TCRLA_Public/110803.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, August 3, 2011, Vol. 12, No. 152

                            Headlines



A R G E N T I N A

COMPANIA DE TRANSPORTE: Fitch Affirms Long-Term IDRs at 'B-'
LOMA NEGRA: S&P Affirms Corporate Credit Rating at 'B+'
TRANSPORTADORA: Fitch Affirms FC Issuer Default Rating at 'B'


B E R M U D A

AVIATION BUSINESS: Creditors' Proofs of Debt Due August 11
AVIATION BUSINESS: Sole Member to Hear Wind-Up Report on August 29
ENERGY PRODUCERS: Creditors' Proofs of Debt Due August 17
ENERGY PRODUCERS: Members' Final Meeting Set for September 16
GENERAL AGENCY: Creditors' Proofs of Debt Due August 17

GENERAL AGENCY: Sole Member to Hear Wind-Up Report on September 9
GLOBAL CROSSING: Incurs US$34 Million Net Loss in Second Quarter


B R A Z I L

BRASKEM SA: Fitch Says Dow Sale Will Not Affect 'BB+' LT IDR
RIO GRANDE: Moody's Withdraws 'Ba1' Corporate Family Rating


C A Y M A N   I S L A N D S

LEAFS CMBS I: Creditors' Proofs of Debt Due August 18
NGFD-ALTERNATIVE TRADING: Creditors' Proofs of Debt Due August 18
NGFD-HY BOND: Creditors' Proofs of Debt Due August 18
NGFD-HY EQUITY: Creditors' Proofs of Debt Due August 18
NGFD-INCOME EQUITY: Creditors' Proofs of Debt Due August 18

NGFD-INVESTMENT GRADE: Creditors' Proofs of Debt Due August 18
NGFD-SOVEREIGN BOND: Creditors' Proofs of Debt Due August 18
SELIGMAN FINANCIAL: Creditors' Proofs of Debt Due August 18
SELIGMAN FINANCIAL FUND: Creditors' Proofs of Debt Due August 18
SELIGMAN GLOBAL: Creditors' Proofs of Debt Due August 18

SELIGMAN INVESTMENT: Creditors' Proofs of Debt Due August 18
SELIGMAN INVESTMENT FUND: Creditors' Proofs of Debt Due August 18
TIKEHAU CREDIT: Creditors' Proofs of Debt Due August 18
TIKEHAU CREDIT MASTER: Creditors' Proofs of Debt Due August 18
UNITED GLOBAL: Creditors' Proofs of Debt Due August 17


C O L O M B I A

FABRICATO SA: Doubling on Local Trade May Be Bubble, Analysts Say


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Gets US$500MM From Bond With 6.95% Yield


M E X I C O

CORPOVAE SA: Moody's Assigns (P)B2 Global Scale to MTN Program
FUMISA: Moody's Withdraws 'Ba3' Credit Rating for Business Reasons
VITRO SAB: Posts MXN288.8MM Profit in Q2 on Beer Bottle Sales


P U E R T O   R I C O

PALMAS COUNTRY: Court Denies Confirmation of 2nd Amended Plan




                            - - - - -


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


COMPANIA DE TRANSPORTE: Fitch Affirms Long-Term IDRs at 'B-'
------------------------------------------------------------
Fitch Ratings has affirmed Compania de Transporte de Energia
Electrica en Alta Tension Transener S.A. (Transener) international
bond ratings:

   -- Long-term Foreign Currency Issuer Default Rating (FC IDR) at
      'B-';

   -- Long-term Local Currency Issuer Default Rating (LC IDR) at
      'B-';

   -- 2016 notes, at 'B-/RR4';

   -- 2021 notes (expected, at 'B-/RR4(exp)'.

The Rating Outlook is Stable.

Transener's ratings reflect the company's poor cash flow
generation due to the weak regulatory environment that has
resulted in a material lag between inflation and tariff
adjustments.  Transener's capital structure is relatively strong.
As of March 31, 2011, the company had US$148 million of total
debt.  This figure compares with US$58 million of EBITDA during
the latest 12 months (LTM) ended March 31, 2011, resulting in a
total debt/EBITDA ratio of 2.5 times (x).

The company recently completed a US$122.6 million bond offering.
Proceeds will be used to extend Transener's debt life through
2021.  As a result of this transaction, the company has a very
favorable debt amortization schedule.

Despite an adverse environment, Transener has a good track record
in terms of service quality.  Service interruptions were low at
0.35 per 100km.  Due to rising costs and the current tariff
scheme, Fitch anticipates a decrease in the company's EBITDA to
approximately US$40 million for 2011.

