/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/110629.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 29, 2011, Vol. 12, No. 127 Headlines A N T I G U A & B A R B U D A STANFORD INTERNATIONAL: Bank Owes 78,363 Investors US$7.2-Bil. A R G E N T I N A MONTES DE AGUA: Creditors' Proofs of Debt Due August 18 POSTA POLO: Creditors' Proofs of Debt Due September 14 TM LOGISTIC: Creditors' Proofs of Debt Due August 16 TODO ENERGIA: Creditors' Proofs of Debt Due August 4 C A Y M A N I S L A N D S ABSOLUTE RETURN: Creditors' Proofs of Debt Due July 20 CHINA SHIJIAZHUANG: Creditors' Proofs of Debt Due July 11 DK EUROTUNNEL: Creditors' Proofs of Debt Due July 20 GAMEONE INTERACTIVE.COM: Creditors' Proofs of Debt Due July 12 HI INVESTMENT: Creditors' Proofs of Debt Due July 11 INVESTMENTS ONE: Creditors' Proofs of Debt Due August 5 KAPITALO INVESTMENTS: Creditors' Proofs of Debt Due July 20 LANGCREST HOLDINGS: Creditors' Proofs of Debt Due July 21 LATITUDE CHINA: Creditors' Proofs of Debt Due July 20 NYLON ENHANCED FUND: Creditors' Proofs of Debt Due August 15 NYLON ENHANCED MASTER: Creditors' Proofs of Debt Due August 15 QRT OFFSHORE: Creditors' Proofs of Debt Due July 13 SILVERSTONE FUND: Creditors' Proofs of Debt Due July 13 WP HINGE: Commences Liquidation Proceedings C O L O M B I A BBVA COLOMBIA: Fitch Affirms Individual Rating at 'C/D' M E X I C O CEMEX SAB: Fitch Rates Proposed Notes Due 2019 'B+/RR3' GRUPO KUO: S&P Raises Global-Scale Ratings to 'BB'; Outlook Stable HIPOTECARIA SU: 95% Bondholders Agree to Debt Swap Offer SATELITES MEXICANOS: Rene Salazar Appointed Interim CFO VITRO SAB: Seeks Alternatives to Extend Protection for U.S. Units VITRO SAB: VVP Holdings Files Schedules of Assets and Debts VITRO SAB: Creditors' Committee Hires Akin Gump as Counsel - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INTERNATIONAL: Bank Owes 78,363 Investors US$7.2-Bil. -------------------------------------------------------------- The Royal Gazette Online, citing Offshore Alert, an online newsletter, reports that Stanford International Bank Ltd. owes 78,363 account-holders from 114 jurisdictions a total of US$7.2 billion at an average of US$92,000 per account. Offshore Alert, according to The Royal Gazette Online, obtained the information from a document, which breaks down deposits by jurisdiction, number of accounts, and total deposits. Twelve Bermuda-based account holders had a combined total of nearly US$2 million in the Bank, the report says. Bermuda, with its 12 accounts totaling US$1.94 million at an average balance of more than US$161,600, appears to have been much less exposed to the freezing of the bank's assets than other financial centers, the report notes. The report further notes that British Virgin Islands had 456 accounts with deposits totaling US$84.6 million, while the Bahamas had 29 accounts with deposits of US$15.5 million, and the Cayman Islands had 15 accounts with deposits of US$7.5 million. The jurisdiction whose account-holders were owed the most is the U.S., where 12,675 accounts had deposits totaling US$1.57 billion, The Royal Gazette Online says. The report notes that Canada had 879 accounts had deposits totaling US$308 million; the United Kingdom, 774 accounts with deposits of US$63 million; and Spain, 388 accounts with deposits of US$29 million. The jurisdiction with the highest deposit amount per account is Libya, whose nine account-holders had deposits totaling nearly US$59 million for an average of US$6.5 million per account, followed by Senegal, The Royal Gazette Online notes. The Royal Gazette Online relates that Mexico's 11,042 accounts had deposits totaling US$932 million and there were 1,128 account holders from Haiti with total deposits of US$220 million. Other notable jurisdictions include Russia, 88 accounts with deposits of US$11.5 million, the United Arab Emirates, 36 accounts totaling US$6.6 million and China, 15 accounts with deposits of just over US$1 million, The Royal Gazette Online adds. 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 ================= MONTES DE AGUA: Creditors' Proofs of Debt Due August 18 ------------------------------------------------------- Amalia Victoria Beckerman, the court-appointed trustee for Montes de Agua SA's reorganization proceedings, will be verifying creditors' proofs of claim until August 18, 2011. Ms. Beckerman 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. 