maintain its revenues and earnings profile over the
near term based on its various efficiency and commercial
initiatives.  The rating outlook also reflects the expectation
that Fravega will continue to successfully implement its business
model, thus allowing the retailer to maintain adequate credit
metrics for its rating category.  Finally, the outlook reflects
Moody's expectations that Fravega will be able to maintain
adequate access to bank loans and credit card receivable
discounting facilities.

An upgrade of the ratings could result from sustained business
improvement leading to higher operating margins, increased size
and geographical diversification.  Quantitatively, an upgrade
could result from an increase in the operating margin above 10%,
an improved liquidity profile, or free cash flow to adjusted debt
of above 50%.

Downward pressure could result from reduced availability of
consumer loans in 2011-2012 and a weaker than expected performance
of the company's business that leads to a deterioration in
operating margins.  A downgrade could also result from a drop in
Fravega's EBIT margin to below 1% or a significant increase in
leverage, with adjusted total debt to EBITDA of above 3.5 times.
Indications of a weakening market share in the domestic retail
market could also drive negative pressure.  Finally, evidence of
weaker cash flows generation and/or in its relationship with Banco
Saenz could threaten Fravega's liquidity profile and also result
in a downgrade.

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
".mx" for Mexico.  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."

Headquartered in Buenos Aires, Fravega is one of the largest home
appliance retailers in Argentina. With total revenues of ARS 3.2
billion and 4.800 employees as of December 2010, Fravega is a
family-owned company with a widely known brand name in the local
retail market.


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


BANCO DAYCOVAL: Fitch Affirms LT Issuer Default Rating at 'BB'
--------------------------------------------------------------
Fitch Ratings affirmed all ratings of Banco Daycoval S.A.
(Daycoval):

   -- Long-term foreign and local currency Issuer Default Ratings
      (IDRs) at 'BB', Outlook Stable;

   -- Short-term foreign and local currency IDRs at 'B';

   -- Individual rating at 'C/D';

   -- Support rating at '5';

   -- Support rating floor at 'No Floor';

   -- Long-term national rating at 'A+(bra)', Outlook Stable;

   -- Short-term national rating at 'F1(bra)';

   -- Senior unsecured notes due March 2015 at 'BB';

   -- Senior unsecured notes due January 2016 at 'BB'.

The IDRs and national ratings of Daycoval reflect a consistent
track record of profitability despite low leverage; sound
capitalization, which is better than its peers; and prudent
liquidity management, maintaining high cash even in periods of
stress.  They also factor in the bank's moderate size and
concentrations in assets and liabilities, its wholesale funding
structure, and weakening margins.

After the decline in deposits and earnings due to the global
financial crisis in September 2008, Daycoval has been successful
in increasing its operations and earnings since mid-2009,
benefiting from an improved local economy.  Unlike most small- and
medium-sized banks, it has not closed its profitable retail
operations (basically payroll deductible loans and vehicle
financing), maintaining higher diversification as compared to its
peers.  In addition, it has attempted to establish and/or increase
other products, such as foreign exchange and trade financing and
investment fund management, which should favor its relationship
with clients and allow for more diversified revenues.

Fitch notes with concern, however, that despite aggressive loan
growth of 46% in 2010, pre-impairment operating results were flat
in 2010 due to a significant deterioration in the net interest
margin; this was somewhat offset by lower credit loss provisions
and improved efficiency.  While the bank aims to return to its
pre-crisis return on equity of about 20%, this will be challenging
given margin trends.  Given its historically sound capital
measures, the increase in leverage that occurred in 2010 will
likely continue.  While overall profitability compares well with
similarly-rated banks internationally, Fitch will monitor margin
trends as higher leverage could weaken the bank's loss-absorption
capacity in the future.  Asset quality ratios have been improving,
benefiting from a better economy and rapid loan growth.

Although relatively concentrated like its peers, Daycoval has
diversified its liability structure but remains a primarily
wholesale-funded bank.  Assets are well matched to liabilities.
Capitalization (primarily Tier I) remains sound although metrics
diminished last year due to a high dividend payout ratio and
strong balance sheet growth.  The convertible bond issued in March
2009 (BRL530 million in December 2010) could enhance
capitalization subsequent to March 2011 when it is convertible at
the option of the investors.  If converted, this could help
support future loan growth.

