TCRLA_Public/111027.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

            Thursday, October 27, 2011, Vol. 12, No. 213

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Receiver May Need to End Search for Secret Assets


B E R M U D A

FORSYTH GLOBAL COMMODITY: Appoints Calow as Liquidator
FORSYTH GLOBAL PRIVATE: Appoints Calow as Liquidator
FORSYTH GLOBAL PROPERTY: Appoints Calow as Liquidator
MAN RMF: Placed Under Voluntary Wind-Up
MAN RMF: Member to Receive Wind-Up Report on Nov. 16

MGSIS CLASS: Placed Under Voluntary Wind-Up
MGSIS CLASS: Member to Receive Wind-Up Report on Nov. 16


C A Y M A N   I S L A N D S

ALPHASELECT GTAA: Creditors' Proofs of Debt Due Nov. 9
ASTRA ALPHA: Creditors' Proofs of Debt Due Nov. 9
BLACK WATCH: Creditors' Proofs of Debt Due Nov. 9
FTI HOLDING: Placed Under Voluntary Wind-Up
HAM SHORT: Creditors' Proofs of Debt Due Oct. 31

IVORY TOWER: Creditors' Proofs of Debt Due Nov. 9
LCAM MULTI-STRATEGY: Creditors' Proofs of Debt Due Oct. 31
NISR 4: Creditors' Proofs of Debt Due Nov. 9
OSCAR FUNDING: Creditors' Proofs of Debt Due Nov. 9
ROSEN REAL: Creditors' Proofs of Debt Due Nov. 4

SIGNUM NLB: Creditors' Proofs of Debt Due Nov. 9
SIGNUM NORTH: Creditors' Proofs of Debt Due Nov. 9
SIGNUM PLUTUS: Creditors' Proofs of Debt Due Nov. 9
TONTINE 25 OVERSEAS: Creditors' Proofs of Debt Due Nov. 9
TONTINE CAPITAL: Creditors' Proofs of Debt Due Nov. 9


J A M A I C A

SUGAR COMPANY: Aubyn Hill Steps Down as Chief Executive Officer


M E X I C O

GRUPO PETROTEMEX: Fitch Ups LT Issuer Default Rating to 'BB+'
SIDERURGICA DEL TURBIO: S&P Affirms 'B' LT Corp. Credit Rating
VITRO SAB: U.S. Trustee Amends Vitro Asset Creditors' Panel
* MONTERREY MUNICIPALITY: Moody's Cuts Issuer Rating to 'Ba2'


P U E R T O   R I C O

COSTA DORADA: Plan Filing Deadline Extended to Oct. 30


T R I N I D A D  &  T O B A G O

CL FIN'L: MGP Ingredients to Buy LDI's Distillery Assets


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


STANFORD INT'L: Receiver May Need to End Search for Secret Assets
-----------------------------------------------------------------
Laurel Brubaker Calkins and Andrew Harris at Bloomberg News
report that U.S. District Judge David Godbey, the judge
overseeing the Robert Allen Stanford case, said that court-
appointed receiver Ralph Janvey may need to stop searching for a
secret "pot of gold" and pay defrauded investors from the assets
he has recovered so far.

"I'm concerned the receiver is expending resources that could
otherwise be distributed to investors trying to track down
missing resources," Bloomberg quoted Judge Godbey as saying.

Judge Godbey told lawyers in Dallas that he's concerned that Mr.
Janvey is duplicating efforts by U.S. prosecutors, who are also
tracking Mr. Stanford's assets overseas, according to Bloomberg.

Bloomberg notes that U.S. Securities and Exchange Commission
attorney David Reece told Judge Godbey, referring to Mr.
Stanford's missing billions, "If we knew where it was and were
able to go get it, we would have."

Kevin Sadler, Mr. Janvey's lead lawyer, told Judge Godbey that
the Stanford receivership has about US$100 million in
unrestricted cash on hand, Bloomberg relays.  This represents
proceeds from the sale of virtually all of Stanford's U.S. real
estate and private equity holdings, after payment of the
receivership's fees and expenses, Bloomberg relates.

