TCRLA_Public/111102.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A


            Wednesday, November 2, 2011, Vol. 12, No. 217

                            Headlines



A R G E N T I N A

CLINICA MODELO: Applies for Bankruptcy Proceedings
HIDRAULICA SV SA: Creditors' Proofs of Debt Due Nov. 28
MATERMIL SA: Creditors' Proofs of Debt Due Nov. 21
NEOMAR SRL: Creditors' Proofs of Debt Due Dec. 22
PROPHARMA SRL: Creditors' Proofs of Debt Due March 3

PROYECTOS: Requests Opening of Bankruptcy Proceedings
PUERTO PACIFICO: Creditors' Proofs of Debt Due Nov. 2
SALVEO SA: Creditors' Proofs of Debt Due Feb. 29
SERVICIO DE LUBRICANTES: Creditors' Proofs of Debt Due Feb. 6
YPF SA: Fitch Affirms Rating on US$100 Million Notes at 'BB-'


C A Y M A N   I S L A N D S

ASTOS GLOBAL: Creditors' Proofs of Debt Due Nov. 10
CHINA OVERSEAS: Members' Final Meeting Set for Nov. 4
CITRINE II INVESTMENT: Placed Under Voluntary Wind-Up
CITRINE INVESTMENT: Placed Under Voluntary Wind-Up
CS FUNDING: Creditors' Proofs of Debt Due Nov. 10

DYNASTY CAYMAN: Creditors' Proofs of Debt Due Nov. 10
FF TRIGGERED: Creditors' Proofs of Debt Due Nov. 16
FRONTPOINT OFFSHORE ASIA: Creditors' Proofs of Debt Due Nov. 10
FRONTPOINT OFFSHORE EVENT: Creditors' Proofs of Debt Due Nov. 10
FRONTPOINT OFFSHORE: Creditors' Proofs of Debt Due Nov. 10

MDSW XIAN: Commences Liquidation Proceedings
OSPRAIE WINGSPAN: Creditors' Proofs of Debt Due Nov. 10
PROTIUM MANAGEMENT: Creditors' Proofs of Debt Due Nov. 10
SAIGON INVESTMENT: Creditors' Proofs of Debt Due Nov. 10
SWISS GOLD: Placed Under Voluntary Wind-Up

VENCO BV: Creditors' Proofs of Debt Due Nov. 10


E C U A D O R

* ECUADOR: Fitch Affirms Rating on Foreign Currency IDRs at Low-B


M E X I C O

FORD CREDIT: Moody's Ups Local Currency LT Debt Rating to Ba1
PROTEGO CASA: Moody's Withdraws 'B3' Currency Issuer Ratings
VITRO SAB: Bondholders Allowed to Continue New York Suit


P U E R T O   R I C O

CAPECO: Puma Energy Presents Rehabilitation Plans to Governor


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Two Regional Insurance Cos. Show Interest in CLICO


U R U G U A Y

* URUGUAY: IDB Okays US$5-Mil. Loan to Promote Tourism




                            - - - - -


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


CLINICA MODELO: Applies for Bankruptcy Proceedings
--------------------------------------------------
Clinica Modelo de Psiquiatria SA applied for bankruptcy
proceedings.  The company has defaulted on its payments last
July 31, 2011.


HIDRAULICA SV SA: Creditors' Proofs of Debt Due Nov. 28
-------------------------------------------------------
Horacio Jose Eugenio Caliri, the court-appointed trustee for
Hidraulica SV SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Nov. 28, 2011.

Mr. Caliri will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 47, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Liquidator can be reached at:

         Horacio Jose Eugenio Caliri
         Lavalle 1206
         Argentina


MATERMIL SA: Creditors' Proofs of Debt Due Nov. 21
--------------------------------------------------
Juan Carlos de la Piedra, the court-appointed trustee for Matermil
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Nov. 21, 2011.

