TCRLA_Public/111209.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


            Friday, December 9, 2011, Vol. 12, No. 244

                            Headlines



A R G E N T I N A

* ARGENTINA: IDB OKs US$400MM for Living Conditions Improvement


B E R M U D A

FRONTLINE LTD: Eyes Spin Off to Avoid Bankruptcy
INTERNATIONAL RESTAURANTS: Creditors' Proofs of Debt Due Dec. 22
INTERNATIONAL RESTAURANTS: Members' Final Meeting Set for Dec. 29
LONE TREE: Creditors' Proofs of Debt Due Dec. 9
LONE TREE: Member to Receive Wind-Up Report on Dec. 29

MERCK SHARP: Creditors' Proofs of Debt Due Dec. 9
MERCK SHARP: Members' Final Meeting Set for Dec. 29
OBOLUS CAPITAL: Commences Wind-Up Proceedings
OBOLUS CAPITAL: Members' Final Meeting Set for Dec. 29
SPARX JAPAN: Commences Wind-Up Proceedings

SPARX JAPAN: Members' Final Meeting Set for Dec. 29
TWIN OAKS: Creditors' Proofs of Debt Due Dec. 9
TWIN OAKS: Members' Final Meeting Set for Dec. 30


B R A Z I L

DELTA AIR: Makes US$100MM Investments in GOL Linhas' Capital
JBS S.A.: Moody's Changes Outlook on 'B1' CFR to Stable


C A Y M A N   I S L A N D S

ACM DIVERSIFIED: Shareholders' Final Meeting Set for Dec. 16
ALTIMA AGRICULTURE: Shareholder Receives Wind-Up Report
ALTIMA AGRICULTURE: Shareholder Receives Wind-Up Report
BERNSTEIN MULTI-STRATEGY: Shareholders' Meeting Set for Dec. 16
BERNSTEIN MULTI-STRATEGY: Shareholders' Meeting Set for Dec. 16

CRANBROOK LEASING: Members Receive Wind-Up Report
CRANLEY LTD: Members Receive Wind-Up Report
FIXED INCOME: Shareholders' Final Meeting Set for Dec. 16
FOREST GLOBAL: Shareholders' Final Meeting Set for Dec. 13
FUCHSIA 1930: Members Receive Wind-Up Report

GPS INCOME: Shareholder to Receive Wind-Up Report on Dec. 16
GPS NEW: Shareholder to Receive Wind-Up Report on Dec. 16
JATOCK RENTALS: Members Receive Wind-Up Report
M-INVEST: Ernst & Young Sued for $900MM by Liquidators
NOROTON EVENT: Shareholder Receives Wind-Up Report

NOROTON EVENT: Shareholder Receives Wind-Up Report
PHOENIX DYNASTY: Members Receive Wind-Up Report
SIGNUM MAN: Shareholders' Final Meeting Set for Dec. 9
SIGNUM SWISS: Shareholders' Final Meeting Set for Dec. 9
YX MASTER: Shareholder Receives Wind-Up Report

YX SHORT: Shareholder Receives Wind-Up Report


J A M A I C A

* JAMAICA: Finance Minister to Sign Two Loan Deal With IDB


M A R S H A L L   I S L A N D S

EAGLE BULK: Hires Advisors to Deal with US$1.13-Bil. Debt


M E X I C O

BANCO AGRICOLA: S&P Affirms Issuer Credit Rating at 'BB-'
VITRO SAB: Dealt Setbacks by District Judge, U.S. Trustee


P U E R T O   R I C O

HOSPITAL DAMAS: Case Reassigned to Honorable E. A. Godoy
REITTER CORP: Gets 28-Day Extension to File Amended Plan Outline


T R I N I D A D  &  T O B A G O

CL FIN'L: Lascelles deMercado Appoints New Deputy Chairman



                            - - - - -


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


* ARGENTINA: IDB OKs US$400MM for Living Conditions Improvement
----------------------------------------------------------------
The Inter-American Development Bank approved a loan for US$400
million to improve living conditions for some 280,000 residents in
70 poor urban settlements in Argentina.

This is a second operation under a conditional credit line for the
PROMEBA neighborhood improvement program approved in January 2007
to improve the quality of life and contribute to urban and social
inclusion for low-income Argentine families.  The overall goal of
the line of credit is to benefit some 250,000 families across the
country.

This program will be executed by the Ministry of Federal Planning,
Public Investment and Services through the Ministry of Public
Works, and it will finance activities to improve sanitary
infrastructure and equipment, and to strengthen social and human
capital.

Investments will include basic services as water and sewage
networks, electricity, infrastructure, storm drains, gas
distribution, access roads, pedestrian networks, community street
furniture, green spaces, and environmental mitigation works.

Additional activities will reduce and prevent risks for vulnerable
groups, such as women heads of household, children, and young
people, through prevention of family violence, recreational
activities, training for youth and women, employability
improvement, among others.

"The living environment is a fundamental dimension of human
development.  People who live in poor conditions are unable to
meet their needs, develop their skills, and exercise their
rights," said Eduardo Figueroa, IDB team leader for the project.
"Our neighborhood improvement programs thus represent a major tool
for social inclusion and equity in access to services."

The loan was extended for a 25-year term, with a five-year grace
period and an interest rate based on LIBOR.  Counterpart funding
totals US$45 million.

                          *     *     *

As of Dec. 1, 2011, the country continues to carry Moody's "Caa1"
country ceiling long-term foreign bank deposit rating and "B2"
country ceiling long-term foreign currency debt rating.


