TCRLA_Public/110614.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

           Tuesday, June 14, 2011, Vol. 12, No. 116

                            Headlines



A R G E N T I N A

BANCO DE SERVICIOS: Moody's Puts B2 Debt Rating to Bond Issuance


B E R M U D A

BURBANK CAPITAL: Creditors' Proofs of Debt Due June 20
BURBANK CAPITAL: Sole Member to Receive Wind-Up Report on July 4
CM V - MAX I: Creditors' Proofs of Debt Due June 17
CM V - MAX I: Members' Final Meeting Set for July 5
TENCES INVESTMENT: Creditors' Proofs of Debt Due June 20

TENCES INVESTMENT: Sole Member to Receive Wind-Up Report on July 4


B R A Z I L

RB CAPITAL: Moody's Assigns Ba3 (sf) Rating to Certificates


C A Y M A N   I S L A N D S

ANTEC HOLDING: Creditors' Proofs of Debt Due June 27
CGI WHITEHALL: Creditors' Proofs of Debt Due July 7
CIGMA ABSOLUTE: Creditors' Proofs of Debt Due June 27
CIGMA CHINA: Creditors' Proofs of Debt Due June 27
CIGMA GLOBAL: Creditors' Proofs of Debt Due June 27

COMAS STRATEGY: Placed Under Voluntary Wind-Up
KOWLOON PROPERTIES: Creditors' Proofs of Debt Due June 20
MADISONGREY FUND: Creditors' Proofs of Debt Due June 26
MARMON GRAND: Creditors' Proofs of Debt Due July 6
NORTHERN ISLAND: Creditors' Proofs of Debt Due July 6

O'CONNOR LONG/SHORT: Creditors' Proofs of Debt Due July 6
REX FUNDING: Creditors' Proofs of Debt Due July 6
TURBO XII: Creditors' Proofs of Debt Due July 6
TURBO XII-A: Creditors' Proofs of Debt Due July 6
WEST MAC: Creditors' Proofs of Debt Due June 27


J A M A I C A

UC RUSAL: Threatens to Delay Kirkvine Reopening


M E X I C O

AXTEL SAB: Fitch Ratings Lowers Issuer Default Ratings to 'B+'
ALESTRA, S. DE R.L.: Moody's Confirms B1 Corporate Family Rating
TUBO DE PASTEJE: Files Full-Payment Chapter 11 Plan
VITRO SAB: Subsidiaries Seek to Hire Ernst & Young as Tax Advisor
VITRO SAB: Subsidiaries Seek to Renew Premium Finance Agreement

VITRO SAB: U.S. Units Secure Approval of $30-Mil. DIP Financing


P U E R T O   R I C O

LASER REALTY: Chapter 7 Trustee Wins Avoidance Suit
PALMAS COUNTY: Further Amends Proposed Chapter 11 Plan
PUERTO RICO CONCRETE: Case Summary & Unsecured Creditors


V E N E Z U E L A

VERACRUZ STATE: Moody's Assigns Ba1 Rating to Lending Program


V I R G I N  I S L A N D S

ST. CROIX GOLDEN: USVI to Reject Motion for Prison Takeover


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                            - - - - -


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


BANCO DE SERVICIOS: Moody's Puts B2 Debt Rating to Bond Issuance
----------------------------------------------------------------
Moody's Investors Service assigned a B2 global local currency
senior debt rating to Banco de Servicios y Transacciones S.A.
(BST) second bond issuance for an amount up to Ar$80 million, with
a maturity of 550 days. At the same time, on the National Scale,
Moody's assigned an A1.ar local currency debt rating to the
issuance. This issuance is enclosed in BST's Ar$500 million global
medium-term note program, rated by Moody's in January 2011.

In addition, the rating agency noted that seniority was taken into
consideration in the assignment of the debt rating and that a
senior debt is usually rated equally to the senior global local
currency deposit rating (i.e. B2 for BST).

Ratings Rationale

The outlook on all ratings is stable.

Banco de Servicios y Transacciones is headquartered in Buenos
Aires, Argentina, with assets of Ar$ 1.2 billion and an equity of
Ar$ 88 million as of March 2011.

These ratings were assigned to Banco de Servicios y Transacciones'
Ar$80 million issuance:

   -- Global Local-Currency Debt Rating: B2

   -- National Scale Local-Currency Debt Rating: A1.ar

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".ar" for Argentina. For further information on Moody's approach
to national scale ratings, please refer to Moody's Rating
Implementation Guidance published in August 2010 entitled "Mapping
Moody's National Scale Ratings to Global Scale Ratings."


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


BURBANK CAPITAL: Creditors' Proofs of Debt Due June 20
------------------------------------------------------
The creditors of Burbank Capital Ltd. 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 June 2, 2011.

Maxim Rybalko is the company's liquidator.


BURBANK CAPITAL: Sole Member to Receive Wind-Up Report on July 4
----------------------------------------------------------------
The sole member of Burbank Capital Ltd. will receive on July 4,
2011, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced wind-up proceedings on June 2, 2011.

Maxim Rybalko is the company's liquidator.


CM V - MAX I: Creditors' Proofs of Debt Due June 17
---------------------------------------------------
The creditors of CM V - Max I Limited are required to file their
proofs of debt by June 17, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 1, 2011.

Robin J. Mayor is the company's liquidator.


CM V - MAX I: Members' Final Meeting Set for July 5
---------------------------------------------------
The members of CM V - Max I Limited will hold their final meeting
on July 5, 2011, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on June 1, 2011.

Robin J. Mayor is the company's liquidator.


TENCES INVESTMENT: Creditors' Proofs of Debt Due June 20
--------------------------------------------------------
The creditors of Tences Investment Ltd. 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 June 2, 2011.

Maxim Rybalko is the company's liquidator.


TENCES INVESTMENT: Sole Member to Receive Wind-Up Report on July 4
------------------------------------------------------------------
The sole member of Tences Investment Ltd. will receive on July 4,
2011, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced wind-up proceedings on June 2, 2011.

Maxim Rybalko is the company's liquidator.


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


RB CAPITAL: Moody's Assigns Ba3 (sf) Rating to Certificates
-----------------------------------------------------------
Moody's America Latina (Moody's) has assigned definitive ratings
of A2.br (sf) (National Scale, Local Currency) and of Ba3 (sf)
(Global Scale, Local Currency) to the first issuance of the 59th
Series of certificates issued by RB Capital Securitizadora S.A.
(RB Capital or the issuer).

Issuer: RB Capital Securitizadora S.A. -- 59th Series

   -- Approximately BRL 320,000,000 certificates rated Ba3 (sf) /
      A2.br (sf)

RATINGS RATIONALE

The 59th Series of Certificates (CRIs) issued by RB Capital is
backed by current and future tenancy agreements and is
collateralized by the real estate assets by means of a fiduciary
assignment ("alienacao fiduciaria de imoveis") and a guarantee
issued by the sponsor of the transaction, BR Properties S.A. The
real estate assets collateralizing the CRIs are three commercial
properties (office buildings).

BR Properties has a corporate family rating of A1.br (National
Scale, Local Currency) and Ba2 (Global Scale, Local Currency), and
a senior unsecured rating of Ba3 (Global Scale, Foreign Currency).

The ratings of the certificates are based, among others, on:

- The structure of the transaction, which will fully match
  payments due under the tenancy agreements guaranteed by BR
  Properties to payments due under the rated certificates;

- The ability and willingness of BR Properties, which has a senior
  unsecured debt rating of Ba3 (Global Scale, Foreign Currency),
  to guarantee the payments. Very limited credit was given to
  recoveries arising from the liquidation of the real estate
  assets, or to the credit quality of the tenants in the
  underlying tenancy agreements; and,

- The structural and legal features of the transaction, including
  early termination and early liquidation events applicable to the
  various parties to the transaction and to BR Properties in
  particular; such events, if materialized, require a decision, to
  be voted in a general meeting of certificate holders, as to
  whether or not to liquidate the real estate properties assigned
  to the benefit of the certificate holders.

The final legal maturity date of the CRIs will be 120 months from
issuance (December 16, 2020). Interest and principal will be paid
monthly according to a predefined amortization schedule. The
interest rate is TR plus a spread of 10.3% per annum.

Moody's views the certificates as being "pass through" securities
of the underlying guaranteed tenancy payments. The ratings mainly
reflect the guarantee provided by BR Properties S.A. and, to a
limited extent, the collateral.

