TCRLA_Public/110615.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Wednesday, June 15, 2011, Vol. 12, No. 117

                            Headlines



A R G E N T I N A

CELULOSA ARGENTINA: Moody's Assigns (P)B2/A2.ar Ratings to Notes


B E R M U D A

ADVANCED MANAGEMENT: Creditors' Proofs of Debt Due June 22
ADVANCED MANAGEMENT: Members' Final Meeting Set for July 12
AURUM MIRELIS: Creditors' Proofs of Debt Due June 29
AURUM MIRELIS: Sole Member to Receive Wind-Up Report on July 13
TELECOM EUROPE: Creditors' Proofs of Debt Due June 22

TELECOM EUROPE: Members' Final Meeting Set for July 12


B R A Z I L

SAN ANTONIO INT'L: Fitch Rates US$500MM Notes Issuance at 'B-/RR4'
SAN ANTONIO INT'L: Moody's Rates $500MM Unsecured Notes at 'B3'


C A Y M A N   I S L A N D S

ABX FINANCING: Creditors' Proofs of Debt Due July 6
ANTHRACITE BALANCED: Creditors' Proofs of Debt Due July 7
ARLO IX: S&P Lowers Ratings on Series 2008 RRF10 Notes to 'CCC+'
CHINA CENTURY: Creditors' Proofs of Debt Due July 6
CQS CREDIT: Creditors' Proofs of Debt Due July 6

CQS DIRECTIONAL: Creditors' Proofs of Debt Due July 6
CQS DIRECTIONAL: Creditors' Proofs of Debt Due July 6
CQS GLOBAL: Creditors' Proofs of Debt Due July 6
CREDIT SUISSE: Creditors' Proofs of Debt Due July 6
CREDIT SUISSE: Creditors' Proofs of Debt Due July 6

GROWTH ENTERPRISES: Creditors' Proofs of Debt Due July 6
JEFFERIES TECHNOLOGY: Creditors' Proofs of Debt Due July 6
JEFFERIES TECHNOLOGY: Creditors' Proofs of Debt Due July 6
LIONGATE BALTIC: Creditors' Proofs of Debt Due June 22
MATRIX MACRO: Creditors' Proofs of Debt Due July 8

O'CONNOR LONG/SHORT: Creditors' Proofs of Debt Due July 6
WEST GATE: Creditors' Proofs of Debt Due June 22


J A M A I C A

PETROLEUM CORPORATION: Taps Mario Anderson as Managing Director
BREEZES RIO: Government Seeks Operators for Closed Resort
* JAMAICA: Finance Minister Denies Failed IMF Test


M E X I C O

CORPORACION GEO: Moody's Affirms Unsecured Debt Rating at Ba3
SATELITES MEXICANOS: Posts US$6.4-Mil. First Quarter Net Loss
TUBO DE PASTEJE: Seeks to Retain Epiq as Notice & Balloting Agent
VITRO SAB: Biggest Challenge to Mexico Bankruptcy Laws, Panel Says


P U E R T O  R I C O

REITTER CORP: Has Until June 24 to File Amended Plan Outline




                            - - - - -


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CELULOSA ARGENTINA: Moody's Assigns (P)B2/A2.ar Ratings to Notes
----------------------------------------------------------------
Moody's Latin America has assigned a first-time provisional (P) B2
foreign currency rating and an (P)A2.ar Argentina National Scale
Rating to Celulosa Argentina S.A. (CASA)'s proposed new US$150
million senior unsecured notes due in 2018. At the same time,
Moody's assigned a provisional (P)B2 global local currency
corporate family rating to CASA. The outlook for all ratings is
stable. The provisional ratings are subject to the successful
completion of the proposed debt issuance and review of the final
documentation.

Net issuance proceeds will be used for refinancing existing debt,
pre-fund working capital and invest in tangible assets located in
Argentina.

Ratings Rationale

The provisional B2 and A2.ar ratings are underpinned by CASA's
market leadership and highly recognized brand name in the domestic
pulp and paper markets. The ratings reflect CASA's improved
operating performance and margins amid stronger pulp and paper
prices. Supporting the ratings is Moody's view that CASA's revenue
growth will continue to benefit from a stable demand in its key
regional markets over the medium term. In addition, devaluation of
local currency would positively impact its costs structure since,
70% of its costs are in ARS and 75% of its revenues are in US$.
The company's vertically integrated operations also support the
ratings.

CASA's key credit negatives include the company's limited
geographic diversity and reduced scale and size in relation to
global peers. The ratings also reflect the company's current tight
liquidity position, with high short-term debt maturities and
strong capex needs. However, Moody's notes that a successful
completion of the proposed debt issuance should provide CASA
flexibility in terms of liquidity, as part of the proceeds will
refinance its existing amortizing debt, eliminating long term debt
maturities for the next several years. Moody's is closely
monitoring the impact of cost inflation on CASA's margins and cash
flow prospects and potential underlying weakness in the Argentine
economy and uncoated paper prices.

Moody's continues to maintain the ratings on CASA's Uruguayan
subsidiary, Fanapel S.A., of B2 global local currency and Baa1.uy
national scale with stable outlook. Fanapel's ratings reflect the
consolidated credit profile of its parent company, given the
operational and financial integration between the two companies
and Fanapel's ability to transfer cash to CASA through
intercompany loans and/or dividend payments.

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."

