TCRLA_Public/111220.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


           Tuesday, December 20, 2011, Vol. 12, No. 251

                            Headlines



A R G E N T I N A

BANCO MACRO: Fitch Affirms Rating on US$150MM Sub. Debt at 'CCC'


B E R M U D A

CONOCO VENEZUELA: Creditors' Proofs of Debt Due Dec. 23
CONOCO VENEZUELA: Members' Final Meeting Set for Jan. 12
MARTIN CURRIE ABSOLUTE: Creditors' Proofs of Debt Due Dec. 28
MARTIN CURRIE ABSOLUTE: Members' Final Meeting Set for Jan. 11
MARTIN CURRIE GLOBAL: Creditors' Proofs of Debt Due Dec. 28

MARTIN CURRIE GLOBAL: Members' Final Meeting Set for Jan. 11
MARTIN CURRIE OMNIUM: Creditors' Proofs of Debt Due Dec. 28
MARTIN CURRIE OMNIUM: Members' Final Meeting Set for Jan. 11
MCARF ASIA: Creditors' Proofs of Debt Due Dec. 28
MCARF ASIA: Members' Final Meeting Set for Jan. 11

MCARF EUROPE: Creditors' Proofs of Debt Due Dec. 28
MCARF EUROPE: Members' Final Meeting Set for Jan. 11


B R A Z I L

ENERGISA SA: Fitch Affirms US$200MM Sr. Notes Rating at 'BB-'


C A Y M A N   I S L A N D S

APS VIETNAM: Members Receive Wind-Up Report
BLACKROCK TRADING: Creditors' Proofs of Debt Due Dec. 21
CAROB LIMITED: Members Receive Wind-Up Report
CEDAR CBO: Creditors' Proofs of Debt Due Dec. 21
EMERALD INVESTMENT: Creditors' Proofs of Debt Due Dec. 21

GLS OFFSHORE: Creditors' Proofs of Debt Due Dec. 21
GREAT WALL: Creditors' Proofs of Debt Due Dec. 21
HARVEST CREF II: Creditors' Proofs of Debt Due Dec. 21
HCP GALLOP: Creditors' Proofs of Debt Due Dec. 21
METIS SCDO 1: Creditors' Proofs of Debt Due Dec. 21

MONDRIAN MULTIFUND: Creditors' Proofs of Debt Due Dec. 21
MU CREDIT: Creditors' Proofs of Debt Due Dec. 21
OFFSHORE SERVICES: Creditors' Proofs of Debt Due Dec. 21
POLLUX GLOBAL: Placed Under Voluntary Wind-Up
SIGNUM COBALT: Creditors' Proofs of Debt Due Dec. 21

SIGNUM OPAL: Creditors' Proofs of Debt Due Dec. 21
SUTTER NOTES: Creditors' Proofs of Debt Due Dec. 21
TARGET ASIA: Creditors' Proofs of Debt Due Dec. 21
TSW HOLDING: Placed Under Voluntary Wind-Up
TSW HOLDING: Shareholders Receive Wind-Up Report

UBS ALTERNATIVE: Creditors' Proofs of Debt Due Dec. 21


E C U A D O R

* ECUADOR: IDB Approves US$71-Mil. IDB Loan for Housing Projects


J A M A I C A

* JAMAICA: Gov't Confident JM$7-Bil. Revenues Gap Will be Filled


M E X I C O

ECOPETROL SA: S&P Revises Stand-Alone Credit Profile from 'bb+'
SINALOA STATE: Moody's Says Loan Ratings Reflect Creditworthiness
SINALOA STATE: Moody's Raises Issuer Ratings to A1.mx and Ba1
VITRO SAB: Units Ordered to Withdraw Restructuring Plan Consent


T R I N I D A D  &  T O B A G O

HINDU CREDIT UNION: Depositors to Start Process This Week


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -



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


BANCO MACRO: Fitch Affirms Rating on US$150MM Sub. Debt at 'CCC'
----------------------------------------------------------------
Fitch Ratings has affirmed Banco Macro's (BM) ratings as follows:

  -- Foreign currency long-term Issuer Default Ratings at 'B';
  -- Local currency long-term IDR at 'B+';
  -- Foreign and local currency short-term IDRs 'B';
  -- Viability Rating at 'b+';
  -- Individual at 'D';
  -- Support at '5';
  -- Support Floor at 'NF';
  -- Long-term National Rating at 'AA+(arg)';
  -- Short-term National Rating at 'A1+(arg)';
  -- USD100 million Senior bonds Class 3 at 'B+/RR4/AA+(arg)';
  -- USD150 million Senior bonds Class 2 at 'B/RR4/AA+(arg)';
  -- USD150 million subordinated debt at 'CCC/RR6'/A+(arg)';
  -- National Equity Rating at Primera Clase Nivel 1(arg)

The Rating Outlook is Stable.

