TCRLA_Public/110608.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, June 8, 2011, Vol. 12, No. 112

                            Headlines



A R G E N T I N A

ARETRAN SA: Creditors' Proofs of Debt Due August 24
CABRIOLET SA: Creditors' Proofs of Debt Due July 6
EXPRESO ANGELICA: Creditors' Proofs of Debt Due July 8
INDUSTRIAL & FINANCIAL: Creditors' Proofs of Debt Due August 5
METROGAS SA: YPF Acquires Option to Raise Stake in Firm

SOFTMART SA: Requests for Opening of Bankruptcy Proceedings


B R A Z I L

FIDC SCHAHIN: Moody's Withdraws (P)Ba1 Global Scale Ratings


C A Y M A N   I S L A N D S

CENTAURO FUND: Shareholders' Final Meeting Set for June 30
FONDVEST ALTERNATIVE: Shareholders' Final Meeting Set for June 24
GANG ENTERPRISES: Shareholder to Receive Wind-Up Report on June 24
GRYPHON HIDDEN: Shareholders' Final Meeting Set for June 30
LONG TERM: Shareholders' Final Meeting Set for June 14

MOBISERVE INVESTMENTS: Shareholders' Final Meeting Set for June 24
N7C RESOURCES: Shareholders' Final Meeting Set for June 15
N8C RESOURCES: Shareholders' Final Meeting Set for June 15
PALOMAR STRUCTURED: Shareholders' Final Meeting Set for June 24
PN INCOME: Shareholders' Final Meeting Set for June 14

PORTO LIMITED: Shareholders' Final Meeting Set for June 14
PORTONOVO LIMITED: Shareholders' Final Meeting Set for June 14
POSITIVE FUND: Shareholders' Final Meeting Set for June 24
RECOVERY ASSETS: Shareholders' Final Meeting Set for June 14
SH FORTUNE: Members' Final Meeting Set for June 14


M E X I C O

VITRO SAB: Creditors' Committee Taps Akin Gump as Bankr. Counsel
VITRO SAB: Units File Schedules of Assets and Liabilities


P U E R T O   R I C O

SWISS CHALET: Asks Court to OK Hiring of Cuprill Law Firm
SWISS CHALET: Seeks to Hire Carrasquillo as Fin'l Consultants
SWISS CHALET: Sec. 341(a) Creditors' Meeting Set for June 30


S T  K I T T S  &  N E V I S

* ST KITTS & NEVIS: Reaches US$84-Million Deal With IMF




                            - - - - -


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


ARETRAN SA: Creditors' Proofs of Debt Due August 24
---------------------------------------------------
Juan Carlos Sosa, the court-appointed trustee for Aretran SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until August 24, 2011.

Mr. Sosa 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.

Creditors will vote to ratify the completed settlement plan during
the assembly on May 11, 2012.

The Trustee can be reached at:

         Juan Carlos Sosa
         Viamonte 783
         Argentina


CABRIOLET SA: Creditors' Proofs of Debt Due July 6
--------------------------------------------------
Eduardo Horacio Rotger, the court-appointed trustee for Cabriolet
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until July 6, 2011.

Mr. Rotger will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Eduardo Horacio Rotger
         Sarmiento 1169
         Argentina


EXPRESO ANGELICA: Creditors' Proofs of Debt Due July 8
------------------------------------------------------
Hector Jorge Garcia, the court-appointed trustee for Expreso
Angelica SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until July 8, 2011.

Mr. Garcia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 15 in Buenos Aires, with the assistance of Clerk
No. 29, 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:

         Hector Jorge Garcia
         Uruguay 572
         Argentina


INDUSTRIAL & FINANCIAL: Creditors' Proofs of Debt Due August 5
--------------------------------------------------------------
Mario Gustavo Doctorovich, the court-appointed trustee for
Industrial & Financial Systems Argentina SA's bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 5, 2011.

Mr. Doctorovich will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 36, 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:

         Mario Gustavo Doctorovich
         Teniente General Juan Domingo Peron 1610
         Argentina


METROGAS SA: YPF Acquires Option to Raise Stake in Firm
-------------------------------------------------------
Taos Turner at Dow Jones Newswires reports that YPF SA,
Argentina's largest oil and gas producer, has acquired an option
to raise its stake in Metrogas S.A.