The key steps to the transaction are:

1. Tenancy Agreements are entered into between the Transferors
   (various entities owned and controlled by BR Properties) and
   respective Tenants outside of BR Properties Group. Conditional
   Tenancy Agreements are entered into between the Transferors and
   the Conditional Tenant (BRPR XII, a fully owned BR Properties
   entity) with the effect of making the latter liable for the
   payments of rent in the case of shortfalls. The conditional
   tenancy agreements assures that the shortfall payments are
   covered by BRPR XII, covering the risk of vacant units or units
   that become unoccupied during the transaction and/or delinquent
   tenant payments;

2. Transfer, by the Transferors to the Issuer, of the credit
   rights pursuant to current and future Tenancy Agreements, with
   payment of the transfer price equal to BRL 320 million, equal
   to the CRI issuance proceeds;

3. In order to assure the timely payment of principal and
   interest:

   (a) the Transferors pledged the properties to the Issuer under
       fiduciary regime ("alienacao fiduciaria");

   (b) BR Properties issued a guarantee in favor of the
       Transferors and the Issuer as beneficiary. The guarantee is
       structured as to ultimately guarantee the cash flows
       backing the principal and interest payments on the CRIs,
       covering a wide range of risks such as payment mismatches
       and interest rate mismatches;

4. The Issuer issues "Cedulas de Credito Imobiliario" (CCIs)
   representing the underlying transaction credit rights. The
   Issuer then issues the CRIs through CETIP, backed by the
   credits represented in the CCIs.

5. Investors purchase the CRIs;

6. The Issuer pays the Transferors for the transfer of the credit
   rights out of issuance proceeds;

7. Cash payments made by the Tenants or the Conditional Tenant are
   made directly into the Issuer's account held at Banco Itau
   Unibanco S.A.; and,

8. Amounts deposited in the Issuer's account will be used to make
   payments on the CRIs through the CETIP clearinghouse. Excess
   cash flows will return to BR Properties.

The Fiduciary Agent must notify CRI holders in the event of
corporate restructuring or reorganization of BR Properties.
Investors have then the option to request early amortization of
the outstanding CRIs.

The A2.br (sf)/Ba3 (sf) ratings assigned to the CRIs are mainly
based on BR Properties' ability to make payments under the
guarantee. This is commensurate with BR Properties' Ba3 senior
unsecured debt rating. Any future changes to the senior unsecured
debt rating of BR Properties may lead to a change in the ratings
assigned to the certificates.

The main uncertainty of the transaction relates to its legal
complexity which presents the risk of non-perfection of interest
on the collateral; furthermore, there might be challenges to the
(i) adequate formalization and issuance of the CRIs (ii) validity
of the transfer of credit rights, and/or (iii) validity of the
fiduciary assignment of the real estate collateral, among others.
Such legal challenges may pose a risk to the transaction structure
and negatively affect the receipt by investors of the promised
amounts, including principal and interest. According to
information received by Moody's from legal counsel to the
transaction, a potential challenge to the validity of the
acquisition of the Buildings by BR Properties would not affect the
obligations of repurchase (obrigacao de retrocessao) of the
outstanding CRIs covered by the guarantee in the transfer
agreements.

BR Properties S.A. is an owner, manager, and developer of office
and warehouse properties in the main economic regions of Brazil.
The company was founded in December 2006 and is one of the largest
publicly traded commercial property firms in Brazil with BRL 4.8
billion in total consolidated assets as of December 31, 2010.

BR Properties completed its Initial Public Offering in March 2010
and has since expanded its high quality portfolio through
acquisitions. The company's consolidated portfolio, as of
December 31 2010, comprises 95 commercial real estate properties
(totaling 1.16 million sqm of GLA) and also 4 development projects
(150 thousand sq m of GLA), concentrated in the buoyant real
estate markets of Sao Paulo and Rio de Janeiro.

Moody's Ba2 (Global Scale, Local Currency)/A1.br (National Scale,
Domestic Currency) corporate family ratings and Ba3 (Global Scale,
Foreign Currency) senior unsecured rating reflect BR Properties'
well-established commercial property presence in the southeastern
and southern regions of Brazil.

The rating also reflects the company's modest leverage levels,
strong EBITDA margins, and adequate fixed charge coverage. These
strengths are counterbalanced by the company's small size, lack of
unencumbered real estate assets and limited operating history as a
public company.

The principal methodology used in assigning the ratings to the CRI
was the Global Rating Methodology for REITs and Other Commercial
Property Firms published in July 2010.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments in this transaction.

Moody's America Latina's National Scale Ratings (NSRs) are
intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs differ from Moody's
global scale ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".br" for Brazil. For further information
on Moody's approach to national scale ratings, please refer to
Moody's Rating Implementation Guidance published in August 2010
entitled "Mapping Moody's National Scale Ratings to Global Scale
Ratings".


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


ANTEC HOLDING: Creditors' Proofs of Debt Due June 27
----------------------------------------------------
The creditors of Antec Holding Corporation 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 26, 2011.

The company's liquidator is:

         Bridge Street Services Limited
         c/o Michelle R. Bodden-Moxam
         Portcullis TrustNet (Cayman) Ltd.
         The Grand Pavilion Commercial Centre
         Oleander Way, 802 West Bay Road
         P.O. Box 32052, Grand Cayman KY1-1203
         Cayman Islands


CGI WHITEHALL: Creditors' Proofs of Debt Due July 7
---------------------------------------------------
The creditors of CGI Whitehall Universal Portfolio Fund, Limited
are required to file their proofs of debt by July 7, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 17, 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


CIGMA ABSOLUTE: Creditors' Proofs of Debt Due June 27
-----------------------------------------------------
The creditors of CIGMA Absolute Strategies Fund are required to
file their proofs of debt by June 27, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 25, 2011.

The company's liquidator is:

         Ogier
         Barry Wang Chi Lau
         Telephone: (852) 2217-3487
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


CIGMA CHINA: Creditors' Proofs of Debt Due June 27
--------------------------------------------------
The creditors of CIGMA China Evolution Fund Limited are required
to file their proofs of debt by June 27, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on May 25, 2011.

The company's liquidator is:

         Ogier
         Barry Wang Chi Lau
         Telephone: (852) 2217-3487
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


CIGMA GLOBAL: Creditors' Proofs of Debt Due June 27
---------------------------------------------------
The creditors of CIGMA Global Strategies Fund are required to file
their proofs of debt by June 27, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 25, 2011.

The company's liquidator is:

         Ogier
         Barry Wang Chi Lau
         Telephone: (852) 2217-3487
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


COMAS STRATEGY: Placed Under Voluntary Wind-Up
----------------------------------------------
On May 18, 2011, the sole shareholder of Comas Strategy Fund
Limited passed a resolution that voluntarily winds up the
company's operations.

David T. Smith is the company's liquidator.


KOWLOON PROPERTIES: Creditors' Proofs of Debt Due June 20
---------------------------------------------------------
The creditors of Kowloon Properties Ltd. 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 26, 2011.

The company's liquidator is:

         Darryl Myers
         Telephone: +1 345 949 0699
         Facsimile: +1 345 949 8171
         c/o Thorp Alberga
         Harbour Place, 2nd Floor
         103 South Church Street
         George Town, Grand Cayman KY1-1106
         Cayman Islands


MADISONGREY FUND: Creditors' Proofs of Debt Due June 26
-------------------------------------------------------
The creditors of Madisongrey Fund Services (Cayman) Ltd are
required to file their proofs of debt by June 26, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 25, 2011.

The company's liquidator is:

         Equinoxe Alternative Investment Services
            (Bermuda) Limited
         Suite 1181, 48 Par-la-Ville Rd.
         Hamilton HM11
         Bermuda


MARMON GRAND: Creditors' Proofs of Debt Due July 6
--------------------------------------------------
The creditors of Marmon Grand Cayman Incorporated 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 26, 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


NORTHERN ISLAND: Creditors' Proofs of Debt Due July 6
-----------------------------------------------------
The creditors of Northern Island Tower 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 27, 2011.

The company's liquidator is:

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


O'CONNOR LONG/SHORT: Creditors' Proofs of Debt Due July 6
---------------------------------------------------------
The creditors of O'Connor Long/Short Focused Research Master
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 12, 2011.