The stable outlook is supported by Moody's expectation that CASA
will continue strengthening its current credit profile as its
margins benefit from a weaker Argentine Peso against the dollar,
since 70% of its costs are in ARS and 75% of its revenues are in
US$. The outlook also reflects Moody's view that CASA has
developed solid bank relationships in Argentina and Uruguay and
will be able to roll over its trade finance lines, even in more
adverse market conditions.

An upgrade of the ratings could result from improved performance
trends, for example as a result of additional cost initiatives
related to chemicals, energy and wood, or if refinancing risk
proves lower than currently anticipated. Factors that could result
in a positive rating action could include bolstering CASA's
liquidity profile, through debt reduction and strong cash flow
generation. Quantitatively, upward rating pressure could build if
CASA's debt to EBITDA, is sustainable below 3 times and EBITDA to
interest above 5 times. Additionally, a more predictable outlook
for economic activity in Argentina would be important for an
upgrade.

A downgrade in the ratings could result from a deterioration in
CASA's sales and margins or from a failure to address near to
medium term debt maturities and reduce overall leverage. The
ratings could be downgraded if CASA's operating performance and
liquidity profile persistently weaken. Quantitatively, a downgrade
could result from Debt to EBITDA of above 6.5 times and/or EBITDA
to Interest of below 1 times, both at the CASA consolidated level.

CASA is a pulp, paper and wood product manufacturer, with primary
operations in Argentina and Uruguay, with leading local brands and
market positions in printing and writing papers, solid wood and
plywood products. CASA also exports approximately 18% of revenues
to Chile, Brazil and other Latin American countries, and to a
lesser extent, the United States, Europe and Asia. For the last
twelve months ended in February 2011, CASA's consolidated revenues
reached US$348 million and EBITDA was US$ 65 million.


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B E R M U D A
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ADVANCED MANAGEMENT: Creditors' Proofs of Debt Due June 22
----------------------------------------------------------
The creditors of Advanced Management International Ltd. are
required to file their proofs of debt by June 22, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 6, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


ADVANCED MANAGEMENT: Members' Final Meeting Set for July 12
-----------------------------------------------------------
The members of Advanced Management International Ltd. will hold
their final meeting on July 12, 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 6, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


AURUM MIRELIS: Creditors' Proofs of Debt Due June 29
----------------------------------------------------
The creditors of Aurum Mirelis Fund Management Ltd. are required
to file their proofs of debt by June 29, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on May 31, 2011.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road, Hamilton
         Bermuda


AURUM MIRELIS: Sole Member to Receive Wind-Up Report on July 13
---------------------------------------------------------------
The sole member of Aurum Mirelis Fund Management Ltd. will receive
on July 13, 2011, at 11:15 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on May 31, 2011.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road, Hamilton
         Bermuda


TELECOM EUROPE: Creditors' Proofs of Debt Due June 22
-----------------------------------------------------
The creditors of Telecom Europe Limited are required to file their
proofs of debt by June 22, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 6, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


TELECOM EUROPE: Members' Final Meeting Set for July 12
------------------------------------------------------
The members of Telecom Europe Limited will hold their final
meeting on July 12, 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 6, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


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SAN ANTONIO INT'L: Fitch Rates US$500MM Notes Issuance at 'B-/RR4'
------------------------------------------------------------------
Fitch Ratings has assigned initial foreign and local currency
Issuer Default Ratings (IDRs) of 'B-' to San Antonio Internacional
Ltd. (SAI). Fitch has also assigned a 'B-/RR4' to the company's
proposed seven- to 10-year senior unsecured notes issuance in the
amount of approximately US$500 million. The 'RR4' Recovery Rating
on the issuance reflects an average expected recovery in the event
of default. The Rating Outlook is Stable.

SAI's ratings reflect the company's cash flow exposure to demand
volatility in the oil and gas drilling services sector and the
expectation of tight cash flow generation in relation to its
planned capital expenditures during the next three years. SAI's
ratings are supported by its competitive market position in the
fragmented oilfield services market in Latin America as well as
its long-term relationship with its main customers and average
contract backlog.

Exposure to Demand Volatility:

SAI's ratings reflect the company's exposure to the demand for
rigs and oilfield services, which are directly linked to crude oil
prices and the impact that changing oil prices have on exploration
and production (E&P) capital investment. SAI's drilling segment
has been the most cyclical, while the utilization of work-over
rigs and E&P services has been more resilient to crude oil price
downturns.

In the 2008-2009 downturn, the company's cash flow was negatively
impacted when the number of overall drilling rigs operating in the
region fell from a peak of approximately 315 in June 2008 to 265
in May 2009. Accordingly, SAI's average utilization rate and
consolidated EBITDA fell to 79% and US$54 in 2009 from 90% and
US$265 million in 2007, respectively. Average utilization and cash
flow generation recovered to 84% and US$101 million in 2010, as
the regional activity in the oil and gas sector increased. Fitch
expects SAI's EBITDA to reach approximately US$150 million in 2011
due to the increase in demand for SAI's services, the moderate
adjustment in day rates, and as a result of credit-supportive
measures taken by SAI over the last quarter to reduce fixed costs.

