TCRLA_Public/110609.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Thursday, June 9, 2011, Vol. 12, No. 113

                            Headlines



A R G E N T I N A

ASTRASEGUR SRL: Creditors' Proofs of Debt Due August 2
ELIPARASA SA: Creditors' Proofs of Debt Due July 15
GANADERA SAN: Creditors' Proofs of Debt Due July 8
MARGIT SRL: Creditors' Proofs of Debt Due August 12


B E R M U D A

GEROVA HOLDINGS: Gets Termination Notice After Failing to Pay Rent


B R A Z I L

MINERVA SA: Fitch Upgrades Issuer Default Rating to 'B+'


C A Y M A N   I S L A N D S

ARCALIS INVESTMENTS: Shareholders' Final Meeting Set for June 24
BLACK RIVER: Shareholders' Final Meeting Set for June 30
BLACK RIVER: Shareholders' Final Meeting Set for June 30
CALIFORNIA CANTON: Shareholder to Hear Wind-Up Report on June 21
COEUS CAPITAL: Shareholder to Receive Wind-Up Report on June 24

COEUS CAPITAL: Shareholder to Receive Wind-Up Report on June 24
GORDON MANAGEMENT: Shareholder to Hear Wind-Up Report on June 13
INSPECTION HOLDINGS: Shareholders' Final Meeting Set for Sept. 20
KOHLBERG SPORTS: Shareholders' Final Meeting Set for June 30
NEW INVESTMENT: Members' Final Meeting Set for June 14

NISHI-NIPPON: Shareholders' Final Meeting Set for June 24
SANDRINGHAM LONG/SHORT: Shareholders' Meeting Set for June 24


M E X I C O

VITRO SAB: Demands Disclosures From Dissenting Bondholders
VITRO SAB: U.S. Units Identify Contracts to Be Assigned to Buyer
VITRO SAB: Creditors Seek to Lift Stay to Service Demand Notices


P U E R T O   R I C O

LAS LOMAS: Case Summary & 20 Largest Unsecured Creditors


T R I N I D A D  &  T O B A G O

CL FINL: Policyholders Have No Clear-Cut Case, CLICO Lawyer Says


V I R G I N  I S L A N D S

FAIRFIELD SENTRY: Court Grants Time Extension to Assert Claims


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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A R G E N T I N A
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ASTRASEGUR SRL: Creditors' Proofs of Debt Due August 2
------------------------------------------------------
Mirta Haydee Addario, the court-appointed trustee for Astrasegur
SRL's reorganization proceedings, will be verifying creditors'
proofs of claim until August 2, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, 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 April 25, 2012.

The Trustee can be reached at:

         Mirta Haydee Addario
         Lavalle 1474
         Argentina


ELIPARASA SA: Creditors' Proofs of Debt Due July 15
---------------------------------------------------
Norma Canturi, the court-appointed trustee for Eliparasa SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until July 15, 2011.

The trustee 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. 35, 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:

         Norma Canturi
         Camarones 3165
         Argentina


GANADERA SAN: Creditors' Proofs of Debt Due July 8
--------------------------------------------------
Estudio Moyano, Guelman y Asociados, the court-appointed trustee
for Ganadera San Roque SA's reorganization proceedings, will be
verifying creditors' proofs of claim until July 8, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 25, 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 June 5, 2012.

The Trustee can be reached at:

         Estudio Moyano, Guelman y Asociados
         Uruguay 750


MARGIT SRL: Creditors' Proofs of Debt Due August 12
---------------------------------------------------
Eduardo Pronsky, the court-appointed trustee for Margit SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until August 12, 2011.

Mr. Pronsky will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 52, 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 Pronsky
         Parana 480
         Argentina


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B E R M U D A
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GEROVA HOLDINGS: Gets Termination Notice After Failing to Pay Rent
------------------------------------------------------------------
The Royal Gazette reports that Gerova Holdings Ltd. has been
served a notice for the termination of its lease after failing to
pay $49,083.40 in rent and service charges.  The report relates
that the company also owes $2,719.36 in land tax and was served
with the notice by maintenance managers Kitson & Company's lawyers
King & Associates on behalf of the building's owners, Park
Properties, last month.