BM's foreign currency long-term IDR has a Stable Outlook and is
at the country ceiling level, reflecting its strong local
franchise and track record of sound performance.  The latter also
means that Fitch views its viability and individual ratings as
Stable in the medium term.  Downside risk to Macro's ratings
could stem from a downgrade of the sovereign rating or a
significant decline in the bank's capitalization or asset
quality.  Upside to Macro's ratings currently appears limited but
could stem from an upgrade of the sovereign ratings.

BM's ratings reflect its strong national franchise and growth
potential, its solid overall performance and sound liquidity and
capital base.

After the slowdown seen in 2009, the Argentine economy in 2010
resumed its growing trend seen since 2003. This has benefited the
operating environment for banks, with rising deposits and lending
and steadily improving asset quality.  In this context, BM's
performance has been sound, based on its strong revenue
generation, good asset quality and ample liquidity.  A good level
of income diversification has helped offset the increase in
administrative expenses due to the high inflation and the
volatility of the gains from its securities portfolio seen in the
past two years.  While the economy is expected to slowdown in
2012, a moderate growth is expected and credit should continue
expanding, albeit at a slower pace than that seen in 2011.  In
this context, Fitch expects BM's overall performance to remain
sound.

BM's loan book has grown strongly in the past few years and its
asset quality ratios are healthy.  BM's non-performing loans
(NPLs) accounted for a low 1.40% of total loans at Sept. 30, 2011
with sound loan loss reserve coverage of 231.67%.

BM's liquidity is strong, and its capital base is ample, although
it has decreased as the bank grows.  Fitch expects the latter
trend to continue in the next few years as the bank is set to
continue growing but expects the bank's capital levels to remain
sound, supported by its sound internal capital generation
capacity.

BM is controlled by a group of Argentine individuals led by Jorge
Horacio Brito and Delfin Jorge Ezequiel Carballo, with a 39%
stake.  The former is also the bank's chairman and CEO.  A 31%
stake is in the hands of the public pension fund administrators
after the privatization of the pension system and the balance is
widely held by local and foreign investors.  At Sep. 30, 2011, BM
was the fourth largest private sector bank in Argentina by
deposits and the third by assets.


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


CONOCO VENEZUELA: Creditors' Proofs of Debt Due Dec. 23
-------------------------------------------------------
The creditors of Conoco Venezuela Ltd. 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 Dec. 8, 2011.

The company's liquidator is:

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


CONOCO VENEZUELA: Members' Final Meeting Set for Jan. 12
--------------------------------------------------------
The members of Conoco Venezuela Ltd. will hold their final
meeting on Jan. 12, 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 Dec. 8, 2011.

The company's liquidator is:

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


MARTIN CURRIE ABSOLUTE: Creditors' Proofs of Debt Due Dec. 28
-------------------------------------------------------------
The creditors of Martin Currie Absolute Return Global Technology,
Media and Telecoms Fund 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 Dec. 6, 2011.

The company's liquidators are:

         Wanda Mello
         Ernst & Young Ltd.
         3 Bermudiana Road, Hamilton HM 08
         Bermuda; and

         Rob McMahon
         Ernst & Young Ltd.
         62 Forum Lane, Camana Bay
         Grand Cayman Islands
         Cayman Islands


MARTIN CURRIE ABSOLUTE: Members' Final Meeting Set for Jan. 11
--------------------------------------------------------------
The members of Martin Currie Absolute Return Global Technology,
Media and Telecoms Fund Limited will hold their final meeting on
Jan. 11, 2012, at 10:45 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. 6, 2011.