While better funding and revenue diversification accompanied by
adequate profitability and capital could benefit ratings, Fitch
views this as more of a medium to long-term likelihood.  The
ratings could be negatively impacted by asset quality
deterioration, erosion in earnings capability and higher leverage.

Originated in 1968, Daycoval is controlled by the Dayan family and
has been listed on the Stock, Commodities, and Futures Exchange
(BM&FBovespa) since 2007


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


ALETRAX CAPITAL: Creditors' Proofs of Debt Due May 17
-----------------------------------------------------
The creditors of Aletrax Capital Management Limited are required
to file their proofs of debt by May 17, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on April 1, 2011.

The company's liquidator is:

         Jeffrey Skinner
         Telephone:  +350 200 52545
         Facsimile: +350 200 52546
         c/o CARD Corporate Services Ltd.
         P.O. Box 709
         Zephyr House, 122 Mary Street
         Grand Cayman KY1-1107
         Cayman Islands


ALETRAX GLOBAL: Creditors' Proofs of Debt Due May 17
----------------------------------------------------
The creditors of Aletrax Global SPC Limited are required to file
their proofs of debt by May 17, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 1, 2011.

The company's liquidator is:

         Jeffrey Skinner
         Telephone:  +350 200 52545
         Facsimile: +350 200 52546
         c/o CARD Corporate Services Ltd.
         P.O. Box 709
         Zephyr House, 122 Mary Street
         Grand Cayman KY1-1107
         Cayman Islands


CITADEL RESIDENTIAL: Commences Liquidation Proceedings
------------------------------------------------------
On April 15, 2011, the members of Citadel Residential Whole Loan
Opportunities Master Fund Ltd. passed a resolution that
voluntarily liquidates the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Citadel Advisors LLC
         c/o Maples and Calder, Attorneys-at-law
         P.O. Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


CMOF OFFSHORE: Commences Liquidation Proceedings
------------------------------------------------
On April 15, 2011, the members of CMOF Offshore Holdings Ltd.
passed a resolution that voluntarily liquidates the company's
business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Citadel Advisors LLC
         c/o Maples and Calder, Attorneys-at-law
         P.O. Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


FREEDOM IAM: Creditors' Proofs of Debt Due July 6
-------------------------------------------------
The creditors of Freedom Iam Limited are required to file their
proofs of debt by July 6, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 12, 2011.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


JOE-M LTD: Creditors' Proofs of Debt Due May 26
-----------------------------------------------
The creditors of JOE-M Ltd. are required to file their proofs of
debt by May 26, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 15, 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


LIC INVESTMENT: Creditors' Proofs of Debt Due May 18
----------------------------------------------------
The creditors of LIC Investment are required to file their proofs
of debt by May 18, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 13, 2011.

The company's liquidator is:

         Ogier
         c/o Chu Chi Ho Ian
         Telephone: (852) 3198-0835
         Facsimile: (345) 949-9877
         c/o Ogier, 89 Nexus Way
         Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


LIC OPPORTUNITIES: Creditors' Proofs of Debt Due May 18
-------------------------------------------------------
The creditors of LIC Opportunities Fund (Cayman) Limited are
required to file their proofs of debt by May 18, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 13, 2011.

The company's liquidator is:

         Ogier
         c/o Chu Chi Ho Ian
         Telephone: (852) 3198-0835
         Facsimile: (345) 949-9877
         c/o Ogier, 89 Nexus Way
         Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


RALPH-S LTD: Creditors' Proofs of Debt Due May 26
-------------------------------------------------
The creditors of Ralph-S Ltd. are required to file their proofs of
debt by May 26, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 15, 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


SIPIX GROUP: Creditors' Proofs of Debt Due May 17
-------------------------------------------------
The creditors of Sipix Group Limited are required to file their
proofs of debt by May 17, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 31, 2011.

The company's liquidator is:

         Ching-Shon Ho
         Telephone:  +886-2-2700-4333
         Facsimile: +886-2-2706-2282
         c/o CARD Corporate Services Ltd.
         P.O. Box 709
         122 Mary Street
         Grand Cayman KY1-1107
         Cayman Islands


TIDEN CORE: Creditors' Proofs of Debt Due May 27
------------------------------------------------
The creditors of Tiden Core Fund Limited are required to file
their proofs of debt by May 27, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 10, 2011.

The company's liquidator is:

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


TIDEN CORE: Creditors' Proofs of Debt Due May 27
------------------------------------------------
The creditors of Tiden Core Master Fund Limited are required to
file their proofs of debt by May 27, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 10, 2011.

