TCRLA_Public/110610.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Friday, June 10, 2011, Vol. 12, No. 114

                            Headlines



A R G E N T I N A

GRINTEK SA: Creditors' Proofs of Debt Due July 14
NEULINK SA: Creditors' Proofs of Debt Due July 15
PANDELO HERMANOS: Creditors' Proofs of Debt Due September 13


B E R M U D A

GEROVA HOLDINGS: Gerova Re Gets Restricted License From BMA


C A Y M A N   I S L A N D S

ALICARMAR INVESTMENTS: Creditors' Proofs of Debt Due June 20
CLEAR RIVER: Creditors' Proofs of Debt Due July 8
DIFIGLIA PARTNERS: Creditors' Proofs of Debt Due July 6
DIFIGLIA PARTNERS: Creditors' Proofs of Debt Due July 6
DRAKE INVESTMENTS: Creditors' Proofs of Debt Due July 6

FOUNDATION CAPITAL: Creditors' Proofs of Debt Due July 8
HERITAGE TRUST: Creditors' Proofs of Debt Due June 30
HNNY INTERNATIONAL: Creditors' Proofs of Debt Due June 20
INSIGNIA MANAGEMENT: Creditors' Proofs of Debt Due June 30
MOBISERVE B: Creditors' Proofs of Debt Due July 6

MSREF V KOREAN: Creditors' Proofs of Debt Due June 27
SANDRINGHAM FUND: Creditors' Proofs of Debt Due July 6
SONNEN ENERGIE: Creditors' Proofs of Debt Due June 20
SR KC MASTER: Creditors' Proofs of Debt Due June 27
SUMMERTIME INVESTMENTS: Creditors' Proofs of Debt Due June 16


J A M A I C A

* JAMAICA: Agriculture Sector Loses JM$70-Mil. Due to Heavy Rains


M E X I C O


SATELITES MEXICANOS: S&P Gives 'B' CCR After Bankruptcy Emergence
SATELITES MEXICANOS: S&P Withdraws' D Ratings on 26 CDO Tranches
VITRO SAB: Committee Taps Blackstone as Financial Advisor


P U E R T O   R I C O

HOSPITAL DAMAS: Wants Enrique Peral Appointed to Probe Project
HOSPITAL DAMAS: Seeks to Hire Silva CPA Group as Fin'l Advisor
MEDICAL EDUCATIONAL: Castellanos Suit Survives Motion to Dismiss


T R I N I D A D  &  T O B A G O

CL FINANCIAL: T&T Central Bank Sues Former Owner of CLICO


V I R G I N  I S L A N D

JEFFREY PROSSER: Dist. Ct. Rejects Appeal Over Discharge Dispute




                            - - - - -


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A R G E N T I N A
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GRINTEK SA: Creditors' Proofs of Debt Due July 14
-------------------------------------------------
Estudio Pireni - Santorsola y Asociados, the court-appointed
trustee for Grintek SA's reorganization proceedings, will be
verifying creditors' proofs of claim until July 14, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 47, 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:

         Estudio Pireni - Santorsola y Asociados
         Paraguay 1560


NEULINK SA: Creditors' Proofs of Debt Due July 15
-------------------------------------------------
Juan Carlos Toledo, the court-appointed trustee for Neulink 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. 23 in Buenos Aires, with the assistance of Clerk
No. 45, 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:

         Juan Carlos Toledo
         Paraguay 729


PANDELO HERMANOS: Creditors' Proofs of Debt Due September 13
------------------------------------------------------------
Alberto Antonio Bousiguez, the court-appointed trustee for Pandelo
Hermanos SA's reorganization proceedings, will be verifying
creditors' proofs of claim until September 13, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Alberto Antonio Bousiguez
         Parana 1083, Piso 3
         Argentina


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


GEROVA HOLDINGS: Gerova Re Gets Restricted License From BMA
-----------------------------------------------------------
The Royal Gazette reports that Gerova Holdings Ltd's subsidiary,
Gerova Reinsurance Ltd, was granted a restricted licence by the
Bermuda Monetary Authority (BMA).

As reported in the Troubled Company Reporter-Latin America on
June 8, 2011, The Royal Gazette said Gerova Holdings 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 related
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.

