TCRLA_Public/111109.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 9, 2011, Vol. 12, No. 222

                            Headlines



A R G E N T I N A

BLAUSH SA: Creditors' Proofs of Debt Due Dec. 2
CAJA DE CREDITO: Moody's Assigns 'B3' Global Currency Debt Rating
CARUSO SEGUROS: Moody's Reviews 'Ba3' IFS Rating for Downgrade
CEREAL PRO: Creditors' Proofs of Debt Due Nov. 18
INSERMANT SRL: Creditors' Proofs of Debt Due Dec. 5

LUZ DESIGN: Creditors' Proofs of Debt Due Dec. 22


B A H A M A S

MONTAQUE CAPITAL: To be Under Court-Supervised Liquidation


B E R M U D A

DOCKWISE LTD: Lending Syndicate Grants Waiver Request
SUZANO PAPEL: Moody's Lowers Global Scale Rating to 'Ba2'


C A Y M A N   I S L A N D S

AC99A LIMITED: Shareholders' Final Meeting Set for Nov. 9
AENEAS EVOLUTION: Shareholders' Final Meeting Set for Nov. 11
ARISTEIA SPECIAL: Shareholders' Final Meeting Set for Nov. 15
CHATEAU FUNDING: Shareholders' Final Meeting Set for Nov. 17
CONOCOPHILLIPS ABU DHABI: Shareholders' Meeting Set for Nov. 9

CREDIT SUISSE ASSET: Shareholders' Final Meeting Set for Nov. 11
FHU-JIN LTD: Shareholder Receives Wind-Up Report
GLOBAL MACRO: Shareholders' Final Meeting Set for Nov. 17
JULYRAINBOW MD 11-99: Shareholder Receives Wind-Up Report
PASCAL CDO: Shareholders' Final Meeting Set for Nov. 11

QUEEN STREET: Shareholder Receives Wind-Up Report
SPENCER CAPITAL: Shareholders' Final Meeting Set for Nov. 11
SUCCESSOR CAL QUAKE: Shareholder Receives Wind-Up Report
SUCCESSOR HURRICANE: Shareholder Receives Wind-Up Report
T.R. NEXT: Members' Final Meeting Set for Nov. 11


B O L I V I A

* BOLIVIA: IDB OKs US$35MM Loan for Health Services Improvement


C H I L E

LA POLAR: Reaches Deal on Debt Restructuring Plan


J A M A I C A

JAMAICA'S NATIONAL: Moody's Assigns (P)B3 Rating to Debt Issuance


M E X I C O

CONSUPAGO SA: S&P Affirms 'BB' Global Scale Rating
JBS SA: S&P Affirms 'BB' Rating; Outlook Revised to Stable
KANSAS CITY: Fitch Affirms 'BB' Ratings on 3 Senior Note Classes
VITRO SAB: Noteholders Oppose Plan, Submits Own Proposal
VITRO SAB: Creditors Escape Sanctions for Involuntary Petitions


T R I N I D A D  &  T O B A G O

* TRINIDAD & TOBAGO: Government Borrows US$160 Million From IDB


X X X X X X X X

* Three U.S. Corp Defaults Last Week Raise S&P Tally to 39


                            - - - - -


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A R G E N T I N A
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BLAUSH SA: Creditors' Proofs of Debt Due Dec. 2
-----------------------------------------------
Luis Ricardo Kralj, the court-appointed trustee for Blaush SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Dec. 2, 2011.

Mr. Kralj will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk No.
1, 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 Trustee can be reached at:

         Luis Ricardo Kralj
         Bouchard 468
         Argentina


CAJA DE CREDITO: Moody's Assigns 'B3' Global Currency Debt Rating
-----------------------------------------------------------------
Moody's Investors Service assigned a B3 global local currency
senior debt rating to Caja de Credito Cuenca's second expected
issuance worth up to ARS20 million with a maturity of 270 days.
At the same time, Moody's also assigned a A3.ar national scale
local currency debt rating to the expected issuance.

The outlook for the ratings is stable.

These ratings were assigned to Caja de Credito Cuenca's ARS20
million expected issuance:

Global Local-Currency Debt Rating: B3

National Scale Local-Currency Debt Rating: A3.ar

Caja de Credito Cuenca Coop. Ltda. is headquartered in Buenos
Aires, Argentina.  It had assets of ARS155 million, and equity of
ARS65 million as of June 2011.


CARUSO SEGUROS: Moody's Reviews 'Ba3' IFS Rating for Downgrade
--------------------------------------------------------------
Moody's Latin America placed under review for possible downgrade
the Ba3 global local-currency insurance financial strength (IFS)
rating and the Aa2.ar Argentine national scale IFS rating of
Caruso Compania Argentina de Seguros.  This rating action follows
the passage of a new resolution by the Argentine National
Insurance Superintendence on October 26, 2011, which requires
Argentine primary insurers to repatriate their holdings in
foreign investments within the next 50 days.

