TCRLA_Public/110822.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, August 22, 2011, Vol. 12, No. 165

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Panel Seeks Accounting of Expenses & Recoveries


C A Y M A N   I S L A N D S

CHRYSALIS HOLDING: Members' Final Meeting Set for August 29
ENDEAVOUR RESOURCES: Shareholder Receives Wind-Up Report
FRASER SULLIVAN: Shareholders' Final Meeting Set for September 2
GCORE CAPITAL: Shareholder to Receive Wind-Up Report on Sept. 2
GCORE CAPITAL: Shareholder to Receive Wind-Up Report on Sept. 2

GOODWILL INVESTMENTS: Shareholder Receives Wind-Up Report
MAGIC POWER: Members' Final Meeting Set for August 29
MSGI CHINA V: Shareholders' Final Meeting Set for August 29
MSGI CHINA IX: Shareholders' Final Meeting Set for August 29
MSGI CHINA XIV: Shareholders' Final Meeting Set for August 30

MSGI CHINA XV: Shareholders' Final Meeting Set for August 30
MSGI CHINA XVI: Shareholders' Final Meeting Set for August 30
PARCO INTERNATIONAL: Shareholder Receives Wind-Up Report
ZENKA INDUSTRIES: Shareholder to Receive Wind-Up Report on Sept. 1


J A M A I C A

BANK OF NOVA SCOTIA: Seeks Bar of Jamaican Operation Wind Up


M E X I C O

BANCO INBURSA: Affirms Support Rating floor at 'B'
BANCA MIFEL: Volatile Earnings Cue Fitch to Affirm Low-B Ratings
VITRO SAB: Bond Trustee Sues Units to Recover US$1.35BB in Notes
* TECAMAC MUNICIPALITY: Moody's Gives Ba2 Rating to MXN160MM Loan


X X X X X X X X

* BOND PRICING: For the Week August 15, to August 19, 2011




                            - - - - -


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


STANFORD INT'L: Panel Seeks Accounting of Expenses & Recoveries
---------------------------------------------------------------
Caribbean360.com reports that U.S. court-appointed Stanford
Investors Committee asked Stanford International Bank Limited
(SIBL) liquidators, Marcus Wide and Hugh Dickson of accounting
firm Grant Thornton, to provide a full accounting of all
recoveries and expenses, both paid and unpaid; a comprehensive
list of remaining assets in the SIBL estate and the estimated
value; and the action plan cited in their request to the United
Kingdom court to obtain access to the frozen funds.

The seven-member Stanford Investors Committee was appointed by the
U.S. District Court in August 2010 to represent the interests of
the approximate 20,000 Stanford Financial Group investors from 113
countries.

"The investors deserve full disclosure of all details related to
the Antiguan liquidation proceeding for Stanford International
Bank," Caribbean360.com quoted John Little, the U.S. court-
appointed Examiner and Chairman of Stanford Investors Committee.
"The U.S. receivership proceedings for the more than 100 other
Stanford entities are quite public and a number of reports on the
receiver's professional fees, recoveries and overall status of the
estate have been filed with the court.  We have not seen that from
the Antiguan proceeding and we hope to see that change with this
new liquidation team," Mr. Little added.

As reported in the Troubled Company Reporter-Latin America on
Aug. 9, 2011, Bloomberg News said London's Central Criminal Court
Judge Elizabeth Gloster ordered the release of US$20 million of
SIBL assets frozen in the U.K., with US$5 million to be made
available to Grant Thornton.

Caribbean360.com discloses that the Antiguan liquidators told the
court that if the judge did not approve the application for access
in the U.K. frozen accounts, they were considering alternative
financing through a hedge fund using Stanford-owned properties as
collateral.

"The Committee is absolutely not in support of allowing funds
designated for the victims to be used to finance the Antiguan
liquidators who've yet to liquidate anything and whose legal
authority is questionable at best," Caribbean360.com quoted Peter
Morgenstern, a lawyer for some Stanford investors, as saying.

"It is difficult to understand how after two and a half years, the
SIBL estate has not recovered anything and the liquidators would
need to borrow the investors' funds to pay themselves," Angela
Shaw, a member of the Stanford Investors Committee and the
Director and Founder of the Stanford Victims Coalition, said, the
report relates.    "It is also difficult to understand why an
Antiguan-appointed liquidator would have to litigate to secure
Stanford-owned properties in Antigua. That litigation shouldn't be
necessary and the Antiguan government should be assisting in every
way possible so that Stanford victims do not suffer further harm,"
Ms. Shaw added.

