TCRLA_Public/110817.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 17, 2011, Vol. 12, No. 162

                            Headlines



B E R M U D A

CRIGHTON PROPERTIES: BSX Delists Shares Due to Non-Payment of Fees
INTELLECTUAL PROPERTIES: Placed Under Voluntary Wind-Up
PUTNAM GREEN: Court Appoints Calow and Chatterjee as Liquidators
SCAF I LTD: Court Appoints Calow and Chatterjee as Liquidators
STEWARDSHIP CREDIT: Calow and Chatterjee Appointed as Liquidators

BANCO PANAMERICANO: To Reduce Car Loans Share by 50%


C A Y M A N   I S L A N D S

AERO INVESTMENTS: Creditors' Proofs of Debt Due October 7
AM DIVERSIFIED: Creditors' Proofs of Debt Due August 31
AM INVESTMENT 8: Creditors' Proofs of Debt Due August 31
AM INVESTMENT VX: Creditors' Proofs of Debt Due August 31
CAR FINANCE: Creditors' Proofs of Debt Due September 1

CONOCOPHILLIPS MIDDLE: Creditors' Proofs of Debt Due August 29
DRYDEN XIV: Moody's Upgrades EUR27MM Class E-1 Notes Rating to Ba3
GPS INCOME: Creditors' Proofs of Debt Due August 29
GPS NEW: Creditors' Proofs of Debt Due August 29
HURLSTONE HOLDINGS: Appoints Sybersma and Pearson as Liquidators

JSPR BOND: Creditors' Proofs of Debt Due September 1
MATRIX NEW: Creditors' Proofs of Debt Due September 1
MKP OFFSHORE: Creditors' Proofs of Debt Due August 31
RHM FINANCE: Creditors' Proofs of Debt Due September 1
WOLVERINE INTERNATIONAL: Creditors' Proofs of Debt Due August 31


J A M A I C A

CARIBBEAN CEMENT: Plans South America Export to Help Boost Sales


M E X I C O

DULCES ARBOR: Court OKs Renteria for Maple Issues
VITRO SAB: To Control Restructuring Vote After Judge Rules on Debt


P U E R T O   R I C O

HOSPITAL DAMAS: Settles PRHS Claim for US$356,000




                            - - - - -


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


CRIGHTON PROPERTIES: BSX Delists Shares Due to Non-Payment of Fees
------------------------------------------------------------------
The Royal Gazetteonline reports that Crighton Properties Pty Ltd
has been delisted from the Bermuda Stock Exchange (BSX) for non-
payment of fees.

The report says BSX disclosed two months ago that the Crighton
Properties' shares had been suspended.

BSX said the listing cancellation applied to Crighton Properties'
ordinary shares and to its Class A shares, according to Royal
Gazetteonline.

Crighton Properties specializes in Residential and Commercial Real
Estate sales, Condominiums and Townhomes, as well as Property
Development.


INTELLECTUAL PROPERTIES: Placed Under Voluntary Wind-Up
-------------------------------------------------------
At a meeting held on July 21, 2011, the members and creditors of
Intellectual Properties Holding International Limited passed a
resolution to wind up the company's operations.

The company's liquidator is:

         Mehmet Arkin
         Arkin & Co, Maple House
         High Street, Potters Bar
         Herts EN6 5BS
         United Kingdom


PUTNAM GREEN: Court Appoints Calow and Chatterjee as Liquidators
----------------------------------------------------------------
On August 4, 2011, the Supreme Court of Bermuda appointed Garth
Calow and Nigel Chatterjee as liquidators of Putnam Green Ltd.

The Liquidators can be reached at:

         Garth Calow
         Nigel Chatterje
         PricewaterhouseCoopers
         Dorchester House, 7 Church Street
         Hamilton HM 11
         Bermuda


SCAF I LTD: Court Appoints Calow and Chatterjee as Liquidators
--------------------------------------------------------------
On August 4, 2011, the Supreme Court of Bermuda appointed Garth
Calow and Nigel Chatterjee as liquidators of Scaf I Ltd.

The Liquidators can be reached at:

         Garth Calow
         Nigel Chatterje
         PricewaterhouseCoopers
         Dorchester House, 7 Church Street
         Hamilton HM 11
         Bermuda


STEWARDSHIP CREDIT: Calow and Chatterjee Appointed as Liquidators
-----------------------------------------------------------------
On August 4, 2011, the Supreme Court of Bermuda appointed Garth
Calow and Nigel Chatterjee as liquidators of Stewardship Credit
Arbitrage Fund, Ltd.

