/raid1/www/Hosts/bankrupt/TCRLA_Public/110513.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Friday, May 13, 2011, Vol. 12, No. 94

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Robert Stanford's Criminal Trial Set for Sept. 12


A R G E N T I N A

FINCA LOS OLIVOS: Creditors' Proofs of Debt Due June 24
FORMISIMA SA: Creditors' Proofs of Debt Due June 21
FRIGORIFICO ALCA: Creditors' Proofs of Debt Due June 24
GRUPO ACP: S&P Gives 'BB-' Rating on US$85MM Sr. Unsecured Notes
LOOK UP: Creditors' Proofs of Debt Due June 22

ORGANIK SA: Creditors' Proofs of Debt Due June 7
POSTA POLO: Applies for Reorganization Proceedings


C A Y M A N   I S L A N D S

CAPITAL TRADING: Shareholders' Final Meeting Set for May 31
CCP INVASOR: Shareholders' Final Meeting Set for May 26
CCP SHIROCCO: Shareholders' Final Meeting Set for May 30
CONNECTCAPITAL HOLDINGS: Shareholders' Meeting Set for May 27
GLOBAL HAWK: Members' Final Meeting Set for May 24

LIXIN WEALTH: Shareholders' Final Meeting Set for May 31
MCDP INVESTMENT: Shareholders' Final Meeting Set for May 27
PORTFOLIO OPPORTUNITY: Shareholders' Meeting Set for May 27
QUANTITATIVE TACTICAL: Shareholders' Final Meeting Set for May 24
QUANTITATIVE ULTRA: Shareholders' Final Meeting Set for May 24

QUANTITATIVE ULTRA: Shareholders' Final Meeting Set for May 24
RPD SECURITIES: Shareholders' Final Meeting Set for May 27
SIGNUM III: Shareholders' Final Meeting Set for May 30
SIGNUM IVORY: Shareholders' Final Meeting Set for May 30
YSG CAYMAN: Shareholders' Final Meeting Set for May 30


J A M A I C A

AIR JAMAICA: CAL Faces Competition From REDjet Amid Pending Merger


M E X I C O

SATELITES MEXICANOS: U.S. Court Confirms Chapter 11 Plan
VITRO SAB: U.S. Units Arrange US$30-Mil. Loan From Bank of America


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Touchstone Exploration to Spend US$50MM for Oil
CL FINANCIAL: CLICO Policyholders to Hold Mass Meeting on May 15
HINDU CREDIT: Supports First Phase of Government's Bailout Package



                            - - - - -


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


STANFORD INT'L: Robert Stanford's Criminal Trial Set for Sept. 12
-----------------------------------------------------------------
Reuters reports, citing court records, that Robert Allen
Stanford's criminal trial has been scheduled to Sept. 12, 2011, a
change from a January ruling that declared he was incompetent to
stand trial.

As reported in the Troubled Company Reporter-Latin America on
Jan. 28, 2011, The Wall Street Journal said U.S. District Judge
David Hittner found Mr. Stanford incompetent to stand trial
following conclusions by three psychiatrists that Mr. Stanford is
mentally impaired.  According to The Wall Street Journal, the
decision by Judge Hittner means Mr. Stanford's trial; originally
scheduled to begin in January, could be delayed at least through
the second half of the year.  The report disclosed that Mr.
Stanford's condition, according to the experts, has deteriorated
since he was incarcerated in mid-2009 due to a combination of
factors, including a head injury suffered in a confrontation with
another inmate, a major depressive disorder and excessive
medication for anxiety and depression, to which he has become
addicted.

Declaring that the superseding indictment contained "no basic
changes in the relevant counts," Judge Hittner signed an order
setting Mr. Stanford's trial to start with jury selection in about
four months, according to Laurel Brubaker Calkins and Andrew
Harris at Bloomberg News.

Bloomberg notes that Ali Fazel, one of Mr. Stanford's criminal-
defense lawyers, said: "Our client has been found incompetent and
is currently still in Butner [the Butner Federal Correctional
Complex in North Carolina]."