Bloomberg discloses that Mr. Stanford owned additional real
estate in the Caribbean nation of Antigua and Barbuda, which is
under the control of a separate liquidator appointed by that
nation's government.

Bloomberg says that lawyers for Mr. Janvey and Mr. Stanford's
Antiguan liquidators told Judge Godbey that they can't agree how
to share control of Stanford's island properties and investor
records located in Antigua.

Mr. Sadler, Bloomberg relates, said that if the U.S. receiver
gained control of the frozen U.K. and Swiss bank accounts, then
there might be enough cash to justify the cost of creating a
claims process to distribute recovered assets to investors.

"If we leave this just in limbo for another two or three years
waiting to see if there's a bigger pot of money, it may be
difficult for people to put together claims . . . .  The
prospects of finding a secret Swiss bank account with US$5
billion in it is not something you're holding out much hope for,"
Judge Godbey told Mr. Sadler, Bloomberg says.

Bloomberg discloses that Judge Godbey asked the receiver for a
plan detailing "what needs to be done to bring this to a
conclusion and what it will cost" to complete the task of
repaying Stanford's investors.  Judge Godbey didn't set a
timetable for further action on the matter, Bloomberg adds.

                About Stanford International Bank

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

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

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

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

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


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


FORSYTH GLOBAL COMMODITY: Appoints Calow as Liquidator
------------------------------------------------------
On Sept. 27, 2011, the shareholders of The Forsyth Global
Commodity Fund Ltd appointed Garth A. Calow as the company's
liquidator.

The Liquidator can be reached at:

         Garth A. Calow
         PricewaterhouseCoopers
         Dorchester House, 7 Church Street
         Hamilton
         Bermuda


FORSYTH GLOBAL PRIVATE: Appoints Calow as Liquidator
----------------------------------------------------
On Sept. 27, 2011, the shareholders of The Forsyth Global Private
Equity Fund Ltd appointed Garth A. Calow as the company's
liquidator.

The Liquidator can be reached at:

         Garth A. Calow
         PricewaterhouseCoopers
         Dorchester House, 7 Church Street
         Hamilton
         Bermuda


FORSYTH GLOBAL PROPERTY: Appoints Calow as Liquidator
-----------------------------------------------------
On Sept. 27, 2011, the shareholders of The Forsyth Global
Property Fund Ltd appointed Garth A. Calow as the company's
liquidator.

The Liquidator can be reached at:

         Garth A. Calow
         PricewaterhouseCoopers
         Dorchester House, 7 Church Street
         Hamilton
         Bermuda


MAN RMF: Placed Under Voluntary Wind-Up
---------------------------------------
On Oct. 6, 2011, the member of Man RMF Multi-Style Series 2 Euro
Trading Ltd resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Oct. 26, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MAN RMF: Member to Receive Wind-Up Report on Nov. 16
----------------------------------------------------
The member of Man RMF Multi-Style Series 2 Euro Trading Ltd will
receive on Nov. 16, 2011, at 9:30 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MGSIS CLASS: Placed Under Voluntary Wind-Up
-------------------------------------------
On Oct. 6, 2011, the member of MGSIS Class R1 Man MGS Access EUR
Income Protected Trading Ltd resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Oct. 26, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MGSIS CLASS: Member to Receive Wind-Up Report on Nov. 16
--------------------------------------------------------
The member of MGSIS Class R1 Man MGS Access EUR Income Protected
Trading Ltd will receive on Nov. 16, 2011, at 9:30 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


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


ALPHASELECT GTAA: Creditors' Proofs of Debt Due Nov. 9
------------------------------------------------------
The creditors of Alphaselect GTAA Limited 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. 22, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


ASTRA ALPHA: Creditors' Proofs of Debt Due Nov. 9
-------------------------------------------------
The creditors of Astra Alpha Limited 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. 22, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


BLACK WATCH: Creditors' Proofs of Debt Due Nov. 9
-------------------------------------------------
The creditors of Black Watch Limited 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. 22, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


FTI HOLDING: Placed Under Voluntary Wind-Up
-------------------------------------------
At an extraordinary general meeting held on June 24, 2011, the
shareholders of FTI Holding Limited resolved to voluntarily wind
up the company's operations.