The Stanford Investors Committee has also asked Grant Thornton to
agree to a cooperation protocol between the two proceedings in
order to minimize the expenses and maximize recovery for
Stanford's victims, Caribbean360.com adds.

                 About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On Feb. 16, 2009, the U.S. District Court for the Northern
District of Texas, Dallas Division, signed an order appointing
Ralph Janvey as receiver for all the assets and records of
Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on a
US$8 billion Certificate of Deposit program.

A criminal case was also pursued against Mr. Stanford in June 2009
before the U.S. District Court in Houston, Texas.  Mr. Stanford
pleaded not guilty to 21 charges of multi-billion dollar fraud,
money-laundering and obstruction of justice.  Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges.  Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for his
arrest on the criminal charges.

The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.).  The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).


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


CHRYSALIS HOLDING: Members' Final Meeting Set for August 29
-----------------------------------------------------------
The members of Chrysalis Holding Limited will hold their final
meeting on August 29, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170 George Town, Grand Cayman
         Cayman Islands


ENDEAVOUR RESOURCES: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The sole shareholder of Endeavour Resources Limited received on
September 20, 2011, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Woodward L. Terry
         Woodward Terry & Company
         Jack & Jill Building, Suite # 10, 2nd Floor
         19 Fort Street, George Town
         Grand Cayman
         Cayman Islands
         Telephone: (345) 945-2800
         Facsimile: (345) 945-2727


FRASER SULLIVAN: Shareholders' Final Meeting Set for September 2
----------------------------------------------------------------
The shareholders of Fraser Sullivan Credit Strategies Funding Ltd.
will hold their final meeting on September 2, 2011, at 9:00 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


GCORE CAPITAL: Shareholder to Receive Wind-Up Report on Sept. 2
---------------------------------------------------------------
The sole shareholder of Gcore Capital Master Fund Ltd. will
receive on September 2, 2011, at 10:05 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877


GCORE CAPITAL: Shareholder to Receive Wind-Up Report on Sept. 2
---------------------------------------------------------------
The sole shareholder of Gcore Capital Offshore Fund Ltd. will
receive on September 2, 2011, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877


GOODWILL INVESTMENTS: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The sole shareholder of Goodwill Investments Ltd. received on
August 19, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694 Grand Cayman
         Cayman Islands


MAGIC POWER: Members' Final Meeting Set for August 29
-----------------------------------------------------
The members of Magic Power Holdings Limited will hold their final
meeting on August 29, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170 George Town, Grand Cayman
         Cayman Islands


MSGI CHINA V: Shareholders' Final Meeting Set for August 29
-----------------------------------------------------------
The shareholders of MSGI China V Limited will hold their final
meeting on August 29, 2011, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Rebecca Hume
         Charles Adams Ritchie & Duckworth
         Zephyr House, 2nd Floor
         122 Mary Street
         P.O. Box 709 Grand Cayman KY1-1107
         Cayman Islands
         Telephone: 949-4544
         Facsimile: 949-7073
         E-mail: Rebecca.hume@card.com.ky


MSGI CHINA IX: Shareholders' Final Meeting Set for August 29
------------------------------------------------------------
The shareholders of MSGI China IX Limited will hold their final
meeting on August 29, 2011, at 2:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Rebecca Hume
         Charles Adams Ritchie & Duckworth
         Zephyr House, 2nd Floor
         122 Mary Street
         P.O. Box 709 Grand Cayman KY1-1107
         Cayman Islands
         Telephone: 949-4544
         Facsimile: 949-7073
         E-mail: Rebecca.hume@card.com.ky


MSGI CHINA XIV: Shareholders' Final Meeting Set for August 30
-------------------------------------------------------------
The shareholders of MSGI China XIV Limited will hold their final
meeting on August 30, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Rebecca Hume
         Charles Adams Ritchie & Duckworth
         Zephyr House, 2nd Floor
         122 Mary Street
         P.O. Box 709 Grand Cayman KY1-1107
         Cayman Islands
         Telephone: 949-4544
         Facsimile: 949-7073
         E-mail: Rebecca.hume@card.com.ky


