TCRLA_Public/110616.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Thursday, June 16, 2011, Vol. 12, No. 118

                            Headlines



B E R M U D A

MGSIS MAN: Creditors' Proofs of Debt Due June 24
MGSIS MAN: Member to Receive Wind-Up Report on July 22


C A Y M A N   I S L A N D S

ALETRAX CAPITAL: Members' Final Meeting Set for June 28
ALETRAX GLOBAL: Members' Final Meeting Set for June 28
COMAS STRATEGY: Placed Under Voluntary Wind-Up
DIFIGLIA PARTNERS: Shareholders' Final Meeting Set for July 6
DIFIGLIA PARTNERS: Shareholders' Final Meeting Set for July 6

DRAKE INVESTMENTS: Shareholders' Final Meeting Set for July 8
HERITAGE TRUST: Shareholders' Final Meeting Set for June 30
IXIS ABS: Creditors' Proofs of Debt Due July 6
MOBISERVE B: Shareholders' Final Meeting Set for July 8
RL CAPITAL: Creditors' Proofs of Debt Due July 6

SR KC MASTER: Shareholders' Final Meeting Set for July 6
SUMMERTIME INVESTMENTS: Members Receive Wind-Up Report
TAKEFUJI BULL: Creditors' Proofs of Debt Due July 6
TRIBECA CITIGROUP: Creditors' Proofs of Debt Due July 6
VERFA INVESTMENTS: Creditors' Proofs of Debt Due July 6


J A M A I C A

SUGAR COMPANY: Agriculture Ministry to Hold 2nd Meeting With NWU
WEST INDIES: UC RUSAL Needs to Raise About JM$2BB to Repay Debts


M E X I C O

MEXICANA AIRLINES: About 2,500 Workers Accuse Bancomext of Fraud
VITRO SAB: Parent, Lenders Object to Sale of U.S. Unit's Assets
VITRO SAB: Amends Asset Purchase Agreement with American Glass


P U E R T O   R I C O

CARIBBEAN PETROLEUM: Liquidation Plan Declared Effective
CARIBBEAN PETROLEUM: Obtains Approval of VB Investment Settlement
COSTA DORADA: Files Schedules of Assets & Liabilities


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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B E R M U D A
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MGSIS MAN: Creditors' Proofs of Debt Due June 24
------------------------------------------------
The creditors of MGSIS Man IP 229 Series 3 Class P2 GBP Trading
Ltd are required to file their proofs of debt by June 24, 2011, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on June 8, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MGSIS MAN: Member to Receive Wind-Up Report on July 22
------------------------------------------------------
The member of MGSIS Man IP 229 Series 3 Class P2 GBP Trading Ltd
will receive on July 22, 2011, at 9:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on June 8, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


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


ALETRAX CAPITAL: Members' Final Meeting Set for June 28
-------------------------------------------------------
The members of Aletrax Capital Management Limited will hold their
final meeting on June 28, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Jeffrey Skinner
         Telephone: +350 200 52545
         Facsimile: +350 200 52546
         CARD Corporate Services Ltd.
         P.O. Box 709 Zephyr House
         122 Mary Street, Grand Cayman KY1-1107
         Cayman Islands


ALETRAX GLOBAL: Members' Final Meeting Set for June 28
------------------------------------------------------
The members of Aletrax Global SPC Limited will hold their final
meeting on June 28, 2011, at 2:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Jeffrey Skinner
         Telephone: +350 200 52545
         Facsimile: +350 200 52546
         CARD Corporate Services Ltd.
         P.O. Box 709 Zephyr House
         122 Mary Street, Grand Cayman KY1-1107
         Cayman Islands


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

David T. Smith of Equus Asset Management Partners is the company's
liquidator.


DIFIGLIA PARTNERS: Shareholders' Final Meeting Set for July 6
-------------------------------------------------------------
The shareholders of Difiglia Partners (Cayman), Ltd will hold
their final meeting on July 6, 2011, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd
         c/o Bernadette Bailey-Lewis
         Telephone: (e45) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108
         Cayman Islands


DIFIGLIA PARTNERS: Shareholders' Final Meeting Set for July 6
-------------------------------------------------------------
The shareholders of Difiglia Partners Master (Cayman), Ltd will
hold their final meeting on July 6, 2011, at 4:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd
         c/o Bernadette Bailey-Lewis
         Telephone: (e45) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108
         Cayman Islands