Only creditors who were able to file their proofs of debt by
Oct. 24, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Fides Limited
         c/o Ian Goddard
         Cereita Lawrence
         P.O. Box 10338, Grand Cayman KY1-1003
         Telephone:  345-949-7232
         e-mail: cereita.lawrence@tmf-group.com


HAM SHORT: Creditors' Proofs of Debt Due Oct. 31
------------------------------------------------
The creditors of Ham Short Biased Master Fund, 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 wind-up proceedings on Sept. 19, 2011.

The company's liquidator is:

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


IVORY TOWER: Creditors' Proofs of Debt Due Nov. 9
-------------------------------------------------
The creditors of Ivory Tower Limited 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. 22, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


LCAM MULTI-STRATEGY: Creditors' Proofs of Debt Due Oct. 31
----------------------------------------------------------
The creditors of LCAM Multi-Strategy Absolute Return Fund, 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 wind-up proceedings on Sept. 21, 2011.

The company's liquidator is:

         Transcontinental Fund Administration
         c/o Claudia Woerheide
         Telephone: (345) 949-5013
         Facsimile: (345) 946-4654
         c/o Transcontinental Fund Administration
         Governors Square Office Suite 4-213-6
         23 Lime Tree Bay Ave.
         West Bay, Grand Cayman
         Cayman Islands


NISR 4: Creditors' Proofs of Debt Due Nov. 9
--------------------------------------------
The creditors of NISR 4 Limited 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. 22, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


OSCAR FUNDING: Creditors' Proofs of Debt Due Nov. 9
---------------------------------------------------
The creditors of Oscar Funding Corp. XIV 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. 22, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


ROSEN REAL: Creditors' Proofs of Debt Due Nov. 4
------------------------------------------------
The creditors of Rosen Real Estate Securities Offshore Long/Short
Fund Ltd. 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. 22, 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


SIGNUM NLB: Creditors' Proofs of Debt Due Nov. 9
------------------------------------------------
The creditors of Signum NLB Limited 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. 22, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


SIGNUM NORTH: Creditors' Proofs of Debt Due Nov. 9
--------------------------------------------------
The creditors of Signum North Limited 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. 22, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


SIGNUM PLUTUS: Creditors' Proofs of Debt Due Nov. 9
---------------------------------------------------
The creditors of Signum Plutus Limited 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. 22, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


TONTINE 25 OVERSEAS: Creditors' Proofs of Debt Due Nov. 9
---------------------------------------------------------
The creditors of Tontine 25 Overseas Fund, Ltd. 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. 2, 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


TONTINE CAPITAL: Creditors' Proofs of Debt Due Nov. 9
-----------------------------------------------------
The creditors of Tontine Capital Overseas Fund, Ltd. 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. 2, 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


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


SUGAR COMPANY: Aubyn Hill Steps Down as Chief Executive Officer
---------------------------------------------------------------
RJR News reports that Aubyn Hill will step down as chief
executive officer of Sugar Company of Jamaica (SCJ) Holdings
Limited effective Oct. 31, 2011.

The company was responsible for the divestment of the five sugar
factories and six estates which were owned by the Jamaica
government, according to RJR News.

RJR News notes that Mr. Hill assumed the CEO position at SCJ
Holdings in January after serving as a consultant from August
2008.  RJR News relates that Mr. Hill is leaving now that his
mandate to lead the divestment team to sell and lease the GOJ-
owned sugar assets has been achieved.

As reported in the Troubled Company Reporter-Latin America on
May 23, 2011, RJR News said that Complant spent US$9 million in
2010, to acquire the Frome, Bernard Lodge, and Monymusk sugar
factories in Westmoreland, St. Catherine, and Clarendon
respectively.

                             About SCJ

The Sugar Company of Jamaica Holdings Limited, a.k.a. SCJ, was
formed in November 1993 by a consortium made up of J. Wray &
Nephew Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.

