TCRLA_Public/110707.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, July 7, 2011, Vol. 12, No. 133

                            Headlines



A R G E N T I N A

851 SRL: Creditors' Proofs of Debt Due August 3
ABANDANS SA: Creditors' Proofs of Debt Due August 5
ACTION TRADE: Creditors' Proofs of Debt Due October 20
ASTILLERO DEL PLATA: Creditors' Proofs of Debt Due August 29
BELLISOMI JOYEROS: Creditors' Proofs of Debt Due September 19

COMPANIA CRUSADE: Creditors' Proofs of Debt Due August 10
EL GRAN: Creditors' Proofs of Debt Due September 7
YPF SOCIEDAD: Moody's Assigns 'Ba2' Foreign Currency Rating
YPF: Fitch Rates Proposed US$300-Mil. Notes Issuance at 'BB-'
* ARGENTINA: U.S. Court Rules Central Bank Reserves Off-Limits


B E R M U D A

MILLENNIUM GLOBAL: Seeks U.S. Recognition of Bermuda Liquidation
MILLENNIUM GLOBAL: Chapter 15 Case Summary


B R A Z I L

HYPERMARCAS SA: S&P Affirms Corporate Credit Rating at 'BB-'


C A Y M A N   I S L A N D S

ASPIN NOUVEAU: Creditors' Proofs of Debt Due August 4
BALLON NOUVEAU: Creditors' Proofs of Debt Due August 4
DARNAY NOUVEAU: Creditors' Proofs of Debt Due August 4
EVO GOLDEN: Creditors' Proofs of Debt Due July 26
EVO GOLDEN: Creditors' Proofs of Debt Due July 26

LYDIAN OVERSEAS: Creditors' Proofs of Debt Due August 4
MLMI CAYMAN: Creditors' Proofs of Debt Due August 4
QCR FUNDING: Creditors' Proofs of Debt Due August 16
SFCS FUNDS: Creditors' Proofs of Debt Due August 5
SFCS SENTINELS: Creditors' Proofs of Debt Due August 5

SFCS TITANS: Creditors' Proofs of Debt Due August 5
SPREAD PROFIT: Creditors' Proofs of Debt Due August 4
T.O. OFFSHORE: Creditors' Proofs of Debt Due August 5
URUGUAY FUTURO: Creditors' Proofs of Debt Due August 4


J A M A I C A

* JAMAICA: Construction Sector Starts to Recover Following Crisis


M E X I C O

GRUPO TMM: Salles Sainz-Grant Thornton Raises Going Concern Doubt
VITRO SAB: Packaging Unit Files for Ch. 15, Bankruptcy in Mexico
VITRO SAB: Vitro Packaging's Chapter 15 Case Summary
VITRO SAB: U.S. Units Seek Exclusivity Until Oct. 2
VITRO SAB: Can't Use Insider Votes for Cram Down


P U E R T O   R I C O

GP WEST: Court Prohibits Cash Collateral Use Until July 7
GP WEST: Sec. 341 Creditors' Meeting Set for July 15
REITTER CORP: Luis R. Carrasquillo Approved as Accountant


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Ex-Finance Minister No Show at Commission of Enquiry


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


851 SRL: Creditors' Proofs of Debt Due August 3
-----------------------------------------------
Osvaldo Delfor Fanton, the court-appointed trustee for 851 SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until August 3, 2011.

Mr. Fanton will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, 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:

         Osvaldo Delfor Fanton
         Pasaje Del Carmen 791
         Argentina


ABANDANS SA: Creditors' Proofs of Debt Due August 5
---------------------------------------------------
Miguel A. Pizzolo, the court-appointed trustee for Abandans SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until August 5, 2011.

Mr. Pizzolo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 45, 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:

         Miguel A. Pizzolo
         Hipolito Yrigoyen 1349
         Argentina


ACTION TRADE: Creditors' Proofs of Debt Due October 20
------------------------------------------------------
Veronica Segovia, the court-appointed trustee for Action Trade
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until October 20, 2011.

Ms. Segovia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, 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:

         Veronica Segovia
         San Martin 662
         Argentina


ASTILLERO DEL PLATA: Creditors' Proofs of Debt Due August 29
------------------------------------------------------------
Ana Maria Varela, the court-appointed trustee for Astillero del
Plata SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until August 29, 2011.

Ms. Varela will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 15, 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:

         Ana Maria Varela
         Tucuman 1506
         Argentina


BELLISOMI JOYEROS: Creditors' Proofs of Debt Due September 19
-------------------------------------------------------------
Isabel Ana Ramirez, the court-appointed trustee for Bellisomi
Joyeros SA - Batum SA - Shantikuon SA's bankruptcy proceedings,
will be verifying creditors' proofs of claim until September 19,
2011.

Ms. Ramirez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 26, 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:

         Isabel Ana Ramirez
         Teniente General Juan Domingo Peron 2082
         Argentina


COMPANIA CRUSADE: Creditors' Proofs of Debt Due August 10
---------------------------------------------------------
Jaime Luis Jeiman, the court-appointed trustee for Compania
Crusade SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until August 10, 2011.

Mr. Jeiman 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:

         Jaime Luis Jeiman
         Lavalle 1312
         Argentina


EL GRAN: Creditors' Proofs of Debt Due September 7
--------------------------------------------------
Horacio Jose Eugenio Caliri, the court-appointed trustee for El
Gran Titan SA's reorganization proceedings, will be verifying
creditors' proofs of claim until September 7, 2011.