DRAKE INVESTMENTS: Shareholders' Final Meeting Set for July 8
-------------------------------------------------------------
The shareholders of Drake Investments Limited will hold their
final meeting on July 8, 2011, at 8:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


HERITAGE TRUST: Shareholders' Final Meeting Set for June 30
-----------------------------------------------------------
The shareholders of Heritage Trust Company, Ltd. will hold their
final meeting on June 30, 2011, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


IXIS ABS: Creditors' Proofs of Debt Due July 6
----------------------------------------------
The creditors of IXIS ABS CDO 3 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 18, 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


MOBISERVE B: Shareholders' Final Meeting Set for July 8
-------------------------------------------------------
The shareholders of Mobiserve B Limited will hold their final
meeting on July 8, 2011, at 8:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


RL CAPITAL: Creditors' Proofs of Debt Due July 6
------------------------------------------------
The creditors of RL Capital III Co. 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:

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


SR KC MASTER: Shareholders' Final Meeting Set for July 6
--------------------------------------------------------
The shareholders of SR KC Master Ma Ltd. will hold their final
meeting on July 6, 2011, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London


SUMMERTIME INVESTMENTS: Members Receive Wind-Up Report
------------------------------------------------------
The members of Summertime Investments Limited received on May 16,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town, Grand Cayman
         Cayman Islands


TAKEFUJI BULL: Creditors' Proofs of Debt Due July 6
---------------------------------------------------
The creditors of Takefuji Bull Mart 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 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


TRIBECA CITIGROUP: Creditors' Proofs of Debt Due July 6
-------------------------------------------------------
The creditors of Tribeca Citigroup Investments Ltd. are required
to file their proofs of debt by July 6, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on May 12, 2011.

The company's liquidator is:

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


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

The company's liquidator is:

         Rafaela Salinas de Sancheznavarro
         Fuente De Verona 5
         Tecamachalco, Estado De Mexico 53950
         Mexico


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J A M A I C A
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SUGAR COMPANY: Agriculture Ministry to Hold 2nd Meeting With NWU
----------------------------------------------------------------
RJR News reports that a follow up meeting between the Ministry of
Agriculture and representatives of the National Workers' Union
(NWU) is to be held to discuss crucial issues ahead of the Chinese
firm Complant completing the next phase of its takeover of Sugar
Company of Jamaica Holdings Limited (SCJ)'s factories.  This
follows talks held two weeks ago between the Ministry and NWU,
which represents employees in the sugar industry, according to RJR
News.

RJR News notes that NWU said a request will be made to include the
sugar divestment team in the discussions.

Meanwhile, Vincent Morrison, NWU President, said the union also
wants to meet with Complant, RJR News says.

". . . and we're also seeking a meeting with the Chinese
(Complant) to discuss the issue of representation.  Those are two
issues that came out of the meeting.  There was a third matter, a
number of the workers have put together a project proposal to
develop certain business forms and this issue will be pursued with
the Ministry of Agriculture," RJR News quoted Mr. Morrison as
saying.

As reported in the Troubled Company Reporter-Latin America on
May 23, 2011, RJR News said Dr. Christopher Tufton, the Minister
of Agriculture, has reportedly agreed to a request from trade
unions for a meeting to discuss the fate of sugar workers with the
impending takeover of SCJ's factories.  The meeting was held on
June 1.  The unions wanted answers on how the employees will be
treated when the factories are fully placed under Complant's
control, according to RJR News.  "We have written to the minister
requesting a meeting to discuss the winding up process (and) the
terminal arrangements for the workers who have been engaged since
January 2009", Mr. Morrison told RJR's Financial Report in an
interview.  Last year, RJR News recalled that Complant spent US$9
million to acquire the Frome, Bernard Lodge, and Monymusk sugar
factories in Westmoreland, St. Catherine and Clarendon
respectively.

                         About SCJ

The Sugar Company of Jamaica Holdings Limited, a.k.a. SCJ, was
formed in November 1993 by a consortium made up of J. Wray &
Nephew Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, the Jamaica Gleaner reported that Agriculture and
Fisheries Minister Christopher Tufton said that if a new deal is
not inked soon for the divestment of SCJ's factories, the public
will be called on again to plug a projected US$4.2 billion hole --
representing a US$2 billion operational loss, and bank penalties
-- apparently from continuous hefty overdrafts.  The loss was
incurred by the SCJ's four factories during the 2008/2009 season.
The Gleaner related the enterprise has a US$21-billion debt and
losses totaling more than US$14 billion since 2005.