MSGI CHINA XV: Shareholders' Final Meeting Set for August 30
------------------------------------------------------------
The shareholders of MSGI China XV Limited will hold their final
meeting on August 30, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Rebecca Hume
         Charles Adams Ritchie & Duckworth
         Zephyr House, 2nd Floor
         122 Mary Street
         P.O. Box 709 Grand Cayman KY1-1107
         Cayman Islands
         Telephone: 949-4544
         Facsimile: 949-7073
         E-mail: Rebecca.hume@card.com.ky


MSGI CHINA XVI: Shareholders' Final Meeting Set for August 30
-------------------------------------------------------------
The shareholders of MSGI China XVI Limited will hold their final
meeting on August 30, 2011, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Rebecca Hume
         Charles Adams Ritchie & Duckworth
         Zephyr House, 2nd Floor
         122 Mary Street
         P.O. Box 709 Grand Cayman KY1-1107
         Cayman Islands
         Telephone: 949-4544
         Facsimile: 949-7073
         E-mail: Rebecca.hume@card.com.ky


PARCO INTERNATIONAL: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The sole shareholder of Parco International Corp received on
August 19, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694 Grand Cayman
         Cayman Islands


ZENKA INDUSTRIES: Shareholder to Receive Wind-Up Report on Sept. 1
------------------------------------------------------------------
The sole shareholder of Zenka Industries Ltd. will receive on
September 1, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Dr. Andreas Maag
         Riesbachstr 57
         8008 Zurich
         Switzerland


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


BANK OF NOVA SCOTIA: Seeks Bar of Jamaican Operation Wind Up
------------------------------------------------------------
Jamaica Observer reports that Canada-based Bank of Nova Scotia
(BNS) has filed a motion seeking to strike out a winding-up
application for Bank of Nova Scotia Jamaica filed by William
"Bill" Clarke, the former head of the bank's Jamaican operations.

Mr. Clarke's application was filed after the Bank of Nova Scotia
Jamaica failed to make payment of several million dollars in
outstanding legal costs that resulted from the lengthy and bitter
legal battle over his retirement package, according to Jamaica
Observer.  The report relates that in the court document filed on
Mr. Clarke's behalf by attorney Georgia Gibson-Henlin, the former
banker asked that Bank of Nova Scotia Jamaica be wound up under
the provisions of the Companies Act, as it "is insolvent and
unable to pay" its debts.

The report notes that BNS, in a release, said it had filed an
application to have Mr. Clarke's application struck out.  The bank
also refuted Clarke's claim that it was in a financial bind and
unable to pay its debts.

"The Bank of Nova Scotia Jamaica is a stable and solid bank, and
we would refer anyone interested to review our financial
statements. . .," Jamaica Observer quoted BNS as saying.  "These
reports show that the bank posted JM$2.34 billion in profits for
the six months ended April 2011 with a capital base of
JM$24.2 billion as at the same date," it added.

The report notes that BNS had agreed in June to pay Mr. Clarke's
legal costs after the two reached a multimillion-dollar settlement
on the retirement package.   Court document revealed that
Mr. Clarke has since July sought to recover from the bank the
agreed legal cost, but to no avail, Jamaica Observer says.

The report recalls that Mr. Clarke went on early retirement in
November 2008 after serving 40 years with the Bank of Nova Scotia
Jamaica, 13 years of which were spent as president and chief
executive officer.  The decision for him to go on early retirement
followed a meeting in July 2008 at the BNS' headquarters in
Canada, Jamaica Observer discloses.

Unfounded allegations of misconduct were raised and Mr. Clarke was
offered a retirement package which he rejected, the report relays.

Jamaica Observer adds that Mr. Clarke took the BNS to court after
much failed negotiations but the legal fight was eventually
brought to an end and the bank decided to have the mater
ventilated through arbitration.


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


BANCO INBURSA: Affirms Support Rating floor at 'B'
--------------------------------------------------
Fitch Ratings has affirmed Banco Inbursa's (Inbursa) ratings as
follows:

  -- Long-term Issuer Default Rating (IDR) at 'BBB';
  -- Short-term IDR at 'F2';
  -- Long-term local currency IDR at 'BBB';
  -- Short-term local currency IDR at 'F2';
  -- Viability rating at 'bbb';
  -- Individual rating at 'C';
  -- Support rating at '4';
  -- Support rating floor at 'B';
  -- Long-term national-scale rating at 'AA+(mex)';
  -- Short-term national-scale rating at 'F1+(mex)'.