The company's liquidator is:

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


WISTERIA ASSET: Creditors' Proofs of Debt Due May 27
----------------------------------------------------
The creditors of Wisteria Asset Holdings are required to file
their proofs of debt by May 27, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 15, 2011.

The company's liquidator is:

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


ZIRUNDIUM LIMITED: Creditors' Proofs of Debt Due May 27
-------------------------------------------------------
The creditors of Zirundium Limited are required to file their
proofs of debt by May 27, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 11, 2011.

The company's liquidator is:

         Graham Robinson
         c/o Omar Grant
         Telephone: (345) 949 7576
         Facsimile:  (345) 949 8295
         P.O. Box 897, Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


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J A M A I C A
=============


AIR JAMAICA: Axed 54 Employees Last Month
-----------------------------------------
Abby Brathwaite at Trinidad Express reports that more than 50 Air
Jamaica Limited employees have been let go at the end of April
because of the planned merger with State carrier Caribbean
Airlines Limited (CAL).

Laura Asbjornsen, head of Corporate Communications at CAL, told
Trinidad Express that the downsizing was a major step towards the
formation of one company.  "After any merger or acquisition, you
will be harmonizing your companies, which is what transpired.  It
was 54 people who were employed across the organization who were
let go, and not just people from one department," Trinidad Express
quotes Ms. Asbjornsen as saying.

Senior employees, including Sue Rosen, former head of Commercial
Support for the airline, were among those who were not retained,
according to Trinidad Express.

Trinidad Express, citing Jamaica Gleaner, notes that the majority
of customer service staff at the airline have had their positions
downgraded to part-time while others, whose contracts have
expired, have been given a two-month contract.

                        About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1,
2010, acquired Air Jamaica for US$50 million and operated six Air
Jamaica aircraft and eight of its routes.  Jamaica got a 16% stake
in the merged operation, with CAL owning 84%.  According to a TCR-
LA report on June 29, 2009, RadioJamaica News said the Jamaican
government indicated it will name a buyer for cash-strapped Air
Jamaica.  RadioJamaica related the airline has been hemorrhaging
over US$150 million per annum and the government has had to foot
the massive bill.  In addition, RadioJamaica said, Air Jamaica
currently has over US$600 million in loans outstanding.

As of Aug. 18, 2010, the airline continues to carry Moody's "B3"
long-term corporate family, and senior unsecured debt ratings.


===========
M E X I C O
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MAQUINARIA ESPECIALIZADA: S&P Assigns BB- Rating on US$160MM Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB- (sf)' rating
to Maquinaria Especializada MXO Trust Agreement No. F/00762's (Geo
Maquinaria Trust's) US$160 million fixed-rate secured notes series
2011 due 2021.

The rating reflects S&P's view of:

    * The likelihood that quarterly interest and principal
      payments will be made on or before each scheduled payment
      date.

    * Corporacion Geo S.A.B. de C.V.'s (Geo's; foreign currency
      rating BB-/Stable/--) and its subsidiaries' roles as the
      sole obligors of the issuing trust's transferred receivables
      and payment obligations and the beneficiaries of the
      machinery availability services provided by the issuing
      trust.

    * Geo Importex S.A. de C.V.'s (Geo Importex; a subsidiary of
      Geo) servicing experience and operational ability to manage
      the issuing trust's assets.

    * The issuing trust's ability to withstand a haircut of up to
      7.8% of the minimum contracted quarterly payments, as
      described in the service rendering agreement, from Geo
      during the life of the transaction and still be able to pay
      the notes.

    * The availability of US$20 million as a liquidity reserve to
      cover any principal or interest shortfall.

    * The availability of a US$16 million capital expenditures
      reserve fund for the acquisition of additional machinery.

    * The transaction's legal structure, which contemplates a true
      sale of the machinery and the rights and obligations under
      the service rendering agreement from Maquinaria
      Especializada MXO S.A. de C.V. (Geo Maquinaria; a subsidiary
      of Geo) to the issuing trust.

    * The assumption that Geo or any of its subsidiaries will
      cover all required tax payments.

    * Geo's and its subsidiaries' experience and management teams.