18, 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: Amalia Victoria Beckerman Tucuman 1367 Argentina POSTA POLO: Creditors' Proofs of Debt Due September 14 ------------------------------------------------------ Carlos Moreno, the court-appointed trustee for Posta Polo SRL's reorganization proceedings, will be verifying creditors' proofs of claim until September 14, 2011. Mr. Moreno will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 17 in Buenos Aires, with the assistance of Clerk No. 33, 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: Carlos Moreno Tucuman 1577 Argentina TM LOGISTIC: Creditors' Proofs of Debt Due August 16 ---------------------------------------------------- Hector Eduardo Palma, the court-appointed trustee for TM Logistic SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until August 16, 2011. Mr. Palma will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 1 in Buenos Aires, with the assistance of Clerk No. 2, 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: Hector Eduardo Palma Viamonte 920 Argentina TODO ENERGIA: Creditors' Proofs of Debt Due August 4 ---------------------------------------------------- Carlos Alberto Campodonico, the court-appointed trustee for Todo Energia y Construcciones SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until August 4, 2011. Mr. Campodonico will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 24 in Buenos Aires, with the assistance of Clerk No. 47, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Carlos Alberto Campodonico Uruguay 667 =========================== C A Y M A N I S L A N D S =========================== ABSOLUTE RETURN: Creditors' Proofs of Debt Due July 20 ------------------------------------------------------ The creditors of Absolute Return Cayman PA, Limited are required to file their proofs of debt by July 20, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 9, 2011. The company's liquidator is: Walkers Corporate Services Limited c/o Jennifer Chailler Telephone: (345) 814 6847 Walker House 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands CHINA SHIJIAZHUANG: Creditors' Proofs of Debt Due July 11 --------------------------------------------------------- The creditors of China Shijiazhuang Holdings are required to file their proofs of debt by July 11, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 2, 2011. The company's liquidator is: Rebecca Hume Charles Adams Ritchie & Duckworth P.O. Box 709 122 Mary Street Grand Cayman KY1-1107 Cayman Islands Telephone: (345) 949.4544 Facsimile: (345) 949.8460 DK EUROTUNNEL: Creditors' Proofs of Debt Due July 20 ---------------------------------------------------- The creditors of DK Eurotunnel Ltd. are required to file their proofs of debt by July 20, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 17, 2011. The company's liquidator is: Walkers Corporate Services Limited c/o Jennifer Chailler Telephone: (345) 814 6847 Walker House 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands GAMEONE INTERACTIVE.COM: Creditors' Proofs of Debt Due July 12 -------------------------------------------------------------- The creditors of Gameone Interactive.Com Inc. are required to file their proofs of debt by July 12, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 31, 2011. The company's liquidator is: Kong Chi How Johnson BDO Financial Services Limited Wing On Centre, 25th Floor 111 Connaught Road Central Hong Kong HI INVESTMENT: Creditors' Proofs of Debt Due July 11 ---------------------------------------------------- The creditors of HI Investment Funds SPC are required to file their proofs of debt by July 11, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 9, 2011. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815-1762 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands INVESTMENTS ONE: Creditors' Proofs of Debt Due August 5 ------------------------------------------------------- The creditors of Investments One Inc. are required to file their proofs of debt by August 5, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 10, 2011. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds Telephone: 945 4777 Facsimile: 945 4799 P.O. Box 707, Grand Cayman KY1-1107 Cayman Islands KAPITALO INVESTMENTS: Creditors' Proofs of Debt Due July 20 ----------------------------------------------------------- The creditors of Kapitalo Investments Fund Limited are required to file their proofs of debt by July 20, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 6, 2011. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Walker House 87 Mary Street, George Town Grand Cayman, KY1-9005 Cayman Islands Telephone: (345) 914-6314 LANGCREST HOLDINGS: Creditors' Proofs of Debt Due July 21 --------------------------------------------------------- The creditors of Langcrest Holdings are required to file their proofs of debt by July 21, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 10, 2011. The company's liquidator is: Richard Finlay c/o Maree Martin Telephone: (345) 814 7376 Facsimile: (345) 945 3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands LATITUDE CHINA: Creditors' Proofs of Debt Due July 20 ----------------------------------------------------- The creditors of Latitude China Holdings are required to file their proofs of debt by July 20, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 9, 2011. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Walker House 87 Mary Street, George Town Grand Cayman, KY1-9005 Cayman Islands Telephone: (345) 914-6314 NYLON ENHANCED FUND: Creditors' Proofs of Debt Due August 15 ------------------------------------------------------------ The creditors of Nylon Enhanced Fund Limited are required to file their proofs of debt by August 15, 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: Alan Tooker A.R.C. Directors Ltd. Grand Pavilion Commercial Centre 802 West Bay Road P.O. Box 10250, Grand Cayman KY1-1003 Cayman Islands Telephone: 1-345-769-3401 Facsimile: 1-345-769-3404 NYLON ENHANCED MASTER: Creditors' Proofs of Debt Due August 15 -------------------------------------------------------------- The creditors of Nylon Enhanced Master Fund Limited are required to file their proofs of debt by August 15, 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: Alan Tooker A.R.C. Directors Ltd. Grand Pavilion Commercial Centre 802 West Bay Road P.O. Box 10250, Grand Cayman KY1-1003 Cayman Islands Telephone: 1-345-769-3401 Facsimile: 1-345-769-3404 QRT OFFSHORE: Creditors' Proofs of Debt Due July 13 --------------------------------------------------- The creditors of QRT Offshore, Ltd. are required to file their proofs of debt by July 13, 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: Ogier c/o Jonathan McLean Telephone: (345) 815-1805 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands SILVERSTONE FUND: Creditors' Proofs of Debt Due July 13 ------------------------------------------------------- The creditors of Silverstone Fund are required to file their proofs of debt by July 13, 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: Ogier c/o Jacqueline Haynes Telephone: (345) 815-1759 Facsimile: (345) 949-9877 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands WP HINGE: Commences Liquidation Proceedings ------------------------------------------- On June 2, 2011, a unanimous resolution was passed that liquidates the business of WP Hinge Cayman Limited. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Andrew Chan c/o Maples and Calder, Attorneys-at-law P.O. Box 309, Ugland House Grand Cayman KY1-1104 Cayman Islands =============== C O L O M B I A =============== BBVA COLOMBIA: Fitch Affirms Individual Rating at 'C/D' ------------------------------------------------------- Following the upgrade of Colombia's Sovereign Rating, Fitch Ratings has upgraded BBVA Colombia's (BCO) ratings: -- Long-term foreign currency Issuer Default Rating (IDR) to 'BBB' from 'BBB-'; -- Short-term foreign currency IDR to 'F2' from 'F3'; -- Long-term local currency IDR to 'A-' from 'BBB+'; -- Short-term local currency IDR to 'F1' from 'F2'; At the same time, these ratings were affirmed: -- Individual rating at 'C/D'; -- Support rating at '2'. The Rating Outlook is Stable. On June 22, Fitch upgraded Colombia's IDRs and country ceiling citing its track record of prudent economic policies, demonstrated resilience to external and