TCRLA_Public/110518.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Wednesday, May 18, 2011, Vol. 12, No. 97

                            Headlines



B E R M U D A

JUPITER MERLIN: Creditors' Proofs of Debt Due May 24
MAP AIRPORTS: Creditors' Proofs of Debt Due May 20
MAP AIRPORTS: Members' Final Meeting Set for June 7


C A Y M A N   I S L A N D S

ACCRA INVESTMENTS: Creditors' Proofs of Debt Due May 24
BLUE STAR: Court Enters Wind-Up Order
CABOLEASE INC: Commences Liquidation Proceedings
CASSIOPEIA MULTI: Creditors' Proofs of Debt Due May 31
CHEYNE SPECIAL: Creditors' Proofs of Debt Due June 8

ELEANOR INVESTMENTS: Creditors' Proofs of Debt Due June 8
ENTRUST CAPITAL: Creditors' Proofs of Debt Due May 30
JAI CAPITAL: Creditors' Proofs of Debt Due June 10
LNCP FUNDING: Creditors' Proofs of Debt Due June 9
MARATHON PETROLEUM: Creditors' Proofs of Debt Due June 9

MARATHON PETROLEUM: Creditors' Proofs of Debt Due June 9
SAX LEASING: Creditors' Proofs of Debt Due June 9
SG BOND: Creditors' Proofs of Debt Due May 31
SHARPS SP I: Creditors' Proofs of Debt Due June 8
SUN ASSET: Creditors' Proofs of Debt Due June 8


M E X I C O

ALTOS HORNOS: Defaulted Bonds Hit 2 Year High
BANCO SANTANDER: Moody's Affirms 'C' Bank Finc'l. Strength Rating
COMISION FEDERAL: S&P Rates Stand-Alone Credit Profile at 'BB+'
HIPOTECARIA SU: 88% of Bondholders Agree to Debt Swap Offer
VITRO SAB: Venue of Chapter 15 Case Transferred to Texas Court

VITRO SAB: Taps Alvarez & Marsal as Operations & Financial Advisor
VITRO SAB: U.S. Court OKs Fulbright & Jaworski as Bankr. Counsel


P U E R T O   R I C O

REITTER CORP: Has Until May 29 to Use Cash Collateral
REITTER CORP: Must File Amended Plan Outline; June 28 Hearing Set


T R I N I D A D  &  T O B A G O

GAYELLE THE CHANNEL: Forced to Move Out on Falling Revenues


V E N E Z U E L A

BANCO PROVINCIAL: Fitch Affirms B+ Currency Issuer Default Ratings


X X X X X X X X

* S&P's Global Corporate Defaults List Has 15 So Far


                            - - - - -


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


JUPITER MERLIN: Creditors' Proofs of Debt Due May 24
----------------------------------------------------
The creditors of Jupiter Merlin Absolute Return Portfolio Limited
are required to file their proofs of debt by May 24, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 3, 2011.

The company's liquidators are:

         Patrick Joseph Brazzill
         Wanda Mello
         3 Bermudiana Road
         Hamilton HM 11
         Bermuda


MAP AIRPORTS: Creditors' Proofs of Debt Due May 20
--------------------------------------------------
The creditors of MAp Airports (Mexico) Limited are required to
file their proofs of debt by May 20, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 28, 2011.

The company's liquidator is:

         Jonathan D.G. Betts
         Cumberland House, 9th Floor
         1 Victoria Street
         Hamilton HM 11
         Bermuda


MAP AIRPORTS: Members' Final Meeting Set for June 7
---------------------------------------------------
The members of MAp Airports (Mexico) Limited will hold their final
meeting on June 7, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on April 28, 2011.

The company's liquidator is:

         Jonathan D.G. Betts
         Cumberland House, 9th Floor
         1 Victoria Street
         Hamilton HM 11
         Bermuda


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


ACCRA INVESTMENTS: Creditors' Proofs of Debt Due May 24
-------------------------------------------------------
The creditors of Accra Investments Limited are required to file
their proofs of debt by May 24, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 20, 2011.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o  Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128


BLUE STAR: Court Enters Wind-Up Order
-------------------------------------
The Grand Court of Cayman Islands entered an order on April 14,
2011, to wind up the operations of Blue Star Fund.