The company's rating could be raised if the company's EBITDA
exceeds Fitch's expectations during 2011 and/or the company's
operating environment improves.  Conversely, a negative rating
action could result from an economic downturn in Argentina, or a
sharp increase in costs without a commensurate increase in the
tariff rate.

Transener has the exclusive concession to operate the main
national high voltage transmission grid and the province of Buenos
Aires' transmission grid, through its 90% stake in Transba S.A.
Transener accounts for approximately 95% of the national high
voltage grid.  In addition, the company has non-regulated revenues
associated with services provided to third parties both locally
and internationally.


LOMA NEGRA: S&P Affirms Corporate Credit Rating at 'B+'
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Argentina-based cement producer Loma Negra
C.I.A.S.A.  The outlook is stable.

"The rating affirmation follows the company's closing of a cash
tender offer on almost US$55.2 million of its US$100 million bond
with final maturity in 2013, which InterCement Brasil S.A.
(formerly known as Camargo Correa Cimientos S.A., BB/Negative/--)
guaranteed," said Standard & Poor's credit analyst Candela Macchi.
The transaction will be financed with funds from a new five-year
bullet credit facility, and with existing cash balances.  "We
expect the company's debt to remain substantially unchanged," S&P
said.

"We view the transaction as a liability management operation given
that the purchased bonds still have almost two years to maturity.
Also, the company made the tender at par value plus a premium of
US$60 (for each US$1,000 tendered) and an early tender payment of
US$10.  Based on our projections, we consider that, even if the
offer was not accepted, the company would have been able to face
debt maturities in 2013, with available cash and free operating
cash flow," S&P said.

"The resulting capital structure does not materially change our
perception of the company's aggressive financial risk profile.
However, we believe that with the completion of the process, Loma
Negra will improve its debt maturity schedule, reducing some
maturity concentration in 2013, when the guaranteed US$100 million
notes come due," S&P related.

The rating continues to reflect the company's exposure to swings
in Argentina's economy and the inherit volatility of the cement
industry, limited product diversification, currency mismatches,
and inflation risks.  Loma Negra's good market position as the
largest cement producer in Argentina in terms of market share and
installed capacity, and competitive cost structure arising from
convenient access to raw materials and logistic integration
partially mitigate these factors.  "The rating also incorporates
our expectation that Loma Negra's main shareholder, InterCement
Brasil, would provide support if necessary because of Loma Negra's
strategic importance.  Currently, InterCement Brasil guarantees
approximately 85% of Loma Negra's debt.  These positive factors
should enable the company to maintain adequate profitability
and cash flow generation," S&P related.

"The stable outlook is based on our view of Loma Negra's strategic
importance to InterCement Brasil and reflects our belief that
InterCement Brasil will continue to have sufficient economic
incentives to support its Argentinean operations, even under a
severe sovereign default scenario.  We might lower the ratings if
we believe that shareholder support for Loma Negra has changed or
if the company's financial policy becomes too aggressive because
of higher-than-expected nonguaranteed debt or dividends.

Any ratings upgrade is unlikely because of the company's
operational concentration in Argentina's still-challenging
business environment," S&P said.


TRANSPORTADORA: Fitch Affirms FC Issuer Default Rating at 'B'
-------------------------------------------------------------
Fitch Ratings has affirmed the rating of Transportadora de Gas del
Sur S.A. (TGS)

   -- Foreign currency Issuer Default Rating (IDR) at 'B';

   -- Local currency IDR at 'B+';

   -- Unsecured debt at 'B/RR4'.

The Rating Outlook is Stable.

TGS's ratings reflect the weak regulatory framework in Argentina
and the close linkage between the company's operating risks and
its regulatory environment.  Despite frozen tariffs for its
pipeline business and rising inflation, TGS continues to reduce
debt levels and build up cash balances.

As of March 2011, TGS's liquidity was strong, with US$286 million
in cash and marketable securities and US$387 million of total
debt.  The company faces no debt maturities until May 2014 and has
annual interest payments of approximately US$30 million.  For the
latest 12 months (LTM) ended May 31, 2011, the company generated
US$162 million of EBITDA and US$86 million of cash flow from
operations.  Near-term capital expenditure (capex) plans are
expected to remain at a level of approximately US$40 million,
which should allow the company to generate about US$40 million to
US$60 million of free cash flow.