"In our stress scenario, the transaction's credit quality is
dependent on Geo and its subsidiaries in three ways.  First, all
cash flows that the issuing trust will receive to pay investors
will come primarily from Geo through the service rendering
agreement.  Second, given the high level of experience, business
knowledge, and operational ability required to service the trust
assets, we believe only a Geo subsidiary would be capable of doing
so without affecting the transaction's performance.  Third, if the
trust is required to make any business-related tax payments, we
assume these payments would be covered by Geo Maquinaria.  Given
this, the rating on the series 2011 notes is capped (weak-linked)
to the rating on Geo," S&P stated.

"In addition, we consider the cash flows from the underlying
assets, which we stressed at a 'BB-' rating scenario, to be
sufficient to pay the notes, and we are assigning a 'BB- (sf)'
rating -- the same rating as Geo -- to the series 2011
transaction," S&P added.


VITRO SAB: Mexican Court Rejects Involuntary Bankruptcy Petition
----------------------------------------------------------------
Reuters' Elinor Comlay and Gabriela Lopez report that a Mexican
court in Monterrey threw out an involuntary bankruptcy proceeding
against Vitro on Friday, easing the way for the company's own
prepackaged bankruptcy to proceed.  The Court ruled on Friday
against the involuntary bankruptcy petition filed by creditors,
but made its decision public on Monday, according to Reuters.

Dow Jones' Daily Bankruptcy Review reports that Vitro, in a
statement, said it will now go after the bondholders for legal
bills and other expenses tied to that involuntary proceeding.

Reuters relates Vitro and its creditors are still fighting -- in a
separate procedure -- over whether the Company can vote on its own
intercompany debt.

Joseph Checkler, writing for Dow Jones' Daily Bankruptcy Review,
notes that Vitro has been mired in a months-long battle with
bondholders that contend the company is trying to sidestep the
spirit of Mexico's 11-year-old bankruptcy law.  Bondholders
contended that in soliciting votes from bondholders on the
prepackaged plan, the company shouldn't have counted votes from
the holders of US$1.9 billion in loans made from Vitro
subsidiaries to the parent company.

Vitro has said Mexican law has shown that certain intercompany
claims can be allowed, while the bondholders have argued that it
shouldn't be at the expense of other creditors.  Several hedge-
fund managers that hold those bonds have told Dow Jones they could
recover much more than they would under Vitro's plan.

The proposed restructuring plan would exchange US$1.5 billion in
debt for US$850 million in new notes due in 2019 and another
US$100 million in new debt that would be convertible into 15% of
the company's equity.

                        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, 2011, 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 Texas
Court on April 21 denied involuntary petitions against the eight
U.S. subsidiaries that didn't consent to being in Chapter 11.

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.


VITRO SAB: Sun Capital Unit Offers $45MM for U.S. Units
-------------------------------------------------------
Joseph Checkler, writing for Dow Jones' Daily Bankruptcy Review,
reports that an entity controlled by Sun Capital Partners Inc. has
emerged as a rival bidder for Vitro SAB's U.S. units that are set
to be sold through a bankruptcy court auction.  Sun Capital's
American Glass Enterprises LLC said it has made a $45 million bid
for Vitro America LLC and three other subsidiaries on the auction
block, according to papers filed Tuesday with the U.S. Bankruptcy
Court in Dallas.

DBR notes that American Glass's offer exceeds the $44 million
offer from Colorado-based private equity firm Grey Mountain
Partners LLC that Vitro presented last month and removes the
requirement that the lead bidder for the units be paid a $1.3
million fee if it is bested at auction.

American Glass claims to be a creditor of Vitro's U.S. units.
According to DBR, American Glass said in court papers its offer
has been largely rebuffed by the company despite the higher
purchase price.  In addition to American Glass, Sun also owns Arch
Aluminum & Glass Co., a direct competitor to Vitro.

DBR relates a spokesman for Vitro's U.S. units declined to
comment.  A preliminary hearing on the sale is set for Friday.

                  Objection to Grey Mountain Deal

DBR further reports that Vitro bondholders and another creditor,
Oldcastle Building Envelope, have questioned the proposed sale to
Grey Mountain.  Oldcastle on Monday said in court papers it
doesn't know who is behind the proposed buyer and if they have the
financial wherewithal to complete the deal.

"For all we know, this could be an affiliate" of Vitro, Oldcastle
said in court papers, according to DBR.  Oldcastle supplies of
architectural glass to Vitro.