MetroGAS S.A. said in a statement to the Buenos Aires Stock
Exchange that YPF Inversora Energetica, a unit of YPF SA, has
obtained the right to buy a 54.7% stake in the firm from the
U.K.'s BG Group PLC, according to Dow Jones Newswires.  BG Group
owns the stake through the holding company Consorcio Gas Argentino
Sociedad Anonima (GASA).

Dow Jones Newswires notes that GASA owns 70% of MetroGAS SA, while
20% of the shares are traded in Buenos Aires and New York, and 10%
are held by employees.   YPF SA already has a 45.5% stake in GASA.

YPF SA has until Aug. 31 to exercise the option, though that
period can be extended to Oct. 5, according to the statement
obtained by the news agency.

A year ago, MetroGAS SA filed for bankruptcy protection, leading
the government to step in to manage the firm, Dow Jones Newswires
recalls.

Dow Jones Newswires says that following the bankruptcy filing,
ratings agency Standard & Poor's lowered its already low CC rating
on Metrogas SA' $250 million debt to D.  The company suffered from
"the mismatch between revenues and costs during 2002-2010 due to a
combination of frozen tariffs, high inflation, and currency
devaluation," according to Standard and Poor's, Dow Jones
Newswires relates.

Dow Jones Newswires discloses that public service companies such
as MetroGAS SA have struggled since Argentina's 2001-02 economic
meltdown, when the government froze most utility rates.  The
government has since renegotiated some, but not all, operating
contracts, the report adds.

                       About MetroGas SA

Buenos Aires-based MetroGAS S.A., which listed its American
Depositary Shares on the New York Stock Exchange and Buenos Aires
Stock Exchange in November 1994, is Argentina's largest natural
gas distribution company in terms of number of customers and
volume of gas deliveries, according to the 2010 annual report of
ENARGAS, an agency of the Argentine Government, which has broad
authority over the gas distribution and transportation industries,
including their tariffs.  The Company has approximately
2.2 million customers in its service area (the city of Buenos
Aires and southern and eastern greater metropolitan Buenos Aires).
The Company is one of nine natural gas distribution companies
formed in connection with the privatization of Gas del Estado.

The suspension of the original regime for tariff adjustments and
the inability to generate sufficient cash flows to pay its
financial debt obligations led the Company to file a petition for
a voluntary reorganization proceeding (concurso preventivo) in an
Argentine court on June 17, 2010.


SOFTMART SA: Requests for Opening of Bankruptcy Proceedings
-----------------------------------------------------------
Softmart SA requested for the opening of bankruptcy proceedings.

The company defaulted on its payments due May 6, 2011.


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


FIDC SCHAHIN: Moody's Withdraws (P)Ba1 Global Scale Ratings
-----------------------------------------------------------
Moody's America Latina (Moody's) has withdrawn the provisional
ratings of (P)Aa1.br (sf) (National Scale, Local Currency) and of
(P)Ba1 (sf) (Global Scale, Local Currency) of the Senior Shares of
Fundo de Investimento em Direitos Creditorios Schahin -- Credito
Consignado (FIDC Schahin -- Credito Consignado).

Issuer: FIDC Schahin -- Credito Consignado

   -- Senior Shares: WR (previously (P)Aa1.br (sf) (National
      Scale)& (P)Ba1 (sf) (Global Scale, Local Currency))

                      Ratings Rationale

Moody's Investors Service has withdrawn the credit rating for its
own business reasons.

Moody's last rating action on FIDC Schahin -- Credito Consignado
occurred on March 14, 2011 when the rating agency assigned
provisional ratings to the Senior Shares. Moody's notes that the
Senior Shares have not been distributed to date.

Moody's adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources Moody's considers to be reliable including, when
appropriate, independent third-party sources. However, Moody's is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.

The date on which some Credit Ratings were first released goes
back to a time before Moody's Investors Service's Credit Ratings
were fully digitized and accurate data may not be available.
Consequently, Moody's Investors Service provides a date that it
believes is the most reliable and accurate based on the
information that is available to it.


