TCRLA_Public/111028.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


            Friday, October 28, 2011, Vol. 12, No. 214

                            Headlines



A R G E N T I N A

FIDEICOMISO FINANCIERO: Moody's Rates ARS4.8MM Notes 'Ca.ar'


B R A Z I L

BANCO MORADA: Central Bank Liquidates Assets Due to Violations
GALVAO PARTICIPACOES: Fitch Lowers Issuer Default Ratings to 'B'


C A Y M A N   I S L A N D S

BAM TOTAL: Creditors' Proofs of Debt Due Nov. 9
BISHOPSGATE CDO: Commences Liquidation Proceedings
BLACKSTONE FIFTH: Creditors' Proofs of Debt Due Oct. 31
CAMELON HOLDINGS: Creditors' Proofs of Debt Due Nov. 10
CENTAURI CORP: Moody's Withdraws 'C' Rating of US$200MM Notes

CRYSTAL PARADE: Creditors' Proofs of Debt Due Oct. 31
EVOLUTION SPECIAL: Creditors' Proofs of Debt Due Nov. 1
EYTON CAYMAN: Creditors' Proofs of Debt Due Oct. 31
KREBOL GLOBAL: Creditors' Proofs of Debt Due Nov. 1
LEPORELLO INVESTMENTS: Creditors' Proofs of Debt Due Nov. 9

MARATHON PETROLEUM: Creditors' Proofs of Debt Due Nov. 10
SUCCESSOR X: S&P Gives 'B-' Rating on Class V-X4 Notes
SVDJ LIMITED: Creditors' Proofs of Debt Due Nov. 1
TSF NO.10: Commences Liquidation Proceedings
UBS ALPHA: Creditors' Proofs of Debt Due Nov. 9

VIERGE NOIRE: Creditors' Proofs of Debt Due Nov. 11
WHITNEY GREEN: Creditors' Proofs of Debt Due Nov. 10


G R E N A D A

* GRENADA: Taiwan Trying to Cripple Economy, Minister Says


M E X I C O

VITRO SAB: BofA Leasing Unit Allowed to Keep US$2.4MM Deposit
VITRO SAB: U.S. Debtors Have Corporate Name Changes
VITRO SAB: Congressmen Seek Intervention in Restructuring
* TEHUACAN MUNICIPALITY: Moody's Assigns 'Ba2' GS Issuer Rating


P U E R T O   R I C O

PONCE DE LEON: Gets Court Nod to Hire Carmen Torres as Attorney
ROBERTO CARRERAS: No Conflict of Interest for Lawyers
ROSSCO HOLDINGS: Court Extends Plan Filing Deadline to Jan. 2012


U R U G U A Y

* URUGUAY: IDB OKs Additional US$42.8MM for Sanitation Program IV


                            - - - - -


=================
A R G E N T I N A
=================


FIDEICOMISO FINANCIERO: Moody's Rates ARS4.8MM Notes 'Ca.ar'
------------------------------------------------------------
Moody's Latin America has withdrawn the ratings of all classes of
Fideicomiso Financiero Supervielle Creditos Banex 53, assigned
previously on October 14, 2011, due to a change in the structure
of the transaction.  At the same time, Moody's has proceeded to
assign new ratings to the debt securities and certificates of
Fideicomiso Financiero Supervielle Creditos Banex 53, based on
the updated structure of the transaction.  This transaction will
be issued by Equity Trust (Argentina) S.A., acting solely in its
capacity as Issuer and Trustee.

Moody's notes that the securities contemplated by this
transaction have not yet settled.  If any assumptions or factors
considered by Moody's in assigning the ratings change before
closing, Moody's could change the ratings assigned to the notes.

  -- ARS14,400,000 in Class A Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex 53",
     rated Aaa.ar (sf) (Argentine National Scale) and Ba1 (sf)
     (Global Scale, Local Currency)

  -- ARS91,200,000 in Floating Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex 53",
     rated Aaa.ar (sf) (Argentine National Scale) and Ba1 (sf)
     (Global Scale, Local Currency)

  -- ARS9,600,000 in Class C Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex 53",
     rated A2.ar (sf) (Argentine National Scale) and B3 (sf)
     (Global Scale, Local Currency)

  -- ARS4,800,000 in Certificates of "Fideicomiso Financiero
     Supervielle Creditos Banex 53", rated Ca.ar (sf) (Argentine
     National Scale) and Ca (sf) (Global Scale, Local Currency)

Ratings Rationale

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 24,277 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS 120,008,022,99.