The company's liquidators are:

         Wanda Mello
         Ernst & Young Ltd.
         3 Bermudiana Road, Hamilton HM 08
         Bermuda; and

         Rob McMahon
         Ernst & Young Ltd.
         62 Forum Lane, Camana Bay
         Grand Cayman Islands
         Cayman Islands


MARTIN CURRIE GLOBAL: Creditors' Proofs of Debt Due Dec. 28
-----------------------------------------------------------
The creditors of Martin Currie Global Resources SPV Ltd 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 Dec. 6, 2011.

The company's liquidators are:

         Wanda Mello
         Ernst & Young Ltd.
         3 Bermudiana Road, Hamilton HM 08
         Bermuda; and

         Rob McMahon
         Ernst & Young Ltd.
         62 Forum Lane, Camana Bay
         Grand Cayman Islands
         Cayman Islands


MARTIN CURRIE GLOBAL: Members' Final Meeting Set for Jan. 11
------------------------------------------------------------
The members of Martin Currie Global Resources SPV Ltd will hold
their final meeting on Jan. 11, 2012, at 11:00 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. 6, 2011.

The company's liquidators are:

         Wanda Mello
         Ernst & Young Ltd.
         3 Bermudiana Road, Hamilton HM 08
         Bermuda; and

         Rob McMahon
         Ernst & Young Ltd.
         62 Forum Lane, Camana Bay
         Grand Cayman Islands
         Cayman Islands


MARTIN CURRIE OMNIUM: Creditors' Proofs of Debt Due Dec. 28
-----------------------------------------------------------
The creditors of Martin Currie Omnium Fund 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 Dec. 6, 2011.

The company's liquidators are:

         Wanda Mello
         Ernst & Young Ltd.
         3 Bermudiana Road, Hamilton HM 08
         Bermuda; and

         Rob McMahon
         Ernst & Young Ltd.
         62 Forum Lane, Camana Bay
         Grand Cayman Islands
         Cayman Islands


MARTIN CURRIE OMNIUM: Members' Final Meeting Set for Jan. 11
------------------------------------------------------------
The members of Martin Currie Omnium Fund Limited will hold their
final meeting on Jan. 11, 2012, at 10:30 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 Dec. 6, 2011.

The company's liquidators are:

         Wanda Mello
         Ernst & Young Ltd.
         3 Bermudiana Road, Hamilton HM 08
         Bermuda; and

         Rob McMahon
         Ernst & Young Ltd.
         62 Forum Lane, Camana Bay
         Grand Cayman Islands
         Cayman Islands


MCARF ASIA: Creditors' Proofs of Debt Due Dec. 28
-------------------------------------------------
The creditors of MCARF Asia 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 Dec. 6, 2011.

The company's liquidators are:

         Wanda Mello
         Ernst & Young Ltd.
         3 Bermudiana Road, Hamilton HM 08
         Bermuda; and

         Rob McMahon
         Ernst & Young Ltd.
         62 Forum Lane, Camana Bay
         Grand Cayman Islands
         Cayman Islands


MCARF ASIA: Members' Final Meeting Set for Jan. 11
--------------------------------------------------
The members of MCARF Asia Limited will hold their final meeting
on Jan. 11, 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. 6, 2011.

The company's liquidators are:

         Wanda Mello
         Ernst & Young Ltd.
         3 Bermudiana Road, Hamilton HM 08
         Bermuda; and

         Rob McMahon
         Ernst & Young Ltd.
         62 Forum Lane, Camana Bay
         Grand Cayman Islands
         Cayman Islands


MCARF EUROPE: Creditors' Proofs of Debt Due Dec. 28
---------------------------------------------------
The creditors of MCARF Europe 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 Dec. 6, 2011.

The company's liquidators are:

         Wanda Mello
         Ernst & Young Ltd.
         3 Bermudiana Road, Hamilton HM 08
         Bermuda; and

         Rob McMahon
         Ernst & Young Ltd.
         62 Forum Lane, Camana Bay
         Grand Cayman Islands
         Cayman Islands


MCARF EUROPE: Members' Final Meeting Set for Jan. 11
----------------------------------------------------
The members of MCARF Europe Limited will hold their final meeting
on Jan. 11, 2012, at 10:15 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. 6, 2011.