The Rating Outlook is Stable.

Inbursa's viability rating and IDRs reflect gradual improvements
on two of the bank's major challenges, namely reducing risk
concentrations and enhancing its funding profile.  While
improvements have been moderate and gradual, Fitch expects this
trend to continue, which will gradually strengthen Inbursa's
credit quality over the medium term.  These positive trends have
been accompanied by further increases in the bank's already sound
loss absorption capacity and proven ability to maintain a low
level of impaired loans, despite hefty lending growth in recent
years.

In addition to strong capital levels, Inbursa's credit profile
also benefits from a large cushion of loan loss reserves, which
accounted for over 13% of total loans as of June 2011 (more than
3.7 times [x] the amount of impaired loans at the same date).
Inbursa was one of the few banks whose performance continued
improving throughout the recent crisis.

Given ample loan growth, the drivers of core earnings were
enhanced, with wider margins and increasing fees. Sound efficiency
and its proven capacity to contain provisions are additional
sources of comfort regarding the bank's core profitability.  The
operating return on average assets has been higher than 2% since
fiscal year (FY) 2009.

The bank has maintained throughout the cycle a strong track record
of minor credit losses in its core corporate lending portfolio.
Obligor and sector concentrations are still relatively high, but
gradually declining.  While the bank has expanded its retail
portfolio through acquisitions, overall impairments levels remain
relatively low.

While the loan to deposits ratio is still somewhat weak, its
funding profile continues improving gradually. Demand deposits
have continued growing, but their relative contribution has not
changed dramatically in view of ample loan growth in recent years.
However, the bank has reduced its reliance on less stable
wholesale time deposits through medium term debt placements in the
local capital markets. This has also narrowed maturity mismatches
among assets and liabilities.


BANCA MIFEL: Volatile Earnings Cue Fitch to Affirm Low-B Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Banca Mifel (Mifel) as
follows:

  -- Long-term Issuer Default Rating (IDR) at 'BB-';
  -- Short-term IDR at 'B';
  -- Long-term local currency IDR at 'BB-';
  -- Short-term local currency IDR at 'B';
  -- Viability rating at 'bb-';
  -- Individual rating at 'C/D';
  -- Support rating at '5';
  -- Support rating floor at 'NF';
  -- USD100 million Perpetual Non Cumulative Junior Subordinated
     Callables Notes at 'B';
  -- National scale long-term rating at 'A-(mex)';
  -- National scale short-term rating at 'F2(mex)'.

The Rating Outlook is Stable.

Mifel's ratings reflect its relatively weak and volatile earnings
and somewhat declining loss absorption capacity.  These also
factor in the sound funding profile and its adequate liquidity.
The Stable Outlook weighs the strategies that the bank's
management is exploring to enhance its loss absorption capacity,
which are expected to materialize before year end. If these are
not completed and the bank does not sustain recent improvements in
its operating profitability, the ratings could be potentially
pressured downward.

The performance of Mifel has been weak in recent years (although
it is better and relatively more stable at the financial group's
levels), initially driven by expenses from branch network
expansion during 2007 - 2008, and then by hefty credit costs that
drove to operating losses in 2009 and 2010.  Some large borrower
concentrations remain, as well as a high level of related-party
lending. Mifel has access to ample retail deposits provided by its
stable customer base.  These deposits funded the bank's entire
loan portfolio, but asset growth has somewhat affected the mix
among demand/term deposits, as well as the mix of core
deposits/money market funding.  In view of sustained growth and
weak profitability in recent years, capital ratios have declined
at a faster-than-expected pace since 2007.

Established in 1993, Mifel is the largest entity of Grupo
Financiero Mifel, which also has factoring, leasing and mutual
fund management companies.  The bank has traditionally targeted
SMEs and medium-sized real estate developers.  As of 1Q11, Mifel
had 38 branches and its overall market share by loans, assets and
deposits was less than 1%.


VITRO SAB: Bond Trustee Sues Units to Recover US$1.35BB in Notes
----------------------------------------------------------------
David McLaughlin at Bloomberg News reports that Vitro, S.A.B. de
C.V.'s units were sued by a bondholder trustee seeking to recover
US$1.35 billion owed under notes issued by the company.

Vitro SAB and its subsidiaries are engaged in a "a multi-year
scheme" to avoid paying bondholders, Wilmington Trust NA, the
trustee under two series of notes issued by Vitro and guaranteed
by the units, said in a complaint filed in New York state court in
Manhattan, according to Bloomberg.