WEST INDIES: UC RUSAL Needs to Raise About JM$2BB to Repay Debts
----------------------------------------------------------------
RJR News reports that UC Rusal, owner of West Indies Alumina
Company (WINDALCO)'s bauxite plants in Jamaica, is considering a
share offering in order to help pay off its debts.

UC Rusal is looking to raise between JM$1.5 billion and JM$2
billion as part of its long-term debt repayment plan, according to
RJR News.

The report notes that the company raised JM$2.2 billion in a
landmark Hong Kong IPO (initial public offering) last year to
solve its chronic debt problem, but still had more than JM$11
billion on its balance sheet as of March 31 this year.

RJR News relates that a source said UC Rusal is studying the
possibility of the sale of a stake of between 7% and 10%.

A group spokeswoman said no decision had been made on future debt
repayment plans, the report discloses.

As reported in the Troubled Company Reporter-Latin America on
June 14, 2011, RJR News said 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 related that the re-employment
of 300 persons is also on the line if UC Rusal carries out its
threat.

UC Rusal is the world's largest producer of aluminium.

                         About WINDALCO

West Indies Alumina Company is situated on the island of Jamaica
in the Caribbean.  The company comprises two alumina refineries
(Ewarton Works and Kirkvine Works), a shipping port (Port
Esquivel) and also bauxite mines in Schwallenburgh (Ewarton) and
Russell Place (Kirkvine) and farms in Manchester and St. Ann.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 8, 2010, Jamaica Gleaner said that West Indies Alumina
Company will end its bauxite production in Jamaica and make 762
permanent jobs redundant.  The report related that the redundancy
exercise comes a year after the company suspended production at
its Kirkvine, Manchester, and Ewarton, St. Catherine, refineries
because of reduced demand for aluminium on the world market.  The
company is 93% owned by Russian entity, UC Rusal.


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MEXICANA AIRLINES: Workers File US$83MM Fraud Suit vs. Bancomext
----------------------------------------------------------------
Latin American Herald Tribune reports that about 2,500 employees
of Compania Mexicana de Aviacion or Mexicana Airlines filed a
complaint with prosecutors against Banco Nacional de Comercio
Exterior (Bancomext) alleging that the state-owned financial
institution defrauded the Treasury of some MXN990 million (about
US$83 million) and dispossessed the company of assets.

"We are filing a criminal complaint aimed at Bancomext and its
director, Hector Rangel, for the possible diversion or
disappearance of 990 million pesos that belong to Mexicans.  We
are going to act in accordance with the law," The Herald quoted
Luis Ojeda, Mexicana de Aviacion Workers Coalition (CTMA) leader,
as saying.

CTMA alleged that Bancomext made a loan that was supposedly used
to capitalize the airline, but "it is not known what the final
destination of said resources was and that is called fraud,"
according to The Herald.  Bancomext also took nine planes that
still belong to Mexicana de Aviacion and that the bank wants to
keep as collateral for the supposed loan that was not repaid, CTMA
added.

"We are denouncing at this time that via an act of fraudulent
extortion of the law, Bancomext wants to dispossess us of what
belongs to us by law," Mr. Ojeda said, adding that the assets
belonged to workers and creditors, The Herald relates.  "The
company is under bankruptcy protection and so this government
institution cannot dispose of them . . . if the company is
liquidated, the planes guarantee the payment of severance to
workers," Mr. Ojeda added.

                  About Mexicana Airlines

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/--is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than US$1
billion.  William C. Heuer, Esq., at Duane Morris LLP, serves as
counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings did
not affect the operations of Click Mexicana and Mexicana Link,
which are independent companies from Mexicana de Aviacion.


VITRO SAB: Parent, Lenders Object to Sale of U.S. Unit's Assets
---------------------------------------------------------------
Vitro S.A.B. de C.V., the ultimate parent of Vitro America, LLC,
and its debtor affiliates, and Bank of America, N.A., and Banc of
America Leasing & Capital, LLC, the Debtors' lenders, object to
the sale of substantially all of the U.S. Debtors' assets to
American Glass Enterprises, LLC.

Vitro SAB says it does not generally object to the sale of the
U.S. assets.  However, Vitro SAB asserts that (a) the Debtors
cannot transfer any rights to the "VITRO" trademarks, (b) Vitro
SAB and its non-Debtor affiliates do not consent to the general
release contemplated under the asset purchase agreement, and (c)
the proposed assumptions and assignments of certain agreements
should not be authorized in the manner presently contemplated by
the Debtors.

