TCRLA_Public/111012.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, October 12, 2011, Vol. 12, No. 202

                            Headlines



B E R M U D A

MARTIN CURRIE: Creditors' Proofs of Debt Due Oct. 14
MARTIN CURRIE, MASTER: Creditors' Proofs of Debt Due Oct. 14
QUALITAS ENERGY: Creditors' Proofs of Debt Due Oct. 14
QUALITAS ENERGY: Members' Final Meeting Set for November 1


C A Y M A N   I S L A N D S

ALLIANCEBERNSTEIN CURRENCY: Shareholders' Meeting Set for Oct. 27
ALPHATRACK INVESTMENT: Shareholders' Final Meeting Set on Oct. 19
AUGUSTA FUNDING: Shareholders' Final Meeting Set for Oct. 19
CLEARWATER FUNDING: Shareholders' Final Meeting Set for Oct. 13
CONOCOPHILLIPS MENA: Shareholders' Final Meeting Set for Oct. 12

CONOCOPHILLIPS YANBU: Shareholders' Meeting Set for Oct. 12
FORTIS CAYMAN: Shareholders' Final Meeting Set for Oct. 13
GOLDENTREE HIGH: Shareholders' Final Meeting Set for Oct. 14
HELMSDALE LIMITED: Shareholders' Final Meeting Set for Oct. 14
ICARUS OFFSHORE: Shareholders' Final Meeting Set for Oct. 14

INTEGRAL ADMINISTRATIVE: Member to Hear Wind-Up Report on Oct. 14
ORPHEUS FUNDING: Shareholders' Final Meeting Set for Oct. 13
PC COMM: Shareholders' Final Meeting Set for Oct. 19
RIGEL FUND: Shareholders' Final Meeting Set for Oct. 14
SIGNUM FTC: Shareholders' Final Meeting Set for Oct. 14

TCW LINC III: Shareholders' Final Meeting Set for Oct. 14
UAE CMBS: Fitch Affirm Rating on Two Notes Classes at Low-B


J A M A I C A

JAMALCO: In Advance Talks With Potential Buyer for Firm's Stakes


M E X I C O

CONSORCIO ARA: Moody's Affirms 'Ba2' GLC Issuer Rating
CONSUPAGO SA: Fitch Affirms Rating MXN750-Mil. Debts at 'BB-'
VITRO SAB: Bank of America Opposes Release of US$2.4 Million


P U E R T O   R I C O

FIRSTBANK PUERTO RICO: Moody's Upgrades Issuer Rating to 'B3'


T R I N I D A D  &  T O B A G O

CL FIN'L: Tax Ease Proposed for CLICO Fund


                            - - - - -


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B E R M U D A
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MARTIN CURRIE: Creditors' Proofs of Debt Due Oct. 14
----------------------------------------------------
The creditors of Martin Currie Dedicated Investor Offshore Fund
Limited are required to file their proofs of debt by Oct. 14,
2011, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 22, 2011.

The company's liquidators are:

         Wanda Mello
         Ernst & Young Ltd.
         3 Bermudiana Road, Hamilton HM 08
         Bermuda; and

         Rob McMahon
         Ernst & Young Ltd.
         62 Forum Lane, Camana Bay
         Grand Cayman Islands
         Cayman Islands


MARTIN CURRIE, MASTER: Creditors' Proofs of Debt Due Oct. 14
------------------------------------------------------------
The creditors of Martin Currie Dedicated Investor Master Fund
Limited are required to file their proofs of debt by Oct. 14,
2011, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 22, 2011.

The company's liquidators are:

         Wanda Mello
         Ernst & Young Ltd.
         3 Bermudiana Road, Hamilton HM 08
         Bermuda; and

         Rob McMahon
         Ernst & Young Ltd.
         62 Forum Lane, Camana Bay
         Grand Cayman Islands
         Cayman Islands


QUALITAS ENERGY: Creditors' Proofs of Debt Due Oct. 14
------------------------------------------------------
The creditors of Qualitas Energy Limited are required to file
their proofs of debt by Oct. 14, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 28, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


QUALITAS ENERGY: Members' Final Meeting Set for November 1
----------------------------------------------------------
The members of Qualitas Energy Limited will hold their final
meeting on November 1, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on Sept. 28, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


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C A Y M A N   I S L A N D S
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ALLIANCEBERNSTEIN CURRENCY: Shareholders' Meeting Set for Oct. 27
-----------------------------------------------------------------
The shareholders of Alliancebernstein Currency High Alpha Fund
(Sterling) Ltd. will hold their final meeting on Oct. 27, 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:

         John Sutlic
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box   1034, Grand Cayman KYI-1102
         Cayman Islands


ALPHATRACK INVESTMENT: Shareholders' Final Meeting Set on Oct. 19
-----------------------------------------------------------------
The shareholders of Alphatrack Investment Series SPC will hold
their final meeting on Oct. 19, 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:

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


AUGUSTA FUNDING: Shareholders' Final Meeting Set for Oct. 19
------------------------------------------------------------
The shareholders of Augusta Funding Limited B will hold their
final meeting on Oct. 19, 2011, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CLEARWATER FUNDING: Shareholders' Final Meeting Set for Oct. 13
---------------------------------------------------------------
The shareholders of Clearwater Funding CBO 99-A, Ltd. will hold
their final meeting on Oct. 13, 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:

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


CONOCOPHILLIPS MENA: Shareholders' Final Meeting Set for Oct. 12
----------------------------------------------------------------
The shareholders of Conocophillips Mena Technical Services Company
Ltd. will hold their final meeting on Oct. 12, 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:

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


CONOCOPHILLIPS YANBU: Shareholders' Meeting Set for Oct. 12
-----------------------------------------------------------
The shareholders of Conocophillips Yanbu Sub Ltd. will hold their
final meeting on Oct. 12, 2011, at 1:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FORTIS CAYMAN: Shareholders' Final Meeting Set for Oct. 13
----------------------------------------------------------
The shareholders of Fortis Cayman Structured Investment Funds will
hold their final meeting on Oct. 13, 2011, at 10:50 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GOLDENTREE HIGH: Shareholders' Final Meeting Set for Oct. 14
------------------------------------------------------------
The shareholders of Goldentree High Yield Opportunities (Offshore)
I, Ltd. will hold their final meeting on Oct. 14, 2011, to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


HELMSDALE LIMITED: Shareholders' Final Meeting Set for Oct. 14
--------------------------------------------------------------
The shareholders of Helmsdale Limited will hold their final
meeting on Oct. 14, 2011, at 10:30 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
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


ICARUS OFFSHORE: Shareholders' Final Meeting Set for Oct. 14
------------------------------------------------------------
The shareholders of Icarus Offshore will hold their final meeting
on Oct. 14, 2011, at 10:45 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


INTEGRAL ADMINISTRATIVE: Member to Hear Wind-Up Report on Oct. 14
-----------------------------------------------------------------
The shareholder of Integral Administrative Partner III Ltd. will
receive on Oct. 14, 2011, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


ORPHEUS FUNDING: Shareholders' Final Meeting Set for Oct. 13
------------------------------------------------------------
The shareholders of Orpheus Funding (Cayman) Ltd. will hold their
final meeting on Oct. 13, 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:

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


PC COMM: Shareholders' Final Meeting Set for Oct. 19
----------------------------------------------------
The shareholders of PC Comm Subsid 1 will hold their final meeting
on Oct. 19, 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:

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


RIGEL FUND: Shareholders' Final Meeting Set for Oct. 14
-------------------------------------------------------
The shareholders of Rigel Fund will hold their final meeting on
Oct. 14, 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:

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


SIGNUM FTC: Shareholders' Final Meeting Set for Oct. 14
-------------------------------------------------------
The shareholders of Signum FTC Commodity Alpha Limited will hold
their final meeting on Oct. 14, 2011, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


TCW LINC III: Shareholders' Final Meeting Set for Oct. 14
---------------------------------------------------------
The shareholders of TCW Linc III CBO Ltd. will hold their final
meeting on Oct. 14, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


UAE CMBS: Fitch Affirm Rating on Two Notes Classes at Low-B
-----------------------------------------------------------
Fitch Ratings has affirmed UAE CMBS Vehicle No.1 Ltd's notes and
removed the class C notes from Rating Watch Negative (RWN), as
follows:

  -- US$25MM class A due June 2016 (XS0305277047) affirmed at
     'BBB-sf'; Outlook Negative

  -- US$12.9MM class B due June 2016 (XS0305277393) affirmed at
     'BBsf'; Outlook Negative

  -- US$12.5MM class C due June 2016 (XS0305277476) 'Bsf'; RWN
     removed, Outlook Negative

The removal of the RWN on the class C notes reflects that it is
increasingly unlikely that the borrower security will be exercised
as a result of the breach of the loan-to-value ratio (LTV)
covenant that was announced on March 2, 2011.

The LTV covenant breach resulted in a loan event of default and
led to the borrower security becoming immediately enforceable.  At
that time, the borrower requested a waiver of the loan event of
default until March 2012, one quarter ahead of loan maturity in
June 2012.

As of the September 2011 payment date, enforcement had not
commenced and no waiver had been granted.  As previously
indicated, the note trustee does not intend to exercise its right
to either commence enforcement proceedings or grant the waiver.
However, under the transaction documents the class A noteholders
continue to have the right to direct the note trustee under either
option.

The loan is secured by Al-Thuraya Tower 2, a multi-let office
property located in Dubai Media City, in the Technology and Media
Free Zone in Dubai, UAE.  The LTV covenant breach resulted from a
December 2010 valuation, carried out as part of the borrower's
year-end reporting, that recorded a 30% drop in value since the
last valuation in December 2009.  Based on this value, the LTV
currently stands at 92.4%. The LTV on the Fitch-rated notes is
lower at 77.6%.

Despite the valuation decline, collateral income has performed
broadly in line with Fitch's expectations over the past year.
While the vacancy rate increased to 18% (by lettable area) in
September 2011 from 14% in the previous quarter, net operating
income remains broadly unchanged from its closing level.  The
interest coverage ratio has ranged between 1.4x and 1.5x over the
past four quarters, compared to a 1.4x cash trap trigger.


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JAMALCO: In Advance Talks With Potential Buyer for Firm's Stakes
----------------------------------------------------------------
RJR News reports that Jamaica Mining Minister Clive Mullings has
given the clearest signal that a deal for the sale of the JAMALCO
(Alcoa Minerals of Jamaica) shares is close to being signed.

Mr. Mullings said talks are in an advanced stage with an entity,
according to RJR News.

The report notes that the completion of the divestment of the
shares is another significant requirement of Jamaica's program
with the International Monetary Fund.

As reported in the Troubled Company Reporter-Latin America on
Sept. 9, 2011, RJR News said that unnamed sources said the
Jamaican government has received at least two offers for its stake
in JAMALCO's alumina refinery.  Switzerland-based commodities
trader, Glencore and Chinese metals trader, Zhuhai Hongfan, are
rumored to be the potential bidders for the government's stake,
according to RJR News.  The report noted that the government owns
45% of JAMALCO through the Clarendon Alumina Partners, and has
been trying, since last year, to offload that stake, because of
its hefty cost associated with a forward sale agreement.  RJR News
related that Jamaica Prime Minister Bruce Golding said that the
forward sale agreement had cost taxpayers more than JM$12 billion
since 2002.  The report relayed that Prime Minister Golding said
that if the government's stake was not divested, taxpayers would
be asked to pay a further JM$15 billion before the contract ends
in 2013.

                          About JAMALCO

JAMALCO (Alcoa Minerals of Jamaica) is a wholly owned subsidiary
of Alcoa.  JAMALCO mines bauxite and refines it into alumina
before exporting the alumina from its port at Rocky Point,
Clarendon.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 13, 2009, Radio Jamaica News said Alcoa plans to cut
13,500 jobs or 13% of the work force in Jamaica, because of the
global slowdown.  Alcoa is also selling four business units and
reducing output to save money, the report noted.  Caribbean Net
News said the government is holding talks with potential
purchasers for its 45% stake in the Jamalco refinery in south-
central parish of Clarendon.  Aluminum giant Alcoa holds 55% of
the company, which has a production capacity of 1.4 million tons
of alumina.


