TCRLA_Public/111208.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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


            Thursday, December 8, 2011, Vol. 12, No. 243

                            Headlines



A R G E N T I N A

AZAR GAMES: Creditors' Proofs of Debt Due Dec. 27
BLACK RAVEN: Creditors' Proofs of Debt Due Dec. 26
FIJO PLAST: Creditors' Proofs of Debt Due March 2
INDUSTRIAS FM: Creditors' Proofs of Debt Due Dec. 22
SOUTH AMERICAN: Creditors' Proofs of Debt Due Feb. 14


B R A Z I L

BANCO PANAMERICANO: CVM Probes Stake Sale to Caixa Economica
BANCO PSA: Moody's Assigns 'D-' Bank Financial Strength Rating
GERDAU AMERISTEEL: Moody's Withdraws 'Ba1' Corp. Family Rating
SAO PAULO CORRETORA: Brazil Orders Extrajudicial Liquidation


C A Y M A N   I S L A N D S

AXIO FUND: Shareholder Receives Wind-Up Report
BEACON HILL: Shareholders' Final Meeting Set for Dec. 9
BISHOPSGATE CDO: Shareholders Receive Wind-Up Report
BISS DEAL: Shareholders' Final Meeting Set for Dec. 9
CONSECO FUNDING: Shareholders' Final Meeting Set for Dec. 9

DUSCC DEAL: Shareholders' Final Meeting Set for Dec. 9
EFES AVIATION: Shareholders' Final Meeting Set for Dec. 9
EIRENE RATED: Shareholders' Final Meeting Set for Dec. 9
EUNOMIA RATED: Shareholders' Final Meeting Set for Dec. 9
FTF CAPITAL: Shareholders' Final Meeting Set for Dec. 9

GALLERIA CDO IV: Shareholders' Final Meeting Set for Dec. 9
GULF OPPORTUNITIES: Shareholders' Final Meeting Set for Dec. 9
KAIROS ASIA: Shareholders Receive Wind-Up Report
MA BLACKROCK: Shareholders' Final Meeting Set for Dec. 9
PENTWATER CREDIT: Shareholders' Final Meeting Set for Dec. 13

PENTWATER EVENT: Shareholders' Final Meeting Set for Dec. 13
PENTWATER GROWTH: Shareholders' Final Meeting Set for Dec. 13
SIGNUM CREDARIS: Shareholders' Final Meeting Set for Dec. 9
WMT HOSPITALITY: Shareholders' Final Meeting Set for Dec. 9
ZAIS INVESTMENT: Shareholders' Final Meeting Set for Dec. 9


J A M A I C A

* JAMAICA: IDB OKs US$65MM Loan for Tax Collections Improvement


M E X I C O

PACIFIC RUBIALES: S&P Affirms 'BB' Corporate Credit Rating
VITRO SAB: Arbitrator Submits Restructuring Deal to Judge

P U E R T O    R I C O

HOTEL AIRPORT: Gets 10-Day Plan Exclusivity Extension


X X X X X X X X

* S&P's Global Corporate Default Tally Rises to 43 Issuers
* S&P: Global Default Rate Increases After 5 Mos. of Declines
* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


AZAR GAMES: Creditors' Proofs of Debt Due Dec. 27
-------------------------------------------------
Ricardo Jose Roussy, the court-appointed trustee for Azar Games
SA's reorganization proceedings, will be verifying creditors'
proofs of claim until Dec. 27, 2011.

Mr. Roussy will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 22, 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. 12, 2012.

The Trustee can be reached at:

         Ricardo Jose Roussy
         Florida 253


BLACK RAVEN: Creditors' Proofs of Debt Due Dec. 26
--------------------------------------------------
Marta Irene Nicoletti, the court-appointed trustee for Black
Raven SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Dec. 26, 2011.

Ms. Nicoletti will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 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.

The Trustee can be reached at:

         Marta Irene Nicoletti
         Rivadavia 4526
         Argentina


FIJO PLAST: Creditors' Proofs of Debt Due March 2
-------------------------------------------------
Hector Jorge Garcia, the court-appointed trustee for Fijo Plast
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until March 2, 2012.

Mr. Garcia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 52, 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:

         Hector Jorge Garcia
         Uruguay 572


INDUSTRIAS FM: Creditors' Proofs of Debt Due Dec. 22
----------------------------------------------------
Ricardo Agustin Sardon, the court-appointed trustee for
Industrias F.M. S.A's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Dec. 22, 2011.

