TCRLA_Public/111110.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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


           Thursday, November 10, 2011, Vol. 12, No. 223

                            Headlines



A R G E N T I N A

* ARGENTINA: IDB OKs US$20 Million Loan to Plaza Logistica


C A Y M A N   I S L A N D S

ASTOS GLOBAL: Members' Final Meeting Set for Nov. 14
BLUE SKY: Members' Final Meeting Set for Nov. 11
CITRINE II INVESTMENT: Shareholder Receives Wind-Up Report
CITRINE INVESTMENT: Shareholder Receives Wind-Up Report
CS FUNDING: Members' Final Meeting Set for Nov. 11

DYNASTY CAYMAN: Members' Final Meeting Set for Nov. 17
FRONTPOINT OFFSHORE: Members' Final Meeting Set for Nov. 11
FRONTPOINT OFFSHORE: Members' Final Meeting Set for Nov. 11
FRONTPOINT OFFSHORE: Members' Final Meeting Set for Nov. 11
HEAVENLY LTD: Members' Final Meeting Set for Nov. 11

MARSHAL ASIA: Members' Final Meeting Set for Nov. 16
PETROLEUM EXPORT: Members' Final Meeting Set for Nov. 11
PETROLEUM EXPORT II: Members' Final Meeting Set for Nov. 11
PROTIUM MANAGEMENT: Members' Final Meeting Set for Nov. 17
SAIGON INVESTMENT: Members' Final Meeting Set for Nov. 15

SPRINGLAND INTERNATIONAL: Members Receive Wind-Up Report
SWISS GOLD: Shareholder Receives Wind-Up Report
TAIYO KAIHATSU: Members' Final Meeting Set for Nov. 11
UMEDA KAIHATSU: Members' Final Meeting Set for Nov. 11
VENCO BV: Members' Final Meeting Set for Nov. 15


C O S T A   R I C A

OSCAR DELA RENTA: Operations Closed by DGT Over Late Tax Payments


E C U A D O R

BANCO DE LA: Fitch Affirms LT Issuer Default Rating at 'B-'
BANCO PICHINCHA: Fitch Affirms LT Issuer Default Rating at 'B-'


M E X I C O

SERVICIOS DE AGUA: Moody's Lowers Issuer & Debt Ratings to 'Ba1'
URBI DESARROLLOS: Fitch Rates Issuer Default Ratings at 'BB-'
VITRO SAB: Bonds Trading Above Value in Proposed Reorganization


T R I N I D A D  &  T O B A G O

CL FIN'L: Witness Reveals Disparities in Units' Finc'l Statements


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


* ARGENTINA: IDB OKs US$20 Million Loan to Plaza Logistica
----------------------------------------------------------
The Inter-American Development Bank (IDB) approved a US$20
million loan to Plaza Logistica SRL of Argentina to finance the
construction of two logistics parks: one in Escobar and another
one in Pilar, in the metropolitan area of Buenos Aires.  This is
the first non-sovereign guaranteed loan ever approved by the IDB
to finance a logistics project in Latin America and the
Caribbean.

The logistics parks of Tortugas and Pilar, located in the most
populated region of the country and on an important Mercosur
transportation route, will become collection centers for
distribution of goods such as processed foods, beverages,
cleaning products and other consumer goods.  The IDB loan will
pave the way for Plaza Logistica to finance its investment plan
with long-term financing that is currently offered on a very
limited basis by the commercial banking market for this type of
project.

The construction of the two new logistics parks will add 85,000
of Class A warehouse facility for Plaza Logistica.  The loan will
also help finance the expansion and revamping of the company's
Pacheco logistics park in Tigre.  The project, approved by the
IDB's Structured and Corporate Finance Department, is expected to
contribute to the creation of approximately 500 full-time jobs
and 380 temporary jobs.

The companies that will contract Plaza Logistica's services, as
well as their suppliers, will benefit from growing international
trade, greater efficiency and reduced costs stemming from a
better logistics service.  Moreover, the project is expected to
generate positive environmental outcomes, since the new parks
will improve transportation efficiency, reducing carbon
emissions.