Mr. de la Piedra will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Liquidator can be reached at:

         Juan Carlos de la Piedra
         Avenida Juan Bautista Alberdi 5096
         Argentina


NEOMAR SRL: Creditors' Proofs of Debt Due Dec. 22
-------------------------------------------------
Alejandra Viviana Paz, the court-appointed trustee for Neomar
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Dec. 22, 2011.

Ms. Paz will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 5 in
Buenos Aires, with the assistance of Clerk No. 9, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.

The Liquidator can be reached at:

         Alejandra Viviana Paz
         Lavalle 1646
         Argentina


PROPHARMA SRL: Creditors' Proofs of Debt Due March 3
----------------------------------------------------
Juan Jose Roberto Esturo, the court-appointed trustee for
Propharma SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until March 3, 2012.

Mr. Esturo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 44, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Liquidator can be reached at:

         Juan Jose Roberto Esturo
         Reconquista 336
         Argentina


PROYECTOS: Requests Opening of Bankruptcy Proceedings
-----------------------------------------------------
Proyectos y Planificaciones SA requested the opening of bankruptcy
proceedings.


PUERTO PACIFICO: Creditors' Proofs of Debt Due Nov. 2
-----------------------------------------------------
Diego Maximiliano Martinez, the court-appointed trustee for Puerto
Pacifico SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Nov. 2, 2011.

Mr. Martinez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 3, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Liquidator can be reached at:

         Diego Maximiliano Martinez
         Tucuman 1650
         Argentina


SALVEO SA: Creditors' Proofs of Debt Due Feb. 29
------------------------------------------------
Ramona Graciela Perez, the court-appointed trustee for Salveo SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Feb. 29, 2012.

Ms. Perez will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 22
in Buenos Aires, with the assistance of Clerk No. 44, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Liquidator can be reached at:

         Ramona Graciela Perez
         Lavalle 1566
         Argentina


SERVICIO DE LUBRICANTES: Creditors' Proofs of Debt Due Feb. 6
-------------------------------------------------------------
Laura Adriana Fiscina, the court-appointed trustee for Servicio de
Lubricantes SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Feb. 6, 2012.

Ms. Fiscina will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 24, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Liquidator can be reached at:

         Laura Adriana Fiscina
         Viamonte 1348
         Argentina


YPF SA: Fitch Affirms Rating on US$100 Million Notes at 'BB-'
-------------------------------------------------------------
Fitch Ratings has downgraded YPF S.A. and Pan American Energy
LLC's (PAE) foreign currency Issuer Default Rating (IDR) to 'B+'
from 'BB-' and has affirmed their local currency IDR's at 'BB'.
Simultaneously, Fitch has affirmed the international scale rating
of debt issuances by YPF and Pan American Energy LLC Sucursal
Argentina (PAME) at 'BB-' and has assigned a recovery rating to
such issuances of 'RR3'.  RR3 reflects good recovery prospects in
the event of default.

The Rating Outlook is Stable.

YPF's and PAE's foreign currency rating downgrade reflect a
greater degree of exposure to transfer and convertibility risk as
a result of the recent change in regulation that obliges oil and
gas producers to reimburse and liquidate 100% of export revenues.
Prior to the publication of Decree No 1722 on Oct. 26, 2011, oil
and gas producers could maintain up to 70% of export proceeds
abroad, which provided a certain shield to transfer and
convertibility risk.  This change in regulation highlights an
increased intervention of the government in the oil and gas sector
and the potential for foreign currency controls.

Ownership by strong parents, reliable strong cash flow generation
and relevant levels of exports support that YPF and PAE's foreign
currency IDRs are rated one notch above the country ceiling of
Argentina.  YPF is controlled by Repsol YPF which is rated 'BBB+'
by Fitch.  PAE is currently 40% owned by Bridas Corporation
(Bridas) which is in the process of acquiring BP's (rated 'A' by
Fitch) remaining 60% stake in the company. Bridas is 50% owned by
Bridas Energy Holdings Ltd (BEH) and 50% by China National
Offshore Oil Corporation Limited (CNOOC, rated 'A' by Fitch).  The
transaction is subject to regulatory and governmental approval.