Mr. Sardon will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 17, 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:

         Ricardo Agustin Sardon
         Cerrito 1136
         Argentina


SOUTH AMERICAN: Creditors' Proofs of Debt Due Feb. 14
-----------------------------------------------------
Gabriel Marcelo Ail, the court-appointed trustee for South
American Trade SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Feb. 14, 2012.

Mr. Ail 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. 39, 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:

         Gabriel Marcelo Ail
         Parana 833
         Argentina


===========
B R A Z I L
===========


BANCO PANAMERICANO: CVM Probes Stake Sale to Caixa Economica
------------------------------------------------------------
Telma Marotto at Bloomberg News reports that local newspaper
Folha de S.Paulo published that Brazilian securities regulator,
CVM, is investigating a possible leak of privileged information
ahead of the announcement of Caixa Economica Federal's purchase
of a 36% stake in Banco Panamericano SA.

The newspaper said that CVM identified a sudden increase in Banco
Panamericano's trading volume in August 2009, three months before
Caixa decided to buy the stake, according to Bloomberg.

Folha, Bloomberg notes, reported that a few days before the
announcement, on Dec. 1, 2009, trading volume surged again.

CVM said it's still analyzing and investigating issues related to
Panamericano, Folha added, Bloomberg relays.

As reported in the Troubled Company Reporter on Nov. 25, 2011,
Bloomberg News said local newspaper O Estado de S. Paulo
published that a Caixa Economica Federal executive said Brazil's
central bank identified signs of accounting fraud in Banco
Panamericano SA before approving the sale of a stake to the
company.  In a testimony to the federal police, Marcio Percival,
Caixa vice president of finance, said the central bank approved
the deal in July 2010, paving the way for government-controlled
Caixa to pay for the last installment of the acquisition, the
newspaper said, according to Bloomberg.  The newspaper said that
the central bank approved the deal only in November.  Bloomberg
News noted that Banco Panamericano needs to raise BRL1 billion
(US$598 million) so that it can keep making loans.  Bloomberg
related that the bank is under federal investigation after
accounting losses totaling BRL4.3 billion sparked two bailouts
since November of last year.

                     About Banco Panamericano

Banco Panamericano SA offers loans, personal credit, investments,
credit cards, and lease financing.  Banco Panamericano operates
throughout Brazil.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 12, 2010, Bloomberg News said that Banco PanAmericano SA
could have been liquidated or subjected to a central bank
intervention to sell its assets if its controller had not tapped
BRL2.5 billion from Brazil's deposit insurance fund to rescue the
bank.  According to the report, Mr. Ferreira said that talks to
rescue PanAmericano started Oct. 11 and were conducted by
Brazilian media mogul Silvio Santos, who controls the bank.

As of Nov. 17, 2011, the company continues to carry Moody's 'Ba2'
long-term supported global local currency deposit rating, long-
term foreign currency deposit and senior unsecured debt ratings.
It also carries Moody's 'Ba3' bank's foreign currency
subordinated debt rating.


BANCO PSA: Moody's Assigns 'D-' Bank Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service assigned a bank financial strength
rating (BFSR) of D- (D minus) to Banco PSA Finance Brasil S.A.
At the same time, Moody's assigned Ba1 and Not Prime long- and
short-term global local-currency deposit ratings to the entity,
as well as long- and short-term foreign currency deposit ratings
of Ba1 and Not Prime.  Moody's also assigned to Banco PSA a
Aa2.br and BR-1 long-and short-term local-currency deposit
ratings in the Brazilian national scale.  The outlook on all the
ratings is stable.

Rating Rationale

Moody's said that its ratings for Banco PSA incorporate the
bank's business franchise as a full financial agent for PSA
Peugeot & Citroen in Brazil, which in turn has a commercial and
strategic dependence on its parent, Banque PSA Finance, as part
of the PSA Peugeot - Citroen Group of France.  Likewise, the BFSR
incorporates the entity's adequate risk-management policies and
procedures that are aligned to its parent's, and which reflects
in conservative lending policies and well-built asset portfolio.
The ratings also capture Banco PSA's operational agreement with
Banco Santander Brasil, which comprises funding and operational
support, thereby benefiting the bank's loan origination
capability, liquidity, and its efficiency, as it outsources its
back office operations to Santander.  Adequate capitalization
levels at the bank reflect stable earnings generation and a
policy of earnings retention, which should support future growth
plans.

