TCRLA_Public/111121.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 21, 2011, Vol. 12, No. 230

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INTERNATIONAL: Receiver Proposes Investor Payment Plan


B E R M U D A

AG BOX: Members' Final Meeting Set for Dec. 6
CENTURY MANAGEMENT: Creditors' Proofs of Debt Due Nov. 29
CENTURY MANAGEMENT: Member to Receive Wind-Up Report on Dec. 6


C A Y M A N   I S L A N D S

ADVANCED ASSET: Shareholders' Final Meeting Set for Nov. 22
ALLIANCEBERNSTEIN GLOBAL: Shareholders' Meeting Set for Dec. 7
ALMAL GLOBAL: Shareholders' Final Meeting Set for Nov. 25
ALMAL GLOBAL: Shareholders' Final Meeting Set for Nov. 25
ALMAL OPPORTUNISTIC: Shareholders' Final Meeting Set for Nov. 25

ALMAL OPPORTUNISTIC: Shareholders' Final Meeting Set for Nov. 25
ALMAL RISING: Shareholders' Final Meeting Set for Nov. 25
ALTERNATIVE INVESTMENT: Members' Final Meeting Set for Nov. 22
DA VINCI FUND: Shareholders' Final Meeting Set for Nov. 25
KC ADVANCED: Members Receive Wind-Up Report

STRAIGHT ARROW: Members Receive Wind-Up Report
THAI-ASIA FUND: Members Receive Wind-Up Report
WAD ADMINISTRATOR: Members Receive Wind-Up Report
WINISK INVESTMENT: Members Receive Wind-Up Report
YACHT ATLANTIS: Shareholder to Hear Wind-Up Report on Nov. 29


J A M A I C A

WINDALCO: Jamaica Government to Sell 7% Stake in Firm


M E X I C O

MEXICANA AIRLINES: Court Extends Recapitalization Deadline
VITRO SAB: Creditors Must Accept Restructuring Offer by Nov. 24


P E R U

DOE RUN: Creditors Seek New Management for Peru Zinc Smelter


X X X X X X X X

* BOND PRICING: For the Week November 14, to November 18, 2011




                            - - - - -



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


STANFORD INTERNATIONAL: Receiver Proposes Investor Payment Plan
---------------------------------------------------------------
Andrew Harris and Laurel Brubaker Calkins at Bloomberg News report
that Ralph Janvey, the court-appointed receiver for Robert Allen
Stanford, asked a U.S. judge to approve a proposed plan to
register, and ultimately pay, claims by investors allegedly
defrauded in a US$7 billion scheme.

The receivership submitted to U.S. District Judge David Godbey in
Dallas a report stating it had US$114.5 million in cash on hand
and US$96.6 million in assets as of Oct. 31, according to
Bloomberg.

Mr. Janvey said in a court filing that he may be able to increase
the amount available for distribution by an additional US$955.3
million if he succeeds in the so-called clawback litigation and
wins access to Stanford's foreign bank accounts, Bloomberg
relates.

Bloomberg notes that Mr. Janvey has sued Stanford investors and
vendors for US$609.7 million.  Bloomberg relates Mr. Janvey is
also fighting the Antiguan receiver for control of US$335 million
in Stanford's Swiss and British bank accounts.

Mr. Janvey asked Judge Godbey to approve an order setting a bar
date and compelling investors to provide proof of their claims and
divulge whether they'd also sought payment from a receivership
appointed by the Antiguan government, Bloomberg discloses.

Bloomberg, citing a Nov. 11 report, notes that the Janvey
receivership through Oct. 31 consumed US$52.1 million in
professional fees and expenses, and an additional US$50.3 million
in other expenses.

According to Bloomberg, Mr. Janvey's lawyers said the proposal was
assembled after consultation with an investors' committee and a
court-appointed investor advocate, Dallas attorney John Little.

Mr. Little may be reached at:

         John J. Little, Esq.
         LITTLE PEDERSEN FANKHAUSER LLP
         901 Main Street, Suite 4110
         Dallas, Texas 75202
         Tel: (214) 573-2307
         Fax: (214) 573-2323
         E-mail: jlittle@lpf-law.com

They didn't fully agree with his proposal, attorneys for the
receivership said, and are expected to file separate responses
with the court, Bloomberg related.

                          "About Time"

"It's about time," Stephen Malouf, a Dallas attorney who
represents more than 480 Stanford investors, said in a phone
interview with Bloomberg. "For a lot of the investors, this was
their life savings. There could've been a pro-rata distribution a
year or 18 months ago."