domestic shocks, as well as the improvement in its external credit metrics. Accordingly, BBVA Colombia's IDRs -- that are constrained by the country ceiling -- were upgraded. BCO's long term foreign currency IDR is again at the country ceiling while its long-term local currency IDR is two notches above Colombia's long-term local currency IDR. BBVA Colombia (BCO) IDRs reflect the support it would receive from its parent, BBVA (rated 'AA-' by Fitch) should it be required. The individual rating considers its resilient margins, improving profitability and asset quality, adequate reserves, low loan concentration and relative efficiency; as well as its lower than average capital. BCO's Foreign Currency IDRs are constrained by the country ceiling. Given the level of integration of BCO within BBVA's regional strategy, support from its parent should be forthcoming, absent a severe deterioration in Colombia's operating environment, which Fitch currently considers unlikely. BCO's IDRs would be upgraded if Colombia's sovereign ratings and country ceiling are upgraded, and they would generally move in line with sovereign ratings. Downward risk for BCO's IDRs is limited given its parent support. The individual rating could be pressured by asset quality deterioration or a dismal performance that would erode capital and reserves. BCO's performance during 2010 was driven by strong loan growth and resilient margins -- in part due to lower funding costs -- that were offset by a decline in non-interest revenues. Operating costs grew slightly reflecting the bank's increase in payroll while loan loss provisions declined as remedial management efforts succeeded to curb asset quality deterioration. As a result, efficiency declined slightly but overall profitability improved with ROAE reaching 20.1% and ROAA at 2.1% at the end of 2010. These figures compare quite well to those of its peers. Asset quality improved as did loan loss reserves; however, capital levels declined due mainly to rapid loan growth. As economic prospects brightened for Colombia, so did corporate and consumer confidence fueling credit demand and consumption; BCO is expected to continue to grow its loan portfolio across all segments in 2011 and into 2012 in the 15% -- 20% range. Margins should see some compression as interest rates have started to increase from the trough of 2009. Operating costs are expected to grow moderately and LLP should increase in line with assets growth. The tax burden, however, will impact the bottom line as effective tax rates have increased and specific taxes on banking transactions (e.g. for renewing a time deposit) are paid by banks. Nevertheless, profitability should improve slightly with an ROAA above 2% and an ROAE greater than 20%. Capital should remain relatively stable as BCO's parent seeks to optimize capital allocation. BCO is a universal bank catering to corporate and consumer customers in the Colombian market where it is the fourth largest with a 9.1% market share by assets. The bank is the largest foreign bank in Colombia, it is controlled by BBVA and is fully integrated within its parent's regional strategy and operating structure. =========== M E X I C O =========== CEMEX SAB: Fitch Rates Proposed Notes Due 2019 'B+/RR3' ------------------------------------------------------- Fitch Ratings has assigned a 'B+/RR3' rating to CEMEX, S.A.B. de C.V.'s (CEMEX) proposed note issuance due in 2019. Proceeds from the notes are expected to be used for general corporate purposes, including the repayment of debt. The notes will be unconditionally guaranteed by CEMEX Mexico, S.A. de C.V., New Sunward Holding B.V., and CEMEX Espana, S.A. and will be secured with a first priority interest over a collateral package consisting of substantially all of the shares of CEMEX Mexico, S.A. de C.V., Centro Distribuidor de Cemento, S.A. de C.V., Mexcement Holdings, S.A. de C.V., Corporacion Gouda, S.A. de C.V., CEMEX Trademarks Holding Ltd., New Sunward Holding B.V. and CEMEX Espana, S.A. Fitch currently rates CEMEX: -- Issuer Default Rating 'B'; -- Senior unsecured notes 'B+/RR3'; -- National scale long-term rating 'BB-(mex)'; -- National scale short-term rating 'B (mex)'. The Rating Outlook is Positive. The 'B' ratings of CEMEX and its subsidiary, CEMEX