                           "Not Normal"

DBR recounts that Judge Shelley C. Chapman of U.S. Bankruptcy
Court in Manhattan late last week granted Vitro SAB a temporary
restraining order that protects it from litigation between now and
a hearing later this month in which it will seek recognition of
its Mexican bankruptcy case.  According to DBR, Judge Chapman
signed off on the order after the Bankruptcy Court in Dallas held
off ruling on a bondholder group's request to move Vitro's Chapter
15 case to Texas.

According to DBR, the main immediate effect of Judge Chapman's
decision is that it temporarily halts a New York state lawsuit
filed against Vitro by affiliates of company bondholders Aurelius
Capital Management and Elliott Management, who are seeking
accelerated payments on the bonds they hold.

According to DBR, White & Case LLP's J. Christopher Shore, a
lawyer for an ad hoc group of Vitro's noteholders, told Judge
Chapman at the restraining order hearing last week that the
request to temporarily halt the New York state lawsuit was Vitro's
way of saying, "I want you to step in and provide greater relief
than I could get on my own," and that the decision should be made
by Mexican courts.

Judge Chapman will convene a hearing May 11 to consider Vitro's
Chapter 15 petition.  According to DBR, at a hearing Thursday,
Judge Chapman said the case isn't "normal in any sense of the
word."

                        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, 2011, 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 Texas
Court on April 21 denied involuntary petitions against the eight
U.S. subsidiaries that didn't consent to being in Chapter 11.

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.


VITRO SAB: Obtains Restraining Order Against Aurelius, Noteholders
------------------------------------------------------------------
Samuel Howard at Bankruptcy Law360 reports that a federal judge in
New York granted Vitro SAB de CV a temporary restraining order
Friday blocking Aurelius Capital Master Ltd. and other noteholders
from suing the debtor or otherwise impeding its restructuring in
Mexico.

According to Law360, the TRO enjoins the noteholders and other
creditors from trying to collect debts from Vitro's non-debtor
affiliates and scuttle the glass maker's prepackaged US$1.7
billion global restructuring under way in Mexico.

                         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, 2011, 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 Texas
Court on April 21 denied involuntary petitions against the eight
U.S. subsidiaries that didn't consent to being in Chapter 11.

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.


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


CARIBBEAN PETROLEUM: Puma Energy Agrees to Clean Up Bayamon Site
----------------------------------------------------------------
Puma Energy Caribe, LLC, has agreed to clean up the former
Caribbean Petroleum Refining facility in Bayamon, Puerto Rico, and
address environmental conditions at 147 gas stations throughout
Puerto Rico under two agreements proposed by the U.S.
Environmental Protection Agency.

Puma intends to purchase the petroleum storage facility, now known
as CAPECO, and the gas stations after successfully bidding US$82
million to acquire the facility at a court-ordered bankruptcy
sale.  On October 23, 2009, a catastrophic explosion and fires at
the CAPECO facility caused tremendous damage to the facility and
significant environmental impacts.  In August 2010, Caribbean
Petroleum Refining, Caribbean Petroleum Corporation and Gulf
Petroleum Refining Corporation filed a Chapter 11 petition in
United States Bankruptcy Court to liquidate their assets.  Puma is
voluntarily entering into the agreements to clarify and resolve
its future environmental responsibilities at the CAPECO facility
and the gas stations, subject to purchasing the properties.  EPA
is receiving public comment on the proposed agreements until
May 9, 2011.

"The environmental work that will be conducted by Puma Energy
Caribe under one of the proposed agreements with EPA will make
substantial progress on the ongoing cleanup of the CAPECO
facility," said EPA Regional Administrator Judith Enck.  "Cleanups
and improvements at the gas stations are additional actions that
will provide public health and environmental benefits to people
throughout Puerto Rico."

Under the first agreement, Puma will perform cleanup work at the
CAPECO facility under the federal Superfund law, which governs
cleanups of closed or abandoned hazardous waste sites.  The work
includes asbestos abatement, removing and disposing of hazardous
and ignitable material, and cleaning up acidic water that has
leaked onto the ground in one section of the facility.  Puma has
also agreed to pay EPA's costs in overseeing the cleanup work.

Under the second agreement, which is also being signed by the
Commonwealth of Puerto Rico, Puma has agreed to assume
responsibility for compliance with federally approved Commonwealth
regulations governing the underground petroleum storage tank
systems at 147 of the gas stations that are currently owned or
leased by Caribbean Petroleum Corporation.  In addition, Puma has
agreed to operate the gas stations in accordance with these laws
and make certain EPA-recommended improvements to leak detection
and overfill protection systems at the gas stations go beyond what
is required by the regulations.