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security -- Administracion Nacional de la
Seguridad Social).  The pool is also constituted by loans granted
to government employees of the Province of San Luis.  Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's
paycheck and pensioner's payment.

The Class A Fixed Rate Debt Securities will bear a fixed interest
rate of 15%.  The Floating Rate Debt Securities will bear a
BADLAR interest rate plus a spread to be determined. The Floating
Rate Debt Securities' interest rate will never be higher than 26%
or lower than 13%.  The Class C Fixed Rate Securities will bear a
fixed interest rate of 21%.

Overall credit enhancement is comprised of subordination: 88% for
the Class A Fixed Rate Debt Securities, 12% for the Floating Rate
Securities and 4% for the Class C Fixed Rate Securities.  In
addition the transaction has various reserve funds and excess
spread.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio.  In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to
the Argentine market, such as the probability of an increase in
losses if there are changes in the macroeconomic scenario in
Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's
assets and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

Moody's considered factors common to consumer loans
securitizations such as delinquencies, prepayments and losses; as
well as specific factors related to the Argentine market.  These
factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities.  Finally,
Moody's also evaluated the back-up servicing arrangements in the
transaction.

In assigning the rating to this transaction, Moody's assumed a
triangular distribution for defaults on the main pool centered
around a most likely scenario of 10%, a minimum of 5% and a
maximum of 20%.  Also, Moody's assumed a triangular distribution
for prepayments centered around a most likely scenario of 20%, a
minimum of 15% and a maximum of 35%.  These assumptions are
derived from the historical performance to date of the Banex's
pools.

The model results showed 0.00% expected loss for Class A Fixed
Rate Debt Securities and Floating Rate Debt Securities, 11.95%
expected loss for Class C Fixed Rate Debt Securities and 49.72%
for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions.  If default rates were increased 6%
from the base case scenario for the pool (i.e., most likely
scenario of 16%, a minimum of 11% and a maximum of 26%), the
ratings of the Classes A and Floating Rate securities would be
unchanged.  The ratings for Class C Fixed Rate debt securities
and Certificates would be downgraded to Ca (sf) and C (sf)
respectively.

Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool. Moody's believes that the ratings assigned are
consistent with this risk.

Finally, Moody's also evaluated the back-up servicing
arrangements in the transaction.  If Banco Supervielle is removed
as servicer, Equity Trust (Argentina) S.A. will be appointed as
the back-up servicer.

The main source of uncertainty for this transaction is the
regulatory and legal framework for the automatic deduction loans
in Argentina.


===========
B R A Z I L
===========


BANCO MORADA: Central Bank Liquidates Assets Due to Violations
--------------------------------------------------------------
Aluisio Alves and Jeb Blount at Reuters report that Brazil's
central bank said it will liquidate the assets of Banco Morada
S.A., which it said was insolvent and had violated legal norms.

The central bank, which in April said it would scrutinize the
books of the local bank due to irregularities, said the
controlling shareholders had not presented a viable recovery
plan, according to Reuters.

Banco Morada SA has only one branch, and its total deposits as of
December 2010 represented only 0.01% of Brazilian financial
system assets and 0.03% of deposits, the central bank said in a
statement obtained by the news agency.

Banco Morada S.A. is a bank based in Rio de Janeiro.


GALVAO PARTICIPACOES: Fitch Lowers Issuer Default Ratings to 'B'
----------------------------------------------------------------
Fitch Ratings has taken the following rating actions on Galvao
Participacoes S.A. and its full subsidiary, Galvao Engenharia
S.A.:

Galvao Participacoes S.A. (GALPAR)

  -- Foreign and local currency Issuer Default Ratings (IDRs)
     downgraded to 'B' from 'B+';

  -- Long-term national rating downgraded to 'BBB(bra)' from 'A-
     (bra)'.

Galvao Engenharia S.A. (GESA)

  -- Long-term national rating downgraded to 'BBB(bra)' from 'A-
     (bra)'.

The Rating Outlook for the corporate ratings is Stable.

The downgrade of the ratings reflects the weakening of operating
results and liquidity position of the Galvao Group on
consolidated basis.  The relevant deterioration of the group's
credit metrics in the last 12 months (LTM) ended June 2011
indicates a weaker credit profile due to strong leverage and
higher refinancing risks.  The group's operational and financial
performance is well below the initial expectations incorporated
in previous ratings, and presents a marked deviation compared to
robust results and conservative financial profile presented over
last years.

