/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/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 - - - - - ================= A R G E N T I N A ================= 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 ============= 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. =========================== C A Y M A N I S L A N D S =========================== 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 ============= 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. =========== M E X I C O =========== 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. ===================== P U E R T O R I C O ===================== 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. 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