The ratings are constrained by Banco PSA's limited banking
operation in the Brazilian market, as reflected by the Group
PSA's modest market share and monoline business origination
focused on consumer vehicle financing, a profile that inherently
results in poor earnings diversification.  Just recently, the
bank has added related insurance brokerage services to its
product mix. Banco PSA's relatively concentrated funding profile
is largely reliant on interbank lending; management's plans to
diversify funding sources and conditions would benefit the bank's
liquidity and margins over the medium term. However, Moody's
noted that a more difficult operating environment, coupled with
increasing competition in the car financing segment, could
challenge the bank's financial metrics, and its profitability and
asset quality in particular.

Moody's Ba1 global local-currency deposit rating incorporates
Banco PSA's Baseline Credit Assessment of Ba3, as well as Moody's
assessment of the high probability of parental support in case of
stress. Banco PSA ranks as one of the top largest earnings
contributor to Banque PSA globally, and it is therefore, an
integral part of the group's global strategy, aligned with the
automaker's growth plans. Our support assessment results in a
two-notch uplift of the local currency deposit rating to Ba1.

Banco PSA is headquartered in Sao Paulo, Brazil, and it presented
unconsolidated assets of BRL 1.62 billion (or approximately
US$ 1.04 billion) and equity amounting to BRL 285.4 million, as
of June 2011.

These ratings were assigned to Banco PSA:

  Bank Financial Strength Rating: D-, with stable outlook

  Long- and short-term global local-currency deposit ratings: Ba1
  and Not Prime, with stable outlook

  Long- and short-term foreign currency deposit ratings: Ba1 and
  Not Prime, with stable outlook

  Long-Term and short-term National Scale Local-Currency Deposit
  Ratings: Aa2.br and BR-1, with stable outlook


GERDAU AMERISTEEL: Moody's Withdraws 'Ba1' Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service upgraded to Baa3 from Ba1 the ratings
of Gerdau Ameristeel's 5.3% Industrial Revenue Bonds due May
2037, issued by Jacksonville Economic Development Commission,
which bonds are guaranteed by Gerdau S.A.  At the same time,
Moody's assigned a Baa3 Issuer Rating to Gerdau and withdrew
Gerdau's corporate family rating of Ba1 on the global scale. The
rating outlook is stable.  This concludes the rating review which
began on March 22, 2011.

Ratings Rationale

The upgrade reflects the improved financial condition of the
company following its successful equity issuance in April 2011
through which Gerdau raised approximately BRL 3.6 bn, and the
resulting improved liquidity position and declining leverage. As
of Sept. 30, 2011 total cash position was BRL 4.3 bn and
leverage, expressed by Net Adjusted Debt to LTM Adjusted EBITDA
(considering a minimum cash position of US$1.5 bn) was at 2.9x, a
level which Moody's believes will be sustained even as the
company continues to execute its large investment program and
faces margin pressure coming from higher costs and weaker pricing
in Brazil.  From a strategic perspective, the ongoing investments
for greater self-sufficiency of key inputs (namely iron ore)
should improve margins and the overall competitiveness of Gerdau
over the near to medium term. Potential monetization of iron ore
assets may benefit the company's liquidity.  Gerdau's scale,
business profile, and good diversification, together with its low
cost minimill operating structure with a high proportion of
variable costs, are also supportive of the rating.

Gerdau's Baa3 rating is supported by its historically solid cash
generation, which reflects its strong market position in the
several markets where it operates, its good operational and
geographic diversity, and cost-driven management.  While Gerdau's
variable cost structure, high integration level and large scale
provide good operating flexibility, reducing downside risk and
translating into historically solid EBITDA margins through the
industry's cycles, structural changes in the Brazilian steel
industry leading to increased imports should keep margins under
pressure over the near term (but still comparing positively to
most international peers).  Moody's would expect margins to
somewhat recover once ongoing investments in product mix
improvement and cost reduction are completed within the next
couple of years. Gerdau's liquidity position remains healthy
based on robust available cash position and availability under
sizable committed credit facilities, adequate debt maturity
profile, and access to export-related and BNDES loans.  Gerdau's
exposure to the cyclicality of the steel industry, which is
subject to global and regional supply-demand imbalances, trade
flows and sharp price changes, and product mix that includes a
high proportion of long steel, giving the group a relatively high
exposure to the construction industry, are constraining factors
for its rating.

