TCRLA_Public/110711.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

               Monday, July 11, 2011, Vol. 12, No. 135

                            Headlines


A R G E N T I N A

AGRIBEST SA: Creditors' Proofs of Debt Due August 29
ASPIL SA: Creditors' Proofs of Debt Due October 27
BANCO INDUSTRIAL: Moody's Assigns 'E+' Bank Finc'l Strength Rating
FIDELCOMISO FINANCIERO: Moody's Reinstates Global Scale Ratings
HACENDADOS DEL PLATA: Creditors' Proofs of Debt Due September 2

LLUMINA GROUP: Creditors' Proofs of Debt Due September 15
TORRES BALANZAS: Creditors' Proofs of Debt Due August 19


B R A Z I L

COSAN OVERSEAS: S&P Gives 'BB' Rating on Senior Unsecured Notes
COSAN OVERSEAS: Moody's Assigns 'Ba2' Rating to $300MM Notes


C A Y M A N   I S L A N D S

ALLIANCEBERSTEIN GLOBAL: Creditors' Proofs of Debt Due August 2
BDI GLOBAL: Creditors' Proofs of Debt Due August 4
BDI MASTER: Creditors' Proofs of Debt Due August 4
CAPSELLA INVESTMENTS: Placed Under Voluntary Wind-Up
CHABA II: Commences Liquidation Proceedings

HIGH QUALITY: Creditors' Proofs of Debt Due July 20
HIGH QUALITY: Creditors' Proofs of Debt Due July 20
HIGH QUALITY CAYMAN: Creditors' Proofs of Debt Due July 20
HIGH QUALITY MASTER: Creditors' Proofs of Debt Due July 20
MARINA PARTNERS: Creditors' Proofs of Debt Due July 27

MEGA BUSINESS: Creditors' Proofs of Debt Due July 27
MISTRAL INVESTMENT: Commences Liquidation Proceedings
SIGNUM CLASSIC: Creditors' Proofs of Debt Due August 5
SIGNUM FTC: Creditors' Proofs of Debt Due August 5
YINGLIU INTERNATIONAL: Creditors' Proofs of Debt Due August 12


M E X I C O

VITRO SAB: Court OKs Ernst & Young as Tax Advisor for U.S. Units


                            - - - - -


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A R G E N T I N A
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AGRIBEST SA: Creditors' Proofs of Debt Due August 29
----------------------------------------------------
Viviana Andrea Santamarina, the court-appointed trustee for
Agribest SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until August 29, 2011.

The Trustee can be reached at:

         Viviana Andrea Santamarina
         Jufre 250
         Argentina


ASPIL SA: Creditors' Proofs of Debt Due October 27
--------------------------------------------------
Jose Augusto Palma, the court-appointed trustee for Aspil SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until October 27, 2011.

Mr. Palma will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 22
in Buenos Aires, with the assistance of Clerk No. 43, 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:

         Jose Augusto Palma
         Uriburu 1632
         Argentina


BANCO INDUSTRIAL: Moody's Assigns 'E+' Bank Finc'l Strength Rating
------------------------------------------------------------------
Moody's Investors Service has assigned a bank financial strength
rating (BFSR) of E+ (plus) to Banco Industrial S.A. (Industrial).
Moody's has also assigned the bank long- and short-term global
local-currency deposit ratings of B1 and Not Prime, respectively,
as well as long-term and short-term foreign-currency deposit
ratings of Caa1 and Not Prime, respectively.

At the same time, Moody's has assigned an Aa2.ar local-currency
deposit rating and a Ba1.ar foreign-currency deposit rating to the
bank on the Argentine national scale.

The outlook on all the ratings is stable.