The Royal Gazette notes that BMA said that while Gerova Holdings
was not licensed by the Authority, Gerova Re was issued a license
in July 2010 with a number of restrictions in place at the time,
including not being able to write any direct insurance business
without the BMA's prior written approval.

The Authority placed further restrictions on the company's license
in February 2011, which included not being able to establish any
re/insurance contracts, pay dividends or make any capital
contributions to its parent company or affiliates, without the
Authority's agreement, according to The Royal Gazette.

The Royal Gazette notes that BMA said that the restrictions have
subsequently remained in place.

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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C A Y M A N   I S L A N D S
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ALICARMAR INVESTMENTS: Creditors' Proofs of Debt Due June 20
------------------------------------------------------------
The creditors of Alicarmar Investments Limited are required to
file their proofs of debt by June 20, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 19, 2011.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


CLEAR RIVER: Creditors' Proofs of Debt Due July 8
-------------------------------------------------
The creditors of Clear River Capital Global Health Sciences Fund I
Limited are required to file their proofs of debt by July 8, 2011,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on May 16, 2011.

The company's liquidator is:

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


DIFIGLIA PARTNERS: Creditors' Proofs of Debt Due July 6
-------------------------------------------------------
The creditors of Difiglia Partners (Cayman), Ltd are required to
file their proofs of debt by July 6, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 12, 2011.

The company's liquidator is:

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


DIFIGLIA PARTNERS: Creditors' Proofs of Debt Due July 6
-------------------------------------------------------
The creditors of Difiglia Partners Master (Cayman), Ltd., are
required to file their proofs of debt by July 6, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 12, 2011.

The company's liquidator is:

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


DRAKE INVESTMENTS: Creditors' Proofs of Debt Due July 6
-------------------------------------------------------
The creditors of Drake Investments Limited are required to file
their proofs of debt by July 6, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 17, 2011.

The company's liquidator is:

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


FOUNDATION CAPITAL: Creditors' Proofs of Debt Due July 8
--------------------------------------------------------
The creditors of Foundation Capital Inc. are required to file
their proofs of debt by July 8, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 10, 2011.

The company's liquidator is:

         Philip Mosely
         P.O. Box 1569, George Town
         Grand Cayman KY1-1110
         Cayman Islands
         Telephone: (345) 949 4018
         Facsimile: (345) 949 7891
         e-mail: general@caymanmanagement.ky


HERITAGE TRUST: Creditors' Proofs of Debt Due June 30
-----------------------------------------------------
The creditors of Heritage Trust Company, Ltd. are required to file
their proofs of debt by June 30, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 12, 2011.

The company's liquidator is:

         Jane Fleming
         Telephone: (345) 945-2187
         Facsimile: (345) 945-2197
         P.O. Box 30464, Grand Cayman KY1-1202
         Cayman Islands


HNNY INTERNATIONAL: Creditors' Proofs of Debt Due June 20
---------------------------------------------------------
The creditors of HNNY International Limited are required to file
their proofs of debt by June 20, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 19, 2011.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


INSIGNIA MANAGEMENT: Creditors' Proofs of Debt Due June 30
----------------------------------------------------------
The creditors of Insignia Management & Finance (Reinsurance)
Limited are required to file their proofs of debt by June 30,
2011, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on May 17, 2011.

The company's liquidator is:

         Hugh Dickson
         c/o John Royle
         Grant Thornton Specialist Services (Cayman) Limited
         10 Market Street, #765 Camana Bay
         Grand Cayman
         Cayman Islands, KY1 9006
         Telephone: (345) 769 7207
         Facsimile: (345) 949 7120
         e-mail: john.royle@uk.gt.com


MOBISERVE B: Creditors' Proofs of Debt Due July 6
-------------------------------------------------
The creditors of Mobiserve B Limited are required to file their
proofs of debt by July 6, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 2, 2011.

The company's liquidator is:

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


MSREF V KOREAN: Creditors' Proofs of Debt Due June 27
-----------------------------------------------------
The creditors of MSREF V Korean Investments Ltd are required to
file their proofs of debt by June 27, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 16, 2011.

The company's liquidator is:

         Rebecca Hume
         Telephone: (345) 949-4544
         Facsimile: (345) 949-7073
         Charles Adams Ritchie & Duckworth
         Zephyr House, 2nd Floor
         122 Mary Street, P.O. Box 709
         Grand Cayman KY1-1107
         Cayman Islands


SANDRINGHAM FUND: Creditors' Proofs of Debt Due July 6
------------------------------------------------------
The creditors of Sandringham Fund SPC Limited are required to file
their proofs of debt by July 6, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 13, 2011.