Mr. Caliri 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. 48, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 26, 2012.

The Trustee can be reached at:

         Horacio Jose Eugenio Caliri
         Lavalle 1206
         Argentina


YPF SOCIEDAD: Moody's Assigns 'Ba2' Foreign Currency Rating
-----------------------------------------------------------
Moody's Investors Service assigned a Ba2 foreign currency bond
rating and Aaa.ar National Scale rating (NSR) to US$300 million of
medium-term notes to be issued by YPF Sociedad Anonima under the
company's US$1 billion medium-term note program.  At the same
time, Moody's affirmed YPF's Ba1 global local currency rating.
The outlook for the ratings is stable.

Ratings Rationale

The Ba1 and the Aaa.ar ratings reflect YPF's status as the largest
industrial corporation and energy company in Argentina, as well as
the company's dominant market position in Argentina.  The ratings
also reflect the benefits of YPF's upstream/downstream integration
and other business diversification; and its sizeable oil and gas
reserves relative to its Argentine energy peers.

Constraints on the ratings include a weak upstream reinvestment
record, as reflected in relatively low levels of historical
reserve replacement, declining production levels, and a shorter
than average reserve life index, all of which stem from a history
of constricted internal investment and a mature reserve base.
However, Moody's positively notes YPF's recent success in its
capital expenditure program in reversing declining oil production
trends and achieving 100% oil reserve replacement in 2010.  The
Ba1 rating is also restrained by high levels of short-term debt
and the risk of rising financial leverage as a result of the
company's high dividend payout and increasing capital investments.

YPF's ratings also reflect Argentina's economic instability,
including concerns that the government's revenue needs and an
unpredictable policy framework could continue to pressure the
company's financial profile and operating performance.  In
addition, the Ba2 foreign currency rating considers Argentina's B3
foreign currency government bond rating, which indicates a high
degree of foreign currency convertibility and transfer risk.

Moody's notes that YPF is an exporter of hydrocarbon products, has
the ability to keep up to 70% of export proceeds offshore, and has
a good track record in servicing its foreign currency debt
obligations and paying dividends offshore during past Argentine
financial crises.  It also has a strong majority owner that
operates outside of Argentina.  At the same time, the ratings take
into account that a substantial portion of YPF's debt is
denominated in foreign currency, and the risk of increased capital
controls in Argentina could impact its ability to service this
debt.

YPF's financial leverage has increased somewhat over the last
several years as debt has risen in tandem with capital spending
against a relatively weak reserve replacement record.  However,
its financial leverage currently remains conservative compared to
certain higher rated investment grade peers.  As of March 31,
2011, adjusted debt/total proved reserves was US$3.00/BOE and
debt/capital was 36%, an increase from US$2.66/BOE and 27%,
respectively, at December 31, 2008.

Nevertheless, Moody's is concerned that YPF's inflexible dividend
policy, in tandem with rising capital spending, could pressure
financial leverage.  While YPF has historically maintained a high
dividend payout, Moody's views the dividend flexibility as
decreasing due to the high debt obligations of its minority
shareholder, the Petersen Group.  The Petersen Group has financed
the acquisition of its 25% stake in YPF almost entirely with debt,
with 97% of its US$3.8 billion investment in YPF debt-financed.
Per the shareholder agreement between Repsol and Petersen, YPF's
dividend is set at 90% of the previous year's net income, and
Moody's expects dividends of at least US$1.2 billion per year over
the next several years.

In addition, YPF's capital investments are rising.  While Moody's
recognizes managements' initial success in reversing declining oil
production trends and achieving 100% oil reserve replacement in
2010 from its secondary recovery and infill drilling program,
these efforts have been capital intensive.  Moody's also notes
that while YPF has recently made notable shale oil and gas
discoveries, development of these resources faces execution risk
and is highly capital intensive.  YPF plans to spend US$8 billion
from 2011-2013 on capital expenditures, including approximately
US$2.9 billion in 2011.

YPF's challenge, given its historically poor reserve replacement
record, declining production levels, shorter-than-average reserve
life index and general investment conditions in Argentina, will be
to increase and productively deploy its upstream capital spending
while committing to a high and inflexible dividend payout.

The stable rating outlook assumes YPF will be able to maintain at
least stable oil production trends and improve its oil reserve
replacement ratios while maintaining leverage within an expected
range (debt/total proved reserves within the US$5.00/BOE range).
Given the company's rising leverage trends, the degree of
flexibility within the Ba1 rating is limited.

YPF's ratings could be subject to negative pressure as a result of
materially increased financial leverage (above US$6.00/BOE),
continued deterioration in upstream reinvestment performance, or
adverse Argentine regulatory developments.

An upgrade of YPF's ratings is not expected over the near-term
given its exposure to Argentina sovereign risk, as well as its
prospects for increased financial leverage.

YPF Sociedad Anonima is the largest energy company in Argentina.
It is headquartered in Buenos Aires.  YPF's major shareholder is
Repsol YPF S.A. (Baa1, stable outlook), an integrated oil and gas
company headquartered in Spain, which owns approximately 58% of
the company. In addition, Petersen Energia S.A. (B1, stable) and
Petersen Inversora, S.A.U. (B1, stable), collectively the Petersen
Group, own 25% of the company.  The Petersen entities are Spanish
corporations owned by the Eskenazi family of Argentina.  Neither
Repsol nor the Petersen Group guarantee YPF's debt obligations.
Repsol is pursuing a longer-term strategy to reduce its current
ownership in and exposure to YPF, although it plans to retain a
greater than 50% ownership.


