TCRLA_Public/111130.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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


           Wednesday, November 30, 2011, Vol. 12, No. 237

                            Headlines



A R G E N T I N A

ACOPIO EL SAUCE: Creditors' Proofs of Debt Due Feb. 14
COAMAR SA: Creditors' Proofs of Debt Due Dec. 19
POLYCHACO SAIC: Requests Opening of Insolvency Proceedings
ROCAPER SA: Calls for Bankruptcy Proceedings


B A H A M A S

BAICO: Creditors' Claim Applications Due Dec. 31


C A Y M A N   I S L A N D S

AXIO FUND: Placed Under Voluntary Wind-Up
D & T HOLDINGS: Creditors' Proofs of Debt Due Dec. 7
DELOITTE PROPERTY: Creditors' Proofs of Debt Due Dec. 7
DELOITTE & TOUCHE: Creditors' Proofs of Debt Due Dec. 7
EIRENE RATED: Creditors' Proofs of Debt Due Dec. 7

EUNOMIA RATED: Creditors' Proofs of Debt Due Dec. 7
GULF OPPORUNITIES: Creditors' Proofs of Debt Due Dec. 7
KAIROS ASIA: Placed Under Voluntary Wind-Up
MA BLACKROCK: Creditors' Proofs of Debt Due Dec. 7
PENTWATER CREDIT: Creditors' Proofs of Debt Due Dec. 7

PENTWATER EVENT: Creditors' Proofs of Debt Due Dec. 7
PENTWATER GROWTH: Creditors' Proofs of Debt Due Dec. 7
SIGNUM MAN: Creditors' Proofs of Debt Due Dec. 7
SIGNUM SWISS: Creditors' Proofs of Debt Due Dec. 7
WMT HOSPITALITY: Creditors' Proofs of Debt Due Dec. 7


J A M A I C A

* JAMAICA: IDB Approves Three Loans Worth US$218 Million


M E X I C O

MEXICANA AIRLINES: Talks on Airline's Sale Fall Through
VITRO SAB: Unit Wins Protection as Judge Cites Possible Fraud




                            - - - - -


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


ACOPIO EL SAUCE: Creditors' Proofs of Debt Due Feb. 14
------------------------------------------------------
Maria del Carmen Perez Alonso, the court-appointed trustee for
Acopio El Sauce SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Feb. 14, 2012.

Ms. Alonso will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, 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 Oct. 31, 2012.

The Trustee can be reached at:

         Maria del Carmen Perez Alonso
         Avenida Cordoba 456
         Argentina


COAMAR SA: Creditors' Proofs of Debt Due Dec. 19
------------------------------------------------
Mirta Beatriz Rotman, the court-appointed trustee for Coamar SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until Dec. 19, 2011.

Ms. Rotman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 27, 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:

         Mirta Beatriz Rotman
         Charcas 3040
         Argentina


POLYCHACO SAIC: Requests Opening of Insolvency Proceedings
----------------------------------------------------------
Polychaco SAIC requested the opening of insolvency proceedings by
default.


ROCAPER SA: Calls for Bankruptcy Proceedings
--------------------------------------------
Rocaper SA called for bankruptcy proceedings.

The company has defaulted on its payments last Feb. 8.


=============
B A H A M A S
=============


BAICO: Creditors' Claim Applications Due Dec. 31
------------------------------------------------
CARIBARENA Antigua reports that the governments of the Eastern
Caribbean Currency Union (ECCU) sent a reminder to all eligible
British American Insurance Company (BAICO) health insurance
policyholders to submit their claim applications to the local
BAICO branch no later than December 31.

Claim Applications must meet these criteria to be entitled for a
payment from the ECCU Health Insurance Support Fund, according to
CARIBARENA Antigua.  The Health Insurance Claim must have been:

   -- accepted as a valid claim by BAICO; and

   -- incurred by June 18, 2011 (for example, if your claim is for
      a doctor's visit, you must have visited your doctor on or
      before June 18).

The report notes that for claims incurred between May 19 and
June 18, 2011 inclusive, persons may still apply to the Fund for
assistance.  However, they will only receive a payment if all
other approved applications and expenses have been paid,
CARIBARENA Antigua relays.  The report notes that claims incurred
on or after June 19, 2011 are not eligible to receive assistance
from the Fund.

Application processing is estimated to take up to 90 days, the
report adds.

The ECCU Health Insurance Support Fund has been in operation since
May 18, with the aim of providing some financial relief to health
insurance policyholders whose claims have not been paid since the
BAICO collapse.

                            About BAICO

British American Insurance Company is a Bahamian company, which is
owned by Trinidad-based parent CL Financial.