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


FRONTLINE LTD: Eyes Spin Off to Avoid Bankruptcy
------------------------------------------------
Frontline Ltd. disclosed that its restructuring has been approved
by the Company's Board and will in the next few days be put
forward to its creditors and counterparties for approval.  The
proposed solution has been made possible through a massive
commitment from the Company's major shareholder; Hemen Holding
Ltd.  The major part of the restructuring consists of the
following elements:

A new company, Frontline 2012, will be established and registered
on the NOTC list in Oslo.  Frontline 2012 will acquire five VLCC
newbuilding contracts, six modern VLCCs, and four modern Suezmax
tankers from Frontline at fair market value.  The value of these
vessels, including the value of one time charter agreement, is
based on independent appraisals, set at $1,121 million.  In
addition, Frontline 2012 will assume a total of $666 million in
bank debt attached to the newbuilding contracts and vessels and a
further $325.5 million in remaining newbuilding commitments.
Further Frontline will be paid for working capital related to the
assets acquired.  The transaction will be supported by a fairness
opinion.

Frontline 2012's ambition is to grow and become the consolidator
in the tanker market when timing is right.

Frontline has achieved preliminary agreements with its major
counterparts whereby the rates in the existing chartering
arrangements are reduced in the period 2012 to 2015.  This
includes a rate reduction in the existing Ship Finance
International Limited agreements of US$6,500 per day for all
vessels.  Frontline will pay Ship Finance an upfront compensation
of US$106 million of which US$50 million will be prepayment of
profit split and US$56 million will be a release of restricted
cash currently serving as security for charter payments.
Frontline will compensate the counterparties with 100% of any
difference between the renegotiated rates and the actual market
rate up to the original contract rates. Some of the counterparties
will receive some compensation for earnings achieved above
original contract rates.

Frontline 2012 plans to raise new equity in the amount of US$250
million, of which Frontline will subscribe for 10%.  A commitment
for the underwriting of the remaining equity issuance has been
received from Hemen.  This commitment is subject only to final
agreement with the banks and major counterparts.  The purchase of
the assets from Frontline is based on fair market value supported
by independent appraisals.  However, the Board of Frontline 2012
and the guarantor of the Frontline 2012 equity will to the extent
permissible by securities law, seek to give preference to
Frontline equity holders to subscribe to the new capital in
Frontline 2012.  In view of the fact that the transaction is based
on current market values, there will not be given any tradable
rights for subscription.

The equity raised through the issue will be used to finance the
acquisition of the vessels and newbuilding contracts from
Frontline, pay for working capital, prepay senior secured debt,
general corporate purposes and capitalize Frontline 2012 with
cash.

Hemen will give a special guarantee of US$250.5 million to make
sure that all necessary debt and equity is in place to take
delivery of the full remaining new building program.  In addition,
Hemen will provide a guarantee of US$30 million to satisfy minimum
cash requirements in Frontline 2012.  Terms of these guarantee are
still to be finalized, however Hemen have agreed that any
guarantee fee should be paid in shares.

Hemen is giving total guarantees of US$505.5 million in order to
restructure Frontline and establish Frontline 2012.  These
guarantees are valid until Dec. 31, 2011, and are given on the
basis that a successful restructuring can be agreed prior to
Dec. 31, 2011 and Frontline thereby can avoid any breaches of loan
covenants as per year end.

If the proposed solution is approved Frontline should have
significant strength to honor its obligations and meet the
challenges created by a very weak tanker market.  The Company's
sailing fleet, excluding the non-recourse subsidiary ITCL, will be
reduced from 50 units to 40 units.  The cash in the Company will
be increased with approximately US$125 million. The newbuilding
commitments will be reduced from US$437.9 million to US$112.4
million.

The bank debt will be reduced from US$679 million to US$13
million.

The gross charter payment commitment will be reduced by
approximately US$336 million in the period 2012-2015.  When
including the earnings from charter out agreements, the estimated
daily cash break even rates for VLCCs and Suezmaxes in 2012 will
be reduced from US$25,600 and US$20,800 to US$17,600 and
US$12,800, respectively.  All the numbers above exclude the
non-recourse subsidiary ITCL.

Frontline will, with the restructured cash break even rates and
the solid cash position, be amongst the best positioned tanker
companies to serve its obligations even if the market remains very
weak.  Until a clearer sign of recovery can be seen in the tanker
market, Frontline will remain cautious and focus its resources on
the present activities.

Through the solution of the sale of a limited amount of the
Company's assets, Frontline will avoid a heavy dilutive new equity
offering and will thereby keep significant upside for the existing
Frontline equity holders if the market recovers in the years to
come.

The Chief Executive of Frontline Management AS, Jens Martin
Jensen, says in a comment: "In this very difficult situation we
are extremely pleased with the understanding and flexibility shown
by our leading banks and the major counterparts.  We feel that
significant upside will be kept for Frontline's existing equity
holders through the massive reduction in debt and new building
obligations that the proposed solution will bring.  With the
restructured cash break even rates Frontline will be extremely
well positioned to meet the challenges the current oversupply of
tankers has created and also benefit from a recovery in the tanker
market going forward.  We want to thank all the parties who have
contributed to this solution, which ultimately, if implemented,
will give significant extra value to our creditors, counterparties
and equity holders."

Questions should be directed to:

          Jens Martin Jensen
          Chief Executive Officer
          Frontline Management AS
          +47 23 11 40 99

          Inger M. Klemp
          Chief Financial Officer
          Frontline Management AS
          +47 23 11 40 76

                        About Frontline Ltd.

Frontline Ltd. is a Hamilton, Bermuda-based operator of very large
crude carriers.

Frontline said in November 2011 that it will need new funding in
the first half of 2012 to cover cash obligations.  There are also
"significant uncertainties" about compliance with loan covenants
in the last quarter of 2011.  The Company said it "will seek
discussions" with creditors with the aim of reaching agreement on
a "restructuring solution" by the end of this year.

The company reported a US$44.7 million net loss in the third
quarter, compared with a US$35.2 million net loss in the prior
period.  During the first three quarters, the net loss is
US$64.5 million.


INTERNATIONAL RESTAURANTS: Creditors' Proofs of Debt Due Dec. 22
----------------------------------------------------------------
The creditors of International Restaurants Holdings Limited are
required to file their proofs of debt by Dec. 22, 2011, to be
included in the company's dividend distribution.