The company's liquidator is:

         Graham Robinson
         c/o Omar Grant
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897, Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


REX FUNDING: Creditors' Proofs of Debt Due July 6
-------------------------------------------------
The creditors of Rex Funding Three 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 26, 2011.

The company's liquidator is:

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


TURBO XII: Creditors' Proofs of Debt Due July 6
-----------------------------------------------
The creditors of Turbo XII Cayman Holdings 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 26, 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


TURBO XII-A: Creditors' Proofs of Debt Due July 6
-------------------------------------------------
The creditors of Turbo XII-A Cayman Holdings 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 26, 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


WEST MAC: Creditors' Proofs of Debt Due June 27
-----------------------------------------------
The creditors of West Mac Limited 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 25, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


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J A M A I C A
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UC RUSAL: Threatens to Delay Kirkvine Reopening
-----------------------------------------------
RJR News reports that UC Rusal threatens to postpone its
July 1 plan to reopen the Kirkvine Plant in Manchester after not
getting certain concessions from the Golding administration to
resume production.

The reopening's delay, according to the report, will pose a
setback to the recovery of Jamaica's bauxite/alumina industry.
RJR News adds that the re-employment of 300 persons is also on the
line if UC Rusal carries out its threat.

An unnamed source told the news agency that government negotiators
are refusing to bow to pressure from the company.  They have
reportedly described some of the requests as unreasonable, RJR
News notes.

RJR News says environmental related issues are said to be among
the sticking points.

UC Rusal is a Russian aluminum giant.


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M E X I C O
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AXTEL SAB: Fitch Ratings Lowers Issuer Default Ratings to 'B+'
--------------------------------------------------------------
Fitch Ratings has downgraded Axtel, S.A.B. de C.V. (Axtel)
ratings:

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

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

   -- US$490 million Senior Notes due 2019 to 'B+/RR4' from 'BB-';

   -- Long Term National Scale rating to 'BBB(mex)' from 'A-
      (mex)'.

The Rating Outlook is Revised to Stable from Negative.

The rating actions are a result of Axtel's increasing leverage
over the past three years, operating performance that has been
below Fitch's expectations and continued negative free cash flow
(FCF). Fitch believes that over the next few years, Axtel's
leverage-measured as total debt to EBITDA-should remain close to
3.0 times(x) with FCF being negative or minimal as the company
reinvests most of its cash flow from operations. This leverage
expectation is higher than previous years' expectation that
leverage will remain close to 2.0x over the long term.

Fitch notes that operating performance, while having declined
below expectations, appears to have stabilized. Axtel's ratings
incorporate a tough competitive environment, small scale, limited
service diversity, geographical diversification within Mexico and
moderate regulatory risk. In addition the ratings are supported by
a moderate financial profile and adequate liquidity. 'RR4' rated
securities have characteristics consistent with securities
historically recovering 31%-50% of current principal and related
interest, which is average recovery prospects given default.

Axtel's strategy is shifting towards serving higher value
customers by offering differentiated services to both residential
and corporate customers, although competition remains challenging.
As part of this effort the company is deploying fiber-to-the-home
(FTTH) that allows it to have an attractive offering to high-end
broadband users. Axtel plans to add approximately 180 thousand
broadband accesses during the year that should mitigate the loss
in revenue and cash flow related to the exit of Nextel (estimated
5% of revenues) and pressure on ARPU.

Axtel's competitive position is constrained by a limited service
offering. The company has made efforts towards diversifying its
services; however this has been limited to improving the service
with other technologies. With different operators deploying FTTH,
Fitch views that operators offering broadband services are facing
strong competition, where bundles with the better mix of services
and value should prevail. This situation can result in more
capital expenditures and not necessarily an increase in revenues
or cash flows, thus affecting free cash flow.

Recent regulatory rulings, such as the reduction of fixed to
mobile interconnection rates, should help Axtel to improve its
cost structure. Fitch views that any major regulatory change
should be neutral to positive for Axtel. However, Axtel has a
disagreement regarding mobile interconnection rates with Telcel
that can result in a liability to Axtel for MXN1,548 million and
another one with Telmex for MXN1,212 million regarding
international long distance settlement rates. While Axtel expects
to win these two disagreements, a negative outcome resulting in
Axtel to disburse these amounts would negatively affect its credit
quality.

Manageable Liquidity and Debt Maturity Profile:

Debt maturities over the next three years are manageable however,
refinancing risk remains as the 2017 and 2019 senior notes
approach maturity. As of March 31, 2011 the company's cash
balances of MXN859 million and unused committed credit facilities
of MXN155 million, compare adequately to next three years debt
maturities of MXN925 million and last 12 months funds flow from
operations(FFO) of approximately MXN2,214 million.

Total debt is composed of MXN3,291 million (US$275 million) in
senior notes due 2017, MXN5,864 million (US$490 million) in senior
notes due 2019 and MXN934 million (US$78 million) in other loans
and capital leases. Axtel has swapped to MXN the debt service of
its 2017 and existing 2019 senior notes to a fix rate in MXN,
however the principal amount remains exposed to the USD, adding
currency risk.

Leverage is expected to remain stable and FCF to be minimal in the
medium term. For the 12 months ended Mar. 31, 2011 total debt to
EBITDA, adjusted debt to EBITDAR and FFO adjusted leverage were at
3.0 times (x), 3.5x and 3.7x; respectively. With annual capital
expenditures expected to range between US$180 and US$200 million
over the next few years, FCF is expected to be minimal with
moderate increases in cash flow from operations mainly as a result
of growing data revenues. Fitch views that any potential reduction
in leverage will come from growing EBITDA or FFO as debt is
expected to remain relatively stable.

Key Rating Drivers:

Fitch views as positive factors to credit quality the generation
of positive free cash flow, total debt to EBITDA declining towards
2.0x-2.5x and further stabilization of operating margins. Negative
factors to the ratings include increased competition that results
in additional pressure to operations, expectation that leverage to
approximate to 3.5X over the long term or contingent liabilities
related to interconnections disagreements that are paid over time.


ALESTRA, S. DE R.L.: Moody's Confirms B1 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service confirmed Alestra, S. de R.L. de C.V.'s
(Alestra) B1 corporate family and senior unsecured debt ratings
but changed the outlook to negative. This concludes the ratings
review, initiated on April 18th, 2011, after the announcement that
AT&T Inc.'s (A2/RUR Down) agreed to sell its 49% share of Alestra
to the JV partner Alfa, S.A.B. de C.V. (unrated).

These ratings were confirmed:

- Corporate Family Rating: B1

- US$200 million in senior unsecured notes due 2014: B1

The ratings outlook is negative.

The negative outlook considers the lost of AT&T's business and
support, which will have a negative impact on Alestra's revenues,
margins and cash flow and will weaken the company's credit
metrics. However, the impact on the company's credit ratings is
not significant to merit a downgrade because Alestra's B1 ratings
were strongly positioned in its rating category and the loss of
the AT&T business should still result in acceptable credit metrics
for the B1 rating. Moody's estimates that most of the negative
impact will occur in 2012, when the company should post negative
sales growth and modest free cash flow generation. In 2011,
because of the long term nature of its sales contracts, top line
impact should be minimum and free cash flow should diminish from
the levels originally expected because of higher capex directed at
network expansion. Going forward, if Alestra manages to orderly
offset revenues generated from AT&T, as envisioned, its outlook
could be stabilized. For this scenario to materialize, Alestra
will need to increase revenues from other sources and sustain its
margins. However, should the company's EBITDA margins fall below
32% as reported or if lower operating revenues cause debt to
increase to above 2.5 times on a sustained basis, its ratings
could be downgraded.

Alestra's ratings are supported by the company's solid operating
margins as well as its strong customer base, focused on the
enterprise segment; the long-term nature of its sales contracts;
and relatively inelastic business enterprise demand for telecom
services, although Alestra may be forced to lower prices in some
cases. Constraining Alestra's ratings are its small revenue size
and a strong competitive operating environment in Mexico, even
more so now that AT&T will pursue its own business separately.
Foreign exchange risk is also a constraint to Alestra's ratings:
while in 2010 U.S. dollar revenue represented about 30% of total
sales, without AT&T this figure should decline to below 20%, as
per Moody's estimates, providing for lower natural hedge for
Alestra's foreign currency denominated obligations.

