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

              Thursday, May 12, 2011, Vol. 12, No. 93

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: SEC Missing Fraud Inexcusable, Investors Say


A R G E N T I N A

AMERICAN TRUCKS: Creditors' Proofs of Debt Due June 17
CLEANER SA: Asks for Bankruptcy Proceedings
CULU CULU: Creditors' Proofs of Debt Due June 8
ICS Y ASOCIADOS: Creditors' Proofs of Debt Due June 10


B A H A M A S

CLICO (BAHAMAS): Creditors to Receive Payoff From Assets Sale


B E R M U D A

FAIRFIELD SENTRY: Liquidators Have Deal With Madoff Trustee


C A Y M A N   I S L A N D S

BRIGADIER CAPITAL: Shareholders' Final Meeting Set for May 27
EDEN CAPITAL: Shareholders' Final Meeting Set for May 20
EVOLUTION SPECIAL: Shareholders' Final Meeting Set for May 27
IDU ASSET: Shareholders' Final Meeting Set for May 27
MSR ASIA: Members' Final Meeting Set for May 24

OASIS FUNDS: Shareholders' Final Meeting Set for May 30
PATAGONIA ADVISORS: Shareholder to Hear Wind-Up Report on May 26
PETIPA LTD: Shareholders' Final Meeting Set for May 27
PLENARY INVESTMENTS: Members' Final Meeting Set for May 18
TOVO INVESTMENT: Shareholders' Final Meeting Set for May 16


D O M I N I C A N   R E P U B L I C

CARIBE MEDIA: Wins Interim Cash Use Approval From U.S. Court


J A M A I C A

AIR JAMAICA: Still No Decision on CAL Board, Official Says


M E X I C O

VITRO SAB: Receives Permission to Auction U.S. Businesses
XIGNUX SA: S&P Affirms 'BB+' Long-Term Corporate Credit Rating


T R I N I D A D  &  T O B A GO

CL FINANCIAL: State Seeks to Recover TT$7 Billion Bailout Funds


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars



                            - - - - -


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


STANFORD INT'L: SEC Missing Fraud Inexcusable, Investors Say
------------------------------------------------------------
Laurel Brubaker Calkins and Andrew Harris at Bloomberg News report
that Stanford Group investors said the U.S. Securities and
Exchange Commission's delay in cracking down on owner Robert Allen
Stanford's alleged Ponzi scheme isn't excused by a law that
protects regulators' discretionary decisions.

Bloomberg relates investors' lawyers said that while U.S. law may
shield the agency from poor policy choices, it doesn't protect
against allegations of official misconduct and abuse of office.

Eight Stanford investors sued the SEC in March on claims that
Spencer Barasch -- the former head of the SEC's Fort Worth- Dallas
office -- allowed Mr. Stanford's alleged fraud to flourish for
years by repeatedly blocking investigations into the financier's
operations, according to Bloomberg.

Last month, Bloomberg notes, the government asked a Dallas judge
to throw out the investors' lawsuit, which seeks to force the SEC
to cover their losses on Stanford CDs.  Bloomberg relates that the
investors based much of their complaint on a 2010 report by the
SEC's inspector general, who faulted Mr. Barasch for declining to
act on agency recommendations to investigate Stanford for years.

                 About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On Feb. 16, 2009, the U.S. District Court for the Northern
District of Texas, Dallas Division, signed an order appointing
Ralph Janvey as receiver for all the assets and records of
Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on an
US$8 billion Certificate of Deposit program.

A criminal case was also pursued against Mr. Stanford in June 2009
before the U.S. District Court in Houston, Texas.  Mr. Stanford
pleaded not guilty to 21 charges of multi-billion dollar fraud,
money-laundering and obstruction of justice.  Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges.  Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for his
arrest on the criminal charges.

The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.).  The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).


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


AMERICAN TRUCKS: Creditors' Proofs of Debt Due June 17
------------------------------------------------------
Marcelo Edgardo Mirasso, the court-appointed trustee for American
Trucks SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until June 17, 2011.

Mr. Mirasso will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, 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:

         Marcelo Edgardo Mirasso
         Lavalle 1675
         Argentina


CLEANER SA: Asks for Bankruptcy Proceedings
-------------------------------------------
Cleaner SA asked for bankruptcy proceedings.