YPF: Fitch Rates Proposed US$300-Mil. Notes Issuance at 'BB-'
-------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' international scale rating to
YPF's proposed Series IV senior unsecured notes issuance for
approximately US$300 million.  Fitch has also assigned a national
scale rating of 'AAA (arg)' to the proposed issuance.

YPF expects to issue an eight-year bond of US$300 million that
could potentially increase to US$600 million.  The notes will rank
pari passu with YPF's other senior unsecured debt.  The notes
carry a change of control provision which, upon a change of
control, allows holders to put the bonds back to YPF at 101% of
nominal value plus accrued interest.  The notes also carry a
nationalization provision which allows 25% or more of the
bondholders to request the redemption of the notes in the event of
a nationalization.  The company plans to use the proceeds for
general corporate purposes, mainly capital investments and working
capital needs.

YPF's foreign currency IDR of 'BB-' reflects its solid business
profile as Argentina's dominant integrated oil company and Fitch's
expectation that its credit metrics will remain strong.  Credit
concerns include weak upstream metrics, asset concentration in
Argentina, increased government interference in the energy sector
and inflationary pressures.  The two-notch foreign currency IDR
above the country ceiling of Argentina is supported by YPF's
reliable strong internal cash flow generation, high level of
dollar-denominated export revenues relative to long-term debt
maturities which mitigates its exposure to currency mismatch, and
its right to maintain up to 70% of export revenues offshore which
mitigates transfer and convertibility risk.  It also incorporates
the controlling ownership by financially strong Repsol YPF. In
addition, the company has a track record of payment during
distressed sovereign scenarios and global crisis.  YPF S.A. is
Argentina's largest integrated oil and gas company.  It is
controlled by Repsol YPF (rated 'BBB+', Outlook Stable by Fitch).
The Petersen Group has a 25.46% stake in YPF, and Repsol owns
58.23%.


* ARGENTINA: U.S. Court Rules Central Bank Reserves Off-Limits
--------------------------------------------------------------
Shane Romig at Dow Jones' Newswires reports that U.S. Court of
Appeals for the Second Circuit ruled that about US$100 million
held by Argentina's central bank in the U.S. can't be seized by
creditors.

The Court reversed a lower court ruling that ordered Argentina to
turn over the funds to settle a portion of the billions of dollars
of claims that the bondholders have won against the country,
according to Dow Jones.

As reported in the Troubled Company Reporter-Latin America on
May 26, 2005, Bloomberg News said that Argentina began swapping
defaulted bonds for new securities as part of its US$104 billion
restructuring after U.S. District Judge Thomas Griesa lifted a
freeze on US$7 billion of defaulted Argentine bonds held at Bank
of New York Co.

Dow Jones notes that the Central Bank of Argentina's funds are
protected by the Foreign Sovereign Immunities Act (FSIA), which
blocks creditors from seizing money deposited in U.S. accounts by
central banks unless those funds are used for commercial purposes.

The ruling is a blow to holdout creditors who have declined to
accept the Argentine government's heavily discounted bond swap,
Dow Jones says.

The report relays that the holdouts include the Seijas class-
action suits, Kenneth Dart's EM Ltd. fund and Elliott Management
Corp.'s NML Capital Ltd.  The NML Capital and EM Ltd. funds were
the plaintiffs in the ruling.

So far, Dow Jones discloses that investors have tendered about 93%
of the debt that was subject to Argentina's US$100 billion
sovereign default in 2001.

                           *     *     *

As of July 2, 2010, the Argentina republic continues to carry
Moody's "Caa1" country ceiling long-term foreign bank deposit
rating and "B2" country ceiling long-term currency debt ratings.

The country also continues to carry Standard and Poor's "B-"
currency long-term debt ratings and "C" currency short term debt
ratings.


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


MILLENNIUM GLOBAL: Seeks U.S. Recognition of Bermuda Liquidation
----------------------------------------------------------------
Millennium Global Emerging Credit Master Fund Ltd. and its
affiliated feeder fund filed petitions under Chapter 15 of the
U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case Nos. 11-13171 and
11-13172) on June 30 in Manhattan for protection from creditors.

The two Millennium entities were a pair of Bermuda-based funds
created to invest in sovereign and corporate debt instruments.
They were once affiliated with U.K. investment manager Millennium
Global Investments Ltd.  The two Funds were ill-equipped to
survive the financial downturn of late 2008.  They went into
liquidation in Bermuda in October 2008 following default with
their prime brokers.

Michael W. Morrison, Charles Thresh and Richard Heis at KPMG
Advisory Ltd., as court-appointed liquidators and foreign
representatives of the Millennium funds in proceedings pending
before the Supreme Court of Bermuda, Commercial Court, filed the
Chapter 15 petition.  They are asking the U.S. Bankruptcy court to
enter an order recognizing the Bermuda proceedings as "foreign
main proceedings".

Following their appointment, the Joint Liquidators commenced an
investigation into the financial affairs of the Funds and found
discrepancies in certain asset valuations.

In November 2008, the Joint Liquidators reported to investors that
the Funds' books and records indicated that the value of the
Master Fund as of September 30, 2008, was US$738,209,753.
However, after the provision of close-out statements by
counterparties it became apparent that the Funds in fact owed over
US$150 million to counterparties.