The stable outlook reflects Moody's expectation that structural
changes in the Brazilian steel sector will result in lower (but
still comfortable) margins going forward, helped by its good
operational flexibility and efficient cost management.  As a
result, leverage as measured by Net Adjusted Debt to Adjusted
EBITDA (considering a minimum cash position of US$1.5 billion) is
expected to remain below 3.0x in the coming quarters.  In the
medium term, margins should benefit from the ongoing investments
in product mix improvement and cost reduction.  The stable
outlook also considers that capex and liquidity will continue to
be prudently managed, and that Gerdau will focus on debt
reduction.

Upward pressure on Gerdau's ratings or outlook could be
considered if Net Adjusted Debt to EBITDA (considering a minimum
cash position of US$1.5 billion) decreases further and stays
below 2.0x during the execution of its capex program, with the
maintenance of strong liquidity levels.  An upgrade would also be
considered if Free Cash Flow to Adjusted Net Debt stays in the
mid-teens on a sustained basis.

Though not anticipated in the near term, negative pressure on the
rating or outlook could result from weaker liquidity or from
persistently high leverage,with Net Adjusted Debt to Adjusted
Ebitda above 3x for an extended time period or in case of a sharp
deterioration in the group's liquidity position or financial
performance.

Upgrades:

  Issuer: Jacksonville Economic Development Comm., FL

   -- Senior Unsecured Revenue Bonds, Upgraded to Baa3 from Ba1,
      guaranteed by Gerdau S.A.

   Outlook Actions:

   -- Issuer: Gerdau S.A.

   -- Outlook, Changed To Stable From Rating Under Review

Withdrawals:

   Issuer: Gerdau S.A.

   -- Corporate Family Rating, Withdrawn, previously rated Ba1

   Issuer: Jacksonville Economic Development Comm., FL

   -- Senior Unsecured Revenue Bonds, Withdrawn, previously rated
      LGD4, 63%

Gerdau S.A. is the largest long steel producer in the Americas
and the second largest globally, and also a leading player in the
specialty steel industry worldwide, with total capacity of about
26 million tons per year of crude steel and 23 million tons per
year of rolled products.  Gerdau North America is the second
largest long steel producer in North America.  In the last twelve
months ended Sept. 30, 2011, Gerdau reported net revenues of
about US$20.7 billion.  The group has operations in 14 countries,
including Brazil, USA, Canada, Chile, Peru, Uruguay, Argentina,
Mexico, Venezuela, Colombia, Spain, India, Guatemala and the
Dominican Republic.


SAO PAULO CORRETORA: Brazil Orders Extrajudicial Liquidation
------------------------------------------------------------
Telma Marotto at Bloomberg News, citing a statement, reports that
Brazil's central bank ordered the extrajudicial liquidation of
Sao Paulo Corretora de Valores Ltda.

Central Bank President Alexander Tombini signed the act and
explained that the decision was taken on the commitment and
financial assets of the brokerage and the existence of serious
violations of legal norms that regulate the activity of the
institution.

Moretsohn Jose de Castro was appointed as liquidator by the
regulatory authority with broad powers of administration and
liquidation.


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


AXIO FUND: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of Axio Fund received on Dec. 7, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ogier
         c/o Kim Smith
         Telephone: (345) 949-9876
         Facsimile: (345) 949-9877


BEACON HILL: Shareholders' Final Meeting Set for Dec. 9
-------------------------------------------------------
The shareholders of Beacon Hill CBO, Ltd. will hold their final
meeting on Dec. 9, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


BISHOPSGATE CDO: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Bishopsgate CDO Limited received on Dec. 6,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre
         42 North Church Street
         George Town
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


BISS DEAL: Shareholders' Final Meeting Set for Dec. 9
-----------------------------------------------------
The shareholders of Biss Deal Limited will hold their final
meeting on Dec. 9, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


CONSECO FUNDING: Shareholders' Final Meeting Set for Dec. 9
-----------------------------------------------------------
The shareholders of Conseco Funding Ltd. will hold their final
meeting on Dec. 9, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