The company's liquidator is:

         Hugh Dickson
         c/o Andrea Richards
         Telephone: (345) 815 8249
         Facsimile: (345) 949 7120
         P.O. Box 1370GT, Grand Cayman KY1- 1108
         Cayman Islands


CABOLEASE INC: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on April 7, 2011, the members of
Cabolease Inc. resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

         Jose Ricardo Martins Cordeiro
         c/o Maples and Calder, Attorneys-at-law
         P.O. Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


CASSIOPEIA MULTI: Creditors' Proofs of Debt Due May 31
------------------------------------------------------
The creditors of Cassiopeia Multi Global Strategy Fund Ltd. are
required to file their proofs of debt by May 31, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 15, 2011.

The company's liquidator is:

         Richard Finlay
         c/o Krysten Lumsden
         Telephone: (345) 814 7366
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


CHEYNE SPECIAL: Creditors' Proofs of Debt Due June 8
----------------------------------------------------
The creditors of Cheyne Special Situations Special Purpose Asset
Vehicle Inc. are required to file their proofs of debt by June 8,
2011, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on April 14, 2011.

The company's liquidator is:

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


ELEANOR INVESTMENTS: Creditors' Proofs of Debt Due June 8
---------------------------------------------------------
The creditors of Eleanor Investments Limited are required to file
their proofs of debt by June 8, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 18, 2011.

The company's liquidator is:

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


ENTRUST CAPITAL: Creditors' Proofs of Debt Due May 30
-----------------------------------------------------
The creditors of Entrust Capital Market Neutral Fund Ltd. are
required to file their proofs of debt by May 30, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 4, 2011.

The company's liquidator is:

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


JAI CAPITAL: Creditors' Proofs of Debt Due June 10
--------------------------------------------------
The creditors of Jai Capital Partners Cayman, Ltd. are required to
file their proofs of debt by June 10, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 6, 2011.

The company's liquidator is:

         Ogier
         c/o Jennifer Parsons
         Telephone: (345) 815-1820
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


LNCP FUNDING: Creditors' Proofs of Debt Due June 9
--------------------------------------------------
The creditors of LNCP Funding Company are required to file their
proofs of debt by June 9, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

         Bernard McGrath
         69 Dr. Roy's Drive
         P.O. Box 1043, George Town
         Grand Cayman KY1-1102
         Cayman Islands


MARATHON PETROLEUM: Creditors' Proofs of Debt Due June 9
--------------------------------------------------------
The creditors of Marathon Petroleum Angola Block 31 Limited are
required to file their proofs of debt by June 9, 2011, to be
included in the company's dividend distribution.

The company's liquidator is:

         Y.R. Kunetka
         5555 San Felipe St.
         Houston, Texas 77056
         U.S.A.


MARATHON PETROLEUM: Creditors' Proofs of Debt Due June 9
--------------------------------------------------------
The creditors of Marathon Petroleum Angola Block 32 Limited are
required to file their proofs of debt by June 9, 2011, to be
included in the company's dividend distribution.

The company's liquidator is:

         Y.R. Kunetka
         5555 San Felipe St.
         Houston, Texas 77056
         U.S.A.


SAX LEASING: Creditors' Proofs of Debt Due June 9
-------------------------------------------------
The creditors of Sax Leasing No. 7 are required to file their
proofs of debt by June 9, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

         Martin Prinsloo
         Samuel Harris House, 1st Floor
         St Georges Street
         Douglas IM1 1AJ, Isle of Man


SG BOND: Creditors' Proofs of Debt Due May 31
---------------------------------------------
The creditors of SG Bond Plus Fund are required to file their
proofs of debt by May 31, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 20, 2011.