Ratings Rationale

According to Moody's, the review for possible downgrade of
Caruso's ratings will focus primarily on the impact that the
above-mentioned resolution will have on the company's asset
quality, capital adequacy and profitability.  The rating agency
explained that Caruso currently holds about 30% of its
investments outside of Argentina.  "Given that currently the
foreign investments are well diversified across different asset
classes -- in many cases of good quality -- the disposal of those
securities and the investment of the proceeds in local Argentine
investments would increase asset concentration in below-
investment grade domestic market securities, impacting asset and
earnings quality, as well as capital adequacy", said Diego
Nemirovsky, Moody's lead analyst for Caruso.

Notwithstanding the impact of this new regulation on Caruso's
credit profile, the rating agency explained that Caruso has shown
steadily very good profitability, across both investment and
underwriting performance, and has maintained its significant
regional market position -- being a top-5 player in several
provinces of Argentina in the group life insurance segment.
Moreover, Caruso's capitalization has been strong relative to
most peers, and its key ratios and financial profile have been
consistently sound during the last few years -- usually
fluctuating less than most of its rivals.

Commenting on some of the company's primary challenges, Moody's
mentioned Caruso's lack of product diversification, its
significant (and soon to be greater) investment risk -- with high
equity exposure and more than 50% of total invested assets in
Argentine sovereign bonds and local bank CDs, its small size
relative to peers, and the weak operating environment of
Argentina.

Caruso is a leading regional company that provides multiline
insurance coverages, although the company's principal business
segment is group life, comprising about 90% of gross premiums
written.  Caruso's products are designed mainly for small-to-
medium sized businesses and for medium-to lower-income
individuals.  The company's core market is located in the central
and northwestern regions of Argentina.

Based in Cordoba, Argentina, Caruso reported a net profit of
ARS43 million for the fiscal year ended as of June 30, 2011.
This profit derived from underwriting income of ARS28 million, as
well as a positive financial result of ARS32 million.  Total
reported assets amounted to ARS188 million, and shareholders'
equity was approximately ARS117 million, 42% higher than the
ARS82 million posted as of June 30, 2010.


CEREAL PRO: Creditors' Proofs of Debt Due Nov. 18
-------------------------------------------------
Miryam Lewenbaum, the court-appointed trustee for Cereal Pro SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Nov. 18, 2011.

Ms. Lewenbaum 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. 4, 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 Trustee can be reached at:

         Miryam Lewenbaum
         Montevideo 666
         Argentina


INSERMANT SRL: Creditors' Proofs of Debt Due Dec. 5
---------------------------------------------------
Carlos Alberto Campagnuolo, the court-appointed trustee for
Insermant SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Dec. 5, 2011.

Mr. Campagnuolo 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 Trustee can be reached at:

         Carlos Alberto Campagnuolo
         Uruguay 651


LUZ DESIGN: Creditors' Proofs of Debt Due Dec. 22
-------------------------------------------------
Amalia Victoria Beckerman, the court-appointed trustee for Luz
Design SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Dec. 22, 2011.

Ms. Beckerman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 18, 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 Trustee can be reached at:

         Amalia Victoria Beckerman
         Tucuman 1367
         Argentina


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B A H A M A S
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MONTAQUE CAPITAL: To be Under Court-Supervised Liquidation
----------------------------------------------------------
Neil Hartnell at Tribune Business reports that the liquidation of
Owen Bethel's Montaque Capital Partners is set to become court-
supervised, the winding-up having resulted from the company
becoming insolvent.

Documents obtained by Tribune Business disclosed that Montaque
Capital Partners' voluntary liquidation, initiated by a
shareholder/Board resolution on Sept. 30, 2011, was approved by
its regulator, the Securities Commission of the Bahamas, but only
on the grounds that it received "a written undertaking to have
the joint liquidators proceed to have the liquidation become
court-supervised immediately."

According to Tribune Business, this was contained in an Oct. 11,
2011, letter sent by joint liquidators, Ed Rahming and Kenneth
Krys, of KrYs Global, to Montaque Capital Partners' clients and
creditors.  The letter, says Tribune Business, also revealed the
company had committed to make the liquidation court-supervised
within 14 days of the Securities Commission's approval.

"The joint liquidators confirm that they have commenced the steps
necessary to file a petition with the court for the supervision
of the liquidation, which will include an application for
directions from the court on the conduct of the liquidation," the
report quotes Messrs. Rahming and Krys as saying.

Mr. Rahming told Tribune Business that he and his fellow
liquidator had "moved the petition" for Montaque Capital
Partners' dissolution to be placed under Supreme Court
supervision. They still, though, needed to obtain a date for the
court to hear the petition, plus conclude other formalities, the
report relays.

While unable to disclose the scale of assets involved, or
potential size of any loss likely to be suffered by Montaque
Capital Partners' creditors and clients, Mr. Rahming said the
liquidators' investigation would also involve an examination of
affiliates/related parties within the overall Montaque Group,
according to Tribune Business.

Mr. Rahming also confirmed to Tribune Business that the
liquidators were in control of the Montaque Group's offices, on
the fourth floor of Centreville House.  Montaque Capital
Partners' books and records had been transferred elsewhere, and
Mr. Bethel no longer operated from the premises, the report
notes.