According to Andrew M. LeBlanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., Vitro SAB's counsel, the
permission of the parent's affiliates to use the VITRO Marks in
their businesses is not transferrable or assignable to any third
party without the parent's permission.

Vitro SAB wants the U.S. Debtors to assume:

   -- the Contract for Information Technology Services, dated
      August 1, 2007, by and between EDS Mexico, S.A. Ltd., and
      Vitro Corporativo, ITS Master Agreement or the Local
      Agreement for Information Technology Services dated
      September 25, 2007, by and between EIS Information Services,
      L.L.C., Electronic Data Systems Corporation and Vitro
      America Inc. and its affiliates and assign either of them to
      Vitro America Acquisition Corporation;

   -- certain software license, maintenance and services
      agreement, between J.D. Edwards World Solution and VVP
      America, Inc., and assign any of them to either VAAC or
      American Glass, as the case may be; and

   -- any of the Assigned Contracts and assign them to either VAAC
      or American Glass without first releasing any non-Debtor
      guarantor or indemnitor thereunder.

Vitro SAB also asks that it not be compelled to execute the
Release under the APA.

BofA and BALC object to the sale to the extent that the net cash
proceeds of the sale, after deducting all pre- and post-closing
prorations and adjustments, are insufficient to provide for fully
payment of the Debtors' prepetition obligations and the DIP
obligations, and payment of all fees, costs and expenses of the
Prepetition Lender, the DIP Lender and BALC, which are
reimbursable under the Prepetition Loan Agreement, the DIP Loan
Agreement and any other related instruments.  BofA and BALC also
object to the sale to the extent that cash proceeds are not
remitted directly to the Prepetition Lender and the DIP Lender at
closing.

                        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: Amends Asset Purchase Agreement with American Glass
--------------------------------------------------------------
Vitro Asset Corp. and its debtor affiliates notified the U.S.
Bankruptcy Court for the Northern District of Texas, Dallas
Division, that the asset purchase agreement between Vitro America,
LLC, and American Glass Enterprises, LLC, was modified on June 8,
2011.

The modifications include additional items included in the
liabilities to be assumed by the Buyer.  Those additional Assumed
Liabilities include:

   -- those trade obligations, including cure costs, arising prior
      to the Involuntary Petition Date provided that the aggregate
      liability to be assumed by Buyer for any of those trade
      obligations will not exceed $500,000;

   -- all claims incurred-but-not-reported under the Sellers'
      self-insured health plans incurred as of or prior to the
      Closing Date of the Sale;

   -- the Buyer's additional cure costs, if any;

   -- all obligations and liabilities with respect to warranties
      arising under the bonded customer contracts; and

   -- bankruptcy-related claims selected by Buyer in its sole
      discretion in the aggregate amount of $6,150,000 less any
      Unrealized Utility Deposits.

One of the Excluded Liabilities of the Buyer is any Liability
relating to or arising out of (i) a warranty issued by the Sellers
to Morcon Construction with respect to the Minneapolis/St. Paul
Airport HHH Terminal located at 3060 East 72nd Street, in
Minneapolis, Minnesota, and (ii) a warranty issued by the Sellers
to Perini - Suitt Joint Venture with respect to the Opryland Hotel
and Convention Center located at 3200 International Drive, in
Kissimmee, Florida.

The Amended APA also provides that, as requested by Buyer from
time to time and at Buyer's sole cost and expense, Sellers will,
in consultation with and at the direction of Buyer, use their
commercially reasonable efforts to negotiate and enter into
collective bargaining agreements with all applicable unions and
collective bargaining agents for the benefit of Buyer.  Under no
circumstances will those Renegotiated Collective Bargaining
Agreements be Assumed Contracts unless and until Buyer provides
written notice to Sellers that those Renegotiated Collective
Bargaining Agreements are acceptable to Buyer, in Buyer's sole
discretion, and that those Renegotiated Collective Bargaining
Agreements will be Assumed Contracts.  It is agreed and
acknowledged by the Parties that any Renegotiated Collective
Bargaining Agreements are not a condition to the Closing.

Effective as of the Closing Date, Seller will provide certain
transition coverage to the Transferred Employees and employees of
Buyer hired following the Closing Date, but prior to the first day
of the third full month following the Closing Date under Sellers'
health and welfare plans until the last day of the second full
month following the Closing Date and Buyer will reimburse Sellers
for the costs associated with the transition coverage.