The company's liquidator is:

         Richard Finlay
         c/o Krysten Lumsden
         Telephone: (345) 814 7366
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


SHARPS SP I: Creditors' Proofs of Debt Due June 8
-------------------------------------------------
The creditors of Sharps SP I LLC Net Interest Margin 2005-WF1N are
required to file their proofs of debt by June 8, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 15, 2011.

The company's liquidator is:

         Alan Turner
         Turner & Roulstone
         P.O. Box 2636
         Strathvale House, 3rd Floor
         90 North Church Street
         George Town
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345) 814-0713
         Facsimile: (345) 943-9999


SUN ASSET: Creditors' Proofs of Debt Due June 8
-----------------------------------------------
The creditors of Sun Asset Holding are required to file their
proofs of debt by June 8, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 21, 2011.

The company's liquidator is:

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


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


ALTOS HORNOS: Defaulted Bonds Hit 2 Year High
---------------------------------------------
Andres R. Martinez and Tal Barak Harif at Bloomberg News report
that defaulted bonds issued by Altos Hornos de Mexico SA (AHMSA)
are rising to a two-year high on speculation the Mexico's economic
expansion will help pull the company out of bankruptcy 12 years
after it halted payments.

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, Bloomberg News related that Ahmsa, which filed for
bankruptcy in 1999, delayed plans to reorganize last year as the
credit market froze up, making it difficult to obtain the US$1.5
billion financing it needed to pay off creditors.

The 11.875% dollar notes jumped 21 cents in the past five months
to 46.5 cents on the dollar May 11, the highest level since the
global financial crisis prompted the company to abandon plans to
restructure the debt in October 2008, according to data compiled
by Bloomberg.

Bloomberg says that AHMSA is tapping into rising demand for steel
as Mexico's economy posts the fastest expansion in a decade.

Bloomberg relates that AHMSA is seeking to follow supermarket
chain Controladora Comercial Mexicana SAB and Satelites Mexicanos
SA in restructuring debt over the past year.

"There have been rumors that the company is serious once again
about getting this done," James Harper, the director of corporate
research at BCP Securities, told Bloomberg in a telephone
interview from Greenwich, Connecticut.  "People are betting on a
deal.  The fundamental value is there and people are saying now is
the time," he added.

"There's an initial agreement, an initial understanding with
creditors and they are working off this," AHMSA spokesman
Francisco Orduna told Bloomberg in a telephone interview.

                           About Altos Hornos

Altos Hornos de Mexico SAB de CV ("AHMSA") --
http://www.ahmsa.com/-- is a Mexico-based company active in the
steel sector.  The Company specializes in the production of basic
raw materials and finished products.  The company's product
portfolio includes cold-rolled steel, used for door panels and
windows; hot- rolled flat products such as pressure vessel steel,
structural steel, pipeline and drilling pipe steel, used for
machinery parts, agricultural tools, railroad tanks and bridge
constructions; and structural shapes, used in the manufacturing
industry.  AHMSA operates several coal and iron mines.  It is a
subsidiary of Grupo Acerero del Norte SA de CV. The Company's
subsidiaries include Minera Carbonifera Rio Escondido SA de CV,
Minera del Norte SA de CV and Minerales Monclova SA de CV.


BANCO SANTANDER: Moody's Affirms 'C' Bank Finc'l. Strength Rating
-----------------------------------------------------------------
Moody's Investors Service affirmed all Banco Santander (Mexico),
S.A.'s (Santander Mexico) ratings, following the acquisition of GE
Capital's residential mortgage and mortgage-backed operations in
Mexico. At the same time, Moody's de Mexico affirmed Santander
Mexico's National Scale deposit ratings of Aaa.mx/MX-1.

These ratings were affirmed:

   -- Bank financial strength rating of C

   -- Long term local currency deposit rating of A2

   -- Short term local currency deposit rating of Prime-1

   -- Long term foreign currency deposit rating of Baa1

   -- Short term foreign currency deposit rating of Prime-2

   -- Long term Mexican National Scale deposit rating of Aaa.mx

   -- Short term Mexican National Scale deposit rating of MX-1

Ratings Rationale

In affirming Santander Mexico's ratings, Moody's said that the
acquisition of GE Capital's mortgage and mortgage-backed
operations, though modest relative to total assets, places it as
the second largest bank providing mortgages in Mexico, at a time
when the domestic economy is growing again. Moreover, Moody's sees
opportunities for Santander Mexico to broaden its earnings from
fees and commissions as it manages to cross sell additional
banking products to this newly acquired client base.