Although natural gas continued to be redirected in Argentina to
satisfy residential demand, the company was able to increase its
firm contracted capacity by 2.6%. During 2010, the company's
pipeline utilization factor remained stable at 79%, while its
contracted capacity increased to 80 million cubic meters per day
(MMm3/d) from 78 MMm3/d.  This growth in contracted capacity was
supported by recent investments that increased the company's
pipeline capacity by 7 MMm3/d.  The company's liquefied natural
gas (LNG) processing unit, which represented 61% of 2010 sales and
65% of EBITDA, performed well due to high international prices for
LNG.  This division is expected to continue to perform well due to
the renegotiation of several export contracts during 2010.

TGS is primarily controlled by Compania de Inversiones de Energia
(CIESA), which holds 55.3% of the company's common stock and its
major shareholder is Petrobras Energia S.A. (PESA).  PESA is
materially involved in the operations of TGS, as it has a three-
year contract to provide technical support until 2011.  The
remaining 50% of CIESA's equity is distributed between Enron
Pipeline Company Argentina (10%) and a trust administered by ABN
Ambro Bank N.V. (40%).


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


AVIATION BUSINESS: Creditors' Proofs of Debt Due August 11
----------------------------------------------------------
The creditors of Aviation Business Consulting Ltd. are required to
file their proofs of debt by August 11, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on July 26, 2011.

The company's liquidator is:

         Ernest Morrison
         Cox Hallett Wilkinson
         Bermuda


AVIATION BUSINESS: Sole Member to Hear Wind-Up Report on August 29
------------------------------------------------------------------
The sole member of Aviation Business Consulting Ltd. will receive
on August 29, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on July 26, 2011.

The company's liquidator is:

         Ernest Morrison
         Cox Hallett Wilkinson
         Bermuda


ENERGY PRODUCERS: Creditors' Proofs of Debt Due August 17
---------------------------------------------------------
The creditors of Energy Producers Insurance Company Limited are
required to file their proofs of debt by August 17, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on July 20, 2011.

The company's liquidator is:

         Stewart Grant
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


ENERGY PRODUCERS: Members' Final Meeting Set for September 16
-------------------------------------------------------------
The members of Energy Producers Insurance Company Limited will
hold their final meeting on September 16, 2011, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on July 20, 2011.

The company's liquidator is:

         Stewart Grant
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


GENERAL AGENCY: Creditors' Proofs of Debt Due August 17
-------------------------------------------------------
The creditors of General Agency Services Captive (SAC), Limited
are required to file their proofs of debt by August 17, 2011, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on July 25, 2011.

The company's liquidator is:

         Stewart Grant
         c/o Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


GENERAL AGENCY: Sole Member to Hear Wind-Up Report on September 9
-----------------------------------------------------------------
The sole member of General Agency Services Captive (SAC), Limited
will receive on September 9, 2011, at 9:45 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on July 25, 2011.

The company's liquidator is:

         Stewart Grant
         c/o Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


GLOBAL CROSSING: Incurs US$34 Million Net Loss in Second Quarter
----------------------------------------------------------------
Global Crossing Limited reported a net loss of US$34 million on
US$692 million of revenue for the three months ended June 30,
2011, compared with a net loss of US$47 million on US$630 million
of revenue for the same period during the prior year.

The Company's balance sheet at June 30, 2011, showed US$2.28
billion in total assets, US$2.83 billion in total liabilities, and
a US$548 million total shareholders' deficit.

"Strong demand and continued enterprise-wide focus on customer
experience drove solid progress toward the achievement of our
annual guidance," said John Legere, chief executive officer of
Global Crossing.  "We are building strong operating momentum as we
prepare for our strategic combination with Level 3."

A full-text copy of the press release announcing the financial
results is available for free at http://is.gd/CpNFcD

                       About Global Crossing

Based in Hamilton, Bermuda, Global Crossing Limited (NASDAQ: GLBC)
-- http://www.globalcrossing.com/-- is a global IP, Ethernet,
data center and video solutions provider with the world's first
integrated global IP-based network.

Global Crossing Limited reported a consolidated net loss of
US$172 million on US$2.609 billion of consolidated revenue for the
twelve months ended Dec. 31, 2010, compared with a net loss of
US$141 million on US$2.159 billion of revenue during the prior
year.