The company's liquidator is:

         Claudio Pulze
         c/o Mello Jones & Martin
         Thistle House, 4 Burnaby Street
         Hamilton HM 11
         Bermuda


INTERNATIONAL RESTAURANTS: Members' Final Meeting Set for Dec. 29
-----------------------------------------------------------------
The members of International Restaurants Holdings Limited will
hold their final meeting on Dec. 29, 2011, at 11:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Claudio Pulze
         c/o Mello Jones & Martin
         Thistle House, 4 Burnaby Street
         Hamilton HM 11
         Bermuda


LONE TREE: Creditors' Proofs of Debt Due Dec. 9
-----------------------------------------------
The creditors of Lone Tree Insurance Group Ltd. are required to
file their proofs of debt by Dec. 9, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 17, 2011.

The company's liquidator is:

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


LONE TREE: Member to Receive Wind-Up Report on Dec. 29
------------------------------------------------------
The sole member of Lone Tree Insurance Group Ltd. will receive on
Dec. 29, 2011, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Nov. 17, 2011.

The company's liquidator is:

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


MERCK SHARP: Creditors' Proofs of Debt Due Dec. 9
-------------------------------------------------
The creditors of Merck Sharp & Dohme (Singapore) Ltd. are required
to file their proofs of debt by Dec. 9, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Nov. 22, 2011.

The company's liquidator is:

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


MERCK SHARP: Members' Final Meeting Set for Dec. 29
---------------------------------------------------
The members of Merck Sharp & Dohme (Singapore) Ltd will hold their
final meeting on Dec. 29, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


OBOLUS CAPITAL: Commences Wind-Up Proceedings
---------------------------------------------
On Nov. 18, 2011, the members of Obolus Capital Management Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 7, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Wilder Gonzalez Penino
         Av. Dr. Luis Alberto de Herrera
         1248/2301, Montevideo (11300)
         Uruguay


OBOLUS CAPITAL: Members' Final Meeting Set for Dec. 29
------------------------------------------------------
The members of Obolus Capital Management Limited will hold their
final meeting on Dec. 29, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Wilder Gonzalez Penino
         Av. Dr. Luis Alberto de Herrera
         1248/2301, Montevideo (11300)
         Uruguay


SPARX JAPAN: Commences Wind-Up Proceedings
------------------------------------------
On Nov. 17, 2011, the members of SPARX Japan Private Equity Fund
II Limited resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 7, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


SPARX JAPAN: Members' Final Meeting Set for Dec. 29
---------------------------------------------------
The members of Sparx Japan Private Equity Fund II Limited will
hold their final meeting on Dec. 29, 2011, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


TWIN OAKS: Creditors' Proofs of Debt Due Dec. 9
-----------------------------------------------
The creditors of Twin Oaks Insurance Company Limited are required
to file their proofs of debt by Dec. 9, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Nov. 22, 2011.

The company's liquidator is:

         Robert A. Nicosia
         516 Harbor Place
         West New York, N.J. 07093


TWIN OAKS: Members' Final Meeting Set for Dec. 30
-------------------------------------------------
The members of Twin Oaks Insurance Company Limited will hold their
final meeting on Dec. 30, 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. 22, 2011.

The company's liquidator is:

         Robert A. Nicosia
         516 Harbor Place
         West New York, N.J. 07093


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


DELTA AIR: Makes US$100MM Investments in GOL Linhas' Capital
------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. signed a binding agreement
involving the acquisition by Delta Air Lines, Inc., of a strategic
minority interest of US$100 million of GOL's preferred shares.

Delta Airlines Inc. will invest US$100 million in exchange for
ADSs representing GOL's preferred shares through the issuance of
preferred share with an issue price of R$22.0 per share.  The
total capital increase will be up to R$280 million (US$150
million), including the subscription rights for all GOL's
shareholders.  GOL's Board will deliberate on Dec. 21, 2011 to
resolve on the capital increase.

In the context of the investment, GOL's controlling shareholder
agreed to elect a Delta representative to the Company's Board of
Directors as long as Delta holds at least 50% of the ADSs acquired
in the investment, among other conditions.  Delta agreed, for a
period of 12 months, not to sell the acquired ADSs (lockup) and
not to acquire any further GOL shares, including in the form of
ADSs (standstill), without GOL's consent.

Brazilian law limits the maximum number of preferred shares that
can be issued by GOL to 50% of the Company's total capital.  As a
result, Delta's investment is structured as:

  -- GOL's controlling shareholder will sell ADSs representing
     GOL's preferred shares to Delta against payment of US$100
     million.  At the same time, GOL's controlling shareholder
     will undertake to reinvest this amount in a capital increase
     to be simultaneously approved by the Company; and

  -- The amount of the capital increase will be up to R$280
     million, equivalent to the issuance of preferred share with
     an issue price of R$22.0 per share given that the amount of
     capital increase to be subscribed by the controlling
     shareholder, according to its pre-emptive rights, is an
     amount of US$100 equivalent in dollar, less taxes and other
     charges incurred by the controlling shareholder in the
     context of the transfer of the ADSs to Delta.

GOL's controlling shareholder will use the proceeds from the sale
of the ADSs to Delta to subscribe the Company's shares issued on
the capital increase.

The controlling shareholder will not receive any economic benefit
from the transaction.  Pre-emptive rights in regard to the capital
increase will be granted to all GOL shareholder, including ADSs
holders.  More detailed information on the capital increase,
including the issued price for the preferred shares and ADSs, the
terms and mechanisms for the exercise of pre-emptive rights, and
the record date will be disclosed promptly after the GOL Board of
Directors' Meeting to be held on Dec. 21, 2011.