The company's liquidators are:

         Wanda Mello
         Ernst & Young Ltd.
         3 Bermudiana Road, Hamilton HM 08
         Bermuda; and

         Rob McMahon
         Ernst & Young Ltd.
         62 Forum Lane, Camana Bay
         Grand Cayman Islands
         Cayman Islands


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


ENERGISA SA: Fitch Affirms US$200MM Sr. Notes Rating at 'BB-'
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Energisa S.A. and its
subsidiaries.  The Rating Outlook for all corporate ratings is
Stable.

Energisa's and its subsidiaries' ratings reflect the company's
adequate consolidated financial profile, characterized by
moderate leverage, robust liquidity, and lengthened debt maturity
profile.  The group also benefits from its operation in the
energy distribution segment, as regulated natural monopolies, and
has benefited from a diversified and growing client base.
Energisa group's credit profile is bolstered by its diversified
power distribution concessions, which dilutes business risk.
Further improvements are expected once the investments in power
generation mature and become more representative, especially from
2013 onward, reducing the group's cash flow generation volatility
related to periodical tariff review processes.  The ratings also
incorporate the group's exposure to foreign exchange movements,
hydrological risk, and a low-to-moderate regulatory risk.

The one-notch difference between Energisa's ratings and those of
its subsidiaries is based on the relevance and structural
subordination of the holding company's debt compared to that of
the operating companies.  Considering the senior perpetual notes
issuance, the holding company debt represented approximately 35%
of consolidated debt as of Sept. 30, 2011.

Sound Operational Profile:

In general, Energisa's consolidated cash flow has benefited by a
higher than expected increase in energy consumption in the
group's concession areas and, to a lesser extent, by the gradual
improvement of its operational indicators.  The group has
consistently reduced its energy losses, both on a consolidated
basis and individually.  Currently, all of Energisa's
distribution companies report losses below the maximum
percentages established by the regulatory agency (Aneel) and
contemplated in the energy tariffs, which is an important factor
regarding their operating cash flow.

For the last 12 months (LTM) ended Sept. 30, 2011, consolidated
net revenues, EBITDA and funds from operations (FFO) reached
BRL2.3 billion, BRL521 million and BRL584 million, respectively,
compared to BRL2.2 billion, BRL508 million and BRL622 million
reported in 2010.  Fitch believes Energisa should continue to
benefit from the increased energy consumption in its concession
areas during 2012 and 2013, although at lower growth rates
compared to 2010.  This aspect, combined with the start-up of
some generation projects, could partly offset the negative
effects of the next tariff review process.  The third cycle
tariff review for Energisa's subsidiaries is scheduled to start
in 2012, with tariff reviews for the most significant
subsidiaries expected to come in 2013.  EBITDA margin of 22.3%
for the LTM ended Sept. 30, 2011, should also be pressured by the
tariff review.

Robust Liquidity and Adequate Debt Profile:

Energisa presents comfortable liquidity levels on a consolidated
basis.  As of Sept. 30, 2011, the group reported BRL747 million
of cash and marketable securities, which covered its short-term
debt by 2.8 times (x). For the same period, cash + FFO-to-short-
term debt ratio was solid at 4.9x, evidencing its adequate debt
repayment schedule.  Debt is concentrated in the long term, with
maturities well distributed over time, with some concentration in
2013 and 2014 not being a major concern and adequate average
maturity profile of 4.6 years as of Sept. 30, 2011.

Fitch will monitor the developments regarding Energisa's appeal
of Comissao de Valores Mobiliarios's (CVM) recent resolution,
which may require the company to reclassify its financial
statements for the last three quarters in order to report hybrid
perpetual notes as debt instead of equity. Based on its
methodology, Fitch had not granted any equity benefit for this
issuance, therefore no impact on the group's financial indicators
is foreseen, yet this could trigger financial covenants related
to a BRL150 million of debentures at the holding company.  Fitch
believes Energisa's liquidity position is strong enough to repay
the BRL150 million debt, should the company not be able to obtain
a covenant waiver from its creditors.  Therefore, in Fitch's view
the risk of anticipated maturity of other debts, which in the
worst case could reach BRL1.1 billion, is very unlikely to
happen.

Negative Free Cash Flow to Improve After Project Start-ups:
Energisa's free cash flow (FCF) is expected to stay negative in
the next two years as a result of high capital expenditures and
dividends distribution.  Fitch believes that the generation
segment, after commencing operations, will improve Energisa's
business profile and provide more stability to its operational
cash flow.  Cash flow from operations (CFFO) was BRL545 million
for the LTM ended Sept. 30, 2011.  Cash generation was used to
fund capital expenditures, which were higher compared to
historical levels (approximately BRL479 million within this
period, including the power generation projects) and the dividend
distribution (BRL95 million), resulting in a negative FCF of
BRL30 million.

