TCRLA_Public/110907.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, September 7, 2011, Vol. 12, No. 177

                            Headlines



C A Y M A N   I S L A N D S

ANALYTIC US MARKET: Members' Final Meeting Set for September 7
BEACON FUND: Shareholders Receive Wind-Up Report
BORD HOLDINGS: Members' Final Meeting Set for September 8
CASTLE POINT: Shareholders' Final Meeting Set for September 16
CBC PARTNERS: Members Receive Wind-Up Report

DUART GLOBAL: Shareholder to Receive Wind-Up Report on Sept. 13
DYNAMIC VISION: Shareholders Receive Wind-Up Report
FORTROSS EMERGING: Shareholders Receive Wind-Up Report
FOUNDERS CORP: Shareholders' Final Meeting Set for Sept. 23
POLAR CAPITAL: Shareholders' Final Meeting Set for September 14

POLYGON GENERAL: Shareholders' Final Meeting Set for September 30
POLYGON GLOBAL: Shareholders' Final Meeting Set for September 30
SILVER CREEK: Shareholders' Final Meeting Set for September 16
SIMPLE LIFE: Shareholders' Final Meeting Set for September 16
WFS (CAYMAN): Shareholders' Final Meeting Set for September 16


M E X I C O

GRUPO FERTINAL: S&P Raises LT Corporate Credit Rating to 'B+'
VITRO SAB: BofA to Transfer US$5MM DIP and Sale Carve-Out Funds
VITRO SAB: U.S. Units Want Name Changes OK'd in Relation to Sale


P A N A M A

* PANAMA: To Get US$50MM From IDB for Health Services Improvement


T R I N I D A D  &  T O B A G O

* T&T: Businesses Losing Revenue due to State of Emergency


T U R K S  &  C A I C O S

OLINT CORP: Back in Turks & Caicos to Start Serving Sentence


                            - - - - -


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


ANALYTIC US MARKET: Members' Final Meeting Set for September 7
--------------------------------------------------------------
The members of Analytic US Market Neutral Offshore, Ltd. will
hold their final meeting on September 7, 2011, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BEACON FUND: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Beacon Fund received on August 31, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

Kenrich Partners Pte Ltd is the company's liquidator.


BORD HOLDINGS: Members' Final Meeting Set for September 8
---------------------------------------------------------
The members of Bord Holdings Limited will hold their final
meeting on September 8, 2011, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands


CASTLE POINT: Shareholders' Final Meeting Set for September 16
--------------------------------------------------------------
The shareholders of Castle Point Capital Fund, Ltd. will hold
their final meeting on September 16, 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


CBC PARTNERS: Members Receive Wind-Up Report
--------------------------------------------
On September 6, 2011, the members of CBC Partners Holding
Corporation received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Ming-Shan Cheng
         No. 3, Li Hsin 5 Road
         Science Park, Hsinchu
         Taiwan, R.O.C.


DUART GLOBAL: Shareholder to Receive Wind-Up Report on Sept. 13
---------------------------------------------------------------
The sole shareholder of Duart Global Deep Value Securities Master
Fund Ltd. will receive on September 13, 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 Kim Smith
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands
         Telephone: (345) 949-9876
         Facsimile: (345) 949-9877


DYNAMIC VISION: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Dynamic Vision Limited received on August 16,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Chwang-Shen Wen
         No. 16, Li-Hsin Road
         Science Based Industrial Park
         Hsinchu
         Taiwan ROC
         Telephone: 03 578 6688
         Facsimile: 03 563 2999


FORTROSS EMERGING: Shareholders Receive Wind-Up Report
------------------------------------------------------
On September 6, 2011, the shareholders of Fortross Emerging
Opportunity Fund, Ltd., received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Tagora Capital LLP
         Smeets Law (Cayman)
         Attorneys-at-Law for the Company
         Reference: JAPF
         Suite 2206, Cassia Court, 72 Market Street
         Camana Bay
         P.O. Box 32302 SMB
         Grand Cayman KY1-1209
         Cayman Islands
         Telephone: (+1) 345 815 2800
         Facsimile: (+1) 345 947 4728


FOUNDERS CORP: Shareholders' Final Meeting Set for Sept. 23
-----------------------------------------------------------
The shareholders of Founders Corporation will hold their final
meeting on September 23, 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:

         Kazuhiko Yoshida
         c/o Kazuhiko Yoshida
         15A, Taggart, 109 Repulse Bay Road
         Hong Kong
         Telephone: (852) 2528 5016
         Facsimile: (852) 2528 5020


POLAR CAPITAL: Shareholders' Final Meeting Set for September 14
---------------------------------------------------------------
The shareholders of Polar Capital Discovery Fund Limited will
hold their final meeting on September 14, 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:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715 Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


