TCRLA_Public/111104.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, November 4, 2011, Vol. 12, No. 219

                            Headlines



A R G E N T I N A

PAN AMERICAN: Moody's Cuts Global Local Currency Rating to 'Ba2'
* ARGENTINA: IDB Approves US$290MM for Development & Tourism


B A R B A D O S

* BARBADOS: Denies Owing Debts to University of the West Indies


B E R M U D A

AHLI MAN: Creditors' Proofs of Debt Due Nov. 9
AHLI MAN: Member to Receive Wind-Up Report on Nov. 28
GEROVA FINANCIAL: Court to Hear Wind-Up Petition on Nov. 10
MERCATA (BERMUDA): Creditors' Proofs of Debt Due Nov. 9
MERCATA (BERMUDA): Members' Final Meeting Set for Nov. 30

SIGNINA FUND: Creditors' Proofs of Debt Due Nov. 9
SIGNINA FUND: Members' Final Meeting Set for Nov. 29


B R A Z I L

BRASKEM SA: Fitch Ups Rating on Unsec. Notes from 'BB+' to 'BBB-'
MARFRIG ALIMENTOS: Moody's Changes Outlook on B1 CFR to Negative


B O L I V I A

* BOLIVIA: Fitch Affirms Issuer Default Ratings at 'B+'


C A Y M A N   I S L A N D S

ALPHASELECT GTAA: Shareholder to Hear Wind-Up Report on Nov. 11
ASTRA ALPHA: Shareholder to Hear Wind-Up Report on Nov. 11
BLACK WATCH: Shareholder to Hear Wind-Up Report on Nov. 11
CLARKSON HEDGE: Shareholder to Receive Wind-Up Report on Dec. 8
CLARKSON SHIPPING: Shareholder to Get Wind-Up Report on Dec. 8

HAM LONG/SHORT: Shareholder to Hear Wind-Up Report on Nov. 11
HAM LONG/SHORT: Shareholder to Hear Wind-Up Report on Nov. 11
HAM SHORT: Shareholder to Hear Wind-Up Report on Nov. 11
HAM SHORT: Shareholder to Hear Wind-Up Report on Nov. 11
HAV3 (VI): Shareholders' Final Meeting Set for Nov. 11

HUTCHISON WHAMPOA: Shareholder to Hear Wind-Up Report on Nov. 11
IVORY TOWER: Shareholder to Hear Wind-Up Report on Nov. 11
NISR 4: Shareholder to Hear Wind-Up Report on Nov. 11
OSCAR FUNDING: Shareholder to Hear Wind-Up Report on Nov. 11
SIGNUM NLB: Shareholder to Hear Wind-Up Report on Nov. 11

SIGNUM NORTH: Shareholder to Hear Wind-Up Report on Nov. 11


M E X I C O

MEXICANA AIRLINE: Has Until Nov. 15 to Avoid Liquidation
POPULAR LIFE RE: A.M. Best Upgrades FSR From 'B'
QUALITAS COMPANIA: A.M. BEST AFFIRMS FSR OF 'B-'
NATIONAL COMMERCIAL: S&P Affirms 'B-' Counterparty Credit Ratings
VITRO SAB: Plan Proposes US$910MM New Bonds & US$96MM Debt

* CHIAPAS STATE: Moody's Says Ba1 GSR Reflects Balanced Outcome




                            - - - - -


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


PAN AMERICAN: Moody's Cuts Global Local Currency Rating to 'Ba2'
----------------------------------------------------------------
Moody's downgraded and placed on review for further downgrade the
ratings of these Argentine oil and gas companies and related
companies:

- Pan American Energy LLC (Global Local Currency Rating downgraded
  to Ba2 from Ba1, rating on review for downgrade)

- Pan American Energy LLC, Argentine Branch (Global Local Currency
  Rating downgraded to Ba2 from Ba1, Foreign Currency Rating
  downgraded to Ba3 from Ba2; all ratings, including Aaa.ar
  National Scale Rating, on review for downgrade)

- Petrobras Argentina S.A. (Global Local Currency Rating
  downgraded to Ba2 from Ba1, Foreign Currency Rating downgraded
  to Ba3 from Ba2; ratings, including Aa2.ar National Scale
  Rating, on review for downgrade; ratings unaffected by this
  action include the A3 Foreign Currency Rating and Aaa.ar
  National Scale Rating on US$300 million of Series S senior
  unsecured notes due 2017 supported by a standby purchase
  agreement with Petrobras Brasileiro S.A.)

- YPF Sociedad Anonima (Global Local Currency Rating downgraded to
  Ba2 from Ba1; all ratings, including Aaa.ar National Scale
  Rating, on review for downgrade)

- Petersen Energia S.A. (Foreign Currency Rating downgraded to B2
  from B1, rating on review for downgrade)

- Petersen Energia Inversora, S.A.U. (Foreign Currency Rating
  downgraded to B2 from B1, rating on review for downgrade)

Ratings Rationale

The ratings downgrade and review for further downgrade were
prompted by the new presidential decree requiring oil, gas and
mining companies to repatriate 100% of their export proceeds and
convert them to Argentine pesos.  Previously, oil and gas
companies operating in Argentina were permitted to keep up to 70%
of their export proceeds offshore. And in the case of Petersen
Energia S.A. and Petersen Energia Inversora, S.A.U., the rating
actions are driven by the downgrade and further review for
downgrade of YPF's ratings.