The ratings incorporate the challenges of the Galvao group to
strengthen its liquidity, reduce and lengthen debt and recover
operating margins.  The Galvao Group needs to operate in more
solid basis of operational cash generation and, mainly, of
liquidity in order to limit important risk factors currently
observed.  A stronger liquidity position is crucial in the heavy
construction industry to sustain the strong working capital need,
risks of delay, suspension or cancellation of projects and to
provide adequate support to the group's strong growth in its
contractor operations, as well as the ongoing diversification
into infrastructure businesses, so as to return to more
conservative metrics by 2012 and 2013.

The ratings of both companies are at the same category due to the
strong financial link and integration of GALPAR with GESA as its
full subsidiary, main operating company of the Galvao group and,
historically, the group's cash generator.  In LTM ended June
2011, GESA accounted for 96% of the group's consolidated revenues
and 111% of the EBITDA, and provided upstream guarantees for 35%
of GALPAR's consolidated debt.

The Stable Outlook reflects Fitch's views of a gradual and
constant improvement in cash generation and credit metrics by
2012, however, without a return to the conservative parameters
observed up to 2010.  It also considers Fitch's expectation of a
more conservative management of the group's financial profile.
In addition, it incorporates Fitch's favorable outlook on the
growth potential of the domestic contractor industry in view of
the strong demand for infrastructure works in the domestic market
where the Galvao group concentrates its operation and in
satisfactory funding conditions which have been offered for these
works.

Consolidated EBITDA Materially Affected By Higher Costs And
Working Capital Of GESA:

GESA's operational cash generation was strongly affected in the
first half of 2011 by increased costs and higher working capital
needs associated with the suspension of certain works by the
company, without the corresponding revenues, which depend on
ongoing negotiations.  Such factor resulted in losses of BRL117
million in company's cash generation in the LTM ended June 2011.
For the second half of the year new losses are not expected.

GESA recorded a BRL73.9 million operating EBITDA in the LTM ended
June 2011, a weak performance compared to the BRL164.7 million
EBITDA obtained in 2010.  The EBITDA margins also deteriorated to
3.4% from 9%, respectively.  The negative impacts on GESA's cash
generation negatively affected GALPAR's consolidated position.
Over the same period, GALPAR's consolidated operating EBITDA
reduced to BRL66.7 million from BRL223.5 million due to GESA's
higher costs, which contributed for the narrowing of the
consolidated EBITDA margin to 3% from 9%, respectively.

Liquidity Deterioration, High Leverage and Short-Term Debt
Concentration:

At the end of June 2011, GESA presented total cash and marketable
securities of BRL70.3 million, a very weak position compared to
the BRL164.7 million at the end of 2010.  The short-term debt
strongly increased to BRL223.3 million from BRL23.3 million, over
the same period, which increased the company's refinancing risk.
On a consolidated basis, GALPAR held a total liquidity of BRL98.4
million, compared with BRL251.5 million at the end of 2010.  The
liquidity cover for the short-term debt was very weak at around
25% of the debt maturing in the short term, compared with a
comfortable 363% at end 2010.

Fitch expects a partial recovery of the consolidated liquidity in
the course of 2012, however, at levels below those of 2010.  The
group's financial strategy is based on the benefits of an
expected liquidity from a growing cash generation from the
projects in its backlog.  Still over the first half of 2011,
GALPAR's total consolidated debt increased to BRL1,017 million
from BRL757 million in 2010 and BRL435 million in 2009.  The
consolidated debt increase was pressured by the debt taken by
GESA in support of the expansion of its operations. The debt
maturity profile became highly concentrated, with 43% maturing
until end 2012.

The higher debt volume and the EBITDA narrowing led to a
substantial increase in net leverage measured by net debt/EBITDA,
to 13.8 times (x) at the end of June 2011, from 2.3x at the end
of 2010.  Fitch expects that on a consolidated basis, GAPAR can
substantially reduce its leverage in 2012 to more adequate
parameters for the rating category.

Waiver Approved, Substitution of Debt Covenant by Guarantee:

The increased leverage of GALPAR and GESA in the LTM ended June
2011 led to the noncompliance of covenants, waiver and
substitution of a debt covenant for guarantee related to the
BRL300.2 million debentures issued by GALPAR in May 2010, with
final maturity in May 2016.  On Sept. 28, 2011, the debenture
holders meeting authorized the waiver for the noncompliance by
GESA, as guarantor, of the reported net debt/EBITDA ratio of
3.4x, above the maximum 2.5x debt covenant at the end of June
2011. The debenture holders meeting also authorized the
extinction of the covenant maximum net debt/EBITDA of 4.0x for
GALPAR, and its substitution for additional guarantee of
fiduciary assignment of a work contract amounting to BRL498
million.