According to Bloomberg News, the liquidators said they have
collected about US$22 million in assets for the two funds and have
about US$170 million in claims filed by prime brokers and swap
counterparties.  The creditors include prime brokers Credit Suisse
and Citigroup Inc.  The liquidators haven't yet made a
determination on the claims, Mr. Morrison said, according to Dow
Jones' Daily Bankruptcy Review.

DBR also reported that investor Pontifex Partners LLC in 2009 sued
Millennium and principal Michael Balboa, accusing them of relying
on "outright lies and material omissions" -- like that the funds
were performing well and were relying on a certain investment
strategy when in fact that strategy had changed -- to induce its
US$1.5 million investment.  DBR said Millennium moved to dismiss
the suit.  In 2010, the parties struck a deal to dismiss the suit
with prejudice, court papers show, meaning Pontifex can't bring
the same suit again.

Pontifex's attorney wasn't available to comment, DBR said.

Through their investigation, the Joint Liquidators uncovered
evidence that certain of the securities purchased by the Funds had
been overvalued.  The Joint Liquidators are continuing to
investigate the effect of these valuation discrepancies.

The Liquidators say the Chapter 15 relief would allow them to
continue their investigation and, if necessary, commence
litigation in the United States.

The Liquidators said they filed for Chapter 15 relief both to
assist their investigations and to "uncover additional claims
against U.S. entities arising out of the misevaluation" of assets.

The Chapter 15 case summary for Millennium Global Emerging Credit
Master Fund Ltd. and Millennium Global Emerging Credit Fund
Limited is in the July 5, 2011 edition of the Troubled Company
Reporter.


MILLENNIUM GLOBAL: Chapter 15 Case Summary
------------------------------------------
Chapter 15 Petitioner: Michael W. Morrison
                       Joint Liquidator

Chapter 15 Debtor: Millennium Global Emerging Credit Master Fund
                   Limited
                   c/o KPMG Advisory Limited
                   Crown House, Par-la-Ville Road
                   Hamilton HM08, Bermuda

Chapter 15 Case No.: 11-13171

Chapter 15 Petition Date: June 30, 2011

Court: U.S. Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Allan L. Gropper

Debtor's Counsel: Susheel Kirpalani, Esq.
                  Quinn Emanuel Urquhart & Sullivan LLP
                  51 Madison Avenue, 22nd Floor
                  New York, NY 10010
                  Tel: (212) 849-7000
                  Fax: (212) 849-7100
                  E-mail: susheelkirpalani@quinnemanuel.com

Estimated Assets: US$10,000,001 to US$50,000,000

Estimated Debts: US$100,000,001 to US$500,000,000

Affiliated that filed Chapter 15 petition:

   Debtor                                        Case No.
   ------                                        --------
   Millennium Global Emerging Credit Fund Ltd.   11-13173
   Assets: US$10,000,001 to US$50,000,000
   Debts: US$10,000,001 to US$50,000,000


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


HYPERMARCAS SA: S&P Affirms Corporate Credit Rating at 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit and senior unsecured debt rating on Brazil-based
consumer goods company Hypermarcas S.A.  "At the same time, we
affirmed our 'brA+' Brazilian national scale rating on the
company. The outlook is stable," S&P stated.

"We believe Hypermarcas will continue benefiting from synergies
from its past acquisitions, improving its credit metrics gradually
during the next few years.  In the near term, we expect the
company to moderate its growth plans.  Because Hypermarcas is more
focused on organic growth and on completely collecting synergies
from its current portfolio of acquired businesses (including
pharmaceutical company Mantecorp), we don't expect significant
merger-and-acquisition (M&A) activity this year.  In the
intermediate term, we believe Hypermarcas will remain acquisitive,
but more selective than historically when bidding for new assets,
focusing on smaller businesses that add to its existing brand
portfolio and allow for quick improvement of its current
operations," S&P stated.

The ratings on Hypermarcas reflect the risks of the company's
aggressive growth strategy, both organically and through
acquisitions; aggressive gross leverage; and negative cash-flow
generation in the near term.  "We also consider the challenges the
company faces in integrating acquired businesses in its
operating model.  This requires significant investments in
marketing to reposition and sustain its portfolio of acquired
brands.  Hypermarcas is also exposed to a competitive and working-
capital-intensive industry.  The company's adequate liquidity,
consisting of comfortable cash reserves; leading position in many
segments, especially over-the-counter pharmaceuticals;
profitability that compares well with global peers; and positive
track record in integrating acquisitions partly offset the risks.
The ratings also reflect the favorable long-term prospects for
Brazil's consumer goods industry based on rising purchasing power
and decreasing unemployment," S&P stated.

Hypermarcas' operating margins and cash flows have been weaker
than expected, as the company is still investing to integrate its
portfolio of acquired businesses and has not fully collected all
potential synergies from recent acquisitions.  EBITDA margins
declined to 21.5% in the 12 months ended March 2011 from 24.8% in
the same period of 2010, even considering proportionally stronger
revenue share of higher-margin pharmaceuticals in the company's
product mix, especially because of the lagging performance in home
care products, lower margins in recently acquired bolt-on
businesses, and the effects of nonrecurring expenses related to
these integrations.  High marketing expenses (19% of net sales)
have also hurt results, as the company keeps targeting revenue
growth through brand.  Revenues increased in first-quarter 2011
due to acquisitions (contributing to a 30% increase in revenues
from 2010), but also because of organic growth of 26% in same-
brand sales.