The rating actions reflect increased overall country risk for
these energy companies in Argentina. While Moody's believes this
change has not impacted the day-to-day operations, debt service
payments and dividend flows from these companies, their overall
transfer and convertibility risk profiles have increased.
Moreover, the decree highlights the high level of unpredictability
of the Argentine government and heightened risk of increased
capital controls and regulatory changes in the country.

The rating review will assess the degree to which these companies
should be rated above the Argentine government's bond rating given
heightened country risk and that Argentina's B3 foreign currency
bond rating is at the low end of the non-investment rating scale.
The review process will consider each company's prior track record
in servicing its foreign currency debt obligations, its export and
liquidity profile, its foreign currency obligations, and potential
sources of credit support from owners, including those outside of
Argentina that could provide alternate sources of debt service and
liquidity.  Moody's expects to complete Moody's ratings review by
early 2012.  Moody's believes any further ratings downgrade would
be limited to one or two notches.


* ARGENTINA: IDB Approves US$290MM for Development & Tourism
------------------------------------------------------------
The Inter-American Development Bank has approved three loans
totaling US$290 million to support basic services, social
development and tourism programs in Argentina.  The programs aim
to upgrade water and sanitation services in suburbs of Buenos
Aires, promote child and youth development, and make use of
protected areas to spur tourism.

A US$200 million loan will finance improvements in drinking water
and sanitation in several Buenos Aires suburbs, benefitting nearly
700,000 people.  An US$80 million loan will fund tourism
activities involving 5,200 enterprises in some of the country's
premier protected areas.  And a US$10 million loan will support
improvements in early childhood and youth development programs.


===============
B A R B A D O S
===============


* BARBADOS: Denies Owing Debts to University of the West Indies
---------------------------------------------------------------
Nation News reports that the University of the West Indies at Cave
Hill has not incurred any debt during its recent physical
expansion phase which any regional government is obligated to
repay.

This was made clear by a member of the UWI's finance and general
purposes committee, one of the university's highest decision
making bodies that oversee its finances, and which comprises
representatives of the UWI, regional governments, the local
private sector and the Cave Hill student body, according to Nation
News.

Last month, principal of the Cave Hill campus Sir Hilary Beckles
announced that the Barbados Government had owed it $90 million,
but this figure was disputed last Sunday by Minister of Finance
Chris Sinckler who also spoke of the long- and short-term debt
Government would have to service for the campus, the report said.

However, the Cave Hill official, who asked not to be identified,
said: "Any monies owed by any regional government relate strictly
to the costs of educating its students," the report cited.

As reported in the Troubled Company Reporter-Latin America on
Oct. 24, 2011, RJR News said that Barbados is now the most
indebted of the 17 participating governments on the Cave Hill
campus of the University of the West Indies.  Principal Sir Hilary
Beckles revealed that the Barbados government owed the regional
University US$45 million, according to RJR News.  RJR News noted
that Sir Hilary said the recession has placed the Government in a
very difficult situation in terms of its fiscal deficit, in terms
of measuring its cash flow.  The report related that the debt is
in the form of tuition fees and economic costs of the students.


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B E R M U D A
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AHLI MAN: Creditors' Proofs of Debt Due Nov. 9
----------------------------------------------
The creditors of Ahli Man AP Strategic Guaranteed 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 wind-up proceedings on Oct. 21, 2011.

The company's liquidator is:

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


AHLI MAN: Member to Receive Wind-Up Report on Nov. 28
-----------------------------------------------------
The member of Ahli Man AP Strategic Guaranteed Ltd will receive on
Nov. 28, 2011, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Oct. 21, 2011.

The company's liquidator is:

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


GEROVA FINANCIAL: Court to Hear Wind-Up Petition on Nov. 10
-----------------------------------------------------------
A petition to wind up the operations of Gerova Financial Group,
Ltd will be heard before the Supreme Court of Bermuda on Nov. 10,
2011, at 3:00 p.m.

Eric V. Seal filed the petition against the company on Oct. 7,
2011.


MERCATA (BERMUDA): Creditors' Proofs of Debt Due Nov. 9
-------------------------------------------------------
The creditors of Mercata (Bermuda) 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 wind-up proceedings on Oct. 20, 2011.

The company's liquidator is:

         Christopher D. Sposato
         Milner Hosue, Tourmaline
         13 Richmond Road, Pembroke HM08
         Bermuda


MERCATA (BERMUDA): Members' Final Meeting Set for Nov. 30
---------------------------------------------------------
The members of Mercata (Bermuda) Fund, Ltd. will hold their final
meeting on Nov. 30, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on Oct. 20, 2011.

The company's liquidator is:

         Christopher D. Sposato
         Milner Hosue, Tourmaline
         13 Richmond Road, Pembroke HM08
         Bermuda


SIGNINA FUND: Creditors' Proofs of Debt Due Nov. 9
--------------------------------------------------
The creditors of Signina Fund 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 wind-up proceedings on Oct. 24, 2011.

The company's liquidator is:

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


SIGNINA FUND: Members' Final Meeting Set for Nov. 29
----------------------------------------------------
The members of Signina Fund Limited will hold their final meeting
on Nov. 29, 2011, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Oct. 24, 2011.