The agreements are also available for public review in San Juan at
EPA's Caribbean Environmental Protection Division, at Centro
Europa Building, at 1492 Ponce de Leon Avenue, Mezzanine Level,
Santurce, and at EPA's New York City office, at 290 Broadway, 18th
Floor Records Center.

                    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.


============================
S T  K I T T S  &  N E V I S
============================


CLEAR HARBOR: High Court Judge Extends Injunction Against Firm
--------------------------------------------------------------
Caribbean360.com reports that High Court Judge Justice Errol
Thomas has extended an injunction against Clear Harbor (Nevis)
Ltd. following its dismissal without warning of 131 workers last
month.

Earlier this month, Justice Thomas granted the injunction that
prevents Clear Harbor from getting rid of any of its assets until
it settles debts to workers and others owed in the twin-island
federation, according to Carribbean360.com.

Following a new hearing this week, the report notes, Judge Thomas
has issued a further order.  Clear Harbor is barred from
disposing, transferring, charging, dissipating, or diminishing or
in any way, whatsoever, dealing with any assets held in the names
of the companies and persons named in the injunction, according to
Carribbean360.com.

Caribbean360.com relates that Labour Commissioner Spencer Amory
sought the injunction after the company shut down its operations
on March 30, terminating the employment of all its workers.

Clear Harbor still owes the employees their wages, holiday pay and
payment in lieu of notice, Caribbean360.com.  The report relates
that the company also owes monies to the Social Security Board for
Social Security and Employment benefits, Severance Payments and
Housing Levy, taxes to the Inland Revenue Department, and for
electricity and water supplies.

Clear Harbor (Nevis) Ltd. is a U.S.-based internet cable company.


=============
U R U G U A Y
=============


BANCO SURINVEST: Fitch Affirms Issuer Default Rating at 'B'
-----------------------------------------------------------
Fitch Ratings has affirmed Banco Surinvest's ratings:

  -- Foreign and local currency Issuer Default Rating (IDR) at
     'B'; Positive Outlook;

  -- National long-term rating at 'BBB(uy)'; Positive Outlook;

  -- Support rating at '5'.

Fitch revised the Rating Outlook on Surinvest's IDRs and National
long-term rating to Positive from Stable to reflect improvements
seen in the bank's corporate governance and the increased
integration with its shareholder (Switzerland's Banque Heritage)
following the increase of its stake to 100%.

Greater integration with its shareholder has resulted in a clearer
strategy for Surinvest and enhanced controls and procedures that
in Fitch's opinion make the goals of its business plan more
achievable.  An upgrade will hinge on the bank's success in the
implementation of its business plan.  On the other hand, continued
marked deterioration of its solvency ratios could put pressure on
its ratings.

Surinvest's ratings balance the bank's low risk profile of its
activities, adequate liquidity and strong capitalization against
its low market share and weak financial performance. Fitch also
considers that the stronger synergy with Surinvest's shareholder
(Banque Heritage) will deepen the bank's current business
strategy, which is focused on wealth management and corporate
services and strengthen its franchise in the region. The rating
also reflects the significant challenges of Surinvest's chosen
strategy.

In the 2H10, Banque Heritage (BH) indirectly (through its
subsidiary HFT International (Guernsey) Ltd.) became Surinvest's
only shareholder.

Since the bank's core business is mainly in U.S. dollars,
Surinvest's profitability has historically been affected by
exchange rate volatility and the inflation adjustment. Despite
weak efficiency ratios, operating profit has been improving along
with the bank's growing business volume.  Fitch considers that the
stronger link with its shareholder will allow Surinvest to achieve
its business plan in the medium-term.

Surinvest key risks are operational and reputational, but the
bank's management system minimizes expected losses related to this
type of risk.

Due to Surinvest's business strategy, the bank has low funding
requirements. Its main funding source is short-term deposits by
non-residents. Deposit concentration is high relative to Uruguayan
peers (the ten largest depositors accounted for 30.7% of total
deposits), though sound liquidity mitigates this risk.

Surinvest's capitalization is strong relative to Uruguay peers and
similarly rated banks (IDRs of 'B-', 'B' or 'B+' by Fitch).
Nevertheless, capitalization ratios have declined over the past
four years due to Surinvest's weak financial performance. Fitch
will continue monitoring Surinvest's performance to evaluate the
possible effect on its solvency.


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