                 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.).


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


FINCA LOS OLIVOS: Creditors' Proofs of Debt Due June 24
-------------------------------------------------------
Ignacio Alberto Bilon, the court-appointed trustee for Finca Los
Olivos SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until June 24, 2011.

Mr. Bilon will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 20
in Buenos Aires, with the assistance of Clerk No. 39, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

         Alberto Bilon
         Reconquista 715
         Argentina


FORMISIMA SA: Creditors' Proofs of Debt Due June 21
---------------------------------------------------
Gabriel Marcelo Ail, the court-appointed trustee for Formisima
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 21, 2011.

Mr. Ail will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 20
in Buenos Aires, with the assistance of Clerk No. 39, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

         Gabriel Marcelo Ail
         Parana 833
         Argentina


FRIGORIFICO ALCA: Creditors' Proofs of Debt Due June 24
-------------------------------------------------------
Ana Maria Calzada Percivale, the court-appointed trustee for
Frigorifico Alca SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until June 24, 2011.

Ms. Percivale will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 6, 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:

         Ana Maria Calzada Percivale
         Sarmiento 2437
         Argentina


GRUPO ACP: S&P Gives 'BB-' Rating on US$85MM Sr. Unsecured Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' rating to
the US$85 million in senior unsecured notes due 2021 of Grupo ACP
Inversiones y Desarrollo (BB-/Stable/--).

"The rating on the notes is the same as the counterparty credit
rating on Grupo ACP, reflecting our view that the notes are
general unsecured and unsubordinated obligations and rank pari
passu with other present and future unsecured and unsubordinated
obligations," said Standard & Poor's credit analyst Delfina
Cavanagh.  "The bank plans to use the proceeds to strengthen and
expand its operations in Brazil, Mexico, and Peru."

"Our 'BB-' counterparty credit rating on Grupo ACP reflects the
company's heavy reliance on dividends from Peru-based MiBanco,
Banco de La Microempresa S.A. (BB+/Stable/B), and the group's
aggressive business expansion," S&P stated.

However, the rating also reflects Grupo ACP's focus on the
microfinance segment, mainly in Peru, amid favorable prospects for
the Peruvian banking system.

The group's leverage remains adequate for the rating.

Ratings List

Grupo ACP Inversiones y Desarrollo
Corporate Credit Rating                   BB-/Stable/--

New Rating
Senior Unsecured
  US$85 million notes due 2021             BB-


LOOK UP: Creditors' Proofs of Debt Due June 22
----------------------------------------------
Liliana Maia Montoro, the court-appointed trustee for Look Up
Sistemas SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until June 22, 2011.

Ms. Montoro will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk No.
39, will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Liliana Maia Montoro
         Sarmiento 517
         Argentina


ORGANIK SA: Creditors' Proofs of Debt Due June 7
------------------------------------------------
Ines Petrone, the court-appointed trustee for Organik SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 7, 2011.

Ms. Petrone will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 3, 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:

         Ines Petrone
         Mercedes 313
         Argentina


POSTA POLO: Applies for Reorganization Proceedings
--------------------------------------------------
Posta Polo SRL applied for reorganization proceedings.

The company has defaulted on its payments due on March 29, 2011.


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


CAPITAL TRADING: Shareholders' Final Meeting Set for May 31
-----------------------------------------------------------
The shareholders of The Capital Trading Fund Offshore, Ltd. will
hold their final meeting on May 31, 2011, at 2:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Jonathan Culshaw
         Telephone: +44 207 842 6085
         Facsimile: +44 207 353 0487
         Harney Westwood & Riegels LLP 5th Floor
         5 New Street Square
         London, EC4A 3BF
         United Kingdom


CCP INVASOR: Shareholders' Final Meeting Set for May 26
-------------------------------------------------------
The shareholders of CCP Invasor Limited will hold their final
meeting on May 26, 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:

         Stuart Sybersma
         c/o Karen Scott
         Deloitte
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands


CCP SHIROCCO: Shareholders' Final Meeting Set for May 30
--------------------------------------------------------
The shareholders of CCP Shirocco Limited will hold their final
meeting on May 30, 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:

         Stuart Sybersma
         c/o Karen Scott
         Deloitte
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands


CONNECTCAPITAL HOLDINGS: Shareholders' Meeting Set for May 27
-------------------------------------------------------------
The shareholders of Connectcapital Holdings will hold their final
meeting on May 27, 2011, at 10:45 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


GLOBAL HAWK: Members' Final Meeting Set for May 24
--------------------------------------------------
The members of Global Hawk Ltd. 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


LIXIN WEALTH: Shareholders' Final Meeting Set for May 31
--------------------------------------------------------
The shareholders of Lixin Wealth Fund will hold their final
meeting on May 31, 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:

         Mr. Li Jing
         Telephone: 852 3719 1150
         Facsimile: 852 2907 6172
         Rooms 2301-05
         Cosco Tower, 23rd Floor
         183 Queens Road Central
         Hong Kong


MCDP INVESTMENT: Shareholders' Final Meeting Set for May 27
-----------------------------------------------------------
The shareholders of MCDP Investment Ltd. will hold their final
meeting on May 27, 2011, at 10:30 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


PORTFOLIO OPPORTUNITY: Shareholders' Meeting Set for May 27
-----------------------------------------------------------
The shareholders of Portfolio Opportunity SPC 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:

         Banque Privee Edmond De Rothschild Europe
         20 Boulevard Emmanuel Servais
         L-2535 Luxembourg


QUANTITATIVE TACTICAL: Shareholders' Final Meeting Set for May 24
-----------------------------------------------------------------
The shareholders of Quantitative Tactical Fund Master Ltd. will
hold their final meeting on May 24, 2011, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre, Third Floor
         42 North Church Street
         George Town
         P.O. Box 1348, Grand Cayman KY1-1108
         Cayman Islands


QUANTITATIVE ULTRA: Shareholders' Final Meeting Set for May 24
--------------------------------------------------------------
The shareholders of Quantitative Ultra Fund Ltd. will hold their
final meeting on May 24, 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:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre, Third Floor
         42 North Church Street
         George Town
         P.O. Box 1348, Grand Cayman KY1-1108
         Cayman Islands


QUANTITATIVE ULTRA: Shareholders' Final Meeting Set for May 24
--------------------------------------------------------------
The shareholders of Quantitative Ultra Fund Master Ltd. will hold
their final meeting on May 24, 2011, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre, Third Floor
         42 North Church Street
         George Town
         P.O. Box 1348, Grand Cayman KY1-1108
         Cayman Islands


RPD SECURITIES: Shareholders' Final Meeting Set for May 27
----------------------------------------------------------
The shareholders of RPD Securities Inc. 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:

         Flavio Marcio Passos Barreto
         Alameda Santos
         466 -11 andar - 01418000-Sao Paulo-SP
         Brasil


SIGNUM III: Shareholders' Final Meeting Set for May 30
------------------------------------------------------
The shareholders of Signum III Limited will hold their final
meeting on May 30, 2011, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


SIGNUM IVORY: Shareholders' Final Meeting Set for May 30
--------------------------------------------------------
The shareholders of Signum Ivory Limited will hold their final
meeting on May 30, 2011, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


YSG CAYMAN: Shareholders' Final Meeting Set for May 30
------------------------------------------------------
The shareholders of YSG Cayman Limited will hold their final
meeting on May 30, 2011, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


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


AIR JAMAICA: CAL Faces Competition From REDjet Amid Pending Merger
------------------------------------------------------------------
RJR News reports that Trinidad and Tobago Transport Minister
Austin "Jack" Warner warned that Caribbean Airlines Limited could
be wiped out if it can't face competition from new low-fare
airline REDjet.  RRJ News relates Minister Warner said that
Caribbean Airlines will have to reinvent itself and face the
competition.

Caribbean Airlines is in negotiations to acquire Air Jamaica
Limited.

REDjet said it will launch its first Trinidad service by May 15
and will also fly to Jamaica, according to RJR News.