These ratings have been assigned to Banco Industrial S.A.:

Bank Financial Strength Rating: E+, stable outlook

Long-term and short-term global local-currency deposit rating: B1
and Not Prime, stable outlook

Long-term and short-term global foreign-currency deposit rating:
Caa1 and Not Prime, stable outlook

Long-term national scale local-currency deposit rating: Aa2.ar

Long-term national scale foreign-currency deposit rating: Ba1.ar

Ratings Rationale

The ratings derive from Industrial's business model, which is
centered in short-term unsecured lending to small and medium size
companies (SMEs), mostly in the form of receivables discount.  As
such, Industrial's operation provides adequate cash flows and loan
granularity, but requires a continuous commercial effort in order
to frequently rebuild the loan book, together with adequate
origination guidelines and controls to ensure asset quality.
Furthermore, Industrial has developed a consumer lending franchise
chiefly oriented to payroll lending to pensioners of the Argentine
social security system (ANSES), aside from a modest corporate
banking unit.

Moody's noted that Industrial's small market share in terms of
loans and deposits in the Argentinean market, of 1% and 0.6%
respectively as of March 2011, as well as the strong competition
the bank faces in the segment it is focused on are important
challenges to preserve its currently ample margins.  In that
regard, the bank's relatively concentrated funding structure may
add volatility to its operations and pressure its funding costs,
and thus, profitability.  SME-related time deposits account for
nearly 40% of total funding, with a significant share also by
institutional depositors.

The bank's capitalization reflects the level of risk undertaken by
its operation, and should prove adequate to support future loan
growth. Finally, high operating costs also adds pressure to the
ratings, and is directly related to the nature of Industrial's
businesses of factoring activities and payment centers, both of
which require significant infrastructure and costs.

The ratings incorporate Industrial's weak corporate governance
structure, as suggested by the lack of an independent board of
director.  Industrial is directly controlled by the Meta family,
who own 10% of total stake, and indirectly by Cooperativa de
Credito, Vivienda y Consumo La Industrial Ltda, which controls 90%
of the bank and is, in turn, owned by the Meta family.

The B1 global local-currency deposit rating is derived from
Industrial's unsupported baseline credit assessment of B1. Because
Moody's assesses a modest probability of systemic support as a
consequence of its deposits market share , the bank's deposit
rating does not benefit from any uplift, and remains at B1.

Banco Industrial is headquartered in Buenos Aires, Argentina, and
had AR$3,1 billion in assets, AR$2,3 billion in deposits and a net
worth of AR$296 million as of March 2011.  The bank has a branch-
network of 31 branches, with 13 of them operating as payment
centers.


FIDELCOMISO FINANCIERO: Moody's Reinstates Global Scale Ratings
---------------------------------------------------------------
Moody's Investors Service has reinstated Global Scale Ratings and
published National Scale Ratings for the Debt Securities and
Certificates issued by Fideicomiso Financiero Forestal I.

The complete rating action is:

Fideicomiso Financiero Forestal I, Debt Securities TDA, Reinstated
to B3 (sf); previously on Aug 11, 2010 Withdrawn (sf)

National Scale Rating -- current rating Baa2.ar (sf), previously
on July 27, 2010 - Baa2.ar (sf) rating assigned;

Fideicomiso Financiero Forestal I, Certificates CP, Reinstated to
C (sf); previously on Aug 11, 2010 Withdrawn (sf)

National Scale Rating -- current rating C.ar (sf), previously on
July 27, 2010 - C.ar (sf) rating assigned.

National Scale Ratings for Fideicomiso Financiero Forestal I deal
were not previously published due to an internal administrative
error.

Global Scale Ratings were withdrawn on August 11, 2010 due to an
internal clerical error at Moody's.  Fideicomiso Financiero
Forestal I was originally issued in 1999 with the initial maturity
date of August 11, 2010.  The transaction's maturity date was
later changed to March 15, 2021.  At that time, Moody's database
was not updated to reflect the new maturity date and the ratings
were inadvertently withdrawn.

Ratings Rationale

Moody's analyzed the recent changes to the transaction, which
include:

  * The extension of the final maturity date until March 15, 2021.

  * Following the resignation of Banco CMF as trustee, investors
    decided to accept the proposal of Bapro Mandatos y Negocios
    (Bapro) to become the successor trustee.