Backlog Concentration, Backlog Expansion Ensures Growth:

Galvao Engenharia ranked seventh in revenues among Brazil's
largest contractors in 2010.  The total backlog has grown
substantially to BRL6.3 billion in June 2011, from BRL2.3 billion
in December 2009, and covers around 2.5 years of operations.  The
total backlog carries a concentration with 43% of the total
represented by work contracts related to the oil & gas sector,
23% energy and 34% related to various sectors.  Fitch expects the
Galvao group to achieve a greater diversification in future
backlog growth so as to reduce the concentration risk.

Potential Rating or Outlook Drivers:

The ratings can be negatively affected by maintenance or further
deterioration of the weak consolidated operating results, low
liquidity and debt concentration in the short term; suspension or
cancellation of works, reducing revenues and cash generation;
high backlog concentration by client and work; high dividend
outflows reducing consolidated liquidity and higher guarantees
given by GESA increasing its total adjusted debt.

The ratings can be positively affected by a consistent and
sustainable recovery of the Galvao group's cash generation,
combined with a significant improvement of its liquidity position
and debt profile, as well as return of leverage to ratios nearer
the historical levels.


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


BAM TOTAL: Creditors' Proofs of Debt Due Nov. 9
-----------------------------------------------
The creditors of Bam Total Return Offshore 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. 26, 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


BISHOPSGATE CDO: Commences Liquidation Proceedings
--------------------------------------------------
On Sept. 26, 2011, the sole shareholder of Bishopsgate CDO
Limited 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:

         Mourant Ozannes Cayman Liquidators Limited
         Reference: NDL
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647; or

         Mourant Ozannes Cayman Liquidators Limited
         Reference: Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         Harbour Centre, 42 North Church Street
         P.O. Box 1348
         George Town, Grand Cayman KY1-1108
         Cayman Islands


BLACKSTONE FIFTH: Creditors' Proofs of Debt Due Oct. 31
-------------------------------------------------------
The creditors of Blackstone Fifth Avenue Offshore 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 liquidation proceedings on Sept. 26, 2011.

The company's liquidator is:

         Sean Flynn
         HF Fund Services Ltd.
         P.O. Box 242 45 Market Street
         Gardenia Court, Camana Bay
         Grand Cayman KY1-1104
         Cayman Islands


CAMELON HOLDINGS: Creditors' Proofs of Debt Due Nov. 10
-------------------------------------------------------
The creditors of Camelon Holdings 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 wind-up proceedings on Sept. 23, 2011.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945 4777
         Facsimile: 945 4799
         P.O. Box 707 Grand Cayman KY1-1107
         Cayman Islands


CENTAURI CORP: Moody's Withdraws 'C' Rating of US$200MM Notes
-------------------------------------------------------------
Moody's Investors Service has withdrawn the rating of Income Note
and Capital Note Programmes issued by Centauri Corporation.

Issuer: Centauri Corporation

   -- US$2000M Income Note and Capital Note Programmes, Withdrawn
      (sf); previously on Jul 21, 2008 Downgraded to C (sf)

Moody's has withdrawn the rating for its own business reasons.


CRYSTAL PARADE: Creditors' Proofs of Debt Due Oct. 31
-----------------------------------------------------
The creditors of Crystal Parade Company Limited 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. 14, 2011.

The company's liquidator is:

         Lion International Management Limited
         P.O. Box 71 Craigmuir Chambers
         Road Town Tortola
         British Virgin Islands
         HSBC International Trustee Limited
         Compass Point
         Bermudiana Road
         Hamilton HM 11
         Bermuda
         Telephone: (441) 299-6482
         Facsimile: (441) 299-6526


EVOLUTION SPECIAL: Creditors' Proofs of Debt Due Nov. 1
-------------------------------------------------------
The creditors of Evolution Special Opportunities Fund Ltd. I, SPC
are required to file their proofs of debt by Nov. 1, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 22, 2011.

The company's liquidator is:

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


EYTON CAYMAN: Creditors' Proofs of Debt Due Oct. 31
---------------------------------------------------
The creditors of Eyton Cayman 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. 26, 2011.