                          *     *     *

As reported by the Troubled Company Reporter on March 31, 2010,
Standard & Poor's Ratings Services raised all its ratings on
Global Crossing, including the corporate credit rating to 'B' from
'B-'.  The outlook is stable.  S&P assigned its 'CCC+' issue-level
rating and '6' recovery rating to Global Crossing's proposed
US$150 million of senior unsecured notes due 2019.  The '6'
recovery rating indicates S&P's expectation for negligible (0%-
10%) recovery in the event of a payment default.


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


BRASKEM SA: Fitch Says Dow Sale Will Not Affect 'BB+' LT IDR
------------------------------------------------------------
According to Fitch Ratings, the ratings assigned to Braskem S.A.
(Braskem) should not be affected by the announcement of the
acquisition of The Dow Chemical Company (Dow) polypropylene
business, for US$323 million (around BRL497 million), to be paid
in cash.

On July 27, 2011, Braskem informed the market about the
acquisition of four industrial plants from Dow, with annual
production capacity of 1.050 million tons.  Two of the plants are
in the United States (505,000 tons) and two are in Germany
(545,000 tons).  The operation is subject to regulatory approvals.

Fitch understands that the impact of this acquisition on Braskem's
credit metrics is not material.  The transaction amount is
relatively low for the company size, and the additional EBITDA
resulting from the acquired assets will be around BRL90 million
per year, based on 2010 historical performance.  During the last
12 months (LTM) ended on March 31, 2011, on a pro forma basis,
Braskem's adjusted net leverage ratio, including rescheduled
taxes, was 2.79 times (x) and this ratio will change marginally,
to 2.84x, with the new acquisition.

In line with the strategy previously outlined by Braskem, the
acquired assets should strengthen its position in the USA market,
where it is expected to become the leading producer of
polypropylene, with installed capacity of 1.425,000 tons per year.
There are also potential synergies with the business acquired from
Sunoco during the first half of 2010, estimated by Braskem at
US$140 million per year.  Historically, the company has been
successful in identifying and capturing synergies from acquired
operations.  This acquisition of Dows assets will also allow the
beginning of Braskem's industrial activities in Europe.

Fitch currently rates Braskem and its subsidiaries:

Braskem

   -- Long-Term Foreign Currency Issuer Default Rating (IDR)
      'BB+';

   -- Long-Term Local Currency IDR 'BB+';

   -- Long-Term National Scale Rating 'AA(bra)';

   -- Senior unsecured notes due in 2014 and 2017, 'BB+';

   -- Senior unsecured perpetual notes 'BB+';

Braskem International

   -- Long-Term Foreign Currency IDR 'BB+';

   -- Senior unsecured notes due in 2015 'BB+';

Braskem Finance Limited

   -- Long-Term Foreign Currency IDR 'BB+';

   -- Senior unsecured notes due in 2018, 2020 and 2021,'BB+';

   -- Senior unsecured perpetual notes 'BB+';

Braskem America Finance Company

   -- Long-Term Foreign Currency IDR 'BB+'

   -- Senior unsecured notes due in 2041 'BB+'.

The corporate rating Outlook is Positive.


RIO GRANDE: Moody's Withdraws 'Ba1' Corporate Family Rating
-----------------------------------------------------------
Moody's America Latina Ltda (Moody's) has withdrawn RGE's Ba1 and
Aa2.br corporate family ratings for its own business reasons.

Moody's last rating action on Rio Grande Energia S.A. (RGE) was on
July 31, 2009 when Moody's confirmed its Ba1 local currency
corporate family rating and Aa2.br Brazilian national scale
corporate family rating.  At the same time, Moody's confirmed the
Ba1 local currency and Aa2.br Brazil national scale ratings for
RGE's senior unsecured debentures due April 2011.  The outlook for
all ratings was stable.  The rating action concluded the review
for possible upgrade initiated on January 30, 2009.

The following rating was withdrawn:

- Corporate family ratings: Ba1/Aa2.br

Ratings Rationale

Moody's America Latina Ltda has withdrawn the credit rating for
its own business reasons.

Headquartered in the city of Caxias do Sul, Brazil, Rio Grande
Energia S.A. (RGE) is a fully regulated electricity distribution
company with net revenues of BRL 1,950 million (approx. US$1,129
million), which excludes the construction revenues, and net profit
of BRL 242 million (approx. US$140 million) reported in the last
twelve months ended March 31, 2011.  RGE operates a 30 year
concession (2027) to distribute energy in 262 municipalities to
approximately 1.3 million consumers in the northern and
northeastern of Rio Grande do Sul state in southern Brazil.  RGE
is a full subsidiary of CPFL Energia S.A. (CPFL), a holding
company with interests in the distribution, generation and
commercialization of electricity in Brazil.  CPFL posted
consolidated net sales of BRL 11,060 million (US$6,404 million),
which excludes the construction revenues, and net profit of BRL
1,538 million (US$890 million) in the last twelve months ended
March 31, 2011


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


LEAFS CMBS I: Creditors' Proofs of Debt Due August 18
-----------------------------------------------------
The creditors of Leafs CMBS I Ltd. are required to file their
proofs of debt by August 18, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 1, 2011.