As of the last twelve months ended March 31, 2011, Alestra's
revenues decreased by 0.3% mostly due to lower long distance
revenues driven by reduced traffic coupled with a 5% depreciation
of the U.S. dollar that affected the company's U.S. revenues,
which represented about one third of the total in the period. Data
revenues, the growth driver, increased by 8% in the last twelve
months from the same period in 2010. Lower operating costs, mostly
driven by lower long distance traffic, helped the company post
adjusted EBITDA margin of about 35.5% during the last twelve
months, up from 32.72% in 2010. In this period, Alestra's credit
metrics remained relatively stable as well: EBITDA to interest
expenses remained at 4.1 times and free cash flow to debt stood at
a sound level of 11% as of March 31, 2011.

Alestra's liquidity is adequate. Going forward to the end of 2012,
Alestra should be able to use cash on hand and EBITDA to fund
capex and fulfill cash obligations such as interest payments,
working capital and taxes. Alestra has paid only a modest amount
of dividends in the last several years. In its assessment of
Alestra's liquidity, Moody's assumes that even if shareholders
decide to institute dividend payments, these would not endanger
the company's capex plans or liquidity profile. It is positive
that Alestra maintains a US$20 million committed revolving credit
facility, which expire in December 2012.

The ratings could be downgraded if free cash flow generation
becomes negative and leverage increases to above 2.5 times for a
long period of time. The ratings outlook could be stabilized if
Alestra shows some revenue growth in 2012 and if its margins
remain stable such that free cash flow generation vis--vis debt
burden approaches 10%.

The principal methodology used in this rating was Global
Telecommunications Industry published in December 2010.

Alestra, which started operations in 1996, is a local Mexican
telecommunications company providing bundled products including
voice, data and Internet services mainly to enterprises. The
company is owned by Alfa, S.A.B. de C.V. (unrated), a large
Mexican conglomerate. During the last twelve months ending on
March 31, 2011, Alestra's revenues and adjusted EBITDA amounted to
US$370 million and US$132 million, respectively.


TUBO DE PASTEJE: Files Full-Payment Chapter 11 Plan
---------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Tubo de Pasteje SA de CV and subsidiary Cambridge-Lee
Holdings Inc. filed a proposed bankruptcy Chapter 11 plan June 8,
the last day of their exclusive period to propose a
reorganization.  Beating the deadline gives them the exclusive
right until Aug. 8 to solicit acceptances.

Mr. Rochelle relates that the plan in substance proposes to pay
all creditors in full, although some are entitled to vote on the
plan because their rights were changed.  Holders of $200 million
in 11.5 percent senior notes due 2016 are to receive new secured
notes for the full amount owed plus interest. The noteholders can
vote on the plan.  Holders of $66.2 million in other secured debt
will have their obligations reinstated and can't vote.  Likewise,
$41.7 million in unsecured claims, if not already paid, will be
reinstated.  They too can't vote.  Existing shareholders would
retain the stock.

The 11.5% notes last traded June 8 at 77 cents on the dollar,
according to Trace, the bond-price reporting system of the
Financial Industry Regulatory Authority.

                       About Tubo de Pasteje

Tubo de Pasteje SA and subsidiary Cambridge-Lee Holdings Inc.
filed Chapter 11 petitions (Bankr. D. Del. Case No. 09-14353) on
Dec. 7, 2009, following a Nov. 15 payment default on US$200
million in 11.5% senior notes due 2016.  Tubo and its subsidiary
sought bankruptcy protection when the 30-day grace period was
nearing its end.

Tubo is a subsidiary of Mexico City-based Industrias Unidas SA de
CV, a manufacturer of copper and electrical products.  The
U.S. subsidiary Cambridge-Lee is based in Reading, Pennsylvania.
IUSA is the issuer of the notes which were secured by a pledge of
Cambridge-Lee stock.


VITRO SAB: Subsidiaries Seek to Hire Ernst & Young as Tax Advisor
-----------------------------------------------------------------
Vitro America, LLC, and its subsidiaries ask the U.S. Bankruptcy
Court for the Northern District of Texas for authority to employ:

         Kevin L. Chadwell
         ERNST & YOUNG LLP
         6410 Poplar Ave., # 500
         Memphis, TN 38119
         Phone: (901) 526-1000

as tax advisor nunc pro tunc to Apr. 25, 2011, to provide
bankruptcy tax services.  E&Y LLP will also assign certain tax
professionals to assist the Debtors in completing ministerial
and administrative tasks relating to data collection and
preparation of Dec. 31, 2010, federal and state tax returns for
the Debtors.

With respect to the bankruptcy tax services, E&Y LLP will
charge the Debtors these hourly rates:

     Executive Directors/Principals/Partners      $765
     Senior Managers                              $615
     Managers                                     $545
     Seniors                                      $375
     Staff                                        $190

E&Y LLP also intends to charge the Debtors based on the time that
assigned staff spends performing services, which are currently
billed at $110 per hour.

Mr. Chadwell maintains that E&Y LLP is a "disinterested person"
as the term is defined in Section 101(14) of the Bankruptcy Code.

                        About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders.  The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States.  Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.

           Concurso Mercantil & Chapter 15 Proceedings

Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, commencing its
voluntary concurso mercantil proceedings -- the Mexican equivalent
of a prepackaged Chapter 11 reorganization.  Vitro SAB also
commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  The judge said Vitro couldn't push through
a plan to buy back or swap US$1.2 billion in debt from bondholders
based on the vote of US$1.9 billion of intercompany debt when
third-party creditors were opposed.  Vitro as a result dismissed
the first Chapter 15 petition following the ruling by the Mexican
court.

On April 12, 2011, an appellate court in Mexico reinstated the
reorganization.  Accordingly, Vitro SAB on April 14 re-filed a
petition for recognition of its Mexican reorganization in U.S.
Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-11754).

In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.

                     Chapter 11 Proceedings

A group of noteholders opposed the exchange -- namely Knighthead
Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson
Kempner Distressed Opportunities Fund LP, and Brookville Horizons
Fund, L.P.  Together, they held US$75 million, or approximately 6%
of the outstanding bond debt.  The Noteholder group commenced
involuntary bankruptcy cases under Chapter 11 of the U.S.
Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D. Tex. Case
No. 10-47470) and 15 other affiliates on Nov. 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer.  The group says the exchange
offer exposes Noteholders who consent to potential adverse
consequences that have not been disclosed by Vitro.  The group is
represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at
White & Case LLP.

The U.S. affiliates subject to the involuntary petitions are Vitro
Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10-
47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473);
Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super
Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky
International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O.
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger
Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa
Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance
Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass,
Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC
(Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC
(Bankr. N.D. Tex. Case No. 10-47485).

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were subject
to the involuntary petitions into voluntary Chapter 11.  The Texas
Court on April 21 denied involuntary petitions against the eight
U.S. subsidiaries that didn't consent to being in Chapter 11.

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

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


VITRO SAB: Subsidiaries Seek to Renew Premium Finance Agreement
---------------------------------------------------------------
VVP Holdings LLC asks the U.S. Bankruptcy Court for the Northern
District of Texas for authority to honor and renew their
prepetition finance agreement and enter into new premium finance
agreements.

William Greendyke, Esq., at Fulbright & Jaworski LLP, recalls that
on October 5, 2010, VVP Holdings entered into a premium finance
agreement with AFCO Premium Credit LLC.  VVP Holdings is the
holding entity name in which all the insurance policies for Vitro
America, non-debtor affiliate Auto Glass, and Super Sky Products
are issued in, each of these operating companies are named as an
insured under the policies.

According to Mr. Greendyke, the total amount of premiums financed
under the Premium Finance Agreement is $286,717.  VVP Holdings
made a down payment totaling $57,343 under the Premium Finance
Agreement and financed the remaining balance of $229,374.  The
Premium Finance Agreement requires nine monthly installments of
$25,829.43 and bears a total finance charge of $3,090.87.  The
premiums are paid through August 27, 2011. The one remaining
installment payment in the amount of $25,829.43 will be due at the
end of August 2011.

                        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 Secure Approval of $30-Mil. DIP Financing
---------------------------------------------------------------
Judge Harlin DeWayne Hale has authorized Vitro America Corp., and
five other subsidiaries, to secure DIP Loans from Bank of America,
N.A., up to an aggregate principal amount outstanding at any time
of $30,000,000 (with a sublimit of up to $15,000,000 for letters
of credit) to support their Chapter 11 cases.  Judge Hale also
orders the Debtors to deposit the Cash Collateral into one or more
bank accounts at the DIP Lender or its designated bank accounts.