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


CENTAURO FUND: Shareholders' Final Meeting Set for June 30
----------------------------------------------------------
The shareholders of Centauro Fund Limited will hold their final
meeting on June 30, 2011, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David A.K. Walker
         c/o Jodi Jones
         Telephone: (345) 949 7000
         Facsimile: (345) 945 4237
         P.O. Box 258, Grand Cayman KY1-1104
         Cayman Islands


FONDVEST ALTERNATIVE: Shareholders' Final Meeting Set for June 24
-----------------------------------------------------------------
The shareholders of Fondvest Alternative Strategies Limited will
hold their final meeting on June 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:

         David A.K. Walker
         c/o Jodi Jones
         Telephone: (345) 949 7000
         Facsimile: (345) 945 4237
         P.O. Box 258, Grand Cayman KY1-1104
         Cayman Islands


GANG ENTERPRISES: Shareholder to Receive Wind-Up Report on June 24
------------------------------------------------------------------
The sole shareholder of Gang Enterprises Limited will receive on
June 24, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694, Grand Cayman
         Cayman Islands


GRYPHON HIDDEN: Shareholders' Final Meeting Set for June 30
-----------------------------------------------------------
The shareholders of Gryphon Hidden Values Limited will hold their
final meeting on June 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:

         David A.K. Walker
         c/o Jodi Jones
         Telephone: (345) 949 7000
         Facsimile: (345) 945 4237
         P.O. Box 258, Grand Cayman KY1-1104
         Cayman Islands


LONG TERM: Shareholders' Final Meeting Set for June 14
------------------------------------------------------
The shareholders of Long Term Investment & Recovery Assets Fund
will hold their final meeting on June 14, 2011, at 10:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

Keith High is the company's liquidator.


MOBISERVE INVESTMENTS: Shareholders' Final Meeting Set for June 24
------------------------------------------------------------------
The shareholders of Mobiserve Investments Limited will hold their
final meeting on June 24, 2011, at 11:45 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


N7C RESOURCES: Shareholders' Final Meeting Set for June 15
----------------------------------------------------------
The shareholders of N7C Resources Inc. will hold their final
meeting on June 15, 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:

         Gary F. Oakley
         c/o Britannia Corporate Management Ltd.
         196 Raleigh Quay, Governors Harbour
         P.O. Box 1968, Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 949 7966
         Facsimile: (345) 949 0716


N8C RESOURCES: Shareholders' Final Meeting Set for June 15
----------------------------------------------------------
The shareholders of N8C Resources Inc. will hold their final
meeting on June 15, 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:

         Gary F. Oakley
         c/o Britannia Corporate Management Ltd.
         196 Raleigh Quay, Governors Harbour
         P.O. Box 1968, Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 949 7966
         Facsimile: (345) 949 0716


PALOMAR STRUCTURED: Shareholders' Final Meeting Set for June 24
---------------------------------------------------------------
The shareholders of Palomar Structured Credit Stars Ltd. will hold
their final meeting on June 24, 2011, at 12:00 noon, to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PN INCOME: Shareholders' Final Meeting Set for June 14
------------------------------------------------------
The shareholders of PN Income Fixed/Floating Rate Fund Ltd will
hold their final meeting on June 14, 2011, at 11:15 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

Keith High is the company's liquidator.


PORTO LIMITED: Shareholders' Final Meeting Set for June 14
----------------------------------------------------------
The shareholders of Porto Limited will hold their final meeting on
June 14, 2011, at 10:15 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

Keith High is the company's liquidator.


PORTONOVO LIMITED: Shareholders' Final Meeting Set for June 14
--------------------------------------------------------------
The shareholders of Portonovo Limited will hold their final
meeting on June 14, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

Keith High is the company's liquidator.