The company's liquidator is:

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


SONNEN ENERGIE: Creditors' Proofs of Debt Due June 20
-----------------------------------------------------
The creditors of Sonnen Energie Limited are required to file their
proofs of debt by June 20, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 19, 2011.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


SR KC MASTER: Creditors' Proofs of Debt Due June 27
---------------------------------------------------
The creditors of SR KC Master MA Ltd. are required to file their
proofs of debt by June 27, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 13, 2011.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London


SUMMERTIME INVESTMENTS: Creditors' Proofs of Debt Due June 16
-------------------------------------------------------------
The creditors of Summertime Investments Limited are required to
file their proofs of debt by June 16, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 16, 2011.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands


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


* JAMAICA: Agriculture Sector Loses JM$70-Mil. Due to Heavy Rains
-----------------------------------------------------------------
RadioJamaica reports that losses suffered by the agricultural
sector following the persistent rains have so far been set at more
than JM$70 million.

The figure was presented by the Rural Agricultural Development
Authority (RADA) in a preliminary report to Minister of
Agriculture, Dr. Christopher Tufton, according to RJR News.

The report notes that flood waters have damaged several acres of
crops in some parishes.  However, Dr. Tufton said he does not
expect the losses will create a major setback for the agricultural
sector, RJR News says.

                          *     *     *

As of May 14, 2011, Jamaica continues to carry Standard and Poor's
"B-" currency long-term debt ratings and "C" currency short term
debt ratings.


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M E X I C O
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SATELITES MEXICANOS: S&P Gives 'B' CCR After Bankruptcy Emergence
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating, with a stable outlook, to Mexico-based satellite
operator Satelites Mexicanos S.A. de C.V. (Satmex). The outlook is
stable.

"At the same time, we assigned Satmex's $325 million senior
secured notes our issue rating of 'B' (at the same level as the
corporate credit rating on the company), with a recovery rating of
'3', indicating our expectation of meaningful (50% to 70%)
recovery for debtholders in the event of a payment default," S&P
related.

"The ratings reflect the company's announcement that it had
officially concluded its reorganization efforts and emerged from
bankruptcy," said Standard & Poor's credit analyst Marcela Due?as.

The U.S. Bankruptcy Court in the District of Delaware confirmed
Satmex's plan on May 11, 2011, and it became effective on May 26,
2011.

Satmex repaid, in full, its first-priority senior secured notes
due 2011 and reduced its total debt to approximately $325 million
from approximately $440 million. The company plans to use the
remaining net proceeds from the $325 million secured notes
issuance, plus the proceeds from the $96.3 million equity rights
offering (including a $6.3 million consideration to existing
equity interests) to fund the completion of its new satellite,
Satmex 8, which it intends to launch during second-half 2012.

"The ratings on Satmex reflect its highly leveraged financial risk
profile, our expectation of negative free operating cash flow in
the next two years, the company's weak business risk profile as a
result of strong competition from regional and global satellite
companies in the same markets where it operates, its limited
fleet, its customer concentration risk, and risks related to the
launch of a new satellite," S&P stated.

Partially mitigating these factors are some features inherent to
the fixed satellite services industry, such as high barriers of
entry given the scarcity of licenses for orbital slots (with
Satmex holding three orbital locations); the high cost of
building, insuring, launching, and operating satellites; the
longer term nature of transponder contracts; attractive
orbital locations and elevation angles that provide robust
coverage to 90% of the population of the Americas; high
utilization rates; and adequate liquidity. Dollar-denominated
contracts mitigate foreign-exchange risk.

As part of its reorganization plan, the company issued $325
million in senior secured notes, using the net proceeds to repay
its first-lien senior secured notes at par. The remaining net
proceeds from the notes, plus the proceeds of a completed $96.3
million rights offering of equity securities to holders of
Satmex's second-priority senior secured notes due 2013, purchased
100% of the former equity in the company and are now earmarked to
fund the completion of the Satmex 8 satellite, scheduled to launch
in 2012.

"The stable outlook reflects Satmex's adequate liquidity and our
view that it will maintain stable financial indicators, service
its debt, and fund the last stage of construction and launch of
Satmex 8," S&P added.