Casey McDonald, the British Virgin Islands liquidator for British
American Isle of Venice (BVI), Ltd, filed a Chapter 11 petition
(Bankr. S.D. Fla. Case No. 10-21627) on April 29, 2010.  Mr.
McDonald is represented by Leyza F. Blanco, Esq., at Gray Robinson
in Miami, Fla.  At the time of the filing, the liquidator
estimated British American Isle of Venice (BVI), Ltd's asset at
less than US$10 million and its debts at more than US$100 million.
Two affiliates -- British American Insurance Company Limited
(Bankr. S.D. Fla. Case No. 09-31881) and British American
Insurance Company Limited (Bankr. S.D. Fla. Case No. 09-35888) --
are also subject to the jurisdiction of the U.S. Bankruptcy Court.


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


AXIO FUND: Placed Under Voluntary Wind-Up
-----------------------------------------
On Oct. 10, 2011, the sole shareholder of Axio Fund resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 29, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Kim Smith
         Telephone: (345) 949-9876
         Facsimile: (345) 949-9877
         89 Nexus Way
         Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


D & T HOLDINGS: Creditors' Proofs of Debt Due Dec. 7
----------------------------------------------------
The creditors of D & T Holdings (Cayman) Limited are required to
file their proofs of debt by Dec. 7, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 26, 2011.

The company's liquidator is:

         Stuart Sybersma
         c/o Brad Kirby
         Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1(345) 814 3471
         Facsimile: +1 (345) 949 8258
         e-mail: bwkirby@deloitte.com


DELOITTE PROPERTY: Creditors' Proofs of Debt Due Dec. 7
-------------------------------------------------------
The creditors of Deloitte Property Consulting Limited are required
to file their proofs of debt by Dec. 7, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 26, 2011.

The company's liquidator is:

         Stuart Sybersma
         c/o Brad Kirby
         Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1(345) 814 3471
         Facsimile: +1 (345) 949 8258
         e-mail: bwkirby@deloitte.com


DELOITTE & TOUCHE: Creditors' Proofs of Debt Due Dec. 7
-------------------------------------------------------
The creditors of Deloitte & Touche (Caribbean) Investments LDC are
required to file their proofs of debt by Dec. 7, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 26, 2011.

The company's liquidator is:

         Stuart Sybersma
         c/o Brad Kirby
         Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1(345) 814 3471
         Facsimile: +1 (345) 949 8258
         e-mail: bwkirby@deloitte.com


EIRENE RATED: Creditors' Proofs of Debt Due Dec. 7
--------------------------------------------------
The creditors of Eirene Rated Limited are required to file their
proofs of debt by Dec. 7, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 27, 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


EUNOMIA RATED: Creditors' Proofs of Debt Due Dec. 7
---------------------------------------------------
The creditors of Eunomia Rated Limited are required to file their
proofs of debt by Dec. 7, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 28, 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


GULF OPPORUNITIES: Creditors' Proofs of Debt Due Dec. 7
-------------------------------------------------------
The creditors of Gulf Opportunities Fund are required to file
their proofs of debt by Dec. 7, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 28, 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


KAIROS ASIA: Placed Under Voluntary Wind-Up
-------------------------------------------
On Oct. 21, 2011, the sole shareholder of Kairos Asia Fund Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 28, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Avalon Management Limited
         Reference: 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


MA BLACKROCK: Creditors' Proofs of Debt Due Dec. 7
--------------------------------------------------
The creditors of MA Blackrock Mena Limited are required to file
their proofs of debt by Dec. 7, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 28, 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


PENTWATER CREDIT: Creditors' Proofs of Debt Due Dec. 7
------------------------------------------------------
The creditors of Pentwater Credit Partners Fund Ltd. are required
to file their proofs of debt by Dec. 7, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 20, 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


PENTWATER EVENT: Creditors' Proofs of Debt Due Dec. 7
-----------------------------------------------------
The creditors of Pentwater Event Master Fund Ltd. are required to
file their proofs of debt by Dec. 7, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 21, 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


PENTWATER GROWTH: Creditors' Proofs of Debt Due Dec. 7
-------------------------------------------------------
The creditors of Pentwater Growth Fund Ltd. are required to file
their proofs of debt by Dec. 7, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 20, 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


SIGNUM MAN: Creditors' Proofs of Debt Due Dec. 7
------------------------------------------------
The creditors of Signum Man Limited are required to file their
proofs of debt by Dec. 7, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 28, 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


SIGNUM SWISS: Creditors' Proofs of Debt Due Dec. 7
--------------------------------------------------
The creditors of Signum Swiss Alpha Limited are required to file
their proofs of debt by Dec. 7, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 28, 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


WMT HOSPITALITY: Creditors' Proofs of Debt Due Dec. 7
-----------------------------------------------------
The creditors of WMT Hospitality Investment I. Holdings are
required to file their proofs of debt by Dec. 7, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 27, 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


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


* JAMAICA: IDB Approves Three Loans Worth US$218 Million
--------------------------------------------------------
RJR News reports that the Inter-American Development Bank has
approved three loans for Jamaica, which will be disbursed over the
coming days.  The loans are valued at US$218 million.

The first loan, valued at US$20 million, is for the Energy
Efficiency and Conservation Program, according to RJR News.  The
report relates that the Energy Efficiency and Conservation Program
is designed to enhance Jamaica's energy efficiency and
conservation potential through Energy Efficiency and Conservation
measures in the public sector.