  * The replacement of the project coordinator after the
    resignation of Global Forest Partners (formerly UBS Brinson).
    The new designated project coordinator is Garruchos S.A., a
    company dedicated to agricultural and timber-related business,
    which operates under the commercial brand name Pomera Maderas.
    Garruchos has effectively been the project coordinator since
    March 16, 2011.

  * The new appraiser for the trust is the Universidad de
    Misiones, which was appointed with the consent of the
    investors.

Moody's believes that these changes do not negatively affect the
ratings of the transaction.

Moody's did not receive or take into account a third-party due
diligence report on the underlying assets or financial instruments
in this transaction.


HACENDADOS DEL PLATA: Creditors' Proofs of Debt Due September 2
---------------------------------------------------------------
Susana Haydee Vacchelli, the court-appointed trustee for
Hacendados Del Plata SA's bankruptcy proceedings, will be
verifying creditors' proofs of claim until September 2, 2011.

Ms. Vacchelli 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. 46, 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:

         Susana Haydee Vacchelli
         Florida 336


LLUMINA GROUP: Creditors' Proofs of Debt Due September 15
---------------------------------------------------------
Bernardo Leizerow, the court-appointed trustee for Llumina Group
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until September 15, 2011.

Mr. Leizerow will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 12, 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:

         Bernardo Leizerow
         Lavalle 1290
         Argentina


TORRES BALANZAS: Creditors' Proofs of Debt Due August 19
--------------------------------------------------------
Daniel Ernesto Altman, the court-appointed trustee for Torres
Balanzas Electronicas SRL's bankruptcy proceedings, will be
verifying creditors' proofs of claim until August 19, 2011.

Mr. Altman 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.
34, 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:

         Daniel Ernesto Altman
         Parana 774
         Argentina


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


COSAN OVERSEAS: S&P Gives 'BB' Rating on Senior Unsecured Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' rating to the
senior unsecured notes that Cosan Overseas Ltd. (not rated) will
issue.  The parent company, Cosan S.A. Industria e Comercio
(Cosan, BB/Stable/--), and its subsidiary Cosan Combustiveis e
Lubrificantes S.A. (CCL, BB/Stable/--) are to guarantee the
notes.  The rating on the issue reflects the guarantors' corporate
credit rating because secured debt at Cosan and CCL is low
relative to total assets.

The debt issuance will improve Cosan's liquidity position.  "With
the recent effective creation of Razen, its joint venture with
Shell, we believe Cosan will benefit from a flow of dividends from
its equity investments in Raizen and Rumo and from the cash flow
from its lubricant and sugar retail businesses.  Our view of the
company's business profile will depend on our assessment of
Raizen's expected annual dividend distribution because it will
likely be Cosan's largest cash contributor," S&P related.

Ratings List

Cosan S.A. Industria e Comercio
Corporate Credit Rating              BB/Stable/--

New rating

Cosan Overseas Ltd.
Unsecured Notes                      BB


COSAN OVERSEAS: Moody's Assigns 'Ba2' Rating to $300MM Notes
------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the
reopening of the US$300 million perpetual notes issued by Cosan
Overseas Ltd.  Proceeds of the reopening, which is expected to be
for up to US$200 million, will be used for working capital and
general corporate purposes.  Cosan's ratings, including the rating
assigned to the reopening, are under review for possible upgrade.

Ratings currently under review for potential upgrade include:

Cosan S.A. Industria e Comercio

- Corporate Family Rating: Ba2 /A1.br/Under review for potential
   upgrade

Issuer: Cosan Finance Limited

- US$400 million senior unsecured notes due 2017 rated Ba2/Under
   review for potential upgrade

Cosan Overseas Limited

- US$300 million perpetual notes rated Ba2/Under review for
   potential upgrade

Ratings of Cosan were placed under review for potential upgrade on
June 14, 2011, following the announcement that Raizen, the
company's 50-50 joint venture with Shell became effective on
June 1, 2011.

The review process will focus on two key fundamental aspects
following the formation of Raizen.