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


LASER REALTY: Chapter 7 Trustee Wins Avoidance Suit
---------------------------------------------------
The Bankruptcy Court in Puerto Rico ruled that the Chapter 7
trustee for the estate of Laser Realty, Inc., has avoidance claims
against Venancio Marti Santa, Julita Soler-Vila, and the conjugal
society composed by them.  The Chapter 7 Trustee filed a lawsuit
against the defendants on Sept. 18, 2006, asserting that Laser
made 22 transfers in the total amount of $128,947.28 to the
defendants within a year preceding the filing of the bankruptcy
petition -- from Dec. 15, 2003 to Dec. 15, 2004 -- while the
Debtor was insolvent, and for which the Debtor did not receive
anything of value in exchange of the payments for the defendants'
credit cards.  The defendants allege that the payments were not
made from property of the estate and that Laser was a mere conduit
for the payments.  The Court held that the transfers are voidable
pursuant to 11 U.S.C. Section 548.  The Court further held that
the defendants may not avail themselves of the conduit or
earmarking defenses.

The case is Noreen Wiscovitch-Rentas, as Chapter 7 Trustee for the
Estate of Laser Realty, Inc., v. Venancio Marti Santa; Julita
Soler-Vila; and the Conjugal Partnership composed by them, Adv.
Proc. No. 06-00186 (Bankr. D. P.R.).  A copy of Bankruptcy Judge
Enrique S. Lamoutte's June 8, 2011 Opinion and Order is available
at http://is.gd/OtCfqTfrom Leagle.com.

Laser Realty Inc. filed a voluntary Chapter 11 petition (Bankr. D.
P.R. Case No. 04-12634) on Dec. 14, 2004.  The case was converted
to Chapter 7 on Oct. 14, 2005, upon the Debtor's request.


PALMAS COUNTY: Further Amends Proposed Chapter 11 Plan
------------------------------------------------------
Palmas Country Club Inc. submitted a second amended Chapter 11
plan of reorganization to the U.S. Bankruptcy Court for the
District of Puerto Rico.

The funds for the payment to creditors will originate from the
$150,000 provided by the Puerto Rico Tourism Development Fund.

Under the Plan, all of Debtor's secured creditors, except the
amounts owed pursuant to the TDF loan agreement, will be deemed to
have been paid in full out of the proceeds from the Sale pursuant
to Section 363 of the Bankruptcy Code.  Unsecured creditors,
except for the deficiency claim, will be paid on or before 30 days
after the effective date their pro-rata share of the remaining
funds from the TDF Contribution after payment in full of
administrative and priority unsecured tax claims.  Holders of
equity interests will not receive a distribution under the Plan
and their interests will be deemed cancelled as of the effective
date of the Plan.

A full-text copy of the Chapter 11 plan, as twice amended, is
available for free at

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

Palmas Country Club Inc. filed for Chapter 11 bankruptcy
protection (Bankr. D. P.R. Case No. 10-07072) on Aug. 4, 2010.
Alexis Fuentes-Hernandez, Esq., at Fuentes Law Offices, assists
the Debtor in its restructuring effort.  The Debtor disclosed
$23,973,011 in assets and $58,546,398 in liabilities as of the
Petition Date.


PUERTO RICO CONCRETE: Case Summary & Unsecured Creditors
--------------------------------------------------------
Debtor: Puerto Rico Concrete Pumping, Inc.
        Calle 6 Esq. B-9
        Reparto Campamento
        Gurabo, PR 00778

Bankruptcy Case No.: 11-04782

Chapter 11 Petition Date: June 3, 2011

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Luis A. Medina Torres, Esq.
                  MEDINA TORRES LAW OFFICE
                  Box 191191
                  San Juan, PR 00919-1191
                  Tel: (787) 765-3795
                  E-mail: lumedina@coqui.net

Scheduled Assets: $2,100,280

Scheduled Debts: $1,148,964

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/prb11-04782.pdf

The petition was signed by Ricardo Rene Soto Bonilla, president.


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


VERACRUZ STATE: Moody's Assigns Ba1 Rating to Lending Program
-------------------------------------------------------------
Moody's de Mexico has assigned ratings of Aa3.mx (Mexico National
Scale Rating) and Ba1 (Global Scale, Local Currency) to the State
of Veracruz's upcoming MXN 3.4 billion Municipal Lending Program.

Ratings Rationale

Within this program, Banobras, the lender, will grant individual
loans to municipalities that join the program, which will be paid
by a trust (Deutsche Bank F/977 as trustee) that will receive
earmarked federal transfers from the Municipal Social
Infrastructure Fund (FAISM). The State of Veracruz is the
originator of the municipal trust and has instructed via an
irrevocable instruction to the Mexican Treasury (TESOFE), to
tranfer FAISM revenues directly to the trust. Municipalities that
access the lending program will sign individual loan agreements
with Banobras and adhere to the trust agreement. The loans will
carry a fixed interest rate and the maximum maturity will coincide
with the end of current municipal administrations (November 2013).
The amount of each loan will vary according to the FAISM amount
available when each loan contract is signed. Accordingly, the
global amount under the lending program, which was originally
estimated to be around MXN 3.4 billion, is currently estimated at
around MXN 2.7 billion.

The ratings assigned are based on documentation received by
Moody's as of the rating assignment date. While individual loan
contracts within the program will be signed during the life of the
program, Moody's does not expect changes to the structure over
this period. In the event that the program structure changes from
the documentation submitted to us, Moody's will assess the impact
that these differences may have on the ratings and act
accordingly.

The Ba1/Aa3.mx ratings assigned to the lending program reflect the
underlying creditworthiness of the State of Veracruz (Ba3/A3.mx)
supported by the following legal and credit enhancements:

- Trust structure and the irrevocable instruction to TESOFE reduce
  the probability of a municipality successfully interfering with
  the flow of funds. Furthermore, the earmarked nature of FAISM,
  which can only be used for capital projects and up to 25% for
  debt service, greatly limits the incentive for municipalities to
  attempt to divert these flows, in the event of a crisis, to
  cover current expenditures.

- In contrast to participation transfers, which are vulnerable to
  economic fluctuations and displayed significant volatility
  during the recent economic downturn, FAISM transfers are more
  stable and less exposed to fluctuations. Specifically, the exact
  level of annual FAISM transfers is fixed each year in the
  federal budget.

- Moreover, the Fiscal Coordination Law establishes that the
  amount of FAISM transfers available to municipalities for debt
  service is the greater of either: 25% of FAISM transfers in any
  given year or 25% of FAISM in the year that the loan is
  acquired. Moody's notes that the loans are structured such that
  annual debt service is equal to 25% of FAISM in 2011. This
  effectively ensures that pledged revenues will be sufficient pay
  debt service barring a drastic reduction in total FAISM
  revenues.

- Given that FAISM amounts for this year have already been fixed
  in the 2011 federal budget, which establishes a floor for flows
  to the trust, FAISM transfers would need to drop by more than
  75% before cash flows become insufficient to pay debt service,
  which provides the equivalent of 4 times debt service coverage.

The assigned ratings also take into account the following
structural weakness:

- The loan structure does not include a dedicated reserve fund to
  mitigate against possible delays in the technical transfer of
  FAISM to pay debt service.

However, this weakness is offset by the following consideration:

- The lack of an explicit reserve fund is compensated by a grace
  period feature that tolerates 3 cases of missed debt service
  payments, if they are made up before the next payment period
  without penalties. While this is weaker than a three-month cash
  funded reserve that can be replenished from excess cash flows
  and therefore may be available on more than three occasions,
  this is offset by TESOFE's strong history of timely payment and
  the short maturity profile of the program (less than three
  years).We also note that the reserve is intended to provide
  protection against a delay in payment more than a potential
  shortfall in available cash flows.

The ratings could face downward pressure if debt service coverage
levels fall materially below Moody's expectations. Given the links
between the loan and the credit quality of the sponsor, a
downgrade of the State of Veracruz's issuer ratings could also
exert downward pressure on debt ratings for this loan. Conversely,
an upgrade of the State of Veracruz's issuer ratings or a
significant improvement in coverage levels could result in an
upgrade of the ratings.