DUSCC DEAL: Shareholders' Final Meeting Set for Dec. 9
------------------------------------------------------
The shareholders of Duscc Deal Limited will hold their final
meeting on Dec. 9, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


EFES AVIATION: Shareholders' Final Meeting Set for Dec. 9
---------------------------------------------------------
The shareholders of Efes Aviation Limited will hold their final
meeting on Dec. 9, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


EIRENE RATED: Shareholders' Final Meeting Set for Dec. 9
--------------------------------------------------------
The shareholders of Eirene Rated Limited will hold their final
meeting on Dec. 9, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


EUNOMIA RATED: Shareholders' Final Meeting Set for Dec. 9
---------------------------------------------------------
The shareholders of Eunomia Rated Limited will hold their final
meeting on Dec. 9, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


FTF CAPITAL: Shareholders' Final Meeting Set for Dec. 9
-------------------------------------------------------
The shareholders of FTF Capital Limited will hold their final
meeting on Dec. 9, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


GALLERIA CDO IV: Shareholders' Final Meeting Set for Dec. 9
-----------------------------------------------------------
The shareholders of Galleria CDO IV. Ltd. will hold their final
meeting on Dec. 9, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


GULF OPPORTUNITIES: Shareholders' Final Meeting Set for Dec. 9
--------------------------------------------------------------
The shareholders of Gulf Opportunities Fund will hold their final
meeting on Dec. 9, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


KAIROS ASIA: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Kairos Asia Fund Ltd. received on Dec. 6,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715 Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


MA BLACKROCK: Shareholders' Final Meeting Set for Dec. 9
--------------------------------------------------------
The shareholders of MA Blackrock Mena Limited will hold their
final meeting on Dec. 9, 2011, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


PENTWATER CREDIT: Shareholders' Final Meeting Set for Dec. 13
-------------------------------------------------------------
The shareholders of Pentwater Credit Partners Fund Ltd. will hold
their final meeting on Dec. 13, 2011, at 9:40 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


PENTWATER EVENT: Shareholders' Final Meeting Set for Dec. 13
------------------------------------------------------------
The shareholders of Pentwater Event Master Fund Ltd. will hold
their final meeting on Dec. 13, 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:

         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


PENTWATER GROWTH: Shareholders' Final Meeting Set for Dec. 13
-------------------------------------------------------------
The shareholders of Pentwater Growth Fund Ltd. will hold their
final meeting on Dec. 13, 2011, at 9:50 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


SIGNUM CREDARIS: Shareholders' Final Meeting Set for Dec. 9
-----------------------------------------------------------
The shareholders of Signum Credaris Limited will hold their final
meeting on Dec. 9, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


WMT HOSPITALITY: Shareholders' Final Meeting Set for Dec. 9
-----------------------------------------------------------
The shareholders of WMT Hospitality Investment I Holdings will
hold their final meeting on Dec. 9, 2011, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


ZAIS INVESTMENT: Shareholders' Final Meeting Set for Dec. 9
-----------------------------------------------------------
The shareholders of Zais Investment Grade Limited VIII will hold
their final meeting on Dec. 9, 2011, to receive the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


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


* JAMAICA: IDB OKs US$65MM Loan for Tax Collections Improvement
---------------------------------------------------------------
Jamaica will modernize its fiscal administration to improve
customs and tax revenue collections and better manage debt and
government operations, in a program partly funded by a US$65
million loan from the Inter-American Development Bank.

This program will support the Government of Jamaica's strategy to
achieve a sustainable fiscal position by strengthening the
Ministry of Finance's institutional capacity.  It will also
improve taxpayer's compliance and revenue yields through more
efficient administration and collection procedures, and will help
improve debt management and government payments operations.

The project will also contribute reducing the percentage of large
and medium taxpayers that fail to file their tax forms from 6% to
2% of the total filings.  On the customs side efficiency will
increase the adjusted monetary value of Post Clearance Audit
assessments and raise the percentage of cargo manifests and
import/export declarations processed electronically in advance
from 57% to 100%.

The IDB loan is for a 20-year period, with a grace period of
5 years and an interest rate based on LIBOR.

                          *     *     *

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
===========


PACIFIC RUBIALES: S&P Affirms 'BB' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' rating to
the US$300 million senior unsecured notes due 2021 of Pacific
Rubiales Energy Corp. (PRE), while affirming the corporate credit
and debt ratings on the company at 'BB'.

