/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/111114.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 Monday, November 14, 2011, Vol. 12, No. 225 Headlines A R G E N T I N A COLORTEL SRL: Creditors' Proofs of Debt Due Feb. 2 COMERCIOS RIOPLATENSES: Calls for Bankruptcy Protection EKD SA: Applies for Bankruptcy Protection FORMATOS EFICIENTES: Applies for Bankruptcy Protection GILMER SA: Creditors' Proofs of Debt Due Dec. 28 HOSPITAL VETERINARIO: Creditors' Proofs of Debt Due Dec. 12 PLASTIVA SRL: Creditors' Proofs of Debt Due Dec. 13 C A Y M A N I S L A N D S AFFINITY HJT: Creditors' Proofs of Debt Due Nov. 18 ANDROS AVIATION: Creditors' Proofs of Debt Due Nov. 23 APEX SILVER: Creditors' Proofs of Debt Due Nov. 23 DIAMOND ALTERNATIVE: Creditors' Proofs of Debt Due Nov. 15 GLOBAL WARMING: Creditors' Proofs of Debt Due Nov. 15 MAPLEWOOD (CAYMAN): Creditors' Proofs of Debt Due Nov. 23 MEREOR ABSOLUTE: Creditors' Proofs of Debt Due Nov. 24 MEREOR ABSOLUTE: Creditors' Proofs of Debt Due Nov. 24 NOVELL FINANCE: Creditors' Proofs of Debt Due Nov. 14 OSPRAIE INVESTORS: Creditors' Proofs of Debt Due Nov. 24 PATRICK HENRY: Creditors' Proofs of Debt Due Nov. 23 STONE-POINT LTD: Creditors' Proofs of Debt Due Nov. 23 STORMHARBOUR ALTERNATIVE: Creditors' Proofs of Debt Due Nov. 14 TOLLY INVESTMENTS: Creditors' Proofs of Debt Due Nov. 23 TOYOSU PROPERTY: Creditors' Proofs of Debt Due Nov. 23 D O M I N I C A N R E P U B L I C CAP CANA: To Default on 10% Senior Secured Notes Due 2016 J A M A I C A JAMALCO: Government to Complete CAP Sale by Year End M E X I C O CEMEX SAB: S&P Lowers Corporate Credit Rating to 'B-' PETROLEOS DE VENEZUELA: To Issue Bonds to Repay US$3BB Debt VITRO SAB: Creditors See Nothing New in Revised Plan X X X X X X X X * BOND PRICING: For the Week November 7, to November 11, 2011 - - - - - ================= A R G E N T I N A ================= COLORTEL SRL: Creditors' Proofs of Debt Due Feb. 2 -------------------------------------------------- Jorge Norberto Vilarino, the court-appointed trustee for Colortel SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until Feb. 2, 2012. Mr. Vilarino will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 3 in Buenos Aires, with the assistance of Clerk No. 6, 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: Jorge Norberto Vilarino Fonrouge 1346 Argentina COMERCIOS RIOPLATENSES: Calls for Bankruptcy Protection ------------------------------------------------------- Comercios Rioplatenses SA called for bankruptcy protection. The company has defaulted on its payments last Aug. 9. EKD SA: Applies for Bankruptcy Protection ----------------------------------------- EKD SA applied for bankruptcy protection. The company has defaulted on its payments last Aug. 9. FORMATOS EFICIENTES: Applies for Bankruptcy Protection ------------------------------------------------------ Formatos Eficientes SA applied for bankruptcy protection. The company has defaulted on its payments last Aug. 9. GILMER SA: Creditors' Proofs of Debt Due Dec. 28 ------------------------------------------------ Estudio Debenedetti & Asociados, the court-appointed trustee for Gilmer SA's reorganization proceedings, will be verifying creditors' proofs of claim until Dec. 28, 2011. The Trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 18 in Buenos Aires, with the assistance of Clerk No. 38, 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. Creditors will vote to ratify the completed settlement plan during the assembly on Nov. 1, 2012. The Trustee can be reached at: Estudio Debenedetti & Asociados Rodriguez Pena 617 Argentina HOSPITAL VETERINARIO: Creditors' Proofs of Debt Due Dec. 12 ----------------------------------------------------------- Adriana E. Torrado, the court-appointed trustee for Hospital Veterinario