Company officials "will continue to maintain our openness to
dialogue" with creditors, Roberto Riva Palacio, a Vitro spokesman,
said in an e-mail obtained by the news agency.

The case is Wilmington Trust NA v. Vitro Automotriz, 652303-2011,
New York State Supreme Court (Manhattan).

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.


* TECAMAC MUNICIPALITY: Moody's Gives Ba2 Rating to MXN160MM Loan
-----------------------------------------------------------------
Moody's de Mexico has assigned ratings of A2.mx (Mexican national
Scale) and Ba2 (Global Scale, local currency) to a MXN 160 million
enhanced loan to the Municipality of Tecamac from Banorte.

The loan has a 15 year maturity, with an interest rate equal to
the 28-day Mexican Interbank Reference Rate (TIIE) plus 150 basis
points.  It will be paid through a trust (IXE F/884) to which
Tecamac has pledged 30% of its federal participation revenues via
an irrevocable instruction to the State of Mexico Finance
Ministry.  The loan is also a general obligation of the
Municipality of Tecamac that it is obligated to pay from all its
available resources.

Ratings Rationale

The Ba2/A2.mx ratings assigned to the loan reflect the underlying
creditworthiness of the Municipality of Tecamac (Ba3/Baa1.mx)
supported by the following legal and credit enhancements embedded
in the transaction, which are consistent with one notch uplift
from the issuer's Global Scale Rating according to Moody's
methodology for rating enhanced loans:

1. Strong trust structure to which the municipality has pledged
   participation revenues. Irrevocable instructions have been
   issued to the State of Mexico Ministry of Finance to transfer
   these flows directly to the trust.

2. Estimated cash flows generate moderate coverage ratios.  Under
   Moody's base case scenario, cash flows for the loan are
   projected to provide debt service coverages equal to a minimum
   of 1.5x.

3. Under a Moody's stress case scenario, estimated cash flows for
   the loan are projected to provide debt service coverages equal
   to a minimum of 1.3x.

4. Strong level of reserve funds equal to 3.0 months of debt
   service

The loan does not have an impact on Tecamac's issuer rating
because even considering this loan, debt indicators remain in line
with its peers.  In addition, Tecamac's recent financial
performance places it in a relatively stable position among its Ba
rated peers.

The ratings also recognize these credit challenges:

1. Commingling risk at the level of the State of Mexico
   (Ba2/A2.mx, Stable) as the pledged participation revenues are
   sent to the trust by the state, rather than directly from the
   Federal Treasury to the trust.  Commingling risk is offset by
   the state's strong governance and management practices,
   including strong credit culture, and b) the legal barriers that
   prohibit the state from intervening with municipal transfers.

2. Reserve funds will be constituted during the first six months
   after disbursement.  Thus, the reserve funds are not available
   at the beginning of the life of the loan.  However this risk is
   offset by a) the short term period over which the reserves are
   expected to be constituted and b) participation revenues
   flowing through the trust will be used for this purpose.

3. Tight clause that gives the right to the lender to trigger an
   early amortization if monthly cash-flows throughout the life of
   the loan do not provide a 2.0x debt service coverage.  While in
   Moody's base case and stress case scenarios coverage ratios
   fall below 2.0x during certain periods, average ratios are well
   above those levels. Furthermore, based upon current
   participation levels and interest rates, coverage levels should
   remain well above the 2.0x threshold. Moody's also notes that
   there is just a single lender, early amortization is left to
   the bank's discretion in the event the trigger threshold is
   actually passed, and the loan will continue to benefit from the
   pledge of federal participation revenues even if the trigger is
   exercised.

Moody's notes that while the presence of the above early
amortization clause does not currently have an impact on the
issuer's rating, it subjects the issuer to increased refinancing
risk, and heightens the risk of a multi-notch downgrade to the
issuer rating.

The ratings could face downward pressure if debt service coverage
levels fall materially below Moody's expectations of if reserves
are not funded as expected.  Given the links between the loan and
the credit quality of the obligor, a downgrade of Tecamac's issuer
ratings could also exert downward pressure on debt ratings for
this loan.  Conversely, an upgrade of Tecamac's issuer ratings or
a significant improvement in coverage levels could result in an
upgrade of the ratings on the loan.