Leverage to Be Pressured by High Capex and Third Tariff Review
Cycle:

Energisa's consolidated net leverage is considered strong for the
rating. Net adjusted debt-to-EBITDA ratio was 3.0x for the period
of LTM ended Sept. 30, 2011, slightly higher than the 2.7x
recorded in 2010.  Fitch expects that net leverage will be
pressured by strong investments in energy generation.  Also, the
recently approved rules for the third tariff review cycle for the
power distributors should negatively impact the group's
operational cash flow.  As the group continues to obtain
efficiency gains and to reduce losses and starts reaping the
benefits of the generation projects, leverage should present a
decreasing trend.

Key Rating Drivers:

The ratings could see negatively pressure from higher than
anticipated leverage ratios. Additional new investments beyond
those envisioned and that may demand significant amounts of
capital could pressure credit quality.  A rating upgrade could be
driven by greater CFFO, more conservative leverage and credit
protection measures, and increased contribution of cash flow from
the energy generation activities.

Fitch has affirmed the following ratings:

Energisa

  -- Foreign currency Issuer Default Rating (IDR) at 'BB-';
  -- Local Currency IDR at 'BB-';
  -- Long-term national scale rating at 'A(bra)';
  -- Long-term national rating of the third debentures issuance,
     in the amount of BRL150 million, due in 2014, at 'A(bra)';
  -- Long-term international rating of the senior perpetual
     notes, in the amount of USD200 million, at 'BB-'.

Energisa Paraiba

  -- Foreign currency IDR at 'BB'';
  -- Local Currency IDR at 'BB' ';
  -- Long-term national scale rating at 'A+(bra)';
  -- Long-term international rating of the notes units, in the
     amount of USD83 million, due in 2013, at 'BB'';
  -- Long-term national rating of the first debentures issuance,
     in the amount of BRL80 million, due in 2014, at 'A+(bra)'.

Energisa Sergipe

  -- Foreign currency IDR at 'BB';
  -- Local currency IDR at 'BB' ;
  -- Long-term national scale rating at 'A+(bra)';
  -- Long-term international rating of the notes units, in the
     amount of USD167 million, due in 2013, at 'BB';
  -- Long-term national rating of the first debentures issuance,
     in the amount of USD42 million, due in 2015, at 'A(bra)';
  -- Long-term national rating of the second debentures issuance,
     in the amount of BRL60 million, due in 2014, at 'A+(bra)'.

Energisa Minas Gerais

  -- Foreign currency IDR at 'BB';
  -- Local currency IDR 'BB';
  -- Long-term national scale rating at 'A+(bra)' ;
  -- Long-term national rating of the seventh debentures
     issuance, in the amount of BRL60 million, due in 2014, at
     'A+(bra)'.


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


APS VIETNAM: Members Receive Wind-Up Report
-------------------------------------------
On Dec. 12, 2011, the members of APS Vietnam Alpha Fund Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


BLACKROCK TRADING: Creditors' Proofs of Debt Due Dec. 21
--------------------------------------------------------
The creditors of Blackrock Trading Mena 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. 10, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


CAROB LIMITED: Members Receive Wind-Up Report
---------------------------------------------
On Nov. 30, 2011, the members of Carob Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170 George Town, Grand Cayman
         Cayman Islands


CEDAR CBO: Creditors' Proofs of Debt Due Dec. 21
------------------------------------------------
The creditors of Cedar CBO 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. 10, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


EMERALD INVESTMENT: Creditors' Proofs of Debt Due Dec. 21
---------------------------------------------------------
The creditors of Emerald Investment Grade CBO 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. 10, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


GLS OFFSHORE: Creditors' Proofs of Debt Due Dec. 21
---------------------------------------------------
The creditors of GLS Offshore Global Opportunities Fund, 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:

         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


GREAT WALL: Creditors' Proofs of Debt Due Dec. 21
-------------------------------------------------
The creditors of Great Wall One 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. 10, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