In a letter dated May 2, the lawyers stated they had written to
Gerova on April 25 regarding the unpaid rent and were now serving
the company with a termination notice in addition to the earlier
notice instructing it to vacate the premises, according to The
Royal Gazette.  If the monies due were not paid in full, Kitson
would start eviction proceedings and take legal action against the
company, the letter added.

Gerova, whose parent company is Gerova Financial Group, set up the
headquarters of its insurance operations in Bermuda last year.

Bermuda-based Gerova Holdings Ltd has offices are located on the
fifth floor of Cumberland House.  It is a subsidiary of Gerova
Financial Group Ltd.


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B R A Z I L
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MINERVA SA: Fitch Upgrades Issuer Default Rating to 'B+'
--------------------------------------------------------
Fitch Ratings has upgraded the ratings of Minerva S.A. (Minerva),
Minerva Overseas Ltd., and Minerva Overseas II Ltd (both special-
purpose vehicles wholly-owned by Minerva and incorporated in the
Cayman Islands):

Minerva S.A.

  -- Local currency Issuer Default Rating (IDR) to 'B+' from 'B';

  -- Foreign currency IDR to 'B+' from 'B';

  -- National scale rating to 'BBB(bra)' from 'BBB-(bra)';

  -- BRL200 million outstanding debentures due 2015 to 'BBB' from
     'BBB-'.

Minerva Overseas Ltd

  -- USD160 million outstanding senior unsecured notes due 2017
     to 'B+/RR4' from 'B/RR4'.

Minerva Overseas II Ltd

  -- USD250 million outstanding senior unsecured notes due 2019
     to 'B+/RR4' from 'B/RR4'.

Fitch has also assigned local and foreign currency IDRs to Minerva
Overseas Ltd and Minerva Overseas II Ltd:

Minerva Overseas Ltd

  -- Local currency IDR 'B+';

  -- Foreign currency IDR 'B+';

Minerva Overseas II Ltd

  -- Local currency IDR 'B+';

  -- Foreign currency IDR 'B+'.

The Rating Outlook is Stable.

The rating upgrade follows the improvement in operating
performance and the decline in leverage over the past year, as
well as the slowdown in the cash burn rate and further expected
improvements in both liquidity and debt maturity profile.
Leverage should continue to decline following the company's BRL300
million proposed mandatory convertible debentures, given the
instrument's equity like characteristics.  Proceeds from the
proposed debentures will be used to refinance medium-term debt and
augment liquidity.  As of March 2011, net leverage was 4.5 times
(x) and is expected to decrease by a full turn pro-forma the
transaction. LTM FCF was negative BRL93 million and cash on hand
was BRL543 million. This compares with short-term debt of BRL306
million.

Minerva is positioned to continue to improve its credit profile
from gains in market share, the generation of incremental cash
flow from significant high-margin green field investments made
over the past few years, as well as an improving cattle cycle in
Brazil.

Fitch believes that the company will be successful in placing its
proposed debentures which would allow it to benefit from lower
interest expense in the medium-term and from an equity boost in
four years. Minerva also has outstanding in-the-money two-year
American call options which could represent an incremental USD90
million equity infusion by September 2011.

Minerva's ratings are supported by the company's business position
as the third-largest Brazilian exporter of fresh beef, its low
cost structure, its increasing grade of product customization, and
its diversified and flexible export revenue base. The successful
execution of its strategic plan, including an equity issuance
during the challenging operating environment of the last two
years, further supports Minerva's ratings.

Fitch notes that the company is not materially affected by the
recent Russian ban on meat imports from certain Brazilian states,
as it has no operations in the states under the ban.

The ratings are constrained by the high leverage of the company,
its small size in comparison to peers, and by the commodity nature
of its business. The ratings also incorporate the risks associated
with the appreciation of the BRL and potential disease outbreaks.
Minerva is still more exposed to these risks than top competitors
even though exports now represent 55% of its revenue, down from
70% a year ago.