                           *     *     *

As reported in the Troubled Company Reporter-Lating America on
June 22, 2009, the Jamaica Gleaner reported that Agriculture and
Fisheries Minister Christopher Tufton said that if a new deal is
not inked soon for the divestment of SCJ's factories, the public
will be called on again to plug a projected US$4.2 billion hole
-- representing a US$2 billion operational loss, and bank
penalties -- apparently from continuous hefty overdrafts.  The
loss was incurred by the SCJ's four factories during the
2008/2009 season.  The Gleaner related the enterprise has a
US$21-billion debt and losses totaling more than US$14 billion
since 2005.


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


GRUPO PETROTEMEX: Fitch Ups LT Issuer Default Rating to 'BB+'
-------------------------------------------------------------
Fitch Ratings has upgraded Grupo Petrotemex, S.A. de C.V.'s
(Petrotemex) ratings as follows:

  -- Long-term Issuer Default Rating (IDR) to 'BB+' from 'BB';
  -- Local currency IDR to 'BB+' from 'BB'.

Petrotemex's Rating Outlook is Stable.

In addition, Fitch assigned a Long-term IDR of 'BB+' to
Petrotemex's subsidiary DAK Americas, LLC.  The Outlook is
Stable.

Fitch has also upgraded the following ratings for Petrotemex and
DAK Americas, LLC:

  -- Petrotemex US$75 million privately placed senior notes due
     2012 to 'BB+' from 'BB';

  -- Petrotemex US$275 million senior notes due 2014 to 'BB+'
     from 'BB';

  -- DAK Americas US$115 million privately placed senior notes
     due 2014 to 'BB+' from 'BB'.

The rating upgrades reflect the company's improved financial
profile after the recent acquisitions of Eastman PTA and PET
assets and Wellman, Inc.'s PET Resins business, both in the U.S.
Petrotemex's EBITDA generation above initial expectations has
allowed it to strengthen its financial position.  The stronger
than anticipated results reflect higher operating and energy
efficiencies during the integration period and benefits from
recently acquired technology, combined with high production
volumes and capacity utilization rates.

Fitch expects Petrotemex pro forma total debt-to-EBITDA for 2011,
considering 12 months of recently acquired operations, to be
around 2.1 times (x) and net debt-to-EBITDA close to 1.7x.  The
ratings consider that the company's management strategies and
initiatives will be translated into more stable credit metrics
over time.  Parent company Alfa has stated that its target of
consolidated net debt-to-EBITDA is to be between 1.5x and 2.5x.
Expectations of consistent higher leverage beyond these levels in
Petrotemex could pressure its credit profile.  In addition, the
ratings consider that the company has the ability to refinance
the syndicated loan for US$600 million, used for the Eastman
acquisition due in 2013, which should allow Petrotemex to improve
its debt maturity profile and reduce liquidity risk in the medium
term.

Petrotemex ratings are supported by the company's strong domestic
and global competitive position, its long-term supply and
customer arrangements and geographically diversified operating
base.  The resilience of the company's client base, which
consists of many food, beverage and personal care products, to
economic downturns is also factored into the company's ratings.
The ratings also consider the company's aggressive growth
strategy through debt financed acquisitions in past years that
had affected the stability of its main credit metrics.

The company's past acquisitions have positioned it as a major
player in the consolidation of the polyester industry, especially
in North America.  The exit of some participants should allow
market rationalization and ease competitive pressures.  Volumes
in the region should be driven by stable customer demand and the
expectation of no additional capacity in the near term.

Fitch believes Petrotemex is well positioned to continue
generating positive free cash flow in the next years.  Funds flow
from operations is expected to cover working capital and capex
needs.  Debt maturities during 2012 are manageable at USD117
million.  The company's financial strategy includes the plan to
refinance USD600 million that comes due in 2013. The company's
liquidity is further supported by committed credit lines;
availability under these facilities is approximately US$120
million.

A negative rating action could arise from a combination of sharp
and consistent reductions in volumes, profitability and cash flow
generation resulting in lower fixed-cost absorption and weaker
main credit metrics.

Factors supporting a positive rating action include stable free
cash flow generation through economic cycles, combined with a
consistent net leverage ratio between 1.5x and 2.5x in the long
term.


SIDERURGICA DEL TURBIO: S&P Affirms 'B' LT Corp. Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit and senior unsecured ratings on Venezuelan
steelmaker Siderurgica del Turbio, S.A. (Sidetur). "We also
removed the ratings from CreditWatch with negative implications.
The outlook is negative," S&P related.