In the context of the investment, Delta and GOL entered into a
long-term commercial agreement with exclusivity provisions
designed to strengthen the operational cooperation and synergies
between the two companies, including:

-- an increase in the scope of the code-share agreement (flight
    sharing), subject to the relevant approvals, allowing Delta to
    use its code for more GOL flights in Brazil, the Caribbean and
    South America, and GOL to add its code for Delta's flights
    between Brazil and the United States, and from the U.S. to
    other destinations, thereby increasing the number of flight
    options for clients of both airlines and expanding their
    geographical reach; the optimization of connecting services in
    order to increase the attractiveness of the companies joint
    services, facilitating flight connections and cargo and
    passenger movement among the nearly 400 destinations in over
    70 countries served by GOL and Delta;

-- the increase in passenger comfort by aligning services and
    benefits for members of both the SMILES and SkyMiles mileage
    programs; joint commercial and promotional activities,
    encouraging both airlines' sales forces to cooperate in
    Brazil, the United States and, eventually, in other countries;
    and

-- the exploration of synergies in passenger services,
    maintenance, VIP lounges and logistical support; the transfer
    of the lease of the two remaining Boeing 767 aircraft in GOL's
    fleet and their spare parts to Delta.

The transaction does not envisage GOL's adherence to a Global
Alliance, and it is aligned with the Company's goal of seeking out
long-term strategic partnerships and strengthening its capital
structure, with a focus on creating value for its shareholders.
Delta handles more than 160 million passengers per year, has a
fleet of more than 700 aircraft, and flies to 350 destinations in
almost 70 countries spread through six continents.  It is the
largest airline in the world in terms of passenger-kilometers
transported and has more international routes than any other U.S.
airline.

The experience and knowledge of global aviation acquired by Delta
in more than 81 years of operations in the most developed market
in the world, combined with the growth potential of Brazilian
commercial aviation, provides an opportunity for both companies to
increase their return on capital employed in the coming years.

The alliance with Delta is in line with GOL's strategy of creating
international partnerships with leading global players that add
value to its services through the joint accumulation/redemption of
miles in the airlines' mileage programs combined with the
opportunity of long-distance flights for GOL passengers.  The
agreement also capitalizes GOL, strengthening its balance sheet
and making it better prepared to achieve its objectives and to
explore new markets and sources of revenue.  GOL also expects that
partnering with a global player will result in operational
synergies with a strong potential for reducing operating costs,
thereby reinforcing the Company's low-cost, low-fare DNA.

                      About Delta Air Lines

Atlanta, Georgia-based Delta Air Lines (NYSE: DAL) --
http://www.delta.com/or http://www.nwa.com/-- provides scheduled
air transportation for passengers and cargo throughout the United
States, and around the world.  The Company's route network is
centered on the hub system it operate at airports in Atlanta,
Cincinnati, Detroit, Memphis, Minneapolis/St. Paul, New York-JFK,
Salt Lake City, Paris-Charles de Gaulle, Amsterdam and Tokyo-
Narita. The hub operations include flights, which gather and
distribute traffic from markets in the geographic region
surrounding the hub to domestic and international cities and to
other hubs. The network is supported by a fleet of aircraft, which
is varied in terms of size and capabilities.  On Dec. 31,
2009, the Company's wholly owned subsidiary Northwest Airlines,
Inc., merged with and into Delta.  The wholly owned subsidiary of
the Company is Northwest Airlines Corporation.

Northwest and 12 affiliates filed for Chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).
On May 21, 2007, the Court confirmed the Northwest Debtors'
amended plan.  That amended plan took effect May 31, 2007.

Delta and 18 affiliates filed for Chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represented
the Delta Debtors in their restructuring efforts. On April 25,
2007, the Court confirmed the Delta Debtors' plan.  That plan
became effective on April 30, 2007.

(Bankruptcy Creditors Service Inc. publishes Delta Air Lines
Bankruptcy News, http://bankrupt.com/newsstand/or
215/945-7000).

                          *     *     *

Delta Air Lines and Northwest Airlines carry a 'B/Stable/--'
corporate ratings from Standard & Poor's.  They also continue to
carry 'B2' corporate family ratings from Moody's and "B-" LT
Issuer Default rating from Fitch.

"The affirmation of our corporate credit rating on Delta is based
on our expectation that the company will continue to generate
satisfactory earnings and cash flow, despite weakening economic
growth in the U.S. and abroad," said Standard & Poor's credit
analyst Phil Baggaley. The ratings also reflect an enhanced
competitive position and synergies from Delta's 2008 merger with
Northwest Airlines Corp. (parent of Northwest Airlines Inc.)," S&P
said in November 2011.

This concludes the Troubled Company Reporter's coverage of Delta
Air Lines until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.


JBS S.A.: Moody's Changes Outlook on 'B1' CFR to Stable
-------------------------------------------------------
Moody's Investors Service has affirmed the long-term ratings of
JBS S.A., including its B1 Corporate Family Rating and revised the
rating outlook to stable from positive.  The outlook change
reflects Moody's expectation that JBS's credit profile is not
likely to improve sufficiently to warrant an upgrade in the near
term.

These rating outlooks have been changed to stable:

- Corporate Family Rating: B1 (global scale)

Issuer: JBS Finance Ltd

- US$300 million senior unsecured notes due 2016, guaranteed by
   JBS SA, JBS Hungary Holdings KFT, Swift Beef Company, JBS USA
   Holdings Inc, and JBS USA LLC: B1 (foreign currency)

Issuer: JBS USA, LLC

- US$650 million senior unsecured notes due 2021, guaranteed by
   JBS SA: B1 (foreign currency)

- US$700 million senior unsecured notes due 2014 guaranteed by
   JBS SA: B1 (foreign currency)

- US$475 million senior term-loan B due 2018: Ba3 (foreign
   currency)

Issuer: JBS Finance II Ltd

- US$900 million senior unsecured notes due 2018 guaranteed by
   JBS SA and JBS Hungary Holdings KFT: B1 (foreign currency)

Issuer: JBS SA

- US$350 million senior unsecured notes due 2016, guaranteed by
   JBS Hungary Holdings KFT: B1 (foreign currency)

Issuer: Fabrica de Produtos Alimenticios Vigor SA

- US$100million senior unsecured notes due 2017: B1 (foreign
   currency)

Ratings Rationale

"The stabilization of the rating reflects the fact that even
considering a recovery in JBS's operating performance in the 3Q11,
the improvement in some of the credit metrics over that period was
not enough to justify for an upgrade", says Moody's local market
analyst Marianna Waltz.  The former positive outlook was based on
the expectation of developments such as consistent deleveraging
and sustained cash flow generation, that didn't take place over
the last year.