Moody's also noted that the quality of the acquired loan book is
inferior to Santander Mexico's, and on a pro-forma basis, is
estimated to nearly double the bank's good non-performing loan
ratio of 1.35% at first quarter 2011. However, Moody's expects
Santander Mexico to be able to swiftly reduce the delinquencies in
this mortgage portfolio, taking advantage of its well established
risk management and collection capabilities. In addition,
Santander Mexico maintains comfortable loan loss reserve coverage
of 4.1%, which proves sufficient to absorb potential losses even
under stress conditions, according to Moody's scenario analysis.
At the same time, Santander is adding provisions in line with the
recent regulatory requirements for mortgage financing in Mexico.

Santander Mexico is acquiring four entities from GE (GE Consumo
Mexico, S.A. de C.V, SOFOM, E.N.R., GE Capital's holding company
in Mexico [GE Holding Mexico, S.A. de C.V], and two service
companies), all of which will become direct subsidiaries of the
bank, managed under the name of Santander Hipotecario. An
additional mortgage portfolio of around Mx$400 million will be
acquired in the next 60 days from GE Home Lending, S.A. de R.L. de
C.V. The cash purchase totals Mx$2.042 billion for the acquisition
of the group's capital, and Mx$21.009 billion to repay GE
Capital's funding. The acquisition was finalized on April
29th,2011 and full integration is expected to conclude within 90
days.

The principal methodologies used in rating Santander Mexico are
"Bank Financial Strength Ratings: Global Methodology," published
in February 2007, and "Incorporation of Joint-Default Analysis
into Moody's Bank Ratings: A Refined Methodology," published in
March 2007. Other methodologies and factors that may have been
considered in the process of rating this issuer can also be found
on Moody's website.

Santander Mexico is headquartered in Mexico City, Mexico and is
the main subsidiary of Grupo Financiero Santander with a 99.99%
ownership, which had Mx$686.6 billion in assets, Mx$255.1 billion
in gross loans, Mx$285.5 billion in deposits, and Mx$84.6 billion
in shareholders' equity, as of 31 March 2011.


COMISION FEDERAL: S&P Rates Stand-Alone Credit Profile at 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB' rating to $1
billion in senior unsecured notes due 2021 proposed by Comision
Federal De Electricidad (CFE).

"At the same time, we affirmed our 'BBB' foreign currency and 'A'
local currency corporate credit ratings on CFE. The outlooks are
stable," S&P stated.

CFE plans to use the bond proceeds to finance a portion of its
investment and maintenance programs, with a particular focus on
projects in Mexico City, and for other corporate purposes.

CFE is solely responsible for planning, developing, and operating
in the Mexican electricity system.

"Our ratings on CFE reflect our opinion that there is an almost
certain likelihood that the Mexican government would provide
timely and sufficient extraordinary support to CFE in the event of
financial distress," said Standard & Poor's credit analyst
Carolina Duran.

This view is based on S&P's government-related entity rating
criteria and CFE's:

    * Critical role as the only provider of electricity in Mexico
      and the entity responsible for planning and operating the
      country's electric system; and

    * Integral link with the government based on its full and
      stable ownership of CFE and the integration of CFE into the
      federal government's annual budget.

"Our foreign currency corporate credit rating on CFE is two
notches above the 'bb+' stand-alone credit profile (SACP),
reflecting a significant financial risk profile and a satisfactory
business profile," S&P noted.

"Our assessment of CFE's financial profile also incorporates the
ongoing support the government provides through tariff subsidies,"
S&P continued.