The affirmation reflects stronger-than-expected Sidetur's
financial performance despite the unfavorable environment in
Venezuela (B+/Stable/B) and the government's expropriation
process of its assets. "Based on our expectations of cash flow
generation, coupled with its comfortable debt maturity schedule,
we believe that Sidetur will meet its financial obligations.
Nevertheless, in our view, the expropriation process has moved
slowly and we believe that it may not be resolved by early 2012,
as we initially expected. As a result, we remain uncertain that
if the steel industry in Venezuela deteriorates further,
particularly through price and production controls, whether
Sidetur's financial performance and liquidity will weaken as
well," S&P related.


VITRO SAB: U.S. Trustee Amends Vitro Asset Creditors' Panel
-----------------------------------------------------------
William T. Neary, the United States Trustee for Region 6,
pursuant to 11 U.S.C. Sec. 1102(a) and (b), filed a notice
amending the Official Committee of Unsecured Creditors of Vitro
Asset Corp., et al.

The Creditors Committee now consists of:

      1. Adam Berman
         Wilmington Trust FSB
         166 Mercer Street, Suite 2-R
         New York, NY 10012-3249
         Tel: (212) 941-4415
         E-mail: ABerman@wilmingtontrust.com

      2. Laura L. Moran
         Vice President
         U.S. Bank National Association, as Indenture Trustee
         Corporate Trust Services
         One Federal Street, 3rd Floor
         Boston, MA 02110
         Tel: (617) 603-6429
         E-mail: laura.moran@usbank.com

      3. James Timothy Kelley
         Tristar Glass, Inc.
         5566 S. Garnett Road
         Tulsa, OK 74146
         Tel: (918) 392-9678
         E-mail: timk@tristarglass.com

      4. Erin Kim
         Pension Benefit Guaranty Corporation
         1200 K Street NW
         Washington, DC 20005
         Tel: (202) 326-4020
         E-mail: kim.erin@pbgc.gov

      5. Mollie L. Hines, Esq.
         Vice President Legal
         Oldcastle Building Envelope
         2745 Dallas Parkway, Suite 560
         Plano, TX 75093
         Tel: (469) 241-3805
         E-mail: MHines@OldcastleBE.com

      6. Gary J. Meyers
         International Painters and Allied Trades
         Industry Pension Fund
         7234 Parkway Drive
         Hanover, MD 21076
         Tel: (410) 564-5502
         E-mail: gmeyers@iupat.org

                        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.


* MONTERREY MUNICIPALITY: Moody's Cuts Issuer Rating to 'Ba2'
-------------------------------------------------------------
Moody's de Mexico downgraded the Municipality of Monterrey's
issuer ratings to Ba2 (Global Scale, local currency) and A2.mx
(Mexico National Scale) from Ba1 and A1.mx, respectively.  The
outlook remains stable.

Ratings Rationale

The downgrade of the issuer ratings of Monterrey reflects the
rapid decline of operating balances coupled by increases in
already high debt levels to fund investments", according to
Moody's analyst Maria de Carmen Martinez-Richa.

Gross operating balances declined to a modest 1.0% of operating
revenues in 2010 from a sound 14.1% in 2008.  While operating
expenditures grew moderately during this period, operating
revenues sharply declined by 7.0%.  Operating revenues decreased
as a result of the economic downturn and the decline in
participation revenue given the state's change in the
distribution formula of these funds.  While the measures
implemented by the municipality to increase own-source revenues
are bearing fruit so far during 2011, operating expenditures have
increased at a faster pace.  Therefore, reverting the decline in
operating margins remain one of the main challenges for
Monterrey.

Weakening operating margins along with higher capital
expenditures lead to increasing borrowing needs.  The city
recently issued more debt, driving debt to total operating
revenues from 60.0% in 2010 to an estimated 75% in 2011, a very
high level.

