TCRLA_Public/111214.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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


            Wednesday, December 14, 2011, Vol. 12, No. 246

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: SIPC to Defend Itself Against SEC Lawsuit


B E R M U D A

CONCORD RE HOLDINGS: Creditors' Proofs of Debt Due Dec. 16
DUDMASTON LTD: Creditors' Proofs of Debt Due Dec. 16
DUDMASTON LTD: Members' Final Meeting Set for Jan. 4
GENPACT INVESTMENT: Creditors' Proofs of Debt Due Dec. 16
GENPACT INVESTMENT: Members' Final Meeting Set for Jan. 4

INDIGOMARKETS LTD: Creditors' Proofs of Debt Due Dec. 16
INDIGOMARKETS LTD: Members' Final Meeting Set for Jan. 10
LSF5 DERIVATIVES I: Creditors' Proofs of Debt Due Dec. 16
LSF5 DERIVATIVES I: Members' Final Meeting Set for Jan. 10
LSF NIKKEI: Creditors' Proofs of Debt Due Dec. 16

LSF NIKKEI: Member to Receive Wind-Up Report on Jan. 6
LSF V LABUAN: Creditors' Proofs of Debt Due Dec. 16
LSF V LABUAN: Members' Final Meeting Set for Jan. 4


C A Y M A N   I S L A N D S

BBM GAUSS: Creditors' Proofs of Debt Due Dec. 21
CORPORATE ACCESS: Creditors' Proofs of Debt Due Dec. 19
DESERT PASSAGE: Creditors' Proofs of Debt Due Dec. 23
ELGIN CAPITAL: Creditors' Proofs of Debt Due Dec. 21
FINEST FUNDS: Creditors' Proofs of Debt Due Dec. 21

FOUNTAINHEAD LTD: Creditors' Proofs of Debt Due Dec. 21
GOLDMAN SACHS: Creditors' Proofs of Debt Due Dec. 21
HAWKSTONE EUROPE: Creditors' Proofs of Debt Due Dec. 21
HAWKSTONE EUROPE: Creditors' Proofs of Debt Due Dec. 21
HCP CHONGQING: Creditors' Proofs of Debt Due Dec. 21

LH HOLDINGS: Creditors' Proofs of Debt Due Dec. 21
LONGBOW INFRASTRUCTURE: Creditors' Proofs of Debt Due Dec. 21
MARAMBI LIMITED: Creditors' Proofs of Debt Due Dec. 28
MATRIX ASIA: Creditors' Proofs of Debt Due Dec. 21
NICE LIMITED: Creditors' Proofs of Debt Due Dec. 28

OAKTREE US HIGH: Placed Under Voluntary Wind-Up
REEF NEW: Creditors' Proofs of Debt Due Dec. 19


J A M A I C A

JAMAICA CITRUS: Receiver Extends Deadline for Bids to Jan. 27
* JAMAICA: National Debt Fell by $215 Million in September

M A R S H A L L   I S L A N D S

FREESEAS INC: Receives Deficiency Letter from NASDAQ


M E X I C O

VITRO SAB: Judge Says Mexican Court Must Decide on US$1.35BB Debt


P A R A G U A Y

* PARAGUAY: IDB OKs US$27 Million Loan for Development Program


                            - - - - -


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


STANFORD INT'L: SIPC to Defend Itself Against SEC Lawsuit
---------------------------------------------------------
The Securities Investor Protection Corporation said it will defend
itself against a U.S. Securities and Exchange Commission lawsuit
over claims of investor losses related to the Antigua-based
Stanford International Bank Limited fraud case.

"We have great sympathy for the victims of this extraordinary
Ponzi scheme that inflicted heartbreaking losses on thousands of
people across the world," said Orlan M. Johnson, chairman of the
Securities Investor Protection Corporation.  "But, SIPC must
adhere to the requirements established by Congress.  After careful
and exacting analysis, we believe the SEC's theory in this case
conflicts with the Securities Investor Protection Act, the law
that created SIPC and has guided it for the last 40 years."