Ratings Rationale

First, as for the US$400 million senior unsecured notes due 2017
that were contributed by Cosan to Raizen Energia Participacoes
S.A. and which now benefit from the full guarantee of Raizen
Combustiveis S.A as well, Moody's will review Raizen's business
and strategic plan, its expected financial performance and
competitive positioning within the sugar-ethanol and fuel
distribution complex in Brazil, its corporate structure (the
relationship between Raizen Energia Participacoes S.A. and Raizen
Combustiveis S.A. and the availability of cross guarantees, the
buy-out options provided for under the joint venture agreement)
and contemplated corporate governance practices (including
conflict resolution mechanisms between the two joint venture
partners), its capital structure, key contractual agreements (such
as the supply and royalty agreements between the Raizen
Combustiveis S.A. and the operators of the fuel stations), capital
spending needs and financial policies (including target leverage
levels, expected levels of dividend pay-outs, etc.) and the
strategic importance of the joint venture for Shell.

Second, as for the CFR of Cosan and the US$300 million in
perpetual notes, Moody's will review the extent to which the
company has reduced the inherent volatile nature of its prior
business model, the predictability and stability of dividend
payments from Raizen (which will form a very significant source of
cash flow for the company), its strategic plans for its remaining
non-Raizen business interests, its expected financial performance,
capital spending needs and financial policies, and the terms of a
number of key agreements between various Cosan entities and
Raizen.  Any potential change in the rating or outlook of Cosan's
CFR and its US$300 million perpetual notes will to a large degree
depend on the credit quality of Raizen given its significant cash
flow contribution to Cosan.

On August 25, 2010, Cosan and Shell International Petroleum
Company (Royal Dutch Shell is rated Aa1/Stable) announced their
intentions to create Raizen, the world's largest sugar, ethanol
and cogeneration producer out of sugarcane and one of the largest
fuels distributors in the Brazilian market.  The 50-50 owned joint
venture became effective on June 1, 2011 with the formation of
Raizen Energia Participacoes S.A. and Raizen Combustiveis S.A.  On
the upstream side, Raizen Energia Participacoes S.A will produce
over 2.2 billion liters of ethanol per year for the domestic
Brazilian and international markets, own 24 sugar-ethanol mills in
Brazil with a production capacity of more than 4 million tons of
sugar per annum and 900 MW of installed cogeneration capacity from
sugarcane bagasse.  On the downstream side, Raizen Combustiveis
S.A will sell 20.7 billion liters of fuels in Brazil through some
4,500 Shell branded service stations.

As part of the creation of Raizen, Cosan has principally
contributed its sugar, ethanol, energy cogeneration and fuel
distribution businesses; its ethanol logistics business; 2,100
hectares of land and total debt of R$4.94 billion (which includes
the US$400 million of senior unsecured notes due 2017 issued by
Cosan Finance Limited rated Ba2/Positive) plus certain adjustments
and assets and liabilities connected to Zanin mill that was
acquired in February of 2011.  Shell for its part contributed its
Brazilian fuel distribution and aviation business; its equity
interest in Iogen Corp. and Codexis, Inc, two companies involved
in R&D related to biomass fuel, and a cash payment of US$ 1.6
billion to be made over a two-year period, which is a binding
commitment and will be booked as receivables at Raizen's balance.
Upon commencement, Raizen will have the capacity to crush 65
million tons of sugarcane, produce more than 4.0 million tons of
sugar and distill 2.2 billion liters of ethanol, with installed
cogeneration capacity of 900 MW and distribute 20.7 billion liters
of fuel.  Moody's expects the joint venture to pursue an
investment grade credit capital structure with net leverage
converging over time to circa 2.0 times EBITDA.

Following the creation of Raizen, Cosan will to a large degree
depend on the cash flow it will receive through dividends from its
effective 50% stake in Raizen.  In addition, Cosan will also
retain a portfolio of other assets including its wholly owned
lubricants (Mobil brands) and sugar retail businesses (Uniao and
Da Barra); its 69.7% stake in Rumo, its sugar logistics operation;
and its 18.9% stake in Radar, a land development company with
interests in sugar cane, soybean, corn and cotton.  Upon closing
of Raizen, Cosan had net debt of R$300 million (including the US
US$300 million perpetual notes issued by Cosan Overseas Limited).
Moody's expects Cosan to similarly target an investment grade
capital structure with net leverage of maximum 2.0 times EBITDA.