A sustained improvement in operating balances generating pay-as-
you-go financing for capital projects, which in turn leads to
decreasing debt levels, could exert upward pressure on the
ratings.  On the opposite, further weakening of operating
balances and deterioration of financial results leading to higher
debt levels, could exert downward pressure on the ratings.  Also
a downgrade of the State of Nuevo Leon issuer ratings (Ba1/A1.mx,
negative outlook) could exert downward pressure on Monterrey's
ratings.


=====================
P U E R T O   R I C O
=====================


COSTA DORADA: Plan Filing Deadline Extended to Oct. 30
------------------------------------------------------
The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court
for the District of Puerto Rico extended the exclusive period of
Costa Dorada Apartments Corp. to file a proposed chapter 11 plan
of reorganization until Oct. 30, 2011.

According to the Troubled Company Reporter on Oct. 18, 2011, in
its second request for extension, the Debtor explained that it
needs additional time to compile relevant financial information,
specifically, new projections of the operations of the business
and the terms of a debt restructuring of the principal secured
debt; and negotiate with secured creditors to present a consented
plan and file a stipulation between parties.

                About Costa Dorada Apartments Corp.

Costa Dorada Apartments Corp., dba Villas De Costa Dorada, in
Isabela, Puerto Rico, filed for Chapter 11 bankruptcy (Bankr. D.
P.R. Case No. 11-03960) on May 10, 2011.  The Debtor disclosed
US$10.7 million in assets and US$8.6 million in liabilities as of
the Chapter 11 filing.  The petition was signed by Carlos R.
Fernandez Rodriguez, its president.  Wigberto Lugo Mender, Esq.,
at Lugo Mender & Co., in Guaynabo, Puerto Rico, represents the
Debtor as counsel.  The Debtor listed US$10,733,570 in assets,
and US$8,560,564 in liabilities.


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


CL FIN'L: MGP Ingredients to Buy LDI's Distillery Assets
--------------------------------------------------------
MGP Ingredients, Inc.'s wholly owned subsidiary, MGPI of Indiana,
LLC, signed an agreement with Lawrenceburg Distillers Indiana,
LLC, to acquire LDI's beverage alcohol distillery assets located
in Lawrenceburg, Ind., and used in the production of customized
and premium grade whiskeys, gins and grain neutral spirits.

Lawrenceburg Distillers is an entity created by CL Financial
Group Limited, the parent of the Angostura Group of rum and
bitters.  CL Financial bought the operation in 2007.

The LDI assets to be purchased include distillery assets, related
bulk barrel storage facilities, blending operations, and a tank
farm.  MGP Ingredients will pay LDI cash equal to the current
assets minus current liabilities of the distillery assets,
currently estimated at US$15,000,000, as of the closing date.
The acquisition is subject to certain regulatory approvals and
the satisfaction of other customary closing conditions.  The
purchase is expected to close in the fourth quarter of calendar
year 2011 or the first quarter of calendar year 2012 and is
expected to be funded through bank financing.

The acquisition would add significant new production capacity to
MGPI's food grade alcohol area and enables the company to begin
producing premium bourbon and corn and rye whiskeys, while also
increasing its gin and grain neutral spirits output.

The company is not purchasing LDI's assets related to packaging
and bottling of alcoholic beverages, located adjacent to the
distillery operation.  The sale of the packaging and bottling
business is anticipated to be sold to a third party that is
unaffiliated with MGPI, and the closing of that transaction is a
condition to the closing of MGPI's acquisition of the distillery
assets.

                       About MGP Ingredients

In business since 1941, MGP Ingredients, Inc.
http://www.mgpingredients.com/-- is a recognized pioneer in the
development and production of value-added, grain-based starches,
proteins and food-grade alcohol products for the branded packaged
goods industry.

                   About Lawrenceburg Distillers

Lawrenceburg Distillers Indiana, LLC is a beverage alcohol
distilleries company and produces a variety of customized and
premium grade whiskeys, gins and neutral grain spirits.  The
facility, located in the city of Lawrenceburg in the southeast
corner of Indiana, was established in 1847 under the name
Rossville Distillery.  Through the years, it has been owned and
operated at various periods by Joseph E. Seagram and Sons and
Pernod Ricard.  It was acquired by CL Financial in 2007 at which
time the facility assumed its current name.

                         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 US100 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.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                            ***********


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 * * *