POSITIVE FUND: Shareholders' Final Meeting Set for June 24
----------------------------------------------------------
The shareholders of The Positive Fund SPC will hold their final
meeting on June 24, 2011, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David A.K. Walker
         c/o Jodi Jones
         Telephone: (345) 949 7000
         Facsimile: (345) 945 4237
         P.O. Box 258, Grand Cayman KY1-1104
         Cayman Islands


RECOVERY ASSETS: Shareholders' Final Meeting Set for June 14
------------------------------------------------------------
The shareholders of Recovery Assets Fund will hold their final
meeting on June 14, 2011, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

Keith High is the company's liquidator.


SH FORTUNE: Members' Final Meeting Set for June 14
--------------------------------------------------
The members of SH Fortune Ltd will hold their final meeting on
June 14, 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:

         Timothy Le Cornu
         Governor's Square, Building 6, 2nd Floor
         23 Lime Tree Bay Avenue
         P.O. Box 21237, Grand Cayman KY1-1205
         Cayman Islands
         Telephone: +1 345 947 4700
         Facsimile: +1 345 946 6728


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


VITRO SAB: Creditors' Committee Taps Akin Gump as Bankr. Counsel
----------------------------------------------------------------
The Official Committee of Unsecured Creditors in the Chapter 11
cases of Vitro Asset Corp., et al., asks the U.S. Bankruptcy Court
for the Northern District of Texas for permission to retain Akin
Gump Strauss Hauer & Feld LLP as its counsel.

Akin Gump will be representing the Committee in the Debtors'
bankruptcy proceedings.

The hourly rates of Akin Gump's personnel are:

         Michael S. Stamer, partner           US$975
         Abid Qureshi, partner                  $790
         Sarah Link Schultz, partner            $700
         Alexis Freeman, counsel                $675
         David A. Kazlow, associate             $510
         Kristine G. Manoukian, associate       $510
         Partners                           $500 - $1200
         Special Counsel and Counsel        $415 -  $805
         Associates                         $335 -  $625
         Paraprofessionals                  $125 -  $310

Mr. Stamer assures the Court that Akin Gump 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: Units File Schedules of Assets and Liabilities
---------------------------------------------------------
VVP Finance Corporation, a debtor-affiliate of Vitro, S.A.B. de
C.V., filed with the U.S. Bankruptcy Court for the Northern
District of Texas its schedules of assets and liabilities,
disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                      US$0
  B. Personal Property          $175,297,012*
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $10,022,960*
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0*
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                    $1,225,645,763*
                                 -----------      -----------
        TOTAL                 US$175,297,012*  US$1,235,668,723*

These affiliates also filed their respective schedules,
disclosing:

VVP Funding Corporation
          assets: $3,072,790*
          liabilities: $0*

Super Sky International, Inc.
          assets: $0*
          liabilities: $1,226,309,862*

Super Sky Products, Inc.
          assets: $16,686,428*
          liabilities: $1,225,003,538*

Vitro America, LLC
          assets: $0
          liabilities: $0

* plus undetermined amount

                        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.


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


SWISS CHALET: Asks Court to OK Hiring of Cuprill Law Firm
---------------------------------------------------------
Swiss Chalet Inc. seeks Bankruptcy Court permission to employ
Charles A. Cuprill, P.S.C. Law Offices as its bankruptcy counsel.

The Debtor has paid the firm a $92,500 retainer.  The firm's
hourly rates are:

     Charles A. Cuprill-Herndandez, Esq.  $350 per hour
     Associates                           $225 per hour
     Paralegals                            $75 per hour

Mr. Cuprill attests that his firm is a disinterested person as
defined in 11 U.S.C. Section 101(14).

                        About Swiss Chalet

The Swiss Chalet Inc., which owns the Best Western Hotel Pierre in
San Juan, Puerto Rico, filed a Chapter 11 petition (Bankr. D. P.R.
Case No. 11-04414) on May 27, 2011.  CPA Luis R. Carrasquillo &
Co. is the financial consultant.  In its Schedules, the Debtor
listed total assets of $118,521,510 and total debts of
$132,741,094.  The petition was signed by Arnold Benus, director.


SWISS CHALET: Seeks to Hire Carrasquillo as Fin'l Consultants
-------------------------------------------------------------
Swiss Chalet Inc. said it is in need of a financial consultant to
assist it in the financial restructuring of its affairs by
providing advice in strategic planning, preparing a plan of
reorganization and disclosure statement, determining the Debtor's
assets, and participating in the Debtor's negotiations with
creditors and parties in interest.