"We take into consideration that the protein industry is
inherently volatile and don't base Moody's rating actions on the
cycle's ups and downs, focusing on a longer term trend.
Nevertheless, the difficult environment observed in 2011, combined
with the significant investments made in acquisitions ending in
2009, prevented the company from improving its financial profile,
which is therefore still more consistent with the B1 rating
category", explains Ms. Waltz.

The B1 rating is supported by JBS's large scale and
diversification in terms of protein products, raw material
sourcing and sales, especially after the merger with Bertin in
Brazil and the acquisition of US leader in the poultry segment,
Pilgrim's Pride, both in 2009.  The company reported revenues of
BRL 59.5 billion (US$33 billion) in the LTM ended in September
2011 and has operations in the beef, pork, poultry, leather and
dairy segments, with production platforms in six continents.

On the other hand, the many sizeable acquisitions have put
pressure on its financial performance, especially with regard to
leverage ratios and positive free cash flow generation, compared
to companies at the same rating level and industry sector.

The company should benefit in 2012 from cattle herd expansion in
Brazil, which, combined with stable Brazilian domestic
consumption, should lead to sustainable double digit EBITDA
margins for the segment.  The operating environment in the US will
be more difficult, however, since ongoing herd contraction
indicates higher cattle prices for the next few years, all of
which producers may not be able to pass through to its customers.
The company's US chicken business, operated through its majority
ownership of Pilgrim's Pride (B2 negative), is currently under
stress due to domestic oversupply and high feed costs.  With this
regard, despite recent market data that shows a decrease in
hatching eggs and suggests a more balanced supply for poultry over
the next months in the USA, there are still uncertainties
regarding the timing and extension of a potential recovery.

The company's liquidity profile is adequate, supported by its BRL
5.6 billion in cash as of September 2011.  Leverage as measured by
Net Debt/EBITDA reached 4.0x in September 2011 as compared to 3.4x
in the previous quarter (ratios according Moody's standard
adjustments).  Debt ratios were negatively impacted by the recent
FX volatility, since more than 70% of the company's debt is USD-
denominated.

An upgrade to the ratings could occur if JBS reports stronger and
less volatile consolidated cash flow, both before and after
working capital changes.  Quantitatively, an upgrade would require
JBS to report positive free cash flow, while maintaining RCF to
Net Debt above 12% and Net Debt to EBITDA below 3.5x on a
sustained basis.

A downgrade to the rating could be caused by a weaker liquidity
profile or a large debt financed acquisition.  Quantitatively, a
downgrade could occur if LTM Net Debt to EBITDA is sustained above
4.5x, EBITA/Interest below 1.2x or RCF to Net Debt below 10%.  All
credit metrics are adjusted according to Moody's standard
adjustments and definitions.


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


ACM DIVERSIFIED: Shareholders' Final Meeting Set for Dec. 16
------------------------------------------------------------
The shareholders of ACM Diversified Asset Strategy Plus Fund will
hold their final meeting on Dec. 16, 2011, at 8:45 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


ALTIMA AGRICULTURE: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Altima Agriculture Equity Fund Limited received
on Dec. 8, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 815 1805
         Facsimile: (345) 949-9877


ALTIMA AGRICULTURE: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Altima Agriculture Equity Master Fund Limited
received on Dec. 8, 2011, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 815 1805
         Facsimile: (345) 949-9877


BERNSTEIN MULTI-STRATEGY: Shareholders' Meeting Set for Dec. 16
---------------------------------------------------------------
The shareholders of Bernstein Multi-Strategy Fixed Income Hedge
Fund Ltd. will hold their final meeting on Dec. 16, 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


BERNSTEIN MULTI-STRATEGY: Shareholders' Meeting Set for Dec. 16
---------------------------------------------------------------
The shareholders of Bernstein Multi-Strategy Fixed Income Master
Fund Ltd. will hold their final meeting on Dec. 16, 2011, at
9:15 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


CRANBROOK LEASING: Members Receive Wind-Up Report
-------------------------------------------------
The members of Cranbrook Leasing Limited received on Dec. 8, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Bernard McGrath
         69 Dr. Roy's Drive
         PO Box 1043 George Town
         Grand Cayman KY1-1102


CRANLEY LTD: Members Receive Wind-Up Report
-------------------------------------------
The members of Cranley Ltd received on Dec. 2, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Pascal Dulau
         c/o Wardour Management Services Limited
         Telephone: (345) 945-3301
         Facsimile: (345) 945-3302
         P.O. Box 10147, Grand Cayman KY1-1002
         Cayman Islands


FIXED INCOME: Shareholders' Final Meeting Set for Dec. 16
---------------------------------------------------------
The shareholders of Fixed Income Opportunities Strategy Sub-Fund
will hold their final meeting on Dec. 16, 2011, at 8:30 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


FOREST GLOBAL: Shareholders' Final Meeting Set for Dec. 13
----------------------------------------------------------
The shareholders of Forest Global Convertible Fund Ltd. will hold
their final meeting on Dec. 13, 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