RJR News, citing Trinidad's Express newspaper, relates Mr. Warner
said that the ongoing problems with the CAL board of directors
have been affecting CAL, notably its image and credibility.

As reported in the Troubled Company Reporter-Latin America on
May 12, 2011, Trinidad and Tobago Newsday said that the
Trinidad and Tobago Cabinet neither discussed nor came to any
decision about the future of the current board of Caribbean
Airlines Limited, which is chaired by businessman George Nicholas
III.  T&T Newsday related that Finance Minister Winston Dookeran
and Works and Mr. Warner recommended that the board be dissolved.

RJR News notes that Mr. Nicholas and fellow directors are said to
be at odds with regard to the operations of the airline.

                         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
===========


SATELITES MEXICANOS: U.S. Court Confirms Chapter 11 Plan
--------------------------------------------------------
Satelites Mexicanos, S.A. de C.V. disclosed that the U.S.
Bankruptcy Court in the District of Delaware has confirmed its
prepackaged plan of reorganization under Chapter 11 of the U.S.
Bankruptcy Code which Satmex filed, together with its
subsidiaries, Alterna' TV Corporation and Alterna' TV
International Corporation, on April 6, 2011.  The Plan is purely a
balance sheet restructuring, and has no effect on employees or
trade creditors as part of the Plan, the issuance of
US$325 million in principal amount of new 9.5% senior secured
notes due 2017 was also approved.  The Notes were issued at par on
May 5, 2011, by Satmex Escrow, S.A. de C.V., a bankruptcy-remote
wholly owned subsidiary of Satmex.  If certain conditions are
satisfied, Satmex Escrow will merge with and into Satmex in
connection with the emergence of Satmex and its subsidiaries from
Chapter 11, which, as planned, is expected on May 26, 2011.

Upon emergence from Chapter 11, the net proceeds from the offering
of the Notes will be used to repay Satmex's existing First
Priority Senior Secured Notes due 2011 and, along with the
proceeds of a US$96.25 million fully-backstopped rights offering
of equity securities to holders of Satmex's Second Priority Senior
Secured Notes due 2013, fund the completion of the Satmex's Satmex
8 satellite scheduled to be launched in 2012 to replace its Satmex
5 satellite, to purchase 100% of the current equity in Satmex
(subject to the satisfaction of certain conditions) and to
position Satmex to pursue future growth opportunities.

"We believe the reorganization plan and new capital structure will
allow Satmex to emerge from Chapter 11 with the financial
flexibility necessary to complete the construction and launch of
Satmex 8 and realize our substantial growth potential," said
Patricio E. Northland, Satmex Chief Executive Officer.  "I want to
again extend my appreciation for the support of our employees,
business partners and customers, to whom we look forward to
continuing to provide the highest quality of fixed satellite
services."

Lazard and its Mexican alliance partner, Alfaro, Davila y Rios,
S.C. are serving as financial advisors to Satmex.  Greenberg
Traurig is serving as U.S. counsel and Rubio Villegas & Asociados
are serving as Satmex's Mexican counsels.

Jefferies & Company, Inc. is serving as the financial advisor to
certain holders of the Second Priority Notes.  Ropes & Gray LLP is
serving as U.S. counsel and Cervantes Sainz as Mexican counsel to
this group.

Dechert LLP is serving as U.S. counsel to certain holders of the
First Priority Notes.  Galicia Abogados, S.C. is serving as
Mexican counsel to this group.

Bracewell & Giuliani LLP is serving as counsel to the Series B
Directors of Satmex's Board.

                        About Satmex SAB

Satelites Mexicanos, S.A. de C.V., (Satmex) is a Mexico-based
provider of fixed satellite services in the Americas, with
coverage to more than 90% of the population to the Americas,
including more than 45 nations and territories.  Satmex also
provides Latin American television programming in the United
States.