A full-text copy and a redlined version of the Amended APA are
available for free at http://ResearchArchives.com/t/s?763c

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


CARIBBEAN PETROLEUM: Liquidation Plan Declared Effective
--------------------------------------------------------
Judge Kevin Gross of the U.S. Bankruptcy Court for the District of
Delaware declared the Fourth Amended Joint Plan of Liquidation for
Caribbean Petroleum Corp. and its debtor affiliates effective on
June 3, 2011.

On May 9, 2011, Judge Gross confirmed the Plan, after determining
that the Plan meets all the requirements of Section 1129(a) of the
Bankruptcy Code.

The Plan was proposed by the Debtors, the Official Committee of
Unsecured Creditors and Banco Popular de Puerto Rico.

The Plan incorporates a settlement with BPPR, whereby the BPPR
Secured Claims will be deemed allowed as undisputed, noncontingent
and liquidated Secured Claim in the aggregate principal amount of
$137,671,348 plus prepetition professional fees and expenses.

The Plan will also implement the FirstBank Settlement for the
allowance of FirstBank Puerto Rico's Secured Claims in the
aggregate principal amount of $11,584,809 plus prepetition
expenses and interest accrued through the effective date of the
Plan.

The Plan provides this classification of claims and equity
interests:

   Class    Designation       Impairment      Voting Rights
   -----    -----------       ----------      -------------
     1      Priority Non-Tax  Not Impaired    Presumed to Accept
            Claims

     2      FirstBank Secured Impaired        Entitled to Vote
            Claims

     3      BPPR Secured      Impaired        Entitled to Vote
            Claims

     4      Other Secured     Impaired        Entitled to Vote
            Claims

     5      General Unsecured Impaired        Entitled to Vote
            Claims

     6      Intercompany      Impaired        Deemed to Reject
            Claims

     7      Subordinated      Impaired        Deemed to Reject
            Claims

     8      Equity Interests  Impaired        Deemed to Reject

A full-text copy of the Plan as blacklined is available for free
at: http://bankrupt.com/misc/CARIBBEANPETROLEUM_4thAmPlan.pdf

On the effective date of the Plan, the Debtors will pay to BPPR
Cash in an amount not less than $35,693,111, plus additional
amounts as BPPR may be entitled to receive under the Plan or the
Final DIP Order as agreed to by the Plan Proponents or ordered by
the Court.  However, in the event that the Effective Date is to
occur before receipt of the Chartis Administrative Expense Funds,
BPPR may in its sole and absolute discretion elect on or prior to
the Effective Date to direct the Debtors and Liquidation Trustee
to defer payment of up to $3.9 million of the DIP Financing Claims
until after the Chartis Administrative Expense Funds are received
or used to pay Administrative Expense Claims.

The bankruptcy judge also allowed Claim No. 1574 filed by Centro
de Recaudacion de Ingresos Muncipales.  The claims asserted by the
Department of Treasury of the Commonwealth of Puerto Rico that are
fixed and allowed as administrative expense claims, priority tax
claims, or other secured claims will be paid in full.

The order also set forth the resolution of objections to
confirmation of the Plan.

A full-text copy of the confirmation order is available for free
at: http://bankrupt.com/misc/CARIBBEANPETROLEUM_ConfOrder.pdf

                     Effective Date Deadlines

Pursuant to the Effective Date Notice, professionals retained in
the Debtors' Chapter 11 cases must file their applications for
final allowance of fees and expenses on or before July 5, 2011.
Objections to any final fee application must be filed on or before
July 18, 2011.

The bankruptcy judge will consider approval of the final fee
applications on Aug. 10, 2011.

In addition, all requests for allowance of Administrative Expense
Claims that accrue from January 1, 2011 through the Effective Date
must be filed with Kurtzman Carson Consultants, LLC, the Debtors'
claims agent and served on the Liquidation Trustee on or before
July 5, 2011.

All proofs of claim arising from the rejection of executory
contracts and unexpired leases pursuant to the Plan must be filed
on or before July 5, 2011.

                     About Caribbean Petroleum

San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products.  Caribbean Petroleum sought Chapter 11
protection (Bankr. D. Del. Case No. 10-12553) on Aug. 12, 2010,
nearly 10 months after a massive explosion at its major Puerto
Rican fuel storage depot virtually shut down the company's
operations.  The Debtor estimated assets of US$100 million to
US$500 million and debts of US$500 million to US$1 billion as of
the Petition Date.

Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on Aug. 12, 2010.

John J. Rapisardi, Esq., George A. Davis, Esq., Peter Friedman,
Esq., and Zachary H. Smith, Esq., of Cadwalader, Wickersham & Taft
LLP, in New York, serve as lead counsel to the Debtors.  Mark D.
Collins, Esq., and Jason M. Madron, Esq., of Richards, Layton &
Finger, P.A., in Wilmington, Delaware, serve as local counsel.
The Debtors' financial advisor is FTI Consulting Inc.  The
Debtors' chief restructuring officer is Kevin Lavin of FTI
Consulting Inc.  Kurtzman Carson Consultants LLC serves as the
noticing, claims and balloting agent to the Debtors.

In December 2010, the Debtor won bankruptcy court approval to sell
its business to Puma Energy International for US$82 million.  Puma
obtained Capeco's entire retail network, which consists of 157
locations, gasoline, diesel and other fuel storage facilities as
well as undeveloped land and a private deep water jetty.

This is Caribbean Petroleum's second stint in Chapter 11.


CARIBBEAN PETROLEUM: Obtains Approval of VB Investment Settlement
-----------------------------------------------------------------
Caribbean Petroleum Corporation and its debtor affiliates sought
and obtained approval from the U.S. Bankruptcy Court for the
District of Delaware of a settlement agreement among the Debtors,
the Official Committee of Unsecured Creditors and VB Investment,
Inc.

Under the Fourth Amended Joint Plan of Liquidation, the Puerto
Rico Litigation is assigned to the Liquidation Trustee for the
benefit of general unsecured creditors and can be compromised by
the Committee and the Debtors as set forth in the Settlement
Agreement.

                     About Caribbean Petroleum

San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products.  Caribbean Petroleum sought Chapter 11
protection (Bankr. D. Del. Case No. 10-12553) on Aug. 12, 2010,
nearly 10 months after a massive explosion at its major Puerto
Rican fuel storage depot virtually shut down the company's
operations.  The Debtor estimated assets of US$100 million to
US$500 million and debts of US$500 million to US$1 billion as of
the Petition Date.

Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on Aug. 12, 2010.

John J. Rapisardi, Esq., George A. Davis, Esq., Peter Friedman,
Esq., and Zachary H. Smith, Esq, of Cadwalader, Wickersham & Taft
LLP, in New York, serve as lead counsel to the Debtors.  Mark D.
Collins, Esq., and Jason M. Madron, Esq., of Richards, Layton &
Finger, P.A., in Wilmington, Delaware, serve as local counsel.
The Debtors' financial advisor is FTI Consulting Inc.  The
Debtors' chief restructuring officer is Kevin Lavin of FTI
Consulting Inc.  Kurtzman Carson Consultants LLC serves as the
noticing, claims and balloting agent to the Debtors.

In December 2010, the Debtor won bankruptcy court approval to sell
its business to Puma Energy International for US$82 million.  Puma
obtained Capeco's entire retail network, which consists of 157
locations, gasoline, diesel and other fuel storage facilities as
well as undeveloped land and a private deep water jetty.

This is Caribbean Petroleum's second stint in Chapter 11.


COSTA DORADA: Files Schedules of Assets & Liabilities
-----------------------------------------------------
Costa Dorada Apartments Corp. filed with the U.S. Bankruptcy Court
for the District of Puerto Rico, its schedules of assets and
liabilities, disclosing:

  Name of Schedule               Assets                Liabilities
  ----------------              -------                -----------
A. Real Property             US$10,000,000
B. Personal Property              $733,570
C. Property Claimed as
   Exempt
D. Creditors Holding
   Secured Claims                                    US$1,220,401
E. Creditors Holding
   Unsecured Priority
   Claims                                                 $50,433
F. Creditors Holding
   Unsecured Non-priority
   Claims                                              $7,289,730
                              ------------         --------------
      TOTAL                  US$10,733,570           US$8,560,564

                   About Costa Dorada Apartments

Costa Dorada Apartments Corp., dba Villas De Costa Dorada, in
Isabela, Puerto Rico, filed for Chapter 11 bankruptcy (Bankr. D.
P.R. Case No. 11-03960) on May 10, 2011.  In its petition, the
Debtor estimated $10 million to $50 million in assets and debts.
The petition was signed by Carlos R. Fernandez Rodriguez, its
president.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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