The SEC is taking the unprecedented position that SIPC must
provide financial guarantees for investors who chose to purchase
CDs issued by an offshore bank in Antigua.  If accepted, that
position would rewrite SIPC's 40-year mandate under the law.  SIPC
is limited by law to protecting customers against the loss of
missing cash or securities in the custody of failing or insolvent
SIPC member brokerage firms.  SIPC was not chartered by Congress
to combat misrepresentation or fraud or guarantee an investment's
value.

"SIPC is not the equivalent of the FDIC for investment fraud,"
said Stephen P. Harbeck, president of the Securities Investor
Protection Corporation.  "Congress considered whether to guarantee
investment losses and rejected that sort of protection as
unrealistic and inappropriate."

Mr. Harbeck said that it is not legally possible for SIPC to
provide financial guarantees for these victims, whose claims are
about CDs issued by the Stanford International Bank.  "If
accepted, the SEC's unprecedented position would have serious and
far-reaching consequences.  The SEC is demanding protection for
what we believe to be ineligible claims under the Securities
Investor Protection Act.  Expanding the protection in that way
would ignore SIPC's statutory mandate, would vastly exceed SIPC's
Fund, and would jeopardize the availability of the Fund for the
legitimate purposes for which it was created."

Although SIPC has not had an opportunity to review the lawsuit,
Mr. Harbeck described the matter as a disagreement about whether
the Securities Investor Protection Act applies to the unique facts
of the Stanford Antiguan bank fraud.

"Given the diametrically opposed positions of the SEC and SIPC,
this matter is going to have to be resolved in the courts," Mr.
Harbeck said.  "The courts have a process in place for examining
both the facts and the law to test the SEC's position."

                             About SIPC

The Securities Investor Protection Corporation protects customers
against the loss of missing cash and/or securities in their
customer accounts when a SIPC member broker-dealer fails
financially.  SIPC either acts as a trustee or works with an
independent court-appointed trustee in a brokerage insolvency case
to recover funds.  The statute that created SIPC provides that
customers of a failed brokerage firm receive all non-negotiable
securities-such as stocks or bonds-that are already registered in
their names or in the process of being registered.  At the same
time, funds from the SIPC reserve are available to satisfy the
remaining claims for customer cash and/or securities custodies
with the broker for up to a maximum of US$500,000 per customer.
This figure includes a maximum of US$250,000 on claims for cash.

                  About Stanford International Bank

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

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

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

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

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


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


CONCORD RE HOLDINGS: Creditors' Proofs of Debt Due Dec. 16
----------------------------------------------------------
The creditors of Concord Re Holdings Limited are required to file
their proofs of debt by Dec. 16, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 21, 2011.

The company's liquidator is:

         Adrian Kimberley
         Windsor Place, 18 Queen Street
         Hamilton HM 11
         Bermuda


DUDMASTON LTD: Creditors' Proofs of Debt Due Dec. 16
----------------------------------------------------
The creditors of Dudmaston Ltd. are required to file their proofs
of debt by Dec. 16, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 30, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


DUDMASTON LTD: Members' Final Meeting Set for Jan. 4
----------------------------------------------------
The members of Dudmaston Ltd. will hold their final meeting on
Jan. 4, 2012, 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. 30, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


GENPACT INVESTMENT: Creditors' Proofs of Debt Due Dec. 16
---------------------------------------------------------
The creditors of Genpact Investment Co. (Bermuda) Limited are
required to file their proofs of debt by Dec. 16, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Nov. 23, 2011.

The company's liquidator is:

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


GENPACT INVESTMENT: Members' Final Meeting Set for Jan. 4
---------------------------------------------------------
The members of Genpact Investment Co. (Bermuda) Limited will hold
their final meeting on Jan. 4, 2012, 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. 23, 2011.