"We have moved the application for it to become court-
supervised," Mr. Rahming told Tribune Business. "It will still be
a voluntary liquidation, but the liquidation will be supervised
by the Supreme Court. It will be in line with what the regulator
wanted, and be good for the jurisdiction. We also wanted it as
liquidators."

The first meeting of Montaque Capital Partners' creditors is
scheduled for Nov. 8, 2011, at the British Colonial Hilton.  Mr.
Rahming said both the meeting and first report would outline both
the steps the liquidators have taken -- and intend to take -- in
the short-term.

In their Oct. 11, 2011, letter to creditors, Messrs. Rahming and
Krys said they had "secured and frozen" all Montaque Capital
Partners' assets, including those placed with custodian banks and
broker/dealers on behalf of clients, Tribune Business reports.

                        About Montaque Capital

Based in Bahamas, Montaque Capital Partners, Ltd. and Montaque
Corporate Partners, Ltd. -- http://www.montaquegroup.com/-- are
the operational successors to Montaque Securities International,
Ltd., which was established in 1993 as a comprehensive investment
and financial services advisory entity.  The three entities
collectively comprise the Montaque Group.


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B E R M U D A
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DOCKWISE LTD: Lending Syndicate Grants Waiver Request
-----------------------------------------------------
Dockwise Ltd.'s lending syndicate has agreed to the waiver
request the firm filed on October 10 for contingency purposes.

Dockwise has at all times remained within covenants agreed with
the lender syndicate.  The recent agreement by the syndicate
grants Dockwise a temporary relaxation of the leverage ratio,
which will provide additional headroom in the event of
extraordinary market circumstances.  The period of relaxation is
March 2012 until September 2013.

Interest expenses for Dockwise are based on LIBOR (95-100% hedged
until July 2012, thereafter 50% hedged until July 2014) plus, on
average, a 2.4% margin.  This results in the current interest
rate of 7.3%.

Following the waiver, the estimated interest rate (depending on
the covenant position) will be between 8% and 9.5% for the first
half of 2012, between 6.75% and 8.5% for the second half of 2012
and between %7 and 8% for 2013.  In addition, lenders will
receive a waiver fee of near USD3.5 million in Q4 2011.

               About Dockwise Ltd/The Dockwise Group

Dockwise Ltd., a Bermuda incorporated company, has a workforce of
more than 1,200, both offshore and onshore.  The company is the
leading marine contractor, providing total transport services to
the offshore, onshore, and yachting industries, as well as
installation services for extremely heavy offshore platforms.
The
Group is headquartered in Breda, the Netherlands.  The Group's
main commercial offices are located in the Netherlands, the
United States, and China, with sales offices in Korea, Australia,
Brazil, Russia, Singapore, Malaysia, Mexico, and Nigeria.  The
Dockwise Yacht Transport business unit is headquartered in Fort
Lauderdale and has an office in Italy.  The Dockwise Shipping
network is supported by agents in Norway, Argentina, and Italy.
To support all of its services to customers, the group also has
three additional engineering centers in Houston, Breda, and
Shanghai, which manufacture specific motion-reduction equipment,
such as LMU (Leg Mating Units) and DMU (Deck Mating Units).


SUZANO PAPEL: Moody's Lowers Global Scale Rating to 'Ba2'
---------------------------------------------------------
Moody's Investors Service downgraded to Ba2 from Baa3 on its
global scale and to Aa3.br from Aa1.br on its national scale the
senior unsecured debt ratings of Suzano Papel e Celulose.  At the
same time, the corporate family ratings of Ba2 and Aa3.br were
assigned.  The rating outlook is stable.  This concludes the
rating review which began on Sept. 21, 2011.

Ratings affected by downgrade are:

Issuer: Suzano Papel e Celulose S.A.

   -- BRL500 million Senior Unsecured Debentures Due in 2014 and
      2019: to Ba2 from Baa3 (global scale)

Issuer: Suzano Trading Ltd.

   -- US$650 million Senior Unsecured Guaranteed Bonds Due 2021:
      to Ba2 from Baa3 (foreign currency)

Issuer: Suzano Papel e Celulose S.A.

   -- Corporate Family Ratings Assigned: Ba2 (global scale) and
      Aa3.br (Brazilian national scale)

Ratings Rationale

The downgrade reflects deteriorating credit metrics stemming from
weaker operational performance due to the BRL appreciation for
most of the year and weakening global economic conditions.  The
outlook has further diminished due to the weakening pulp prices
amid significant expansion plans for pulp production capacity in
Latin America over the next few years.  This comes at a time when
Suzano has embarked on a major capital expenditures program which
will result in rising financial leverage that is no longer
commensurate with an investment grade credit rating.

Based on pulp producers' announcements, approximately 9 million
tons of new hardwood pulp capacity is due to come online between
2013 and 2016.  The amount represents a significant addition to
existing capacity although some of this new capacity may
ultimately be delayed.  To the extent the growth in demand from
China's paper manufacturers do not materialize and economic
conditions continue to weaken, the impact on pulp prices could be
meaningful.