POLYGON GENERAL: Shareholders' Final Meeting Set for September 30
-----------------------------------------------------------------
The shareholders of Polygon General Partner Limited will hold
their final meeting on September 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:

         Ian Stokoe
         c/o Jodi Jones
         Telephone: (345) 914 8694
         Facsimile: (345) 945 4237
         P.O. Box 258 Grand Cayman KY1-1104
         Cayman Islands


POLYGON GLOBAL: Shareholders' Final Meeting Set for September 30
----------------------------------------------------------------
The shareholders of Polygon Global Opportunities Fund will hold
their final meeting on September 30, 2011, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Jodi Jones
         Telephone: (345) 914 8694
         Facsimile: (345) 945 4237
         P.O. Box 258 Grand Cayman KY1-1104
         Cayman Islands


SILVER CREEK: Shareholders' Final Meeting Set for September 16
--------------------------------------------------------------
The shareholders of Silver Creek FHM SPV, Ltd. will hold their
final meeting on September 16, 2011, at 8:30 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


SIMPLE LIFE: Shareholders' Final Meeting Set for September 16
-------------------------------------------------------------
The shareholders of Simple Life Company will hold their final
meeting on September 16, 2011, at 9:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


WFS (CAYMAN): Shareholders' Final Meeting Set for September 16
--------------------------------------------------------------
The shareholders of WFS (Cayman) Limited will hold their final
meeting on September 16, 2011, at 8:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


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


GRUPO FERTINAL: S&P Raises LT Corporate Credit Rating to 'B+'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Grupo Fertinal S.A. de C.V. to 'B+' from 'B'.
Standard & Poor's also said that the outlook on Fertinal is
stable.

"We raised the rating because Fertinal's financial performance
has been strong relative to our expectations, particularly in the
first half 2011," noted Standard & Poor's credit analyst Bernardo
Gonzalez. The rating action also reflects Fertinal's operating
performance, which has improved as expected.

Fertinal is a Mexican phosphate-based fertilizer producer.  The
company's vulnerable business risk profile -- which reflects its
small scale relative to peers, its single-asset operations, its
short-track record post-bankruptcy, and the inherent volatility
in fertilizer prices -- limits the rating.  "Nevertheless,
Fertinal's vertical integration, its entrenched position in the
Mexican West Coast market, and our expectations of continued
improvement in its operating performance support the rating.
Fertinal's financial risk profile, which we assess as
significant, reflects limited free operating cash-flow
generation, low leverage, and adequate liquidity," S&P stated.

"For the 12 months ended June 30, 2011, Fertinal's EBITDA was
about US$130 million, which compares favorably with US$98 million
at the end of 2010.  The increase in Fertinal's EBITDA reflects
higher capacity utilization as a result of the company's ramp-up
process and the continued increase in diammonium phosphate (DAP)
and mono-ammonium phosphate (MAP) prices.  The company has
focused on improving its business operations, and we expect these
efforts to continue.  During this period, Fertinal posted total-
debt-to-EBITDA, FFO-to-total-debt, and EBITDA interest coverage
ratios of 1.6x, 46.2% and 3.3x.  Under our base-case scenario, we
believe that DAP and MAP pricing will continue to be favorable.
We estimate that the company's EBITDA generation will be about
US$150 million in 2011 and US$200 million in 2012, which should
allow it to post total-debt-to-EBITDA, FFO-to-total-debt, and
EBITDA interest coverage ratios of about of 1.5x, 40.4% and 5.0x
in 2011 and 1.4x, 42.4% and 5.7x in 2012," S&P stated.

"The stable outlook reflects our expectation that Fertinal's
total-debt-to-EBITDA ratio should remain below 2.0x.  A weaker
financial performance resulting in lower cash-flow generation or
increased debt levels to finance other noncore investments (not
expected at this moment) could lead us to lower the rating.  In
particular, we believe that a drop of prices in the fertilizers
market (specially DAP and MAP) will affect the company's
profitability and cash-flow generation as well as unfavorable
macroeconomic conditions, which could hurt the demand of
fertilizers in Fertinal's end markets.  Nevertheless, given the
potential for long-term changes in DAP and MAP prices, Standard &
Poor's would feel comfortable at the current rating with a
maximum total-debt-to-EBITDA ratio of 3.00x.  The company's
business risk profile limits rating upside, but we could raise
the ratings if Fertinal is able to further improve its operating
scale and profitability or significantly reduce its debt
leverage," S&P related.


VITRO SAB: BofA to Transfer US$5MM DIP and Sale Carve-Out Funds
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
authorized Bank of America, N.A., to transfer carve-out funds to
Vitro Asset Corp., et al., pursuant to a final DIP order and sale
order.

The Debtors and BofA sought to transfer the carve-out funds from
BofA to the Debtors.