The company's liquidator is:

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


INDIGOMARKETS LTD: Creditors' Proofs of Debt Due Dec. 16
--------------------------------------------------------
The creditors of IndigoMarkets Ltd. are required to file their
proofs of debt by Dec. 16, 2011, to be included in the company's
dividend distribution.

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

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


INDIGOMARKETS LTD: Members' Final Meeting Set for Jan. 10
---------------------------------------------------------
The members of IndigoMarkets Ltd. will hold their final meeting on
Jan. 10, 2012, at 10:00 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 Dec. 1, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


LSF5 DERIVATIVES I: Creditors' Proofs of Debt Due Dec. 16
---------------------------------------------------------
The creditors of LSF5 Derivatives I, Ltd. are required to file
their proofs of debt by Dec. 16, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 30, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


LSF5 DERIVATIVES I: Members' Final Meeting Set for Jan. 10
----------------------------------------------------------
The members of LSF5 Derivatives I, Ltd. will hold their final
meeting on Jan. 10, 2012, at 10:00 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. 30, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


LSF NIKKEI: Creditors' Proofs of Debt Due Dec. 16
-------------------------------------------------
The creditors of LSF Nikkei Holdings, Ltd. are required to file
their proofs of debt by Dec. 16, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 30, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


LSF NIKKEI: Member to Receive Wind-Up Report on Jan. 6
------------------------------------------------------
The member of LSF Nikkei Holdings, Ltd. will receive on Jan. 6,
2012, 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. 30, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


LSF V LABUAN: Creditors' Proofs of Debt Due Dec. 16
---------------------------------------------------
The creditors of LSF V Labuan Holdings Limited are required to
file their proofs of debt by Dec. 16, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 30, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


LSF V LABUAN: Members' Final Meeting Set for Jan. 4
---------------------------------------------------
The members of LSF V Labuan Holdings Limited will hold their final
meeting on Jan. 4, 2012, 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. 30, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


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


BBM GAUSS: Creditors' Proofs of Debt Due Dec. 21
------------------------------------------------
The creditors of BBM Gauss Fund are required to file their proofs
of debt by Dec. 21, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Oct. 18, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


CORPORATE ACCESS: Creditors' Proofs of Debt Due Dec. 19
-------------------------------------------------------
The creditors of Corporate Access Limited are required to file
their proofs of debt by Dec. 19, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 31, 2011.

The company's liquidator is:

         Susan Lo Yee Har
         Telephone: (852) 2980 1618
         Facsimile: (852) 2956 2192
         Tricor Services Limited
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


DESERT PASSAGE: Creditors' Proofs of Debt Due Dec. 23
-----------------------------------------------------
The creditors of Desert Passage Equity Holdings Limited are
required to file their proofs of debt by Dec. 23, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Nov. 4, 2011.

The company's liquidator is:

         Westport Services Ltd.
         c/o Evania Ebanks
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111
         Grand Cayman KY1-1102
         Cayman Islands


ELGIN CAPITAL: Creditors' Proofs of Debt Due Dec. 21
----------------------------------------------------
The creditors of Elgin Capital (Cayman) Limited are required to
file their proofs of debt by Dec. 21, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 3, 2011.

The company's liquidator is:

         K.D. Blake
         PO Box 493 Grand Cayman KY1-1106
         Cayman Islands
         c/o Jenna Nicholson
         Telephone: 345-815-2640 / 345-949-4800
         Facsimile: 345-949-7164
         P.O. Box 493 Grand Cayman KY1-1106


FINEST FUNDS: Creditors' Proofs of Debt Due Dec. 21
---------------------------------------------------
The creditors of Finest Funds Asset Management Ltd. are required
to file their proofs of debt by Dec. 21, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 8, 2011.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor,
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


FOUNTAINHEAD LTD: Creditors' Proofs of Debt Due Dec. 21
-------------------------------------------------------
The creditors of Fountainhead Ltd. are required to file their
proofs of debt by Dec. 21, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Nov. 7, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