The company's liquidator is:

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


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


BRASKEM SA: Fitch Ups Rating on Unsec. Notes from 'BB+' to 'BBB-'
-----------------------------------------------------------------
Fitch Ratings has upgraded Braskem S.A. (Braskem) foreign and
local currency Issuer Default Ratings (IDR) to 'BBB-' from 'BB+'
and the national scale rating to 'AA+(bra)' from 'AA(bra)'.  The
Rating Outlook for the corporate ratings is Stable.

Fitch upgrades the following ratings:

Braskem S.A.

  -- Long-term foreign currency Issuer Default Rating (IDR) to
     'BBB-' from 'BB+';
  -- Long-term local currency IDR to 'BBB-' from 'BB+';
  -- Long-term national rating to AA+(bra) from 'AA(bra)';
  -- Unsecured senior notes due 2014 and 2017 to 'BBB-' from
     'BB+'.

Braskem International

  -- Long-term foreign currency Issuer Default Rating (IDR) to
     'BBB-' from 'BB+';
  -- Unsecured senior notes due in 2015 to 'BBB-' from 'BB+'.

Braskem Finance Limited

  -- Long-term foreign currency Issuer Default Rating (IDR) to
     'BBB-' from 'BB+';
  -- Unsecured senior notes due 2018, 2020 and 2021 to 'BBB-' from
     'BB+';
  -- Unsecured senior perpetual bonds to 'BBB-' from 'BB+'.

Braskem America Finance Company

  -- Long-term local and foreign currency Issuer Default Rating
     (IDR) to 'BBB-' from 'BB+';
  -- Unsecured senior notes due 2041 to 'BBB-' from 'BB+';

The rating actions reflect the expectation of ongoing improvements
in Braskem's operating cash flow generation and in its strategic
position within the petrochemical industry.  Fitch expects that
Braskem will be able to reduce its leverage to levels more
commensurate with the 'BBB-' rating over the short to medium term
due to Braskem management's strong commitment to the deleveraging
process; new green field projects are expected to be financed
through non-recourse project-finance debt, which should aid in the
deleveraging processes.  Acquisitions may likely continue to play
an important role in Braskem's growth strategy, but the company is
expected to be selective with its acquisitions, which build
geographic diversity or access to competitive raw materials using
a conservative capital structure.

Braskem's investment grade ratings are supported by its leading
position in the Latin-American petrochemical sector as the sole
thermoplastic resin producer in Brazil; and by the ongoing
strengthening of its business base within the global petrochemical
industry.  The financial strategy under which Braskem has been
managing its financial profile and refinancing risks given its
business exposure to the volatility of the global petrochemical
industry cycles are also incorporated into the analysis.
Braskem's ratings are also supported by its strong shareholder
structure with Odebrecht and Petrobras as its main two
shareholders.

Strong Business Profile

Braskem's sizeable operational scale and unique position in the
Brazilian market favorable supports its ability to pass through
prices within the value chain and to partially mitigate sector
volatility.  The company's integrated operations and its recently
more diversified raw material mix provide it with competitive
advantages.  During less favorable petrochemical cycles, Braskem
has been efficient in obtaining higher and less volatile margins,
when compared to its global peers.  In the last five years, EBITDA
margins have ranged between 13.5% and 16.9%, with an average of
15.0%, which demonstrate its ability to operate effectively in
different economic scenarios and petrochemical cycles.  Braskem's
track record also demonstrates its ability to make acquired assets
profitable, maximizing synergies from investments in different
acquisitions made over the last few years.

Strong Liquidity Mitigates Short Term Sector Volatility

Braskem's robust liquidity position is a key factor supporting its
ratings.  Company's management has been adopting a conservative
and pro-active financial strategy to limit the risks associated to
its business exposure to a cyclic and capital intensive industry.
The company has strategically maintained a strong liquidity
position and long-term debt life, combined with continuous
financial cost reduction.  This strategy has provided Braskem with
a satisfactory payment profile, even in challenging operating cash
generation scenarios or in the event of global credit tightness.

As of June 30, 2011, the company's total liquidity position was
BRL3.2 billion, based on BRL2.6 billion of cash and marketable
securities and USD600 million of undrawn stand-by credit lines due
in 2013 and 2016, without material adverse change clauses.  As a
result, its short-term debt coverage ratios, and then including
additional debt maturities through 2013 are quite strong at 2.0
times and 1.0 time, respectively.  Including its cash flow
generation (CFFO) of BRL2.6 billion in the last twelve months
period ended in June, 30 2011, these ratios increase to 3.4x and
1.6x times, respectively.

Over the same period, Braskem recorded total adjusted debt of
BRL14.0 billion, which incorporates the BRL1.5 billion debt with
the tax refinancing program (Refis).  During 2011, Braskem used
the ample liquidity in the international market, carrying out
around USD1.3 billion in long-term debt transactions, and
extending its debt scheduled amortization profile to an average
life of 12.5 years.  The financial debt maturing until 2013
amounted to BRL3.6 billion in line with Braskem's strategy to
protect its operating cash generation and liquidity for the next
three years.