Espana, reflect the company's high leverage and the weak, near-term cash flow prospects for two of the company's three key markets -- the United States and Spain. The 'RR3' Recovery Rating (RR) on the company's unsecured debt indicates above average recovery prospects for holders of the proposed notes in the event of default. The collateral package for the proposed notes is similar to that for the debt associated with the Aug. 14, 2009 Financing Agreement, as well as substantially all of the company's capital markets debt. The Positive Outlook reflects the company's success in accessing the capital markets and refinancing its bank debt. It also reflects the very strong market positions of CEMEX in its key markets, as well as the favorable demographic trends for these markets over the long term. A positive rating action could result from a signal that the company's operations in the U.S. have hit a bottom and that the turnaround of profitability is beginning. In contrast, a negative rating action could occur, if CEMEX's sales volumes unexpectedly deteriorate in Mexico, the key source of the company's current operating cash flow. CEMEX had USD18.2 billion of total debt and USD656 million of cash and marketable securities as of March 31, 2011. The company raised approximately USD3.5 billion of funds through the debt capital markets during the first five months of 2011. Proceeds were used to refinance existing debt and to improve the company's liquidity position. As a result, the company has lowered its debt amortizations for the remaining of 2011 to USD66 million, for 2012 to USD390 million and for 2013 to USD762 million. During 2014, the company faces debt amortizations of nearly USD8.3 billion. Most of this debt is associated with the August 2009 Financing Agreement and will likely have to be refinanced by the company during 2012. During 2010, CEMEX generated USD2.3 billion of EBITDA, a decline from USD2.7 billion during 2009. The company's cash flow from operations (CFFO) also declined during this time period to USD1.7 billion from USD2.6 billion. The drop in operating cash flow was primarily due to weaker demand for cement and ready mix in the U.S., Spain and Mexico, as well as lower prices in the U.S. and Europe. CEMEX's most important market in terms of EBITDA during 2010 was Mexico. CEMEX generated USD1.150 billion of EBITDA in this market during 2010, a USD300 million decline from the peak EBITDA figure in this market of USD1.450 billion during 2008. Europe represented USD434 million of EBITDA, while the Caribbean, South and Central America accounted for USD460 million of EBITDA. In the U.S., CEMEX's EBITDA was a negative USD45 million during 2010. This compares with a Fitch calculated pro forma EBITDA (including Rinker) of USD2.345 billion during 2006. Cash flow is projected to remain relatively flat during 2011. Positively, the pricing environment should improve in many of the company's markets, after declining during 2010 due to large inventory levels. The company could also benefit from a stronger Mexican peso and Euro versus the U.S. dollar. Challenges faced by the company include extremely weak demand for ready mix and cement in both the U.S. and Spain. The company's profitable Egyptian operations will also suffer due to the recent political turmoil in that market. To offset some of these challenges, CEMEX has announced spending reductions in excess of USD250 million for 2011. These spending reductions will come from areas such as a rationalization of the company's U.S. operations, a lowering of staffing levels globally, and an increase in the use of alternative fuels. GRUPO KUO: S&P Raises Global-Scale Ratings to 'BB'; Outlook Stable ------------------------------------------------------------------ Standard & Poor's Ratings Services raised its long-term global scale corporate credit rating on Grupo KUO S.A.B. de C.V. (KUO) to 'BB' from 'BB-' and its national scale ratings to 'mxA' from 'mxBBB+'. "We also raised our foreign-currency ratings on KUO's $250 million senior unsecured notes maturing in 2017 and on KUO's $175 million unsecured bank loan maturing in 2013 to 'BB' from 'BB-'. The recovery rating on both issues is '3'. At the same time, we raised our national-scale rating on KUO's MXN700 