About the IDB's Structured and Corporate Finance Department

The Structured and Corporate Finance Department (SCF) leads all
IDB non-sovereign guaranteed operations for large scale projects,
companies and financial institutions in Latin America and the
Caribbean.  Through its loan syndication program, SCF plays a
catalytic role, helping mobilize resources from third parties by
partnering with commercial banks, institutional investors, co-
guarantors, and other co-lenders for projects with high
developmental impact.


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


ASTOS GLOBAL: Members' Final Meeting Set for Nov. 14
----------------------------------------------------
The members of Astos Global Fund will hold their final meeting on
Nov. 14, 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:

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


BLUE SKY: Members' Final Meeting Set for Nov. 11
------------------------------------------------
The members of Blue Sky Fund Cayman Ltd. will hold their final
meeting on Nov. 11, 2011, at 11:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CITRINE II INVESTMENT: Shareholder Receives Wind-Up Report
----------------------------------------------------------
The shareholder of Citrine II Investment Fund received on Nov. 8,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jonathan Bernstein
         Telephone: (345) 815-1897
         Facsimile: (345) 949-9877


CITRINE INVESTMENT: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Citrine Investment Fund received on Nov. 8,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jonathan Bernstein
         Telephone: (345) 815-1897
         Facsimile: (345) 949-9877


CS FUNDING: Members' Final Meeting Set for Nov. 11
--------------------------------------------------
The members of CS Funding Company will hold their final meeting
on Nov. 11, 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:

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


DYNASTY CAYMAN: Members' Final Meeting Set for Nov. 17
------------------------------------------------------
The members of Dynasty Cayman Limited will hold their final
meeting on Nov. 17, 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:

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


FRONTPOINT OFFSHORE: Members' Final Meeting Set for Nov. 11
-----------------------------------------------------------
The members of Frontpoint Offshore Asia Pacific Fund, Ltd. will
hold their final meeting on Nov. 11, 2011, at 9:20 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


FRONTPOINT OFFSHORE: Members' Final Meeting Set for Nov. 11
-----------------------------------------------------------
The members of Frontpoint Offshore Asian Event Driven Fund, Ltd.
will hold their final meeting on Nov. 11, 2011, at 9:10 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


FRONTPOINT OFFSHORE: Members' Final Meeting Set for Nov. 11
-----------------------------------------------------------
The members of Frontpoint Offshore Currency Fund, Ltd. will hold
their final meeting on Nov. 11, 2011, at 9:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HEAVENLY LTD: Members' Final Meeting Set for Nov. 11
----------------------------------------------------
The members of Heavenly 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:

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


MARSHAL ASIA: Members' Final Meeting Set for Nov. 16
----------------------------------------------------
The members of Marshal Asia Opportunities Fund Limited will hold
their final meeting on Nov. 16, 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


PETROLEUM EXPORT: Members' Final Meeting Set for Nov. 11
--------------------------------------------------------
The members of Petroleum Export Limited will hold their final
meeting on Nov. 11, 2011, at 10:11 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PETROLEUM EXPORT II: Members' Final Meeting Set for Nov. 11
-----------------------------------------------------------
The members of Petroleum Export II Limited will hold their final
meeting on Nov. 11, 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:

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


PROTIUM MANAGEMENT: Members' Final Meeting Set for Nov. 17
----------------------------------------------------------
The members of Protium Management Ltd 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


SAIGON INVESTMENT: Members' Final Meeting Set for Nov. 15
---------------------------------------------------------
The members of Saigon Investment Company will hold their final
meeting on Nov. 15, 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


SPRINGLAND INTERNATIONAL: Members Receive Wind-Up Report
--------------------------------------------------------
The members of Springland International Assurance Company
received on Sept. 27, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Graham Manchester
         Governors Square, Building 4
         2nd Floor, 23 Lime Tree Bay Avenue
         P.O. Box 1051 Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 1-345-949-7988
         Facsimile: 1-345-949-7849