Challenging 2011 Tempers Further Short Term Leverage Reduction
The 19% devaluation of the Brazilian Real recorded in 3Q11 and a
more challenging scenario during the quarter should negatively
affected the company's consistent de-leveraging process that has
been occurring over the most recent quarters.  However, Fitch
believes that the positive fundamentals for the company's business
remain unchanged on the medium term and expects that margins and
operational cash flow to benefit with the devaluation of the
Brazilian Real.  The negative impact of the real devaluation in
its financial statements is expected to be a net debt increase
around BRL1.2 billion.

During the first semester of 2011, Braskem's operating cash flow
generation was negatively impacted by the BRL appreciation,
greater competitive pressures from imported products and by the
non recurring event (power blackout in the Brazilian Northeast)
with an estimated EBITDA loss of BRL230 million.  As a result,
EBITDA generated during the last twelve months ended in June 2011
(LTM) was BRL4.2 billion, quite stable compared to the BRL4.1
billion reported in 2010.

In June 2011, the leverage ratio as measured by Net Adjusted
Debt/EBITDA was 2.8 times (x), which compares to a 3.0x in 2010
and 5.0x at year-end 2009, considering pro-forma figures of
acquired assets.  For 2011, Fitch expects leverage ratio as
measured by Net Debt/EBITDA to move around 2.5x assuming the real
remains around BRL1.75/USD.  Such expectations are already
incorporated into the new ratings; a weaker operational
performance in 3Q11 affected by lower prices and competition from
imports.

Longer Term Leverage to Decline

Going forward, Fitch believes that Braskem should be successful in
resuming its leverage reduction trend as basis the market recovers
and the benefits of foreign exchange valuation on Braskem's
operating cash generation materialize.  Fitch forecasts indicate
the company is able to improve its main credit measures in 2012
and 2013.  The agency estimates net debt/EBITDA leverage ratio for
2012 close to range between 2.0x - 2.5x, and around 2.0x in 2013,
which are key to sustaining the current ratings.

The improvements also incorporate the potential realignment of
Braskem's revenues based on international prices, higher level of
competition in its exports and the reduction of imports into the
Brazilian market.  Braskem should also benefit from the expected
moderate spread increases in the petrochemical chain for 2012 and
2013, based on higher balance between supply and demand in the
global petrochemical industry.

High Exposure to Domestic Market Performance

Braskem's business should benefit from the growth of Brazilian
GDP, estimated by Fitch at 3.6% in 2011 and 3.7% in 2012.  Around
70% of its revenues are generated in the local market and,
therefore, its business should benefit from the expansion of
Brazilian economy.  In April, 2011, Fitch upgraded the sovereign
rating for Brazil to 'BBB', from 'BBB-', with basis, among others,
on the Brazilian economy potential sustainable growth and better
capacity to absorb external shocks.

Strategic Partnership with Petrobras a Plus

Braskem ratings also benefit from the financial and operational
support of its main shareholders, Grupo Odebrecht and Petrobras
(Local and Foreign Currency IDR of 'BBB' by Fitch).  The national
oil & gas company holds a relevant position in the voting capital
of Braskem (47%), and is the company's main raw material supplier.
Petrobras's active role in Braskem is strategic and reduces risks
associated with the business, such as supply shortages and
production costs volatilities.  Braskem benefits from the supply
agreement with Petrobras, which contemplates quarterly price
readjustments on a moving average.  These commercial conditions
allow Braskem higher flexibility to manage more immediate cost
pressures in a scenario of naphtha prices increases.

Key Rating Drivers

A greater than expected geographical diversification of its cash
flow generation combined with the maintenance of strong financial
profile could positively impact the ratings.  Braskem's inability
to increase its cash flow generation or to reduce leverage may
pressure the ratings.  In the short-to-medium term, event risk is
moderate, yet Fitch expects that the company will carefully manage
to adequately fund any possible future acquisitions and to finance
relevant investments without moving the company's capital
structure away from current levels.


MARFRIG ALIMENTOS: Moody's Changes Outlook on B1 CFR to Negative
----------------------------------------------------------------
Moody's has changed its outlook on Marfrig Alimentos S.A. (long-
term rating, B1) to negative from stable.  The outlook change
reflects the deterioration in Marfrig's credit metrics due to the
highly competitive environment for Brazilian protein producers
over the past few months, with higher commodity prices, global
economic slowdown and foreign-exchange volatility.

These rating outlooks have been changed to negative:

Issuer: Marfrig Overseas Limited and guaranteed by Marfrig:

- US$750 million 8.375% senior unsecured guaranteed notes due
  2018: B1 (foreign currency)

- US$500 million 9.500% senior unsecured guaranteed notes due
  2020: B1 (foreign currency)

- US$375 million 9.625% senior unsecured guaranteed notes due
  2016: B1 (foreign currency)

- Corporate Family Rating: B1 (global scale)

Ratings Rationale

The negative outlook reflects the deterioration in Marfrig's
credit metrics due to the current difficult competitive
environment for Brazilian protein producers, with high raw
material prices, the global economic slowdown and foreign-exchange
volatility dampening sales growth and pressuring margins.
"Although we expect industry fundamentals to improve in 2012,"
says local market analyst Marianna Waltz, "we also note that there
is a reasonable risk that these same factors, combined with
Marfrig's high integration challenges following a significant
number of large acquisitions, could forestall its own recovery."