One of only two privately managed FSS providers based in Latin
America, Satmex has a fleet comprised of three satellites.  Satmex
5 and Satmex 6 generate the adjusted EBITDA for Satmex.  A third
satellite, Solidaridad 2, is inclined orbit but does not generate
any adjusted EBITDA.  Construction of Satmex 8 is expected to be
completed by July 2012.  Satmex also intends to pursue plans for a
new satellite, to be named Satmex 7.

Satmex first filed for bankruptcy in August 2006 in New York and
exited four months later with a plan to repay creditors owed about
US$743 million with new debt and equity.

Satmex, with affiliates Alterna'TV International Corporation and
Alterna'TV Corporation, again filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 11-11035) on April 6, 2011.
The Debtors disclosed US$441.6 million in total assets and
US$531.6 million in total debts as of March 23, 2011.  In its
schedules, Satmex disclosed US$393,427,253 in total assets and
US$457,699,978 in total debts on a stand-alone basis.

Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, serves
as the Debtor's bankruptcy counsel in the present Chapter 11 case.
Lazard Freres & Co. LLC is the Debtors' investment banker.  Ernst
& Young LLP is the Debtors' financial advisor.  Rubio Villegas &
Asociados, S.C., serves as the Debtors' special Mexican corporate
and regulatory counsel.

Jefferies & Company, Inc., is the financial advisor to supporting
second lien noteholders.  Ropes & Gray LLP is the U.S. counsel to
supporting second lien noteholders.  Cervantes Sainz serves as
Mexican counsel to supporting 2nd lien noteholders.

Dechert LLP is the U.S. counsel to supporting holders of first
priority notes.  Galicia Abogados, S.C., is the Mexican counsel to
supporting holders of first priority notes.

Bracewell & Giuliani LLP is the U.S. counsel to Series B.
Directors.  Kuri Brena Sanchez Ugarte Y Aznar is Mexican counsel
to Series B. Directors.

Morgan, Lewis & Bockius LLP is the U.S. counsel for SCT for Mexico
Government.  Casares, Castelazo, Frias, Tenorio Y Zarate, SC, is
the Mexican counsel for SCT for Mexico Government.  Detente Group
is the financial advisor for SCT for Mexico Government.

Latham & Watkins LLP is the U.S. counsel to Jefferies Finance.
Creel, Garcia-Cuellar, Aiza Y Enriquez is the Mexican counsel for
Jefferies.


VITRO SAB: U.S. Units Arrange US$30-Mil. Loan From Bank of America
------------------------------------------------------------------
Bill Rochelle, bankruptcy columnist for Bloomberg News, reports
that the U.S. units of Vitro SAB undergoing bankruptcy
reorganization in Texas negotiated a larger credit agreement with
secured lender Bank of America NA. The new loan will be
US$30 million.  After surveying the market, Vitro decided that
Bank of American had the best offer.  The proposed new US$30
million loan will include a revolving credit and a letter of
credit facility.

Mr. Rochelle relates that after bondholders filed involuntary
Chapter 11 petitions against Vitro U.S. subsidiaries in November,
the bankruptcy court in December gave the domestic companies the
right to continue borrowing under the pre-bankruptcy credit
agreement.  Bank of America was owed about US$24.7 million in
April when the companies put themselves into Chapter 11.  The debt
at the time included US$8.6 million owing on a revolving credit
and a potential liability of US$14.2 million on outstanding
letters of credit.

                 Ruling on Venue Later This Week

Mr. Rochelle also reports that the bankruptcy court in Dallas held
a hearing on May 9 to decide if the Chapter 15 case of the Vitro
parent should be moved to Texas and be administered along with the
Chapter 11 case of the subsidiaries.  At the conclusion of the
hearing, the judge said he would rule later this week.

                         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.


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


CL FINANCIAL: Touchstone Exploration to Spend US$50MM for Oil
-------------------------------------------------------------
Darcel Choy at Trinidad and Tabago Newsday reports that Touchstone
Exploration Inc. is planning to spend US$50 million to acquire
interests in oil and gas properties of CL Financial Limited's
equity interest in the Primera Group.  T&T Newsday relates that
Touchstone Exploration agreed to issue subscription receipts for
gross proceeds of US$30 million as part of the financing of the
purchase.