FUCHSIA 1930: Members Receive Wind-Up Report
--------------------------------------------
The members of Fuchsia 1930 Ltd received on Dec. 2, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Pascal Dulau
         c/o Wardour Management Services Limited
         Telephone: (345) 945-3301
         Facsimile: (345) 945-3302
         P.O. Box 10147, Grand Cayman KY1-1002
         Cayman Islands


GPS INCOME: Shareholder to Receive Wind-Up Report on Dec. 16
------------------------------------------------------------
The shareholder of GPS Income Fund (Cayman) Ltd. will receive on
Dec. 16, 2011, at 2:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         Jonathan Bernstein
         Telephone: (345) 815-1897
         Facsimile: (345) 949-9877


GPS NEW: Shareholder to Receive Wind-Up Report on Dec. 16
---------------------------------------------------------
The shareholder of GPS New Equity Fund (Cayman) Ltd. will receive
on Dec. 16, 2011, at 2:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         Jonathan Bernstein
         Telephone: (345) 815-1897
         Facsimile: (345) 949-9877


JATOCK RENTALS: Members Receive Wind-Up Report
----------------------------------------------
The members of Jatock Rentals Limited received on Dec. 8, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Bernard McGrath
         69 Dr. Roy's Drive
         PO Box 1043 George Town
         Grand Cayman KY1-1102


M-INVEST: Ernst & Young Sued for $900MM by Liquidators
------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Ernst & Young LLP was sued for $900 million by the
liquidators of M-Invest Ltd., a feeder fund for Bernard Madoff's
Ponzi scheme.  E&Y had audited the feeder fund's financial
statements.

M-Invest Limited commenced liquidation proceedings on April 13,
2011.  The company's liquidators are:

         Peter Anderson
         Graham Robinson
         c/o RHSW (Cayman) Limited, Windward 1
         Regatta Office Park, West Bay Road
         Grand Cayman KY1-1103
         Cayman Islands
         E-mail: peter.anderson@rawlinson-hunter.com.ky

Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$50 billion.


NOROTON EVENT: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Noroton Event Driven Opportunity Master Fund
Ltd. received on Dec. 8, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 815 1805
         Facsimile: (345) 949-9877


NOROTON EVENT: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Noroton Event Driven Opportunity Offshore Fund
Ltd. received on Dec. 8, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 815 1805
         Facsimile: (345) 949-9877


PHOENIX DYNASTY: Members Receive Wind-Up Report
-----------------------------------------------
The members of Phoenix Dynasty Ltd received on Dec. 2, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Pascal Dulau
         c/o Wardour Management Services Limited
         Telephone: (345) 945-3301
         Facsimile: (345) 945-3302
         P.O. Box 10147, Grand Cayman KY1-1002
         Cayman Islands


SIGNUM MAN: Shareholders' Final Meeting Set for Dec. 9
------------------------------------------------------
The shareholders of Signum Man 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


SIGNUM SWISS: Shareholders' Final Meeting Set for Dec. 9
------------------------------------------------------
The shareholders of Signum Swiss Alpha 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


YX MASTER: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of YX Master Fund Ltd received on Dec. 8, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 815 1805
         Facsimile: (345) 949-9877


YX SHORT: Shareholder Receives Wind-Up Report
---------------------------------------------
The shareholder of YX Short Offshore Ltd received on Dec. 8, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 815 1805
         Facsimile: (345) 949-9877


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


* JAMAICA: Finance Minister to Sign Two Loan Deal With IDB
----------------------------------------------------------
RJR News reports that Jamaica Finance Minister Audley Shaw will
sign two loan agreements totaling US$198 million with the Inter-
American Development Bank.

The loans will be used to improve the Kingston Metropolitan Area's
water supply, as well as to improve the tax collection system,
according to RJR News.

RJR News notes that the loans, which have an interest rate of
1.3%, are part of a three-loan package agreed between the
Government and the IDB last month for US$218 million or JM$19
billion.  The report recalls that a US$20 million energy loan was
signed in late November.

RJR News notes that the other two loans comprise US$133 million to
improve the Corporate Area's potable water services, and US$65
million for the strengthening of tax administration and
collection.

                             *     *     *

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 A R S H A L L   I S L A N D S
===============================


EAGLE BULK: Hires Advisors to Deal with US$1.13-Bil. Debt
---------------------------------------------------------
Bill Rochelle, bankruptcy columnist for Bloomberg News, reports
that Eagle Bulk Shipping Inc. hired financial advisers for advice
on how to deal with US$1.13 billion of long-term debt under its
US$1.2 billion revolving credit line that matures July 2014,
according to data compiled by Bloomberg.

                          About Eagle Bulk

Eagle Bulk Shipping Inc. is a Republic of the Marshall Islands
corporation headquartered in New York City.  It owns one of the
largest fleets of Supramax dry bulk vessels in the world.

The Company transports a broad range of major and minor bulk
cargoes, including iron ore, coal, grain, cement and fertilizer,
along worldwide shipping routes.  As of Sept. 30, 2011, the
Company's operating fleet consisted of 44 vessels.  It completed
its Supramax newbuilding program with the delivery of the last
new building vessel on Oct. 19, 2011.

Eagle Bulk reported a net loss of US$13.1 million on US$243.4
million of revenues for the nine months ended Sept. 30, 2011,
compared with net income of US$23.8 million on US$192.7 million of
revenues for the same period of 2010.

The Company's balance sheet at Sept. 30, 2011, showed
US$1.9 billion in total assets, US$1.2 billion in total
liabilities, and stockholders' equity of US$670.2 million.


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


BANCO AGRICOLA: S&P Affirms Issuer Credit Rating at 'BB-'
---------------------------------------------------------
Standard & Poor's Ratings Services revised or affirmed its ratings
on another 31 Latin American financial institutions, including
related entities and development banks, by applying its new
ratings criteria for banks and its revised group methodology
criteria and assumptions, which were published on Nov. 9, 2011.