SWISS GOLD: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Swiss Gold & Silver Hedge Fund Ltd received on
Nov. 1, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Andrin Waldburger
         Baarerstrasse 147
         Zug, Switzerland


TAIYO KAIHATSU: Members' Final Meeting Set for Nov. 11
------------------------------------------------------
The members of Taiyo Kaihatsu Cayman Co., Ltd. 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:

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


UMEDA KAIHATSU: Members' Final Meeting Set for Nov. 11
------------------------------------------------------
The members of Umeda Kaihatsu Cayman will hold their final
meeting on Nov. 11, 2011, at 11:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


VENCO BV: Members' Final Meeting Set for Nov. 15
------------------------------------------------
The members of Venco, B.V. will hold their final meeting on
Nov. 15, 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


===================
C O S T A   R I C A
===================


OSCAR DELA RENTA: Operations Closed by DGT Over Late Tax Payments
-----------------------------------------------------------------
Inside Costa Rica reports that Oscar de la Renta is the latest to
be shut down by the tax man for being late with their tax
payments.

In the last couple of weeks, a total 80 retail stores and
businesses, including Hallmark, have been shut down for five days
by the Directorate General of Taxation (DGT) for the penalty for
filing late, according to Inside Costa Rica.

Director of Taxation Francisco Villalobos, according to the
report, explains that "cierres" (closures) that take place for
delinquencies or problems with filing tax or not giving customers
receipts are among the reasons.


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


BANCO DE LA: Fitch Affirms LT Issuer Default Rating at 'B-'
-----------------------------------------------------------
Fitch Ratings has affirmed Banco de la Produccion S.A. y
Subsidiarias' (Produbanco) long-term Issuer Default Rating (IDR)
at 'B-'.  The Rating Outlook is Stable.

Produbanco's Viability rating and IDR reflect its strong
franchise, experienced management, good asset quality indicators
and adequate liquidity.  Nevertheless, Ecuador's political and
regulatory uncertainty, its loan and investment concentration and
overall challenging environment continue to burden the bank's
ratings.  The ratings are also constrained by the country
ceiling.

Despite having the fourth largest deposit market share, Fitch
believes that Produbanco cannot rely upon government support,
should it be necessary, given Ecuador's weak fiscal stance and
the lack of a lender of last resort.

An upgrade of the sovereign's ratings could lead to an upgrade of
Produbanco's IDR and Viability rating, if the bank maintains
adequate capital, asset quality and profitability ratios.
Although not considered Fitch's base case scenario, severe asset
quality deterioration, weak financial performance or further
government intervention affecting the bank's liquidity or balance
sheet could pressure ratings downward.

Asset quality deteriorated somewhat during the first half of
2011. However, at 1.1%, Produbanco's impaired loans/gross loans
ratio continued to compare favorably to both the domestic
industry (privately owned banks) average as well as similarly
Fitch-rated international peers (emerging market commercial banks
with a long-term IDR of 'B-', 'B' or 'B+').  Nevertheless, given
Produbanco's corporate focus, its credit portfolio remains
moderately concentrated with the top 20 largest exposures
(including contingencies) by economic group accounting for 26% of
gross loans at end-June 2011.

Although loan loss reserve coverage of impaired loans (230% at
end-June 2011) is below the domestic industry average, it
continued to compare favorably with international peers and
should be viewed within the context of the bank's lower risk,
predominately corporate loan portfolio.  Given the still moderate
loan concentration, Fitch views this level as adequate.

Stable and diversified deposits accounted for an average of 89%
of total funding over the past five years. Liquid assets (of
which about two-thirds was in cash and due from banks) covered
50% of deposits and short-term funding at end-June 2011,
comparing favorably to peers.  As such, Fitch views Produbanco's
liquidity as adequate for its operating environment.

The bank's profitability strengthened in the first half of 2011,
mostly reflecting a stronger net interest margin due to growth in
the consumer segment.  Nevertheless, key profitability ratios
remain weak relative to peers' given the bank's corporate focus.