The Liquidators can be reached at:

         Garth Calow
         Nigel Chatterje
         PricewaterhouseCoopers
         Dorchester House, 7 Church Street
         Hamilton HM 11
         Bermuda


BANCO PANAMERICANO: To Reduce Car Loans Share by 50%
----------------------------------------------------
Telma Marotto at Bloomberg News reports that Valor Economico
newspaper revealed that Banco Panamericano SA Head Jose Luiz Acar
said the bank plans to reduce car loans share of its total lending
to 50% to 55%.

The newspaper reported that the car loans currently represent 70%
of Panamericano Bank's portfolio, according to Bloomberg.

Bloomberg notes that Valor Economico said the bank also plans to
hire 250 people that used to work in car dealers offering credit
from HSBC Holdings Plc's Brazilian unit, which stopped in July
offering vehicle financing for non clients.

Bank offers loans, personal credit, investments, credit cards, and
lease financing.  Banco Panamericano operates throughout Brazil.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 12, 2010, Bloomberg News said that Banco PanAmericano SA
could have been liquidated or subjected to a central bank
intervention to sell its assets if its controller had not tapped
BRL2.5 billion from Brazil's deposit insurance fund to rescue the
bank.  According to the report, Mr. Ferreira said that talks to
rescue PanAmericano started Oct. 11 and were conducted by
Brazilian media mogul Silvio Santos, who controls the bank.

As reported in the Troubled Company Reporter-Latin America on
July 15, 2011, Moody's Investors Service confirmed the long-term
supported global local currency deposit rating of Banco
Panamericano S.A (Panamericano) at Ba2, concluding the review for
downgrade initiated on November 10, 2010.  Moody's also confirmed
Panamericano's long-term foreign currency deposit and senior
unsecured debt ratings at Ba2, as well as the bank's foreign
currency subordinated debt rating of Ba3.


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


AERO INVESTMENTS: Creditors' Proofs of Debt Due October 7
---------------------------------------------------------
The creditors of Aero Investments Limited are required to file
their proofs of debt by October 7, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 20, 2011.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


AM DIVERSIFIED: Creditors' Proofs of Debt Due August 31
-------------------------------------------------------
The creditors of AM Diversified Relative Value Master Fund, Ltd.
are required to file their proofs of debt by August 31, 2011, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on June 23, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Jennifer Chailler
         Telephone: (345) 814-6847
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


AM INVESTMENT 8: Creditors' Proofs of Debt Due August 31
--------------------------------------------------------
The creditors of AM Investment 8 V Fund, Ltd. are required to file
their proofs of debt by August 31, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 19, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Jennifer Chailler
         Telephone: (345) 814-6847
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


AM INVESTMENT VX: Creditors' Proofs of Debt Due August 31
---------------------------------------------------------
The creditors of AM Investment VX Fund, Ltd. are required to file
their proofs of debt by August 31, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 19, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Jennifer Chailler
         Telephone: (345) 814-6847
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


CAR FINANCE: Creditors' Proofs of Debt Due September 1
------------------------------------------------------
The creditors of Car Finance Corp. are required to file their
proofs of debt by September 1, 2011, to be included in the
company's dividend distribution.

The company's liquidator is:

         Helmut Kohler
         Av. Luis Pasteur 5842, Ofic. 301
         Vitacura
         Santiago, Chile


CONOCOPHILLIPS MIDDLE: Creditors' Proofs of Debt Due August 29
--------------------------------------------------------------
The creditors of Conocophillips Middle East E&P Ltd. are required
to file their proofs of debt by August 29, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on July 13, 2011.

The company's liquidator is:

         Trident Liquidators (Cayman) Ltd
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, One Capital Place
         Shedden Road, George Town
         Grand Cayman KY1-1103
         Cayman Islands


DRYDEN XIV: Moody's Upgrades EUR27MM Class E-1 Notes Rating to Ba3
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of these notes
issued by Dryden XIV - Euro CLO 2006 Plc:

   -- EUR312.5M Class A-1 Senior Floating Rate Notes, Upgraded to
      Aaa (sf); previously on Jun 22, 2011 Aa1 (sf) Placed Under
      Review for Possible Upgrade

   -- EUR35M Class B-1 Senior Floating Rate Notes, Upgraded to Aa2
      (sf); previously on Jun 22, 2011 A3 (sf) Placed Under Review
      for Possible Upgrade

   -- EUR28M Class C-1 Mezzanine Deferrable Interest Floating Rate
      Notes, Upgraded to A2 (sf); previously on Jun 22, 2011 Ba1
      (sf) Placed Under Review for Possible Upgrade