"We will publish individual research updates on each bank
identified, including a list of ratings on affiliated entities, as
well as the ratings by debt type -- senior, subordinated, junior
subordinated, and preferred stock.  The research updates will be
available at www.standardandpoors.com/AI4FI and on RatingsDirect
on the Global Credit Portal.  Ratings on specific issues will be
available on RatingsDirect on the Global Credit Portal and
www.standardandpoors.com," S&P said.

Ratings List

The ratings listed are issuer credit ratings.

                   To                     From
American Express
Bank (Mexico) S.A.
                   mxAA+/Stable/mxA-1+    mxAA/Stable/mxA-1+

Banco Agricola S.A
                   BB-/Stable/B           BB-/Stable/B

Banco Compartamos S.A.
                   mxAAA/Stable/mxA-1+    mxAA/Stable/mxA-1+

Banco Cruzeiro do Sul S.A.
   Global Scale    B+/Stable/B            BB-/Stable/B
   National Scale  brBBB/Stable/brA-3     brA-/Stable/brA-2

Banco Daycoval S.A.
   Global Scale    BB+/Stable/B           BB/Positive/B
   National Scale  brAA/Stable/brA-1      brAA-/Positive/brA-1

Banco de Galicia
y Buenos Aires S.A.
                   B/Stable               B/Stable

Banco del Estado
de Chile
                   A+/Positive/A-1        A+/Positive/A-1

Banco do Nordeste
do Brasil S.A.
   Global Scale    BBB/Stable/A-3         BBB/Stable/A-3
   National Scale  brAAA/Stable           brAAA/Stable

Banco Fibra S.A.
   Global Scale    BB-/Stable/B           BB-/Stable/B
   National Scale  brA/Stable/brA-2       brA/Stable/brA-2

Banco General S.A.
                   BBB-/Positive/A-3      BBB-/Positive/A-3

Banco Hipotecario S.A.
                   B/Stable               B/Stable

Banco Latinoamericano
de Comercio Exterior S.A.
                   BBB/Stable/A-2         BBB/Stable/A-2

Banco Mercantil
Santa Cruz S.A.
                   B+/Positive/B          B/Positive/B

Banco Nacional de
Comercio Exterior S.N.C.
                   mxAAA/Stable/mxA-1+    mxAAA/Stable/mxA-1+

Banco Nacional de
Desenvolvimento
Economico e Social
   Global Scale
    Foreign
    Currency       BBB/Stable             BBB/Stable
   Global Scale
    Local
    Currency       A-/Stable              A-/Stable
   National
    Scale          brAAA/Stable           brAAA/Stable

BNDESPar-BNDES
Participacoes S.A.
                   brAAA/Stable           brAAA/Stable

Banco Nacional de
Obras y Servicios
Publicos S.N.C.
   Global Scale    BBB/Stable             BBB/Stable
   National Scale  mxAAA/Stable/mxA-1+    mxAAA/Stable/mxA-1+

Banco Patagonia S.A.
                   B/Stable               B/Stable

Banco Pine S.A.
   Global Scale    BB+/Stable/B           BB-/Positive/B
   National Scale  brAA/Stable            brA/Positive

Banco Regional
de Monterrey S.A.
                   mxA+/Positive/mxA-1    mxA+/Positive/mxA-1

Banco Security
                   BBB-/Stable/A-3        BBB-/Stable/A-3

Banco Votorantim S.A.
   Global Scale    BBB-/Stable/A-3        BB+/Stable/B
   National Scale  brAAA/Stable/brA-1     brAA+/Stable/brA-1

Votorantim Financas S.A.
                   brAAA/Stable/brA-1     brAA+/Stable/brA-1

Banco de Comercio
Exterior de
Colombia S.A.
                   BBB-/Stable            BBB-/Stable

Corpbanca
                   A-/Stable/A-2          BBB+/Positive/A-2

Corp Group
Interhold S.A.
                   BB+/Stable             BB/Stable

Credipyme S.A. de C.V.
                   mxBB+/Stable/mxB       mxBB+/Stable/mxB

FinComun Servicios
Financieros
Comunitarios S.A.
de C.V. Sociedad
Financiera Popular
   Global Scale    BB-/Stable/B           BB-/Stable/B
   National Scale  mxBBB+/Stable/mxA-2    mxBBB+/Stable/mxA-2

First Citizens
Bank Ltd.
                   BBB+/Stable/A-2        BBB+/Stable/A-2

Multibank Inc.
y Subsidiarias
                   BB/Stable/B            BB/Stable/B

Nacional Financiera S.N.C. (NAFIN)
                   mxAAA/Stable/mxA-1+    mxAAA/Stable/mxA-1+

Parana Banco S.A
   Global Scale    BB+/Stable/B           BB-/Stable/B
   National Scale  brAA/Stable            brA-/Stable

Republic Bank Ltd.
                   BBB+/Stable/A-2        BBB-/Stable/A-3

Sociedad Hipotecaria
Federal S.N.C.
                   mxAAA/Stable/mxA-1+    mxAAA/Stable/mxA-1+

SEGUROS DE CREDITO
A LA VIVIENDA SHF
S.A. DE C.V.
                   mxAAA/Stable           mxAAA/Stable


VITRO SAB: Dealt Setbacks by District Judge, U.S. Trustee
---------------------------------------------------------
Bill Rochelle, bankruptcy columnist for Bloomberg News, reports
that holders of some of Vitro SAB's US$1.2 billion in defaulted
bonds won a victory in U.S. District Court in Dallas and received
a boost from the U.S. Trustee.

According to the report, U.S. District Judge Barbara M.G. Lynn
denied a request by Vitro for an interlocutory appeal from an
order of the bankruptcy court allowing bondholders to sue
non-bankrupt Vitro subsidiaries.  Vitro argued unsuccessfully in
bankruptcy court that the suit in New York state court violated
the so-called automatic stay in bankruptcy.