While the depreciation of the Brazilian Real benefits exporters in
Brazil and has a positive translation effect on Marfrig's
international operations, it also increases the company's leverage
burden, as approximately 71% of Marfig's debt is denominated in US
dollars.  Overall, the negative leverage impact outweighs the
potential benefits in EBITDA, Waltz says.  She also notes the time
lag effect, since changes in debt levels are immediate while
positive outcomes in operating profit take more time to be
reflected in a company's results.  Additionally, recent sudden
foreign-currency depreciation has reduced Marfrig's flexibility
regarding some of its debt covenants.

Marfrig's B1 rating reflects the company's diversified product
portfolio and strong brands, as well as its geographic footprint
and global distribution capabilities.  It also takes into account
the company's weak cash flow from operations, high leverage, and
the challenges of integrating a significant number of sizeable
acquisitions, including Moy Park, Seara, Keystone Foods and O'Kane
Poultry.  These deals have changed the company's profile from a
pure fresh beef producer to a large and diversified global protein
producer, with operations in 22 countries and approximately 37% of
its BRL 19.5 billion (pro-forma 2010) revenues coming from value-
added products.  Despite various favorable developments and the
potential for realizing cost synergies, the investments also
entail significant consolidation challenges related to complex
cross-border structures and various financial aspects, as well as
the integration of different organizational cultures.

Marfrig's liquidity is considered adequate despite the company's
sizable amount of short-term debt, large working capital
requirements and cash disbursements related to its recent
acquisitions.  Its cash position of BRL3,974 million at June 30,
2011 is sufficient to meet its obligations for the next few
quarters and to cover 130% of its short-term debt, and will be
boosted by US$400 million in proceeds from the sale of Keystone's
logistics operation to the Martin-Brower Company.  In addition,
with its acquisition of Keystone, Marfrig maintains a US$ 600
million secured revolving LT credit facility with 16 banks, of
which US$300 million is being used, with the balance still
available.

Marfrig's rating could be downgraded if the company fails to
recover its operating margins and credit metrics over the next few
quarters or to comply with a liquidity policy of maintaining at
least BRL3 billion of cash reserve cushion at all times.

Quantitatively, Net debt/EBITDA above 4.0x, EBITA/interest expense
of 1.0x or less and RCF/net debt below 10% on a sustained basis
could trigger a downgrade. The failure to achieve positive free
cash flow by the end of 2012 could also see the rating come under
downward pressure.

The rating is unlikely to be upgraded in the near term, given
Marfrig's high level of investments and the integration challenges
related to its acquisitions.  Nevertheless, if the company is able
to build a track record of successful and sustainable growth,
while at the same time maintaining stronger financial discipline,
the rating could be upgraded.  Quantitatively, the rating could be
upgraded if net debt/EBITDA ratio is below 3.0 times, EBITDA
margin is above 10%, CFO/net debt is at least 20%, and free cash
flow/net debt is at least 2%, on a sustainable basis.

The last rating action on Marfrig took place on Nov. 9, 2010, when
Moody's affirmed the company's B1 rating with a stable outlook.
This followed Marfrig's successful financing of the Keystone
acquisition through the issuance of BRL2.5 billion (approx. US$
1.26 billion) mandatory convertible debentures, fully subscribed
by BNDESPar, the equity investment arm of national bank BNDES.

Marfrig, headquartered in Sao Paulo, Brazil, is among the leading
food groups globally, with 106 beef, poultry, pork and lamb
processing plants; 14 leather industrial units; and 30
distribution centers in 22 countries.  The company processes,
packages and delivers fresh, chilled and processed beef, chicken,
pork and lamb products to customers in Brazil and abroad, with
approximately 34% of global sales derived from exports.


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B O L I V I A
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* BOLIVIA: Fitch Affirms Issuer Default Ratings at 'B+'
-------------------------------------------------------
Fitch Ratings affirmed Bolivia's ratings as follows:

  -- Foreign and local currency Issuer Default Ratings (IDR) at
     'B+';
  -- Short-term IDR at 'B';
  -- Country ceiling at 'B+'.

The Rating Outlook is Stable.

Bolivia's rating affirmation and Stable Outlook reflect its
comparatively strong fiscal and external balance sheets and a
track record of prudent macroeconomic management even amidst
periods of political instability and social unrest.  Bolivia's
credit profile is constrained by low growth compared to peers,
relative high dollarization and commodity dependence as well as
structural weaknesses including low per capita income, a poor
business environment and a weak institutional framework.

Bolivia's record accumulation of central government deposits (15%
of GDP) and foreign reserves (50% of GDP) has increased the
economy's shock absorption capacity and the authorities' ability
to implement needed growth-enhancing and social development
policies.

'International reserve accumulation and debt relief in recent
years have boosted external liquidity, partly mitigating risks
related to high commodity dependence, financial dollarization and
limited exchange rage flexibility,' said Cesar Arias, Associate
Director in Fitch's Sovereign Group.  Nevertheless, government
plans to invest international reserves in state-owned enterprises
(SOEs) could lead to a deterioration in credit quality and
liquidity of FX assets as well as weakening the effectiveness of
the monetary and exchange policy frameworks.