Contract Backlog, Customer Concentration:

SAI's contract backlog somewhat mitigates cash flow uncertainties
over the medium-term. As of March 2011, the company reported a
revenue backlog of approximately US$ 2.1 billion for execution
primarily in 2011 and 2012. Despite the medium-term nature of
SAI's backlog, the company cash flow generation could benefit from
the significant investment programs of its main customers, which
include YPF S.A. in Argentina and most of the region national oil
corporations (NOCs). The backlog is well diversified across rig
type, with drilling rigs representing 34%, work-over rigs 35% and
oil and gas services 31%.

SAI's backlog has customer concentration risk. Its main customers
have a good track record of payments and long-term relationships
with the company. Approximately 36% of the backlog relates to
Petroleo Brasileiro S.A. (IDR 'BBB' with a Stable Outlook) and 25%
to YPF S.A. (IDR 'BB-' with a Stable Outlook). Customer
concentration risk results from a possible deterioration in credit
quality of one of the counterparties, or loss of business, which
seem low at this point. Ecopetrol and PDVSA represent 9% and 8%,
respectively, of SAI's contract backlog. The company's modest
geographic diversification should somewhat reduce risks associated
with natural disasters or changing in tax regimes and/or
geological risks.

Tight Cash Generation & Limited Liquidity:

SAI's cash generation continues to be tight, yet sufficient to
cover its interest expense and capex needs over the 2011-2014
period. SAI's consolidated EBITDA is expected to gradually
increase following a recovery in its utilization to between US$235
-- US$250 million by 2015. Over the same period, Fitch expects
annual interest expense of approximately US$70 million, average
annual capital expenditures of US$90 million and debt to remain
stable at approximately US$700 million. Debt maturities at the
operating subsidiaries, which is expected to amount to US$202
million, are expected to be refinanced.

High Leverage to Decline:

The company's consolidated leverage, as measured by total net debt
to EBITDA, is expected to fall from its currently high level of
7.1 times (x) as of December 2010 to 4.7x by 2011 and 2.9x by
2015. Interest coverage as measured by EBITDA to interest is
expected to increase from the 0.9x reported in December 2010 to
2.0x in 2011 and approximately 3.5x in 2015.

As of March 2011, SAI's consolidated debt was US$734 million, of
which US$93 million correspond to the holding company debt at SAI,
US$337 million to SAOG (owner of the Argentinean and Colombian
assets), while the remaining US$304 million are at the operating
subsidiaries. Debt at SAI and SAOG relate to the company's
acquisition by GP Investments in 2007. The acquisition amounted to
US$1 billion, of which approximately US$600 million was financed
with debt at these entities. This debt was refinanced in 2008, and
again in August 2010. The last refinancing included an equity
contribution by the sponsor, a reduction of total debt, and the
conversion of a portion of the debt into preferred shares of SAI
and of SAOG.

New Capitalization Profile:

The company's capital structure includes pay-in-kind (PIK)
preferred equity, with escalating payments, that add to change of
control risk should they not be taken out over the next few years.
Preferred shareholders are financial entities that have initially
provided financing to SAI and SAOG and a portion of such debt was
converted into preferred shares; preferred shares have an annual
cumulative liquidation preference adjustment that increases over
time until 25% per annum in 2015, which are PIK. Management has
indicated it intends to redeem the preferred shares through an IPO
or private placement during the next 12 to 18 months, but the
ultimate timing and amount of such transaction is yet uncertain
and has not been included in Fitch's analysis. The expected
covenants of the proposed issuance will limit the company's
possibility to redeem the preferred shares with internally
generated cash or future debt issuances.

With the proposed debt issuance and other prior transactions, the
company is planning to make a new refinancing of its debt. The
company intends to restructure its capitalization profile by
moving SAOG's existing preferred shares to SAI, repaying in full
SAOG's debt, converting a portion of current debt into preferred
equity and reducing total debt. The exchange of the preferred
equity is expected to occur before the proposed debt issuance.
Following such transactions, on a consolidated basis, SAI will
have US$682 million of debt, US$172 million of preferred shares.
SAOG will have no debt and only common equity outstanding.

Rig Portfolio:

SAI is one of the largest drilling and related oilfield services
supplier in Latin America with an estimated market share of 25%
based on total number of drillings rigs. The company has 270 rigs,
80 of which are drilling rigs and 190 are work-over rigs. The rigs
are concentrated in Argentina, which accounts for 55% of total
rigs, followed by Brazil (21%), Colombia (10%) and Venezuela (7%).
The company operates primarily in onshore fields, and offers
shallow water offshore services in Venezuela and Brazil.

SAI has invested in its rigs to ensure they remain competitive. At
year-end 2010, the average age of the company's rig was
approximately 15 years old. The size and modest geographical
diversity provide SAI with a number of protections, including
protections from weather or operational issues in a particular
market or on a specific rig, diversity across types of drilling
(exploration/production projects), and diversity of cash flow
across a wider base of assets. In addition, after the proposed
debt issuance and related debt restructuring, SAI will be able to
relocate rigs in different markets as necessary.

Company Profile:

SAI is an oil and gas service company located in Bermuda,
controlled by GP Investments. The company offers integrated
onshore services through the life of a well including drilling,
production and abandonment. It also provides shallow water
offshore services in Venezuela and Brazil. SAI provides services
in the Latin America region with focus in Argentina, Brazil,
Colombia and Venezuela.