Leverage Improvements Expected:

Minerva's net leverage stood at 4.5x at the end of March 2011 and
is expected to decrease by a full turn on a pro-forma basis
following the convertible debentures issuance. Operating
performance has been improving since 2009; however, the de-
leveraging process was slowed down by continued negative free cash
flow generation, resulting from high capital investments and
spikes in working capital. Fitch notes positively that in 2010,
the revenue increase was achieved without large increases in
working capital due in part to better payment terms with cattle
suppliers. Working capital spiked in 1Q'11, when the company
opportunistically increased cash purchases of cattle for deeper
discounts.

Fitch expects further improvement in leverage stemming from
continued positive trends in revenue and margins, and possible
further additions to Minerva's production base. Fitch notes that a
temporary increase in leverage due to asset purchases or
acquisitions is possible in the upcoming years, as the company
strives to sustain growth. Fitch observes, however, that Minerva
has maintained a relatively disciplined approach to investing in
fairly priced long-term assets.

Liquidity and Debt Maturity Profile Manageable:

Liquidity is adequate. As of March 2011, cash on hand was BRL543
million compared to BRL306 million in short-term debt.
Additionally, debt maturities are manageable in 2012 at BRL165
million. Fitch expects Minerva to continue improving its liquidity
and debt maturity schedule over the next 18 months. In addition to
the expected positive free cash flow generation, Minerva may
benefit from an USD90 million equity infusion in 2011 from its in-
the-money American call options.  The current debenture issuance
will not benefit short-term liquidity as it is used to repay 2013
debt.

FCF Expected to Breakeven in 2011; Positive in 2012 and After:

Despite robust growth in both revenues and EBITDA, the company has
reported negative free cash flows in the past 18 months due to
working-capital requirements, capital expenditures and tax credits
generated by exports. During the LTM ended March 2011, free cash
flow (FCF), cash from operations minus capital expenditures, was
negative BRL93 million, mainly due to large capex of BRL217
million. Cash from operations was positive BRL130 million.

Fitch expects that lower capex and working capital requirements
going forward will allow Minerva to start generating positive free
cash flow and to continue reducing leverage. Management's capex
guidance for 2010 is about BRL90 million. Despite the spike in
working capital use in the first quarter of 2011 due to cattle
purchases, Fitch believes that the company will be able to go back
to a more conservative payment schedule for its cattle purchases
going forward.

Stable Outlook:

The ratings are likely to remain stable unless cash flow
generation and leverage trends materially differ from
expectations. A negative rating action could occur if Fitch's
expectations for positive cash flow generation fail to materialize
or net leverage increases and remains at more than 4.0x on a
consistent basis, as a result of either large debt financed
acquisitions or asset purchases, or as a result of operational
deterioration. A positive rating action could be triggered by a
significant leverage decrease from current levels and is unlikely
to be achieved solely by improving operations in the short to
medium-term.


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


ARCALIS INVESTMENTS: Shareholders' Final Meeting Set for June 24
----------------------------------------------------------------
The shareholders of Arcalis Investments Limited will hold their
final meeting on June 24, 2011, at 12:15 p.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


BLACK RIVER: Shareholders' Final Meeting Set for June 30
--------------------------------------------------------
The shareholders of Black River Commodity Energy Opportunity Fund
(Onshore) Ltd. will hold their final meeting on June 30, 2011, at
10:20 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


BLACK RIVER: Shareholders' Final Meeting Set for June 30
--------------------------------------------------------
The shareholders of Black River Commodity Energy Opportunity Fund
(Offshore) Ltd. will hold their final meeting on June 30, 2011, at
10:10 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


CALIFORNIA CANTON: Shareholder to Hear Wind-Up Report on June 21
----------------------------------------------------------------
The sole shareholder of California Canton International Bank
(Cayman) Ltd. will receive on June 21, 2011, at 11:00 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Dennis A. Lee
         Dennis A Lee, SVP & Deputy General Counsel
         East West Bank
         555 Montgomery St.   M/S 129
         San Francisco, CA 94111
         Telephone: (415) 315-2832


COEUS CAPITAL: Shareholder to Receive Wind-Up Report on June 24
---------------------------------------------------------------
The sole shareholder of Coeus Capital Master Fund Ltd. will
receive on June 24, 2011, at 10:05 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jody Powery-Gilbert
         Telephone: (345) 949-9876
         Facsimile: (345) 949-9877