The company has defaulted on its payments due on March 22, 2011.


CULU CULU: Creditors' Proofs of Debt Due June 8
-----------------------------------------------
Jose Eduardo Obes, the court-appointed trustee for Culu Culu
Lifestyle SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until June 8, 2011.

Mr. Obes will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 17
in Buenos Aires, with the assistance of Clerk No. 34, 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:

         Jose Eduardo Obes
         Lavalle 1619
         Argentina


ICS Y ASOCIADOS: Creditors' Proofs of Debt Due June 10
------------------------------------------------------
Nestor Zega, the court-appointed trustee for ICS y Asociados SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 10, 2011.

Mr. Zega will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 6 in
Buenos Aires, with the assistance of Clerk No. 12, 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:

         Nestor Zega
         Tte. Gral. Juan D. Peron 1493
         Argentina


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B A H A M A S
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CLICO (BAHAMAS): Creditors to Receive Payoff From Assets Sale
-------------------------------------------------------------
Neil Hhartnell at Tribune Business reports that CLICO (Bahamas)
liquidator is likely to recover around US$40 million for Bahamian
creditors of the insolvent insurer, having reached a preliminary
sales agreement that, if concluded, will see the real estate
project accounting for 63% of its assets generate US$50 million in
gross proceeds.

According to the report, U.S. court documents obtained by Tribune
Business show that Craig A. Gomez, the Baker Tilly Gomez
accountant and partner, has reached an agreement to sell the
remaining 400-plus acres of Florida's Wellington Preserve
development to J-5 Wellington Preserve, a Colorado-domiciled
company, for US$40 million.

Together with an earlier deal to sell a 102.74-acre Wellington
Preserve land parcel to Zacara Farm LLC, a Delaware-incorporated
company, for US$10 million, Mr. Gomez appears on course to realize
US$50 million in total gross proceeds from the sale of Wellington
Preserve, the report says.

According to the report, with his Chapter 11 plan for reorganizing
Wellington Preserve thought to be close to receiving the approval
of the south Florida district bankruptcy court, Mr. Gomez will
likely use the US$10 million raised from the Zacara Farm sale to
pay-off all the project's US-based creditors.  As a result, once
closing costs are accounted for, the US$40 million from the sale
to J-5 Wellington Preserve will be repatriated to the Bahamas to
help satisfy the demands of CLICO (Bahamas) creditors.

In a previous court filing referring to the Zacara Farm sale, Mr.
Gomez said: "The US$10 million purchase price is enough to pay all
closing costs and all claims which have been either listed or
filed, or for which mechanic's liens have been filed.

                       About CLICO (Bahamas)

CLICO (Bahamas) Limited, also known as British Fidelity Insurance
Company, Limited, is a Bahamian company that was involved in life
and health insurance, pensions and annuities.

CLICO has insolvency proceedings pending before the Commercial
Division of the Supreme Court of the Bahamas.  The proceedings
were commenced February 2009.  Craig A. Gomez, at Fowler White
Burnett, P.A., was appointed by the Bahamian court as liquidator
of CLICO.

Mr. Gomez filed a Chapter 15 bankruptcy petition for CLICO on
April 28, 2009 (Bankr. S.D. Fla. Case No. 09-17829), to seek the
U.S.'s recognition of the insolvency proceedings in the Bahamas as
the "foreign main proceeding."  Judge A. Jay Cristol presides over
the case.  Ronald G Neiwirth, Esq., represents Mr. Gomez.
Mr. Gomez estimated both assets and debts of between US$100
million and US$500 million for CLICO.


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B E R M U D A
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FAIRFIELD SENTRY: Liquidators Have Deal With Madoff Trustee
-----------------------------------------------------------
Kenneth M Krys and Joanna Lau of KRyS Global, the Joint
Liquidators of Fairfield Sentry Ltd., Fairfield Sigma Ltd. and
Fairfield Lambda Ltd. have entered into a compromise with Irving
H. Picard, the Trustee for the liquidation of Bernard L. Madoff
Investment Securities LLC, to resolve the matters in dispute
between the Fairfield Funds and the BLMIS Trustee.