Government-set pricing is likely to continue to affect operating
revenues, pressuring margins and limiting non-interest revenue
growth.  Moderate GDP growth should continue to support
Produbanco's strategy of diversifying into the consumer segment,
which should sustain improvements in profitability despite
mandated interest rate caps and fee limits.

Produbanco's Fitch core capital/weighted risks ratio of 12.5% at
end-June 2011 remained relatively stable as income growth has
kept pace with asset growth, a trend Fitch expects to continue.
While capitalization is in line with domestic peers, it is tight
relative to international peers.  Nevertheless, adequate reserve
coverage of impaired loans somewhat mitigates this risk.

Incorporated in 1978, Produbanco is Ecuador's fourth largest bank
by assets (15% of the system's assets at June 2011).
Historically focused on corporate banking, it has expanded into
retail banking in the past few years. The bank is also active in
fund management and securities brokerage.

Fitch has affirmed Produbanco's ratings as follows:

  -- Foreign currency long-term IDR at 'B-'; Stable Outlook;
  -- Foreign currency short-term IDR at 'B';
  -- Viability rating at 'b-';
  -- Individual rating at 'D';
  -- Support rating at '5';
  -- Support Floor at 'NF'.


BANCO PICHINCHA: Fitch Affirms LT Issuer Default Rating at 'B-'
---------------------------------------------------------------
Fitch Ratings has affirmed Banco Pichincha C.A. y Subsidiarias'
long-term Issuer Default Rating (IDR) at 'B-'.  The Rating
Outlook is Stable.

Pichincha's Viability rating and IDR reflect its strong
franchise, broad deposit base, ample liquidity and good asset
quality.  Nevertheless, Ecuador's political and regulatory
uncertainty, and overall challenging environment continue to
burden the bank's ratings.  The ratings are constrained by the
country ceiling.

Despite having the largest deposit market share, Fitch believes
that Pichincha cannot rely upon government support, should it be
necessary, due to Ecuador's weak fiscal stance and the lack of a
lender of last resort.

An upgrade of the sovereign's ratings could lead to an upgrade of
Pichincha's IDR and Viability rating, if the bank maintains
adequate capital, asset quality and profitability ratios.
Although not considered Fitch's base case scenario, severe asset
quality deterioration, weak financial performance or further
government intervention affecting the bank's liquidity or balance
sheet could pressure ratings downward.

Asset quality deteriorated during the first six months of 2011,
due to the maturation of Pichincha's rapidly growing microcredit
and consumer portfolio.  At the end of June 2011, Pichincha's
impaired loans/total loans ratio of 3% was worse than the
domestic peer (privately owned banks) average of 2.6%, a trend
that is likely to continue given the bank's higher proportion of
retail lending.  However, this ratio continued to compare
favorably to international peers (Fitch rated emerging market
commercial banks with a long-term IDR of 'B-', 'B' or 'B+').
Loan loss reserve coverage of impaired loans significantly
exceeds both domestic and international peer medians.

Pichincha's profitability strengthened in the first half of 2011,
as a stronger net interest margin (NIM), as well as robust growth
in fees and commissions more than offset increased provisioning
expenses and operating costs.  As a result, the bank's annualized
ROAA reached around 1.6% at the end of June 2011, which compares
favorably to domestic peers and is similar to international
peers.  Absent a more disruptive government intervention,
profitability should stabilize at current levels, underpinning
capital growth over the medium term.

Since 2010, Pichincha's capitalization ratios have declined
slightly due to stronger asset growth, with the equity/assets
ratio reaching 7.9% and the Fitch core capital/weighted risks
ratio reaching 10.3% at the end of June 2011.  Although
capitalization is lower relative to other large domestic peers
and international peers, Fitch believes Pichincha's capital
ratios are adequate in light of the bank's risk profile.
Furthermore, strong reserve coverage of impaired loans somewhat
mitigates lower capitalization.