SATELITES MEXICANOS: S&P Withdraws' D Ratings on 26 CDO Tranches
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
26 European synthetic collateralized debt obligation (CDO)
tranches.

S&P has withdrawn its ratings on these tranches for different
reasons, including:

    * The issuer has fully repurchased the notes,
    * The swap agreement has terminated,
    * The notes are subject to mandatory redemption, and
    * The notes have been redeemed.

"Note that we have lowered to 'D (sf)' and subsequently withdrawn
our ratings on 12 tranches. The downgrades to 'D (sf)' follow
confirmation that losses from credit events in the underlying
portfolios exceeded the available credit enhancement levels. This
means that the noteholders did not receive full principal on the
early termination dates for these tranches," S&P related.

"We subsequently withdrew the ratings assigned to these tranches,
having recently received confirmation that the transactions
redeemed early. The ratings will remain at 'D' for a period of 30
days before the withdrawals become effective," S&P said.


VITRO SAB: Committee Taps Blackstone as Financial Advisor
---------------------------------------------------------
The Official Committee of Unsecured Creditors of Vitro Asset
Corp., et al., seeks the Bankruptcy Court's permission to retain
Blackstone Advisory Partners L.P. as financial advisor, nunc pro
tunc to April 26, 2011.

As the Committee's financial advisor, Blackstone will:

   a) assist in the evaluation of the Debtors' businesses
      and prospects;

   b) assist in the evaluation of the Debtors' long-term
      business plan and related financial projections;

   c) assist in the development of financial data and
      presentations to the Committee;

   d) analyze the Debtors' financial liquidity and evaluate
      alternatives to improve such liquidity, including
      alternative DIP financings;

   e) analyze various restructuring scenarios and the
      potential impact of these scenarios on the recoveries
      of the unsecured creditors of the Debtors;

   f) evaluate the Debtors' debt capacity and alternative
      capital structures;

   g) participate in negotiations among the Committee, the
      Debtors and its other creditors, suppliers, lessors
      and other interested parties;

   h) value consideration offered by the Debtors to the
      Unsecured Creditors in connection with any restructuring
      of the Debtors' businesses;

   i) assist in the evaluation of the asset sale processes,
      including the identification of potential buyers;

   j) assist in evaluating the terms, conditions and impact
      of any proposed asset sale transactions;

   k) provide expert witness testimony concerning any of the
      subjects encompassed by the other financial advisory
      services; and

   l) provide such other advisory services as are customarily
      provided in connection with the analysis and negotiation
      of a restructuring, as requested and mutually agreed.

The Debtor has agreed to pay Blackstone in accordance with this
fee structure:

   1. A monthly advisory fee of $125,000 in cash, paid in
      accordance with the order approving the Application
      and Engagement Letter and any other order entered by
      the Court approving interim compensation of professionals.
      Fifty percent of all Monthly Fees beginning with the
      seventh Monthly Fee payment shall be credited against
      the Restructuring Fee;

   2. An additional fee equal to $2,500,000 payable upon
      consummation of a restructuring.  A restructuring
      will be deemed to have been consummated upon the
      execution, confirmation and consummation of a Plan
      of Reorganization pursuant to an order of the
      Bankruptcy Court, in the case of an in-court
      restructuring.

   3. Reimbursement of all reasonable out-of-pocket expenses.
      incurred during the engagement.

Michael Genereux, a senior managing director of Blackstone
Advisory Partners L.P., assures the Court that the firm is a
"disinterested person" as that term 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 no
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.


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P U E R T O   R I C O
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HOSPITAL DAMAS: Wants Enrique Peral Appointed to Probe Project
--------------------------------------------------------------
Hospital Damas, Inc., seeks approval from the U.S. Bankruptcy
Court of the Central District of Puerto Rico to appoint Enrique
Peral Law Offices, P.S.C. as special counsel for determining if
the project for the expansion of Debtor's obstetrics and
gynecology room and the acquisition of a multi slide CT system to
be financed by doctors and companies having a relationship with
Debtor comply with the Federal Regulations known as Stark I, II,
III and the antikickback statutes.

The law firm can be reached at:

     ENRIQUE PERAL LAW OFFICES, P.S.C.
     District View Plaza, Suite 301
     644 Fdez. Juncos Ave.
     San Juan, P.R. 00907-3122
     Tel: (787) 360-6035

Peral Law Offices, its partners and associates, do not represent
or hold any interest adverse to Debtor or the estate in respect to
the matters on which it is to be employed.