Touchstone Exploration wants to acquire all of CL Financial's
equity interest in Primera Group, which consists of three
exploration and development companies in Trinidad and Tobago,
through its wholly owned Trinidad subsidiary Territorial Services
Limited, according to T&T Newsday.

Meanwhile, T&T Newsday relates that fourteen contractors are
calling on the government to resolve the ownership of Methanol
Holdings Trinidad Ltd. to continue to secure international
investment into the energy sector of the same quality as
Consolidated Energy Ltd.  T&T Newsday notes that Consolidated
Energy has threatened to seek arbitration due to a breach of
contract with Methanol Holdings following the 2009 transfer of
Methanol Holdings shares, which was held by CL Financial, to
Colonial Life Insurance Company (Trinidad) Limited.

The contractors include:

   -- ADDS Specialty Services Ltd,
   -- C&Z Engineering Services Limited,
   -- Catalyst Services Trinidad Limited,
   -- D Rampersad and Co. Ltd,
   -- Frankly and Errol Electrical Services Co Ltd,
   -- Geotech Associates, Kanson Engineering,
   -- Non-Destructive Testers Ltd,
   -- Paramount Transport,
   -- Pres-T-Con Limited,
   -- Security Escort Services Limited,
   -- Super Industrial Services Limited,
   -- Weldfab Limited, and
   -- Yorke Structures Ltd.

                        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.

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.


CL FINANCIAL: CLICO Policyholders to Hold Mass Meeting on May 15
----------------------------------------------------------------
Colonial Life Insurance Company (Trinidad) Limited (CLICO) will
hold a mass meeting on May 15, 2011, at Centre Pointe Mall,
Chaguanas from 10:00 a.m. to 12:00 p.m.  Trinidad and Tobago
Newsday reports that the meeting will discuss implementation of a
strategy to compel the government to give them a better deal in
terms of payments on their policies.  CLICO is a subsidiary of CL
Financial Limited.

United CLICO Policyholders, one of the policyholders groups, said
the government must "give this undertaking" on the expiration of
the 21 days given in the pre-action protocol letter sent to the
Cabinet by attorneys RLM and Company, according to T&T Newsday.

T&T Newsday notes that the group said that Ramesh Lawrence Maharaj
would be in attendance to explain the legal strategy to compel
government to honor the payments to policyholders.

                         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.

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.


HINDU CREDIT: Supports First Phase of Government's Bailout Package
------------------------------------------------------------------
Trinidad and Tobago Newsday reports that the Hindu Credit Union
(HCU) Members Group fully supports the first phase of the Ministry
of Finance's bailout package.  Phase One entails relief to
depositors and shareholders with maximum deposits of TT$75,000.

Qualified persons with balances between TT$500 and TT$75,000 who
elect to accept the relief offered by the government will have
their payment made directly to their personal commercial bank
accounts and those under TT$500 will be given the option to
receive cash or have the money sent to their account, according to
T&T Newsday.

T&T Newsday says that all HCU depositors will receive a package
including a Statement of Settlement with up to date information on
their deposit, share and loan balances as well as a personal
information form, a statutory form, a transfer of rights form and
a self-addressed envelope.  In order to qualify for the relief
payment offer, depositors must respond within one month.

Deosaran Bisnath, president of the Hindu Credit Union Members
Group, said that the process seemed to be lengthy and believes
addition measures may be necessary as logistical problems may
occur, T&T Newsday notes.  Mr. Bisnath said he hoped the
Government works quickly on Phase Two of the offer for those
shareholders with over TT$75,000 in deposits, T&T Newsday adds.

Hindu Credit Union Co-Operative Society Limited (HCU)
-- http://www.ourhcu.com/-- is headquartered in Borough,
Chaguanas, in Trinidad and Tobago.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 28, 2008, the High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants Ernst
and Young inspected Hindu Credit's books, accounts, and records
after a public outcry and calls for an internal audit.  Charles
Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.


                            ***********


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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