The BLMIS Trustee filed a complaint in New York against the
Fairfield Funds and other entities asserting that the Fairfield
Funds were liable to the BLMIS estate for the monies Fairfield
Sentry withdrew from BLMIS in the 6 years before December 2008,
totaling in excess of US$$3 Billion.  In turn, Fairfield Sentry
had timely filed customer claims against the BLMIS estate pursuant
to the Securities Investor Protection Act, which, based on the
method for calculating such claims as employed by the BLMIS
Trustee and as approved by the U.S. Bankruptcy Court, total
approximately US$1.2 billion.  The BLMIS Trustee has asserted,
under applicable provisions of the U.S. Bankruptcy Code, that
Fairfield Sentry's claims should be disallowed unless and until it
satisfies its entire liability to the BLMIS estate.

The settlement resolves the parties' claims against each other,
thereby avoiding contentious, costly and uncertain litigation, and
it provides a structure that enables the Joint Liquidators and the
BLMIS Trustee to work jointly and cooperatively in seeking and
obtaining recoveries which will enhance their respective estates
for the benefit of their respective stakeholders.

The general terms of the settlement are such that certain pools of
litigation recoveries that are pursued by the Joint Liquidators
and the BLMIS Trustee will be shared depending on the nature of
those pools and other factors.  In addition to the agreement to
share these assets, the Joint Liquidators and the BLMIS Trustee
will work together and cooperatively to maximize the assets that
are recovered for the benefit of their respective estates.

Pursuant to the agreement, the Joint Liquidators will pay US$70
million from Fairfield Sentry's account to the BLMIS Trustee, and
in exchange the Trustee of BLMIS will allow a customer claim of
Fairfield Sentry in the amount of US$230 million.  The Joint
Liquidators will receive the principal benefit of litigation
recoveries from third party service providers of the Fairfield
Funds, with the exception of a smaller share of recoveries from
claims against their former investment manager and affiliates
thereof -- the Fairfield Greenwich Group and certain affiliates --
which claims will be assigned to the BLMIS Trustee.

With respect to the recoveries of redemptions from the Fairfield
Funds which are being pursued by the Joint Liquidators and the
BLMIS Trustee, the Joint Liquidators will receive from 85% to 40%
of such recoveries for the benefit of the Fairfield Funds'
estates, depending on the nature of the claim.

The agreement is subject to approval of the U.S. Bankruptcy Court
for the Southern District of New York and the Eastern Caribbean
Supreme Court in the British Virgin Islands.

Kenneth Krys, a licensed insolvency practitioner of the British
Virgin Islands and one of the Joint Liquidators of the Fairfield
Funds, said of the agreement with the BLMIS Trustee: "We are very
pleased with the result.  These negotiations were hard given the
significant issues between the parties and took significant time
and resources to reach a conclusion.  We are of a view that the
final result is very good for the stakeholders in the three
Fairfield Funds.  It provides certainty to stakeholders as to how
recoveries will be received and allocated to the estates and will
allow the Joint Liquidators to now focus their efforts and
resources on recovery efforts rather than being hindered and
diverted by the impact that the claims by the BLMIS Trustee may
have on the Fairfield Funds' estates."

Forbes Hare (BVI) serves as general counsel to the Joint
Liquidators, and Brown Rudnick LLP serves as the Joint
Liquidators' U.S. counsel.

The Liquidators wish to acknowledge the efforts of the BLMIS
Trustee, Mr. Irving Picard, and those of his counsel at Baker
Hostetler LLP -- particularly Thomas Long and Mark Kornfeld -- in
reaching this important settlement.

                      About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$50 billion.  On Dec. 15, 2008, the Honorable Louis A.
Stanton of the U.S. District Court for the Southern District of
New York granted the application of the Securities Investor
Protection Corporation for a decree adjudicating that the
customers of BLMIS are in need of the protection afforded by the
Securities Investor Protection Act of 1970.  The District Court's
Protective Order (i) appointed Irving H. Picard, Esq., as trustee
for the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLP
as his counsel, and (iii) removed the SIPA Liquidation proceeding
to the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789)
(Lifland, J.).  Mr. Picard has retained AlixPartners LLP as claims
agent.