The company's liquidator is:

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


NGFD-ALTERNATIVE TRADING: Creditors' Proofs of Debt Due August 18
-----------------------------------------------------------------
The creditors of NGFD-Alternative Trading Ltd. are required to
file their proofs of debt by August 18, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 1, 2011.

The company's liquidator is:

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


NGFD-HY BOND: Creditors' Proofs of Debt Due August 18
-----------------------------------------------------
The creditors of NGFD-HY Bond Trading Ltd. are required to file
their proofs of debt by August 18, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 1, 2011.

The company's liquidator is:

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


NGFD-HY EQUITY: Creditors' Proofs of Debt Due August 18
-------------------------------------------------------
The creditors of NGFD-HY Equity Trading Ltd. are required to file
their proofs of debt by August 18, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 1, 2011.

The company's liquidator is:

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


NGFD-INCOME EQUITY: Creditors' Proofs of Debt Due August 18
-----------------------------------------------------------
The creditors of NGFD-Income Equity Trading Ltd. are required to
file their proofs of debt by August 18, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 1, 2011.

The company's liquidator is:

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


NGFD-INVESTMENT GRADE: Creditors' Proofs of Debt Due August 18
--------------------------------------------------------------
The creditors of NGFD-Investment Grade Bond Trading Ltd. are
required to file their proofs of debt by August 18, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 1, 2011.

The company's liquidator is:

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


NGFD-SOVEREIGN BOND: Creditors' Proofs of Debt Due August 18
------------------------------------------------------------
The creditors of NGFD-Sovereign Bond Trading Ltd. are required to
file their proofs of debt by August 18, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 1, 2011.

The company's liquidator is:

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


SELIGMAN FINANCIAL: Creditors' Proofs of Debt Due August 18
-----------------------------------------------------------
The creditors of Seligman Financial Spectrum Master Fund are
required to file their proofs of debt by August 18, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 27, 2011.

The company's liquidator is:

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


SELIGMAN FINANCIAL FUND: Creditors' Proofs of Debt Due August 18
----------------------------------------------------------------
The creditors of Seligman Financial Spectrum Fund are required to
file their proofs of debt by August 18, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on June 27, 2011.

The company's liquidator is:

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


SELIGMAN GLOBAL: Creditors' Proofs of Debt Due August 18
--------------------------------------------------------
The creditors of Seligman Global Tech Spectrum (Master) Fund are
required to file their proofs of debt by August 18, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 27, 2011.

The company's liquidator is:

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


SELIGMAN INVESTMENT: Creditors' Proofs of Debt Due August 18
------------------------------------------------------------
The creditors of Seligman Investment Opportunities Master Fund are
required to file their proofs of debt by August 18, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 27, 2011.

The company's liquidator is:

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


SELIGMAN INVESTMENT FUND: Creditors' Proofs of Debt Due August 18
-----------------------------------------------------------------
The creditors of Seligman Investment Opportunities Fund are
required to file their proofs of debt by August 18, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 27, 2011.

The company's liquidator is:

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


TIKEHAU CREDIT: Creditors' Proofs of Debt Due August 18
-------------------------------------------------------
The creditors of Tikehau Credit Opportunities Fund are required to
file their proofs of debt by August 18, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 6, 2011.

The company's liquidator is:

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


TIKEHAU CREDIT MASTER: Creditors' Proofs of Debt Due August 18
--------------------------------------------------------------
The creditors of Tikehau Credit Opportunities Master Fund are
required to file their proofs of debt by August 18, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 6, 2011.

The company's liquidator is:

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


UNITED GLOBAL: Creditors' Proofs of Debt Due August 17
------------------------------------------------------
The creditors of United Global Credits CDO Ltd are required to
file their proofs of debt by August 17, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 7, 2011.

The company's liquidator is:

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


===============
C O L O M B I A
===============


FABRICATO SA: Doubling on Local Trade May Be Bubble, Analysts Say
-----------------------------------------------------------------
Blake Schmidt at Bloomberg News reports that Fabricato SA,
Colombia's bankrupt textile producer, more than doubled this year
on prospects for a U.S. free-trade accord, a rally some analysts
said is unwarranted as investors overestimate the potential
benefit to earnings.