million notes maturing in 2015 to 'mxA' from 'mxBBB+'. The outlook is stable," S&P related. "The rating action reflects the significant and consistent improvement in KUO's financial performance over the past two years, as evidenced by its key financial ratios," said Standard & Poor's credit analyst Bernardo Gonzalez. KUO's total-debt-to- EBITDA ratio is close to 2.5x as a result of debt reduction and a stable EBITDA generation. Mexico-based conglomerate KUO's weak business risk profile, which reflects its single-digit operating margins; the cyclicality in some of its core businesses; and its exposure to the volatility of its raw materials prices and foreign exchange rate fluctuations limit our ratings on the company. KUO's significant financial risk profile, its focus on maintaining only profitable and value-added operations, and the continued implementation of cost-reduction and efficiency programs support the ratings. For the past 12 months ended March 31, 2011, KUO posted adjusted EBITDA interest coverage, total debt-to-EBITDA and funds from operations (FFO)-total debt ratios of 3.1x, 2.5x, and 37.2%, respectively. In particular, KUO's total debt-to-EBITDA ratio shows a significant improvement relative to the 4.5x posted the same period in 2009, reflecting the reduction in KUO's total debt to MXN5,249 million from MXN7,645 million through its free operating cash flow generation and asset sales. "We do not expect KUO to significantly reduce its debt until 2015, given the issuer's current debt maturity schedule. However, we expect that higher revenues and a stable EBITDA margin should allow it to post total debt-to-EBITDA, EBITDA interest coverage and FFO-to- total debt ratios of 2.4x, 3.0x, and 26.3% in 2011, and 2.2x, 3.3x, and 29.3% in 2012," S&P related. "We expect that KUO's revenues will increase 12% in 2011, mainly because of its consumer products segment through the consolidation of Don Miguel Foods and the agreement to distribute Reynolds brand products in Mexico through Herdez Del Fuerte (its consumer products joint venture with Grupo Herdez, S.A.B. de C.V. (national scale: mxAA/Stable/--). Also, KUO has increased its capital investments in the pork meat business unit to raise the production capacity and stores network, which should aid its revenue growth. To date, KUO has been able to pass raw material price increases to its customers in the chemical segment, allowing it to maintain its EBITDA margin at about 9.0%, despite the strengthening of the Mexican peso," S&P noted. "The stable outlook reflects our expectations that KUO will maintain its key financial ratios and continue to focus on more value-added and profitable businesses over the next two years. We could lower the ratings if KUO's operational performance declines and weakens its financial risk profile. In particular, we believe that a drop in its EBITDA margin to less than 7% could lead to a total debt-EBITDA ratio exceeding 3.0x. This could be the result unfavorable macroeconomic conditions, which could hurt the demand of consumer goods; a downturn in the automotive sector, which would reduce orders from original equipment manufacturers (OEMs); or higher raw material prices. A positive rating action is possible if KUO improves its risk business profile through a stronger operating performance, particularly a significant increase in its EBITDA margin, which would provide a cushion against commodity price volatility and foreign exchange fluctuations," S&P added. HIPOTECARIA SU: 95% Bondholders Agree to Debt Swap Offer -------------------------------------------------------- Thomas Black at Bloomberg News reports that Hipotecaria Su Casita SA said 95% of creditors accepted an exchange offer for MXN2.3 billion and US$59 million. The company will proceed with the exchange, Su Casita said in a statement to the Mexican stock exchange, according to Bloomberg. The Wall Street Journal relates that holders of the company's peso-denominated notes will receive MXN2.32 billion in new seven- year guaranteed notes plus equity of 36.7% of the company while holders of about US$136 million in dollar-denominated notes will receive US$59 million in new 7.5% seven-year notes and 11.6% of the company's shares. The company said the creditors should have