The Ba2 rating also takes into consideration that, despite a
number of initiatives to reduce leverage and set the stage for
continuous and sustainable growth, the timing and success of
these initiatives (partnerships, asset divestitures and a
potential secondary equity offering) are uncertain, especially
considering the increased macro uncertainties and volatile
capital market conditions.

For the twelve months ended Sept. 30, 2011, reported leverage as
measured by Net Debt/EBITDA reached 4.2x, and Suzano exceeded its
own leverage threshold (3.5x Net Debt/EBITDA).  Although total
debt has been impacted by the BRL 18.8% devaluation in the third
quarter of 2011, EBITDA has also been sequentially lower.  Free
cash flow has also been negatively impacted by capex spending
related mostly to the Maranhao project.  Moody's expects the
company's free cash flow to remain negative until 2014.
Liquidity should be adequate in the near term given large cash
balance
(BRL3 billion) and the fact that most of the expansion capex have
committed funding from BNDES.

The stable outlook reflects Moody's expectation that Suzano will
be successful in completing a number of initiatives to improve
its liquidity position and bring leverage down to levels
commensurate with the Ba2 rating.  The outlook also assumes that
Suzano will benefit from increased pulp demand from China in
2012, a year during which Moody's does not expect any additional
pulp capacity to come on the market.

Further negative pressure on the rating could result if leverage
(expressed by Adjusted Net Debt to EBITDA assuming a minimum cash
balance of BRL1 billion) increases above 4.0x during the
execution of the expansion plans without prospects for near-term
reduction, or in case the company's liquidity position is
insufficient to cover near term debt service requirements.

Although unlikely, a positive rating action could be considered
if the company manages to maintain Adjusted Net Debt to EBITDA
(assuming minimum cash balance of BRL 1 billion) below 3.0x,
together with Free Cash Flow (expressed by RCF-capex to Net Debt
assuming a minimum cash balance of BRL 1 billion) consistently in
the mid-teen range.

Moody's last rating action on Suzano occurred on Sept. 21, 2011,
when the Baa3/Aa1.br ratings assigned to its senior unsecured
debentures due 2014 and 2019 were placed under review for
possible downgrade.

Suzano Papel e Celulose, headquartered in Salvador, Brazil, is a
leading low-cost producer of bleached eucalyptus market pulp,
printing and writing paper and paperboard with consolidated net
revenues of BRL4.7 billion (about US$2.9 billion) in the last
twelve months ended on Sept. 30, 2011. The sales mix (55% pulp
and 45% paper in volume terms) gives the company cash flow
stability due to the different supply-demand-price dynamics in
the pulp (US$-linked) and paper (BRL-linked) business.  The
company benefits from its vertical integration and almost
complete self-sufficiency in wood and energy.


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C A Y M A N   I S L A N D S
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AC99A LIMITED: Shareholders' Final Meeting Set for Nov. 9
---------------------------------------------------------
The shareholders of AC99A Limited will hold their final meeting
on Nov. 9, 2011, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         Trident Liquidators (Cayman) Limited
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847 George Town
         Grand Cayman KY1-1103
         Cayman Islands


AENEAS EVOLUTION: Shareholders' Final Meeting Set for Nov. 11
-------------------------------------------------------------
The shareholders of Aeneas Evolution Portfolio, Ltd. will hold
their final meeting on Nov. 11, 2011, at 11:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ARISTEIA SPECIAL: Shareholders' Final Meeting Set for Nov. 15
-------------------------------------------------------------
The shareholders of Aristeia Special Investments, Ltd., will hold
their final meeting on Nov. 15, 2011, at 12:00 noon, to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Aristeia Capital, L.L.C.
         c/o Maples and Calder, Attorneys-at-law
         P.O. Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


CHATEAU FUNDING: Shareholders' Final Meeting Set for Nov. 17
------------------------------------------------------------
The shareholders of Chateau Funding Company will hold their final
meeting on Nov. 17, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CONOCOPHILLIPS ABU DHABI: Shareholders' Meeting Set for Nov. 9
--------------------------------------------------------------
The shareholders of Conocophillips Abu Dhabi Technology Ltd. will
hold their final meeting on Nov. 9, 2011, at 11:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Trident Liquidators (Cayman) Limited
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847 George Town
         Grand Cayman KY1-1103
         Cayman Islands


CREDIT SUISSE ASSET: Shareholders' Final Meeting Set for Nov. 11
----------------------------------------------------------------
The shareholders of Credit Suisse Asset Finance Limited will hold
their final meeting on Nov. 11, 2011, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FHU-JIN LTD: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Fhu-Jin Ltd received on Nov. 8, 2011, the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         David Preston
         Beverly Bernard
         c/o Nicola Eccleston
         Telephone: 949-7755
         Facsimile: 949-7634


GLOBAL MACRO: Shareholders' Final Meeting Set for Nov. 17
---------------------------------------------------------
The shareholders of Global Macro Strategy Open 21 Master Fund
will hold their final meeting on Nov. 17, 2011, at 10:10 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