On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893).  The case is before Hon. Burton Lifland.  The
petitioning creditors -- Blumenthal & Associates Florida General
Partnership, Martin Rappaport Charitable Remainder Unitrust,
Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert
US$64 million in claims against Mr. Madoff based on the balances
contained in the last statements they got from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751).

The Chapter 15 case was later transferred to Manhattan.  In June
2009, Judge Lifland approved the consolidation of the Madoff SIPA
proceedings and the bankruptcy case.

Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to
150 years of life imprisonment for defrauding investors in United
States v. Madoff, No. 09-CR-213 (S.D.N.Y.)

As of Feb. 18, 2011, a total of US$6.85 billion in claims by
investors has been allowed, with US$791.1 million to be paid by
the Securities Investor Protection Corp.  Investors are expected
to receive additional distributions from money recovered by
Mr. Picard from lawsuits or settlements.

                      About Fairfield Sentry

Fairfield Sentry is being liquidated under the supervision of the
Commercial Division of the High Court of Justice in the British
Virgin Islands.  It is one of the funds owned by the Fairfield
Greenwich Group, an investment firm founded in 1983 in New York
City.

Fairfield Sentry and other Greenwich funds had among the largest
exposures to the Bernard L. Madoff fraud.

Fairfield Sentry Limited, filed for Chapter 11 protection (Bankr.
S.D.N.Y. Case No. 10-13164) in June 2010.

Greenwich Sentry, L.P., and an affiliate filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. 10-16229) on Nov. 19, 2010,
hoping to settle lawsuits filed against it in connection with its
investments with Bernard L. Madoff.

On May 18, 2009, Irving H. Picard, the trustee liquidating the
estate of Mr. Madoff and his firm, Bernard L. Madoff Investment
Securities, LLC, filed a lawsuit against Fairfield Sentry and
Greenwich, seeking the return of US$3.55 billion that Fairfield
withdrew from Madoff during the period from 2002 to Madoff's
arrest in December 2008.  Since 1995, the Fairfield funds invested
about US$4.5 billion with BLMIS.

Mr. Picard claims that Fairfield knew or should have known about
the fraud give that it received from BLMIS unrealistically high
and consistent annual returns of between 10% and 21% in contrast
to the vastly larger fluctuations in the S&P 100 Index.


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C A Y M A N   I S L A N D S
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BRIGADIER CAPITAL: Shareholders' Final Meeting Set for May 27
-------------------------------------------------------------
The shareholders of Brigadier Capital Offshore Holding Company
Ltd. will hold their final meeting on May 27, 2011, at 10:00 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


EDEN CAPITAL: Shareholders' Final Meeting Set for May 20
--------------------------------------------------------
The shareholders of Eden Capital Ltd. will hold their final
meeting on May 20, 2011, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ian D. Stokoe
         c/o Adam Keenan
         Telephone: (345) 914 8743
         Facsimile: (345) 945 4237
         P.O. Box 258, Grand Cayman KY1-1104
         Cayman Islands


EVOLUTION SPECIAL: Shareholders' Final Meeting Set for May 27
-------------------------------------------------------------
The shareholders of Evolution Special Opportunities Master Fund
Ltd. will hold their final meeting on May 27, 2011, at 10:15 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


IDU ASSET: Shareholders' Final Meeting Set for May 27
-----------------------------------------------------
The shareholders of IDU Asset will hold their final meeting on
May 27, 2011, at 9:15 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MSR ASIA: Members' Final Meeting Set for May 24
-----------------------------------------------
The members of MSR Asia Acquisitions XVIII, Inc. will hold their
final meeting on May 24, 2011, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


OASIS FUNDS: Shareholders' Final Meeting Set for May 30
-------------------------------------------------------
The shareholders of Oasis Funds SPC will hold their final meeting
on May 30, 2011, at 4:00 p.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PATAGONIA ADVISORS: Shareholder to Hear Wind-Up Report on May 26
----------------------------------------------------------------
The sole shareholder of Patagonia Advisors Ltd. will receive on
May 26, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Danielle Walker
         Telephone: (345) 815-1880
         Facsimile: (345) 949-9877