The firm's hourly rates are:

             Personnel                        Rates
             ---------                        -----
          Enrique Peralta, Esq.             $175 per hour
          Maria Teresa Figueroa, Esq.       $135 per hour
          Ernesto Blanes, Esq.              $125 per hour
          Guillermo Hernandez, Esq.         $125 per hour
          Paralegals                         $80 per hour

Ponce, Puerto Rico-based Hospital Damas, Inc., filed for Chapter
11 bankruptcy protection (Bankr. D. P.R. Case No. 10-08844) on
Sept. 24, 2010.  Charles A. Cuprill-Hernandez, Esq., at Charles A.
Cuprill, P.S.C., Law Offices, serves as the Debtor's bankruptcy
counsel.  In October 2010, the United States Trustee appointed
five creditors to serve on the Official Committee of Unsecured
Creditors of the Debtor.  Todd C. Meyers, Esq., and Colin M.
Bernardino, Esq., at Kilpatrick Stockton LLP, represents the
Committee as legal counsel, and Edgardo Munoz, Esq., at Edgardo
Munoz, PSC, serves the Committee as local counsel.  In its
schedules, the Debtor disclosed US$24,017,166 in total assets and
US$21,267,263 in total liabilities as of the Petition Date.


HOSPITAL DAMAS: Seeks to Hire Silva CPA Group as Fin'l Advisor
--------------------------------------------------------------
Hospital Damas, Inc., seeks approval from the U.S. Bankruptcy
Court of the Central District of Puerto Rico to appoint Silva CPA
Group as financial advisor.

The Debtor needs a financial advisor to assist its management in
the preparation of a study to oppose a request by the Menonita
Health System to the Department of Health Puerto Rico directed to
establishing a general hospital in the Municipality of Aibonito.

The firm can be reached at:

     Jose A. Silva, Esq.
     SILVA CPA GROUP
     Coto Laurel
     P.R. 00780-1292
     Tel: (787) 284-2884
     Fax: (888) 270-1159

The firm will charge a $2,000 fee as to the aforesaid matter plus
$100 per hour required visits to the Department of Health upon
application(s) and the approval of the Court.  These rates are
considered reasonable and fair, in line with services comparable
to those performed in behalf of clients.

                       About Hospital Damas

Ponce, Puerto Rico-based Hospital Damas, Inc., filed for Chapter
11 bankruptcy protection (Bankr. D. P.R. Case No. 10-08844) on
Sept. 24, 2010.  Charles A. Cuprill-Hernandez, Esq., at Charles A.
Cuprill, P.S.C., Law Offices, serves as the Debtor's bankruptcy
counsel.  In October 2010, the United States Trustee appointed
five creditors to serve on the Official Committee of Unsecured
Creditors of the Debtor.  Todd C. Meyers, Esq., and Colin M.
Bernardino, Esq., at Kilpatrick Stockton LLP, represents the
Committee as legal counsel, and Edgardo Munoz, Esq., at Edgardo
Munoz, PSC, serves the Committee as local counsel.  In its
schedules, the Debtor disclosed US$24,017,166 in total assets and
US$21,267,263 in total liabilities as of the Petition Date.


MEDICAL EDUCATIONAL: Castellanos Suit Survives Motion to Dismiss
----------------------------------------------------------------
On Feb. 3, 2011, Defendants and Third-Party Plaintiffs Mayaguez
Medical Center-Dr. Ramon Emeterio Betances, Inc., and Sistemas
Integrados de Salud del Sur Oeste, Inc. -- SISSO -- filed a third-
party Complaint against Dr. Orestes Castellanos and Mr. Pedro
Montes Garcia pursuant to Fed. R. Civ. P. 14.  MMC and SISSO argue
that if they are found liable to Plaintiff, Medical and
Educational Health Services, Inc., then their liability is derived
from Dr. Castellanos' and Mr. Montes' breach of fiduciary duty. On
April 11, 2011, Dr. Castellanos filed a Motion to Dismiss the
Third-Party Complaint on the grounds that the Third-Party
Plaintiffs failed to state a claim and failed to follow requisite
procedure.  The Third-Party Plaintiffs opposed.