Central SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until Dec. 12, 2011. Ms. Torrado will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 23 in Buenos Aires, with the assistance of Clerk No. 45, 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: Adriana E. Torrado Tucuman 1553 Argentina PLASTIVA SRL: Creditors' Proofs of Debt Due Dec. 13 --------------------------------------------------- Jorge David Jalfin, the court-appointed trustee for Plastiva SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until Dec. 13, 2011. Mr. Jalfin will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 20 in Buenos Aires, with the assistance of Clerk No. 40, 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: Jorge David Jalfin Sarmiento 1452 Argentina =========================== C A Y M A N I S L A N D S =========================== AFFINITY HJT: Creditors' Proofs of Debt Due Nov. 18 --------------------------------------------------- The creditors of Affinity HJT Holdings are required to file their proofs of debt by Nov. 18, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 12, 2011. The company's liquidators are: Tee Choon Kiong Foo Bin Gee Telephone: 65 6238 2266 Facsimile: 65 6238 1290 9 Temasek Boulevard Suntec Tower Two #27-03 Singapore 038989 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands ANDROS AVIATION: Creditors' Proofs of Debt Due Nov. 23 ------------------------------------------------------ The creditors of Andros Aviation Limited are required to file their proofs of debt by Nov. 23, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 7, 2011. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 APEX SILVER: Creditors' Proofs of Debt Due Nov. 23 -------------------------------------------------- The creditors of Apex Silver Mines are required to file their proofs of debt by Nov. 23, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 3, 2011. The company's liquidator is Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 DIAMOND ALTERNATIVE: Creditors' Proofs of Debt Due Nov. 15 ---------------------------------------------------------- The creditors of Diamond Alternative Investment Ltd. are required to file their proofs of debt by Nov. 15, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 7, 2011. The company's liquidator is: Ogier c/o Michael Lubin Telephone: +1 (345) 815-1793 Facsimile: +1 (345) 949-9877 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands GLOBAL WARMING: Creditors' Proofs of Debt Due Nov. 15 ----------------------------------------------------- The creditors of Global Warming Fund are required to file their proofs of debt by Nov. 15, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 7, 2011. The company's liquidator is Ogier c/o Michael Lubin Telephone: +1 (345) 815-1793 Facsimile: +1 (345) 949-9877 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands MAPLEWOOD (CAYMAN): Creditors' Proofs of Debt Due Nov. 23 --------------------------------------------------------- The creditors of Maplewood (Cayman) Limited are required to file their proofs of debt by Nov. 23, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 11, 2011. The company's liquidator is David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands MEREOR ABSOLUTE: Creditors' Proofs of Debt Due Nov. 24 ------------------------------------------------------ The creditors of Mereor Absolute Return Fund Limited are required to file their proofs of debt by Nov. 24, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 29, 2011. The company's liquidator is: Stuart Sybersma c/o Russell Gleisner Deloitte & Touche P.O Box 1787 Grand Cayman KY1-1109 Cayman Islands Telephone: +1 (345) 814 2330 Facsimile: +1 (345) 949 8258 e-mail: rgleisner@deloitte.com MEREOR ABSOLUTE: Creditors' Proofs of Debt Due Nov. 24 ------------------------------------------------------ The creditors of Mereor Absolute Return Master Fund Limited are required to file their proofs of debt by Nov. 24, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 29, 2011. The company's liquidator is: Stuart Sybersma c/o Russell Gleisner Deloitte & Touche P.O Box 1787 Grand Cayman KY1-1109 Cayman Islands Telephone: +1 (345) 814 2330 Facsimile: +1 (345) 949 8258 e-mail: rgleisner@deloitte.com NOVELL FINANCE: Creditors' Proofs of Debt Due Nov. 14 ----------------------------------------------------- The creditors of Novell Finance Limited are required to file their proofs of debt by Nov. 14, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 10, 2011. The company's liquidator is: Avalon Management Limited c/o GL Telephone: (+1) 345 769 4422 Facsimile: (+1) 345 769 9351 Landmark Square 1st Floor, 64 Earth Close West Bay Beach PO Box 715, George Town Grand Cayman KY1-1107 Cayman Islands OSPRAIE INVESTORS: Creditors' Proofs of Debt Due Nov. 24 -------------------------------------------------------- The creditors of Ospraie Investors MG Ltd are required to file their proofs of debt by Nov. 24, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 11, 2011. The company's liquidator is: Ian D. Stokoe c/o Aaron Gardner Telephone: (345) 914 8655 Facsimile: (345) 945 4237 PO Box 258 Grand Cayman KY1-1104 Cayman Islands PATRICK HENRY: Creditors' Proofs of Debt Due Nov. 23 ---------------------------------------------------- The creditors of Patrick Henry Limited are required to file their proofs of debt by Nov. 23, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 10, 2011. The company's liquidator is Commerce Corporate Services Limited P.O. Box 694 Grand Cayman Cayman Islands Telephone: 949 8666 Facsimile: 949 0626 STONE-POINT LTD: Creditors' Proofs of Debt Due Nov. 23 ------------------------------------------------------ The creditors of Stone-Point, Ltd. are required to file their proofs of debt by Nov. 23, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 29, 2011. The company's liquidator is Commerce Corporate Services Limited P.O. Box 694 Grand Cayman Cayman Islands Telephone: 949 8666 Facsimile: 949 0626 STORMHARBOUR ALTERNATIVE: Creditors' Proofs of Debt Due Nov. 14 --------------------------------------------------------------- The creditors of Stormharbour Alternative Investments Convexity Fund Ltd. are required to file their proofs of debt by Nov. 14, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 10, 2011. The company's liquidator is: Avalon Management Limited c/o GL Telephone: (+1) 345 769 4422 Facsimile: (+1) 345 769 9351 Landmark Square 1st Floor, 64 Earth Close West Bay Beach PO Box 715, George Town Grand Cayman KY1-1107 Cayman Islands TOLLY INVESTMENTS: Creditors' Proofs of Debt Due Nov. 23 -------------------------------------------------------- The creditors of Tolly Investments Limited are required to file their proofs of debt by Nov. 23, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 4, 2011. The company's liquidator is Graham Robinson c/o Omar Grant Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897 Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands TOYOSU PROPERTY: Creditors' Proofs of Debt Due Nov. 23 ------------------------------------------------------ The creditors of Toyosu Property Cayman Limited are required to file their proofs of debt by Nov. 23, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 10, 2011. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 =================================== D O M I N I C A N R E P U B L I C =================================== CAP CANA: To Default on 10% Senior Secured Notes Due 2016 --------------------------------------------------------- Cap Cana, S.A. disclosed that it will not be able to make the interest payment originally due on Oct. 31, 2011 to the holders of the 10% Senior Secured Notes due 2016. The amount of interest due is approximately US$4.8 million. The Company further announced that, based on its currently projected cash flows, it will not be able to resume interest payments on the 2016 Notes for the foreseeable future. As of Oct. 31, 2011, the outstanding balance under the Indenture governing the 2016 Senior Notes was US$96,030,500 and the outstanding balance under the Indenture governing the 2016 Recovery Notes was US$119,080,662 including both principal and accrued unpaid interest. Under the Indenture of the 2016 Notes, the failure to pay interest constitutes an Event of Default. The Event of Default triggers cross-default provisions in the Company's 10% Senior Secured Recovery Notes due 2016. The Company will host an investor conference call to discuss the events of default, the economic and market events leading to the Company's current financial situation, the efforts undertaken to date to reduce costs and improve its financial condition and the uncertain economic and market outlook. The Company shall also present possible resolution strategies. About Cap Cana Cap Cana S.A. -- http://www.capcana.com/-- is a 30,000 acre master-planned luxury resort and real estate community located on the eastern tip of the Dominican Republic in the Caribbean. The community is fully operational with championship golf and yachting facilities, a world class hotel, pristine beaches, a variety of dining and retail establishments and numerous other amenities. Since breaking ground in 2002, Cap Cana has invested approximately US$800 million in infrastructure and other improvements and has entered into contracts with aggregate value of approximately US$1.5 billion for the sale of approximately 1,500 units of real estate properties. Throughout this period, Cap Cana has delivered over 700 real estate properties to buyers, including retail and developer hotel lots, condominiums and villas. ============= J A M A I C A ============= JAMALCO: Government to Complete CAP Sale by Year End ---------------------------------------------------- RJR News reports that Clive Mullings, Jamaica minister of energy and mining, said the sale of Clarendon Alumina Production (CAP) is now scheduled to be completed by the end of the year. Mr. Mullings told RJR News in an interview that that discussions are in progress with lawyers representing commodity trader Glencore, which has been selected to purchase CAP with the sale on track to be finalized before December 31. Last month, Cabinet approved the sale of CAP, further paving the way for Jamaica to finalize its ongoing negotiations with the International Monetary Fund (IMF) on the targets contained in the Stand-by Agreement, according to RJR News. As reported in the Troubled Company Reporter-Latin America on Sept. 9, 2011, RJR News said unnamed sources said the Jamaican government has received at least two offers for its stake in JAMALCO's alumina refinery. Switzerland-based commodities trader, Glencore and Chinese metals trader, Zhuhai Hongfan, are rumored to be the potential bidders for the government's stake, according to RJR News. The report noted that the government owns 45% of JAMALCO through the Clarendon Alumina Partners, and has been trying, since last year, to offload that stake, because of its hefty cost associated with a forward sale agreement. RJR News related that Jamaica Prime Minister Bruce Golding said that the forward sale agreement had cost taxpayers more than JM$12 billion since 2002. The report relayed that Prime Minister Golding said that if the government's stake was not divested, taxpayers would be asked to pay a further JM$15 billion before the contract ends in 2013. About JAMALCO JAMALCO (Alcoa Minerals of Jamaica) is a