The outlook remained stable.

"The affirmation is based on our expectation that PRE will
continue to show strong operating and financial performance after
the anticipated conversion of 98.9% of its debentures and its new
offering of US$300 million in senior unsecured notes due in
2021," said Standard & Poor's credit analyst Fabiola Ortiz.  "We
see this transaction as opportunistic, given that PRE has enough
cash to face its debt maturities in the next 12 months."

Cash on hand was US$325.5 million as of Sept. 30, 2011, and debt
maturities for the next 12 months total US$7.9 million.

The holders of the convertible debentures due Aug. 29, 2013, had
an incentive to convert their 8% C$240 million debentures in
advance.  The period for anticipating the conversion of the
debentures expired on Nov. 29, 2011, with a conversion rate of
98.9%.

To take advantage of the current low interest rates and the good
positioning of PRE in the financial markets, the company will
issue an additional US$300 million in unsecured senior notes.

With this, the company's total long-term debt will be US$750
million, with US$450 million due in 2016 and US$300 million due
in 2021.

The new notes will have a bullet payment in 2021.  The old notes
will continue to require amortization payments in 2014, 2015, and
2016.

"Our ratings on PRE reflect our view of a "fair" business
profile, given the company's short track record and heavy
concentration in the Colombian region.  PRE is still a small,
though growing, exploration and production company when compared
with other large regional and local players," S&P said.

Recent and expected strong growth in production and reserves,
strong liquidity, an experienced management team, and a
significant financial profile support the rating.

PRE, which began operations in 2007, is Colombia's second-largest
producer of heavy crude oil and natural gas.

"We assess the financial profile of the company as 'significant.'
Our adjusted debt includes asset retirement obligations,
operating leases, the ship-or-pay obligation of the company to
guarantee full payment on its Oleoducto de los Llanos (ODL) and
Bicentenario loans, and the proportion of convertible unsecured
subordinated debentures classified as equity," S&P said.

"The stable outlook reflects our opinion that PRE will continue
executing on its organic and geographic diversification growth
strategies," S&P said.


VITRO SAB: Arbitrator Submits Restructuring Deal to Judge
---------------------------------------------------------
Jonathan J. Levin at Bloomberg News reports that Vitro, S.A.B. de
C.V. said that court-appointed arbitrator of its bankruptcy,
Javier Navarro-Velasco, submitted its debt restructuring proposal
to a judge in Monterrey.

The debt restructuring deal was accepted by the company and about
850 creditors, representing more than 74% of the company's debt,
the company said in an e-mailed statement obtained by the news
agency.

The statement said that the judge will have five days to hear
from creditors before issuing a final decision, according to
Bloomberg.

As reported in the Troubled Company Reporter-Latin America on
Dec. 5, 2011, Bloomberg said that Mr. Navarro-Velasco said Vitro
SAB probably won't conclude its debt restructuring by year-end as
the company anticipates.  External creditors, who oppose Vitro's
restructuring proposal, will raise more legal challenges with the
judge in the case, Mr. Navarro-Velasco told the news agency in a
telephone interview.  Mr. Navarro-Velasco, Bloomberg noted, will
present the proposal to the judge by Dec. 5 and said he expects
70% of creditors, including intercompany debt controlled by
subsidiaries, to approve.

                          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.


======================
P U E R T O    R I C O
======================


HOTEL AIRPORT: Gets 10-Day Plan Exclusivity Extension
-----------------------------------------------------
The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court
for the District of Puerto Rico granted Hotel Airport Inc.'s
request for a 10-day extension in its exclusive period to file
plan and disclosure statement.

The Court approved a 10-day extension from the Nov. 30, 2011,
deadline to file its Plan.

The Debtor related that it has its plan and disclosure statement
almost completed, but needed 10 additional days to incorporate
the results of certain negotiations with the PR Ports Authority
regarding the terms for the assumption of the lease agreement
between them.  The Debtor discussed an agreed assumption with
counsel for Ports, and sent a draft thereof.  The Port's counsel
has requested some time to evaluate the proposal with his client.