Pichincha is Ecuador's largest bank with about 29% of the
system's assets at the end of June 2011.  Incorporated in 1906,
the group offers a wide array of services to corporate, middle
market, and retail customers.  Pichincha is tightly controlled by
its main shareholder Fidel Egas Grijalva, who holds 61% of the
company's stock.

Fitch has affirmed Pichincha's ratings as follows:

  -- Foreign currency long-term IDR at 'B-', Stable Outlook;
  -- Foreign currency short-term IDR at 'B';
  -- Viability rating at 'b-';
  -- Individual rating at 'D';
  -- Support rating at '5';
  -- Support Floor at'NF'.


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


SERVICIOS DE AGUA: Moody's Lowers Issuer & Debt Ratings to 'Ba1'
----------------------------------------------------------------
Moody's de Mexico downgraded Servicios de Agua y Drenaje de
Monterrey (SADM) issuer ratings to Ba1 (Global Scale, local
currency) and A1.mx (Mexico National Scale) from Baa3 and Aa3.mx,
respectively.  The outlook was changed to negative from stable.

At the same time, Moody's downgraded debt ratings to Ba1 (Global
Scale, local currency) and A1.mx (Mexico National Scale) from
Baa3 and Aa3.mx to SADM's MXN 1.6 billion and MXN 1.16 billion
(original face values) enhanced loans from Banorte and to the MXN
1.8 billion (original face value) enhanced loan from Banobras.

Ratings Rationale

The rating action to downgrade SADM's issuer rating was prompted
by the recent decision to downgrade the ratings of the State of
Nuevo Leon to Ba1/A1.mx from Baa3/Aa3.mx.  SADM has a public
mandate to provide water and sewage services in the state and,
therefore shares the same own-source revenue base.  The rating
action also reflects SADM's ties with the state of Nuevo Leon and
the latter's role in the management decisions of the company.
The negative outlook reflects uncertainty on the margin of action
that SADM will have to impose future tariff increases to cover an
ambitious capital expenditure program to provide water from new
sources.  It also reflects the negative outlook of Nuevo Leon's
issuer ratings.  The outlook could be stabilized if the financing
structure of the new project incorporates the necessary tariff
adjustments and thereby, does not translate in higher debt
levels.

Deterioration in SADM's financial performance, owing to either
insufficient tariff increases and/or higher capital expenditures
that lead to increases in debt levels, could exert downward
pressure on the ratings.  A downgrade of the State of Nuevo Leon
issuer ratings (Ba1/A1.mx, negative outlook) could also exert
downward pressure on SADM's ratings.  Further improvement in
SADM's liquidity position, coupled with consecutive cash
financing surpluses and an easing in debt metrics, could exert
upward pressure on the ratings.  An upgrade of the State of Nuevo
Leon issuer ratings could also exert upward pressure on the
ratings.

The downgrade of the debt ratings to Ba1/A1.mx from Baa3/Aa3.mx
to SADM's three enhanced loans: MXN 1.6 billion and MXN 1.16
billion (original face values) enhanced loans from Banorte and to
the MXN 1.8 billion (original face value) from Banobras, reflects
the downgrade of SADM's issuer ratings.  The ratings rationale
reflects the strength derived from credit enhancements embedded
in the three enhanced loans, offset by Moody's assessment that
the underlying credit risks of these loans are, nevertheless,
undistinguishable from the issuer ratings assigned to SADM.

Given the links between the loans and the credit quality of the
obligor, a downgrade of SADM's issuer ratings could also exert
downward pressure on debt ratings for the loans. Conversely, an
upgrade of SADM's issuer ratings could result in an upgrade of
the ratings on the loans.


URBI DESARROLLOS: Fitch Rates Issuer Default Ratings at 'BB-'
-------------------------------------------------------------
Fitch Ratings has assigned 'A-'(mex) rating to Urbi Desarrollos
Urbanos; S.A.B. de C.V.'s proposed independent issuance of
Certificados Bursatiles of up to MXN1,000 million.  Proceeds from
the issuance will be used primarily to refinance debt.