wholly owned subsidiary of Alcoa. JAMALCO mines bauxite and refines it into alumina before exporting the alumina from its port at Rocky Point, Clarendon. * * * As reported in the Troubled Company Reporter-Latin America on April 13, 2009, Radio Jamaica News said Alcoa plans to cut 13,500 jobs or 13% of the work force in Jamaica, because of the global slowdown. Alcoa is also selling four business units and reducing output to save money, the report noted. Caribbean Net News said the government is holding talks with potential purchasers for its 45% stake in the Jamalco refinery in south- central parish of Clarendon. Aluminum giant Alcoa holds 55% of the company, which has a production capacity of 1.4 million tons of alumina. =========== M E X I C O =========== CEMEX SAB: S&P Lowers Corporate Credit Rating to 'B-' ----------------------------------------------------- Standard & Poor's Ratings Services lowered its ratings on Mexico- based cement producer Cemex S.A.B. de C.V. and its key operating subsidiaries, Cemex Espana S.A., Cemex Mexico S.A. de C.V., and Cemex Inc. This included lowering the corporate credit ratings to 'B-' from 'B' on the global scale and to 'mxBB' from 'mxBB+' on the national scale. "It also included lowering our rating on Cemex's fixed-to-floating callable perpetual debentures to 'CCC+' from 'B-' and the national scale rating on its mandatory convertible notes to 'mxB+' from 'mxBB-'," S&P said. "We also removed the ratings from CreditWatch, were we had placed them with negative implications on Sept. 22, 2011. The outlook is negative," S&P said. "The rating action reflects our expectation that Cemex's financial performance will remain weak in the coming two years," said Standard & Poor's credit analyst Laura Martinez. "Adverse global economic conditions have directly affected the infrastructure and housing sectors in several of the company's key markets--mainly the U.S. and Spain." "We also consider Cemex's covenant headroom as very tight and likely to keep narrowing in the coming quarters," S&P said. Nonetheless, the new ratings consider that the company might be able to comply with its December 2011 covenants or obtain relief from lenders. "We also anticipate Cemex will need to renegotiate the credit conditions of its financing agreement to avoid a covenant breach in June and December of next year, and seek refinancing options for its late-2013 and 2014 debt maturities," S&P said. "Cemex's financial performance during third-quarter 2011 was slightly stronger than we had expected, as the company realized operating efficiencies, cost reductions, and higher sales volumes in some regions, including northern Europe, South America, and the Caribbean. Nevertheless, debt leverage remains high," S&P said. "Based on our expectation of weak global economic prospects and difficult industry conditions in the coming years, we anticipate Cemex continuing to face sales volume and pricing pressures in its main markets, and preserving its credit metrics at similar levels until 2013," Ms. Martinez added. Cemex's management has implemented certain initiatives to improve its profitability measures and reduce leverage, including headcount reductions and other cost-saving initiatives, and sale of assets, which may somewhat mitigate this situation. "The negative outlook reflects the downside risk to our base-case scenario for Cemex's performance in the next few years amid weaker- than-expected global economic conditions, particularly in PETROLEOS DE VENEZUELA: To Issue Bonds to Repay US$3BB Debt ----------------------------------------------------------- Corina Rodriguez Pons and Daniel Cancel at Bloomberg News report that an unnamed government official said Petroleos de Venezuela SA may repay part of a US$3 billion debt with the central bank by giving it