PETIPA LTD: Shareholders' Final Meeting Set for May 27
------------------------------------------------------
The shareholders of Petipa Ltd. will hold their final meeting on
May 27, 2011, at 10:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Eleanor G. Fisher
         c/o Iain Gow
         Zolfo Cooper (Cayman) Limited
         P.O. Box 1102
         Cayman Financial Centre, 4th Floor, Building 3
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: +1 (345) 946-0081
         Facsimile: +1 (345) 946-0082
         E-mail: iain.gow@zolfocooper.ky


PLENARY INVESTMENTS: Members' Final Meeting Set for May 18
----------------------------------------------------------
The members of Plenary Investments Limited will hold their final
meeting on May 18, 2011, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         John Clacy
         c/o Alex Adam
         Deloitte LLP
         Regency Court
         Glategny Esplanade
         St Peter Port, Guernsey


TOVO INVESTMENT: Shareholders' Final Meeting Set for May 16
-----------------------------------------------------------
The shareholders of Tovo Investment Ltd. will hold their final
meeting on May 16, 2011, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


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D O M I N I C A N   R E P U B L I C
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CARIBE MEDIA: Wins Interim Cash Use Approval From U.S. Court
------------------------------------------------------------
Bill Rochelle, Bloomberg News' bankruptcy columnist, reports that
Caribe Media Inc. received interim approval to use cash
representing collateral for secured lenders owed US$126.5 million.
The final hearing on financing is set for May 25.  The authority
to use cash carried with it an obligation to file a Chapter 11
plan by Sept. 30 and confirm the plan by Nov. 30.  If there's a
sale, the lenders were given the right to bid their secured claims
rather than cash in the event of auction.

The May 6, 2011 edition of the Troubled Company Reporter reported
on Caribe Media's filing of a motion to access cash collateral.

Caribe Media and affiliate CII Acquisition Holding Inc. are
borrowers under a US$165 million March 2006 credit agreement with
Lehman Brothers Inc., and Banc of America Securities LLC, as joint
lead arrangers and joint bookrunners, Bank of America NA as
syndication agent, Wachovia Bank NA as documentation agent, Cantor
Fitzgerald Securities as administrative agent, and various
lenders.  As of the petition date, the Debtors owed US$127 million
under the loan.  The loan is secured by the Debtors' assets.

Caribe Media also issued US$45 million in 10% senior subordinated
notes to and WCAS Capital Partners IV LP, which notes mature on
March 31, 2014.  As of the petition date, the Debtors owe US$57
million under the notes.  Obligations under the notes are
subordinate and junior in right of payment to the obligations
under the Cantor loan.

As of May 1, 2011, the Debtors held more than US$1.3 million in
unrestricted cash.  The Debtors' projected 26-week cash flow
ending the week of Oct. 23, 2011, projects that they will have
positive cash flow during the 26-week reporting period.

The Debtors said in court papers that even in light of their
anticipated professional fees related to the Chapter 11 cases,
their projections show a net positive cash flow of US$5.4 million.
According to the Debtors, not only does this positive operational
cash flow demonstrate a sufficient cushion to protect the lenders'
interests in the cash collateral, but it demonstrates the need for
the Debtors to use cash collateral to meet their projections.

The Debtors are separately seeking permission to pay general
unsecured claims not to exceed US$500,000 in the aggregate without
further Court order.  These claims represent obligations the
Debtors incurred to unsecured creditors who provide services that
support their continued operations.

The Debtors said that without ready access to cash collateral, the
parties would not be paid, and the Debtors' business would be
negatively impacted.

The Debtors are also seeking permission to pay US$100,000 in
prepetition taxes and fees through the petition date.

The Debtors said the lenders have consented to their use of cash
collateral.

The Debtors will provide the lenders adequate protection, subject
to a carve-out for professional and U.S. Trustee fees, for their
use of cash collateral.  They will also pay necessary expenses of
the lenders' professionals.

Chris Batson, the chief financial offer to Caribe Media and CII
Acquisition, said in court papers that declining revenues and
increasing competition caused the Company to breach loan covenants
in November 2010.  He said an ad hoc committee of senior secured
prepetition lenders wants the Debtors to pursue US$44.2 million in
dividend payments to certain Local Insight entities that the ad
hoc committee believes were fraudulent conveyances.  The ad hoc
committee threatened to accelerate the loans if the Debtors won't
file for bankruptcy by May 3 to preserve their purported
fraudulent conveyance causes of action.