The last rating action with respect to the State Veracruz was
taken January 17th, 2011 when debt ratings of Ba1 (Global Scale
rating) and A1.mx (National Scale Rating) were assigned to the
State of Veracruz MXN 1.5 billion enhanced loan from Banco del
Bajio.

The principal methodologies used in this rating were "Regional and
Local Governments Outside the US" published in May 2008 , "The
Application of Joint Default Analysis to Regional and Local
Governments," published in December 2008, and "Enhanced Municipal
and State Loans in Mexico" published in January 2011.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating
Implementation Guidance published in August 2010 entitled "Mapping
Moody's National Scale Ratings to Global Scale Ratings."


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


ST. CROIX GOLDEN: USVI to Reject Motion for Prison Takeover
-----------------------------------------------------------
Associated Press reports that the government of the U.S. Virgin
Islands will oppose a motion requested by federal officials to
place St. Croix Golden Grove facility into receivership, quoting
Attorney General Vincent Frazer as saying.

A date to respond to the motion has not been set, but Mr. Frazer
said the U.S. territory's government will start gathering evidence
to prove inmates' rights are not being violated at the facility,
according to AP.

AP says the U.S. Department of Justice accused the island's
government and its Bureau of Corrections of disregarding court
orders for 25 years to improve conditions at the facility.  The
report relates that federal officials said in court documents that
a receivership is the only viable option.

In the statement, the facility's administration said the prison
was never meant to house the number and level of violent offenders
currently there, and that the government needs more money to build
maximum- and medium-security level facilities, AP discloses.

St. Croix Golden Grove facility houses about 600 inmates.


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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total    Shareholders
                                         Assets         Equity
Company               Ticker            (US$MM)         (US$MM)
-------               ------          ------------      -------


ARGENTINA

330902Q GR      IMPSAT FIBER NET      535007008        -17164978
IMPTD AR        IMPSAT FIBER-$US      535007008        -17164978
IMPT AR         IMPSAT FIBER-CED      535007008        -17164978
IMPTB AR        IMPSAT FIBER-BLK      535007008        -17164978
IMPTQ US        IMPSAT FIBER NET      535007008        -17164978
XIMPT SM        IMPSAT FIBER NET      535007008        -17164978
IMPTC AR        IMPSAT FIBER-C/E      535007008        -17164978
COMEB AR        COMERCIAL PLA-BL      143096734       -251846058
COME AR         SOC COMERCIAL PL      143096734       -251846058
CADN EO         SOC COMERCIAL PL      143096734       -251846058
CVVIF US        SOC COMERCIAL PL      143096734       -251846058
SCDPF US        SOC COMERCIAL PL      143096734       -251846058
CADN EU         SOC COMERCIAL PL      143096734       -251846058
SCPDS LI        COMERCIAL PL-ADR      143096734       -251846058
COMEC AR        SOC COMERCIAL PL      143096734       -251846058
CAD IX          SOC COMERCIAL PL      143096734       -251846058
CADN SW         SOC COMERCIAL PL      143096734       -251846058
COMED AR        SOC COMERCIAL PL      143096734       -251846058
SNIA5 AR        SNIAFA SA-B           11229696       -2670544.88
SDAGF US        SNIAFA SA-B           11229696       -2670544.88
SNIA AR         SNIAFA SA             11229696       -2670544.88