COEUS CAPITAL: Shareholder to Receive Wind-Up Report on June 24
---------------------------------------------------------------
The sole shareholder of Coeus Capital Offshore Ltd. will receive
on June 24, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jody Powery-Gilbert
         Telephone: (345) 949-9876
         Facsimile: (345) 949-9877


GORDON MANAGEMENT: Shareholder to Hear Wind-Up Report on June 13
----------------------------------------------------------------
The sole shareholder of Gordon Management Ltd. will receive on
June 13, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


INSPECTION HOLDINGS: Shareholders' Final Meeting Set for Sept. 20
-----------------------------------------------------------------
The shareholders of Inspection Holdings II Limited will hold their
final meeting on September 20, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


KOHLBERG SPORTS: Shareholders' Final Meeting Set for June 30
------------------------------------------------------------
The shareholders of Kohlberg Sports Group Inc. 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:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


NEW INVESTMENT: Members' Final Meeting Set for June 14
------------------------------------------------------
The members of New Investment Fund 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.

Keith High is the company's liquidator.


NISHI-NIPPON: Shareholders' Final Meeting Set for June 24
---------------------------------------------------------
The shareholders of Nishi-Nippon (Cayman) 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:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


SANDRINGHAM LONG/SHORT: Shareholders' Meeting Set for June 24
-------------------------------------------------------------
The shareholders of Sandringham Long/Short Fund II will hold their
final meeting on June 24, 2011, at 12:30 p.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


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M E X I C O
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VITRO SAB: Demands Disclosures From Dissenting Bondholders
----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Vitro SAB is demanding that the ad hoc committee of
dissenting bondholders provide details about its members' holdings
or lose the right to participate in the U.S. subsidiaries'
bankruptcy reorganizations in Dallas.

The bondholders, according to Mr. Rochelle, said in a court filing
on June 3 that the "better than anticipated" auction for the U.S.
businesses is nonetheless "unlikely" to result any recovery for
unsecured creditors of the U.S. companies.  The bondholders
describe the gross price as being US$64.4 million.  The bondholder
group is opposing approval of bonuses for senior managers and
payment of severance benefits.

Mr. Rochelle relates that Vitro filed papers on June 3 alleging
that the unofficial bondholder group is in default of its
obligations under bankruptcy rules requiring disclosure of claim
holdings by creditors acting together.  The company says the
bondholders only said earlier in the case that they control US$773
million of the US$1.2 billion in notes in default for two years.
Vitro says each bondholder in the group must disclose when the
notes were acquired and for how much.  Vitro also wants to know
details on any sales of bonds.

The bondholders, Mr. Rochelle notes, are opposing what they
calculate would be about US$840,000 in bonuses for the chief
executive and chief financial officers.  The objectors say that
would be a retention bonus that Congress banned for companies in
bankruptcy.  They also object to US$286,000 in bonuses for 15
other managers.

Last week the bondholders filed a different set of papers opposing
immediate cash payment of severance benefits that arise from pre-
bankruptcy services.  There will be a June 13 hearing on Vitro's
motions for bonuses and severance payments.  A hearing date hasn't
been set yet on the motion to compel disclosure by bondholders
about what they own.

Vitro announced last week that American Glass Enterprises LLC, an
affiliate of Sun Capital Partners Inc., won the auction for the
U.S. businesses with a bid of US$55.1 million.  June 9 is the date
of the hearing to approve the sale.

                        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. Units Identify Contracts to Be Assigned to Buyer
----------------------------------------------------------------
Vitro America, LLC and its debtor affiliates filed with the U.S.
Bankruptcy Court for the Northern District of Texas a list of all
contracts that they may assume and assign in connection with the
sale of substantially all of their assets.

The Debtors propose to pay a total of US$4,195,837 as cure amounts
for about 553 contracts to be assumed and assigned, a schedule of
which is available for free at:

      http://bankrupt.com/misc/VitroAmerica_ContractsSched.pdf

The Court previously entered an order approving bidding procedures
in connection with the sale of substantially all of the Debtors'
assets.

