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




                            - - - - -


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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 * * *