SAN ANTONIO INT'L: Moody's Rates $500MM Unsecured Notes at 'B3'
---------------------------------------------------------------
Moody's Investors Service assigned a B3 Corporate Family Rating to
San Antonio Internacional Ltd. (SAI). Moody's also assigned a B3
rating to the company's proposed US$500 million senior unsecured
notes. The rating outlook is stable.

The proceeds from the notes offering will be used to redeem
various debt obligations, including debt outstanding under its San
Antonio Oil & Gas (SAOG) Credit Facility, Brazilian Real Credit
Facility, Colombian US$ Credit facility and up to US$40 million of
its SAI Credit Facility. In a separate, concurrent transaction,
SAI will exchange SAOG's US$78.7 million liquidation preference
amount of Preferred Shares for an equivalent liquidation
preference amount of newly issued SAI Preferred Shares. SAI will
also exchange US$53 million of its indebtedness under the SAI
Credit Facility for an equivalent liquidation preference amount of
newly issued SAI Preferred Shares. The assigned ratings assume
these transactions occur as expected and are subject to a review
of the final documents and terms.

Ratings Rationale

The B3 Corporate Family Rating reflects SAI's long operating
history, scale and strong market positions in the drilling and
workover markets in Latin America, complemented by the modest
degree of diversification provided by its oilfield services
businesses and the near term revenue visibility provided by the
company's backlog. The rating also considers SAI's supportive
private equity sponsor, GP Investments, Ltd., which has invested a
meaningful amount of equity in the company.

However, Moody's notes that additional financial support to SAI
from GP Investments would be at its discretion.

The B3 Corporate Family Rating is constrained by the company's
high financial leverage, reliance of the bulk of the company's
earnings and cash flows on cyclical drilling activity, its
relatively weaker margins compared to global peers, its
concentration in Argentina, where the government has exhibited a
high level of interference in the energy sector, and relatively
high customer concentration.

The ratings also reflect the exposure of SAI's operating
companies' earnings and dividends to political risk and
instability, namely in Argentina. In addition, the ratings
consider devaluation risk and that dividend streams to SAI from
its operating companies for debt service at the holding company
are subject to considerable currency convertibility and transfer
risk, as indicated by Argentina's B3 foreign currency bond rating.

Moody's estimates SAI's pro-forma Debt/Capitalization at
approximately 61% at March 31, 2011 and its Debt/EBITDA at 5.9x
based on annualized first quarter 2011 levels, which rank at the
higher end among the global driller and oilfield service peers.
Moody's expects SAI's leverage to improve in 2011 through earnings
growth in the second half of the year, however, this entails a
degree of execution risk. SAI will need to further reduce leverage
in order to withstand the cyclicality inherent in the sector and
meet its 2.0x debt/EBITDA leverage target. Moody's notes that GP
Investments has invested over US$500 million in equity in SAI and
has the financial resources to provide additional financial
support to SAI; however, this would be at its discretion.

The B3 rating assigned to the proposed senior unsecured notes is
rated at the same level as the B3 Corporate Family Rating. SAI's
pro-forma capital structure will be entirely comprised of
unsecured debt, comprised of the US$500 million bond and
approximately US$215 million in debt at various operating
companies. The proposed notes, which will be issued by holding
company SAI, are expected to be guaranteed by nearly all of SAI's
operating subsidiaries.

The stable outlook is supported by the expectation that SAI's
financial leverage will improve over the near-term, enabling the
company to better withstand the cyclicality inherent in the
sector.

Successful execution of SAI's plans to reduce leverage
(debt/EBITDA below 4.0x) and improve margins over the near term
could be positive for the rating or outlook.

The stable outlook and ratings could face negative pressure if the
company faces a material weakness in operating performance or
liquidity, including covenant compliance concerns or its asset
base becomes encumbered.

The principal methodology used in rating San Antonio was the
Global Oilfield Services Rating Industry Methodology, published
December 2009.

Headquartered in Sao Paulo, Brazil and incorporated under the laws
of Bermuda, SAI primarily provides land drilling, workover and
pulling services in several countries in Latin America. In August
2007, a consortium led by GP Investments, Ltd. acquired the
company from Pride International, Inc. In August 2010, as a result
of being in default under its credit facilities, SAI completed a
negotiated restructuring package.


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ABX FINANCING: Creditors' Proofs of Debt Due July 6
---------------------------------------------------
The creditors of ABX Financing Company 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:

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


ANTHRACITE BALANCED: Creditors' Proofs of Debt Due July 7
---------------------------------------------------------
The creditors of Anthracite Balanced Company (R-20) 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 26, 2011.

The company's liquidator is:

         Simon Conway
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         P.O. Box 258, Grand Cayman KY1-1104
         Cayman Islands


ARLO IX: S&P Lowers Ratings on Series 2008 RRF10 Notes to 'CCC+'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered the ratings on Series
2008 RRF9 and Series 2008 RRF10 notes issued by ARLO IX Ltd. to
'CCC+ (sf)', from 'B (sf)'.

The downgrades follow a similar action taken on the authorized
investments that support the transaction. The ratings on the two
series are underpinned by the ratings on bonds issued by Reliance
Rail Finance Pty Ltd., which were lowered on June 8, 2011, from
'B' to 'CCC+' (see research update titled: ' Reliance Rail Finance
Debt Ratings Lowered Amid Funding Concerns; Outlook Is
Developing', published to Global Credit Portal).