BRAZIL

VAGV3 BZ        VARIG SA              966298026      -4695211316
VAGV4 BZ        VARIG SA-PREF         966298026      -4695211316
VARGPN BZ       VARIG SA-PREF         966298026      -4695211316
VARGON BZ       VARIG SA              966298026      -4695211316
AGRE LX         AGRENCO LTD           637647275       -312199404
AGEN11 BZ       AGRENCO LTD-BDR       637647275       -312199404
LEAP LX         LAEP INVESTMENTS      439175082        -60172005
MILK11 BZ       LAEP-BDR              439175082        -60172005
MRLM3 BZ        CIA PETROLIFERA       377602195      -3014291.72
1CPMPN BZ       CIA PETROLIF-PRF      377602195      -3014291.72
1CPMON BZ       CIA PETROLIFERA       377602195      -3014291.72
MRLM4B BZ       CIA PETROLIF-PRF      377602195      -3014291.72
MRLM4 BZ        CIA PETROLIF-PRF      377602195      -3014291.72
MRLM3B BZ       CIA PETROLIFERA       377602195      -3014291.72
DOCA3 BZ        DOCA INVESTIMENT      354715604       -119368960
DOCA4 BZ        DOCA INVESTI-PFD      354715604       -119368960
DOCAON BZ       DOCAS SA              354715604       -119368960
DOCAPN BZ       DOCAS SA-PREF         354715604       -119368960
DOCA2 BZ        DOCAS SA-RTS PRF      354715604       -119368960
BTTL1 BZ        BATTISTELLA-RIGH      349898179      -3135090.39
BTTL4 BZ        BATTISTELLA-PREF      349898179      -3135090.39
BTTL10 BZ       BATTISTELLA-RECP      349898179      -3135090.39
BTTL9 BZ        BATTISTELLA-RECE      349898179      -3135090.39
BTTL2 BZ        BATTISTELLA-RI P      349898179      -3135090.39
BTTL3 BZ        BATTISTELLA           349898179      -3135090.39
BMBBF US        BOMBRIL               316331265       -123554206
BMBPY US        BOMBRIL SA-ADR        316331265       -123554206
BOBR3 BZ        BOMBRIL               316331265       -123554206
BMBBY US        BOMBRIL SA-ADR        316331265       -123554206
BOBR2 BZ        BOMBRIL-RGTS PRE      316331265       -123554206
BOBRON BZ       BOMBRIL CIRIO SA      316331265       -123554206
BOBR1 BZ        BOMBRIL-RIGHTS        316331265       -123554206
BOBRPN BZ       BOMBRIL CIRIO-PF      316331265       -123554206
BOBR4 BZ        BOMBRIL-PREF          316331265       -123554206
TBASY US        TELEBRAS-ADR          269372906      -13465060.7
TELB3 BZ        TELEBRAS SA           269372906      -13465060.7
TELB1 BZ        TELEBRAS-COM RT       269372906      -13465060.7
TBASF US        TELEBRAS SA           269372906      -13465060.7
TLBRPN BZ       TELEBRAS SA-PREF      269372906      -13465060.7
TELB40 BZ       TELEBRAS-PF BLCK      269372906      -13465060.7
RCTB2 BZ        TELEBRAS-RTS PRF      269372906      -13465060.7
TLBRUO BZ       TELEBRAS-RECEIPT      269372906      -13465060.7
TELE31 BZ       TELEBRAS-CM RCPT      269372906      -13465060.7
TBRAY GR        TELEBRAS-ADR          269372906      -13465060.7
RTB US          TELEBRAS-ADR          269372906      -13465060.7
RCTB40 BZ       TELEBRAS-PF RCPT      269372906      -13465060.7
RCTB33 BZ       TELEBRAS-RCT          269372906      -13465060.7
TELB10 BZ       TELEBRAS-RCT PRF      269372906      -13465060.7
TELB4 BZ        TELEBRAS SA-PREF      269372906      -13465060.7
TELB30 BZ       TELEBRAS-BLOCK        269372906      -13465060.7
TBRTF US        TELEBRAS-CM RCPT      269372906      -13465060.7
TBH-W US        TELEBRAS/W-I-ADR      269372906      -13465060.7
81370Z BZ       TELECOMUNICA-ADR      269372906      -13465060.7
TCLP1 BZ        TELEBRAS-RTS CMN      269372906      -13465060.7
RCT4D AR        TELEBRAS-CEDE PF      269372906      -13465060.7
RCT4C AR        TELEBRAS-CEDE PF      269372906      -13465060.7
RCT4B AR        TELEBRAS-CEDE BL      269372906      -13465060.7
TELB4 AR        TELEBRAS-CEDE PF      269372906      -13465060.7
TBAPF US        TELEBRAS-PF RCPT      269372906      -13465060.7
RCTB4 AR        TELEBRAS-CEDE PF      269372906      -13465060.7
TELB9 BZ        TELEBRAS SA-RT        269372906      -13465060.7
TELE41 BZ       TELEBRAS-PF RCPT      269372906      -13465060.7
RCTB31 BZ       TELEBRAS-CM RCPT      269372906      -13465060.7
RCTB41 BZ       TELEBRAS-PF RCPT      269372906      -13465060.7
TBH US          TELEBRAS-ADR          269372906      -13465060.7
CBRZF US        TELEBRAS-PF RCPT      269372906      -13465060.7
TLCP2 BZ        TELEBRAS-RTS PRF      269372906      -13465060.7
RCTB1 BZ        TELEBRAS-RTS CMN      269372906      -13465060.7
TEL4C AR        TELEBRAS-CED C/E      269372906      -13465060.7
RCTB42 BZ       TELEBRAS-PF RCPT      269372906      -13465060.7
TEL4D AR        TELEBRAS-CEDEA $      269372906      -13465060.7
RCTB32 BZ       TELEBRAS-CM RCPT      269372906      -13465060.7
TBX GR          TELEBRAS-ADR          269372906      -13465060.7
TLBRON BZ       TELEBRAS SA           269372906      -13465060.7
RCTB30 BZ       TELEBRAS-CM RCPT      269372906      -13465060.7
TBAPY US        TELEBRAS-ADR          269372906      -13465060.7
TLBRUP BZ       TELEBRAS-PF RCPT      269372906      -13465060.7
HOOT3 BZ        HOTEIS OTHON SA       255036150      -42606769.7
HOOT4 BZ        HOTEIS OTHON-PRF      255036150      -42606769.7
HOTHPN BZ       HOTEIS OTHON-PRF      255036150      -42606769.7
HOTHON BZ       HOTEIS OTHON SA       255036150      -42606769.7
TEKAPN BZ       TEKA-PREF             246866965       -392777063
TEKAON BZ       TEKA                  246866965       -392777063
TKTPF US        TEKA-PREF             246866965       -392777063
TEKA4 BZ        TEKA-PREF             246866965       -392777063
TEKA3 BZ        TEKA                  246866965       -392777063
TKTPY US        TEKA-ADR              246866965       -392777063
TKTQF US        TEKA                  246866965       -392777063
TEKAY US        TEKA-ADR              246866965       -392777063
TKTQY US        TEKA-ADR              246866965       -392777063
RPMG9 BZ        PET MANG-RECEIPT      231024467       -184606117
4115364Q BZ     PET MANG-RT           231024467       -184606117
3678569Q BZ     PET MANG-RIGHTS       231024467       -184606117
MANGPN BZ       PETRO MANGUIN-PF      231024467       -184606117
RPMG1 BZ        PET MANG-RT           231024467       -184606117
3678565Q BZ     PET MANG-RIGHTS       231024467       -184606117
RPMG3 BZ        PETRO MANGUINHOS      231024467       -184606117
MANGON BZ       PETRO MANGUINHOS      231024467       -184606117
RPMG10 BZ       PET MANG-RECEIPT      231024467       -184606117
RPMG2 BZ        PET MANG-RT           231024467       -184606117
4115360Q BZ     PET MANG-RT           231024467       -184606117
RPMG4 BZ        PET MANGUINH-PRF      231024467       -184606117
SNSY6 BZ        SANSUY-PREF B         200809365       -115213257
SNSYBN BZ       SANSUY SA-PREF B      200809365       -115213257
SNSY3 BZ        SANSUY                200809365       -115213257
SNSY5 BZ        SANSUY-PREF A         200809365       -115213257
SNSYAN BZ       SANSUY SA-PREF A      200809365       -115213257
SNSYON BZ       SANSUY SA             200809365       -115213257
BLDR3 BZ        BALADARE              159454016      -52992212.8
DHBI4 BZ        D H B-PREF            151796583       -160270949
DHBON BZ        DHB IND E COM         151796583       -160270949
DHBPN BZ        DHB IND E COM-PR      151796583       -160270949
DHBI3 BZ        D H B                 151796583       -160270949
FTRX3 BZ        FABRICA RENAUX        109683744      -48836146.4
FRNXPN BZ       FABRICA RENAUX-P      109683744      -48836146.4
FTRX4 BZ        FABRICA RENAUX-P      109683744      -48836146.4
FTRX1 BZ        FABRICA TECID-RT      109683744      -48836146.4
FRNXON BZ       FABRICA RENAUX        109683744      -48836146.4
MWET3 BZ        WETZEL SA             100017711      -5359345.82
MWELPN BZ       WETZEL SA-PREF        100017711      -5359345.82
MWELON BZ       WETZEL SA             100017711      -5359345.82
MWET4 BZ        WETZEL SA-PREF        100017711      -5359345.82
8174503Q BZ     DOC IMBITUBA-RTC      96977064      -42592602.5
IMBIPN BZ       DOCAS IMBITUB-PR      96977064      -42592602.5
IMBI1 BZ        DOC IMBITUBA-RT       96977064      -42592602.5
IMBION BZ       DOCAS IMBITUBA        96977064      -42592602.5
IMBI3 BZ        DOC IMBITUBA          96977064      -42592602.5
8218594Q BZ     DOC IMBITUBA-RT       96977064      -42592602.5
IMBI4 BZ        DOC IMBITUB-PREF      96977064      -42592602.5
8174507Q BZ     DOC IMBITUBA-RTP      96977064      -42592602.5
ESTR3 BZ        ESTRELA SA            89585906      -80761486.8
ESTRPN BZ       ESTRELA SA-PREF       89585906      -80761486.8
ESTRON BZ       ESTRELA SA            89585906      -80761486.8
ESTR4 BZ        ESTRELA SA-PREF       89585906      -80761486.8
EALT4 BZ        ACO ALTONA-PREF       89152030      -9848587.47
EALT3 BZ        ACO ALTONA            89152030      -9848587.47
EAAON BZ        ACO ALTONA SA         89152030      -9848587.47
EAAPN BZ        ACO ALTONA-PREF       89152030      -9848587.47
VPSC3 BZ        VARIG PART EM SE      83017829       -495721700