Fitch currently rates Urbi as follows:

  -- Foreign Currency Issuer Default Rating (IDR) at 'BB-';
  -- Local Currency IDR at 'BB-';
  -- National Long-term rating at 'A-(Mex)';
  -- US$150 million senior notes due 2016 at 'BB-';
  -- US$300 million senior notes due 2020 at 'BB-';
  -- Short-term rating at 'F2(Mex)'.

The Rating Outlook is Stable.

The ratings reflect the company's solid market position in the
Mexican Homebuilding industry, business strategy oriented to the
low-income segment, geographic diversification; important land
reserve; adequate liquidity, and moderate leverage.  The ratings
also incorporate the company's limited capacity to generate
positive free cash flow in the short and medium term due to
increasing working capital needs as the business continues to
grow.

The Stable Outlook incorporates the expectation that Urbi's
credit profile will remain stable.  The company's gross leverage
is expected to remain around 3.5 times (x), cash position above
MXN4 billion, and EBITDA margin around 27.5% during the next
twelve month ended in September 2012.

Urbi's market position is solid and sustainable in the medium
term based on the company's large scale and relative geographic
diversification.  The company is the third largest homebuilder in
Mexico in terms of number of units sold.  Urbi's units sold for
LTM September 2011 was 35,813, an increase of 6.7% when compared
to LTM September 2010.  The ratings factor in the view that the
company's total units sold for FY2011 and FY2012 would be around
the 39,000 units and 45,000 units, respectively, which would
represent an annual increase levels of 16% and 15%, respectively.

Urbi's ratings are constrained by the higher working capital
requirements incorporated in its business model.  A factor that
differentiates the company's business strategy from other
participants is Urbi's continued efforts, during the last several
years, to develop Mexico's non-affiliated low-income housing
market (informal sector) through mechanisms such Alternativa
Urbi.  The ratings incorporate the company's strategy to allocate
approximately 18% of its annual units sold through Alternativa
Urbi.  This mechanism offers very good growth opportunities but
at the same time, financially, represents a challenge, since
developing a solid market position in the non-affiliated segment
requires a higher level of working capital because the company
has to nurture potential buyers until they are qualified to
obtain a mortgage.

The ratings consider Urbi's more aggressive growth strategy since
the second half of 2010 which has resulted in the company's total
debt increase to cover higher working capital requirements
related to operations as well as to finance the integration of
housing projects in progress (HPPs).  The company's total debt
increased to MXN14 billion by the end of September 2011 from
MXN10.6 billion and MXN7.7 billion by September 2010 and December
2009, respectively.

The imbalance between the variations between the company's cash
flow generation (EBITDA) and its financial debt during the last
two years explains the increase in the company's gross leverage,
measured as total debt to EBITDA ratio.  The company's gross
leverage was 3.2 times (x) by the end of September 2011, which
compares negatively with the company's gross leverage of 2.7x and
1.9x by the end of September 2010 and December 2009,
respectively.  The company's gross leverage is expected to remain
around 3.5x during the next twelve-month period ended in
September 2012.

The company's FCF is expected to be negative 2011, as the
business continues to grow with expected increase in total titled
homes revenues around 16% during FY2011, which implies a record
level for titled homes of approximately 13,000 during the four
quarter of 2011 (4Q11).

The company's free cash flow (FCF) during LTM September 2011 was
negative MXN2.8 billion, including interest paid.  Fitch's FCF
calculation for the period considers cash flow from operations
after interest paid (CFO: negative MXM2.7 billon) minus capex
(MXN116 million) and distributed dividends (no distributed
dividends during the period).  Driving the company's FCF trend is
primarily the increase in its working capital needs which started
during the second half of 2010 as the company increased its
levels of account receivables (ARs) from MXN531 million in
December 2009 to MXN3.6 billion and MXN7 billion by September
2010 and September 2011, respectively.