The report relates that the U.S. Trustee filed a motion last week
to convert the Chapter 11 cases of several Vitro subsidiaries into
liquidation proceedings.  The conversion motion is on the calendar
of the bankruptcy court in Dallas for Dec. 29.

The bankruptcy court, the report discloses, ruled in late October
that bondholders weren't violating the bankruptcy stay by suing
non-bankrupt Vitro subsidiaries.  Bondholders want the New York
state court to rule that nothing occurring in the Mexican
bankruptcy proceedings for the Vitro parent can affect the
subsidiaries' liability for the defaulted bonds.

Mr. Rochelle relates that Judge Lynn, no relation to Bankruptcy
Judge Michael Lynn in Fort Worth, Texas, told Vitro last week that
she wouldn't allow an appeal because the ruling by the bankruptcy
court didn't dispose of an entire controversy.

The U.S. Trustee, in seeking conversion of the subsidiaries' cases
to liquidation, said that the assets were all sold in June,
leaving no income to offset $5 million in post-bankruptcy
expenses, including more than $500,000 in unpaid attorneys' fees.

According to Mr. Rochelle, the bondholders are opposing the
Mexican reorganization plan because shareholders could retain
ownership while bondholders aren't being paid in full.  There are
multiple other disputes between Vitro and the bondholders,
including an appeal by bondholders from orders by the bankruptcy
judge refusing to force other Vitro subsidiaries into bankruptcy.

                          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
=====================


HOSPITAL DAMAS: Case Reassigned to Honorable E. A. Godoy
--------------------------------------------------------
The Chapter 11 case of Hospital Damas Inc. has been reassigned to
the Honorable Edward A. Godoy.

In another filing, Myrna L. Ruiz-Olmo, Esq., notified the U.S.
Bankruptcy Court for the District of Puerto Rico of her withdrawal
as counsel of record to Hospital Damas Inc.

Charles A. Cuprill-Hernandez, Esq., at Charles A. Cuprill, P.S.C.,
Law Offices, in San Juan, Puerto Rico, will continue representing
the Debtor.  The Firm serves as the Debtor's bankruptcy counsel.

Ponce, Puerto Rico-based Hospital Damas, Inc., filed for Chapter
11 bankruptcy protection (Bankr. D. P.R. Case No. 10-08844) on
Sept. 24, 2010.  According to its schedules, the Debtor disclosed
US$24,017,166 in total assets and US$21,267,263 in total
liabilities.


REITTER CORP: Gets 28-Day Extension to File Amended Plan Outline
----------------------------------------------------------------
The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court
for the District of Puerto Rico on Nov. 23, 2011 granted Reitter
Corporation's request for a 28-day extension to file an amended
disclosure statement and respond to objections to claims.

As reported in the Troubled Company Reporter on Dec. 1, 2011, the
Debtor has asked the Court to extend until Dec. 16, 2011, its time
to file its Amended Disclosure Statement and to file stipulations
or oppositions to the proofs of claims filed by Treasury and IRS.

The Debtor related that it has entered into a new contract with
LBA Medical Services, Inc., which will increase its revenues and
allow Debtor to have a feasible plan.  The Debtor has submitted
this information to CPA Luis Carrasquillo in order to include
these additional revenues in the projections.  As such, the Debtor
needs an additional time to file its amended disclosure statement,
including the feasibility report.

                    About Reitter Corporation

San Juan, Puerto Rico-based Reitter Corporation dba Hospital San
Gerardo filed for Chapter 11 protection (Bankr. D. P.R. Case No.
10-07152) on Aug. 6, 2010.  In its schedules, the Debtor disclosed
$20,440,765 in total assets and $17,250,033 in total debts.
Alexis Fuentes-Hernandez, Esq., at Fuentes Law Offices, in San
Juan, P.R., represents the Debtor as counsel.


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


CL FIN'L: Lascelles deMercado Appoints New Deputy Chairman
----------------------------------------------------------
RJR News reports that attorney-at-law Conrad George has been
appointed Deputy Chairman of Lascelles deMercado & Company Limited
effective November 29.  Lascelles deMercado is a subsidiary of CL
Financial Group Limited.

David McBean has also been appointed as new Director to the
company's Board.

Mr. McBean, a Rhodes Scholar, has experience in the media and
telecommunications industries in the Caribbean, RJR News notes.

As reported in the Troubled Company Reporter-Latin America on
Dec. 5, 2011, the Gleaner said that Lascelles deMercado & Company
management said the Supreme Court ruled that it is not in any
obligation to issue a director's circular in response to its
hostile takeover bidders St. Lucia-based Black Sand Acquisition
Limited.  The Supreme Court also ruled that Black Sand's offer to
take control of LdM was non-compliant with the Securities
(Takeovers and Mergers) Regulations and the rules of the Jamaica
Stock Exchange, according to The Gleaner.  Jamaica Gleaner said
that Lascelles deMercado has turned to the courts to compel the
Financial Services Commission to declare the amended hostile bid
by St. Lucia-based Black Sand Acquisition Limited as being non-
compliant with the regulator's takeover rules.   Trinidad & Tobago
Newsday said that Lascelles deMercado has rejected a takeover bid
by Black Sand Acquisition.  Lascelles deMercado Secretary Jane
George said that the Board of Directors viewed Black Sand's offer
as an "unsolicited and unfunded . . . opportunistic attempt by
former director William McConnell to persuade CL Financial's
noteholders to foreclose on the [Lascelles deMercado] shares held
by them as collateral and sell [the shares] to Black Sand for less
than half the price paid for them by the CL Financial group,"
according to T&T Newsday.  Ms. George said that Lascelles
deMercado's skepticism about the offer lay partly on Black Sand's
incompliance with the JSE rules and the Securities (Take-Overs and
Mergers) Regulations, T&T Newsday noted.  Trinidad Express said
Black Sand plans to acquire 90% of Lascelles de Mercado's ordinary
shares, all its 6% preference shares and its 15% preference
shares.

                         About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.

                            ***********


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.


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