VPSC4 BZ        VARIG PART EM-PR      83017829       -495721700
TXRX4 BZ        RENAUXVIEW SA-PF      73095834       -103943206
TXRX1 BZ        TEXTEIS RENAU-RT      73095834       -103943206
TXRX10 BZ       TEXTEIS RENA-RCT      73095834       -103943206
RENXON BZ       TEXTEIS RENAUX        73095834       -103943206
TXRX9 BZ        TEXTEIS RENA-RCT      73095834       -103943206
TXRX2 BZ        TEXTEIS RENAU-RT      73095834       -103943206
TXRX3 BZ        RENAUXVIEW SA         73095834       -103943206
RENXPN BZ       TEXTEIS RENAUX        73095834       -103943206
SCHPN BZ        SCHLOSSER SA-PRF      73036750      -34357832.6
SCLO3 BZ        SCHLOSSER             73036750      -34357832.6
SCHON BZ        SCHLOSSER SA          73036750      -34357832.6
SCLO4 BZ        SCHLOSSER-PREF        73036750      -34357832.6
MNPRON BZ       MINUPAR SA            63144534      -60655823.4
MNPR1 BZ        MINUPAR-RT            63144534      -60655823.4
MNPR4 BZ        MINUPAR-PREF          63144534      -60655823.4
MNPR3 BZ        MINUPAR               63144534      -60655823.4
MNPRPN BZ       MINUPAR SA-PREF       63144534      -60655823.4
MNPR9 BZ        MINUPAR-RCT           63144534      -60655823.4
IGBR7 BZ        GRADIENTE-PREF C      61088978       -282692297
IGBAN BZ        GRADIENTE EL-PRA      61088978       -282692297
IGBBN BZ        GRADIENTE EL-PRB      61088978       -282692297
IGBCN BZ        GRADIENTE EL-PRC      61088978       -282692297
IGBR5 BZ        GRADIENTE-PREF A      61088978       -282692297
IGBR6 BZ        GRADIENTE-PREF B      61088978       -282692297
IGBR3 BZ        IGB ELETRONICA        61088978       -282692297
IGBON BZ        GRADIENTE ELETR       61088978       -282692297
VPTA4 BZ        VARIG PART EM-PR      49432124       -399290396
VPTA3 BZ        VARIG PART EM TR      49432124       -399290396
GAFP4 BZ        CIMOB PART-PREF       44047412      -45669963.6
GAFP3 BZ        CIMOB PARTIC SA       44047412      -45669963.6
GAFON BZ        CIMOB PARTIC SA       44047412      -45669963.6
GAFPN BZ        CIMOB PART-PREF       44047412      -45669963.6
WISAON BZ       WIEST SA              34108201       -126997429
WISA4 BZ        WIEST-PREF            34108201       -126997429
WISAPN BZ       WIEST SA-PREF         34108201       -126997429
WISA3 BZ        WIEST                 34108201       -126997429
RCSL4 BZ        RECRUSUL-PREF         31427766      -30307605.7
RCSL11 BZ       RECRUSUL-BON RT       31427766      -30307605.7
RCSL2 BZ        RECRUSUL - RT         31427766      -30307605.7
RCSL1 BZ        RECRUSUL - RT         31427766      -30307605.7
4529789Q BZ     RECRUSUL - RCT        31427766      -30307605.7
4529781Q BZ     RECRUSUL - RT         31427766      -30307605.7
RESLON BZ       RECRUSUL SA           31427766      -30307605.7
RCSL9 BZ        RECRUSUL - RCT        31427766      -30307605.7
4529785Q BZ     RECRUSUL - RT         31427766      -30307605.7
RCSL12 BZ       RECRUSUL-BON RT       31427766      -30307605.7
RCSL3 BZ        RECRUSUL              31427766      -30307605.7
RCSL10 BZ       RECRUSUL - RCT        31427766      -30307605.7
4529793Q BZ     RECRUSUL - RCT        31427766      -30307605.7
RESLPN BZ       RECRUSUL SA-PREF      31427766      -30307605.7
SNST3 BZ        SANESALTO             31044053      -1843297.83
STARON BZ       STAROUP SA            27663605      -7174512.03
STRP3 BZ        BOTUCATU TEXTIL       27663605      -7174512.03
STRP4 BZ        BOTUCATU-PREF         27663605      -7174512.03
STARPN BZ       STAROUP SA-PREF       27663605      -7174512.03
COBE5 BZ        CONST BETER-PF A      25469474       -4918659.9
COBEAN BZ       CONST BETER-PR A      25469474       -4918659.9
COBEBN BZ       CONST BETER-PR B      25469474       -4918659.9
COBEON BZ       CONST BETER SA        25469474       -4918659.9
1007Q BZ        CONST BETER SA        25469474       -4918659.9
1COBBN BZ       CONST BETER-PF B      25469474       -4918659.9
COBE3 BZ        CONST BETER SA        25469474       -4918659.9
1COBAN BZ       CONST BETER-PF A      25469474       -4918659.9
1009Q BZ        CONST BETER-PR B      25469474       -4918659.9
COBE6 BZ        CONST BETER-PF B      25469474       -4918659.9
COBE3B BZ       CONST BETER SA        25469474       -4918659.9
1008Q BZ        CONST BETER-PR A      25469474       -4918659.9
1COBON BZ       CONST BETER SA        25469474       -4918659.9
STLB3 BZ        ALL ORE MINERACA      23040051      -8699861.07
STLB9 BZ        STEEL - RCT ORD       23040051      -8699861.07
AORE3 BZ        ALL ORE MINERACA      23040051      -8699861.07
STLB1 BZ        STEEL - RT            23040051      -8699861.07
HAGAPN BZ       FERRAGENS HAGA-P      21299043      -62858780.7
HAGA3 BZ        HAGA                  21299043      -62858780.7
HAGA4 BZ        FER HAGA-PREF         21299043      -62858780.7
HAGAON BZ       FERRAGENS HAGA        21299043      -62858780.7
NOVAON BZ       NOVA AMERICA SA       21287489       -183535527
NOVAPN BZ       NOVA AMERICA-PRF      21287489       -183535527
1NOVPN BZ       NOVA AMERICA-PRF      21287489       -183535527
NOVA4 BZ        NOVA AMERICA-PRF      21287489       -183535527
1NOVON BZ       NOVA AMERICA SA       21287489       -183535527
NOVA3B BZ       NOVA AMERICA SA       21287489       -183535527
NOVA4B BZ       NOVA AMERICA-PRF      21287489       -183535527
NOVA3 BZ        NOVA AMERICA SA       21287489       -183535527
CSBRON BZ       CAFE BRASILIA SA      21097370       -903951461
CAFE3 BZ        CAF BRASILIA          21097370       -903951461
CSBRPN BZ       CAFE BRASILIA-PR      21097370       -903951461
CAFE4 BZ        CAF BRASILIA-PRF      21097370       -903951461
FTSJPN BZ       TECEL S JOSE-PRF      19067323      -52580501.1
FTSJON BZ       TECEL S JOSE          19067323      -52580501.1
SJOS3 BZ        TECEL S JOSE          19067323      -52580501.1
SJOS4 BZ        TECEL S JOSE-PRF      19067323      -52580501.1
NORDON BZ       NORDON METAL          15354597      -26859636.7
NORD1 BZ        NORDON MET-RTS        15354597      -26859636.7
NORD3 BZ        NORDON MET            15354597      -26859636.7
BDFCE US        B&D FOOD CORP         14423532         -3506007
BDFC US         B&D FOOD CORP         14423532         -3506007
REIC US         REII INC              14423532         -3506007
LATF US         LATTENO FOOD COR      14423532         -3506007
CCHI4 BZ        CHIARELLI SA-PRF      14300741      -46729432.5
CCHON BZ        CHIARELLI SA          14300741      -46729432.5
CCHI3 BZ        CHIARELLI SA          14300741      -46729432.5
CCHPN BZ        CHIARELLI SA-PRF      14300741      -46729432.5
HETA4 BZ        HERCULES-PREF         12689117       -170680899
HERTON BZ       HERCULES SA           12689117       -170680899
HETA3 BZ        HERCULES              12689117       -170680899
HERTPN BZ       HERCULES SA-PREF      12689117       -170680899
GAZON BZ        GAZOLA SA             12452144      -40298531.2
GAZO3 BZ        GAZOLA                12452144      -40298531.2
GAZO4 BZ        GAZOLA-PREF           12452144      -40298531.2
GAZO12 BZ       GAZOLA SA-DVD PF      12452144      -40298531.2
GAZO9 BZ        GAZOLA-RCPTS CMN      12452144      -40298531.2
GAZPN BZ        GAZOLA SA-PREF        12452144      -40298531.2
GAZO10 BZ       GAZOLA-RCPT PREF      12452144      -40298531.2
GAZO11 BZ       GAZOLA SA-DVD CM      12452144      -40298531.2
ARLA4 BZ        ARTHUR LANGE-PRF      11642256      -17154461.9
ARLA11 BZ       ARTHUR LAN-DVD C      11642256      -17154461.9
ARLA1 BZ        ARTHUR LANG-RT C      11642256      -17154461.9
ARLA3 BZ        ARTHUR LANGE          11642256      -17154461.9
ALICON BZ       ARTHUR LANGE SA       11642256      -17154461.9
ARLA2 BZ        ARTHUR LANG-RT P      11642256      -17154461.9
ARLA9 BZ        ARTHUR LANG-RC C      11642256      -17154461.9
ALICPN BZ       ARTHUR LANGE-PRF      11642256      -17154461.9
ARLA10 BZ       ARTHUR LANG-RC P      11642256      -17154461.9
ARLA12 BZ       ARTHUR LAN-DVD P      11642256      -17154461.9
FGUI4 BZ        F GUIMARAES-PREF      11016542       -151840377
FGUI3 BZ        F GUIMARAES           11016542       -151840377
FGUIPN BZ       FERREIRA GUIM-PR      11016542       -151840377
FGUION BZ       FERREIRA GUIMARA      11016542       -151840377


CHILE

2940894Z CI     EMPRESA DE LOS F      1.934E+09        -50416404
TELEXO CI       TELEX-RTS             1.075E+09      -61844614.3
TELEX CI        CHILESAT CORP SA      1.075E+09      -61844614.3
TELEXA CI       TELEX-A               1.075E+09      -61844614.3
TL US           CHILESAT CO-ADR       1.075E+09      -61844614.3
CHILESAT CI     TELMEX CORP SA        1.075E+09      -61844614.3
CSAOY US        TELMEX CORP-ADR       1.075E+09      -61844614.3
CHISATOS CI     CHILESAT CO-RTS       1.075E+09      -61844614.3


                            ***********


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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