Fitch has taken the following rating actions:

YPF

  -- Foreign currency IDR downgraded to 'B+' from 'BB-';
  -- Local currency IDR affirmed at 'BB';
  -- US$100 million notes due 2028, affirmed at 'BB-', assigned
     'RR3'.

Fitch has also withdrawn the expected rating of the senior
unsecured notes for US$300 million (Class IV) as its issuance has
been suspended. '

PAE

  -- Foreign currency IDR downgraded to 'B+' from 'BB-';
  -- Local currency IDR affirmed at 'BB'.

PAME

  -- 7.75% notes for US$250 million affirmed at 'BB-', assigned
     'RR3';

  -- 7.875% notes for US$500 million affirmed at 'BB-', assigned
     'RR3'.


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


ASTOS GLOBAL: Creditors' Proofs of Debt Due Nov. 10
---------------------------------------------------
The creditors of Astos Global Fund 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:

         Stefan Zeiss
         c/o Maples Liquidation Services (Cayman) Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


CHINA OVERSEAS: Members' Final Meeting Set for Nov. 4
-----------------------------------------------------
The members of China Overseas Infrastructure Holdings Limited will
hold their final meeting on Nov. 4, 2011, at 9:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Krysten Lumsden
         Telephone: (345) 814 7366
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


CITRINE II INVESTMENT: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On Sept. 22, 2011, the sole shareholder of Citrine II Investment
Fund passed a resolution that voluntarily winds up the company's
operations.

Only creditors who were able to file their proofs of debt by
Oct. 31, 2011, will be included in the company's dividend
distribution.

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


CITRINE INVESTMENT: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Sept. 22, 2011, the sole shareholder of Citrine Investment Fund
passed a resolution that voluntarily winds up the company's
operations.

Only creditors who were able to file their proofs of debt by
Oct. 31, 2011, will be included in the company's dividend
distribution.

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


CS FUNDING: Creditors' Proofs of Debt Due Nov. 10
-------------------------------------------------
The creditors of CS Funding Company 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:

         Annie Chapman
         69 Dr. Roy's Drive
         P.O. Box 1043 George Town
         Grand Cayman KY1-1102
         Cayman Islands


DYNASTY CAYMAN: Creditors' Proofs of Debt Due Nov. 10
-----------------------------------------------------
The creditors of Dynasty Cayman Limited are required to file their
proofs of debt by Nov. 10, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 28, 2011.

The company's liquidator is:

         Michael Robinson
         c/o MaplesFS Limited
         Boundary Hall, 4th Floor
         Cricket Square, George Town
         Grand Cayman
         Cayman Islands


FF TRIGGERED: Creditors' Proofs of Debt Due Nov. 16
---------------------------------------------------
The creditors of FF Triggered Alpha Limited are required to file
their proofs of debt by Nov. 16, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 30, 2011.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


FRONTPOINT OFFSHORE ASIA: Creditors' Proofs of Debt Due Nov. 10
---------------------------------------------------------------
The creditors of Frontpoint Offshore Asia Pacific Fund, 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. 21, 2011.

The company's liquidator is:

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


FRONTPOINT OFFSHORE EVENT: Creditors' Proofs of Debt Due Nov. 10
----------------------------------------------------------------
The creditors of Frontpoint Offshore Asian Event Driven Fund, 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. 21, 2011.

The company's liquidator is:

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


FRONTPOINT OFFSHORE: Creditors' Proofs of Debt Due Nov. 10
----------------------------------------------------------
The creditors of Frontpoint Offshore Currency Fund, 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. 21, 2011.

The company's liquidator is:

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


MDSW XIAN: Commences Liquidation Proceedings
--------------------------------------------
On Sept. 19, 2011, the sole shareholder of MDSW Xian, Inc. passed
a resolution that voluntarily liquidates the company's business.