The ratings consider that the company's debt payment schedule has
deteriorated during the last 18 months due to the increase in the
company's short term debt.  During LTM September 2011 Urbi
maintained stable cash position reaching levels of MXN5.7 billion
and MXN6.9 billion by the end of September 2010 and September
2010, respectively.  However, Urbi's short term debt during the
same period increased from MXN1.7 billion to MXN 7 billion as the
company funded with short term debt HPPs acquisitions.  With the
proposed transaction the company is planning to pay-off and
reduce its short term debt position.  The ratings incorporate the
expectation that Urbi will maintain a solid cash position of
approximately MXN4 billion during the next twelve-month period
ended in September 2012 and that its debt payment schedule will
significantly improve with additional refinancing of its debt to
take place during the first half of 2012.

Positive rating actions could result from some combination of the
following factors: a sustained strengthening of the company's
gross leverage returning to levels below 2.0x, stability in
credit metrics, and consistently positive FCF.  A negative rating
action could be triggered by a deterioration of the company's
credit protection measures and cash position due to weak
operational results and more aggressive HPP acquisitions, a
decline of government funding programs, and deterioration in the
company's industry business environment leading to erosion in the
company's market position.  Sustained gross leverage levels above
3.75x could result in a negative rating action.


VITRO SAB: Bonds Trading Above Value in Proposed Reorganization
---------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that defaulted bonds issued by Vitro SAB are trading at
prices above what some analysts estimate is the value of the
restructuring offered to creditors in the reorganization in
Mexico.  Bondholders have a lawsuit pending in New York state
court seeking a declaration that nothing that occurs in the
Mexican courts can alter obligations of non-bankruptcy Vitro
subsidiaries on the $1.2 billion in defaulted bonds.  The
bondholders argued a summary judgment motion in state court on
Nov. 7.  The judge didn't say when he would rule.

                          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
===============================


CL FIN'L: Witness Reveals Disparities in Units' Finc'l Statements
-----------------------------------------------------------------
Trinidad Express reports that several "eye catching disparities"
in the financial statements of CLICO Investment Bank and British
American Trinidad and Tobago were revealed as Maria Daniel, a
partner at Ernst and Young Services Ltd, took the witness stand
in the Commission of Enquiry into the collapse of CL Financial
Limited and Colonial Life Insurance Company (Trinidad) Limited
(CLICO).

CIB and British American are subsidiaries of CL Financial
Limited.

Ernst and Young were commissioned on March 11, 2009, by the
Trinidad and Tobago Central Bank to prepare a Statement of
Affairs for CIB and British American, Trinidad Express recalls.

Ms. Daniel, the report notes, said both companies were insolvent
since 2007, Daniel said.  The net assets of CIB as of January 31,
according to their management accounts were over $1 billion, Ms.
Daniel said, according to Trinidad Express.

The report says that After Ernst and Young prepared their
Statement of Affairs the net assets were recalculated to negative
$4 billion.

"The most significant contributor to CIB's financial distress and
to its eventual insolvency is the lack of recovery of inter-
company balances from CLF and other related parties," Trinidad
Express quoted Ms. Daniel as saying.  Trinidad Express relates
that on the management accounts of CIB under assets "due from
related companies" amounted to TT$2 billion.

This amount was written off by Ernst and Young in its Statement
of Affairs, the report notes.  Ms. Daniel said the amount was
written off because these funds were not able to be recovered,
the report relays.  "These were just paper transactions.  CIB was
used as a funding vehicle," Ms. Daniel added, Trinidad Express
relates.

                             About CIB

Clico Investment Bank is owned and managed by CL Financial, a
privately held conglomerate in Trinidad and Tobago.

                        About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company by Cyril Duprey,
Colonial Life Insurance Company was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat CL
Financial's collapse and the consequent systemic crisis.


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


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

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

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

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

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

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

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

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

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

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


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer or
solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine
T. Fernandez, Valerie U. Pascual, Psyche A. Castillon, Ivy B.
Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


                   * * * End of Transmission * * *