   -- EUR18M Class D-1 Mezzanine Deferrable Interest Floating Rate
      Notes, Upgraded to Baa3 (sf); previously on Jun 22, 2011 B1
     (sf) Placed Under Review for Possible Upgrade

   -- EUR27M Class E-1 Mezzanine Deferrable Interest Floating Rate
      Notes, Upgraded to Ba3 (sf); previously on Jun 22, 2011 Caa1
      (sf) Placed Under Review for Possible Upgrade

   -- EUR6M Class Q Combination Note (Current Rated Balance
      approx. EUR4.4M), Upgraded to A1 (sf); previously on Jun 22,
      2011 Ba1 (sf) Placed Under Review for Possible Upgrade

The ratings of the Combination Note address the repayment of the
Rated Balance on or before the legal final maturity.  For Class Q,
the 'Rated Balance' is equal at any time to the principal amount
of the Combination Note on the Issue Date increased by the Rated
Coupon of 0.25% per annum respectively, accrued on the Rated
Balance on the preceding payment date minus the aggregate of all
payments made from the Issue Date to such date, either through
interest or principal payments.  The Rated Balance may not
necessarily correspond to the outstanding notional amount reported
by the trustee.

Ratings Rationale

Dryden XIV - Euro CLO 2006 Plc, issued in August 2006 is a multi-
currency Collateralised Loan Obligation backed by a portfolio of
mostly high yield European loans.  The portfolio is managed by
Pramerica Investment Management Inc.  It is predominantly composed
of senior secured loans. This transaction will be in reinvestment
period until Aug. 15, 2012.

According to Moody's, the rating actions taken on the notes are
primarily a result of applying Moody's revised CLO assumptions
described in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011.  The actions also reflect
consideration of credit improvement of the underlying portfolio
and an increase in the transaction's overcollateralization ratios
since the rating action in November 2009.

The actions reflect key changes to the modeling assumptions, which
incorporate (1) a removal of the temporary 30% default probability
macro stress implemented in February 2009, (2) increased BET
liability stress factors as well as (3) change to a fixed recovery
rate modeling framework.  Additional changes to the modeling
assumptions include (1) standardizing the modeling of collateral
amortization profile, and (2) adjustments to the equity cash-flows
haircuts applicable to combination notes.

Improvement in the credit quality is observed through a decrease
in the proportion of securities from issuers rated Caa1 and below.
As of the latest trustee report dated July 2011, securities rated
Caa or lower make up approximately 7.5% of the underlying
portfolio versus 10.4% in October 2009.

The WARF has remained relatively stable. As of the latest trustee
report dated July 2011, the WARF is currently 2,837 compared to
2,653 in the October 2009 report.  However, the reported WARF
understates the actual improvement in credit quality because of
the technical transition related to rating factors of European
corporate credit estimates, as announced in the press release
published by Moody's on Sept. 1, 2010.

The balance of defaulted securities is close to zero compared to
EUR 20million in October 2009.  The overcollateralization ratios
of the rated notes have also improved since the rating action in
October 2009.  The Class A/B, Class C, Class D and Class E
overcollateralization ratios are reported at 131.0%, 121.3%,
115.7% and 108.5% in July 2011, respectively, versus October 2009
levels of 126.6%,117.2%, 111.8% and 104.8%, respectively, and all
related overcollateralization tests are currently in compliance.


GPS INCOME: Creditors' Proofs of Debt Due August 29
---------------------------------------------------
The creditors of GPS Income Fund (Cayman) Ltd. are required to
file their proofs of debt by August 29, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on February 10, 2010.

The company's liquidator is:

         Ogier
         c/o Jonathan Bernstein
         Telephone: (345) 815 1897
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


GPS NEW: Creditors' Proofs of Debt Due August 29
------------------------------------------------
The creditors of GPS New Equity Fund (Cayman) Ltd. are required to
file their proofs of debt by August 29, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on February 10, 2010.

The company's liquidator is:

         Jonathan Bernstein
         Telephone: (345) 815 1897
         Facsimile: (345) 949-9877
         c/o Ogier
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


HURLSTONE HOLDINGS: Appoints Sybersma and Pearson as Liquidators
----------------------------------------------------------------
On June 1, 2011, the Grand Court of the Cayman Islands appointed
Stuart Sybersma and Michael Pearson as liquidators of Hurlstone
Holdings Ltd.

The Liquidators can be reached at:

         Stuart Sybersma
         Michael Pearson
         c/o Andrew Childe
         Deloitte & Touche
         P.O. Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949 7500
         Facsimile: (345) 949 8258
         e-mail: anchilde@deloitte.com


JSPR BOND: Creditors' Proofs of Debt Due September 1
----------------------------------------------------
The creditors of JSPR Bond Fund Plus are required to file their
proofs of debt by September 1, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 18, 2011.