"It's totally a bubble," Rupert Stebbings, the Colombia director
for Santiago-based brokerage Celfin Capital, told the news agency
in a telephone interview from Bogota.  "Nothing in terms of the
market or fundamentals can justify Fabricato SA's price," he
added.

Bloomberg discloses that the 173% advance in Fabricato pushed the
price to 29 times estimated 2012 earnings, the third-highest in
the world among the 71 textile companies.

Fabricato SA is the world's second-biggest gainer for textile
companies with a market value of at least US$100 million as the
accord awaits a vote by U.S. lawmakers, Bloomberg says.

In Colombia, investors are betting the deal would improve the
outlook for textile companies by locking in trade benefits that
expired in February after U.S. lawmakers didn't renew the
measures, said Angelica Dominguez, an analyst at brokerage Bolsa y
Renta in Medellin, Bloomberg relates.

The accord would immediately end most remaining tariffs on yarns,
fabrics and fibers, Maria del Mar Palau, the head of Colombia's
textile chamber, said, Bloomberg notes.

Fabricato SA Chief Executive Officer Ivan Zuluaga said that the
company will see "great benefits" financially by 2013 should the
U.S. pass a free-trade agreement with Colombia this year,
Bloomberg notes.

Meanwhile, Bloomberg relates that Mr. Zuluaga said Fabricato SA's
financial results have played an "important role" in the price of
the shares.  Bloomberg discloses that Fabricato SA reported
second-quarter profits of COP2.7 billion (US$1.5 million), from a
COP5.6 billion loss a year ago, as currency gains "somewhat
deteriorated" profits.

As reported in the Troubled Company Reporter-Latin America on
May 26, 201, Bloomberg News said that Fabricato SA has paid down
its debts under Colombia's bankruptcy law to COP5.6 billion (US$3
million).  The company made a payment of COP13.8 billion to the
country's tax agency as part of its obligations under the
bankruptcy law, it said in a regulatory filing, according to
Bloomberg.

Bloomberg adds that the company said in a March statement that it
may come out of bankruptcy in 2013.

Fabricato SA is Colombia's biggest textile maker.


===================================
D O M I N I C A N   R E P U B L I C
===================================


* DOMINICAN REPUBLIC: Gets US$500MM From Bond With 6.95% Yield
--------------------------------------------------------------
Dominican Today reports that Dominican Republic's Central Bank
said that US$500.0 million from the bond issue negotiated by the
Treasury Ministry on July 21 have arrived in its coffers.

The Central Bank said that the bond with a 10 year maturity and a
6.95% annual yield, the lowest compares with previous bonds, which
indicates investors' confidence in the Dominican economy,
according to Dominican Today.

The report notes that the entry of the US$500 million, added to
the IMF's recent payment of US$348.1 million on July 19, totals
US$848.1 million, funds which the Central Bank affirms will
bolster its international reserves and allow the government to
cover this fiscal year's budget.

Dominican Today discloses that the Central Bank said in addition
to those funds, it expects to receive payments from the Inter-
American Development Bank, the World Bank and the IMF itself, of
around US$600.0 million during the rest of the year, to reach
US$1.45 billion, as stipulated in the agreement with the IMF and
in the national budget.

"These funds guarantee that the exchange rate's relative stability
will remain, which will contribute to maintain the Dominican
economy functioning well," the Central Bank said in a statement
obtained by the news agency.


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


CORPOVAE SA: Moody's Assigns (P)B2 Global Scale to MTN Program
--------------------------------------------------------------
Moody's de Mexico has assigned a Baa3.mx national scale rating to
the proposed unsecured MTN program, of Corpovael, S.A. de C.V.
("CADU") ((P)B2 global scale, local currency).  In addition,
Moody's has assigned a Baa3.mx national scale issuer rating (B2
global scale, local currency).  This is the first time Moody's
rates CADU.  The rating outlook is stable.

CADU is a private, fully integrated homebuilder engaged in the
design, development, construction, marketing, commercialization
and delivery of affordable-level housing communities in Mexico.
The company has a relatively short operating history, with
operations beginning in 2002 in the city of Aguascalientes.  In
recent years the company has expanded in Jalisco state and has
built a leadership position in the state of Quintana Roo.  Since
2008, CADU has been the largest player in this state and had the
highest percentage of INFONAVIT mortgages allocated to its
Solidaridad and Benito Juarez municipality projects

The following first-time ratings were assigned:

Corpovael, S.A. de C.V.