The Debtors clarify that their decision to assume and assign the
Contracts to the successful bidder is subject to Court approval
and the consummation of the sale under the amended and restated
purchase agreement or the successful bidder's purchase agreement.

                        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: Creditors Seek to Lift Stay to Service Demand Notices
----------------------------------------------------------------
Knighthead Master Fund, L.P.; Brookville Horizons Fund, L.P.;
Davidson Kempner Distressed Opportunities Fund L.P.; and Lord
Abbett Bond-Debenture Fund, Inc. ask the U.S. Bankruptcy Court for
the Northern District of Texas to lift the automatic stay to
permit service of demand notices on Vitro Asset Corp., et al --
the Alleged Debtors.

The Creditors' request is in furtherance of their requests to
reconsider the involuntary petitions of the Alleged Debtors.  The
involuntary petitions were denied because the Court found that the
Creditors did not serve written notices, demanding payment on
defaulted debt guaranteed by the Alleged Debtors.

Although the Creditors assert that demand was not required -- and
in any event that proper demand was made on those guarantors --
they filed this motion in an abundance of caution to the extent
that serving new Demand Notices upon the Alleged Debtors is stayed
under Section 362(a) of the Bankruptcy Code so that the Creditors
can resolve any defect in the prior demand made upon the Alleged
Debtors and obviate the need for further proceedings regarding the
alleged demand requirement, Allan S. Brilliant, Esq., at Dechert
LLP, in New York -- allan.brilliant@dechert.com -- relates.

Mr. Brilliant contends that if a condition granting an order of
relief is service of the Demand Notices, but the Demand Notices
cannot be served due to the automatic stay, then the Court would
potentially deny the Reconsideration Motions and dismiss the
Alleged Debtors' involuntary cases only to have the Creditors
serve the Demand Notices after the fact and then re-file the
Alleged Debtors' involuntary petitions.  Cause also exists to
modify the automatic stay for the proposed service of the Demand
Notices to streamline the proceedings in these Chapter 11 cases,
he insists.

The Creditors are represented by:

   Allan S. Brilliant
   DECHERT LLP
   1095 Avenue of the Americas
   New York 10036
   Tel: (212) 698-3500
   Fax: (212) 698-3599

   Jeff P. Prostok
   FORSHEY & PROSTOK, LLP
   777 Main St., Suite 1290
   Fort Worth, Texas 76102
   Tel: (817) 877-8855
   Fax: (8170 877-4151
   E-mail: jprostok@forsheyprostok.com

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


LAS LOMAS: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Las Lomas Construction SE
        P.O. Box 346
        San German, PR 00683

Bankruptcy Case No.: 11-04774

Chapter 11 Petition Date: June 2, 2011

Court: United States Bankruptcy Court
       District of Puerto Rico (Ponce)

Debtor's Counsel: Maria Soledad Lozada Figueroa, Esq.
                  MS LOZADA LAW OFFICES
                  254 San Jose St., Suite 3
                  San Juan, PR 00901
                  Tel: (787) 520-6002
                  Fax: (787) 520-6003
                  E-mail: lcdamslozada@gmail.com

Scheduled Assets: US$5,472,664

Scheduled Debts: US$9,301,949

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/prb11-04774.pdf

The petition was signed by Pedro E. Lluch Martinez, president.


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


CL FINL: Policyholders Have No Clear-Cut Case, CLICO Lawyer Says
----------------------------------------------------------------
Trinidad Express reports that the civil suits involving Colonial
Life Insurance Company (Trinidad) Limited (CLICO)'s Executive
Flexible Premium Annuity (EFPA) policyholders continued on June 6,
2011, with attorneys for CLICO arguing their submissions.  CLICO
is a subsidiary of CL Financial Limited.

CLICO is being represented by attorneys Ian Benjamin, Elena Araujo
and Ravi Heffes-Doon.

In addressing Justice Maureen Rajnauth-Lee, Mr. Benjamin outlined
several legal authorities and cited cases from Australia and other
parts of the world which dealt with the terms and conditions of
policyholders, according to Trinidad Express.