dollar-denominated bonds before year end, a government official said. The official said PDVSA may issue the bonds to the central bank in a private placement to settle part of a debt stemming from loan agreements, according to Bloomberg. The report relates that the official said the bank and PDVSA are still negotiating terms of the transaction. The official, Bloomberg notes, said PDVSA would issue more of one of its existing bonds to the central bank if it proceeds with the transaction. "The market expects PDVSA to do something, either a direct placement with the central bank or a new issue with part of the securities going to the bank to repay the loan. . . They can do a private placement of about US$1 billion without sparking declines in the bonds," Bloomberg quoted Jeff Williams, an emerging-market debt strategist at Citigroup Inc. in New York, as saying. Bloomberg says discloses that PDVSA has already sold US$7.93 billion of bonds this year, US$4.93 billion of which have been through private placements with the central bank. The central bank then sells the dollar-denominated securities to importers through its currency market known as Sitme, the report relates. PDVSA has US$25.4 billion of dollar bonds outstanding, according to data compiled by Bloomberg. PDVSA has more than US$9 billion of debt due in 2017, the most of any year, the report relays. About PDVSA Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical, and coal industry, as well as planning, coordinating, supervising, and controlling the operational activities of its divisions, both in Venezuela and abroad. * * * As reported in the Troubled Company Reporter-Latin America on January 25, 2010, Reuters said that Petroleos de Venezuela's total debt jumped 42% in 2009 after it borrowed heavily to pay off service company debts and intervene in currency markets. The report related that PDVSA said total outstanding debt rose to US$21.4 billion from US$15.1 billion the year before. According to the report, PDVSA built up billions of dollars in debts to service companies after the 2008 collapse of oil prices. As reported in the Troubled Company Reporter-Latin America on Aug. 25, 2011, Standard & Poor's Ratings Services affirmed its 'B+' long-term corporate credit and senior unsecured ratings on Venezuelan state-owned oil company Petroleos de Venezuela S.A. (PDVSA). The outlook is stable. The affirmation follows the downgrade of the Bolivarian Republic of Venezuela to 'B+' from 'BB- '. VITRO SAB: Creditors See Nothing New in Revised Plan ---------------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that a group holding some of Vitro SAB's $1.2 billion of defaulted bonds said that a reorganization proposed by the conciliator late last month in the Mexican court is "virtually identical" to the Mexican glassmaker's own proposal from December 2010. According to the report, although the conciliator's proposal was advertised by Vitro as having economic improvements for debt holders, the ad hoc bondholder group says the new provisions are inconsequential because the company still would have the right to repurchase newly issued convertible debentures at a steep discount to face value. In addition, the debentures can't be converted to stock absent a payment default. In their filing in U.S. Bankruptcy Court in Dallas, the bondholders also take issue with a new provision in the conciliator's plan which would deny a distribution to any bondholder that doesn't consent. The bondholders call it a "highly coercive provision which discriminates against nonconsenting creditors." Mr. Rochelle discloses that the bondholders, as they have done consistently, are opposed to the Mexican reorganization plan because shareholders of Vitro could retain ownership while bondholders aren't being paid in full. The bondholders cite an "independent analyst" who estimates the Mexican plan is worth 49% to 54% of creditors' claims. 