JULYRAINBOW MD 11-99: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Julyrainbow MD 11-99 Limited received on
Nov. 8, 2011, the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         David Preston
         Beverly Bernard
         c/o Nicola Eccleston
         Telephone: 949-7755
         Facsimile: 949-7634


PASCAL CDO: Shareholders' Final Meeting Set for Nov. 11
-------------------------------------------------------
The shareholders of Pascal CDO, Ltd. will hold their final
meeting on Nov. 11, 2011, at 11:15 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
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


QUEEN STREET: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Queen Street Ltd received on Nov. 8, 2011, the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         David Preston
         Beverly Bernard
         c/o Nicola Eccleston
         Telephone: 949-7755
         Facsimile: 949-7634


SPENCER CAPITAL: Shareholders' Final Meeting Set for Nov. 11
------------------------------------------------------------
The shareholders of Spencer Capital Offshore Opportunity Fund,
Ltd. will hold their final meeting on Nov. 11, 2011, at
11:45 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/oJennifer Chailler
         Telephone: (345) 814 6847


SUCCESSOR CAL QUAKE: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Successor Cal Quake Parametric Ltd received on
Nov. 8, 2011, the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         David Preston
         Beverly Bernard
         c/o Nicola Eccleston
         Telephone: 949-7755
         Facsimile: 949-7634


SUCCESSOR HURRICANE: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Successor Hurricane Industry Ltd received on
Nov. 8, 2011, the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         David Preston
         Beverly Bernard
         c/o Nicola Eccleston
         Telephone: 949-7755
         Facsimile: 949-7634


T.R. NEXT: Members' Final Meeting Set for Nov. 11
-------------------------------------------------
The members of T.R. Next, Inc. will hold their final meeting on
Nov. 11, 2011, at 11:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


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B O L I V I A
=============


* BOLIVIA: IDB OKs US$35MM Loan for Health Services Improvement
---------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a
US$35 million loan to Bolivia for a program to reduce infant and
maternal mortality by improving the health services network in
the department of Potosi.

The program, which will benefit more of 788,000 people, will help
the Ministry of Health and Sport to meet Objectives Three and
Four of the United Nations Millennium Development Goals.  The
Bolivian government will contribute US$7.27 million to the
program to ensure the sustainability of its investments.

Located in southwest Bolivia, Potosi is one of the country's
poorest departments.

The IDB-financed program will improve the promotion and adequate
use of health services and will strengthen the referral system.

The IDB financing consists of two loans: one from the Bank's
ordinary capital for US$26.25 million for a term of 30 years with
a grace period of six years and a fixed interest rate; and the
second from the Bank's Fund for Special Operations for US$8.75
million for a term of 40 years with a grace period of 40 years
and an annual interest rate of 0.25%.


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C H I L E
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LA POLAR: Reaches Deal on Debt Restructuring Plan
-------------------------------------------------
Anthony Esposito at Dow Jones Newswires reports that Empresas La
Polar SA reached an agreement on a debt-restructuring plan to
avert bankruptcy in the process.

Nearly all of La Polar's creditors agreed to allow the department
store to restructure some US$900 million in debt, paving the road
for the retailer's planned US$200 million capital increase,
according to Dow Jones Newswires.

"This is where the new La Polar begins.  Now we'll start work on
the capital increase," the report quoted recently appointed
President Cesar Barros.

Dow Jones Newswires notes that authorities are investigating La
Polar for raising interest rates and charging delinquent fees to
more than one million clients without negotiating new contract
terms, while allegedly managing two separate accounting books and
giving regulators false financial information.

The report discloses that La Polar's shares have accumulated
losses of almost 81% since the retailer disclosed in early June
that it needed to reserve money  to cover bad credit-card loans
and that it overcharged clients for past-due store-credit-card
bills.

As reported in the Troubled Company Reporter-Latin America on
Aug. 2, 2011, Bloomberg News said that LAPOLAR, the Chilean
retailer that set aside US$900 million for consumer-lending
losses, will seek a court agreement with creditors to renegotiate
repayments and avoid bankruptcy.  The board agreed to file a
so- called preventative judicial agreement that requires support
from creditors representing more than half the outstanding debt
to be processed, La Polar said in an e-mailed statement obtained
by the news agency.

Empresas La Polar SA (LAPOLAR) is a retailer based in Chile.


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


JAMAICA'S NATIONAL: Moody's Assigns (P)B3 Rating to Debt Issuance
-----------------------------------------------------------------
Moody's Investors Service has assigned a provisional long-term
rating of (P)B3 to the prospective debt issuance of Jamaica's
National Road Operating and Constructing Company Limited (NROCC).
The rated debt will benefit from a full guarantee by the
government of Jamaica.  The rating outlook is stable, in line
with the issuer rating of the government.

Ratings Rationale

The NROCC's payment obligations will carry an explicit,
irrevocable and unconditional credit guarantee of the government
of Jamaica.  Since Moody's considers that the commitment of the
Jamaican government to back the issuer's obligations is no lower
than its commitment to service its own bonds, the NROCC's debt
will be ranked pari passu with other senior, unsecured debt
issuances of the government of Jamaica. Thus, such obligations
justify a rating at the same level as the government of Jamaica.