Only creditors who were able to file their proofs of debt by
Oct. 31, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Rebecca Hume
         Telephone: (345) 949.4544
         Facsimile: (345) 949.8460
         Charles Adams Ritchie & Duckworth
         PO Box 709 122 Mary Street
         Grand Cayman KY1-1107
         Cayman Islands


OSPRAIE WINGSPAN: Creditors' Proofs of Debt Due Nov. 10
-------------------------------------------------------
The creditors of Ospraie Wingspan 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. 27, 2011.

The company's liquidator is:

         Ian D. Stokoe
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         P.O. Box 258 Grand Cayman KY1-1104
         Cayman Islands


PROTIUM MANAGEMENT: Creditors' Proofs of Debt Due Nov. 10
---------------------------------------------------------
The creditors of Protium Management 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. 19, 2011.

The company's liquidator is:

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


SAIGON INVESTMENT: Creditors' Proofs of Debt Due Nov. 10
--------------------------------------------------------
The creditors of Saigon Investment Company are required to file
their proofs of debt by Nov. 10, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 20, 2011.

The company's liquidator is:

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


SWISS GOLD: Placed Under Voluntary Wind-Up
------------------------------------------
On Sept. 21, 2011, the shareholders of Swiss Gold & Silver Hedge
Fund Ltd passed a resolution that voluntarily winds up the
company's operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Andrin Waldburger
         Baarerstrasse 147
         Zug, Switzerland
         CH-6300


VENCO BV: Creditors' Proofs of Debt Due Nov. 10
-----------------------------------------------
The creditors of Venco, B.V. 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. 26, 2011.

The company's liquidator is:

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


=============
E C U A D O R
=============


* ECUADOR: Fitch Affirms Rating on Foreign Currency IDRs at Low-B
-----------------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) and
Country Ceiling for Ecuador as follows:

  -- Foreign currency IDR at 'B-';
  -- Foreign currency short-term IDR at 'B';
  -- Country ceiling at 'B-'.

The Rating Outlook is maintained at Stable.

The rating applies to Global 2015 uncollateralized foreign
currency bonds, and collateralized foreign currency Par and
Discount Brady bonds.

Ecuador's ratings balance comparatively stronger fiscal and
external solvency indicators against a poor debt service track
record, limited financing sources, and high commodity dependence.

The sovereign's recent restricted default and coercive debt
exchange in 2008-2009 despite adequate capacity to pay
demonstrates a relatively weak willingness to service debt and
constitutes a key weakness in Ecuador's credit profile.
'Ecuador's commitment to continue servicing debt has not yet been
tested under less favorable external conditions' said Santiago
Mosquera, a Director in Fitch's Sovereign Group.

Economic growth has accelerated in Ecuador since the first half of
2010 and could average 6% in 2011.  'Higher international oil
prices, and the stabilization in oil output and financing
availability have allowed the government to provide a strong
fiscal stimulus' added Mosquera.

Fitch considers that Ecuador's growth performance is vulnerable to
a decline in international oil prices, since the government has
limited counter-cyclical policy options given the country's
dollarization regime and limited financing sources.

Fitch notes that the role of the state has continued to increase
in recent years.  The non-financial public sector expenditure is
expected to double from 24.0% of GDP in 2006 to 46.3% in 2012.
Capital spending has been increasing recently, and accounts for
25% of the total.  Fitch notes that public sector-led
infrastructure investments might provide not only a short-term
boost to growth, but, if successful, could also reduce energy and
transportation costs over the medium term.

China has consolidated as Ecuador's main creditor, having signed
agreements worth USD7.25 billion to date since 2009 and currently
accounting for 16% of total outstanding debt.  Additional
financing sources remain constrained, as in Fitch's baseline
scenario, further loans from the public Social Security System and
from multilaterals would be relatively limited.