The company's liquidator is:

         Avalon Management Limited
         Reference: GL
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351
         Landmark Square
         1st Floor, 64 Earth Close
         West Bay Beach
         PO Box 715, George Town
         Grand Cayman KY1-1107
         Cayman Islands


KREBOL GLOBAL: Creditors' Proofs of Debt Due Nov. 1
---------------------------------------------------
The creditors of KREBOL Global Ltd. are required to file their
proofs of debt by Nov. 1, 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:

         Ogier
         c/o Jonathan Bernstein
         Telephone: (345) 815 1897
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


LEPORELLO INVESTMENTS: Creditors' Proofs of Debt Due Nov. 9
-----------------------------------------------------------
The creditors of Leporello Investments 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. 22, 2011.

The company's liquidator is:

         Graham Robinson
         c/o Omar Grant
         Telephone: (345) 949 7576
         Facsimile:  (345) 949 8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


MARATHON PETROLEUM: Creditors' Proofs of Debt Due Nov. 10
---------------------------------------------------------
The creditors of Marathon Petroleum Amethyst Limited are required
to file their proofs of debt by Nov. 10, 2011, to be included in
the company's dividend distribution.

The company's liquidator is:

         Y.R. Kunetka
         5555 San Felipe St.
         Houston, Texas 77056 U.S.A.


SUCCESSOR X: S&P Gives 'B-' Rating on Class V-X4 Notes
------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B-(sf)'
preliminary credit rating to the series 2011-3 class V-X4 notes
to be issued under the principal-at-risk variable-rate note
program, Successor X Ltd., sponsored by Swiss Reinsurance Company
Ltd. (Swiss Re). "This will be the fifth series of notes issued
under this program. We are not assigning a rating to the class V-
F4 notes, which will be issued at the same time," S&P related.

The class V-X4 notes issued will be exposed to major North
Atlantic hurricane risk in selected states within the U.S. and
Puerto Rico and to windstorms in Europe between November 2011 and
November 2015. Successor X is a Cayman Island exempted company.

Swiss Re (A+/Positive/A-1) will be the counterparty to the risk
transfer contract. It is the principal operating company, as well
as the ultimate holding company in a group of affiliated
companies (the Swiss Re Group).

EQECAT Inc. was the calculation agent for previous Successor X
transactions. However, for this transaction, the calculation
agent will be AIR Worldwide. AIR will calculate an index value
following a qualifying event. The index value for U.S. hurricane
peril will be based on industry losses reported by Property
Claims Services (PCS) and predetermined payout factors. The index
value for European windstorm will be determined using industry
losses reported by PERILS AG and predetermined payout factors,
thresholds, and exchange
rates.

The proceeds from the sale of the notes will be invested
according to the investment guidelines in preselected U.S.
Treasury money market funds with ratings of 'AAAm' at the time of
closing.


SVDJ LIMITED: Creditors' Proofs of Debt Due Nov. 1
--------------------------------------------------
The creditors of SVDJ Limited are required to file their proofs
of debt by Nov. 1, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Sept. 27, 2011.

The company's liquidator is:

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


TSF NO.10: Commences Liquidation Proceedings
--------------------------------------------
TSF NO. 10 commenced liquidation proceedings.

Only creditors who were able to file their proofs of debt by
Sept. 10, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Bernard McGrath
         69 Dr. Roy's Drive
         P.O. Box 1043, George Town
         Grand Cayman KY1-1102
         Cayman Islands


UBS ALPHA: Creditors' Proofs of Debt Due Nov. 9
-----------------------------------------------
The creditors of UBS Alpha Select XL 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. 21, 2011.

The company's liquidator is:

         Graham Robinson
         c/o Omar Grant
         Telephone: (345) 949 7576
         Facsimile:  (345) 949 8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


VIERGE NOIRE: Creditors' Proofs of Debt Due Nov. 11
---------------------------------------------------
The creditors of Vierge Noire Corporation are required to file
their proofs of debt by Nov. 11, 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:

         Company Secretaries Ltd.
         P.O. Box 30592, Landmark Square, 3rd Floor
         64 Earth Close, Grand Cayman KY1-1203
         Cayman Islands


WHITNEY GREEN: Creditors' Proofs of Debt Due Nov. 10
----------------------------------------------------
The creditors of Whitney Green River Offshore Fund II, Ltd. 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. 22, 2011.

The company's liquidator is:

         Simon Conway
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         P.O. Box 258 Grand Cayman KY1-1104
         Cayman Islands


=============
G R E N A D A
=============


* GRENADA: Taiwan Trying to Cripple Economy, Minister Says
----------------------------------------------------------
Jamaica Gleaner reports that Grenada Finance Minister Nazim Burke
has accused Taiwan of trying to cripple the island's economy as
it attempts to recover EC$76 million (US$28.1 million) in loans
to Grenada before it broke off diplomatic relations in 2005.