The company's liquidator is:

         Stuart Sybersma
         c/o Karen Scott
         Deloitte & Touche
         P.O. Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1 (345) 814 3312
         Facsimile: +1 (345) 949 8258
         e-mail: kascott@deloitte.com


MATRIX NEW: Creditors' Proofs of Debt Due September 1
-----------------------------------------------------
The creditors of Matrix New Europe Fund are required to file their
proofs of debt by September 1, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 13, 2011.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms Corporate Services Ltd.
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


MKP OFFSHORE: Creditors' Proofs of Debt Due August 31
-----------------------------------------------------
The creditors of MKP Offshore Partners, Ltd. are required to file
their proofs of debt by August 31, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 18, 2011.

The company's liquidator is:

         Graham Robinson
         c/o Omar Grant
         Telephone: (345) 949 7576
         Facsimile:  (345) 949 8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


RHM FINANCE: Creditors' Proofs of Debt Due September 1
------------------------------------------------------
The creditors of RHM Finance Limited are required to file their
proofs of debt by September 1, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 12, 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 Place, Fourth Floor
         P.O. Box 1034, Grand Cayman, KY1-1102
         Cayman Islands


WOLVERINE INTERNATIONAL: Creditors' Proofs of Debt Due August 31
----------------------------------------------------------------
The creditors of Wolverine International Finance Corporation are
required to file their proofs of debt by August 31, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 8, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Jennifer Chailler
         Telephone: (345) 814 6847
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


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


CARIBBEAN CEMENT: Plans South America Export to Help Boost Sales
----------------------------------------------------------------
RJR News reports that Caribbean Cement is pushing ahead with plans
to export to South America, to help boost sagging domestic sales.

The company said it is seeing "promise" in its negotiations to
sell Carib Cement in South America, according to RJR News.  The
report relates that the company did not specify which South
American countries it is targeting.

RJR News notes that the strategy was outlined as Carib Cement said
it lost US$858 million in the six months January to June.  The
losses were 4 times that of the comparable period a year ago, the
report notes.

Carib Cement said the losses were due to heightened competition,
which prevented it from recovering US$300 million in higher energy
costs through price increases, RJR News says.

RJR News recalls that the company had a difficult time entering
the Dominican Republic earlier this year.

As reported in the Troubled Company Reporter-Latin America on
June 21, 2011, RJR News related that Caribbean Cement Company is
admitting that it still has lingering concerns about its exports
to the Dominican Republic.  RJR News noted that a shipment of
Caribbean Cement to the Dominican Republic in April was detained
for 49 days resulting in significant financial losses for the
company and its distributor in the Spanish speaking country.  RJR
News related that this occurred despite certification from the
Bureau of Standards Jamaica and confirmation by independent and
internationally recognized laboratories that the cement met all
the standards required.  The company said that while the shipment
was eventually released, there has been no clarity as to whether
future shipments will be subjected to similar non-tariff barriers,
RJR News said.  The company added that it will continue to feel
the pinch if its future shipments to the Dominican Republic are
held at the port for an unnecessarily long time, RJR News related.

Caribbean Cement Company Limited manufactures and sells cement.


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


DULCES ARBOR: Court OKs Renteria for Maple Issues
-------------------------------------------------
The Hon. Leif M. Clark of the U.S. Bankruptcy Court for the
Western District of Texas authorized Dulces Arbor S. De R.L. De
C.V. to employ Robert Renteria at Renteria Manqueros Abogados S.C.
as special counsel.

According to the Debtor, Mr. Renteria is already familiar with the
facts and transactions under which Maple Commercial Finance
Corporation acquired the lien claims it has been asserting against
the Debtor.

Mr. Renteria charges US$240 per hour for this engagement.  His
compensation is to be limited to US$5,000 per month plus 7.5% of
the amount of any rent allocated.

The Debtor assured the Court that Mr. Renteria is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

                        About Dulces Arbor

Dulces Arbor, S. de R.L. de C.V., aka Dulces Arbor, S.A. de C.V.,
is a Mexican corporation that has been doing business for years in
the greater El Paso-Ciudad Juarez area in Texas.  It filed for
Chapter 11 bankruptcy (Bankr. W.D. Tex. Case No. 11-31199) on
June 22, 2011.  Judge Leif M. Clark presides over the case.