Bankruptcy Judge Brian K. Tester denied the Motion to Dismiss.
"It is plausible that the facts as alleged in Third-Party
Plaintiffs' motion give rise to a valid claim against Third-Party
Defendant Castellanos.  Third-Party Plaintiffs have also complied
with all procedural requirements," the judge said.

The lawsuit is, Medical Educational and Health Services, Inc.,
Plaintiff, v. Independent Municipality of Mayaguez, et al.,
Defendants, XXX-XX2077, Adv. Proc. No. 10-148 (Bankr. D. P.R.).
A copy of the Court's June 7, 2011 Opinion & Order is available
at http://is.gd/UyAE8pfrom Leagle.com.

            About Mayaguez Advanced Radiotherapy Center

Based in Mayaguez, Puerto Rico, Mayaguez Advanced Radiotherapy
Center filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No.
09-04540) on June 2, 2009.  Fausto D. Godreau Zayas, Esq. --
dgodreau@LBRGlaw.com -- at Latimer, Biaggi, Rachid & Godreau, LLP,
serves as Debtor's counsel.  The Debtor disclosed US$3,810,510 in
total assets and US$1,357,473 in total debts in its schedules
attached to the petition.

           About Medical Educational and Health Services

Headquartered in Mayaguez, Puerto-Rico, Medical Educational and
Health Services Inc. was created, specifically, to promote and
advance the establishment and operation of medical educational
facilities and institutions along the western areas of Puerto
Rico.  The Company filed for Chapter 11 bankruptcy protection on
June 3, 2010 (Bankr. D. P.R. Case No. 10-04905).  The Company
estimated US$10 million to US$50 million in assets and
US$1 million to US$10 million in liabilities.  The Debtor is
represented by:

     Rafael Gonzalez Velez, Esq.
     1806 Calle McLeary Suite 1-B
     San Juan, PR 00911-1321
     Tel: (787) 726-8866
     Fax: (787) 726-8877
     E-mail: rgvlo@prtc.net


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


CL FINANCIAL: T&T Central Bank Sues Former Owner of CLICO
---------------------------------------------------------
Jamaica Observer reports that the Central Bank of Trinidad and
Tobago (CBTT) and Colonial Life Insurance Company (Trinidad)
Limited (CLICO) have filed civil proceedings against Lawrence
Duprey, former chairman and owner of CL Financial Limited.

CBTT said in a statement obtained by the news agency that the
civil proceedings have been filed against Mr. Duprey, former
director Andre Monteil as well as CL Financial, Dalco Capital
Management Limited and Stone Street Capital Limited arising from
the failure of CLICO.  Jamaica Observer relates that CBTT said
that it acted under emergency powers provided for under Section
44D of the Central Bank Act that allowed CBTT to assume control of
CLICO.

"The claims include allegations of mismanagement of CLICO and
misapplication and misappropriation of its income and assets to
the detriment of its policyholders and mutual fund investors.
CBTT and CLICO are seeking damages, equitable compensation and
declarations related to certain agreements and property of CLICO,"
Jamaica Observer quoted CBTT as saying.

Jamaica Observer notes that CBTT said that the Statement of Case
alleges breach of statutory and common law duties and related
accessory liabilities on the part of the Defendants and highlights
certain egregious transactions involving the use of CLICO's assets
and income to its detriment.

The report relates that CBTT listed them as transactions related
to shares in Republic Bank Limited; drinks transactions including
Lascelles de Mercado; energy transactions including the sale of
CLICO's stake in CLICO Energy Ltd; Florida property transactions;
and the sale of seven million HMB shares."

CBTT said the pleadings highlight "the subordination of the
interests of CLICO, its policyholders and mutual fund unit
investors to the private interests of Mr. Duprey and Mr. Monteil
and their companies; the lack of proper governance and serial
mismanagement; improper dealing with CLICO's assets and the funds
of policyholders and mutual fund unit holders.  This action is
based on the forensic investigations commissioned by the CBTT into
the affairs of CLICO.  The forensic work is continuing and may
result in the expansion of this claim and/or further action,"
Jamaica Observer discloses.

The report says that the CBTT said that in April 2010, the CBTT-
appointed manager of CLICO Investment Bank (CIB) also commenced
civil proceedings against Mr. Monteil, Richard Trotman, First
Capital Limited and Stone Street Limited "arising from the failure
of CIB".