"We continue to believe Hypermarcas is now focused on integrating
and capturing synergies from its current asset portfolio, which
will revert to higher margins in the intermediate term.  Operating
margins should also strengthen further with Mantecorp, as it adds
higher-margin pharmaceuticals sales and cash flows through its
attractive product portfolio.  Hypermarcas' brand portfolio is
quite robust, consisting of brands with strong acceptance among
low- and mid-low-income consumers, who traditionally have been
loyal despite being generally price sensitive.  Although sound
logistics and distribution capabilities and brand recognition
somewhat protect Hypermarcas' market position (and an increasing
focus on pharmaceutical products reinforces this strength),
barriers to entry are thin in many product categories in which it
operates.  Competition comes primarily from well-capitalized,
large consumer-products companies," S&P stated.

Hypermarcas' financial profile is significant.  Its high gross
debt and somewhat weak credit measures still reflect heavy M&A
activity in the past two years and the fact that not all synergies
have been fully captured.  Although credit metrics in first-
quarter 2011 were more aggressive than historically, liquidity
remains sound enough to cover short-term maturities and other cash
needs.  "We project some debt reduction in the coming quarters, to
a total debt-to-EBITDA ratio of less than 4.5x by year-end 2011,
on higher cash flow from acquired assets and further integration
gains.  We also expect Hypermarcas to deleverage further through
some scheduled debt repayment, strengthening its credit metrics
from 2010 levels," S&P stated.

Hypermarcas' liquidity is adequate, which incorporates these
expectations:

    "We expect liquidity sources during the next 24 months to
    exceed uses by 1.5x. Although we believe the company will
    sustain strong liquidity as policy, part of cash reserves
    could be used in acquisitions.  Cash and marketable securities
    amounted to BRL1.8 billion as of March 2011," S&P stated.

    "We believe liquidity sources will continue to exceed uses,
    even if our EBITDA projection for 2011 were to decline by a
    further 20%.  The company recently issued senior notes with
    final maturity in 2021 to roll over its short-term debt
    maturities.  After this issue, the company does not face
    significant maturities in the next few years," S&P related.

    "With its cash balances, we believe that the company could
    absorb, with limited need for refinancing, high-impact, low-
    probability events.  Cash reserves add some cushion in its
    currently aggressive gross debt leverage," S&P said.

"As our base case, we project free operating cash flow to be
negative in 2011, as the company concludes its integration process
with recently acquired businesses; however, this will likely
strengthen in the next few years as it captures synergies from its
portfolio.  As a consequence, we currently don't expect it to
raise much more debt to fund expansion.  We also believe the
company has adequate headroom under its debt covenants," S&P said.

"The stable outlook reflects our expectation that Hypermarcas will
continue to benefit from its larger scale, a focus on integration
with efficiency initiatives, and a more-conservative approach to
acquisitions.  We believe the company will deleverage, posting an
adjusted total debt-to-EBITDA ratio of about 3.5x and a funds from
operations (FFO)-to-adjusted total debt ratio of 20% in the next
two years, while sustaining adequate cash reserves," S&P stated.

An upgrade would depend on a consistent improvement in
Hypermarcas' financial profile, maintenance of strong liquidity,
and a prudent expansion strategy that allows it to reduce leverage
to an adjusted total debt-to-EBITDA ratio of less than 3.0x and an
FFO-to-adjusted total debt ratio of more than 25%.  "On the other
hand, we could lower the ratings if Hypermarcas fails to integrate
new businesses, or if its aggressive expansion strategy leads to
an adjusted total debt-to-EBITDA ratio of more than 5.0x and an
FFO-to-total debt ratio of less than 10% consistently," S&P noted.


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


ASPIN NOUVEAU: Creditors' Proofs of Debt Due August 4
-----------------------------------------------------
The creditors of Aspin Nouveau Investments Limited are required to
file their proofs of debt by August 4, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 15, 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


BALLON NOUVEAU: Creditors' Proofs of Debt Due August 4
------------------------------------------------------
The creditors of Ballon Nouveau Investments Limited are required
to file their proofs of debt by August 4, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on June 15, 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


DARNAY NOUVEAU: Creditors' Proofs of Debt Due August 4
------------------------------------------------------
The creditors of Darnay Nouveau Investments Limited are required
to file their proofs of debt by August 4, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on June 15, 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


EVO GOLDEN: Creditors' Proofs of Debt Due July 26
-------------------------------------------------
The creditors of Evo Golden State Fund Ltd. are required to file
their proofs of debt by July 26, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 12, 2011.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


EVO GOLDEN: Creditors' Proofs of Debt Due July 26
-------------------------------------------------
The creditors of Evo Golden State Master Fund Ltd. are required to
file their proofs of debt by July 26, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 12, 2011.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


LYDIAN OVERSEAS: Creditors' Proofs of Debt Due August 4
-------------------------------------------------------
The creditors of Lydian Overseas Partners, Ltd. are required to
file their proofs of debt by August 4, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 25, 2011.

The company's liquidator is:

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


MLMI CAYMAN: Creditors' Proofs of Debt Due August 4
---------------------------------------------------
The creditors of MLMI Cayman NIM 2005-NC1, Ltd. are required to
file their proofs of debt by August 4, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 15, 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


QCR FUNDING: Creditors' Proofs of Debt Due August 16
----------------------------------------------------
The creditors of QCR Funding, Inc. are required to file their
proofs of debt by August 16, 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:

         Lisa Clarke
         c/o Jean Ebanks or Lisa Clarke
         Telephone: (345) 945-2187
         Facsimile: (345) 945-2197
         P.O. Box 30464 Grand Cayman KY1-1202
         Cayman Islands


SFCS FUNDS: Creditors' Proofs of Debt Due August 5
--------------------------------------------------
The creditors of SFCS Funds SPC 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 8, 2011.