The stable outlooks mirror that on the United Mexican States
(foreign currency: BBB/Stable/A-3; local currency: A/Stable/A-1).
"This reflects our expectation that neither CFE's role in the
Mexican energy sector nor its links with the federal government
will undergo major changes," S&P noted.

"We could change our foreign or local currency ratings on CFE
following a change in the foreign or local currency ratings on the
sovereign," S&P added.


HIPOTECARIA SU: 88% of Bondholders Agree to Debt Swap Offer
-----------------------------------------------------------
Andres R. Martinez at Bloomberg News reports that Hipotecaria Su
Casita SA said that bondholders representing more than 88% of the
dollar bonds it offered to exchange have agreed to the company's
offer to swap debt and issue shares.

Bloomberg, citing a statement to the Mexico stock exchange,
relates that the company said the remaining holders will likely
agree to the offer before the May 25 deadline.

Hipotecaria Su Casita SA, based in Mexico City, Mexico, started
operations in 1994 as a non-bank financial institution/Sofol
Mortgage Company.  Su Casita's main activity consists of extending
mortgage loans financed by monies from SHF to low income
individuals -- an important role in the low-income housing market,
as there is no rental market in Mexico.  It is 40% owned by
Spanish bank Caja Madrid.

As reported by the Troubled Company Reporter-Latin America on
Oct. 22, 2010, Moody's Investors Service downgraded Hipotecaria Su
Casita, S.A. de C.V.'s (Su Casita) senior unsecured debt rating to
C from Ca, global scale local currency issuer rating to C from Ca
and long-term corporate family rating to C from Ca.


VITRO SAB: Venue of Chapter 15 Case Transferred to Texas Court
--------------------------------------------------------------
Bill Rochelle, Bloomberg News' bankruptcy columnist, reports that
Vitro SAB's Chapter 15 bankruptcy case, filed in New York, is
being transferred to Texas after a ruling entered by U.S.
Bankruptcy Judge Harlin "Cooter" Hale in Dallas.

According to the report, Judge Hale decided the case should be
moved and administered along with the Chapter 11 cases of five
Vitro subsidiaries after a May 9 hearing.  The Vitro companies are
affiliates and have "overlapping claims which will need to be
resolved," Judge Hale said in his ruling.

Having the Chapter 15 and Chapter 11 cases in one court, he said,
will avoid "inconsistent results" and promote judicial economy.

Vitro SAB's primary reorganization is pending in a court in
Mexico.  Judge Hale said that Dallas-Fort Worth is closer to
Mexico than New York, although that "factor does not weigh
too heavily" since there are flights from New York and Dallas-
Ft. Worth.

                         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.

Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al.  Alvarez & Marsal North America LLC is the
Debtors' operations and financial advisor.

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


VITRO SAB: Taps Alvarez & Marsal as Operations & Financial Advisor
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
authorized Vitro Asset Corp., et al., to employ Alvarez & Marsal
North America LLC, as their operations and financial advisor.

The Debtors also employed A&M's wholly owned subsidiaries,
affiliates, agents, independent contractors and employees.

To the best of the Debtors' knowledge, A&M is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

                         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.

Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al.  Alvarez & Marsal North America LLC, is the
Debtors' operations and financial advisor.

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


VITRO SAB: U.S. Court OKs Fulbright & Jaworski as Bankr. Counsel
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
authorized, on a final basis, Vitro Asset Corp., et al., to employ
Fulbright & Jaworski L.L.P. as counsel.

Fulbright & Jaworski is representing the Debtors in the Chapter 11
proceedings.

William R. Greendyke, partner of the law firm, assures the Court
that the firm is a "disinterested person" as that term is defined
under Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

          Louis R. Strubeck, Jr., Esq.
          William R. Greendyke, Esq.
          FULBRIGHT & JAWORSKI L.L.P.
          2200 Ross Avenue, Suite 2800
          Dallas, TX 75201
          Tel: (214) 855-8000
          Fax: (214) 855-8200

                         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., Kurtzman Carson Consultants is the claims
and notice agent.  Alvarez & Marsal North America LLC, is the
Debtors' operations and financial advisor.