CBTT said that the preparation of civil proceedings was based on
the forensic investigation reports and that "this action
represents the culmination of those preparations; however, the
Bank notes that investigations continue which may lead to the
expansion of this claim and other action," Jamaica Observer
relates.

Meanwhile, Jamaica Observer relates, Chairman of the CLICO
Policyholders Group, Peter Permell, said the action came as no
surprise to the group and welcomed the Central Bank's lawsuit.

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


JEFFREY PROSSER: Dist. Ct. Rejects Appeal Over Discharge Dispute
----------------------------------------------------------------
Jeffrey J. Prosser appeals from the Bankruptcy Court's Jan. 13,
2010 order granting in part and denying in part motions for
summary judgment filed by plaintiffs in four consolidated
adversary proceedings objecting to Mr. Prosser's discharge in
bankruptcy.  Rural Telephone Finance Cooperative; James P.
Carroll, the Chapter 7 Trustee of the bankruptcy estate of Jeffrey
J. Prosser; and Stan Springel, the Chapter 11 Trustee of the
bankruptcy estates of Innovative Communication Corporation,
Emerging Communications, Inc., and Innovative Communication
Company, LLC, filed a motion to dismiss Mr. Prosser's appeal.
Because the order from which Mr. Prosser appeals is not a final
order which Mr. Prosser is entitled to appeal as of right, and
because the order does not meet the requirements for an
interlocutory appeal, the motion to dismiss is granted.  A copy of
Judge Juan R. Sanchez's June 3, 2011 Memorandum is available
at http://is.gd/2CTHi7from Leagle.com

The cases are JAMES P. CARROLL, Chapter 7 Trustee of the
Bankruptcy Estate of Jeffrey J. Prosser, Plaintiff, v.
JEFFREY J. PROSSER, Defendant; STAN SPRINGEL, Chapter 11 Trustee
of the Bankruptcy Estate of Innovative Communication Company, LLC,
and Emerging Communications, Inc., Plaintiff, v. JEFFREY PROSSER,
Defendant; STAN SPRINGEL, Chapter 11 Trustee of the Bankruptcy
Estate of Innovative Communication Corporation, Plaintiff,
v. JEFFREY PROSSER, Defendant; and RURAL TELEPHONE FINANCE
COOPERATIVE, Plaintiff, v. JEFFREY PROSSER, Civil No. 10-08, Case
No. 06-30009, No. 08-03011., 08-03012, 07-03012, 07-03012 (D.
V.I.).

            About Prosser & Innovative Communication

Headquartered in St. Thomas, Virgin Islands, Innovative
Communication Company, LLC -- http://www.iccvi.com/-- and
Emerging Communications, Inc., are diversified telecommunications
and media companies operating mainly in the U.S. Virgin Islands.
Jeffrey J. Prosser owns Emerging Communications and Innovative
Communications.  Innovative and Emerging filed for Chapter 11
protection (D.V.I. Case Nos. 06-30007 and 06-30008) on July 31,
2006.  When the Debtors filed for protection from their creditors,
they estimated assets and debts of more than $100 million.

Mr. Prosser also filed for chapter 11 protection (D. V.I. Case No.
06-10006) on July 31, 2006.  According to The (Virgin Islands)
Source, he was fired in October 2007 for failing to make payments
into the company pension funds.  The case was later converted to
Chapter 7 liquidation.  James P. Carroll was named Chapter 7
Trustee.

Greenlight Capital Qualified, L.P., Greenlight Capital, L.P., and
Greenlight Capital Offshore, Ltd. -- which held an $18,780,614
claim against Mr. Prosser -- had filed an involuntary chapter 11
against Innovative Communication, Emerging Communications, and Mr.
Prosser on Feb. 10, 2006 (Bankr. D. Del. Case Nos. 06-10133,
06-10134, and 06-10135).  Mr. Prosser argued that the Greenlight
entities, the former shareholders of Innovative Communications,
and Rural Telephone Finance Cooperative, Mr. Prosser's lender,
conspired to take down his companies into bankruptcy and collect
millions in claims.

The U.S. District Court of the Virgin Islands, Bankruptcy
Division, approved the U.S. Trustee for Region 21's appointment of
Stan Springel of Alvarez & Marsal as Chapter 11 Trustee of
Innovative and Emerging Communications.


                            ***********


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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