HARVEST CREF II: Creditors' Proofs of Debt Due Dec. 21
------------------------------------------------------
The creditors of Harvest CREF II Holding 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. 10, 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 GALLOP: Creditors' Proofs of Debt Due Dec. 21
-------------------------------------------------
The creditors of HCP Gallop 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. 8, 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


METIS SCDO 1: Creditors' Proofs of Debt Due Dec. 21
---------------------------------------------------
The creditors of Metis SCDO 1 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. 10, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


MONDRIAN MULTIFUND: Creditors' Proofs of Debt Due Dec. 21
---------------------------------------------------------
The creditors of Mondrian Multifund SPC 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. 9, 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


MU CREDIT: Creditors' Proofs of Debt Due Dec. 21
------------------------------------------------
The creditors of MU Credit Company 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. 10, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


OFFSHORE SERVICES: Creditors' Proofs of Debt Due Dec. 21
--------------------------------------------------------
The creditors of Offshore Services LLC 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. 10, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


POLLUX GLOBAL: Placed Under Voluntary Wind-Up
---------------------------------------------
On Nov. 8, 2011, the sole shareholder of Pollux Global Corporate
Bonds Fund 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:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


SIGNUM COBALT: Creditors' Proofs of Debt Due Dec. 21
----------------------------------------------------
The creditors of Signum Cobalt 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. 10, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


SIGNUM OPAL: Creditors' Proofs of Debt Due Dec. 21
--------------------------------------------------
The creditors of Signum Opal 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. 10, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


SUTTER NOTES: Creditors' Proofs of Debt Due Dec. 21
---------------------------------------------------
The creditors of Sutter Notes 1999-1 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. 10, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


TARGET ASIA: Creditors' Proofs of Debt Due Dec. 21
--------------------------------------------------
The creditors of Target Asia 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. 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


TSW HOLDING: Placed Under Voluntary Wind-Up
-------------------------------------------
On Nov. 11, 2011, the shareholders of TSW Holding Cayman 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. 16, 2011, will be included in the company's dividend
distribution.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile:  (345) 949 2888
         P.O. Box 2510 Grand Cayman KY1-1104
         Cayman Islands


TSW HOLDING: Shareholders Receive Wind-Up Report
------------------------------------------------
On Dec. 19, 2011, the shareholders of TSW Holding Cayman Ltd.
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile:  (345) 949 2888
         P.O. Box 2510 Grand Cayman KY1-1104
         Cayman Islands


UBS ALTERNATIVE: Creditors' Proofs of Debt Due Dec. 21
------------------------------------------------------
The creditors of UBS Alternative Strategy Funds - Multi-Strategy
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. 9, 2011.

The company's liquidator is:

         Graham Robinson
         c/o Omar Grant
         Telephone: (345) 949 7576
         Facsimile:  (345) 949 8295
         P.O. Box 897 Windward 1, Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


=============
E C U A D O R
=============


* ECUADOR: IDB Approves US$71-Mil. IDB Loan for Housing Projects
----------------------------------------------------------------
Inter-American Development Bank approved a loan for US$71 million
to help Ecuador carry out a housing project for low-income
families in the city of Guayaquil.

The project, which will be implemented by the Ministry of Housing
and Urban Development, will provide grants and access to
mortgages for thousands of families living in overcrowded
informal settlements in an environmentally protected area.

As a result of the operation, an expected 8,762 families will
receive permanent housing in a new location that will be provided
with improved sanitation and access to public services.  Another
anticipated benefit of the relocation will be a 30% increase in
average family income as a result of better access to the labor
market and savings in the cost of services such as water and
healthcare.

The project will also support collaboration among institutions
through the creation of an office to coordinate civil works and
social support activities carried out by different ministries.

The loan was extended for a 25-year term with a five-year grace
period and an interest rate based on LIBOR.  The Ecuadoran
government will contribute US$4 million to the project.


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


* JAMAICA: Gov't Confident JM$7-Bil. Revenues Gap Will be Filled
----------------------------------------------------------------
RJR News reports that Finance Minister Audley Shaw is expressing
confidence that the JM$7 billion gap in revenue collection can be
filled before end of the current fiscal year.

Mr. Shaw is expecting that inflows into the government's coffers
will pick up during the last quarter, according to RJR News.
However, the report relates that Mr. Shaw said contingency plans
are already in place just in case.