In this regard, the Debtor asked the Court to approve its hiring
of CPA Luis R. Carrasquillo & Co., P.S.C.

The Debtor has made a $50,000 advanced payment to the firm.

Mr. Carrasquillo and the members of the accounting firm are
disinterested as defined in 11 U.S.C. Section 101(14).

The firm may be reached at:

         Luis R. Carrasquillo Ruiz
         CPA Luis R. Carrasquillo & Co., P.S.C.
         28th Street, #TI-26
         Turabo Gardens Avenue
         Caguas, Puerto Rico 00725
         Tel: (787) 746-4555
              (787) 746-4556
         Fax: (787) 746-4564
         E-mail: luis@cpacarrasquillo.com

                        About Swiss Chalet

The Swiss Chalet Inc., which owns the Best Western Hotel Pierre in
San Juan, Puerto Rico, filed a Chapter 11 petition (Bankr. D. P.R.
Case No. 11-04414) on May 27, 2011.  Charles A. Cuprill, P.S.C.
Law Offices serves as its bankruptcy counsel.  In its Schedules,
the Debtor listed total assets of $118,521,510 and total debts of
$132,741,094.  The petition was signed by Arnold Benus, director.


SWISS CHALET: Sec. 341(a) Creditors' Meeting Set for June 30
------------------------------------------------------------
Monsita Lecaroz Arribas of the Office of the U.S. Trustee in San
Juan, Puerto Rico, will convene a meeting of creditors under Sec.
341(a) of the Bankruptcy Code in the bankruptcy case of Swiss
Chalet Inc., on June 30, 2011, at 2:00 p.m. at 341 Meeting Room,
Ochoa Building, 500 Tanca Street, First Floor, in San Juan.

The last day to oppose discharge or dischargeability is Aug. 29,
2011.  Proofs of claim are due by Sept. 28, 2011.  Government
proofs of claim are due by Nov. 28, 2011.

                        About Swiss Chalet

The Swiss Chalet Inc., which owns the Best Western Hotel Pierre in
San Juan, Puerto Rico, filed a Chapter 11 petition (Bankr. D. P.R.
Case No. 11-04414) on May 27, 2011.  Charles A. Cuprill, P.S.C.
Law Offices serves as its bankruptcy counsel.  CPA Luis R.
Carrasquillo & Co., P.S.C., serves as its financial consultants.
In its Schedules, the Debtor listed total assets of $118,521,510
and total debts of $132,741,094.  The petition was signed by
Arnold Benus, director.


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


* ST KITTS & NEVIS: Reaches US$84-Million Deal With IMF
-------------------------------------------------------
Caribbean360.com reports that St. Kitts and Nevis government and
an International Monetary Fund (IMF) staff mission have reached
broad agreement on the key elements of an economic program that
would see the Washington-based financial institution providing a
US$84 million Stand-By Arrangement (SBA) over a three-year period.

Chief of the IMF mission to the twin-island federation, Alfred
Schipke, said the program agreed to is also expected to catalyze
additional financing for the country from other international
institutions, according to Caribbean360.com.

Caribbean360.com discloses that the Executive Board could consider
St. Kitts and Nevis's SBA at the end of next month, following
review by management.

Mr. Schipke said that by seeking the IMF help, St. Kitts and Nevis
was taking decisive action to address the legacy of the most
severe recession in the country's history.

He said the main goal of the government's economic strategy is to
foster macroeconomic stability and put the public debt on a firmly
declining path, which is expected to contribute to higher economic
growth and improved living standards for all members of the
society, Caribbean360.com relates.

Caribbean360.com notes that the IMF official said that, at the
same time, the program will maintain social safety net spending to
protect the most vulnerable, in particular program for school
meals, uniforms and text books.

Government also plans to establish a register of beneficiaries
that would help to better target social assistance, and many basic
commodities will continue to be exempt from the VAT,
Caribbean360.com adds.


                            ***********


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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