RJR News notes that the loan will support the institutional
strengthening of the Ministry of Energy to better monitor the
Government's energy efficiency and conservation program.  It will
also facilitate the retrofitting of key government buildings and
increasing awareness and knowledge among the public and key
private stakeholders, the report relates

Jamaica Prime Minister Andrew Holness said savings from the
efficiency will enable the government to repay the loan, RJR News
says.

The report discloses that the other two loans will finance a
US$133 million Kingston and St. Andrew Metropolitan Area Water
Supply Improvement Project and the Tax Administration and Customs
Administration Reform Program, which will cost US$65 million.

                           *     *     *

As of Nov. 16, 2011, the country continues to carry Standard and
Poor's "C" short-term debt ratings and "B-" long-term debt
ratings.


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


MEXICANA AIRLINES: Talks on Airline's Sale Fall Through
-------------------------------------------------------
Latin American Herald Tribune reports that Mexican officials said
negotiations on the potential sale of Compania Mexicana de
Aviacion (Mexicana Airlines) broke down after would-be suitor Ivan
Barona failed to meet the conditions to complete the transaction.

Gerardo Badin, Mexicana Airlines' conciliator and administrator,
said that after analyzing the letter of credit in support of Mr.
Barona's US$400 million cash pledge, "the conditions required by
his financial backer were not met (and) therefore their
partnership for the purposes of this (recapitalization plan) is
considered terminated," according to LA Herald Tribune.

The report notes that Mr. Barona, a mining entrepreneur, submitted
a letter of credit from Swiss investor Mikhael Shamis to the judge
in Mexicana Airlines' bankruptcy proceedings, Felipe Consuelo
Soto, as proof of funds to recapitalize the grounded airline.  LA
Herald Tribune relates that the document was meant to attest to
Mr. Barona's capacity to participate in the bidding for Mexicana
Airlines, but the necessary conditions were not met.

The report discloses that Judge Soto told reporters that Mr.
Shamis, the investor who was to have delivered the money, had
broken off all ties with Barona and "would no longer facilitate
the agreed-upon funds."

Mr. Badin said other groups are still interested in salvaging the
airline and "remain in the process to capitalize Mexicana Airlines
within the established timeframe," LA Herald Tribune notes.

LA Herald Tribune relays that Mexicana Airlines needs a group of
investors willing to take on its heavy debt load and also inject
an initial sum of between US$150 million and US$200 million to
return the airline to the skies.

As reported in the Troubled Company Reporter-Latin America on
Nov. 21, 2011, Fox News Latino said 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.  TCRLA, citing Latin
American Herald Tribune, related on Nov. 15, 2011, that Judge Soto
said potential investors for the airline told him they had
received threats.

                      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: Unit Wins Protection as Judge Cites Possible Fraud
-------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that a Vitro SAB subsidiary was given protection from
creditors in the U.S. as the result of a three-page opinion on
Nov. 23 by U.S. Bankruptcy Judge Harlin Hale in Dallas.

Mr. Rochelle relates that Vitro Packaging de Mexico SA de CV filed
under Chapter 15 in June, asking the U.S. court eventually to
enforce whatever reorganization a court in Mexico approves.
Holders of some of Vitro's $1.2 billion in defaulted bonds opposed
Chapter 15 protection.

Judge Hale, the report notes, noted in his opinion how substantial
assets were transferred to Vitro Packaging in 2009.  Although a
Vitro witness said the transfer was made for tax reasons, Hale
said "his story is not supported by a shred of other evidence."

The report relates that according to Judge Hale, the creditors
said there were "plenty of badges of fraud," including transfers
to affiliates made in secrecy after default on the bonds.

Judge Hale, according to the report, said the decision to provide
creditor protection in the U.S. isn't affected by whether Vitro
Packaging received fraudulently transferred assets because it was
not "manifestly contrary to the public policy of the U.S." Hale
said an "appropriate court" will later decide if there was fraud.

Whether Vitro Packaging is entitled to Chapter 15 protection,
according to Judge Hale, turns on the fact that the company had
its assets and management in Mexico, Bloomberg relates.

Judge Hale's decision that Mexico is home to the "foreign main
proceeding" automatically stops creditor actions in the U.S.
Chapter 15 protection also gives Hale the ability to enforce
whatever decision the Mexican court reaches in the bankruptcy
abroad.

The new Chapter 15 case is Vitro Packaging de Mexico SA de
CV, 11-34224, U.S. Bankruptcy Court, Northern District Texas
(Dallas).

                         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).

The Vitro parent told the Mexico stock exchange that it received
sufficient acceptances of its reorganization pending in a court in
Monterrey.  The approval vote was evidently obtained using claims
of affiliates.  The bondholders are opposing the Mexican
reorganization plan because shareholders could retain ownership
while bondholders aren't being paid in full.  Bondholders
previously cited an "independent analyst" who estimated the
Mexican plan was worth 49% to 54% of creditors' claims.

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.


                            ***********


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


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

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

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

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

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

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


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