TCRLA_Public/110622.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 22, 2011, Vol. 12, No. 122

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INTERNATIONAL: New Liquidators Seek to Unfreeze Millions


A R G E N T I N A

CORPORACION GRANARIA: Creditors' Proofs of Debt Due July 7
LOGISUR PORTUARIA: Creditors' Proofs of Debt Due August 1
POP SIGN: Creditors' Proofs of Debt Due August 17


C A Y M A N   I S L A N D S

CARAPACE LIMITED: Members' Final Meeting Set for June 30
CREDIT SUISSE: Shareholders' Final Meeting Set for July 18
GROWTH ENTERPRISES: Shareholders' Final Meeting Set for July 13
IXIS ABS: Shareholders' Final Meeting Set for July 15
RL CAPITAL III: Shareholders' Final Meeting Set for July 15

SUNSHINE INVESTMENT: Members' Final Meeting Set for June 30
TAKEFUJI BULL: Shareholders' Final Meeting Set for July 15
TRIBECA CITIGROUP: Shareholders Receive Wind-Up Report
VERFA INVESTMENTS: Members' Final Meeting Set for July 7


J A M A I C A

* JAMAICA: Second Least Likely to Repay Debts, S&P Says


M E X I C O

TUBO DE PASTEJE: To Replace 2016 Notes With New Notes Under Plan
VITRO SAB: Bondholders Lose Skirmish on Involuntary Chapter 11


P U E R T O   R I C O

SWISS CHALET: CPG/GS Seeks to Prohibit Cash Collateral Use




                            - - - - -


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


STANFORD INTERNATIONAL: New Liquidators Seek to Unfreeze Millions
-----------------------------------------------------------------
Caribbean360.com reports that the recently appointed liquidators
for Stanford International Bank are hoping to reach a compromise
with various governments, including the U.S. Department of
Justice, to unfreeze hundreds of millions of dollars in assets in
an effort to recover money lost by the bank's more than 27,000
creditors.

The liquidators, Marcus Wide and Hugh Dickson, appointed by the
High Court of Antigua replaced initial receivers/liquidators Nigel
Hamilton-Smith and Peter Wastell of British accountancy firm
Vantis.  The liquidators said the bank's estate has virtually no
funds, but is saddled with obligations that exceed money on hand,
according to Caribbean360.com.  Convincing government officials
around the world to unfreeze the funds is a top priority, they
added, the report says.

"We hope to meet with the [U.S.] Department of Justice to
understand the reasoning behind their approach and see if a
compromise can be reached which will allow the estate to go
forward with its own funds, and therefore maximize returns to
creditors," Caribbean360.com quoted Mr. Dickson as saying.  "To
have access to the bank's own funds presently frozen by the
criminal forfeiture proceedings would generate a considerable
value to the estate in terms of allowing additional recovery and
asset realizations to maximize recoveries," he added.

Caribbean360.com notes that Messrs. Wide and Dickson also are
weighing the sale of extensive real estate holdings in Antigua and
are in the process of forming an advisory creditors committee.
The report relates that Mr. Dickson said a portion of the money
raised from SIB account holders and depositors was invested in
real estate in and around Antigua.

"These holdings are extensive and it is likely their value can be
greatly enhanced if they are brought to market in an orderly
manner over a period of time," the report quoted Mr. Dickson as
saying.  "It is also our preliminary view, formed with the
assistance of local real estate advisors to the former
liquidators, that the value of the estate's lands can be greatly
enhanced with a methodical approach to their sale, and potentially
some modest investment," he added.

While efforts to unfreeze and recover assets are underway, the
liquidators have formed an ad hoc creditors committee to provide
them with input and advice on all the major decisions that face
the ongoing administration of the estate, including funding and
efforts to maximize recoveries, Caribbean360.com discloses.

Caribbean360.com adds that the liquidators are reviewing the
geographic location of creditors, their size and exposure to loss.

              About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On Feb. 16, 2009, the U.S. District Court for the Northern
District of Texas, Dallas Division, signed an order appointing
Ralph Janvey as receiver for all the assets and records of
Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on an
US$8 billion Certificate of Deposit program.

A criminal case was also pursued against Mr. Stanford in June 2009
before the U.S. District Court in Houston, Texas.  Mr. Stanford
pleaded not guilty to 21 charges of multi-billion dollar fraud,
money-laundering and obstruction of justice.  Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges.  Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for his
arrest on the criminal charges.

The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.).  The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).


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


CORPORACION GRANARIA: Creditors' Proofs of Debt Due July 7
----------------------------------------------------------
Mirta Rotman en Charcas, the court-appointed trustee for
Corporacion Granaria SA's bankruptcy proceedings, will be
verifying creditors' proofs of claim until July 7, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 28, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Mirta Rotman
         Charcas 3040
         Argentina


LOGISUR PORTUARIA: Creditors' Proofs of Debt Due August 1
---------------------------------------------------------
Monica G. Aquim, the court-appointed trustee for Logisur Portuaria
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until August 1, 2011.