According to Fitch, the under-execution of the fiscal program in
recent years, increases in non-oil tax collection, and favorable
oil prices have kept fiscal deficits under control when compared
to the median for the 'B' rating category (sovereigns rated 'B+',
'B' and 'B-).  However, higher deficits could be expected
especially if large-scale bilateral financing continues.

Public debt, measured both in terms of GDP and revenue, is lower
than for peers in the 'B' rating category. Debt maturities and
interest payments compare favorably to peers, and are likely to
remain relatively manageable in terms of GDP.  However, rapid
growth in indebtedness has brought nominal debt back to the level
observed before the 2008/2009 default.

Relatively high commodity dependence renders Ecuador vulnerable to
volatility in international oil prices.  Oil exports accounted for
52% of total exports and traditional exports such as shrimp and
bananas account for an additional 21%.  Moreover, the country is
also dependent on the growth performance in the U.S. and EU due to
the importance of migrant remittances (4% of GDP).  Ecuador's
recent record of current account deficits (3.1% of GDP in 2010)
highlights the importance of international oil prices and reliable
sources of external financing.

Greater evidence and track record of willingness to service debt
through political and economic cycles would be positive for
Ecuador's ratings.  Increased availability of financing sources,
sustained high growth performance and reduced external
vulnerabilities would also benefit creditworthiness.  On the
contrary, a greater-than-expected deterioration in fiscal and
external accounts, re-emergence of financing constraints and signs
of erosion in willingness to service its outstanding debt could
undermine the sovereign's ratings.


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


FORD CREDIT: Moody's Ups Local Currency LT Debt Rating to Ba1
-------------------------------------------------------------
Moody's Investors Service upgraded Ford Credit de Mexico, S.A. de
C.V., SOFOM E.N.R. (Ford Credit de Mexico)'s global local currency
long term debt rating to Ba1, from Ba2, with a positive outlook.
At the same time, Moody's de Mexico upgraded Ford Credit de
Mexico's Mexican National Scale debt rating to A1.mx, from A2.mx,
with a positive outlook.  The short-term Mexican National Scale
debt rating was confirmed at MX-2.  The actions conclude the
ratings review for possible upgrade initiated on Oct. 5, 2011.

Rating Rationale

The rating upgrade follows Moody's rating action on parent company
Ford Motor Credit Company LLC's rating - senior unsecured rating
upgraded to Ba1 with positive outlook, from Ba2.

Ford Credit de Mexico's debt ratings are based on an irrevocable
and unconditional guarantee provided by Ford Motor Credit Company
LLC.

The last rating action taken on Ford Credit de Mexico was on
October 5, 2011, when Moody's placed its debt ratings on review
for possible upgrade.


PROTEGO CASA: Moody's Withdraws 'B3' Currency Issuer Ratings
------------------------------------------------------------
Moody's Investors Service has withdrawn Protego Casa de Bolsa,
S.A. de C.V.'s (Protego) long and short term local currency issuer
ratings of B3 and Not Prime, respectively.  At the same time,
Moody's de Mexico has withdrawn the long term Mexican National
Scale issuer rating of Ba3.mx and the short term Mexican National
Scale issuer rating of MX-4.  The outlook on all ratings before
the withdrawal was stable.

The following Protego ratings were withdrawn:

Long Term Local Currency Issuer Rating: B3

Short Term Local Currency Issuer Rating: Not Prime

Long Term Mexican National Scale Issuer Rating: Ba3.mx

Short Term Mexican National Scale Issuer Rating, short term: MX-4

Ratings Rationale

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

The last rating action on Protego was on Oct. 29, 2010, when
Moody's affirmed its B3/Ba3.mx ratings.

The principal methodology used in rating Protego was Global
Securities Industry Methodology published in December 2006.

Protego is headquartered in Monterrey, Nuevo Leon. As of June 30,
2011, Protego had MXN$88 million in shareholders' equity.