===============
X X X X X X X X
===============


* BOND PRICING: For the Week August 15, to August 19, 2011
----------------------------------------------------------

Issuer              Coupon   Maturity     Currency          Price
------              ------   --------     --------          -----


ARGENTINA
---------

ARGENT- DIS          5.83   12/31/2033       ARS               153
ARGENT-PAR           1.18   12/31/2038       ARS             53.86
ARGENT- DIS          7.82   12/31/2033       EUR              65.5
ARGENT- DIS          7.82   12/31/2033       EUR                67
ARGENT- DIS          4.33   12/31/2033       JPY                42
ARGENT- PAR&GDP      0.45   12/31/2038       JPY                 8
BODEN 2014           2       9/30/2014       ARS             32.75
BOGAR 2018           2        2/4/2018       ARS               138
PRO12                2        1/3/2016       ARS             113.9

CAYMAN ISLAND
-------------

BANCO BPI (CI)         4.15   11/14/2035       EUR           27.09
BCP FINANCE BANK       5.01    3/31/2024       EUR           73
BCP FINANCE CO         4.23                    EUR           38
BCP FINANCE CO         5.54                    EUR           39.34
BES FINANCE LTD        5.58                    EUR           36.91
BES FINANCE LTD        4.5                     EUR           41.32
BES FINANCE LTD        5.7      2/7/2035       EUR           47.83
BES FINANCE LTD        6.6                     EUR           50
CHAODA MOD AGRI        3.7      9/1/2015       USD           76
CHINA MED TECH         6.25   12/15/2016       USD           61
CHINA MED TECH         4       8/15/2013       USD           70
CHINA SUNERGY          4.75    6/15/2013       USD           50.56
EFG ORA FUNDING        1.7    10/29/2014       EUR           51.88
ESFG INTERNATION       5.75                    EUR           40.87
IMCOPA INTL CAYM       5      12/19/2014       USD           33
JINKOSOLAR HOLD        4       5/15/2016       USD           66.63
PUBMASTER FIN          5.94   12/30/2024       GBP           77.64
SOLARFUN POWER H       3.5     1/15/2018       USD            70.5
SOLARFUN POWER H       3.5     1/15/2018       USD           70.12
SUNTECH POWER          3       3/15/2013       USD           73.04
SUNTECH POWER          3       3/15/2013       USD           69

CHILE
-----

AGUAS NUEVAS            3.4     5/15/2012      CLP           1.016
CGE DISTRIBUCION        3.25    12/1/2012      CLP           29.62
ESVAL S.A.              3.8     7/15/2012      CLP           24.75
LA POLAR SA             3.8    10/10/2017      CLP           50.65
MASISA                  4.25   10/15/2012      CLP           29.44
QUINENCO SA             3.5     7/21/2013      CLP
24.74

PUERTO RICO
-----------

PUERTO RICO CONS         6.2    5/1/2017       USD           59.56
PUERTO RICO CONS         6.5    4/1/2016       USD           65.44


VENEZUELA
---------

PETROLEOS DE VEN         5.5    4/12/2037      USD           45.69
PETROLEOS DE VEN         5.37   4/12/2027      USD           48.27
PETROLEOS DE VEN         5.25   4/12/2017      USD           59.39
PETROLEOS DE VEN         5.12  10/28/2016      USD           61.46
PETROLEOS DE VEN         5     10/28/2015      USD           66.37
PETROLEOS DE VEN         8.5    11/2/2017      USD           70.74
PETROLEOS DE VEN         8.5    11/2/2017      USD            70.2
PETROLEOS DE VEN         4.9   10/28/2014      USD           74.39
VENEZUELA                7      3/31/2038      USD           55.25


VENEZUELA                7       3/31/2038      USD          55.72
VENEZUELA                6       12/9/2020      USD           59.1
VENEZUELA                7.65    4/21/2025      USD           60
VENEZUELA                8.25   10/13/2024      USD           63.5
VENEZUELA                9.25     5/7/2028      USD           66.5
VENEZUELA                7.75   10/13/2019      USD           68
VENEZUELA                9        5/7/2023      USD           67
VENEZUELA                7       12/1/2018      USD           68.5
VENEZUELA                9.25    9/15/2027      USD          69.25
VENEZUELA                9.25    9/15/2027      USD          69.55
VENZOD - 189000          9.37    1/13/2034      USD          66.75



                            ***********

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.

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