Bolivia's fiscal credit metrics are characterized by a moderate
debt burden, relatively modest funding requirements, favourable
debt composition and ample financing sources.  General government
debt declined to 37% of GDP in 2010, and Fitch forecasts fiscal
deficits to reach 1.7% of GDP in 2012 and 2.5% of GDP in 2013,
converging with the 'B' median of negative 2.7%.  Budget revenue
volatility and expenditure rigidities have become more entrenched
at the expense of capital spending, though.

Bolivian authorities have been able to maintain broad
macroeconomic stability in spite of the recent history of
political instability and social conflicts.  Nevertheless, despite
the commodity price boom, growth has lagged that of category peers
reaching a five-year average of 4.6% in 2010 compared to 5.9% for
the 'B' median, highlighting the low levels of investment and the
weak business environment.  Slower real GDP growth than peers also
hinder convergence with the median income per capita of the 'B'
and the 'BB' categories.

'Increased state intervention in the economy, weak regulatory
quality and a poor business environment deter private and foreign
direct investment and growth potential,' added Arias.

Public investment has partly substituted private capital without
expanding productivity due to severe capacity constraints in
government entities and state-owned enterprises.  Under-execution
of public investment in productive sectors, mainly hydrocarbons,
mining and agro-industry, averaged 35% between 2008 and 2010.

Although the recent increase in social conflicts have not had a
material bearing on macroeconomic stability, downside political
risks remain as the new constitution has not provided an effective
mechanism to resolve conflicts and the Morales administration
finds it increasingly challenging to meet the demands of social
movements and former government allies.

A higher growth trajectory, greater levels of investment and
development in the hydrocarbon and mining sectors and further
improvement in the sovereign's external and fiscal credit metrics
will be positive for Bolivia's ratings.  Conversely, significant
deterioration of the fiscal and external solvency ratios and
social conflicts that affect macroeconomic stability could place
downward pressure on the ratings.


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


ALPHASELECT GTAA: Shareholder to Hear Wind-Up Report on Nov. 11
---------------------------------------------------------------
The shareholder of Alphaselect GTAA Limited will receive on
Nov. 11, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ASTRA ALPHA: Shareholder to Hear Wind-Up Report on Nov. 11
----------------------------------------------------------
The shareholder of Astra Alpha Limited will receive on
Nov. 11, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


BLACK WATCH: Shareholder to Hear Wind-Up Report on Nov. 11
----------------------------------------------------------
The shareholder of Black Watch Limited will receive on
Nov. 11, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CLARKSON HEDGE: Shareholder to Receive Wind-Up Report on Dec. 8
---------------------------------------------------------------
The shareholder of Clarkson Hedge Fund will receive on Dec. 8,
2011, at 3:00 p.m., the liquidators' report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

         Frank Connolly
         Ross Allen
         Clifton Fund Consulting Limited (trading as KB
Associates)
         Fleming Court, Fleming's Place, Mespil Road
         Dublin 4, Ireland


CLARKSON SHIPPING: Shareholder to Get Wind-Up Report on Dec. 8
--------------------------------------------------------------
The shareholder of Clarkson Shipping Hedge Fund will receive on
Dec. 8, 2011, at 3:00 p.m., the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

         Frank Connolly
         Ross Allen
         Clifton Fund Consulting Limited
            (trading as KB Associates)
         Fleming Court, Fleming's Place, Mespil Road
         Dublin 4, Ireland



HAM LONG/SHORT: Shareholder to Hear Wind-Up Report on Nov. 11
-------------------------------------------------------------
The shareholder of Ham Long/Short Master Fund, Ltd. will receive
on Nov. 11, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877


HAM LONG/SHORT: Shareholder to Hear Wind-Up Report on Nov. 11
-------------------------------------------------------------
The shareholder of Ham Long/Short Offshore Fund, Ltd. will receive
on Nov. 11, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877


HAM SHORT: Shareholder to Hear Wind-Up Report on Nov. 11
--------------------------------------------------------
The shareholder of Ham Short Biased Master Fund, Ltd. will receive
on Nov. 11, 2011, at 10:05 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877


HAM SHORT: Shareholder to Hear Wind-Up Report on Nov. 11
--------------------------------------------------------
The shareholder of Ham Short Biased Offshore Fund, Ltd. will
receive on Nov. 11, 2011, at 10:05 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877


HAV3 (VI): Shareholders' Final Meeting Set for Nov. 11
------------------------------------------------------
The shareholders of HAV3 (VI) Limited will hold their final
meeting on Nov. 11, 2011, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HUTCHISON WHAMPOA: Shareholder to Hear Wind-Up Report on Nov. 11
----------------------------------------------------------------
The shareholder of Hutchison Whampoa International (06) Limited
will receive on Nov. 11, 2011, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ying Hing Chiu
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


IVORY TOWER: Shareholder to Hear Wind-Up Report on Nov. 11
----------------------------------------------------------
The shareholder of Ivory Tower Limited will receive on
Nov. 11, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


NISR 4: Shareholder to Hear Wind-Up Report on Nov. 11
-----------------------------------------------------
The shareholder of NISR 4 Limited will receive on Nov. 11, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


OSCAR FUNDING: Shareholder to Hear Wind-Up Report on Nov. 11
------------------------------------------------------------
The shareholder of Oscar Funding Corp. XIV will receive on
Nov. 11, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SIGNUM NLB: Shareholder to Hear Wind-Up Report on Nov. 11
---------------------------------------------------------
The shareholder of Signum NLB Limited will receive on
Nov. 11, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SIGNUM NORTH: Shareholder to Hear Wind-Up Report on Nov. 11
-----------------------------------------------------------
The shareholder of Signum North Limited will receive on
Nov. 11, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


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


MEXICANA AIRLINE: Has Until Nov. 15 to Avoid Liquidation
--------------------------------------------------------
Darren Shannon at Aviation Week reports that a judge gave Compania
Mexicana de Aviacion or Mexicana Airlines until Nov. 15 to avoid
liquidation.