Investors have their proof and there's money in the till, then you
should make some kind of distribution," the investors' lawyer told
Bloomberg.

                 About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On Feb. 16, 2009, the U.S. District Court for the Northern
District of Texas, Dallas Division, signed an order appointing
Ralph Janvey as receiver for all the assets and records of
Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on a
US$8 billion Certificate of Deposit program.

A criminal case was also pursued against Mr. Stanford in June 2009
before the U.S. District Court in Houston, Texas.  Mr. Stanford
pleaded not guilty to 21 charges of multi-billion dollar fraud,
money-laundering and obstruction of justice.  Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges.  Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for his
arrest on the criminal charges.

The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.).  The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).


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B E R M U D A
=============


AG BOX: Members' Final Meeting Set for Dec. 6
---------------------------------------------
The members of AG Box Investor Ltd. will hold their final meeting
on Dec. 6, 2011, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Nov. 1, 2011.

The company's liquidator is:

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


CENTURY MANAGEMENT: Creditors' Proofs of Debt Due Nov. 29
---------------------------------------------------------
The creditors of Century Management Limited are required to file
their proofs of debt by Nov. 29, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 26, 2011.

The company's liquidator is:

         Peter D.A. Martin
         c/o Mello Jones & Martin
         Thistle House
         4 Burnaby Street, Hamilton HM 11
         Bermuda


CENTURY MANAGEMENT: Member to Receive Wind-Up Report on Dec. 6
--------------------------------------------------------------
The member of Century Management Limited will receive on Dec. 6,
2011, at 11:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Oct. 26, 2011.

The company's liquidator is:

         Peter D.A. Martin
         c/o Mello Jones & Martin
         Thistle House
         4 Burnaby Street, Hamilton HM 11
         Bermuda


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


ADVANCED ASSET: Shareholders' Final Meeting Set for Nov. 22
-----------------------------------------------------------
The shareholders of Advanced Asset Management (Euro) Ltd. will
hold their final meeting on Nov. 22, 2011, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


ALLIANCEBERNSTEIN GLOBAL: Shareholders' Meeting Set for Dec. 7
--------------------------------------------------------------
The shareholders of Alliancebernstein Global Diversified
Strategies Market Neutral (AUD Managed) Ltd. will hold their final
meeting on Dec. 7, 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:

         John Sutlic
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KYI-1102
         Cayman Islands


ALMAL GLOBAL: Shareholders' Final Meeting Set for Nov. 25
---------------------------------------------------------
The shareholders of Almal Global Trend Fund Ltd. will hold their
final meeting on Nov. 25, 2011, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ALMAL GLOBAL: Shareholders' Final Meeting Set for Nov. 25
---------------------------------------------------------
The shareholders of Almal Global Trend Management Ltd. will hold
their final meeting on Nov. 25, 2011, at 10:45 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ALMAL OPPORTUNISTIC: Shareholders' Final Meeting Set for Nov. 25
----------------------------------------------------------------
The shareholders of Almal Opportunistic Fund Ltd. will hold their
final meeting on Nov. 25, 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:

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


ALMAL OPPORTUNISTIC: Shareholders' Final Meeting Set for Nov. 25
----------------------------------------------------------------
The shareholders of Almal Opportunistic Management Ltd. will hold
their final meeting on Nov. 25, 2011, at 10:15 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ALMAL RISING: Shareholders' Final Meeting Set for Nov. 25
---------------------------------------------------------
The shareholders of Almal Rising Star Management Ltd. will hold
their final meeting on Nov. 25, 2011, at 9:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ALTERNATIVE INVESTMENT: Members' Final Meeting Set for Nov. 22
--------------------------------------------------------------
The members of Alternative Investment Strategies Limited will hold
their final meeting on Nov. 22, 2011, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


DA VINCI FUND: Shareholders' Final Meeting Set for Nov. 25
----------------------------------------------------------
The shareholders of Da Vinci Fund Limited will hold their final
meeting on Nov. 25, 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:

         Admiral Administration Ltd.
         Admiral Financial Center
         90 Fort Street
         PO Box 32021 Grand Cayman, KY1-1208
         Cayman Islands


KC ADVANCED: Members Receive Wind-Up Report
-------------------------------------------
The members of KC Advanced Technology Fund received on Nov. 18,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Krysten Lumsden
         Telephone: (345) 814 7366
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


STRAIGHT ARROW: Members Receive Wind-Up Report
----------------------------------------------
The members of Straight Arrow Limited received on Nov. 17, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands


THAI-ASIA FUND: Members Receive Wind-Up Report
----------------------------------------------
The members of The Thai-Asia Fund Limited received on Nov. 15,
2011, the liquidators' report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         Deloitte Touche Tohmatsu
         One Pacific Place, 35th Floor
         88 Queensway
         Hong Kong
         Telephone: + (852) 2852 1659
         Facsimile: + (852) 2850 8362


WAD ADMINISTRATOR: Members Receive Wind-Up Report
-------------------------------------------------
The members of Wad Administrator, Ltd. received on Nov. 15, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


WINISK INVESTMENT: Members Receive Wind-Up Report
-------------------------------------------------
The members of Winisk Investment Limited received on Nov. 18,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622 Grand Cayman KY1-1203
         Cayman Islands


YACHT ATLANTIS: Shareholder to Hear Wind-Up Report on Nov. 29
-------------------------------------------------------------
The shareholder of Yacht Atlantis Ltd. will receive on Nov. 29,
2011, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Lucy Surchik
         c/o Wrigley Management Inc.
         Telephone:  +312 832 6115
         Facsimile: +312 832 6110
         401 North Michigan Avenue, Suite 3200
         Chicago, Illinois 60611
         USA


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


WINDALCO: Jamaica Government to Sell 7% Stake in Firm
-----------------------------------------------------
Steven Jackson at Jamaica Gleaner reports that Philip Baker, a top
economist at the Jamaica Bauxite Institute (JBI), said the Jamaica
government plans to sell its 7% in West Indies Alumina Company
(Windalco), which includes operations at Ewarton and Kirkvine.

Valuators are currently tabulating the net worth of the assets,
according to Jamaica Gleaner.

Russia-based UC Rusal controls the remaining 93%.

"It is obvious that UC Rusal could have an interest in it,"
Jamaica Gleaner quoted Mr. Barker as saying.  The divestment,
according to Mr. Baker, "is part of the whole budget process for
the disposal of assets."

The report notes that the government wanted to divest its 45%
stake in Jamalco and its 7% stake in Windalco.

The global downturn, which began in 2008 and intensified in 2009,
resulted in the near shutdown of Jamaica's alumina sector, Jamaica
Gleaner discloses.

Currently, the Ewarton plant is operational but the Kirkvine plant
remains unopened since the downturn, the report says.  Mr. Baker
thinks production could restart by March 2012, provided separate
negotiations are successful, Jamaica Gleaner notes.

As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2011, RJR News said the Jamaican cabinet will consider a
proposal for the government to allow the reopening of the Kirkvine
Alumina Plant in Manchester.  Jamaica Observer said the Jamaica
government said a delay in the reopening by the end of the year
will cost the country an estimated US$63 million.  State Minister
for Energy and Mining Lawrence Broderick told a forum in
Mandeville that while talks with Windalco had been "difficult and
are at a delicate stage, according to Jamaica Observer.
RadioJamaica said the board of UC Rusal, the parent firm of
Windalco, has approved the reopening of the Windalco-Kirkvine
Plant.  However, RadioJamaica related, the restart of mining
activities is subject to the approval by UC Rusal's international
lenders and further discussions with its partners on the project.
Production at the Windalco-Kirkvine
Plant was temporarily suspended in April 2009 due to cost-cutting
measures, RadioJamaica recounted.  RadioJamaica, citing an
internet report, noted that the cost of the restart of operations
is expected to be approximately US$9 million while the plant
commissioning budget is approximately US$17 million.

                          About WINDALCO

West Indies Alumina Company is situated on the island of Jamaica
in the Caribbean.  The company comprises two alumina refineries
(Ewarton Works and Kirkvine Works), a shipping port (Port
Esquivel) and also bauxite mines in Schwallenburgh (Ewarton) and
Russell Place (Kirkvine) and farms in Manchester and St. Ann.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 8, 2010, Jamaica Gleaner said that West Indies Alumina
Company will end its bauxite production in Jamaica and make 762
permanent jobs redundant.  The report related that the redundancy
exercise comes a year after the company suspended production at
its Kirkvine, Manchester, and Ewarton, St. Catherine, refineries
because of reduced demand for aluminium on the world market.  The
company is 93% owned by Russian entity, UC Rusal.


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


MEXICANA AIRLINES: Court Extends Recapitalization Deadline
----------------------------------------------------------
Fox News Latino reports that Mexican bankruptcy judge Felipe
Consuelo Soto has pushed back a deadline for investors to
recapitalize Mexicana de Aviacion until Feb. 10, 2012.

According to the news agency, Judge Soto said the extension of the
deadline will enable the carrier to continue searching for a new
owner and negotiate a restructuring of its debt, adding that
Mexicana is "viable," strategically important, and that some 8,500
direct jobs and 200,000 indirect jobs are at stake.