                        About Hotel Airport

Hotel Airport Inc., in San Juan, Puerto Rico, filed for Chapter
11 bankruptcy (Bankr. D. P.R. Case No. 11-06620) on Aug. 5, 2011.
Judge Enrique S. Lamoutte Inclan oversees the case.  Edgardo
Munoz, PSC, serves as bankruptcy counsel.  Francisco J. Garrido
Molina serves as its accountant, and RS& Associates as external
auditors to perform auditing services.  The Debtor disclosed
US$8,547,993 in assets and US$171,169,392 in liabilities as of
the Chapter 11 filing.  The petition was signed by David Tirri,
its president.


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


* S&P's Global Corporate Default Tally Rises to 43 Issuers
----------------------------------------------------------
Two U.S.-based issuers defaulted last week, raising the tally of
global corporate default in 2011 to 43, said an article published
Dec. 1 by Standard & Poor's Global Fixed Income Research, titled
"Global Corporate Default Update (Nov. 23 - 30, 2011)."

The first default, The PMI Group Inc., filed for Chapter 11 on
Nov. 28, three months after the Arizona Department of Insurance
placed the company's subsidiary, PMI Mortgage Insurance Co.,
under supervision.  As a result, Standard & Poor's Rating
Services lowered the rating on the company to 'R' -- a rating
tantamount to default under Standard & Poor's criteria.  Standard
& Poor's lowered its rating on the second issuer, AMR Corp., to
'D' after the company and its subsidiary, American Airlines Inc.,
filed for Chapter 11 bankruptcy on Nov. 29.

Of the total defaulters this year, 32 are based in the U.S.,
three are based in New Zealand, two are in Canada, and one each
is in the Czech Republic, Greece, France, Israel, Italy, and
Russia. Of the defaulters by this time in 2010, 56 were U.S.-
based issuers, 10 were from the other developed region
(Australia, Canada, Japan, and New Zealand), eight were from the
emerging markets, and two were European issuers.

Seventeen of this year's defaults were due to missed interest or
principal payments and eight were due to distressed exchanges --
both of which were among the top reasons for defaults in 2010.
Bankruptcy filings followed with nine defaults, and regulatory
actions accounted for three. Of the remaining defaults, one
issuer failed to finalize refinancing on its bank loan, one had
its banking license revoked by its country's central bank,
another was appointed a receiver, and three were confidential.
By comparison, in 2010, 28 defaults resulted from missed interest
or principal payments, 25 from Chapter 11 and foreign bankruptcy
filings, 23 from distressed exchanges, three from receiverships,
one from a regulatory directive, and one from administration.

Following a year of record-setting highs in terms of global
corporate default statistics, 2010 provided the markets with a
noticeable reversal.  In 2010, 81 global corporate issuers
defaulted, down from the record high of 265 in 2009.

None of the 81 defaulters began the year rated investment grade.
The debt amount affected by these defaults fell to $95.7 billion,
which was also considerably lower than in 2009.


* S&P: Global Default Rate Increases After 5 Mos. of Declines
-------------------------------------------------------------
The number of global weakest links increased marginally to 128 on
Nov. 15 from 124 on Oct. 21, and they have total rated debt of
$193.1 billion, said an article published Dec. 2 by Standard &
Poor's Global Fixed Income Research, titled "Global Weakest Links
And Default Rates: The Global Default Rate Increased Slightly In
October."

Weakest links are issuers rated 'B-' and lower with either
negative outlooks or ratings on CreditWatch with negative
implications.

"So far, 41 issuers have defaulted globally in 2011 through Nov.
15, six of which have defaulted since October," said Diane Vazza,
head of Standard & Poor's Global Fixed Income Research.  "These
defaulted issuers have combined outstanding debt worth
$69.9 billion."  By comparison, 82 issuers defaulted on debt
worth $97.5 billion in 2010, and 264 issuers defaulted on debt
worth $627.7 billion in 2009.

"The 12-month-trailing global corporate speculative-grade default
rate slightly increased to 1.68% in October from 1.65% in
September," said Ms. Vazza.  Regionally, the U.S. corporate
speculative-grade corporate default rate increased to 2.06% from
1.94%, and the European default rate rose sharply to 1.23% from
0.86%. The default rate in the emerging markets also increased,
to 0.58% from 0.52%.

The U.S. has the weakest links, with 83, or 64.8% of the global
total.  By sector, media and entertainment, banks, and forest
products and building materials have the greatest concentrations
of weakest links.


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

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

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

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

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

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

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

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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *