/raid1/www/Hosts/bankrupt/TCRLA_Public/111025.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
Tuesday, October 25, 2011, Vol. 12, No. 211
Headlines
B E R M U D A
GLOBAL CROSSING: Terminates Registration Statements with SEC
GLOBAL CROSSING: Suspending Filing of Reports with SEC
B R A Z I L
* BRAZIL: To Get US$5 Million IDB Loan for Program Expansion
C A Y M A N I S L A N D S
BAUHINIA HOLDINGS: Placed Under Voluntary Wind-Up
CHINA OVERSEAS: Creditors' Proofs of Debt Due Nov. 4
COMMONFUND ABSOLUTE: Creditors' Proofs of Debt Due Nov. 9
COMMONFUND ABSOLUTE: Creditors' Proofs of Debt Due Nov. 9
ESOX CREDIT: Members' Final Meeting Set for Oct. 28
FG CARIBBEAN/GLOBAL: Members' Final Meeting Set for Oct. 27
FG CARIBBEAN: Members' Final Meeting Set for Oct. 27
FG GROWTH: Members' Final Meeting Set for Oct. 27
MARSELLA SA: Placed Under Voluntary Wind-Up
MORGAN STANLEY: Shareholders' Final Meeting Set for Oct. 28
MORGAN STANLEY: Shareholders' Final Meeting Set for Oct. 28
RAEF INVESTMENTS: Creditors' Proofs of Debt Due Oct. 31
SAXLINGHAM GENERAL: Members' Final Meeting Set for Oct. 28
SPARX MAC 21: Creditors' Proofs of Debt Due Oct. 31
SYNERGY GLOBAL: Creditors' Proofs of Debt Due Nov. 10
D O M I N I C A N R E P U B L I C
* DOMINICAN REPUBLIC: Imports Cause Bankruptcies, Pig Farmers Say
M E X I C O
CERVECERIA NACIONAL: S&P Affirms 'B' Corporate Credit Rating
VITRO SAB: Bondholders Deny Breaking Confidentiality Pacts
VITRO SAB: Bondholders Fight to Press on With $1.35BB Lawsuit
P U E R T O R I C O
M&C HOTEL: Case Summary & 9 Largest Unsecured Creditors
PICHI'S INC: Employs Manuel A. Nunez for Labor Relations Matters
R&J MOTORS: First Bank de PR Wants Cash Collateral Use Disallowed
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=============
B E R M U D A
=============
GLOBAL CROSSING: Terminates Registration Statements with SEC
------------------------------------------------------------
Global Crossing Limited filed with the U.S. Securities and
Exchange Commission a Post-Effective Amendment No.1 relating to
the Registration Statement on Form S-3, filed on May 7, 2009,
pertaining to an aggregate amount of $500,000,000 of debt
securities, common shares or warrants of the Company.
On Oct. 4, 2011, pursuant to the terms of the Agreement and Plan
of Amalgamation, dated as of April 10, 2011, by and among Level 3
Communications, Inc., Apollo Amalgamation Sub, Ltd., and Global
Crossing, Amalgamation Sub and Global Crossing amalgamated in
accordance with Bermuda law and continued as the Company, a
Bermuda exempted limited liability company.
As a result of the Amalgamation, the Company has terminated, or is
terminating, all offerings of its securities pursuant to the
Registration Statement.
Moreover, the offerings under the Registration Statements on Form
S-8 registering 20,178,261 shares of common stock issuable under
the 2003 Global Crossing Limited Stock Incentive Plan and STT
Communications Ltd Share Option Plan 2004 have been terminated.
About Global Crossing
Based in Hamilton, Bermuda, Global Crossing Limited (NASDAQ: GLBC)
-- http://www.globalcrossing.com/-- is a global IP, Ethernet,
data center and video solutions provider with the world's first
integrated global IP-based network.
Global Crossing Limited reported a consolidated net loss of
$172 million on $2.609 billion of consolidated revenue for the
twelve months ended Dec. 31, 2010, compared with a net loss of
$141 million on $2.159 billion of revenue during the prior year.
The Company's balance sheet at June 30, 2011, showed $2.28 billion
in total assets, $2.83 billion in total liabilities and a $548
million total shareholders' deficit.
* * *
In the Oct. 12, 2011, edition of the TCR, Standard & Poor's
Ratings Services withdrew its 'B' corporate credit rating on
Bermuda-based Global Crossing Ltd. (GCL). This action follows the
completion of Level 3's acquisition of GCL on Oct. 4, 2011.
GLOBAL CROSSING: Suspending Filing of Reports with SEC
------------------------------------------------------
Global Crossing Limited filed a Form 15 notifying of its
suspension of its duty under Section 15(d) to file reports
required by Section 13(a) of the Securities Exchange Act of 1934
with respect to its common stock, par value $0.01 per share and
12% Senior Secured Notes due 2015. Pursuant to Rule 12h-3, the
Company is suspending reporting because there are currently less
than 300 holders of record of the common shares and Senior Notes.
There was only one holder of the common shares and Senior Notes as
of Oct. 20, 2011.
About Global Crossing
Based in Hamilton, Bermuda, Global Crossing Limited (NASDAQ: GLBC)
-- http://www.globalcrossing.com/-- is a global IP, Ethernet,
data center and video solutions provider with the world's first
integrated global IP-based network.
Global Crossing Limited reported a consolidated net loss of
$172 million on $2.609 billion of consolidated revenue for the
twelve months ended Dec. 31, 2010, compared with a net loss of
$141 million on $2.159 billion of revenue during the prior year.
The Company's balance sheet at June 30, 2011, showed $2.28 billion
in total assets, $2.83 billion in total liabilities, and a $548
million total shareholders' deficit.
* * *
In the Oct. 12, 2011, edition of the TCR, Standard & Poor's
Ratings Services withdrew its 'B' corporate credit rating on
Bermuda-based Global Crossing Ltd. (GCL). This action follows the
completion of Level 3's acquisition of GCL on Oct. 4, 2011.
===========
B R A Z I L
===========
* BRAZIL: To Get US$5 Million IDB Loan for Program Expansion
------------------------------------------------------------
The Inter-American Development Bank approved a US$5 million loan
to finance the expansion of Banorte Todo Dia program in Brazil's
northeast. The resources will be used by Banco Gerador to expand
banking services offered through a network of micro-and small-
scale commercial establishments popularly known in Brazil as
"mercadinhos".
With the IDB loan, BG will be offering credit to the "mercadinhos"
and to their clients. The establishments will be able to improve
their managerial system and offer additional financial products to
the low-income population, who, in turn, will have access to basic
banking services, such as the payment of utility bills.
"Due the mercadinhos geographic location, the project will
directly benefit the vase of the socioeconomic pyramid", said
Jonnhy Jiron, team leader for the project at the IDB's
Opportunities for the Majority (OMJ), the initiative responsible
for the loan.
In Brazil's northeast, the mercadinhos are often the only location
where the low-income population can find basic household items
such as food staples and hygiene products. Given their strategic
location, these establishments are an important tool to provide
banking services to the base of the pyramid. According to data
released on the first quarter, 79% of BG's customers monthly
household income doesn't exceed three minimum wages (the minimum
wage in Brazil is R$540, which corresponds to $300).
Moreover, the IDB loan, in partnership with Sebrae (the Brazilian
agency for micro and small business), will support a pilot project
called Mercadinho's University. This pilot program will help
incorporate low-income citizens into the banking system through
training and financial education workshops to the shop's owners,
their employees, and their customers.
Banorte Todo Dia
The Banorte Todo Dia program supports technically and financially
micro and small business that also work as credit and banking
services platforms for low-income populations.
Opportunities for the Majority
The Opportunities for the Majority (OMJ) of the IDB supports the
development and expansion of innovative business models that can
improve living conditions and earning opportunities for people
living at the base of the socioeconomic pyramid in Latin America
and the Caribbean.
===========================
C A Y M A N I S L A N D S
===========================
BAUHINIA HOLDINGS: Placed Under Voluntary Wind-Up
-------------------------------------------------
At an extraordinary general meeting held on Sept. 16, 2011, the
members of Bauhinia Holdings Limited resolved to voluntarily wind
up the company's operations.
Only creditors who were able to file their proofs of debt by
Oct. 21, 2011, will be included in the company's dividend
distribution.
The company's liquidator is:
Buchanan Limited
c/o Rose Ferguson
Telephone: (345) 949-0355
Facsimile: (345) 949-0360
P.O. Box 1170 Grand Cayman KY1-1102
Cayman Islands
CHINA OVERSEAS: Creditors' Proofs of Debt Due Nov. 4
----------------------------------------------------
The creditors of China Overseas Infrastructure Holdings Limited
are required to file their proofs of debt by Nov. 4, 2011, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Sept. 15, 2011.
The company's liquidator is:
Richard Finlay
c/o Krysten Lumsden
Telephone: (345) 814 7366
Facsimile: (345) 945 3902
P.O. Box 2681
Grand Cayman KY1-1111
Cayman Islands
COMMONFUND ABSOLUTE: Creditors' Proofs of Debt Due Nov. 9
---------------------------------------------------------
The creditors of Commonfund Absolute Return Investors Company are
required to file their proofs of debt by Nov. 9, 2011, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Sept. 9, 2011.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
COMMONFUND ABSOLUTE: Creditors' Proofs of Debt Due Nov. 9
---------------------------------------------------------
The creditors of Commonfund Absolute Return Multi-Strategy Company
are required to file their proofs of debt by Nov. 9, 2011, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Sept. 9, 2011.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
ESOX CREDIT: Members' Final Meeting Set for Oct. 28
---------------------------------------------------
The members of Esox Credit Protection Limited will hold their
final meeting on Oct. 28, 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
FG CARIBBEAN/GLOBAL: Members' Final Meeting Set for Oct. 27
-----------------------------------------------------------
The members of FG Caribbean/Global Equity Fund 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:
Marc Randall
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
FG CARIBBEAN: Members' Final Meeting Set for Oct. 27
----------------------------------------------------
The members of FG Caribbean Bond Fund will hold their final
meeting on Oct. 27, 2011, at 9:10 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
FG GROWTH: Members' Final Meeting Set for Oct. 27
-------------------------------------------------
The members of FG Growth & Income Fund will hold their final
meeting on Oct. 27, 2011, at 9:20 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
MARSELLA SA: Placed Under Voluntary Wind-Up
-------------------------------------------
At an extraordinary general meeting held on Sept. 16, 2011, the
members of Marsella S.A. resolved to voluntarily wind up the
company's operations.
Only creditors who were able to file their proofs of debt by
Oct. 21, 2011, will be included in the company's dividend
distribution.
The company's liquidator is:
Buchanan Limited
c/o Rose Ferguson
Telephone: (345) 949-0355
Facsimile: (345) 949-0360
P.O. Box 1170 Grand Cayman KY1-1102
Cayman Islands
MORGAN STANLEY: Shareholders' Final Meeting Set for Oct. 28
-----------------------------------------------------------
The shareholders of Morgan Stanley Shanklin Limited will hold
their final meeting on Oct. 28, 2011, at 12:45 p.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
MORGAN STANLEY: Shareholders' Final Meeting Set for Oct. 28
-----------------------------------------------------------
The shareholders of Morgan Stanley Yarmouth Limited will hold
their final meeting on Oct. 28, 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:
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
RAEF INVESTMENTS: Creditors' Proofs of Debt Due Oct. 31
-------------------------------------------------------
The creditors of RAEF Investments Ltd. are required to file their
proofs of debt by Oct. 31, 2011, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Sept. 19, 2011.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
SAXLINGHAM GENERAL: Members' Final Meeting Set for Oct. 28
----------------------------------------------------------
The members of Saxlingham General Partner Ltd will hold their
final meeting on Oct. 28, 2011, at 10:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Darren Swayne
c/o MaplesFS Limited
Boundary Hall, 4th Floor
Cricket Square, George Town
Grand Cayman
Cayman Islands
SPARX MAC 21: Creditors' Proofs of Debt Due Oct. 31
---------------------------------------------------
The creditors of SPARX MAC 21 Ltd. are required to file their
proofs of debt by Oct. 31, 2011, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Sept. 15, 2011.
The company's liquidator is:
Beverly Mathias
c/o Citco Trustees (Cayman) Limited
P.O. Box 31106
Grand Cayman KY1-1205
Cayman Islands
SYNERGY GLOBAL: Creditors' Proofs of Debt Due Nov. 10
-----------------------------------------------------
The creditors of Synergy Global Capital (Cayman) Limited are
required to file their proofs of debt by Nov. 10, 2011, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Sept. 20, 2011.
The company's liquidator is:
Highwater Limited
c/o Nicole Weins
Telephone: (345) 943 2295
Facsimile: (345) 943 2294
Grand Pavilion Commercial Centre
1st Floor, 802 West Bay Road
P.O. Box 31855 Grand Cayman KY1-1207
Cayman Islands
===================================
D O M I N I C A N R E P U B L I C
===================================
* DOMINICAN REPUBLIC: Imports Cause Bankruptcies, Pig Farmers Say
-----------------------------------------------------------------
Dominican Today reports that pig farmers denounced that thus far
this year the Agriculture Ministry has approved the import of
nearly 6,000 tons of pork meat beyond the amount approved for the
entire 2011, violating the Free Trade Agreement's (DR-CAFTA)
tariff quota.
Victor Abreu, who heads a group of 250 pig farmers in Cayetano
Germosen (north), said the lack of control sent 30% of all small
pig farms out of business, reason why he affirm threatens the
supply of pork meat consumed during Christmas, despite Agriculture
minister Salvador Jimenez's assertion that there'll be enough,
according to Dominican Today.
The report notes that as to imports, Mr. Abreu said the allotment
for port and its derivatives for this year is 6,000 tons (duty
free), but 11,600 tons have entered the country thus far. "We
aren't opposed to their imports, they can import, but regulated,
not violating the Free Trade agreements and protecting local
producers," Dominican Today quoted Mr. Abreu as saying.
Dominican Today discloses that Mr. Abreu said the country consumes
70,000 pigs to supply fresh and processed meat to the local market
and around 30,000 have to be imported. "But just in April, they
brought 80,000 pigs from the United States," resulting in a fall
in prices and pigs weren't bought from the local farms, Mr. Abreu
added, the report relates.
===========
M E X I C O
===========
CERVECERIA NACIONAL: S&P Affirms 'B' Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Dominican Republic-based beer and malt producer and distributor
Cerveceria Nacional Dominicana S.A. (CND) to positive from stable.
"At the same time, we affirmed our 'B' corporate credit and senior
unsecured debt ratings on the company," S&P related.
"The outlook revision reflects our expectation that the company's
focus on improving its debt maturity profile and reducing debt
will succeed. This, along with our expectation of modestly higher
EBITDA levels, will result in an improvement of CND's leverage.
We also believe that the company will continue generating a steady
level of cash flow which will allow it to continue funding
its capital expenditures," S&P stated.
VITRO SAB: Bondholders Deny Breaking Confidentiality Pacts
----------------------------------------------------------
Eric Hornbeck at Bankruptcy Law360 reports that bondholders of
Vitro SAB de CV told a New York judge Thursday that they weren't
subject to confidentiality agreements that Vitro claims they
breached when they nixed a proposed reorganization plan.
According to Law360, Vitro alleges in a lawsuit filed in April
that the bondholders, including Aurelius Capital Management LP and
Elliott Management Corp., released non-public information they'd
agreed not to disclose in an October 2010 press release trying to
scuttle transactions tied to Vitro's restructuring efforts after
it defaulted on $1.2 billion in debt.
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.
VITRO SAB: Bondholders Fight to Press on With $1.35BB Lawsuit
-------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Vitro S.A.B.'s
bondholders are pushing to move forward with a legal battle that
could cost $1.35 billion or more, calling the Mexican glassmaker's
bid to stop them a meritless "act of pure gamesmanship."
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
=====================
M&C HOTEL: Case Summary & 9 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: M&C Hotel Corp.
dba Hotel Joyuda Plaza
P.O. Box 1748
Cabo Rojo, PR 00623
Bankruptcy Case No.: 11-08946
Chapter 11 Petition Date: October 18, 2011
Court: U.S. Bankruptcy Court
District of Puerto Rico (Ponce)
Judge: Edward A. Godoy
Debtor's Counsel: Gloria M. Justiniano Irizarry, Esq.
JUSTINIANO'S LAW OFFICE
Ensanche Martinez
Calle A Ramirez Silva 8
Mayaguez, PR 00680-4714
Tel: (787) 831-2577
Fax: (787) 805-7350
E-mail: gloriae55amg@yahoo.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
The Company's list of its nine largest unsecured creditors filed
with the petition is available for free at:
http://bankrupt.com/misc/prb11-08946.pdf
The petition was signed by Flavio Hernandez Ramirez, president.
PICHI'S INC: Employs Manuel A. Nunez for Labor Relations Matters
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico has
authorized Pichi's Inc. to employ Manuel A. Nunez, Esq., as
special counsel.
The firm's personnel hourly rates are:
Principal Attorneys $200
Associates $175
Junior Associates $150
The firm can be reached at:
MANUEL A. NUNEZ LAW OFFICES
PMB 157
No. 1357 Ave. Ashford, Suite 2
Condado, San Juan, P.R. 00907
Tel: (787) 753-6530
Fax: (787) 753-6597
E-mail: mnunez@mnlawpr.com
About Pichi's Inc.
Pichi's Inc. owns and operates the Best Western Pichi's Hotel in
Guayanilla, Puerto Rico. Pichi's filed for Chapter 11 bankruptcy
(Bankr. D. P.R. Case No. 11-06583) on Aug. 3, 2011. Judge Mildred
Caban Flores initially presided over the case, which has recently
been reassigned to the Hon. Edward A. Godoy. Charles A. Cuprill,
Esq., at Charles A. Cuprill, P.S.C., Law Offices, in San Juan,
Puerto Rico, serves as the Debtor's bankruptcy counsel. CPA Luis
R. Carrasquillo & Co., P.S.C., serves as financial consultants.
The petition was signed by Luis A. Emmanuelli Gonzalez, president.
In its schedules, the Debtor disclosed $31,402,359 in assets and
$36,619,020 in liabilities.
Luis C. Marini, Esq., and Ubaldo M. Fernandez, Esq. --
luis.marini@oneillborges.com and ubaldo.fernandez@oneillborges.com
at O'Neill & Borges, in San Juan, Puerto Rico, represents Banco
Popular de Puerto Rico as counsel.
R&J MOTORS: First Bank de PR Wants Cash Collateral Use Disallowed
-----------------------------------------------------------------
First Bank de Puerto Rico asks the U.S. Bankruptcy Court for the
District of Puerto Rico to reconsider the Court's order denying
its request to prohibit R&J Motors Corp. from further use of its
cash collateral, and further sales of vehicles without the Court
or Firstbank's authorization.
On Oct. 6, 2011, the Hon. Brian K. Tester stated that the creditor
cited no statutory authority or case law to allow the Court to
grant such a request during the "gap period" in an involuntary
petition. Section 303(f) of the Code provides that the Debtor may
continue to operate its business in the period between the
involuntary filing and the entry of the order for relief.
Firstbank is the Debtor's main secured creditor, and is owed
approximately $23,327,155 related to several credit facilities
plus attorneys' fees and other charges. Firstbank's claim is
secured by certain real properties, and by all of the Debtor's
equipment, accounts receivables, etc.
In its motion to prohibit cash use, Firstbank asserted that if the
Debtor does not repay the Bank on the loan secured by the unit
which is sold, he is in default. Firstbank continued that it is
exposed to the depletion of its collateral without adequate
protection if the Debtor is allowed to use and sell Firstbank's
collateral. In addition, Firstbank said that the Debtor is not
operating at full capacity and has glaring security issues which
puts Firstbank's collateral at risk.
Firstbank also requested that the Court enter an order for the
Debtor to provide security measures to adequately protect the
units which form part of the Bank's collateral.
Firstbank is represented by:
Rafael A. Gonzales Valiente, Esq.
LATIMER, BIAGGI, RACHID & GODREAU
P.O. Box 9022512
San Juan, PR 00902-2515
Tel: (787) 724-0230
Fax: (787) 724-9171
E-mail: rgonzales@lbrglaw.com
About R & J Motors, Corp.
San Juan, Puerto Rico-based R & J Motors, Corp.'s main business is
a car dealership with several locations across the island. The
Company operates the dealerships under the business name of Autos
del Caribe. The Company has dealerships in Rio Piedras, Ave.,
Kennedy, Canovanas and Fajardo.
Angel R. Marzan Santiago, Impact Extermination, Inc., and Walter
Martinez filed an involuntary Chapter 11 protection for R & J
Motors, Corp. (Bankr. D. P.R. Case No. Case Number 11-07952) on
Sept. 18, 2011. The petitioners are represented by Alexis Fuentes
Hernandez, Esq., at Fuentes Law Offices (E-mail: alex@fuentes-
law.com).
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
ARGENTINA
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
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BELIZE
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RENAUXVIEW SA TXRX3 BZ 73095834 -103943206
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CHIARELLI SA-PRF CCHPN BZ 14960467 -43105640.5
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CHIARELLI SA CCHI3 BZ 14960467 -43105640.5
CHIARELLI SA CCHON BZ 14960467 -43105640.5
REII INC REIC US 14423532 -3506007
B&D FOOD CORP BDFC US 14423532 -3506007
LATTENO FOOD COR LATF US 14423532 -3506007
B&D FOOD CORP BDFCE US 14423532 -3506007
HERCULES HETA3 BZ 12689117 -170680899
HERCULES SA-PREF HERTPN BZ 12689117 -170680899
HERCULES-PREF HETA4 BZ 12689117 -170680899
HERCULES SA HERTON BZ 12689117 -170680899
ARTHUR LANGE ARLA3 BZ 11642256 -17154461.9
ARTHUR LANGE SA ALICON BZ 11642256 -17154461.9
ARTHUR LANG-RC P ARLA10 BZ 11642256 -17154461.9
ARTHUR LANG-RC C ARLA9 BZ 11642256 -17154461.9
ARTHUR LAN-DVD P ARLA12 BZ 11642256 -17154461.9
ARTHUR LAN-DVD C ARLA11 BZ 11642256 -17154461.9
ARTHUR LANG-RT P ARLA2 BZ 11642256 -17154461.9
ARTHUR LANGE-PRF ALICPN BZ 11642256 -17154461.9
ARTHUR LANGE-PRF ARLA4 BZ 11642256 -17154461.9
ARTHUR LANG-RT C ARLA1 BZ 11642256 -17154461.9
F GUIMARAES FGUI3 BZ 11016542 -151840377
F GUIMARAES-PREF FGUI4 BZ 11016542 -151840377
FERREIRA GUIM-PR FGUIPN BZ 11016542 -151840377
FERREIRA GUIMARA FGUION BZ 11016542 -151840377
CHILE
EMPRESA DE LOS F 2940894Z CI 1.934E+09 -50416404
CHILESAT CORP SA TELEX CI 1.157E+09 -122555290
CLARO COM SA CHILESAT CI 1.157E+09 -122555290
CHILESAT CO-ADR TL US 1.157E+09 -122555290
CHILESAT CO-RTS CHISATOS CI 1.157E+09 -122555290
TELEX-A TELEXA CI 1.157E+09 -122555290
TELMEX CORP-ADR CSAOY US 1.157E+09 -122555290
TELEX-RTS TELEXO CI 1.157E+09 -122555290
PUYEHUE PUYEH CI 27670047 -407979.03
PUYEHUE RIGHT PUYEHUOS CI 27670047 -407979.03
***********
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 * * *