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M E X I C O
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CONSORCIO ARA: Moody's Affirms 'Ba2' GLC Issuer Rating
------------------------------------------------------
Moody's de Mexico affirmed the A2.mx national scale issuer rating
and the Ba2 global local currency issuer rating of Consorcio ARA,
S.A.B. de C.V.  The rating outlook remains stable.

Ratings Rationale

The ratings affirmation considers that, despite the adverse
operating and very competitive environment in the last two years,
Ara has maintained a conservative capital structure with solid
profitability, liquidity and credit metrics.  Although the
company's metrics have deteriorated somewhat in the last two
years, they remain solidly in the Ba2/A2.mx rating category.

The ratings continue to reflect Ara's position as one of the top
five homebuilders in Mexico in terms of housing units sold. ARA
has been in business since 1977 and is a publicly traded company,
listed on the Bolsa Mexicana de Valores (BMV) and in the USA
through an ADR program (since 1996), which enhances transparency
and corporate governance.

ARA maintains a very conservative balance sheet, with low leverage
and strong fixed charge coverage ratios which differentiates the
company from its larger competitors.  Other credit strengths
include the company's geographically diversified land bank, strict
cost controls, excellent collections system and pricing models
which allow it to have strong operating margins, despite the
highly competitive environment it operates in.  ARA produces its
own concrete and subcontracts its construction workers, which
helps control costs and maintain efficiencies.  The company also
generates ancillary income from non-core businesses, including the
sale of land specifically for commercial, industrial and tourism
projects and through the ownership and operation of six malls.

Ara's primary credit challenges are its exposure to the middle and
upper-income housing sector, where funding sources from banks and
other financial institutions are limited.  Furthermore, Ara
utilizes short-term debt, which could potentially create liquidity
and funding problems. ARA and its peers' business relies on the
Mexican government's current strong support for housing.  The
housing development market is fragmented, and homebuilders need to
invest capital in land, licenses, permits and infrastructure. Ara
has 100% of the risk of finding the homebuyers.  The origination
of mortgages remains concentrated with INFONAVIT and FOVISSSTE,
with the timing of receipt of the mortgages funded by these
government and quasi-government entities ranging from three to six
months.

The stable rating outlook is based on Moody's determination that
ARA will maintain a conservative approach to leverage, and stable
earnings.  Moody's believes that ARA has a solid franchise value,
with a well-recognized brand and a valuable land reserve strategy.
Furthermore, Moody's expects that ARA will continue to focus on
targeting all segments of the housing market, while maintaining
high quality construction and good operating controls.

Moody's stated that upward rating movements would be predicated
upon Ara improving its overall market share and industry
leadership to at least the third-largest developer with an
increased leadership in its strategic alliances and retail
businesses, all while at least maintaining its current leverage
and strong earnings.  Downward rating movements will take place
should Debt/Total Assets rise above 20%, Debt/EBITDA goes above 2x
and fixed charge coverage consistently falls below 3x, including
capitalized interest. Additionally, weaker market share and
falling out of the top ten homebuilders in terms of units sold or
an adverse shift in the government's housing policy will pressure
the ratings negatively.

These ratings were affirmed with a stable outlook:

Consorcio ARA, S.A.B. de C.V. -- National scale issuer rating at
A2.mx, global scale local currency issuer rating at Ba2.

Moody's last rating action with respect to Ara took place on
Aug. 13, 2009 when Moody's affirmed the company's A2.mx national
scale issuer rating and the Ba2 global local currency issuer
rating.  The rating outlook remained stable.

Consorcio Ara, domiciled in Mexico City, Mexico is a publicly
traded, fully integrated homebuilder engaged in the development,
construction, marketing and sale of affordable, middle and high
income housing developments in Mexico.  The firm reported total
assets of MXN15.9 billion and total equity of MXN9.1 billion at
June 30, 2011.


CONSUPAGO SA: Fitch Affirms Rating MXN750-Mil. Debts at 'BB-'
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Consupago S.A. de C.V.
as indicated below:

  -- Long-term foreign currency Issuer Default Rating (IDR) at
     'BB-';

  -- Short-term foreign currency IDR at 'B';

  -- Long-term local currency IDR at 'BB-';

  -- Short-term local currency IDR at 'B';

  -- Senior unsecured debt for up to MX$750 million at 'BB-';

  -- Long-term national-scale rating at 'A-(mex)';

  -- Short-term national-scale rating at 'F2(mex)'.

The Rating Outlook is stable.

Consupago's ratings reflect its strong capitalization; sound and
recurring profitability driven by ample margins, well-contained
provisions and strong efficiency levels; and adequate asset
quality and loan loss reserve coverage.  However, the ratings also
factor in the limited flexibility of its funding structure, the
challenging operating and competitive environment, and portfolio
concentrations by region and employer.  The ratings consider the
benefits of its business model based on loan collections through
direct debit from payrolls of public sector employees (its target
market), although there is certain exposure and reliance on the
goodwill of public entities (employers) to make timely and fully
cash collections.  The funding mix represents a key challenge in
the medium term due to the limited number and high concentration
of creditors, in addition to high funding costs and relatively
ample reliance on secured financing.

Consupago's ratings could be affected positively over the medium
term as a result of material improvements in the profile and
flexibility of its financing mix, as well as further
diversification of loans by employer, coupled with maintenance of
sound key financial metrics.  In turn, a potential worsening to a
material extent in the company's major financial strengths, such
as its capitalization ratios, profitability, and asset quality
metrics, could put downward pressure on Consupago's ratings.

Consupago is one of the most important companies in payroll
deduction activity, serving the employees of roughly 140
government agencies and unions across Mexico.  Consupago has
strong capitalization as a result of its sound profitability, in
turn driven by high margins (annualized net interest margin of 49%
during first-half 2011) and sound efficiency, as well as the
ability to maintain low credit costs, driving return on assets
(ROA) of 11.5% over the same period.  As of June 2011, its
capitalization ratio (equity to total assets) was 42.2%, mostly
composed of core capital.  At the same date, it had a total loan
portfolio of MXN$2.1 billion, of which 3.8% were impaired.
Impairments have decreased recently following higher than
historical records of charge-offs during 2009 and 2010, although
they have remained moderate.


VITRO SAB: Bank of America Opposes Release of US$2.4 Million
------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Banc of America Leasing & Capital LLC is opposing an
effort by U.S. subsidiaries of Vitro SAB to take back US$2.4
million the bank is holding as security for equipment leases.  The
dispute comes up for hearing today, Oct. 11, in U.S. Bankruptcy
Court in Dallas.

Mr. Rochelle recounts that the U.S. Vitro companies sold their
assets about four months ago to American Glass Enterprises LLC, an
affiliate of Sun Capital Partners Inc. The buyer was required to
prove its ability to make payments under a lease with the bank's
leasing affiliate.  In the meantime, Vitro posted US$2.4 million
in cash security with the bank to obviate an objection to the
sale.

Mr. Rochelle relates that the bank filed papers in bankruptcy
court last week saying it saw the buyer's financial information
and concluded it would be "imprudent" to release the cash
collateral.

The bank, according to Mr. Rochelle, is opposing Vitro's motion to
the extent it asks the bankruptcy court to compel releasing the
US$2.4 million if the judge were to conclude that the buyer has
sufficient financial strength to make payments under the leases.

                       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 opposed the exchange -- namely Knighthead
Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson
Kempner Distressed Opportunities Fund LP, and Brookville Horizons
Fund, L.P.  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 U E R T O   R I C O
=====================


FIRSTBANK PUERTO RICO: Moody's Upgrades Issuer Rating to 'B3'
-------------------------------------------------------------
Moody's Investors Service upgraded the long-term ratings of
FirstBank Puerto Rico (FirstBank; long-term deposits to B2 from
B3, long-term issuer and OSO to B3 from Caa2).  FirstBank's
standalone bank financial strength rating (BFSR) of E+ and short-
term rating of Not-Prime were affirmed.  FirstBank's Baseline
Credit Assessment, which is the standalone BFSR mapped to the
long-term scale, was upgraded to B2 from B3.  FirstBank is the
primary operating subsidiary of First BanCorp, which is unrated.
Following these rating changes, Moody's outlook on FirstBank is
stable.  This rating action concludes the review for possible
upgrade that began June 30, 2011.

Upgrades:

   Issuer: FirstBank Puerto Rico

   -- Issuer Rating, Upgraded to B3 from Caa2

   -- OSO Senior Unsecured OSO Rating, Upgraded to B3 from Caa2

   -- Senior Unsecured Regular Bond/Debenture, Upgraded to B3 from
      Caa2

   -- Senior Unsecured Deposit Rating, Upgraded to B2 from B3

Outlook Actions:

   Issuer: FirstBank Puerto Rico

   -- Outlook, Changed To Stable From Rating Under Review

Ratings Rationale

The upgrade follows First BanCorp's announcement that it had
completed its previously announced capital raise of US$525
million, with Oaktree Capital Management and Thomas H. Lee
Partners, L.P. each purchasing US$174.1 million of common stock
and a group of institutional investors and other private firms
purchasing US$176.8 million in aggregate.  The successful
consummation of the equity raise also resulted in the conversion
into common stock of the US$424.2 million of Series G Mandatorily
Convertible Preferred Stock ("Series G Preferred") held by the
United States Department of the Treasury.

With the aforementioned increase in First BanCorp's capital base,
the rating agency noted that FirstBank's capital ratios will be
both in excess of the guidelines set by its regulator and the
well-capitalized minimums. However, while the equity raise and
resulting conversion of the Series G Preferred into common
significantly increase the company's tangible common equity, the
added capital by no means guarantees First BanCorp's long-term
success.

Puerto Rico's economy has been in recession for the past five
years, and remains challenged owing to a high unemployment rate, a
stressed public sector, and a decline in real estate values.
Moody's noted expected further credit costs in First BanCorp's
commercial real estate and C&I portfolios, given its heightened
level of nonperforming assets, will continue to impede the
company's ability to return to profitability.

Moody's further notes that First BanCorp will need to generate an
appropriate rate of return on the capital it received largely from
private equity investors.  As the strategy under which that will
occur is not well defined, this presents risk in the form of
uncertainty for depositors and bondholders.

The stable outlook reflects Moody's view that First BanCorp's
capital position should be sufficient to withstand a more stressed
economic environment, which makes downward rating pressure less
likely in the intermediate-term.

Moody's last rating action on FirstBank was on June 30, 2011, when
Moody's placed FirstBank's long-term ratings under review for
possible upgrade.

First BanCorp, headquartered in San Juan, Puerto Rico, reported
total assets of US$14.1 billion at June 30, 2011.


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


CL FIN'L: Tax Ease Proposed for CLICO Fund
------------------------------------------
Trinidad Express reports that the Corporation Tax Act should be
adjusted to make incomes and dividends gained from investments in
the CLICO Trust Fund exempt from taxation.

This was one proposal presented by Finance Minister Winston
Dookeran in his 2011/2012 Budget presentation, according to
Trinidad Express.

The report relates that Mr. Dookeran said that the CLICO Trust
Fund will be a new entity that will allow policyholders in
Colonial Life Insurance Company (Trinidad) Limited and British
American with investments over TT$75,000 the option to exchange
their Government bonds with maturities of 11 to 20 years for
"instruments equal to the face value of the Bonds at the date of
exchange and would be significantly greater in value than the
value of the Bonds in open market."

Mr. Dookeran said that any potential risks associated with the
instrument will be properly explained to investors through a
sustained communication plan, Trinidad Express discloses.

"Upon completion of the exchange process of bonds for units, the
Trust would be listed on the Trinidad and Tobago Stock Exchange
and can be traded within the structure of the domestic capital
market, similar to other closed end trusts or funds currently
listed on the Exchange," the report quoted Mr. Dookeran as saying.

The Republic Bank shares that were owned by CL Financial (and now
belong to the government after the January 2009 bailout of that
conglomerate) will be vested in this trust, the report adds.

                         About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago).  The ratings remain under review with
negative implications.  CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Psyche A. Castillon, Ivy B.
Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


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