Mr. Burke's comments in a radio interview come amid reports that
Taiwan has sought to seize Grenadian properties in the United
States in an attempt to collect the outstanding money.

"It has nothing really to do with getting the money per say from
what we can tell. . . . what we have observed is that every time
something happens that points in the direction of an improved
relationship with China, Taiwan flares up," Jamaica Gleaner
quoted Mr. Burke as saying.

Jamaica Gleaner notes that Mr. Burke said Taiwan had refused
proposals for a negotiated settlement to the problem, instead
insisting on payments of the entire loan.  The report relates
Mr. Burke said Grenada cannot pay all the outstanding money
immediately.

Meanwhile, Jamaica Gleaner notes that Mr. Burke said that Taiwan
has now filed injunctions with cruise ships and airlines
servicing Grenada, demanding that whatever money due to Grenada
should be paid to a special account in the United States.

The report discloses that Taiwan claims the loan made through an
export bank in Taipei was negotiated by the former administration
of Keith Mitchell between 1997 and 2000 before it suddenly broke
off diplomatic relations in favor of Beijing.

Mr. Burke, Jamaica Gleaner relates, said because of the impasse,
some cruise ships have now served noticed they may be forced to
drop Grenada from their itinerary.

Informed sources said that Grenada plans to seek the intervention
of St Kitts-Nevis, St Lucia and St Vincent and the Grenadines --
countries with diplomatic relations with Taipei -- to help
mediate a settlement, Jamaica Gleaner adds.


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


VITRO SAB: BofA Leasing Unit Allowed to Keep US$2.4MM Deposit
-------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that U.S. subsidiaries of Vitro SAB lost their bid to
wrest a US$2.4 million security deposit away from Banc of America
Leasing & Capital LLC, an equipment lessor.

Mr. Rochelle relates that the Bank of America Corp. unit
initially opposed the Vitro units' plans to sell their assets.
To assure the bank of the buyer's ability to pay the leases,
Vitro agreed to put US$2.4 million on deposit.

According to the report, after completion of the sale, Vitro went
to bankruptcy court in Dallas, saying the arrangement was
predicated on the notion that the bank would release the US$2.4
million when it became comfortable with the buyer's financial
condition.  When the bank said it wasn't satisfied, Vitro asked
the bankruptcy judge to order the money released.

Mr. Rochelle discloses that U.S. Bankruptcy Judge Harlin Hale
handed down a two-page ruling last week concluding that the
dispute was controlled by a written agreement contained in the
sale-approval order, not by what lawyers said at the approval
hearing.  Judge Hale pointed to language in the order and refused
to release the US$2.4 million.

                         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.

The U.S. Vitro companies sold their assets to American Glass
Enterprises LLC, an affiliate of Sun Capital Partners Inc., for
US$55 million.


VITRO SAB: U.S. Debtors Have Corporate Name Changes
---------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
amended the case caption reflecting corporate name changes of
certain Debtors in the Chapter 11 cases of Vitro Asset Corp., et
al.

The Court directed that the caption of these cases be changed, in
accordance with the corporate name change of (i) Vitro America,
LLC to Mukki LLC; (ii) Super Sky Products, Inc. to Tayo Inc.; and
(iii) Super Sky International, Inc. to BarleySammy Inc.

As reported in the Troubled Company Reporter on Sept. 6, 2011,
pursuant to Article 8.4 of the Asset Purchase Agreement, between
the Debtors and American Glass Enterprises LLC, the Debtors were
required to change the names of Debtors Vitro America, Super Sky
Products, and Super Sky International.

                         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.

The U.S. Vitro companies sold their assets to American Glass
Enterprises LLC, an affiliate of Sun Capital Partners Inc., for
US$55 million.


VITRO SAB: Congressmen Seek Intervention in Restructuring
---------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that two Congressmen
from opposite sides of the aisle are calling on the Mexican
government to take action in Vitro S.A.B.'s restructuring, which
they say could set a "dangerous precedent" that will hurt
investors in the Mexican glass company and future cross-border
investment.

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.

The U.S. Vitro companies sold their assets to American Glass
Enterprises LLC, an affiliate of Sun Capital Partners Inc., for
US$55 million.


* TEHUACAN MUNICIPALITY: Moody's Assigns 'Ba2' GS Issuer Rating
---------------------------------------------------------------
Moody's de Mexico assigned first-time issuer ratings of A2.mx
(Mexico National Scale) and Ba2 (Global Scale, local currency) to
the Municipality of Tehuacan, State of Puebla. The ratings
outlook is stable.