Rating Support Factors

Jamaica's B3 foreign- and local-currency government bond ratings
reflect the country's low economic development, moderate
institutional strength, weak government finances, and high
susceptibility to shocks.  Jamaica's per capita GDP is higher
than the B-category median but annual growth has averaged less
than 1% a year in the last decade.  The country has been in
recession for the past three years, only recovering in the first
quarter of 2011.  Lack of growth makes reducing the debt burden
difficult and the country's debt-to-revenues ratio remains among
the highest in its rating category, even after last year's
domestic debt exchange.

A high tolerance for fiscal austerity measures among its
population, and the country's broad consensus on economic
policies supports Moody's view of moderate institutional
strength, a key support for the rating.  The country's high
susceptibility to event risk is the result of an economy highly
vulnerable to external shocks given the importance of tourism and
continued need for external financing.


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


CONSUPAGO SA: S&P Affirms 'BB' Global Scale Rating
--------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings,
including the 'BB' global scale and 'mxA/mxA-2' counterparty
credit ratings, on Consupago S.A. de C.V. S.F.O.L.

"At the same time, we affirmed our 'BB-' global scale rating on
the company's Mexican pesos (MXN) 750 million in medium-term,
unsecured notes, and assigned our 'mxA-2' local scale rating to
short-term issuances under its MXN1.00 billion commercial paper
program," S&P related.

"Our ratings on Consupago reflect its moderate funding structure,
its monoline business profile, and strong competition in its
industry," said Standard & Poor's credit analyst Barbara Carreon.
"These factors are partially offset by the company's good
profitability, strong capitalization, and adequate asset
quality."

The 'BB-' rating on the notes reflects their subordination to
Consupago's secured debt.

"The stable outlook reflects our belief that the company's loan
portfolio will show higher growth in the coming months,
preserving its solid profitability and capitalization ratios,
even under less benign economic conditions and strong competition
in the sector," S&P said.


JBS SA: S&P Affirms 'BB' Rating; Outlook Revised to Stable
----------------------------------------------------------
Standard & Poor's Rating Services revised its outlook on Brazil-
based protein producer JBS S.A. and its U.S. subsidiary JBS USA
LLC to stable from positive and affirmed its 'BB' ratings on
these companies.

"The outlook revision reflects our belief that JBS's deleveraging
trend will be slower than we had previously expected.  The weak
or negative cash flows from its U.S. divisions, which account for
more than 70% of consolidated revenues, coupled with potentially
volatile raw material prices, will likely limit the company's
ability to pay down gross debt in the intermediate term.
Moreover, its more leveraged capital structure and weaker
profitability have somewhat tightened covenants headroom.
Although we see favorable trends in 2012 for the industries in
which JBS operates, we expect the company to take longer to
achieve projected credit ratios," S&P said.


KANSAS CITY: Fitch Affirms 'BB' Ratings on 3 Senior Note Classes
----------------------------------------------------------------
Fitch Ratings has affirmed the foreign and local currency Issuer
Default Ratings (IDRs) of Kansas City Southern de Mexico, S.A. de
C.V. (KCSM) at 'BB'.

Fitch has also affirmed at 'BB' the following senior unsecured
obligations of KCSM:

  -- US$94.1 million senior notes due 2016:
  -- US$296.3 million senior notes due 2018:
  -- US$185 million senior notes due 2020;

In addition, Fitch has assigned a rating of 'BB' to the following
senior unsecured obligations:

  -- US$200 million senior notes due 2021.

The Rating Outlook is Stable.

The ratings reflect KCSM's solid business position as a leading
provider of railway transportation services in Mexico with a
diversified revenue base.  The ratings also factor in the
company's consistent financial performance, which have resulted
in declining leverage, adequate liquidity, solid cash flow
generation, and positive free cash flow.  Also incorporated in
the ratings is the strong credit linkage between KCSM and its
parent company, Kansas City Southern (KCS).

The ratings incorporate the high sensitivity of the company's
credit profile to change in the macroeconomic environment, as its
operational performance is highly related to the strength or
weakness of the United States and Mexican economies.  The ratings
factor in an expectation that the U.S. and the Mexican economies
will grow by 1.5% and 1.8%, and 3.9% and 3.3% during 2011 and
2012, respectively.

Positive Trend in Operational Results:

Also considered in the ratings is the positive trend in the
company's operational results and in its controlling shareholder
KCS' results during the latest 12 months ended (LTM) Sept. 30,
2011.  During this time period, KCSM's revenues were US$920
million, a 21% increase over the same time period during 2010.

KCS revenues also increased during the LTM ended Sept. 30,
reaching US$2.0 billion, a 17% increase from 2010.  The ratings
consider the expectation that KCSM's revenues will grow by about
15% during the full year 2011 with EBITDA margins in the range of
40% to 45%.