Transaction                 Rating         Rating
                            to             From
ARLO IX Ltd.
Series 2008 (RRF9)          CCC+ (sf)      B (sf)
Series 2008 (RRF10)         CCC+ (sf)      B (sf)


CHINA CENTURY: Creditors' Proofs of Debt Due July 6
---------------------------------------------------
The creditors of China Century Investment Fund 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 25, 2011.

The company's liquidator is:

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


CQS CREDIT: Creditors' Proofs of Debt Due July 6
------------------------------------------------
The creditors of CQS Credit Volatility and Correlation Feeder Fund
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 27, 2011.

The company's liquidator is:

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


CQS DIRECTIONAL: Creditors' Proofs of Debt Due July 6
-----------------------------------------------------
The creditors of CQS Directional Credit Feeder Fund 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 27, 2011.

The company's liquidator is:

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


CQS DIRECTIONAL: Creditors' Proofs of Debt Due July 6
-----------------------------------------------------
The creditors of CQS Directional Credit Master Fund 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 27, 2011.

The company's liquidator is:

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


CQS GLOBAL: Creditors' Proofs of Debt Due July 6
------------------------------------------------
The creditors of CQS Global Volatility Master Fund 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 27, 2011.

The company's liquidator is:

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


CREDIT SUISSE: Creditors' Proofs of Debt Due July 6
---------------------------------------------------
The creditors of Credit Suisse Global Senior Loan Fund, Ltd. are
required to file their proofs of debt by July 6, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 27, 2011.

The company's liquidator is:

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


CREDIT SUISSE: Creditors' Proofs of Debt Due July 6
---------------------------------------------------
The creditors of Credit Suisse Global Senior Loan Offshore Fund,
Ltd. are required to file their proofs of debt by July 6, 2011, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on May 27, 2011.

The company's liquidator is:

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


GROWTH ENTERPRISES: Creditors' Proofs of Debt Due July 6
--------------------------------------------------------
The creditors of Growth Enterprises Fund Co., Ltd. are required to
file their proofs of debt by July 6, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 24, 2011.

The company's liquidator is:

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


JEFFERIES TECHNOLOGY: Creditors' Proofs of Debt Due July 6
----------------------------------------------------------
The creditors of Jefferies Technology Fund (Cayman), Ltd., are
required to file their proofs of debt by July 6, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 25, 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


JEFFERIES TECHNOLOGY: Creditors' Proofs of Debt Due July 6
----------------------------------------------------------
The creditors of Jefferies Technology Master Fund, Ltd., are
required to file their proofs of debt by July 6, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 25, 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


LIONGATE BALTIC: Creditors' Proofs of Debt Due June 22
------------------------------------------------------
The creditors of Liongate Baltic Fund are required to file their
proofs of debt by June 22, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 26, 2011.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Mourant Ozannes
         Reference: Christine Fletcher
         Telephone: (+1) 345 949 4123
         Facsimile:  (+1) 345 949 4647; or

         Mourant Ozannes Cayman Liquidators Limited
         Reference: Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         Harbour Centre
         42 North Church Street
         P.O. Box 1348, George Town, Grand Cayman KY1-1108
         Cayman Islands


MATRIX MACRO: Creditors' Proofs of Debt Due July 8
--------------------------------------------------
The creditors of Matrix Macro Fund are required to file their
proofs of debt by July 8, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 24, 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


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


WEST GATE: Creditors' Proofs of Debt Due June 22
------------------------------------------------
The creditors of West Gate Leveraged Loan Fund, Ltd are required
to file their proofs of debt by June 22, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on May 26, 2011.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Mourant Ozannes
         Reference: Christine Fletcher
         Telephone: (+1) 345 949 4123
         Facsimile:  (+1) 345 949 4647; or

         Mourant Ozannes Cayman Liquidators Limited
         Reference: Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         Harbour Centre
         42 North Church Street
         P.O. Box 1348, George Town, Grand Cayman KY1-1108
         Cayman Islands


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


PETROLEUM CORPORATION: Taps Mario Anderson as Managing Director
---------------------------------------------------------------
RJR News reports that Petroleum Corporation of Jamaica (PCJ) has
appointed Dr. Mario Anderson as its new group managing director
effective May 18.

Dr. Anderson has more than 15 years of general management
experience and prior to joining PCJ worked at Shell Company West
Indies, according to RJR News.

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2011, RJR News said the state-run Petroleum Corporation
of Jamaica is searching for a new boss former Group Managing
Director Dr. Ruth Potopsingh was fired after a report revealed
operational breaches at the PCJ, according to RJR News.

                    About Petroleum Corporation

Petroleum Corporation of Jamaica is a petroleum company owned by
the government of Jamaica.  It was established in 1975 as State
Energy Corporation under the Ministry of Mining and Energy and
changed its name in 1979 by the Petroleum Act.  The PCJ has the
exclusive right to explore for oil in Jamaica.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 23, 2010, Jamaica Observer said that PCJ has been one of
the most scrutinized public agencies over the last few years and
has been without a chairman since Kathryn Phipps left her post.
RJR News reported in May 2010 that auditors found a raft of
irregularities in the financial operations of the PCJ, with
millions of dollars paid out under questionable circumstances.
The audit reportedly revealed a lax system which allowed money to
be paid out without following basic accounting or government
guidelines, according to RJR News.  Dr. Ruth Potopsingh,
Managing Director of the PCJ, was eventually sacked by the PCJ
board, the report noted.