Ratings Rationale

"The ratings assigned to Tehuacan reflect good governance and
management practices, which have supported positive, although
volatile, gross operating balances and very low debt levels
during the last five years", says Roxana Munoz, Analyst at
Moody's.  The ratings also take into account Tehuacan's still
positive, although deteriorating, liquidity position.  These
factors are offset by the municipality's limited economic base
that supports a low level of own-source revenues and the
uncertainty regarding pension liabilities.

During the 2006-2010 period, Tehuacan registered, on average,
gross operating balances (operating revenues less operating
expenditures) equivalent to a solid 20.1% of operating revenues,
generating internal financing for a considerable portion of
capital expenditures.  As a result, Tehuacan posted balanced
consolidated financial results equivalent to 2.9% of total
revenues during the same period.  Nevertheless, during the last
two years, consolidated financial results deteriorated mainly
because of increasing capital expenditures, as the municipality
posted cash financing requirements of -2.2% in 2009 and -5.5% in
2010.  Given the municipality's ample infrastructure needs,
Moody's expects that the redressing of financial results will
continue to be a challenge.

Tehuacan's strong liquidity position has allowed debt levels to
remain low.  Recent financing requirements have been financed
with cash.  As a result, the municipality's liquidity dropped
from a peak of 14.1% of total expenditures in 2008 to a modest
1.8% in 2010.  Despite the recent deterioration, Moody's expects
that liquidity will remain positive, albeit at moderate levels.

Until now, the municipality has not contracted debt to finance
its infrastructure projects.  "Yet, the new administration plans
to acquire new debt in the near future, Moody's expects debt
levels to reach 11% in 2011, still a manageable level embedded in
the actual ratings", says Roxana Munoz.

The Municipality of Tehuacan is located in the State of Puebla
(Baa3/Aa3.mx), whose GDP per capita as a % of National Average is
equivalent to 64.2%.  It has population of approximately 280,000
inhabitants.  Despite that Tehuacan is the third most important
municipality of the state, it only contributes with 4% of the
state's GDP.  The industrial sector represents 63% of the
municipality's economic base, being the food and beverage
industry the most important one (represents 67% of the industrial
contribution).

Tehuacan's pensions are paid directly from the municipality's
budget.  They represented 1.20% of operating revenues in 2010.
Given that the municipality does not have a pension system, there
is uncertainty regarding the size of this contingent liability.

What Could Change the Rating - Up

A sustained expansion in the municipality's own-source revenue
base, leading to sustainable cash financing surpluses and an
improvement of Tehuacan's liquidity position, could exert upward
pressure on the ratings.

What Could Change the Rating - Down

A deterioration of consolidated fiscal results and higher than
expected net direct and indirect debt levels, in conjunction with
a further deterioration of the municipality's liquidity position,
could exert downward pressure on the ratings.

The principal methodology used in rating Tehuacan was the
Regional and Local Governments Outside the US published in May
2008 and The Application of Joint Default Analysis to Regional
and Local Governments, published in December 2008.


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


PONCE DE LEON: Gets Court Nod to Hire Carmen Torres as Attorney
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico has
authorized Ponce De Leon 1403 Inc. to employ the Law Firm of
Carmen D. Conde Torres, Esq., as attorney.

Mr. Torres will charge US$300 per hour for the engagement.

                        About Ponce De Leon

San Juan, P.R.-based Ponce De Leon 1403, Inc., developed,
constructed, and operates the Metro Plaza Tower condominium and
commercial property project in Santurce, Puerto Rico.  The Metro
Plaza Tower project consists of two 15-story towers atop a base
structure that serves as a parking garage, common area, and
retail space.  Each tower houses 87 residential units.  The base
structure provides approximately 567 parking spaces and has
approximately 14,000 square feet of commercial space available
for lease.  The common areas of the project include a swimming
pool, a gym, gardens and a gazebo.

Ponce De Leon 1403 Inc. filed for Chapter 11 protection (Bank. D.
P.R. Case No. 11-07920) on Sept. 19, 2011.  The Debtor estimated
both assets and debts of between US$10 million and US$50 million.

The Court granted the Debtor and PRLP 2001 Holdings, LLC until
Oct. 25, 2011, to finalize a stipulation for the use of cash
collateral.


ROBERTO CARRERAS: No Conflict of Interest for Lawyers
-----------------------------------------------------
Carlos E. Rodriguez Quesada, Esq., and Nelson Robles Diaz, Esq.,
of Reorganization and Bankruptcy Legal Services, P.S.C., will
remain as bankruptcy counsel to Roberto Soto Carreras after
Bankruptcy Judge Brian K. Tester rejected a bid by First Bank
Puerto Rico to dismiss the lawyers for conflict of interest.