The report relates that Mr. Benjamin said in CLICO's terms and
conditions, "CLICO says it will pay if the annuitant is living at
retirement date.  If the annuitant shall die prior to retirement
date, the company will pay a death benefit."

Trinidad Express notes that Mr. Benjamin said the arguments
supplied by other attorneys representing the claimants was not
clear-cut and was "not a simple matter of being contractual".

Six parties -- attorneys Alvin Fitzpatrick, SC, and Lesley-ann
Lucky-Samaroo, along with David Knott, Darryl Arthur Goede, Vindra
Amar and the St Christopher and St Nevis Security Services -- are
seeking to recover over $47 million collectively from CLICO,
Trinidad Express notes.

The report says that some of the policyholders in their suit claim
the policies are merely contracts in the nature of deposits and
monies are due.  Trinidad Express relates that the policyholders
want to utilise their policies as an investment/savings mechanism.

But CLICO's stance, as outlined by its attorneys state the
policies were for an annuity and that the annuity becomes due at
the retirement age stipulated in the policy, Trinidad Express
notes.

The report adds that CLICO's attorneys further noted that by
asking for their monies, the EFPA policy holders surrendered their
policies of insurance before the stipulated retirement age.

                        About CL Financial

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

                          *     *     *

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

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


==========================
V I R G I N  I S L A N D S
==========================


FAIRFIELD SENTRY: Court Grants Time Extension to Assert Claims
--------------------------------------------------------------
Kenneth M Krys and Joanna Lau of KRyS Global, the Joint
Liquidators of Fairfield Sentry Ltd., Fairfield Sigma Ltd. and
Fairfield Lambda Ltd. disclosed another landmark decision in the
Fairfield liquidation.  On May 23, 2011, in In re Fairfield Sentry
Ltd., Bankruptcy Judge Lifland of the U.S. Bankruptcy Court for
the Southern District of New York ruled that the provisions of
Section 108 of the US Bankruptcy Code, which grants a two-year
extension of time for a trustee in bankruptcy to bring law suits
provided that the applicable time period to commence action had
not expired before the petition was filed, are self-executing and
applicable to foreign representatives in a Chapter 15 case.

This is a milestone decision; it is the first written and reasoned
opinion on whether Section 108's two year extension applies in
Chapter 15 cases.  Fairfield Sentry Limited and its affiliated
funds Fairfield Sigma Limited and Fairfield Lambda Limited were
the largest 'feeder' funds into the Bernard Madoff Ponzi Scheme.
The US Bankruptcy Court recognized the Funds' liquidation
proceedings in the British Virgin Islands as foreign main
proceedings on July 22, 2010.

This decision ultimately provides foreign representatives with
additional assistance for preserving a foreign debtor's claims
which may be asserted in the US.  Furthermore it may allow foreign
representatives, in connection with Chapter 15 proceedings, the
right to bring claims in the United States that otherwise might
have become time barred under US or Foreign Law.  The Joint
Liquidators of the Fairfield Funds, Mr. Kenneth Krys and Ms.
Joanna Lau of KRyS Global, believe that there are significant
strategic and economic benefits to the estates in obtaining the
additional time provided by the tolling period extension under
Section 108. They anticipate that this recent success will further
encourage parties to approach the liquidators to settle therefore
minimizing the burden on the estates.

The joint liquidators were represented by their US Attorneys,
David J. Molton and Daniel J. Saval of Brown Rudnick LLP, in this
matter.

                     About Fairfield Sentry

Fairfield Sentry is being liquidated under the supervision of the
Commercial Division of the High Court of Justice in the British
Virgin Islands.  It is one of the funds owned by the Fairfield
Greenwich Group, an investment firm founded in 1983 in New York
City.  Fairfield Sentry and other Greenwich funds had among the
largest exposures to the Bernard L. Madoff fraud.

Fairfield Sentry Limited filed for Chapter 15 protection (Bankr.
S.D.N.Y. Case No. 10-13164) on June 14, 2010.

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

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

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


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



* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
June 9-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Mich.
              Contact: http://www.abiworld.org/

July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Psyche A. Castillon, Julie Anne G.
Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


                   * * * End of Transmission * * *