The airline has been grounded since it filed for the Mexican
equivalent of Chapter 11 protection in August 2010, although its
revival has been promised by a plethora of suitors that until now
have been unable, or unwilling, to deposit the US$250 million
deemed necessary to return the airline's operation, according to
Aviation Week.

The report notes that these unrealized promises have kept the
airline under the protection of a Mexican bankruptcy court, which
as recently as August suspended a liquidation deadline so the
airline could consider three bids.  However, Aviation Week says,
none of these bids proved fruitful, so on Oct. 28 a bankruptcy
judge reinstated a deadline that gives Mexicana until Nov. 15 to
finalize a takeover or face liquidation.

An unnamed source told Aviation Week in an interview that at least
one additional bid, from a consortium called Med Atlantica, is
under consideration.  The report discloses that legal difficulties
associated with Mexico's trust laws apparently hindered the
completion of the takeover last week, but a US$250 million
transfer is now expected to be finalized this week.

Liquidation will force the sale of all Mexicana's assets, which in
essence means the carrier's MRO division, the report adds.

                      About Mexicana Airlines

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/--is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than US$1
billion.  William C. Heuer, Esq., at Duane Morris LLP, serves as
counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings did
not affect the operations of Click Mexicana and Mexicana Link,
which are independent companies from Mexicana de Aviacion.


POPULAR LIFE RE: A.M. Best Upgrades FSR From 'B'
------------------------------------------------
A.M. Best Co. has upgraded the financial strength rating to B+
(Good) from B (Fair) and issuer credit rating to "bbb-" from "bb+"
of Popular Life Re (San Juan, Puerto Rico).  The outlook for both
ratings is stable.  Popular Life Re is a life reinsurance
subsidiary of its ultimate parent, Popular Inc., a publicly traded
bank holding company based in Puerto Rico.

The rating actions reflect Popular Life Re's continued stable
statutory net income as the company continues to maintain solid
capitalization ratios.  While premium volume has declined in
recent years, results reported to date indicate a modest increase
reflecting some stabilization in the Puerto Rican economy, which
has reported a contraction in gross domestic product growth in
recent years.  Going forward, A.M. Best believes premium volumes
will remain highly correlated to the Puerto Rican economy and
increases in consumer loan origination activity.

The ratings also incorporate some improvement in Popular Life Re's
parent, which has strengthened its balance sheet through capital
raises and return to profitability.  Additionally, there has been
some improvement in the credit quality of Popular Inc.'s balance
sheet through strategic restructurings and asset sales in recent
years. Nevertheless, Popular Life Re's ratings continue to factor
in the weak, albeit improving, financial condition of Popular Inc.
Specifically, elevated loan delinquencies at each of Popular
Inc.'s banks and nonperforming assets remain a rating concern.
A.M. Best expects that continued slow economic growth in Puerto
Rico still has the ability to pressure the pace of improvements to
Popular Inc. in the near-to-intermediate term.

A.M. Best believes Popular Life Re is an important subsidiary, as
it represents an extension of Popular Inc.'s well established
insurance agency business, which operates under the brand name
Popular Insurance.  Popular Life Re reinsures a portion of credit
policies on consumer loans originated at Banco Popular de Puerto
Rico, as well as personal accident and health policies
underwritten by unaffiliated carriers.


QUALITAS COMPANIA: A.M. BEST AFFIRMS FSR OF 'B-'
------------------------------------------------
A.M. Best Co. has affirmed the financial strength rating of B-
(Fair) and issuer credit rating of "bb-" of Qualitas Compania de
Seguros, S.A.B. de C.V. (Qualitas) (Mexico City, Mexico).  The
outlook for both ratings is stable.

The ratings reflect Qualitas' strained risk-adjusted
capitalization, consistently elevated underwriting leverage and
trend of underwriting losses.  Historically, the company has
operated with underwriting leverage considered higher than
expected for an automobile insurance provider.  Additionally,
Qualitas maintains combined ratios just above breakeven due to its
high level of loss and loss adjustment expenses recorded each
year.

Qualitas, a publicly traded insurer listed on the Mexican Stock
Exchange, writes only automobile coverages and faces increasing
competition from both foreign and domestic insurers.  Qualitas
continues to report underwriting losses and relies on its
investment income for its overall earnings.  Competitive pricing,
along with increased automobile theft rates in Mexico, will
further pressure business retention and market share.
Furthermore, in recent years, Qualitas has maintained very weak
risk-adjusted capitalization for its business profile as a result
of its consistently elevated underwriting leverage.