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


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


REITTER CORP: Has Until May 29 to Use Cash Collateral
-----------------------------------------------------
Judge Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court for
the District of Puerto Rico gave Reitter Corporation interim
access to cash collateral until May 29, 2011.

The approval came after the Debtor, Banco Popular de Puerto Rico,
and the Internal Revenue Service agreed to the Debtor's limited
use of certain cash collateral to satisfy certain operating
expenses necessary for the continued operation of the Debtor's
business.

San Juan, Puerto Rico-based Reitter Corporation filed for Chapter
11 protection (Bankr. D. P.R. Case No. 10-07152) on Aug. 6, 2010.
Alexis Fuentes-Hernandez, Esq., at Fuentes Law Offices, assists
the Debtor in its restructuring effort.  In its schedules, the
Debtor disclosed US$20,440,765 in total assets and US$17,250,033
in total debts.


REITTER CORP: Must File Amended Plan Outline; June 28 Hearing Set
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico has
continued the hearing to consider approval of the disclosure
statement describing Reitter Corporation's Plan of Reorganization
to June 28, 2011, at 2:30 p.m.

At the April 26 hearing, the Debtor was granted 21 days to file a
self contained amended disclosure statement, which must show the
feasibility of the Plan.

As reported in the Trouble Company Reporter on March 18, 2011, the
Plan provides payment of approximately 2.8% of allowed unsecured
claims (with no executory contracts) in 60 monthly payments to
begin 30 days after the effective date of the plan.  Unsecured
creditors whose executory contracts will be assumed by Reitter
will receive 100% payment.

Banco Popular de Puerto Rico's secured claim for US$10,182,258
will be paid in full at a 25-year amortization rate accruing a per
annum interest rate of 5% with a balloon payment of the
outstanding balance on April 30, 2014.  The bank will retain
unaltered its first mortgage on Reitter's realty and its lien over
almost all of Reitter's assets.

Holders of issued and outstanding common shares in the Debtor will
retain their interest pursuant to the proposed plan.

                     About Reitter Corporation

San Juan, Puerto Rico-based Reitter Corporation filed for Chapter
11 protection (Bankr. D. P.R. Case No. 10-07152) on Aug. 6, 2010.
Alexis Fuentes-Hernandez, Esq., at Fuentes Law Offices, assists
the Debtor in its restructuring effort.  In its schedules, the
Debtor disclosed US$20,440,765 in total assets and US$17,250,033
in total debts.


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


GAYELLE THE CHANNEL: Forced to Move Out on Falling Revenues
-----------------------------------------------------------
Wayne Bowman at Trinidad Express reports that Gayelle the Channel
has been forced to move out of its St James studios because of
falling revenues.

Rumors that the television station had TT$5 million in debt are
untrue, Gayelle co-founder Errol Fabien told the Trinidad Express.

"We are not five million dollars in debt.  That is completely
untrue.  Revenue is down because people have not been advertising
on Gayelle and we had to move out of the building in St James.  We
are owing some rent and left equipment with the landlord until we
can settle," Trinidad Express quoted Mr. Fabien as saying.

Mr. Fabien said that although revenue was down and the station was
forced to move out of its studios at Western Main Road, St James,
Gayelle is still broadcasting from its temporary location at upper
St Vincent Street, Port of Spain, according to Trinidad Express.

Mr. Fabien said the government should provide incentives for
television and radio stations that offer fully local content,
according to Trinidad Express.

Gayelle the Channel is a local TV station in Trinidad and Tobago.


=================
V E N E Z U E L A
=================


BANCO PROVINCIAL: Fitch Affirms B+ Currency Issuer Default Ratings
------------------------------------------------------------------
Fitch Ratings has affirmed Venezuela-based Banco Provincial's
ratings:

   -- Long-term foreign and local currency Issuer Default Ratings
      (IDR) at 'B+';

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

   -- Individual at 'D';

   -- Support at 5;

   -- Support Floor NF;

   -- Long-term national-scale rating at 'AA+(ven)';

   -- Short-term national-scale rating at 'F1+(ven)'.