(P)B2 / Baa3.mx to the proposed unsecured MTN program

B2 / Baa3.mx issuer rating

Ratings Rationale

Moody's B2/Baa3.mx (global local currency/national scale) issuer
rating reflects CADU's solid earnings growth with a solid fixed
charge coverage and modest leverage ratio, coupled with efficiency
and cost controls.  These positive factors are offset by the
substantial geographic concentration in the State of Quintana Roo,
whose economy is largely reliant on the tourism sector.  Mortgages
used as take-out financing on the majority of CADU's construction
loans are allocated almost exclusively by Mexican Workers' Housing
Fund (INFONAVIT).  Other challenges include the business's
reliance on the Mexican government's support for housing, Mexico's
economic and political environment.

CADU primarily funds its construction with construction loans and
working capital lines of credit.  Mortgage financing, used for
construction loan take-out, comes mainly from INFONAVIT and
Moody's expects this concentration to remain steady in the
intermediate future.  Concentration with INFONAVIT, however, is a
concern because the take-out financing for newly built homes can
often take 3-6 months and could potentially create short-term
liquidity problems.  CADU currently is mostly funding its business
through shorter term construction financing tied and
collateralized to its construction projects.  CADU recently tapped
a new source of capital through the proposed issuance of a three-
year, US$300 million peso bond from a domestic unsecured MTN
program.  Proceeds from this transaction will be used for land
bank investment and working capital for new projects.  The
company's current liquidity position is adequate as it has a land
bank that will enable it to continue its growth for the next four
years.

CADU leverage and capital structure are strong for its rating
category, however it has large short-term debt exposure. As of
June 30, 2011 CADU's short-term debt represented approximately 89%
of total debt, which could create liquidity challenges if not
managed appropriately.  Its cash to short-term debt ratio has been
consistently below 1.0x in the past four and half years, which
does not provide cushion.  However, all of CADU's short-term debt
is tied to its development projects which amortize as the projects
are sold.

The stable rating outlook takes into consideration continued
growth in this sector while at least maintaining its fixed charge
coverage, leverage (as measured by Debt/LTM EBITDA) and EBITDA
margin ratios at current levels.  The stable outlook also reflects
Moody's expectation that Corpovael will gradually reduce its
exposure in the state of Quintana Roo through expansion in the
southeast region of the country while continuing to improve
efficiencies in land development.

Moody's stated that rating improvements will be difficult in the
medium-term, but would be predicated upon broader access to the
capital markets and terming out its short-term construction
financing while moving towards a more unsecured debt capital
structure.  Upward movement in the rating would also require
maintenance of its current credit metrics and operating margins
with a decrease in geographic concentration in the state of
Quintana Roo closer to 30% (based on participation in the market).
Conversely, downward rating pressure would result from substantial
missteps in its growth and geographic diversification strategy as
evidenced by consistent negative free cash flow generation.  In
addition, downward rating movements will be predicated upon
bringing total debt to total asset levels closer to 35%, with
EBITDA margins sustained below the mid 20% and fixed charge
coverage falling consistently below 3.0x.

Corpovael, S.A. de C.V., based in Cacun, Mexico, is a private,
fully integrated homebuilder engaged in the design, development,
construction, marketing, commercialization and delivery of
affordable-level housing communities.  As of June 30, 2011, CADU
reported approximately US$2.3 billion Mexican pesos in assets and
US$1.1 billion Mexican pesos in shareholders' equity.


FUMISA: Moody's Withdraws 'Ba3' Credit Rating for Business Reasons
------------------------------------------------------------------
Moody's withdraws the Ba3 rating on Mexico City Airport Trust
(Fumisa).  Moody's Investors Service has withdrawn the credit
rating for business reasons.

Moody's adopts all necessary measures so that the information it
uses in assigning a rating is of sufficient quality and from
sources Moody's considers to be reliable including, when
appropriate, independent third-party sources.  However, Moody's is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.

The date on which some ratings were first released goes back to a
time before Moody's ratings were fully digitized and accurate data
may not be available.   Consequently, Moody's provides a date that
it believes is the most reliable and accurate based on the
information that is available to it.


VITRO SAB: Posts MXN288.8MM Profit in Q2 on Beer Bottle Sales
-------------------------------------------------------------
Thomas Black at Bloomberg News reports that Vitro, S.A.B. de C.V.
posted a MXN288.8 million (US$24.6 million) net income in the
second quarter from a MXN484.1 million net loss a year ago on the
back of higher beer bottle sales after reporting losses for the
previous three quarters.