"Revenue is an up and down business and so you can't look at
revenue just in terms of one period.  The last quarter of the
fiscal year is always the best performing period of the fiscal
year and there is usually some realignment that takes place and
equally the first thing is how we are going to accommodate the
fall off in revenue and naturally this comes either by a cut in
expenditure or methods of enhancing revenue," RJR News quoted Mr.
Shaw as saying.

He said the authorities will also be intensifying their search
for tax evaders.


                                 *     *     *

As of September 27, 2011, the company continues to carry Moody's
A "Caa1" senior unsecured debt rating.


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


ECOPETROL SA: S&P Revises Stand-Alone Credit Profile from 'bb+'
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB-' long-term
corporate credit rating and its 'BBB-' senior unsecured debt
rating on Colombia-based oil company Ecopetrol S.A. Standard &
Poor's also said that it revised the company's stand-alone credit
profile (SACP) to 'bbb-' from 'bb+'.  The outlook remained
stable.

"We revised the company's SACP based on its continued improvement
in its operating and financial performance," said Standard &
Poor's credit analyst Fabiola Ortiz.  "As of Sept. 30, 2011, the
company's revenues surged 48.9% due to significantly higher oil
prices and oil production." Ecopetrol's production reached
716,400 barrels of oil equivalent per day (boep/d), up 18.5%.

"The rating on Ecopetrol reflects our opinion that there is a
high likelihood that the government of the Republic of Colombia
(foreign currency BBB+/Stable/A-3, local currency BBB+/Stable/A-
2) would provide timely and sufficient extraordinary support to
Ecopetrol in the event of financial distress," S&P said.  In
accordance with S&P's criteria for government-related entities,
our view of a high likelihood of extraordinary government support
is based on its assessment of Ecopetrol's:

    Very important role in the economy, given its position as the
    largest company in Colombia and the main supplier of oil-
    derived products in the local market; and

    Strong link with the government, given its clear corporate
    governance and independent management team.

"The rating also reflects the company's leading position in
Colombia's oil and gas industry, its low production costs, and
its proven access to capital markets," said Ms. Ortiz.  "The
rating incorporates Ecopetrol's exposure to commodity price
volatility and its aggressive expansion plans."

"Ecopetrol's 'satisfactory' (as our criteria define it) business
risk profile has improved due to the 18.5% rise in production
during the third quarter of 2011, a favorable pricing environment
with oil prices above US$70 per barrel, and a capital expenditure
program, although aggressive, will not affect company's financial
performance," S&P said.

"The company's key financial metrics continue to improve: debt to
EBITDA, EBITDA interest coverage, and funds from operations to
total debt of 0.6x, 3.2x, and 104.0% for the 12 months ended
Sept. 30, 2011, compared with 0.8x, 2.2x, and 96.6% during the
same period of 2010.  Due to these strong financial metrics, we
now consider the company's financial risk profile to be
'intermediate.'  Although we estimate that Ecopetrol will need to
increase leverage to finance its capital expenditure program, we
foresee debt to EBITDA of less than 1.5x in the next two years or
three years," S&P said.

"We consider Ecopetrol's liquidity to be 'adequate.'  Our
liquidity analysis also incorporates qualitative factors.  These
include our view that the company has the capacity to withstand
high-impact, low-probability events paired with its sound banking
relationships and satisfactory access to capital markets, as
shown by its recent equity offering, which has completely
distributed in Colombia," S&P said.

"As of Sept. 30, 2011, Ecopetrol's cash and equivalents totaled
approximately US$3.5 billion, compared with US$620 million in
debt maturities over the following 12 months (adjusted for
pension liabilities and asset retirement obligations). In
addition to this, we estimate that the company will close 2011
with funds from operations of approximately US$9.5 billion," S&P
said.

"The stable outlook reflects our outlook on Colombia. A positive
rating action on Colombia could lead to a positive rating action
on Ecopetrol.  The rating could be pressured if Ecopetrol's SACP
deteriorates significantly.  This could result from a plunge in
production or weaker-than-expected financial performance.  The
outlook on Colombia incorporates our expectation of continuity in
its key economic policies in the medium term, along with a stable
debt burden because of good prospects for both GDP growth and
fiscal revenues.  The recent gains in public confidence resulting
from an improved security environment are likely to persist," S&P
said.