The company's liquidator is:

         Simon Conway
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         P.O. Box 258 Grand Cayman KY1-1104
         Cayman Islands


SFCS SENTINELS: Creditors' Proofs of Debt Due August 5
------------------------------------------------------
The creditors of SFCS Sentinels One Feeder Ltd 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 8, 2011.

The company's liquidator is:

         Simon Conway
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         P.O. Box 258 Grand Cayman KY1-1104
         Cayman Islands


SFCS TITANS: Creditors' Proofs of Debt Due August 5
---------------------------------------------------
The creditors of SFCS Titans Feeder Ltd 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 8, 2011.

The company's liquidator is:

         Simon Conway
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         P.O. Box 258 Grand Cayman KY1-1104
         Cayman Islands


SPREAD PROFIT: Creditors' Proofs of Debt Due August 4
-----------------------------------------------------
The creditors of Spread Profit International Holding (Cayman
Islands) Company Limited are required to file their proofs of debt
by August 4, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on June 10, 2011.

The company's liquidator is:

         Bridge Street Services Limited
         c/o Michelle R. Bodden-Moxam
         Portcullis TrustNet (Cayman) Ltd.
         The Grand Pavilion Commercial Centre
         Oleander Way
         802 West Bay Road
         P.O. Box 32052 Grand Cayman KY1-1208
         Cayman Islands


T.O. OFFSHORE: Creditors' Proofs of Debt Due August 5
-----------------------------------------------------
The creditors of T.O. Offshore Fund, Ltd. are required to file
their proofs of debt by August 5, 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:

         Titan Advisors, LLC
         2 International Drive, Suite 200
         Rye Brook, NY 10573
         USA


URUGUAY FUTURO: Creditors' Proofs of Debt Due August 4
------------------------------------------------------
The creditors of Uruguay Futuro are required to file their proofs
of debt by August 4, 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


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


* JAMAICA: Construction Sector Starts to Recover Following Crisis
-----------------------------------------------------------------
RJR News reports that Jamaica's construction sector is making slow
recovery following setbacks caused by the economic downturn.

Michael Archer, a member of the Incorporated Masterbuilders
Association of Jamaica, said that the bounce back has been below
expectation but he is hopeful that the Jamaica Development
Infrastructure Program (JDIP) and other state projects will help
to boost the sector, according to RJR News.

                           *     *     *

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
===========


GRUPO TMM: Salles Sainz-Grant Thornton Raises Going Concern Doubt
-----------------------------------------------------------------
Grupo TMM, S.A.B., filed on June 30, 2011, its annual report on
Form 20-F for the fiscal year ended Dec. 31, 2010.

Salles Sainz-Grant Thornton, S.C., in Mexico City, Mexico,
expressed substantial doubt about Grupo TMM, S.A.B.'s ability to
continue as a going concern.  The independent auditors noted that
the Company has incurred net losses in recent years, principally
as a result of its comprehensive financing cost.

The Company reported a net loss of US$78.9 million on
US$305.4 million of revenues for 2010, compared with a net loss of
US$95.7 million on US$308.4 million of revenues for 2009.

The Company's balance sheet at Dec. 31, 2010, showed US$1.076
billion in total assets, US$971.0 million in total liabilities,
and stockholders' equity of US$104.9 million.

A copy of the Form 20-F is available at http://is.gd/bftHT8

Headquartered in Mexico City, Grupo TMM, S.A.B. (NYSE: TMM and
BMV: TMM A) -- http://www.grupotmm.com/-- provides a combination
of ocean and land transportation services.


VITRO SAB: Packaging Unit Files for Ch. 15, Bankruptcy in Mexico
----------------------------------------------------------------
Vitro Packaging De Mexico, an affiliate of Mexican Glass producer
Vitro SAB, commenced a Chapter 15 case (Bankr. N.D. Tex. Case No.
11-34224) in Dallas, Texas.

Packaging de Mexico is an indirect operating subsidiary of Vitro
SAB, a debtor in a chapter 15 case pending also in Dallas.
Packaging de Mexico is a distributor of Vitro's glass containers
unit's products to the United States.  Products include glass
containers for the soft drink, beer, food, juices, wine and
liquor, pharmaceutical and cosmetics industries.

Packaging de Mexico incurs trade debt in the ordinary court of
business, and it is a guarantor of certain of Vitro SAB's borrowed
money debt.  As of Dec. 31, 2010, Packaging de Mexico's
outstanding guaranty obligations was approximately US$1.216
billion on account of certain notes issued by Vitro SAB.

After Vitro defaulted on the notes and the identical law suits in
the Supreme Court of the State of New York and the subsequent
attachment orders issued by the court, some of these customers
suspended payments on account of goods and services being provided
by Packaging de Mexico.

Deprived of those payments, Packaging de Mexico has been unable to
pay its suppliers, thus threatening its continued working
relationships with those suppliers and jeopardizing its ability to
service its customers going forward.

Packaging de Mexico believes it is in the best interest of the
company and its creditors to seek relief under the Mexican
Business Reorganization Act to preserve its value as a going
concern and maximize the value of its assets for the benefit of
all creditors.

On June 29, 2011, Packaging de Mexico commenced the Voluntary
Mexican Proceeding by filing with the District Court of Nuevo Leon
a petition requesting a concurso mercantil declaration under the
Mexican Business Reorganization Act.  A Visitador has not yet been
appointed in the Voluntary Mexican Proceeding.  No order has been
entered by the District Court of Nuevo Leon either appointing
another foreign representative or limiting Packaging de Mexico's
rights in that regard.

Packaging de Mexico is asking the U.S. Bankruptcy Court to enter
an order recognizing the Mexican proceedings as "foreign main
proceedings".

                          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 US$64.4 million.


VITRO SAB: Vitro Packaging's Chapter 15 Case Summary
----------------------------------------------------
Chapter 15 Petitioner: Javier Arechavaleta Santos

Chapter 15 Debtor: Vitro Packaging de Mexico S.A. de C.V.
                     fka Inmobiliara Lorna del Toro, S.A. de C.V.
                   Keramos 225 Pte Colonia del Prado
                   Monterrey 64410
                   Nuevo Leon, Mexico

Chapter 15 Case No.: 11-34224

Chapter 15 Petition Date: June 30, 2011

Court: U.S. Bankruptcy Court
       Northern District of Texas (Dallas)

Judge: Harlin DeWayne Hale

Debtor's Counsel: David M. Bennett, Esq.
                  THOMPSON & KNIGHT LLP
                  1722 Routh Street, Suite 1500
                  Dallas, TX 75201-2533
                  Tel: (214) 969-1486
                  E-mail: david.bennett@tklaw.com

                         - and

                  Katharine E. Battaia, Esq.
                  THOMPSON & KNIGHT LLP
                  1722 Routh Street, Suite 1500
                  Dallas, TX 75201-2533
                  Tel: (214) 969-1495
                  Fax: (214) 969-1751
                  E-mail: katie.richter@tklaw.com

Estimated Assets: US$100,000,001 to US$500,000,000

Estimated Debts: US$100,000,001 to US$500,000,000

The Company did not file a list of creditors together with its
petition.

Affiliates that previously sought, or have pending, Chapter 11 or
Chapter 15 cases:

        Entity                          Case No.    Petition Date
        ------                          --------     -------------
Vitro America, LLC                      11-32602       04/06/11
Super Sky Products, Inc.                11-32604       04/06/11
Super Sky International, Inc.           11-32605       04/06/11
VVP Finance Corporation                 11-32611       04/06/11
VVP Funding Corporation                 11-33161       05/09/11
VVP Holdings, LLC                       11-33564       06/02/11
Vitro Chemicals, Fibers & Mining, LLC   11-32061       11/17/10
Troper Services, Inc.                   11-32603       11/17/10
Amsilco Holdings, Inc.                  11-32607       11/17/10
B.B.O. Holdings, Inc.                   11-32608       11/17/10
Binswanger Glass Company                11-32609       11/17/10
Crisa Corporation                       11-32610       11/17/10
VVP Auto Glass, Inc.                    11-32612       11/17/10
V-MX Holdings, LLC                      11-32613       11/17/10
Vitro Packaging, LLC                    11-32614       11/17/10
Vitro, S.A.B. de C.V.                   11-33335       04/14/11


VITRO SAB: U.S. Units Seek Exclusivity Until Oct. 2
---------------------------------------------------
The U.S. subsidiaries of Vitro SAB is asking the U.S. Bankruptcy
Court in Dallas for an additional 60 days when no one else can
propose a Chapter 11 plan.  If granted, exclusivity will be
stretched out to Oct. 2.  The U.S. units said in a court filing
that as much as US$10 million will remain from the sale of the
business for distribution under a Chapter 11 plan.

An affiliate of Sun Capital Partners Inc. bought the operations of
Vitro's U.S. subsidiaries for about US$55 million.  The price rose
some US$15 million at auction.  The sale was completed on June 17.

Creditors have until Aug. 24 to file claims.

                          About Vitro SAB

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

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

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

            Concurso Mercantil & Chapter 15 Proceedings

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

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

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

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

                      Chapter 11 Proceedings

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

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

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

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

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.

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

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

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 US$64.4 million.


VITRO SAB: Can't Use Insider Votes for Cram Down
------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that U.S. Bankruptcy Judge Harlin "Cooter" Hale said in a
21-page opinion on June 24 that Vitro SAB can't use insider votes
to cram down negative votes on its reorganization plan.  Vitro
defaulted more than two years ago on US$1.2 billion in bonds
guaranteed by 49 subsidiaries.  Judge Hale said the Vitro parent
is a holding company.  Subsidiaries own the assets and conduct the
operations.  Judge Hale's ruling says that Vitro cannot use
insider votes to cram the plan down when the operating companies
owing the assets are not in bankruptcy in either Mexico or the
U.S.

                        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 US$64.4 million.


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


GP WEST: Court Prohibits Cash Collateral Use Until July 7
---------------------------------------------------------
Judge Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court for
the District of Puerto Rico, upon the request of CPG/GS PR LLC,
prohibited GP West Inc. from using CPG/GS's cash collateral until
the conclusion of the hearing to be held on July 7, 2011, at
9:30 a.m.

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 US$127 million made
by FBPR to the Debtor or the Debtor's related parties and
guaranteed by the Debtor.

As of May 26, 2011, the outstanding principal balance under the
Loan Agreements was not less than US$120,262,455, plus
US$7,604,261, in accrued and unpaid interest, for a total
outstanding balance of principal and interest aggregating not less
than US$127,866,716, of which US$8,832,559 principal and more than
US$500,000 interest was then overdue and payable in respect of the
GP West Loan Agreement.