Ms. Aquim will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 20
in Buenos Aires, with the assistance of Clerk No. 39, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

         Monica G. Aquim
         Uruguay 662


POP SIGN: Creditors' Proofs of Debt Due August 17
-------------------------------------------------
Maria Ines Strusberg, the court-appointed trustee for Pop Sign
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until August 17, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 17, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Maria Ines Strusberg
         Avenida Cordoba 1367
         Argentina


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


CARAPACE LIMITED: Members' Final Meeting Set for June 30
--------------------------------------------------------
The members of Carapace Limited will hold their final meeting on
June 30, 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 D. Johnstone
         c/o Broadhurst LLC
         P.O. Box 2503
         40 Linwood Street, Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 949-7237
         Facsimile: (345) 949-7725


CREDIT SUISSE: Shareholders' Final Meeting Set for July 18
----------------------------------------------------------
The shareholders of Credit Suisse Global Senior Loan Offshore
Fund, Ltd. will hold their final meeting on July 18, 2011, at
9:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

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: Shareholders' Final Meeting Set for July 13
---------------------------------------------------------------
The shareholders of Growth Enterprises Fund Co., Ltd. will hold
their final meeting on July 13, 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:

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


IXIS ABS: Shareholders' Final Meeting Set for July 15
-----------------------------------------------------
The shareholders of Ixis ABS CDO 3 Ltd. will hold their final
meeting on July 15, 2011, at 9:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


RL CAPITAL III: Shareholders' Final Meeting Set for July 15
-----------------------------------------------------------
The shareholders of RL Capital III Co. will hold their final
meeting on July 15, 2011, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


SUNSHINE INVESTMENT: Members' Final Meeting Set for June 30
-----------------------------------------------------------
The members of Sunshine Investment Company Ltd. will hold their
final meeting on June 30, 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 D. Johnstone
         c/o Broadhurst LLC
         P.O. Box 2503
         40 Linwood Street, Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 949-7237
         Facsimile: (345) 949-7725


TAKEFUJI BULL: Shareholders' Final Meeting Set for July 15
----------------------------------------------------------
The shareholders of Takefuji Bull Mart Co. Ltd. will hold their
final meeting on July 15, 2011, at 9:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Tribeca Citigroup Investments Ltd. will
receive on June 15, 2011, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

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: Members' Final Meeting Set for July 7
--------------------------------------------------------
The members of Verfa Investments Ltd. will hold their final
meeting on July 7, 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:

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


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


* JAMAICA: Second Least Likely to Repay Debts, S&P Says
-------------------------------------------------------
RJR News reports that Jamaica has been included in Standard and
Poor's list of 10 countries least likely to repay their debts.
Jamaica is ranked second place behind Greece, the report relates.

Financial analyst Anne Shirley said that despite the positive
spin-offs from the Jamaica Debt Exchange program, S&P's report is
a clear sign that Jamaica remains in a precarious position,
according to RJR News.  Jamaica's inclusion in the list should
serve as a wake up call for the Jamaican government, Ms. Shirley
said, according to the report.

Ms. Shirley said there are worrying indications that more problems
are on the horizon as the country struggles to contain it debts,
RJR News notes.  "All that happened with our debt is that we
simply shifted from the terms of a lot of what the government had
to repay, but it was done over a five year period so that within
the next five a significant portion of what we owe to the country
is going to become due again," RJR News quoted Ms. Shirley as
saying.  "If you look at the economy the only way you can pay back
your debt is if you earn it or borrow more and if you borrow more
you're back in that spiral," she added.

Some of the other countries which Standard and Poor's lists as
least likely to repay their debts are Ecuador, Pakistan, Grenada,
Fiji, Belarus, Argentina, Belize and Ghana, the report relates.

                           *     *     *

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
===========


TUBO DE PASTEJE: To Replace 2016 Notes With New Notes Under Plan
----------------------------------------------------------------
Tubo De Pasteje, S.A. de C.V., and Cambridge-Lee Holdings, Inc.,
together with their indirect parent, Industrias Unidas, S.A. de
C.V., delivered to the U.S. Bankruptcy Court for the District of
Delaware a Plan of Reorganization and Disclosure Statement dated
June 7, 2011.

The Plan is premised upon implementing the terms proposed in a
restructuring agreement through a series of transactions designed
to maximize recoveries to all creditors and enhance the financial
stability of the Reorganized Debtors and the IUSA Group, as a
whole.