GOLDMAN SACHS: Creditors' Proofs of Debt Due Dec. 21
----------------------------------------------------
The creditors of Goldman Sachs Multi-Strategy Portfolio IV, Ltd.
are required to file their proofs of debt by Dec. 21, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 27, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


HAWKSTONE EUROPE: Creditors' Proofs of Debt Due Dec. 21
-------------------------------------------------------
The creditors of Hawkstone Europe L/S Fund, Limited are required
to file their proofs of debt by Dec. 21, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 31, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


HAWKSTONE EUROPE: Creditors' Proofs of Debt Due Dec. 21
-------------------------------------------------------
The creditors of Hawkstone Europe L/S Fund Master, Limited are
required to file their proofs of debt by Dec. 21, 2011, to be
included in the company's dividend distribution.

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

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


HCP CHONGQING: Creditors' Proofs of Debt Due Dec. 21
----------------------------------------------------
The creditors of HCP Chongqing Christmas Co Ltd are required to
file their proofs of debt by Dec. 21, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 28, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


LH HOLDINGS: Creditors' Proofs of Debt Due Dec. 21
--------------------------------------------------
The creditors of LH Holdings Cayman Limited are required to file
their proofs of debt by Dec. 21, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 3, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


LONGBOW INFRASTRUCTURE: Creditors' Proofs of Debt Due Dec. 21
-------------------------------------------------------------
The creditors of Longbow Infrastructure, Ltd. are required to file
their proofs of debt by Dec. 21, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 1, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


MARAMBI LIMITED: Creditors' Proofs of Debt Due Dec. 28
------------------------------------------------------
The creditors of Marambi Limited are required to file their proofs
of debt by Dec. 28, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 8, 2011.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170 Grand Cayman KY1-1102
         Cayman Islands


MATRIX ASIA: Creditors' Proofs of Debt Due Dec. 21
--------------------------------------------------
The creditors of Matrix Asia Fund are required to file their
proofs of debt by Dec. 21, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Nov. 1, 2011.

The company's liquidator is:

         DMS Corporate Services Ltd.
         Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms Corporate Services Ltd.
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


NICE LIMITED: Creditors' Proofs of Debt Due Dec. 28
---------------------------------------------------
The creditors of Nice Limited are required to file their proofs of
debt by Dec. 28, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 8, 2011.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170 Grand Cayman KY1-1102
         Cayman Islands


OAKTREE US HIGH: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 4, 2011, the sole shareholder of Oaktree US High Yield Mac
38 Ltd. passed a resolution that voluntarily winds up the
company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 12, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Avalon Management Limited
         Reference: GL
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351
         Landmark Square
         1st Floor, 64 Earth Close
         West Bay Beach
         PO Box 715, George Town
         Grand Cayman KY1-1107
         Cayman Islands


REEF NEW: Creditors' Proofs of Debt Due Dec. 19
-----------------------------------------------
The creditors of Reef New World Fund are required to file their
proofs of debt by Dec. 19, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Nov. 8, 2011.

The company's liquidator is:

         John Sutlic
         c/o Kim Charaman
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KY1-1102
         Cayman Islands


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


JAMAICA CITRUS: Receiver Extends Deadline for Bids to Jan. 27
-------------------------------------------------------------
RJR News reports that the receiver for Jamaica Citrus Growers
Limited has extended the deadline for the submission of bids for
the acquisition of the company.

The Jamaica Citrus' receiver has changed the date from December 19
to January 27, according to RJR News.

Jamaica Citrus Growers, which is a subsidiary of the Jamaica
Citrus Growers Association, is engaged in the processing,
packaging and marketing of citrus products and the production of
chilled beverages under the "Juciful" label.  The factory is based
on seven acres of land in Bog Walk, St. Catherine.