Stable Consolidated Credit Profile:

The ratings consider the strong credit linkage between KCSM and
KCS.  Operationally and strategically, KCSM is a major component
of KCS's consolidated business.  As of Sept. 30, 2011, KCSM's LTM
revenues, LTM EBITDAR, LTM free cash flow (FCF), and total
adjusted debt represented approximately 45%, 59%, 39%, and 50%,
respectively, of KCS's consolidated business.  Also factored into
the ratings is the consistency of the company's positive trends.
Leverage metrics have improved dramatically over the last two
years as KCS has deleveraged (Total Adjusted Debt/ Operating
EBITDAR) from over 5.2 times (x) to 3.1x on a consolidated basis
from December 2009 to September 2011.  KCS's consolidated
liquidity is adequate and supported by cash balance, available
and unused credit facilities, and LTM positive FCF of US$217
million, US$400 million, and US$226 million, respectively, as of
Sept. 30, 2011.

Improving Cash Flow Generation, Positive Deleverage:

The improvement in the company's cash generation, as measured by
EBITDAR, has resulted in a significant reduction in the company's
financial leverage over the last two years.  The company's
EBITDAR for the LTM period ended Sept. 30, 2011 was US$450
million, a 22% increase over the LTM period ended September 30,
2010.  KCSM's total adjusted debt (on-balance and off-balance-
sheet debt) increased by only 2% during this time period.  As of
Sept. 30, 2011, the company had approximately US$1.4 billion of
total adjusted debt, which consists primarily of US$966 million
of on-balance-sheet debt, most of which is unsecured, and an
estimated US$402 million of off-balance-sheet debt associated
with lease obligations.

The company's adjusted gross leverage, measured by its total
adjusted debt/EBITDAR ratio, was 3.0x as of Sept. 30, 2011.  This
ratio compares favorably with the company's adjusted leverage
ratios of 3.6 and 5.5x during the two prior years.  The ratings
incorporate an expectation that KCSM's gross adjusted leverage
will be in the 3.0x to 3.5x range during the next year.

Adequate Liquidity, Low Refinancing Risk:

KCSM's liquidity position is adequate and results from its
improved capacity to generate cash flow from operations (CFO) and
access to the credit markets.  The company had approximately
US$60 million of cash and US$17 million of short-term debt at the
end of September.  The company's CFO for the LTM period ended
Sept. 30, 2011 was US$251 million, a 41% increase over the CFO
for the LTM period ending Sept. 30, 2010 (US$178 million).  The
company's capacity to generate positive FCF (US$88 million during
LTM September 2011) provides further stability to its credit
profile.  Also positive for the company is KCSM's low refinancing
risk, as the company refinanced part of its debt during 2011,
eliminating any significant debt maturity during the next four
years ended in December 2015.  The company's largest upcoming
debt obligation is the senior notes due in April 2016 (US$94.1
million).  Positively incorporated, during September 2011 KCSM
increased its revolving credit facility from US$100 million to
US$200 million, providing additional financial flexibility to the
company.  The ratings also reflect KCSM's good track record in
accessing credit markets and constantly improving its debt
maturity profile.

Main Concern, Sustainability of Global Economic Recovery:
The company is exposed to fuel cost volatility and other
industry-related risks, such as revenue volatility and high
operating leverage.  The greatest risk to KCSM is the potential
for another weakening of the U.S. economy, which would also
affect the Mexican economy, in a 'double-dip' recession.  Under
that severe scenario, it is likely the company's FCF would
decline materially, and leverage could rise to a level
inconsistent with the current ratings.


VITRO SAB: Noteholders Oppose Plan, Submits Own Proposal
--------------------------------------------------------
The Ad Hoc Group of Vitro Noteholders disclosed that the members
of the Group submitted a plan proposal to the Conciliador on
October 19, 2011, and that they oppose the plan of reorganization
for Vitro S.A.B. de C.V. filed by the Conciliador in the Mexican
Court.

The members of the Group collectively own more than 60% of
Vitro's $1.2 billion of outstanding senior notes and the majority
of the third-party claims.

The Noteholders are disappointed that prior to filing the
Conciliador's plan, the Conciliador did not give appropriate
consideration to the terms of the plan proposed by the
Noteholders or engage in any plan negotiations with the
Noteholders.  In addition, the Noteholders said the Conciliador
has at no time provided them any financial information.  The
Noteholders related that their proposal was designed to provide
the basis for a consensual reorganization of Vitro under which
the interests of all parties would be fairly considered and
addressed and represented an excess recovery to equity given
their legal rights, but their efforts were rebuffed by Vitro and
the Conciliador.

The Group views the Conciliador's plan, which is virtually
identical economically to Vitro's November 2010 plan, but
significantly more coercive, as inconsistent with his duty to
mediate a plan with broad creditor support.  In addition, any
purported majority support for the Conciliador's plan is premised
on Vitro's ability to vote US$1.9 billion of intercompany claims
controlled by its subsidiaries in order to cramdown
non-consenting, non-insider creditors.  Moreover, Vitro's plan
attempts to extinguish over US$1.5 billion of contractual
obligations owed by Vitro subsidiaries, notwithstanding that such
subsidiaries are not involved in any insolvency proceeding.