The Debtors related that on May 26, 2011, the Court authorized
BofA to set aside up to US$5,000,000 for the professional fee
carve-out.  The specific amount of the carve out was dependent
upon the final sales price at the auction, but was capped at
US$5,000,000.

On June 13, 2011, the Court directed the Debtors to remit
US$5,000,000 to BofA for the carve-out, and on June 17, the
Debtors remitted US$5,000,000 to BofA for the professional fee
carve-out.

In consultation with the Official Unsecured Creditors' Committee,
the Debtors and BofA, determined that the Debtors must
efficiently administer the carve-out funds.

The Court directed BofA to remit to the Debtors an amount equal
to the carve-out funds, via wire transfer of immediately
available funds.

The Debtors will deposit the carve-out funds into the estate
administrative account at JPMorgan Chase Bank, account ending in
0021; and upon the remittance, BofA's obligations with respect to
the carve out will be fully satisfied and discharged.

BofA is represented by:

         Robert W. Jones, Esq.
         Brian Smith, Esq.
         PATTON BOGGS, LLP
         2000 McKinney Abe., Suite 1700
         Dallas, TX 75201
         Tel: (214) 758-1500
         Fax: (214) 758-1550

         C. Edward Dobbs, Esq.
         Joshua J. Lewis, Esq.
         PARKER, HUDSON, RAINER & DOBBS LLP
         1500 Marquis Two Tower
         285 Peachtree Center Avenue, N.E.
         Atlanta, GA 30303
         Tel: (404) 523-5300
         Fax: (404) 522-8409
         E-mails: edobbs@phrd.com
                  jlewis@phrd.com

                       About Vitro SAB

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

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

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

           Concurso Mercantil & Chapter 15 Proceedings

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

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

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

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

                     Chapter 11 Proceedings

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

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

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

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

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

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

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


VITRO SAB: U.S. Units Want Name Changes OK'd in Relation to Sale
----------------------------------------------------------------
Vitro Asset Corp., et al., ask the U.S. Bankruptcy Court for the
Northern District of Texas to approve the amended case caption
reflecting corporate name changes of certain Debtors.

The Debtors stated that in an auction, American Glass Enterprises
LLC's bid of US$55 million far exceeded the purchase price
proposed by the stalking horse bidder, with over US$15.5 million
of additional value available to the estate for distribution to
creditors than originally proposed by the stalking horse bidder
(approximately US$9 million in additional cash and US$6 million
in assumed liabilities).  Subsequent to the auction, the Debtors
and American Glass executed an asset purchase agreement.

Pursuant to Article 8.4 of the American Glass Asset Purchase
Agreement, the Debtors related that they are required to change
the names of Debtors Vitro America, Super Sky Products, and Super
Sky International.

The name changes are:

         Previous Name                   New Name
         -------------                   --------
         Vitro America, LLC              Mukki LLC
         Super Sky Products, Inc.        Tayo Inc.
         Super Sky International, Inc.   BarleySammy Inc.

Aside from the American Glass sale, the Court previously granted
the sale motion of Vitro Asset Corp., et al., with respect to
certain of their assets to Mark S. and Ann M. Blackburn for
US$2,350,000.  The Standard Offer, Agreement and Escrow
Instructions for Purchase of Real Estate, dated March 3, 2011,
subsequently amended on April 1 and 27, 2011, between the Debtor
Vitro America, LLC, and the Blackburns to acquire the Acquired
Assets is approved.

                        About Vitro SAB

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

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

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

           Concurso Mercantil & Chapter 15 Proceedings

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

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

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

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

                     Chapter 11 Proceedings

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

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

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

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

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

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

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


===========
P A N A M A
===========


* PANAMA: To Get US$50MM From IDB for Health Services Improvement
-----------------------------------------------------------------
Panama will revamp its primary health care system and improve
maternal, neonatal and chronic disease care with a loan of up to
US$50 million from the Inter-American Development Bank (IDB).

The project is expected to increase the number of people served
by the country's primary care network to 184,000 annually by 2016
from the current 78,000, and to improve quality of health
services.  This will contribute for a reduction in maternal and
infant mortality rates as well as the prevalence of chronic
malnutrition among children under the age of five in indigenous
and rural communities.

The IDB loan will finance the redesign and establishment of
health care networks, a payment and a performance-based system
for health care providers as well as the introduction of new
services aimed at child nutrition, reproductive health, and
dental health.  The project will help Panama to address the
double burden of chronic and infectious diseases by supporting
the acquisition of supplies for screenings to detect chronic
disease risk factors and spot-test equipment; training to improve
the management of chronic diseases and medications.

The IDB will also support measures to better connect the
country's primary and secondary levels of care, implementing
integrated operations management systems that improve the
resolution capacity of the health services and guarantee
continuity and quality of care for the target populations.  The
Bank will finance the purchase of basic equipment, supplies, and
materials for secondary care and computer services and equipment
to build a system of patient registry.