Among other things, the Restructuring Transactions include (a) the
cancellation of the IUSA-issued 11.50% senior notes due 2016 Notes
and the Espirito Santo or ESBDS Loan; and (b) the issuance of (i)
New Series A Notes, which will be guaranteed by Tubo and secured
by the capital stock of CLH to the holders of the Old 2016 Notes
and the ESBDS Loan, and (ii) New Series B Notes, which will be
substantially the same terms as the New Series A Notes, but will
not be secured by any assets of the Reorganized Debtors, to
holders of the Copper Debt and holders of the Commercial Paper who
elect to accept the New Series B Notes in exchange for their
current claims against the IUSA Group.

The Plan leaves unimpaired the rights of all holders of claims
against and equity interests in the Debtors, with the exception of
the rights of the Holders of Old 2016 Notes and ESBDS Loan.

A full-text copy of the Disclosure Statement is available for free
at:

       http://bankrupt.com/misc/TUBODEPASTEJE_Jun7DS_1.pdf
       http://bankrupt.com/misc/TUBODEPASTEJE_Jun7DS_2.pdf

                      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: Bondholders Lose Skirmish on Involuntary Chapter 11
--------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that eight non-bankrupt U.S. subsidiaries of Vitro SAB won
a skirmish last week when the bankruptcy judge in Dallas refused
to allow dissenting bondholders to serve a notice accelerating
$1.2 billion in debt owing on the bonds.  The bankruptcy judge
ruled in April that the eight subsidiaries couldn't be thrown into
Chapter 11 involuntarily as the bondholders sought.  The judge
said there had been no acceleration of the debt, meaning that the
subsidiaries' liability on the guarantee of the bonds was only
contingent.  Since contingent debt is not the basis for filing an
involuntary petition, the judge threw it out.

According to the report, the bondholders responded in two ways.
They filed a motion asking the judge to reconsider denial of the
involuntary petition.  Second, they filed a motion asking the
judge to allow them to serve Vitro with a notice of acceleration
that would make the guarantee debt non-contingent.

Mr. Rochelle relates that at the hearing last week, U.S.
Bankruptcy Judge Harlin "Cooter" Hale denied the motion to file
the acceleration notice.  Consequently, he will reconsider his
denial of the involuntary petitions at a June 28 hearing on the
same facts.  Had the bondholders won, the facts would have been
more in their favor, enhancing the chance they might force the
other Vitro companies into Chapter 11 along with the five that
filed voluntarily in the face of involuntary petitions.

                      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.

On June 13, 2011, U.S. Bankruptcy Judge Harlin "Cooter" Hale
authorized the U.S. Debtors to sell their businesses to an
affiliate of Sun Capital Partners Inc. for what the creditor's
committee described as a gross price of $64.4 million.


=====================
P U E R T O   R I C O
=====================


SWISS CHALET: CPG/GS Seeks to Prohibit Cash Collateral Use
----------------------------------------------------------
CPG/GS PR NPL LLC asks the U.S. Bankruptcy Court for the District
of Puerto Rico to prohibit Swiss Chalet, Inc.'s use of its cash
collateral.

CPG/GS is the purchaser and successor-in-interest of certain
assets of First Bank Puerto Rico, including, among others, credit
facilities pursuant to the loans of more than $127 million made by
FBPR to the Debtor.  The Loans were provided for the development,
construction and operation of three distinct real estate projects
of the Debtor and a land loan.  The Loans are secured by virtually
all of the Debtor's assets, including cash collateral.

The Debtor has admitted to have used CPG/GS's cash collateral
without an agreement to do so.  "This has left CPG/GS without
adequate protection, which it has demanded to no avail, and
continues to demand now," David P. Freedman, Esq., at O'Neill &
Borges, in San Juan, Puerto Rico, asserts, on Swiss Chalet's
behalf.

Moreover, CPG/GS seeks that the Court grant it adequate protection
on an emergency basis by:

   (a) requiring an accounting of all Cash Collateral received by
       or for the benefit of the Debtor since the Petition Date;

   (b) requiring that any Cash Collateral of CPG/GS that is in the
       possession, custody or control of the Debtor or any of the
       Insiders of the Debtor be turned over to CPG/GS;

   (c) prohibiting the Debtor from using any Cash Collateral of
       CPG/GS unless otherwise ordered by the Court;

   (d) permitting CPG/GS immediate access to the books and records
       of the Debtor, including all electronic records on any
       company computers, to make electronic copies, photocopies
       or abstracts of the business records of the Debtor.

The Court will convene a hearing on June 23, 2011, to consider
CPG/GS's request

                        About Swiss Chalet

The Swiss Chalet Inc., which owns the Best Western Hotel Pierre in
San Juan, Puerto Rico, filed a Chapter 11 petition (Bankr. D. P.R.
Case No. 11-04414) on May 27, 2011.  Charles A. Cuprill, P.S.C.
Law Offices serves as its bankruptcy counsel.  In its Schedules,
the Debtor listed total assets of $118,521,510 and total debts of
$132,741,094.  The petition was signed by Arnold Benus, director.


                            ***********


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
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Information contained herein is obtained from sources believed to
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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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