* JAMAICA: National Debt Fell by $215 Million in September
----------------------------------------------------------
RJR News reports that Jamaica's national debt fell slightly in
September.

The Ministry of Finance released data showing the debt fell by
US$215 million in September, which allowed it to fall below the
record-high one trillion US$1.606 billion, according to RJR News.

RJR News notes that despite the slight decline in the debt levels
in September, the national debt was still 5% above the level it
was in January.

                            *     *     *

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


FREESEAS INC: Receives Deficiency Letter from NASDAQ
----------------------------------------------------
FreeSeas Inc. has received a deficiency letter from NASDAQ stating
that, because the Company's common stock has not maintained a
minimum bid price of $1 per a share for the last 30 consecutive
business days, the Company is no longer in compliance with NASDAQ
Listing Rule Section 5450(a)(1).

In order to regain compliance, FreeSeas has until June 4, 2012 for
the closing bid price of its common stock to meet or exceed $1 for
a minimum of ten consecutive business days.  If FreeSeas has not
regained compliance by the expiration of the initial 180 calendar
days, NASDAQ will then provide written notification to the Company
that its common stock is subject to delisting.  If at any time
during this 180-day period the closing bid price is at least $1
for a minimum of 10 consecutive days, NASDAQ will provide written
confirmation of compliance and matter will be closed.

If FreeSeas does not regain compliance with the Rule during this
180-day period, the Company may be eligible for an additional 180
calendar days to regain compliance if it meets all other initial
listing standards, with the exception of the bid price.  To
qualify for the second compliance period, FreeSeas must apply to
transfer its common stock to The NASDAQ Capital Market and provide
written notice to NASDAQ of its intent to cure this deficiency
during the second compliance period.

                        About FreeSeas Inc.

FreeSeas Inc. -- http://www.freeseas.gr-- is a Marshall Islands
corporation with principal offices in Athens, Greece.  FreeSeas is
engaged in the transportation of drybulk cargoes through the
ownership and operation of drybulk carriers.  Currently, it has a
fleet of Handysize and Handymax vessels.  FreeSeas' common stock
trades on the NASDAQ Global Market under the symbol FREE.


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


VITRO SAB: Judge Says Mexican Court Must Decide on US$1.35BB Debt
-----------------------------------------------------------------
Eric Hornbeck at Bankruptcy Law360 reports that a New York state
judge ruled Thursday that it was up to a Mexican court to decide
whether guaranties on US$1.35 billion in Vitro SAB de CV debt can
be altered.  Vitro is being restructured in Mexican court and
through a Chapter 15 proceeding in Texas bankruptcy court.  The
guarantors on the US$1.35 billion in Vitro notes, however, are
non-bankrupt affiliates of Vitro.

                         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 A R A G U A Y
===============


* PARAGUAY: IDB OKs US$27 Million Loan for Development Program
--------------------------------------------------------------
The Inter-American Development Bank approved a loan for US$27
million to Paraguay for an early childhood development program
that will help improve cognitive, emotional, and physical
development of children under age five through early detection and
treatment of developmental disorders.

The program will strengthen measures to promote child development
through the primary health care system, with the participation of
communities and through the use of culturally relevant approaches.
In addition, the program will strengthen diagnostic and treatment
services at other health care levels.

The program includes the creation of an Early Intervention Service
for the diagnosis and treatment of children.  The service's
trained staff will work as part of the network of Family Health
Units, hospitals, and maternal and child care units.  Financing
will also be provided to strengthen hospitals and maternal and
child care facilities as well as the management of monitoring and
evaluation of early childhood development.

The IDB loan for US$27 million has a 25-year term, a four-year
grace period, and an interest rate based on LIBOR. Local
counterpart funding will total US$3 million.

                           *     *     *

As of Dec. 12, 2011, the country continues to carry Standard and
Poor's "BB-" currency long-term debt ratings.  The country also
continues to carry S&P's "B" currency short-term debt ratings.


                            ***********


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 * * *