Since November 2010, the Debtors have engaged in discussions and
negotiations with counsel and advisors for Cantor and WCAS
regarding the terms of a comprehensive restructuring.  Although
the parties were unable to reach consensus and commence the
bankruptcy pursuant to a lockup and support deal, the Debtors
believe they are close to achieving a consensual reorganization.

The prepetition agent's professionals in the Debtors' case are
Kaye Scholer LLP, Potter Anderson & Corroon, LLP, and Loughlin
Meghji + Company.

Lance Duroni at Bankruptcy Law360 reports that an attorney for
Caribe Media Inc. said that the Company was on the cusp of
reaching a restructuring agreement with secured lenders that
prodded the Company into bankruptcy in Delaware.

                        About Caribe Media

Caribe Media Inc. owns publication rights for certain print and
Internet directories in the Dominican Republic and Puerto Rico.
Caribe Media owns 60% of Axesa Servicios de Informacion, S. en C.,
a Yellow Pages publisher in Puerto Rico and the official publisher
of all telephone directories for Puerto Rico Telephone Company,
Inc., the largest local exchange carrier in Puerto Rico, and
US$100% of Caribe Servicios de Informacion Dominicana, S.A., the
sole directory publisher in the Dominican Republic with the
exclusive right to publish under the brand of Codetel, the largest
telecom operator in the Dominican Republic.  Caribe Media is
wholly owned by CII Acquisition Holding Inc.  They are affiliates
of Local Insight Media Holdings, Inc.

Caribe Media and CII filed for Chapter 11 bankruptcy protection
(Bankr. D. Del. Case Nos. 11-11387 and 11-11388) on May 3, 2011.
Caribe Media is being represented by lawyers at Kirkland & Ellis
LLP and Pachulski Stang Ziehl & Jones LLP as bankruptcy counsel.
Lawyers at Curtis, Mallet-Prevost, Colt & Mosle LLP will serve as
conflicts counsel.

Local Insight Media is also a debtor in its own Chapter 11 pending
in Delaware.  Local Insight Media filed in 2010.  It is also being
represented by lawyers at Kirkland and Pachulski.


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J A M A I C A
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AIR JAMAICA: Still No Decision on CAL Board, Official Says
----------------------------------------------------------
Clint Chan Tack at Trinidad and Tobago Newsday reports that the
Trinidad and Tobago Cabinet neither discussed nor came to any
decision about the future of the current board of Caribbean
Airlines Limited.  "The matter did not come up. Other matters were
discussed," T&T Newsday quotes an unnamed official as saying.  "No
decision has been taken," a second official indicated.

Caribbean Airline is in negotiations to acquire Air Jamaica
Limited.

Trinidad and Tobago Prime Minister Kamla Persad-Bissessar said
that the Cabinet will discuss the future of the current board
chaired by businessman George Nicholas III, according to T&T
Newsday.  The other members of the board are Mohan Jaikaran (vice-
chairman), Allan Clovis, Gizelle Russell, Susan Smith, Avedanand
Persad-Sharma and Venosh Sagewan-Maraj.

T&T Newsday notes that Finance Minister Winston Dookeran
recommended that the board be dissolved and former BWIA executives
Conrad Aleong, Ian Bertrand and Michael Dolsingh be appointed as
board members.  The report relates that Works and Transport
Minister Jack Warner also recommended to Cabinet that the CAL
board be dissolved but had not proposed any person to serve on a
new board.

                         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 29, 2009, RadioJamaica News said the Jamaican government
indicated it will name a buyer for cash-strapped Air Jamaica.
RadioJamaica News related that 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
===========


VITRO SAB: Receives Permission to Auction U.S. Businesses
---------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that whether Vitro, S.A.B. de C.V. will have its Chapter
15 case in New York or in Texas will be decided at a hearing
before U.S. Bankruptcy Judge Harlin "Cooter" Hale in Dallas.

Mr. Rochelle notes that at a May 6 hearing, U.S. Bankruptcy Judge
Barbara Houser in Dallas gave approval for Vitro to sell the
businesses of four U.S. subsidiaries that put themselves into
Chapter 11 in the face of involuntary petitions filed by holders
of some of the US$1.2 billion in defaulted bonds.