The project is expected to increase the use of family planning
services, the percentage of women receiving prenatal checkups
from skilled personnel, and the percentage of children receiving
a complete supplementation and immunization package.  Moreover,
the project is also expected to lead to an increase laboratory
services for the treatment of communicable diseases and non-
communicable chronic diseases and in the number of women
receiving institutional birth care.

The loan is for 25 years with a grace and disbursement period of
five years and a LIBOR-based interest rate.  Local counterpart
funds total US$20 million.


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


* T&T: Businesses Losing Revenue due to State of Emergency
----------------------------------------------------------
RJR News reports that businesses in Trinidad and Tobago said that
they have lost between 30% and 75% of revenues due to the State
of Emergency that was imposed in the last two weeks.

Businesses from restaurants to the hospitality sector and even
banks say they are affected, according to RJR News.

RJR News relates that Trinidad and Tobago Member of Parliament
Colm Imbert said research he has done showed the reduction in
working hours have affected not only business revenues, but also
incomes of hourly paid workers.  The report relays Mr. Imbert
said that people are afraid to speak out about the effect because
they could be locked up for dissatisfaction under the Emergency
Powers Act.

Mr. Imbert noted that business people said they cannot sustain a
three-month State of Emergency, and each will be hit hard.

As reported in the Troubled Company Reporter-Latin America on
Aug. 24, 2011, Trinidad Express said that Trinidad & Tobago
businesses braced for financial losses starting as they were
forced to curtail operations because of the limited state of
emergency in the country.  Caribbean360.com related that Trinidad
& Tobago Prime Minister Kamla Persad-Bissessar disclosed a
limited state of emergency and curfew in "hotspots" in the
country to deal with escalating crime.  Caribbean360.com noted
that the measure, which gives military personnel powers to search
and seize and powers of arrest, took effect on Aug. 21.
Caribbean360.com disclosed that the law provides for the limited
state of emergency to be in place up to 15 days before extensions
are sought from the House of Representatives.

Meanwhile, Caribbean360.com relates that Trinidad and Tobago's
State of Emergency has been extended for a further three months
and the curfew hours in specific areas have been reduced.  The
report relates that the new curfew which is in effect for areas
in Port of Spain, San Fernando, Arima, Chaguanas, Diego Martin
and San Juan/Laventille will now run from 11:00 p.m. to 4:00
a.m., an amendment to the previous 9:00 p.m. to 5:00 a.m. period.

Prime Minister Kamla Persad-Bissessar said the curfew times could
further be revised if she is so advised by the security forces,
Caribbean360.com notes.


=========================
T U R K S  &  C A I C O S
=========================


OLINT CORP: Back in Turks & Caicos to Start Serving Sentence
------------------------------------------------------------
RJR News reports that former Olint Corporation Limited boss David
Smith is now in the Turks and Caicos Islands to start serving his
sentence in that country.  When Mr. Smith completes his time in
the TCI, he has to return to the U.S. to finish his three-decade
sentence, which his lawyer Oliver Smith, has already indicated,
will be appealed, according to RJR News.

As reported in the Troubled Company Reporter-Latin America on
Aug. 15, 2011, Caribbean360.com said that Mr. Smith was sentenced
to 30 years in a U.S. federal jail for defrauding thousands of
investors through a Ponzi scheme.  Before serving the sentence
Mr. Smith will be returned to the Turks and Caicos Islands to
serve a six-and-a-half-year sentence that was imposed in
September 2010 after he pleaded guilty to fraud and conspiracy
charges, stemming from the same Olint scheme, according to
Caribbean360.com.  The report related that American authorities
will seek his extradition after he completes the jail time in the
Caribbean island.  Caribbean360.com noted that U.S. District
Judge Mary Scriven has ordered that Mr. Smith's federal sentence
run concurrently with his sentence in the TCI, which means he
will spend just under 24 years in U.S. jail.

                         About Olint Corp

Olint Corporation Limited was an investment club owned by David
Smith.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 31, 2010, RadioJamaica said United States authorities sought
to extradite Mr. Smith from Turks and Caicos Islands for his
involvement in financial fraud cases.  The Jamaica Gleaner said
that Mr. Smith was indicted on 23 charges in the United States.
The report related that the indictment handed down in the U.S.
District Court for the Middle District of Florida, Orlando
Division, charged Mr. Smith with four counts of wire fraud, one
count of conspiracy to commit money laundering and 18 counts of
money laundering to conceal specified unlawful activity.
Caribbean News Now related that Mr. Smith defrauded more than
US$200 million from thousands of investors in Jamaica, the Turks
and Caicos Islands and Florida.


                            ***********


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 * * *