BREEZES RIO: Government Seeks Operators for Closed Resort
---------------------------------------------------------
RJR News reports that the Jamaican government is still searching
for an operator to run the Breezes Rio Bueno in Trelawny.

Pearnel Charles, Minister of Labour and Social Security, said
discussions are now taking place concerning the hotel's reopening,
according to RJR News.  The report relates that nearly 100 workers
lost their jobs when the hotel closed its doors.

As reported in the Troubled Company Reporter-Latin America on
April 28, 2011, RJR News said Pearnel Charles, the Minister of
Labor and Social Security, said he will provide an update on steps
the government will take to keep Breezes Rio Bueno open.  The
report related that the closure is expected to affect 300
employees.  RJR News recalled that John Issa, Chairman of the
Superclubs Group, which operates the hotel, said it would close
the hotel on April 30.  The pending closure of the property comes
after the SuperClubs Group said efforts to extend its lease
arrangement were stonewalled, according to RJR News.

The government owns the property through the National Insurance
Fund.

Breezes Rio Bueno is a 226 room hotel owned by the National
Insurance Fund.


* JAMAICA: Finance Minister Denies Failed IMF Test
--------------------------------------------------
Jamaica Minister of Finance Audley Shaw has denied an article by
Sunday Herald that Jamaica did not meet the requirements set by
the International Monetary Fund (IMF) in relation to its primary
surplus and fiscal deficit.

Mr. Shaw explained that Jamaica is still being assessed by the IMF
on the latest targets, according to RJR News.  "The fact is that I
had already announced in parliament that the reviews for September
and March would not be done until June, which is this month, and I
think it will probably be considered by the board of the IMF in
July.  So I am sorry to say that news report is totally erroneous
and that's all I have to say on that," RJR News quoted Mr. Shaw as
saying.

Jamaica has passed its quarterly IMF tests since resuming
borrowing relations with the Fund early last year, RJR News notes.

                           *     *     *

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


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


CORPORACION GEO: Moody's Affirms Unsecured Debt Rating at Ba3
-------------------------------------------------------------
Moody's de Mexico affirmed Corporacion GEO's senior unsecured debt
rating (foreign currency) at Ba3, its long-term local currency
issuer rating at Ba3 (national scale at A3.mx) and its short-term
local currency issuer rating at Not Prime (national scale at
MX-2). The rating outlook is stable and reflects the expectation
that GEO will continue to grow its sales volume while at least
maintaining its current credit metrics.

These ratings were affirmed with stable outlook:

Corporacion GEO, S.A.B. de C.V.

- Ba3 senior unsecured debt rating

- (P)Ba3 / A3.mx senior unsecured shelf rating

- Ba3 / A3.mx long-term issuer rating

- NP / MX-2 short-term issuer rating

Ratings Rationale

Over the past two years GEO has made progress in reducing its
exposure to short-term debt and improving its financial
flexibility while continuing to drive growth in sales volume and
expand its platform.

GEO has publicly stated its growth target of reaching 100,000
homes titled by 2015. This goal is expected to be reached in large
part through the construction of fully automated housing factories
(the ALPHA project) which will reduce labor, construction and
inventory costs and minimize building and delivery times. These
positives are counterbalanced by the high upfront capital costs in
getting the first factories fully operational, which has resulted
in negative free cash flow for the past two years. Moody's expects
2011 to be free cash flow neutral to slightly positive as the
first factory should produce approximately 10,500 homes.

GEO is the largest homebuilder in terms of housing units sold and
is maintained its focus on the low income housing sector, where
the greatest demand for housing exists. This has given the company
a distinct advantage as the leader in homes sold with an Infonavit
mortgage. Close to 90% of GEO homes are sold with either an
Infonavit or Fovissste credit. Concentration with these entities
could pose a liquidity risk as the take-out financing can take
anywhere from 3-6 months for delivery. However, given GEO's size
and good access to capital from multiple sources (public and
private debt, equity and FCF) this threat is minimal.

Moody's would raise GEO's ratings should the company undertake a
more conservative capital structure, with debt to LTM EBITDA
maintained below 2.0x and fixed charge coverage as defined by LTM
EBITDA / LTM Interest Expense and Capitalized Interest closer to
4.0x. Downward rating pressure would result from substantial
missteps in its growth strategy, specifically in its ability to
recover sunk capital costs from its ALPHA factories initiative
through increased sales volume. This would likely result in
continued negative free cash flow, reduced sales targets and
EBITDA margins below the low 20% range. Finally, GEO has little
cushion for additional debt (inclusive of leasing obligations) and
any additional leverage would be viewed negatively.

The principal methodology used in this rating was Global
Homebuilding Industry rating methodology published in March, 2009.

Corporacion GEO, S.A.B. de C.V., based in Mexico City, Mexico, is
a publicly traded, fully integrated homebuilder engaged in the
development, construction, marketing and sale of affordable
housing developments in Mexico. The firm reported total assets of
approximately $30,880 million Mx pesos and total equity of
approximately $9,382 million Mx pesos at March 31, 2011.


SATELITES MEXICANOS: Posts US$6.4-Mil. First Quarter Net Loss
-------------------------------------------------------------
Satelites Mexicanos, S.A. de C.V., reported a net loss of
$6.4 million on $32.6 million of revenues for the three months
ended March 31, 2011, compared with a net loss of $3.7 million on
$31.8 million of revenue for the same period of 2010.