CPG/GS said that since the Petition Date, the Debtor has not
deposited any payments on accounts receivables or rents in any
segregated accounts at CPG/GS.  Accordingly, CPG/GS asked the
Court to prevent the Debtor's unauthorized use of Cash Collateral.

CPG/GS is represented by:

   Hermann D. Bauer Alvarez, Esq.
   O'Neill & Borges
   American International Plaza
   250 Munoz Rivera Avenue, Suite 800
   San Juan, Puerto Rico 00918-1813
   Tel: (787) 764-8181
   Fax: (787) 753-8944

                           About GP West

San Juan, Puerto Rico-based GP West, Inc., filed a voluntary
Chapter 11 petition (Bankr. D. P.R. Case No. 11-04954) on June 9,
2011.  The Debtor disclosed assets of US$13,384,251 and debts of
US$132,825,590.

Eduardo J. Corretjer Reyes, Esq., at Bufete Roberto Corretjer
Piquer, in San Juan, Puerto Rico -- ejcr98@yahoo.com -- serves as
the Debtor's bankruptcy counsel.  CPA Luis R. Carrasquillo & Co.,
P.S.C, serves as the Debtor's financial consultant.

GP West's affiliate, Swiss Chalet Inc., also filed for Chapter 11
protection.


GP WEST: Sec. 341 Creditors' Meeting Set for July 15
----------------------------------------------------
The U.S. Trustee for Region 21 in Puerto Rico will convene a
meeting of creditors in the bankruptcy case of GP West, Inc.,
pursuant to 11 U.S.C. Sec. 341(a) on July 15, 2011, at 9:00 a.m.
at 341 Meeting Room, Ochoa Building, 500 Tanca Street, First
Floor, in San Juan.

The last day to oppose discharge or dischargeability is Sept. 13,
2011.  Proofs of claim are due on Oct. 13, 2011. Government proofs
of claim are due on Dec. 7, 2011.

                           About GP West

San Juan, Puerto Rico-based GP West, Inc., filed a voluntary
Chapter 11 petition (Bankr. D. P.R. Case No. 11-04954) on June 9,
2011.  The Debtor disclosed assets of US$13,384,251 and debts of
US$132,825,590.

Eduardo J. Corretjer Reyes, Esq., at Bufete Roberto Corretjer
Piquer, in San Juan, Puerto Rico -- ejcr98@yahoo.com -- serves as
the Debtor's bankruptcy counsel.  CPA Luis R. Carrasquillo & Co.,
P.S.C, serves as the Debtor's financial consultant.

GP West's affiliate, Swiss Chalet Inc., also filed for Chapter 11
protection.


REITTER CORP: Luis R. Carrasquillo Approved as Accountant
---------------------------------------------------------
The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court
for the District of Puerto Rico authorized Reitter Corporation to
employ Luis R. Carrasquillo Ruiz, CPA, and Luis R. Carrasquillo &
Company, PSC as as accountant to assist its management in the
financial restructuring of its affairs by providing advice in
strategic planning and the preparation and or review of Debtor's
plan of reorganization, disclosure statement and business plan,
and participating in Debtor's negotiations with financial
institutions, lessor, and Debtor's creditors.

As reported in the Troubled Company Reporter on May 30, 2011, the
duties of Mr. Carrasquillo will principally consist of strategic
counseling and advice, pro forma modeling preparation,
financial/business assistance, preparation of documentation as
requested for and during Debtor's Chapter 11, specifically as it
is related to and has an effect on Debtor, well as recommendations
and financial/business assessments regarding issues specifically
related to Debtor or other assistance in accounting, taxes, and/or
operational matters.

The Debtor has retained Mr. Carrasquillo on the basis of US$12,000
it has advanced to the accountant, against which Mr. Carrasquillo
will bill as per his hourly billing rates.

To the best of the Debtor's knowledge, Mr. Carrasquillo is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

                     About Reitter Corporation

San Juan, Puerto Rico-based Reitter Corporation filed for Chapter
11 protection (Bankr. D. P.R. Case No. 10-07152) on Aug. 6, 2010.
Alexis Fuentes-Hernandez, Esq., at Fuentes Law Offices, assists
the Debtor in its restructuring effort.  In its schedules, the
Debtor disclosed US$20,440,765 in total assets and US$17,250,033
in total debts.


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


CL FINANCIAL: Ex-Finance Minister No Show at Commission of Enquiry
------------------------------------------------------------------
Joel Julien at Trinidad Express reports that Karen Nunez-Tesheira,
former Trinidad and Tobago finance minister, did not show up at
the commission of enquiry into the collapse of CL Financial
Limited and the Hindu Credit Union on July 1.

Ms. Nunez-Tesheira was the finance minister when the Memorandum of
Understanding was brokered between the Central Bank and Colonial
Life Insurance Company (Trinidad) Limited (CLICO) in January 2009.

Trinidad Express notes that Ms. Nunez-Tesheira was expected to
appear before former CL Chairman Lawrence Duprey in the list of
persons scheduled to deliver opening statements on July 1.

Meanwhile, Trinidad Express relates that Queen's Counsel Andrew
Mitchell, the lead counsel for Mr. Duprey's legal team, batted for
the affected policyholders, calling on Trinidad and Tobago
government to sell the assets of CLICO and pay out the outstanding
monies owed.

The enquiry was scheduled to start on July 4.

                         About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago).  The ratings remain under review with
negative implications.  CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


===============
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, 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 * * *