the new notes within six days and the shares within 30 days, according to the Journal. The company originally hoped to get approval to execute the swap by May 25, the report says. Hipotecaria Su had threatened to file bankruptcy if the debt swap were unsuccessful, in which case the company warned that the recovery rate for investors would be significantly less than that which they could achieve via the swap, the Journal adds. About Hipotecaria Su Hipotecaria Su Casita SA, based in Mexico City, Mexico, started operations in 1994 as a non-bank financial institution/Sofol Mortgage Company. Su Casita's main activity consists of extending mortgage loans financed by monies from SHF to low income individuals -- an important role in the low-income housing market, as there is no rental market in Mexico. It is 40% owned by Spanish bank Caja Madrid. * * * As reported in the Troubled Company Reporter-Latin America on June 1, 2011, Standard & Poor's Ratings Services lowered its rating on Hipotecaria Su Casita - Residential Mortgage Backed Notes' MXN226,501,400 class B notes due 2035 to 'mxD (sf)' from 'mxBB (sf)'. "At the same time, we lowered our Standard & Poor's underlying rating (SPUR, which addresses the stand-alone credit quality of the security) on the US$232,532,000 class A notes from the same transaction. We also affirmed our 'B (sf)' long-term rating on the class A notes. Hipotecaria Su Casita - Residential Mortgage Backed Notes is a cross-border RMBS transaction backed by mortgage loans originated by Hipotecaria Su Casita S.A. de C.V. SOFOM E.N.R. (Su Casita)," S&P said. SATELITES MEXICANOS: Rene Salazar Appointed Interim CFO ------------------------------------------------------- Satelites Mexicanos, S.A. de C.V., announced that Luis Fernando Stein Velasco has resigned as Chief Financial Officer of Satmex, effective June 22, 2011. Rene Moran Salazar has been appointed as the interim Chief Financial Officer of the Company. 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. At April 23, 2011, the Debtor's balance sheet showed $436.1 million in total assets, $527.5 million in total liabilities, and a stockholders' deficit of $91.4 million. VITRO SAB: Seeks Alternatives to Extend Protection for U.S. Units ----------------------------------------------------------------- Jonathan Roeder at Bloomberg News reports that Vitro SAB is seeking "alternatives" to extend protection to U.S. subsidiaries from legal actions initiated by creditors there after a U.S. court extended preliminary protection for those units until July 1. 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. VITRO SAB: VVP Holdings Files Schedules of Assets and Debts ----------------------------------------------------------- VVP Holdings LLC filed with the U.S. Bankruptcy Court for the Northern District of Texas, its schedules of assets and liabilities, disclosing: Name of Schedule Assets Liabilities ---------------- ------- ----------- A. Real Property US$0 B. Personal Property $797,764 C. Property Claimed as Exempt D. Creditors Holding Secured Claims US$25,829 E. Creditors Holding Unsecured Priority Claims $0 F. Creditors Holding Unsecured Non-priority Claims $1,237,578,765 ------------ -------------- TOTAL US$797,764 US$1,237,604,595 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. VITRO SAB: Creditors' Committee Hires Akin Gump as Counsel ---------------------------------------------------------- Judge Harlin DeWayne Hale of the U.S. Bankruptcy Court for the Northern District of Texas authorizes the Official Committee of Unsecured Creditors in the Chapter 11 cases of Vitro Asset Corp., et al., to retain Akin Gump Strauss Hauer & Feld LLP as its counsel. Akin Gump will be representing the Committee in the Debtors' bankruptcy proceedings. The hourly rates of Akin Gump's personnel are: Michael S. Stamer, partner US$975 Abid Qureshi, partner $790 Sarah Link Schultz, partner $700 Alexis Freeman, counsel $675 David A. Kazlow, associate $510 Kristine G. Manoukian, associate $510 Partners $500 - $1200 Special Counsel and Counsel $415 - $805 Associates $335 - $625 Paraprofessionals $125 - $310 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. *********** 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. * * * End of Transmission * * *