The Troubled Company Reporter-Latin America, citing Latin American
Herald Tribune, reported on Nov. 15, 2011, that Judge Soto said
potential investors for the airline told him they had received
threats.  Judge Soto provided details of the allegations in a
report, in which he said potential suitors told him they had been
anonymously contacted by phone and warned not to put their money
in a trust to salvage Mexicana, according to Herald Tribune. Judge
Soto said that could explain why since last year other potential
investors in the heavily indebted airline "have not come up with
the funds to capitalize the company."  The judge speculated that
competitors of Mexicana interested in the airline's "highly
coveted" slots and routes could be behind the threats, says Latin
American Herald Tribune.

As reported in the TCR-LA on Nov. 4, 201, Aviation Week said that
Judge Sotto gave Mexicana Airlines until Nov. 15 to avoid
liquidation.  The airline has been grounded since it filed for the
Mexican equivalent of Chapter 11 protection in August 2010,
although its revival has been promised by a plethora of suitors
that until now have been unable, or unwilling, to deposit the
US$250 million deemed necessary to return the airline's operation,
according to Aviation Week.  The report noted that these
unrealized promises have kept the airline under the protection of
a Mexican bankruptcy court, which as recently as August suspended
a liquidation deadline so the airline could consider three bids.
Liquidation will force the sale of all Mexicana's assets, which in
essence means the carrier's MRO division, the report added.

                      About Mexicana Airlines

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

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

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

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

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


VITRO SAB: Creditors Must Accept Restructuring Offer by Nov. 24
---------------------------------------------------------------
Jonathan Roeder at Bloomberg News reports that Vitro, S.A.B. de
C.V., said the arbitrator in its bankruptcy proceedings announced
that creditors must file paperwork to accept the company's
restructuring proposal by Nov. 24.

Bondholders won't get new debt under the bankruptcy agreement
until they recognize the cancellation of old debt, Vitro said in
an e-mailed statement obtained by the news agency.  Vitro said it
may charge creditors for legal fees, according to Bloomberg.

As reported in the Troubled Company Reporter-Latin America on
Nov. 14, 2011, Bill Rochelle, the bankruptcy columnist for
Bloomberg News, said 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 non-consenting creditors."

                         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.


=======
P E R U
=======


DOE RUN: Creditors Seek New Management for Peru Zinc Smelter
------------------------------------------------------------
Alex Emery at Bloomberg News writes that Trafigura Beheer BV's
Cormin unit said in a statement published in Lima newspapers that
Doe Run Peru's creditors seek to appoint an independent firm to
operate the company's shuttered zinc smelter.

The Cormin unit said creditors have US$100 million in available
capital to restart the smelter and pay suppliers and workers,
according to Bloomberg.

Trafigura Beheer BV has benefited as suppliers of Doe Run Peru's
shut lead and zinc smelter seek international traders to sell
their concentrates, Bloomberg noted in a report published in 2009.

As reported in the Troubled Company Reporter on April 18, 2011,
Bloomberg News said Peru's Finance Minister Ismael Benavides said
the government will defend its rights in arbitration initiated by
the closed Doe Run Peru smelter.  Citing a government official,
Patricia Velez at Reuters related that Doe Run Peru's parent,
Renco Group, filed for arbitration against Peru to resolve a
longstanding dispute over its Doe Run Peru metals smelter.
According to newspaper Peru 21, Renco had demanded a $800 million
payment for cancelling Doe Run Peru's operating license for the La
Oroya smelter in July 2010 after it failed to complete an
environment cleanup project.  The plant was privatized in 1997.
Reuters related that under the terms of the sale, Renco will put
filters on the smelter and the government will remove contaminants
from the hills and the town surrounding the plant.  According to
Peruvian newspapers, Renco claimed that the government has not
followed through on its own cleanup effort or honored the terms of
the privatization agreement.

                          About Doe Run Peru

Doe Run Company operates an integrated primary lead operation and
a recycling operation located in Missouri, referred to as Buick
Resource Recycling.  Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide business
located in Washington.  Doe Run Peru is a subsidiary of the
company.  Doe Run Peru operates a polymetallic smelter at La Oroya
and copper mine at Cobriza both in Peru.

According to Reuters, Peruvian mining minister said earlier this
year that creditors were looking at taking over the smelter or
liquidating it under a bankruptcy process overseen by regulator
Indecopi.  CORMIN initiated Doe Run Peru's bankruptcy proceeding
before INDECOPI.


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


* BOND PRICING: For the Week November 14, to November 18, 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 * * *