In the course of the bankruptcy, the Debtor has been actively
engaged in objecting to First Bank Puerto Rico's claim number 10,
which involves several commercial loans made to Mr. Carreras
secured by real estate belonging to the Debtor or to the Debtor's
corporations.  On Sept. 19, 2011, the bank sought
disqualification of Mr. Rodriguez Quesada and RBLS, alleging that
a conflict of interest exists between FBPR and Rodriguez Quesada
due to his appearance in the case of In Re: New York Mortgage
Bankers, Inc., case number 09-02852 (BKT) on behalf of FBPR.
FBPR alleges that there is an irrefutable presumption that
Rodriguez Quezada received confidential information from FBPR,
"and/or simultaneously represent[ed] conflicting interests."
Furthermore, FBPR alleges that RBLS should also be disqualified.

In his Oct. 18, 2011 Opinion and Order, available at
http://is.gd/AKHeRyfrom Leagle.com, the judge said FBPR has not
established that the matter in which the counsel represented FBPR
is substantially related to the Carreras case.  Mere allegation
that confidential information was exchanged in prior
representation will not suffice to create an irrebuttable
presumption of shared confidences, for purpose of determining
whether disqualification of the attorney is warranted.

Roberto Soto Carreras filed for Chapter 11 bankruptcy (Bankr. D.
P.R. Case No. 09-10782) on Dec. 17, 2009.


ROSSCO HOLDINGS: Court Extends Plan Filing Deadline to Jan. 2012
----------------------------------------------------------------
The Hon. Vincent P. Zurzolo of the U.S. Bankruptcy Court for the
Central District of Arizona extended the exclusive periods of
Rossco Holdings Inc. to file a Chapter 11 plan until Jan. 13,
2012, and solicit acceptances of that plan until Feb. 28, 2012.

Absent of an extension, the current plan filing deadline expires
on Oct. 31, 2011.

According to the Debtor, this is the third request to extend its
exclusivity period, and is filed for the primary reason that the
Debtor's ability to propose and confirm a plan of reorganization
that maximizes recoveries for creditors depends upon the ability
of this Debtor to coordinate the terms and timing of its plan
with a plan of reorganization in the Chapter 11 case of Leonard
M. Ross, the Debtor's sole equity holder through his revocable
trust.

The Debtor notes, because the vast majority of the unsecured
claims filed against this Debtor are also claims filed against
the Ross estate, coordination of plans of reorganization could
make the difference between paying the Debtor's unsecured
creditors one hundred cents on the dollar, or only a few cents on
the dollar.

As the Court has continued the date for the hearing at which the
adequacy of the Debtor's disclosure statement will be considered
to Jan. 19, 2012, the Debtor maintains that it is appropriate to
extend the exclusivity period through to the end of January 2012.


=============
U R U G U A Y
=============


* URUGUAY: IDB OKs Additional US$42.8MM for Sanitation Program IV
-----------------------------------------------------------------
The Inter-American Development Bank has approved additional
funding of US$42.8 million for the Urban Sanitation Program IV in
Uruguay's capital of Montevideo, which will improve the quality
of life of some 40,000 people.  The program also will enhance
environmental quality in the Bay of Montevideo and the beaches
west of the city and protect the quality of restored beaches in
the eastern zone.

The Municipality of Montevideo will use the resources to extend
coverage of sanitary sewer and storm drainage, increase the
amount of sewage receiving proper treatment, and improve the
management of sanitation and storm water drainage.

The project includes construction and rehabilitation of sewer and
storm drainage works, construction of a disposal system in the
west zone to replace the system of multiple raw sewage discharges
into the Bay of Montevideo, resettlement of families affected by
the sanitation and drainage works, and improvements in managing
the sanitation system.  This additional financing covers cost
increases attributable to external factors, including exchange
rate appreciation and higher prices of some materials.

As a result of the project, all of the sewage currently entering
the bay will receive proper treatment.  In addition, sanitation
coverage will increase to 90% with the incorporation of 11,000
families into the system.

The supplemental funding ensures that the program will meet its
objectives as well as provide financing for the construction of
pumping stations, a wastewater pre-treatment plant, and
installation of an underwater drainage pipe.

The IDB loan for US$42.8 million has a term of 25 years, four-
year grace period, and a variable interest rate based on LIBOR.
Local counterpart financing totals US$7.55 million


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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


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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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