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$55 million. =============== X X X X X X X X =============== * BOND PRICING: For the Week November 7, to November 11, 2011 ------------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA --------- ARGENT-$DIS 8.28 12/31/2033 USD 68.08 ARGENT-$DIS 8.28 12/31/2033 USD 76.18 ARGENT-PAR 1.18 12/31/2038 ARS 52.55 ARGENT- DIS 7.82 12/31/2033 EUR 55 ARGENT- DIS 7.82 12/31/2033 EUR 63.25 ARGENT- DIS 7.82 12/31/2033 EUR 62.75 ARGENT- DIS 4.33 12/31/2033 JPY 42 ARGENT- PAR 0.45 12/31/2038 JPY 15 ARGENT- PAR&GDP 0.45 12/31/2038 JPY 8 PROV BUENOS AIRE 9.625 4/18/2028 USD 65.04 CAYMAN ISLAND ------------- BANCO BPI (CI) 4.15 11/14/2035 EUR 43.61 BCP FINANCE BANK 5.01 3/31/2024 EUR 49.5 BCP FINANCE BANK 5.31 12/10/2023 EUR 51.75 BCP FINANCE CO 5.543 EUR 33.6 BCP FINANCE CO 4.239 EUR 34.83 BES FINANCE LTD 5.58 EUR 40.74 BES FINANCE LTD 4.5 EUR 44.25 BES FINANCE LTD 6.625 EUR 55.01 CHAODA MOD AGRI 3.7 9/1/2015 USD 44.6 CHINA AUTOMATION 7.75 4/20/2016 USD 66.8 CHINA FORESTRY 10.25 11/17/2015 USD 68 CHINA FORESTRY 10.25 11/17/2015 USD 66 CHINA MED TECH 6.25 12/15/2016 USD 62.3 CHINA MED TECH 4 8/15/2013 USD 59.5 CHINA PROPERTIES 9.1 5/4/2014 USD 77.03 CHINA SUNERGY 4.75 6/15/2013 USD 60 DUBAI HLDNG COMM 6 2/1/2017 GBP 73.42 EFG ORA FUNDING 1.7 10/29/2014 EUR 49.58 ESFG INTERNATION 5.7 EUR 39.25 EVERGRANDE REAL 9.25 1/19/2016 CNY 70.41 FANTASIA HOLDING 14 5/12/2015 USD 66 FANTASIA HOLDING 14 5/12/2015 USD 75 GLORIOUS PROPERT 13 10/25/2015 USD 69.26 GREENTOWN CHINA 9 11/8/2013 USD 71.75 GREENTOWN CHINA 9 11/8/2013 USD 71.75 IMCOPA INTL CAYM 5 12/19/2014 USD 33 JINKOSOLAR HOLD 4 5/15/2016 USD 44.32 LDK SOLAR CO LTD 10 2/28/2014 CNY 55.91 LDK SOLAR CO LTD 4.75 4/15/2013 USD 62.75 LUPATECH FINANCE 9.87 USD 72 LUPATECH FINANCE 9.87 USD 70.63 MARFRIG OVERSEAS 9.5 5/4/2020 USD 72 MARFRIG OVERSEAS 9.5 5/4/2020 USD 75.11 MINGFA GROUP INT 5.25 5/23/2016 HKD 71.66 POWERLONG RE HLD 13.75 9/16/2015 USD 71.02 POWERLONG RE HLD 13.75 9/16/2015 USD 70 POWERLONG RE HLD 11.5 3/17/2014 CNY 71.18 PUBMASTER FIN 5.94 12/30/2024 GBP 71.6 PUNCH TAVERNS 4.7 6/30/2033 GBP 70.83 RENHE COMMERCIAL 13 3/10/2016 USD 77.38 SOLARFUN POWER H 3.5 1/15/2018 USD 60 SOLARFUN POWER H 3.5 1/15/2018 USD 66.27 SPG LAND HOLDING 13.5 4/8/2016 USD 63 SUNTECH POWER 3 3/15/2013 USD 51 SUNTECH POWER 3 3/15/2013 USD 48.92 YUZHOU PROPERTIE 13.5 12/15/2015 USD 71.13 YUZHOU PROPERTIE 13.5 12/15/2015 USD 72.04 CHILE ----- AGUAS NUEVAS 3.4 5/15/2012 CLP 1.68 CGE DISTRIBUCION 3.25 12/1/2012 CLP 29.93 COLBUN SA 3.2 5/1/2013 CLP 72.8 ESVAL S.A. 3.8 7/15/2012 CLP 25.12 LA POLAR SA 3.8 10/10/2017 CLP 32.18 MASISA 4.25 10/15/2012 CLP 19.6 QUINENCO SA 3.5 7/21/2013 CLP 25.01 PANAMA ------ NEWLAND INT PROP 9.5 11/15/2014 USD 61.05 PUERTO RICO ----------- BANCO SANTANDER 6.1 6/1/2032 USD 61.61 BANCO SANTANDER 6.3 6/1/2032 USD 61.77 PUERTO RICO CONS 6.2 5/1/2017 USD 58 PUERTO RICO CONS 6.5 4/1/2016 USD 61 VENEZUELA --------- PETROLEOS DE VEN 5.5 4/12/2037 USD 48.11 PETROLEOS DE VEN 5.37 4/12/2027 USD 49.49 PETROLEOS DE VEN 5.25 4/12/2017 USD 61.02 PETROLEOS DE VEN 5.12 10/28/2016 USD 62.56 PETROLEOS DE VEN 5 10/28/2015 USD 67.71 PETROLEOS DE VEN 8.5 11/2/2017 USD 72.34 PETROLEOS DE VEN 4.9 10/28/2014 USD 75.24 VENEZUELA 7 3/31/2038 USD 55.65 VENEZUELA 7 3/31/2038 USD 55.94 VENEZUELA 6 12/9/2020 USD 59.75 VENEZUELA 7.65 4/21/2025 USD 61.5 VENEZUELA 8.25 10/13/2024 USD 64 VENEZUELA 9.25 5/7/2028 USD 67.5 VENEZUELA 9 5/7/2023 USD 68.75 VENEZUELA 7 12/1/2018 USD 69 VENEZUELA 7.75 10/13/2019 USD 70 VENEZUELA 9.25 9/15/2027 USD 71.35 VENEZUELA 9.25 9/15/2027 USD 72.01 VENZOD - 189000 9.37 1/13/2034 USD 67.5 *********** 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 * * *