Bloomberg notes that Vitro Sab's sales rose 9.3% to MXN5.62
billion.  Bloomberg relates that operating income rose 7.4% to
MXN521.6 billion.

Bloomberg notes that the company recorded an EBITDA of MXN949
million, a gain of less than 1% from last year.  In dollars,
Bloomberg relates, EBITDA rose 17% to US$45 million, helped in
part by a stronger pesos and the June sale of Vitro America Group,
which had negative EBITDA.

                          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 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.

On June 29, 2011, Vitro Packaging de Mexico S.A. de C.V. commenced
a voluntary judicial reorganization proceeding under the Ley de
Concursos Mercantiles before the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, the United Mexican
States.  On June 30, 2011, Vitro Packaging filed a chapter 15
petition (Bankr. N.D. Tex. Case No. 11-34224).

Alejandro Francisco Sanchez-Mujica and Javier Arechavaleta Santos
serve as Foreign Representatives of Vitro S.A.B. de C.V. and Vitro
Packaging de Mexico S.A. de C.V.  The Foreign Representatives are
represented by David M. Bennett, Esq., Katharine E. Battaia, Esq.,
and Cassandra A. Sepanik, Esq., at Thompson & Knight LLP, and
Andrew M. Leblanc, Esq., Risa M. Rosenberg, Esq., Thomas J. Matz,
Esq., and Jeremy C. Hollembeak, Esq., at Milbank Tweed Hadley &
McCloy LLP.

Attorneys for the Ad Hoc Group of Vitro Noteholders are Jeff P.
Prostok, Esq., and Lynda L. Lankford, Esq., at Forshey & Prostok,
LLP, and Allan S. Brilliant, Esq., Benjamin E. Rosenberg, Esq.,
Craig P. Druehl, Esq., and Dennis H. Hranitzky, Esq., at Dechert
LLP.

                      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.
The U.S. subsidiaries subsequently sold their businesses to an
affiliate of Sun Capital Partners Inc. for US$55 million.

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

The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah Link
Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas,
Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq., and Alexis
Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York,
as counsel.


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


PALMAS COUNTRY: Court Denies Confirmation of 2nd Amended Plan
-------------------------------------------------------------
Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court for the
District of Puerto Rico in a July 14, 2011 order, denied Palmas
Country Club Inc.'s request to confirm its Second Plan of
Reorganization.

In its motion, the Debtor noted the Court ordered, on a May 24,
confirmation hearing, to delete the discharge provisions objected
by the Office of the U.S. Trustee.  In compliance with the order,
on June 1, the Debtor filed its Second Amended Plan eliminating
the discharge and/or injunction language.

The Court also granted Debtor and Treasury 30 days to file a
settlement as to the administrative claim filed by Treasury or
file cross motions for summary judgment.  In compliance thereof,
the Debtor and Treasury reached a settlement, which was filed
under seal on or about July 12, 2011.

As reported in the Troubled Company Reporter on June 10, 2011, the
Second Amended Plan provides that the funds for the payment to
Debtor's Creditors will originate from the Puerto Rico Tourism
Development Fund.  A total of US$150,000 was to be contributed to
the Plan by TDF.

Under the Plan, all of Debtor's secured creditors, except the
amounts owed pursuant to the TDF loan agreement, will be deemed to
have been paid in full out of the proceeds from the Sale pursuant
to Section 363 of the Bankruptcy Code.  Unsecured creditors,
except for the deficiency claim, will be paid on or before 30 days
after the effective date their pro rata share of the remaining
funds from the TDF Contribution after payment in full of
administrative and priority unsecured tax claims.  Holders of
equity interests will not receive a distribution under Debtor's
Plan and will be deemed cancelled as of the effective date.

A full-text copy of the Chapter 11 plan, as twice amended, is
available for free at:

         http://bankrupt.com/misc/PALMAS_Amended_Plan.pdf

                   About Palmas Country Club Inc.

Palmas Country Club Inc. filed for Chapter 11 bankruptcy
protection (Bankr. D. P.R. Case No. 10-07072) on Aug. 4, 2010.
Alexis Fuentes-Hernandez, Esq., at Fuentes Law Offices, assists
the Debtor in its restructuring effort.  The Debtor disclosed
US$23,973,011 in assets and US$58,546,398 in liabilities as of the
Petition Date.


                            ***********


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.


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