Partially offsetting these weaknesses is the company's leading
market position in the increasingly competitive Mexican automobile
insurance segment, its formidable distribution network and solid
overall profitability in recent years.  Qualitas operates through
a network of local agents, financial institutions and service
offices and has established a formidable distribution capability
throughout Mexico.  This has enabled the company to maintain its
leading market position in the Mexican automobile insurance
segment in extremely challenging economic and market conditions.


NATIONAL COMMERCIAL: S&P Affirms 'B-' Counterparty Credit Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on National
Commercial Bank Jamaica Ltd. (NCB) to negative from stable.

"At the same time, we affirmed our 'B-' long-term and 'C' short-
term counterparty credit ratings on the bank," S&P related.

"The rating action follows the outlook revision on Jamaica," said
Standard & Poor's credit analyst Elena Enciso Benoit.  "Our
ratings on NCB are constrained by those on the sovereign."

"The negative outlook on Jamaica reflects our view that the fiscal
room to maneuver is narrowing as the government tries to implement
an austerity plan amid slow economic growth.  As a result,
domestic politics are also shifting: Prime Minister Bruce
Golding's recently-announced resignation has opened the
possibility for early elections and a change in administration,"
S&P related.

In addition, the standby agreement with the International Monetary
Fund (IMF) has come to a halt.  The IMF hasn't completed its last
four reviews because of delays in the implementation of agreed
measures.

The government hasn't completed the implementation of either tax
and pension reforms or the divestment of Clarendon Alumina LTD.
"Moreover, in late August it approved a 7% (retroactive) rise in
public employees' salaries, which, in our view, will prevent it
from reaching the fiscal targets originally agreed for the IMF
program," S&P related.

"The negative outlook also reflects our view that amid Jamaica's
currently volatile political climate and difficult financial
stance, NCB might suffer given the high linkages with the
sovereign due to the bank's high exposure to the public-sector
securities and loans," S&P said.


VITRO SAB: Plan Proposes US$910MM New Bonds & US$96MM Debt
----------------------------------------------------------
Jonathan Roeder and Crayton Harrison at Bloomberg News report that
Vitro, S.A.B. de C.V. said a restructuring proposal including
US$910 million of new bonds was presented to creditors by the
company's court-appointed arbitrator.

The company said in a statement that the plan would include the
issuance of US$814.6 million of new bonds maturing in 2019 with an
interest rate of 8% and US$95.8 million of debt convertible to
shares with an interest rate of 12%, according to Bloomberg.

Bloomberg discloses that Vitro SAB's creditors have 10 working
days to approve the restructuring plan.  Bloomberg relates that if
approved by creditors, the arbitrator then has seven more working
days to present the plan to the Mexican judge overseeing the case.

Bloomberg notes that U.S. lawmakers sent a letter to Mexico's
ambassador on Oct. 20 criticizing Vitro SAB's use of US$1.9
billion of inter-company debt to control bankruptcy proceedings in
Mexico.  Vitro and its subsidiaries are engaged in a "a multi-year
scheme" to avoid paying bondholders, Wilmington Trust NA, the
bondholder trustee under two series of notes issued by Vitro and
guaranteed by the units, said  in a complaint filed Aug. 17 in
New York state court in Manhattan, Bloomberg relates.

Wilmington, a unit of M&T Bank Corp., seeks to recover US$1.35
billion owed under notes issued by Vitro SAB, Bloomberg says.

Bloomberg relates that Vitro SAB said it had previously offered
creditors an interest rate of 10.5% on the convertible notes.  The
bonds would convert to a 20% stake in Vitro if the company misses
the maturity payment, up from 15% under the previous plan,
Bloomberg relays.

Roberto Riva Palacio, a Vitro SAB spokesman, said in August that
creditors, including the intercompany debt that Vitro SAB
controls, will vote on the debt proposal by Nov. 14, Bloomberg
adds.

                         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.


* CHIAPAS STATE: Moody's Says Ba1 GSR Reflects Balanced Outcome
---------------------------------------------------------------
In its most recent report on the State of Chiapas, Moody's
Investors Service says the Mexican State's Issuer ratings of A1.mx
(Mexico National Scale) and Ba1 (Global Scale, local currency)
reflect relatively balanced fiscal outcomes, improvements in tax
collection practices as well as a positive liquidity position.
These factors were offset by the increase in debt levels due to
capital expenditure pressures.

"While the state's initiatives to increase own-source revenues are
expected to have a positive impact in Chiapas' financial
performance, the large social infrastructure needs across the
state will add pressure to financial results in the near-future",
said Moody's Analyst Rodolfo Torres.

As a result of the increase in capital expenditures during the
last five years, Chiapas' net direct and indirect debt, while
still moderate, has grown at an accelerated pace.  Net direct and
indirect debt increased from 1.8% of total revenues in 2006 to
13.1% in 2010.

Chiapas ratings already take into account the MXN 1.9 billion loan
backed with revenues from the National Reconstruction Fund that
the state contracted with Banobras earlier this year.  Current
ratings also consider the state's recurrent transfers to SMAPA,
the financially underperforming water company of the municipality
of Tuxtla Gutierrez.

The rating agency's report is an update to the markets and does
not constitute a rating action.


                            ***********


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 * * *