The Conciliador informed creditors that the Conciliador would
seek a 30-day extension of the concurso period and that the
Conciliador's plan had not been approved by IFECOM prior to its
filing with the Mexican Court.

The Group intends to take all appropriate actions to protect
their rights.

A copy of the term sheet of the Group's plan proposal is
available at http://is.gd/ytCYTl

None of the Noteholders is a temporary insider or fiduciary of
Vitro or any of its subsidiaries or affiliates or any creditor or
equity owner of Vitro or any of its subsidiaries or affiliates,
and each of the Noteholders expressly disclaims any purported
fiduciary duty to any such parties.

                          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.


VITRO SAB: Creditors Escape Sanctions for Involuntary Petitions
---------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that bondholders who filed unsuccessful involuntary
Chapter 11 petitions against subsidiaries of Vitro SAB managed to
escape without being saddled with US$6.2 million in sanctions.

Vitro sought reimbursement for US$6.2 million in attorneys' fees
and expense run up in fighting the petitions, Mr. Rochelle
recounts.  A provision in bankruptcy law says that the judge
"may" require reimbursement if an involuntary petition fails.

According to Bloomberg News, in a 7-page opinion on Nov. 1, U.S.
Bankruptcy Judge Harlin Hale in Dallas reviewed the various
standards for deciding when expenses should be reimbursed.  He
concluded that fees can be denied depending on "the totality of
the circumstances."  Mostly because it was a "close question"
whether the involuntary petitions would win or fail, Judge Hale
denied reimbursement.  If an appellate court were to believe he
abused his discretion in denying reimbursement, Judge Hale said
he would award fees, although with a 20% discount for duplication
of effort and high rates.

                         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.


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


* TRINIDAD & TOBAGO: Government Borrows US$160 Million From IDB
---------------------------------------------------------------
Curtis Rampersad at Trinidad Express reports that the Trinidad
Tobago acting Prime Minister Winston Dookeran government has
borrowed US$160 million (TT$1.02 billion) from the Inter-American
Development Bank to "fast track" measures announced in the
2011/2012 national budget.

Mr. Dookeran said a US$50 million loan was negotiated with the
IDB for social security initiatives while another US$50 million
was borrowed the week before for wastewater management at the
Water and Sewerage Authority, according to Trinidad Express.

The report relates that the government will complete a third loan
arrangement with the IDB for US$60 million to finance energy
investments and enhance the sector.

Trinidad Express notes that Minister Dookeran's October 10 budget
presentation in Parliament included a projected deficit of
US$7.6 billion.

The loans were negotiated at a LIBOR (London Interbank Offered
Rate) of 1.3% to be reviewed every quarter, Minister Dookeran
said, the report relates.  The government has a grace period of
5.5 years before it has to start repaying the loans, Trinidad
Express adds.

The Washington, DC-based Inter-American Development Bank is the
largest source of development financing for the Caribbean and
Latin America.


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


* Three U.S. Corp Defaults Last Week Raise S&P Tally to 39
----------------------------------------------------------
Three U.S.-based corporate issuers defaulted this week, raising
the 2011 global corporate default tally to 39, said an article
published Nov. 3 by Standard & Poor's Global Fixed Income
Research, titled "Global Corporate Default Update
(Oct. 28 - Nov. 2, 2011)."

Standard & Poor's Ratings Services lowered its ratings on MF
Global Holdings Ltd. to 'D' after the company filed for Chapter
11.  This is the first time a U.S.-based corporate issuer has
defaulted from an investment-grade rating since the ratings on
Washington Mutual Bank were lowered to 'D' after it was placed
into FDIC receivership and simultaneously sold to JPMorgan Chase
& Co. on Sept. 26, 2008.

The other two defaulters this week were homebuilder Hovnanian
Enterprises Inc. and Native American casino operator River Rock
Entertainment Authority.  Standard & Poor's Ratings Services
lowered its issuer credit rating on Hovnanian to 'SD' after the
company completed a distressed tender offer, and the ratings on
River Rock were lowered to 'D' following the issuer's failure
to repay principal on its existing $200 million senior notes at
maturity.

Of the total defaulters this year, 29 are based in the U.S.,
three are based in New Zealand, two are in Canada, and one each
is in the Czech Republic, Greece, France, Israel, and Russia.  Of
the defaulters by this time in 2010, 53 were U.S.-based issuers,
nine were from the other developed region (Australia, Canada,
Japan, and New Zealand), eight were from the emerging markets,
and two were European issuers.

Fifteen of this year's defaults were due to missed interest or
principal payments and eight were due to distressed exchanges--
both of which were among the top reasons for defaults in 2010.
Bankruptcy filings followed with seven defaults, and regulatory
actions accounted for three.  Of the remaining defaults, one
issuer failed to finalize refinancing on its bank loan, one
issuer had its banking license revoked by its country's central
bank, another was appointed a receiver, and three were
confidential.

By comparison, in 2010, 28 defaults resulted from missed interest
or principal payments, 25 from Chapter 11 and foreign bankruptcy
filings, 23 from distressed exchanges, three from receiverships,
one from a regulatory directive, and one from administration.


                            ***********


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.


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