In its petition, the Debtor estimated assets of US$10 million to
US$50 million, and debts of US$1 million to US$10 million.  The
petition was signed by Raymond Ducorsky, sole administrator.  Mr.
Ducorsky is also its largest unsecured creditor with a
US$2,300,000 claim.


VITRO SAB: To Control Restructuring Vote After Judge Rules on Debt
------------------------------------------------------------------
Thomas Black at Bloomberg News reports that Vitro, S.A.B. de C.V.,
will control a majority of creditor votes and force bondholders to
take less than face value in a court-supervised restructuring
after Federal Judge Sandra Lopez ruled to include US$1.9 billion
of intercompany debt in the case.

In the final phase of the bankruptcy case, creditors will vote by
Nov. 14 on Vitro SAB's debt proposal, which outside bondholders
rejected in December, Vitro SAB spokesman Roberto Riva Palacio
told the news agency in an interview.

"This ruling is a very important step in the bankruptcy process
that the company began and marks the beginning of the final phase
of the reconciliation process with creditors," Bloomberg quoted
Alejandro Sanchez Mujica, Vitro's legal chief, as saying.

Bloomberg notes that Donald Cutler, a spokesman for the
bondholders, said they are "disappointed in the court's ruling"
and plan to appeal.

"Even if the intercompany debt is ultimately approved, it does not
mean that Vitro can vote this debt," Mr. Cutler said in an e-
mailed statement obtained by the news agency.  "Moreover, we
believe the intercompany claims will be avoided as fraudulent
transfers," he added, Bloomberg relates.

Allan S. Brilliant, Esq., an attorney for the bondholders,
criticized the intercompany debt in July as "manufactured insider
votes to cram down a plan," Bloomberg discloses.

                         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
=====================


HOSPITAL DAMAS: Settles PRHS Claim for US$356,000
-------------------------------------------------
Hospital Damas, Inc., and its creditor, Puerto Rico Hospital
Supply, Inc., have agreed to settle and compromise the dispute
with respect to PRHS' Claim No. 55.

The Debtor and PRHS concur that the total amount owing by the
Debtor for the prepetition purchase of services and supplies is
US$673,437.  The amount will be subdivided -- (i) US$536,545 for
services and products under five certain executory contracts and
(ii) US$136,892 for the purchase of miscellaneous supplies outside
the scope of the five executory contracts.

The Debtor desires to assume or renew these executory contracts
with PRHS:

   (a) The X-ray and related products and services contract
       executed on April 10, 2010 and valid through April 9, 2013;

   (b) The "atados" Customed Packs contract executed on May 1,
       2009 and valid through April 30, 2012;

   (c) The Ethicon Sut/ethicon and ethicon endo contract executed
       on June 1, 2008 and valid through May 31, 2011, which is
       renewed pursuant to its terms;

   (d) The case cart cardiovascular surgery, materials and
       services contract originally executed on September 1, 2007
       and valid through August 31, 2010, but which the parties
       by their conduct and dealings have effectively extended;

   (e) The 3M contract for medical surgical supplies and services,
       executed on July 8, 2008 and valid through June 30, 2009,
       but which the parties by their conduct and dealings have
       effectively extended from year to year.

The Debtor agrees to pay US$356,000 to cure all prepetition
amounts owing to PRHS under the assumed executory contracts --
instead of the total US$536,545 the parties both recognize as
being owed under the Contracts as of the Petition Date.

The difference between the prepetition debt of US$673,435 and the
agreed amount of US$356,000 for the prepetition executory contract
claims will be considered a discount offered by PRHS to the Debtor
to assist in its reorganization and in consideration of the
assumption of the Contracts.  PRHS waives its right to claim a
dividend payment for the difference, even as a general unsecured
claim.

                       About Hospital Damas

Ponce, Puerto Rico-based Hospital Damas, Inc., filed for Chapter
11 bankruptcy protection (Bankr. D. P.R. Case No. 10-08844) on
Sept. 24, 2010.  Charles A. Cuprill-Hernandez, Esq., at Charles A.
Cuprill, P.S.C., Law Offices, serves as the Debtor's bankruptcy
counsel.  In October 2010, the United States Trustee appointed
five creditors to serve on the Official Committee of Unsecured
Creditors of the Debtor.  Todd C. Meyers, Esq., and Colin M.
Bernardino, Esq., at Kilpatrick Stockton LLP, represents the
Committee as legal counsel, and Edgardo Munoz, Esq., at Edgardo
Munoz, PSC, serves the Committee as local counsel.  In its
schedules, the Debtor disclosed US$24,017,166 in total assets and
US$21,267,263 in total 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.


                   * * * End of Transmission * * *