Ratings on Cosan could experience upwards pressure if Raizen
adopts financial policies which would be commensurate with an
investment grade profile while simultaneously providing consistent
dividend payments meaningfully above the minimum 25% pay-out ratio
as currently contemplated by the legislation, the expectation of a
sustainable improvement in financial leverage and more stable cash
flows.

Moody's last rating action for Cosan occurred on June 14, 2011
when Moody's placed under review for potential upgrade the Ba2
global scale and A1.br national scale corporate family ratings of
Cosan S.A. Industria e Comercio ("Cosan"), following the
announcement that the Raizen joint venture with Shell had become
effective on June 1, 2011.

Headquartered in Sao Paulo, Brazil, Cosan S.A. Industria e
Comercio (prior the joint-venture with Shell) is the largest sugar
producer in Brazil and the third largest sugar producer in the
world, having sold 4.3 million tons of sugar in fiscal year 2011.
It is also the largest exporter of sugar in the world.  The
company is also the largest grower and processor of sugarcane in
the world (more than twice the size of the second player), with a
crushing capacity expanded of approximately 65 million tons as of
March 31, 2011.  Cosan is also the largest ethanol producer in
Brazil and the second largest in the world, having sold 2.2
billion liters in fiscal year 2011, and the largest exporter of
ethanol in the world.  In addition, Cosan distributes ethanol
through more than 1,700 gas stations in Brazil, is the controlling
shareholder in logistics provider Rumo and has stake in Radar, a
land management company with various interests in agricultural
properties.


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C A Y M A N   I S L A N D S
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ALLIANCEBERSTEIN GLOBAL: Creditors' Proofs of Debt Due August 2
---------------------------------------------------------------
The creditors of Allianceberstein Global Opportunities (Sterling
Managed) Hedge Fund Ltd. are required to file their proofs of debt
by August 2, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on June 17, 2011.

The company's liquidator is:

         John Sutlic
         c/o Kim Charaman
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Close Brothers (Cayman) Limited
         Harbour Plac, Fourth Floor
         P.O. Box1034, Grand Cayman KY1-1102
         Cayman Islands


BDI GLOBAL: Creditors' Proofs of Debt Due August 4
--------------------------------------------------
The creditors of BDI Global Feeder Fund 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 21, 2011.

The company's liquidators are:

         David Dyer
         Alan Corkish
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


BDI MASTER: Creditors' Proofs of Debt Due August 4
--------------------------------------------------
The creditors of BDI Master Fund 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 21, 2011.

The company's liquidators are:

         David Dyer
         Alan Corkish
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


CAPSELLA INVESTMENTS: Placed Under Voluntary Wind-Up
----------------------------------------------------
At an extraordinary general meeting held on June 21, 2011, the
shareholders of Capsella Investments Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Raymond E. Whittaker
         FCM Ltd.
         Governor's Square
         Ground Floor, West Bay Road
         P.O. Box 1982 Grand Cayman KY-1104
         Cayman Islands


CHABA II: Commences Liquidation Proceedings
-------------------------------------------
On June 9, 2011, the sole shareholder of Chaba II (Cayman) Ltd
resolved to voluntarily liquidate the company's business.

The company's liquidators are:

         Kenneth M. Krys
         Timothy Le Cornu
         KRyS Global
         Governors Square, Building 6, 2nd Floor,
         23 Lime Tree Bay Avenue
         P.O. Box 31237, Grand Cayman KY1-1205
         Cayman Islands


HIGH QUALITY: Creditors' Proofs of Debt Due July 20
---------------------------------------------------
The creditors of High Quality ABS Opportunities (Cayman) Fund,
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 June 23, 2011.

The company's liquidator is:

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

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


HIGH QUALITY: Creditors' Proofs of Debt Due July 20
---------------------------------------------------
The creditors of High Quality ABS Opportunities (Master) Fund,
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 June 23, 2011.