The Company's balance sheet at March 31, 2011, showed
$443.1 million in total assets, $535.5 million in total
liabilities, and a stockholders' deficit of $92.4 million.

As of March 31, 2011, the Company's consolidated financial
statements show an accumulated deficit exceeding two-thirds of its
paid-in capital.  Under Mexican law, this condition permits the
Company's shareholders, creditors or other interested parties to
force the Company into dissolution.  In addition, as of March 31,
2011, the Company has a working capital deficit of $182.1 million.
Furthermore, based on current cash levels, the Company would be
unable to pay its First Priority Senior Secured Notes ("FPSSN")
due on Nov. 30, 2011.  The Company requires additional financing
to service its indebtedness, fund its operations and invest in the
growth of its business.  However, the Old Indentures restrict its
ability to incur additional debt unless authorization from
bondholders is obtained.

A copy of the Company's Form 6-K report for the month of
June 2011 is available at http://is.gd/2Snm4l

                        About Satmex SAB

Satelites Mexicanos, S.A. de C.V., (Satmex) is a Mexico-based
provider of fixed satellite services in the Americas, with
coverage to more than 90% of the population to the Americas,
including more than 45 nations and territories.  Satmex also
provides Latin American television programming in the United
States.

One of only two privately managed FSS providers based in Latin
America, Satmex has a fleet comprised of three satellites.  Satmex
5 and Satmex 6 generate the adjusted EBITDA for Satmex.  A third
satellite, Solidaridad 2, is inclined orbit but does not generate
any adjusted EBITDA.  Construction of Satmex 8 is expected to be
completed by July 2012.  Satmex also intends to pursue plans for a
new satellite, to be named Satmex 7.

Satmex first filed for bankruptcy in August 2006 in New York and
exited four months later with a plan to repay creditors owed about
US$743 million with new debt and equity.

Satmex, with affiliates Alterna' TV International Corporation and
Alterna' TV Corporation, again filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 11-11035) on April 6, 2011.
The Debtors disclosed US$441.6 million in total assets and
US$531.6 million in total debts as of March 23, 2011.  In its
schedules, Satmex disclosed US$393,427,253 in total assets
and US$457,699,978 in total debts on a stand-alone basis.

Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, serves
as the Debtor's bankruptcy counsel in the present Chapter 11 case.
Lazard Freres & Co. LLC is the Debtors' investment banker.  Ernst
& Young LLP is the Debtors' financial advisor.

Jefferies & Company, Inc., is the financial advisor to supporting
second lien noteholders.  Ropes & Gray LLP is the U.S. counsel to
supporting second lien noteholders.  Cervantes Sainz serves as
Mexican counsel to supporting 2nd lien noteholders.

Dechert LLP is the U.S. counsel to supporting holders of first
priority notes.  Galicia Abogados, S.C., is the Mexican counsel to
supporting holders of first priority notes.

Bracewell & Giuliani LLP is the U.S. counsel to Series B.
Directors.  Kuri Brena Sanchez Ugarte Y Aznar is Mexican counsel
to Series B. Directors.

Morgan, Lewis & Bockius LLP is the U.S. counsel for SCT for Mexico
Government.  Casares, Castelazo, Frias, Tenorio Y Zarate, SC, is
the Mexican counsel for SCT for Mexico Government.  Detente Group
is the financial advisor for SCT for Mexico Government.

Latham & Watkins LLP is the U.S. counsel to Jefferies Finance.
Creel, Garcia-Cuellar, Aiza Y Enriquez is the Mexican counsel for
Jefferies.

As reported in the TCR on June 1, 2011, Satmex disclosed that on
May 26, 2011, it officially concluded its reorganization efforts
and emerged from its U.S. bankruptcy case.  As previously
announced, Satmex, together with its subsidiaries, Alterna' TV
Corporation and Alterna' TV International Corporation, filed a
prepackaged plan of reorganization under Chapter 11 of the U.S.
Bankruptcy Code on April 6, 2011.  The Plan was confirmed by the
U.S. Bankruptcy Court in the District of Delaware on May 11, 2011,
and became effective on May 26, 2011.


TUBO DE PASTEJE: Seeks to Retain Epiq as Notice & Balloting Agent
-----------------------------------------------------------------
Tubo de Pasteje SA seeks approval from the U.S. Bankruptcy Court
of the District of Delaware to employ and retain Epiq Bankruptcy
Solutions LLC notice and balloting agent effective as of May 26,
2011.

As part of its retention, Epiq agrees that:

   (a) Epiq will not consider itself employed by the United States
       government and will not seek any compensation from the
       United States government in its capacity as the Notice and
       Balloting Agent in these chapter 11 cases;

   (b) By accepting employment in these chapter 11 cases, Epiq
       waives any rights to receive compensation from the United
       States government;

   (c) In its capacity as the Notice and Balloting Agent in these
       chapter 11 cases, Epiq will not be an agent of the United
       States government and will not act on behalf of the United
       States government

During its retention, Epiq Bankruptcy, will, among other things,
act as balloting agent, which may include some or all of the
following services:

      i. printing ballots and coordinating the mailing of
         solicitation packages (i.e., ballots, disclosure
         statement, and chapter 11 plan) to all voting and non-
         voting parties and provide a certificate or affidavit of
         service with respect thereto;

    ii. establishing a toll-free number to receive questions
        regarding voting with respect to any chapter 11 plan;

   iii. receiving ballots at its offices or a post office box,
        inspecting ballots for conformity to voting procedures,
        date stamping and numbering ballots consecutively and
        tabulating and certifying the results.