As reported in the Troubled Company Reporter on May 10, 2011,
Mr. Rochelle reported that Vitro SAB argued in a court filing on
May 4 that its Chapter 15 case should remain in New York because
the bankruptcy judge in Fort Worth, Texas, is ill.  Holders of
some of the US$1.2 billion in defaulted bonds filed a motion to
transfer the Chapter 15 case to Texas.  Vitro filed its second
Chapter 15 petition in New York on April 14 after a judge in
Mexico reinstated the previously dismissed Mexican reorganization.

Mr. Rochelle notes that under bankruptcy law, the court in Texas
with the first-filed case has the right to decide if it will take
a later case filed elsewhere.  Vitro says that the judge in New
York, who had no prior familiarity with Vitro, is in the same
position as the other Texas judges because U.S. Bankruptcy Judge
Russell Nelms, who originally heard Vitro cases, will be off the
bench temporarily.  Fintech Investments Ltd., calling itself a
substantial creditor, supports Vitro's bid to keep the Chapter 15
case in New York.

                         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.


XIGNUX SA: S&P Affirms 'BB+' Long-Term Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on Xignux
S.A. de C.V., including the 'BB+' long-term corporate credit
rating and the 'mxA+' national scale corporate credit rating.  The
outlook is stable.

"Our ratings on Mexico-based manufacturing holding company Xignux
are limited by the cyclicality of most of its end markets,
commodity price volatility, and single-digit operating margins,"
said Standard & Poor's credit analyst Bernardo Gonzalez.
"However, the ratings consider Xignux's strong liquidity position,
significant market shares, and product and geographic diversity.
Xignux's financial policy, which we believe is moderate, also
supports the ratings," S&P noted.

S&P continued, "We view Xignux's business profile as fair.
Xignux's operational performance has been weak mainly because of
poor results in the food business and low demand and higher copper
prices in the wire and cable business.  Cyclical weakness in the
transformers business also led to lower EBITDA on a consolidated
basis.  For the 12 months ended March 31, 2011, Xignux's EBITDA
margin declined to 6.9% from 8.1% a year ago.  We believe higher
copper prices in 2011 will continue to hurt Xignux's
profitability, especially in the wire and cable business unit.
Nevertheless, we expect significant improvement in the food
business, which should allow Xignux to post a modest increase in
EBITDA in 2011 (about US$170 million)."

"We view Xignux's financial risk profile as significant. For the
12 months ended March 31, 2011, Xignux posted total-debt-to-
EBITDA, EBITDA interest coverage, and funds from operations-to-
total-debt ratios of 2.5x, 4.2x, and 29.4%.  We expect these
ratios to be similar at the end of 2011.  Xignux's commitment to
maintain a net debt-to-EBITDA ratio, adjusted for its excess cash,
of less than 2.5x is evidenced in the US$35 million voluntary debt
payment it made at the end of 2010," S&P noted.

"The stable outlook reflects our expectation that Xignux will
maintain its strong liquidity position and that its total-debt-to-
EBITDA ratio will be around 2.5x in 2011.  We could lower the
ratings if Xignux shows weaker-than-expected financial and
operating performance.  This could be a result of further weakness
in its operating margins derived from weaker-than-expected
performance in the food business.  Conversely, improvements in the
company's business profile with stronger operating margins and
significantly stronger-than-expected financial performance could
lead to a positive rating action," S&P added.


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


CL FINANCIAL: State Seeks to Recover TT$7 Billion Bailout Funds
---------------------------------------------------------------
Joel Julien at Trinidad Express reports Trinidad and Tobago Prime
Minister Kamla Persad-Bissessar said that the state seeks to
recover more than TT$7 billion spent to bail out CL Financial
Limited.  Trinidad Express relates that the injection was aimed to
keep the company afloat and keep creditors and policyholders at
bay.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.

"What we are looking at is some way that the State can recover
monies expended as a result of the MOU (Memorandum of
Understanding) in 2009," Trinidad Express quoted Mr. Persad-
Bissessar.  A decision is expected to be made on the issue at this
week's Cabinet meeting, according to Trinidad Express.

                         About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company by Cyril Duprey,
Colonial Life Insurance Company was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago).  The ratings remain under review with
negative implications.  CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.


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


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

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.



                   * * * End of Transmission * * *