VITRO SAB: Bondholders Allowed to Continue New York Suit
--------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Vitro SAB was defeated in its effort to persuade the
U.S. Bankruptcy Court in Dallas to stop the bondholders' indenture
trustee from proceeding with a lawsuit pending in New York state
court against non-bankrupt Vitro subsidiaries.

Mr. Rochelle relates that the bondholders' suit, which was
commenced in August, seeks a declaration from the state court that
the Vitro parent's reorganization in a Mexican court can't affect
non-bankrupt subsidiaries' guarantees of $1.2 billion in defaulted
bonds.

The report recounts that after first answering the New York
complaint, the Vitro Mexican parent filed papers in Dallas early
this month hoping the bankruptcy judge would stop the suit.  Last
week, U.S. Bankruptcy Judge Harlin Hale allowed the suit to go
forward.  Judge Hale said that the suit wasn't against a company
in bankruptcy in the U.S. and didn't threaten the property of a
bankrupt company.

Judge Hale, Mr. Rochelle notes, declined to reach the questions of
whether the New York court should defer to the Mexican court or
whether rulings by the Mexican court would be enforced in the U.S.
with regard to subsidiaries' liabilities.

According to Mr. Rochelle, in opposing imposition of a stay on the
New York suit, the bondholders' indenture trustee pointed out how
the Texas judge previously refused to use the Vitro parent's
Chapter 15 case as grounds for halting actions by creditors in the
U.S. against non-bankrupt Vitro subsidiaries.

                         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. 0-47477); 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.


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


CAPECO: Puma Energy Presents Rehabilitation Plans to Governor
-------------------------------------------------------------
Puma Energy International introduced Puerto Rico's Governor Luis
Fortuno to its Puma Energy Caribe storage terminal in Bayamon,
Puerto Rico.

Formally owned by the Caribbean Petroleum Company (Capeco), and
acquired by Puma for US$82 million in May 2011, the terminal was
previously amongst the largest fuel processing, storage and
distribution facilities in Puerto Rico, supplying some 15% of the
island's petroleum products consumption.  In August 2010, Capeco
filed a Chapter 11 petition in the United States Bankruptcy Court
to liquidate their assets following a catastrophic explosion and
fire at the Capeco facility on Oct. 23, 2009.

Two years on from the explosion and, through working in close
partnership with the Environmental Protection Agency (EPA), the
Environmental Quality Board (EQB) and the local community, Puma is
fast transforming the site into a state-of-the-art facility that
is set to bolster Puerto Rico's strategic petroleum reserves and
Puma's ability to benefit from advanced technical capabilities,
economies of scale and close proximity to the metropolitan area of
San Juan.

Following dramatic growth from just 45 employees in July, Puma
currently employs over 300 skilled engineers and professionals --
a figure that is set to rise as the company's investment in the
project grows from US$32 million in 2011 to US$230 million by
2014.

Commenting on his visit to Puma Energy Caribe, Mr. Fortuno noted:
"Two years on from one of Puerto Rico's most devastating
environmental incidents, and only 6 months since they acquired the
property, it gives me enormous hope to see the positive strides
that Puma Energy Caribe are taking to create jobs and rehabilitate
the facility.  We wish them every luck in transforming the site
into an environmentally sound and industry leading hub for Puerto
Rico."

Victor Dominguez, General Manager for Puma Energy Caribe responded
by saying: "Puma is committed to building commercial opportunities
in Puerto Rico.  We intend to lead by example in proving that our
business is good for the local economy, good for competition and
good for communities that rightfully demand high standards of
professionalism, service and corporate responsibility.  Our far
reaching environmental remediation program, in partnership with
federal and local authorities, is just the start for us.  Through
state-of-the-art technology and a core belief of wanting to do the
right thing we intend to set new standards in environmental
stewardship."

               About Caribbean Petroleum Corporation

San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products.  Caribbean Petroleum sought Chapter 11
protection (Bankr. D. Del. Case No. 10-12553) on Aug. 12, 2010,
nearly 10 months after a massive explosion at its major Puerto
Rican fuel storage depot virtually shut down the company's
operations.  The Debtor estimated assets of US$100 million to
US$500 million and debts of US$500 million to US$1 billion as of
the Petition Date.

Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on Aug. 12, 2010.

John J. Rapisardi, Esq., George A. Davis, Esq., Peter Friedman,
Esq., and Zachary H. Smith, Esq., of Cadwalader, Wickersham & Taft
LLP, in New York, serve as lead counsel to the Debtors.  Mark D.
Collins, Esq., and Jason M. Madron, Esq., of Richards, Layton &
Finger, P.A., in Wilmington, Delaware, serve as local counsel.
The Debtors' financial advisor is FTI Consulting Inc.  The
Debtors' chief restructuring officer is Kevin Lavin of FTI
Consulting Inc.  Kurtzman Carson Consultants LLC serves as the
noticing, claims and balloting agent to the Debtors.

In December 2010, the Debtor won bankruptcy court approval to sell
its business to Puma Energy International for US$82 million.  Puma
obtained Capeco's entire retail network, which consists of 157
locations, gasoline, diesel and other fuel storage facilities as
well as undeveloped land and a private deep water jetty.

This is Caribbean Petroleum's second stint in Chapter 11.

Fourth Amended Joint Plan of Liquidation for
Caribbean Petroleum Corp. and its debtor affiliates effective on
June 3, 2011.


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


CL FINANCIAL: Two Regional Insurance Cos. Show Interest in CLICO
----------------------------------------------------------------
Nation News reports that Trinidad and Tobago Minister of Finance
Chris Sinckler said two regional insurance companies were
interested in CLICO International Life CLICO's portfolio.
Colonial Life Insurance Company (CLICO) is a subsidiary of CL
Financial Limited.

"Both major regional insurance companies have expressed an
interest in looking at the CLICO portfolio and working with the
Government to resolve this matter.  We have given instructions to
the judicial managers to do the normal exchange of information . .
. .to see how this matter can be dealt with. . . . If there are
real possibilities for this to happen, there is indeed a very
active livewire in Option 5 that maybe can, at the end of the day,
limit government's exposure to the very minimal," the report
quoted Mr. Sinckler as saying.

                        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.


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


* URUGUAY: IDB Okays US$5-Mil. Loan to Promote Tourism
------------------------------------------------------
The Inter-American Development Bank approved a loan for US$5
million to promote tourism in six Uruguayan departments with the
aim of boosting foreign exchange earnings, income, and employment.

The Program to Support the Tourism Sector will increase tourism
investment in the departments of Soriano, Rio Negro, Paysandu,
Salto, Artigas, and Rivera.  The program will focus on tourist
destinations and activities related to the Uruguay River.

Objectives for the next four years are to increase tourism
investment by 17%, boost foreign exchange earnings in target areas
by nearly 23%, create new tourism enterprises, generate jobs, and
raise incomes of low-income households.

"The program continues the strategy of diversifying tourism supply
and demand, which was begun several years ago by the Ministry of
Tourism and Sports with IDB support," said Luis Macagno, IDB team
leader.  "The strategy seeks to shift concentration from the
eastern portion of the country to other regions that offer
potential for river-based tourism and related products."

The program will seek to enhance tourism in the Uruguay River
Corridor and associated destinations, support entrepreneurship and
private investment, and establish an integrated management model
for the corridor.  Activities include building a network of river-
based attractions and visitor centers that will be strategically
located for new operators and tourists.

Also included will be technical assistance to adapt the country's
regulatory framework to aquatic-based tourism activities,
preparation of technical specifications for tourism concessions
related to the new infrastructure, creation of a manual for
sustainable investment in innovative products, and development of
a strategy to support local businesses, with a focus on low-income
households.

The IDB loan for US$5 million was extended for a 20- year term
with four-year grace period and a variable interest rate based on
LIBOR.  Local counterpart funding totals US$1.25 million.


                            ***********


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 * * *