The Companies respectfully submit that the rates to be charged by
Epiq for its services in connection with balloting services are
competitive and comparable to the rates charged by Epiq' s
competitors for similar services.

                         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: Biggest Challenge to Mexico Bankruptcy Laws, Panel Says
------------------------------------------------------------------
Joseph Checkler, writing for Dow Jones' Daily Bankruptcy Review,
reports that panelists at a discussion hosted by the Emerging
Markets Trade Association on Monday on Mexico's 11-year-old
equivalent of a bankruptcy code, called Ley de Co Concurso
Mercantiles, seem to agree that the prepackaged plan being pushed
by Vitro SAB is the biggest challenge yet to the viability of
Concurso.

Vitro SAB and its bondholders have been fighting for months in
both the U.S. and Mexico over Vitro's attempt to push through its
prepackaged restructuring plan by counting the votes of $1.9
billion in intercompany loans made after Vitro initially
defaulted, making the company and its subsidiaries its own biggest
creditor constituency.

According to the report, one of the panelists, William Govier,
Esq. -- william.govier@bingham.com -- at Bingham McCutchen LLP,
said that part of the problem is that there actually is no section
of the code that talks about such intercompany claims.  "The civil
code is very, very rigid," Mr. Govier said, and judges in such a
civil system can often do nothing on issues where the law is
silent.

DBR also reports Mr. Govier said that if Vitro prevails in Mexico,
it could give ideas to other companies in terms of trying to
squelch creditors whose claims under more mature bankruptcy codes
like that of the U.S. would most certainly have more rights than
intercompany claims.

DBR relates Richard Cooper, Esq. -- rcooper@cgsh.com -- at Cleary
Gottlieb Steen & Hamilton said that when Mexico Judge Francisco
Flores earlier this year rejected Vitro SAB's plan -- a decision
that was later overruled on appeal -- Judge Flores was actually
trying to interpret and perhaps force a change in the law.

DBR also says John Cunningham, Esq. -- jcunningham@whitecase.com
-- at White & Case LLP, which represents the trustee for most of
the more than $1.5 billion in Vitro bonds, pointed out that Judge
Flores was set to be the judge when Vitro comes back to court in
Mexico but last week was promoted to a different job.

According to DBR, Mr. Cunningham said the Concurso law needs some
changes, even if it's still much better than Mexico's previous
restructuring code.

DBR notes that under the old code, the average company would stay
under the court's direction for more than eight years instead of
the current two years, and creditor recovery was much worse than
it is now.

"We're going to learn the lessons from Vitro," Mr. Cunningham
said, according to DBR.  He added, "Mexico's got to fix this, and
it's got to fix this now."

DBR also reports the panel moderator, American University
Professor Arturo Porzecanski, who recently wrote a paper titled
"Corporate Workouts in Mexico: The Good, the Bad, and the Ugly,"
said Monday that the law "is unclear and it has some loopholes
when it comes to the issues of corporate bondholders and
intercompany claims."

                        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.  Ernst & Young LLP
serves as tax advisors.

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


REITTER CORP: Has Until June 24 to File Amended Plan Outline
------------------------------------------------------------
On June 1, 2011, the U.S. Bankruptcy Court for the District of
Puerto Rico granted Reitter Corporation's request for additional
time to file its amended disclosure statement.

As previously reported in the TCR, Reitter Corporation asked the
Bankruptcy Court to extend until June 24, 2011, its time to file
an Amended Disclosure Statement explaining its proposed plan of
reorganization, and that the hearing scheduled for June 28, be
vacated or converted to a status conference.

The Debtor relates that it is still awaiting for the approval of
appointment of CPA Luis Carrasquillo.  Mr. Carrasquillo will prove
the feasibility of its proposed plan.

As reported in the March 18, edition of the Troubled Company
Reporter, the Debtor filed with the Court a proposed Chapter 11
plan of reorganization and a disclosure statement explaining the
plan.

Under the plan, Reitter proposed to make payments to its creditors
which primarily consist of:

  (i) payment of all administrative expenses on the later of the
      effective date of the plan and the date those claims become
      allowed;

(ii) monthly payment of 100% of all allowed priority tax claims
      to be made within the sixth year of the date of assessment
      of each particular claim;

(iii) payment of 100% of all claims from holders of executory
      contracts that are being assumed by Reitter;

(iv) payment of approximately 2.8% of allowed unsecured claims
      in 60 monthly payments to begin 30 days after the effective
      date of the plan;

Reitter will also continue to pay its secured creditor, Banco
Popular, under an agreed upon payment scheme.

The effective date of the proposed plan will be 120 days after an
order confirming the plan is final and unappealable.

                    About Reitter Corporation

San Juan, Puerto Rico-based Reitter Corporation dba Hospital San
Gerardo filed for Chapter 11 protection (Bankr. D. P.R. Case No.
10-07152) on Aug. 6, 2010.  In its schedules, the Debtor disclosed
$20,440,765 in total assets and $17,250,033 in total debts.
Alexis Fuentes-Hernandez, Esq., in San Juan, P.R., represents the
Debtor as counsel.


                            ***********


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


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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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