The Rating Outlooks for the long-term IDRs are Stable.

Additional government intervention resulting in pressures on
Provincial's financial performance could negatively affect its
ratings. Currently, there is limited upside potential for
Provincial's ratings as the country ceiling is equivalent to
Venezuela's long term IDR of 'B+'. Although the Outlook on
Venezuela's sovereign ratings is Stable, a change in Fitch's view
on the sovereign's creditworthiness could also affect the bank's
ratings.

Provincial's ratings reflect above-average performance in a highly
unstable operating environment, good profitability, asset quality,
and capitalization ratios based on a strong franchise,
conservative risk control techniques, and the operational support
of Spain's Banco Bilbao Vizcaya Argentaria (BBVA). The negative
effects of government control over the financial sector and the
broader economy, as well as high inflation, weigh on Provincial's
ratings. Inflation averaged 29% in the five years ending in 2010;
however, Venezuelan banks are not required to adjust financial
statements for inflation.

Stable and ample margins, relatively strong fee income, controlled
credit costs and improved overhead costs underpin Provincial's
above average profitability relative to the Venezuelan banking
system. With an average operating profit to average assets ratio
above 5% over the past four years, Provincial has become one of
the most profitable banks in its segment, a trend that Fitch
expects to continue despite potential minor downward adjustments
from such a high level.

Strong risk policies influenced by its largest shareholder and the
vast knowledge of the Venezuelan market result in impairment
figures below 1% of total loans, relatively low loan charge-offs
and ample loan loss reserves that represented more than 3% of
total loans as of September 2010. Thanks to its leading position
in most business segments, Provincial enjoys adequate loan
diversification.

Diversified, ample and stable retail funding is a key strength of
the bank in terms of funding costs and liquidity management, and
as a tool to leverage its growth through cross selling to its vast
customer base. Despite recent growth, loans remain totally funded
by customer deposits with a low loan to deposit ratio of 80%.

Moderate cash dividends limited by local regulation and high
profits have sustained Provincial's capital base growth, despite
the volatility of the environment. The Fitch core capital to total
assets ratio improved to 11% as of September 2010 while the Fitch
core capital to risk weighted assets ratio improved to a high 22%.
However, as the regulator's recent changes to risk weighting rules
have distorted the comparability of Venezuelan banks to banks
outside of the country, Fitch prefers to use the former capital
ratio.

Provincial is Venezuela's third largest bank, with an 11.2% market
share in terms of total assets at Sept. 30, 2010. Spain's BBVA
controls about 54% of Provincial's equity, with Grupo Polar being
the second largest shareholder with a 26.44% stake.


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


* S&P's Global Corporate Defaults List Has 15 So Far
----------------------------------------------------
Puerto Rico-based yellow pages publisher Caribe Media Inc. filed
for bankruptcy protection, raising the 2011 global corporate
default tally to 15, according to an article published on May 13
by Standard & Poor's Global Fixed Income Research.  Ten of this
year's defaults were based in the U.S., two were based in New
Zealand, and one each was based in Canada, the Czech Republic, and
Russia, according to the article, titled "Global Corporate Default
Update (May 6 - 12, 2011) (Premium)."

By comparison, 35 global corporate issuers had defaulted by this
time in 2010.  Of these defaulters, 24 were based in the U.S., two
in Europe, three in the emerging markets, and six in the other
developed region (Australia, Canada, Japan, and New Zealand).
Six of this year's defaults were due to distressed exchanges and
five were due to missed interest or principal payments -- both
among the top reasons for default in 2010.  Of the remaining four,
two issuers defaulted after they filed for bankruptcy, another had
its banking license revoked by its country's central bank, and the
fourth was forced into liquidation as a result of regulatory
action.

Of the defaults in 2010, 28 defaults resulted from missed interest
or principal payments, 25 resulted from Chapter 11 and foreign
bankruptcy filings, 23 from distressed exchanges, three from
receiverships, one from regulatory directives, and one from
administration.


                            ***********


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 * * *