The company's liquidator is:

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

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


HIGH QUALITY CAYMAN: Creditors' Proofs of Debt Due July 20
----------------------------------------------------------
The creditors of High Quality ABS Opportunities (Cayman) Fund II,
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 June 23, 2011.

The company's liquidator is:

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

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


HIGH QUALITY MASTER: Creditors' Proofs of Debt Due July 20
----------------------------------------------------------
The creditors of High Quality ABS Opportunities (Master) Fund II,
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 June 23, 2011.

The company's liquidator is:

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

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


MARINA PARTNERS: Creditors' Proofs of Debt Due July 27
------------------------------------------------------
The creditors of Marina Partners are required to file their proofs
of debt by July 27, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 14, 2011.

The company's liquidator is:

         Richard Finlay
         c/o Krysten Lumsden
         Telephone: (345) 814 7366
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


MEGA BUSINESS: Creditors' Proofs of Debt Due July 27
----------------------------------------------------
The creditors of Mega Business Fund (Taiwan) II Limited are
required to file their proofs of debt by July 27, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 14, 2011.

The company's liquidator is:

         Richard Finlay
         c/o Krysten Lumsden
         Telephone: (345) 814 7366
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


MISTRAL INVESTMENT: Commences Liquidation Proceedings
-----------------------------------------------------
On June 22, 2011, a resolution was passed that liquidates the
business of Mistral Investment Fund.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Beat Hirschi
         c/o Maples and Calder, Attorneys-at-law
         P.O. Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


SIGNUM CLASSIC: Creditors' Proofs of Debt Due August 5
------------------------------------------------------
The creditors of Signum Classic FTC Limited 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 22, 2011.

The company's liquidator is:

         K.D. Blake
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands
         c/o Gerhard Albertyn
         Telephone: 345-914-4395 / 345-949-4800
         Facsimile: 345-949-7164 / 345-949-7164


SIGNUM FTC: Creditors' Proofs of Debt Due August 5
--------------------------------------------------
The creditors of Signum FTC Classic Limited 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 22, 2011.

The company's liquidator is:

         K.D. Blake
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands
         c/o Gerhard Albertyn
         Telephone: 345-914-4395 / 345-949-4800
         Facsimile: 345-949-7164
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands


YINGLIU INTERNATIONAL: Creditors' Proofs of Debt Due August 12
--------------------------------------------------------------
The creditors of Yingliu International Holdings Limited are
required to file their proofs of debt by August 12, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 14, 2011.

The company's liquidator is:

         Du Yingliu
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Close Brothers (Cayman) Limited
         Harbour Place, 4th Floor
         P.O. Box1034 Grand Cayman KY1-1102
         Cayman Islands


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


VITRO SAB: Court OKs Ernst & Young as Tax Advisor for U.S. Units
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas has
approved Vitro America, LLC's application to employ Ernst & Young
LLP as tax advisor effective as of April 25, 2011.

The firm can be reached at:

         Kevin L. Chadwell
         ERNST & YOUNG LLP
         6410 Poplar Ave., # 500
         Memphis, TN 38119
         Phone: (901) 526-1000

E&Y LLP will also assign certain tax professionals to assist the
Debtors in completing ministerial and administrative tasks
relating to data collection and preparation of Dec. 31, 2010,
federal and state tax returns for the Debtors.

With respect to the bankruptcy tax services, E&Y LLP will charge
the Debtors these hourly rates:

     Executive Directors/Principals/Partners    US$765
     Senior Managers                              $615
     Managers                                     $545
     Seniors                                      $375
     Staff                                        $190

E&Y LLP also intends to charge the Debtors based on the time that
assigned staff spend performing services, which are currently
billed at US$110 per hour.

Mr. Chadwell maintains that E&Y LLP is a "disinterested person" as
the term is defined in Section 101(14) of the Bankruptcy Code.

                        About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envase
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 -- namely Knighthead Master Fund, L.P.,
Lord Abbett Bond-Debenture Fund, Inc., Davidson Kempner Distressed
Opportunities Fund LP, and Brookville Horizons Fund, L.P. -- ,
opposed the exchange.  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, Ivy B.
Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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