SINALOA STATE: Moody's Says Loan Ratings Reflect Creditworthiness
-----------------------------------------------------------------
Moody's de Mexico has assigned debt ratings of Baa2 (Global
Scale, local currency) and Aa2.mx (Mexico National Scale) to a
MXN 1.3 billion enhanced loan from Banorte to the State of
Sinaloa.

Ratings Rationale

The loan is payable through a master trust Ixe (trustee number
F/936), to which the state has pledged the flows and rights to
5.2% of its federal participation revenues (Ramo 28).

The loan is denominated in Mexican pesos, with maturity of 20
years with one year grace period for principal payments.  The
loan will pay an interest rate composed of the 28-day Mexican
Interbank Interest Rate (TIIE in Spanish) plus a spread of 90
basis points.

The Baa2/Aa2.mx ratings assigned to the loan reflect the
underlying creditworthiness of the State of Sinaloa (Ba1/A1.mx),
supported by the following legal and credit enhancements embedded
in the loan structure.

1. Validity of the legal authorization of the transaction, which
   authorizes the trust to be used as a mechanism for debt
   service payment.

2. Strong trust structure based on an irrevocable notification to
   the federal treasury regarding the transfer of rights and
   flows of participation revenues to the trustee.

3. Estimated cash flows generate moderate debt service coverage
   ratios.  Under a Moody's base case scenario, cash flows within
   the trust are projected to provide 2.0x debt service coverage
   at the lowest point over the life of the loan.  Under a stress
   case scenario, estimated cash flows are projected to provide
   1.8x debt service coverage at the lowest point over the life
   of the loan.

4. Solid level of reserves within the IXE trust that represent
   2.0x debt service coverage under a stress case scenario and
   provide enough cushion against payment delays.

The rating could face downward pressure if debt service coverage
levels fall materially below Moody's expectations.  Given the
links between the loan and the credit quality of the obligor, a
downgrade of the State of Sinaloa issuer ratings could also exert
downward pressure on debt ratings for this loan.  Conversely, an
upgrade of the State of Sinaloa issuer ratings rating would
likely result in an upgrade of the rating on the loan.


SINALOA STATE: Moody's Raises Issuer Ratings to A1.mx and Ba1
-------------------------------------------------------------
Moody's de Mexico upgraded the issuer ratings of the State of
Sinaloa to A1.mx (Mexico National Scale) and Ba1 (Global Scale,
local currency) from A2.mx and Ba2, respectively.  The outlook
remains stable.

Ratings Rationale

The rating action reflects the state's capacity to adjust
expenditures according to revenue growth which in turn, has led
to the maintenance of roughly balanced financial results and low
debt levels.  Between 2006 and 2010, cash financing requirements
averaged -0.7% of total revenues and net direct and indirect debt
averaged 11.2% of total revenue.

The rating action also reflects the state's growing economy and
strong governance and management factors as evidenced by the
prudent debt management practices, the achievement of fiscal
targets in most of the years and the partial reform of the
pension system.  While Sinaloa has high unfunded pension
liabilities, it has taken measures that include moving non-
teachers to a defined contribution system.  These measures will
partially limit the accumulation of pension liabilities going
forward and provide greater certainty regarding annual
contributions.

In 2011, Sinaloa faced adverse weather conditions that negatively
impacted the agricultural sector.  This event exerted pressure on
the state's expenditures and Moody's estimates that the state
will record a moderate cash financing requirement equivalent to -
3.7% of total revenues in 2011.  In order to finance this
requirement, Sinaloa recently contracted new debt and Moody's
estimates net direct and indirect debt to reach 12.8% of total
revenues in 2012, a low level.

Going forward, Moody's expects that the state's cut in operating
expenditures along with initiatives to boost own-source revenues
will bear fruit and financial outcomes will be rebalanced in the
medium term. Likewise, Moody's expects debt ratios to remain
relatively stable.


VITRO SAB: Units Ordered to Withdraw Restructuring Plan Consent
---------------------------------------------------------------
Jonathan Roeder at Bloomberg News reports that Vitro, S.A.B. de
C.V.'s units were ordered by New York Supreme Court Justice
Bernard J. Fried to withdraw consent to a restructuring plan in a
Mexican bankruptcy court.

The ruling said that the subsidiaries are "directed to withdraw
their consent to any plan reorganization of Vitro that purports
to release the guarantees, to take such other actions as may be
required to give effect to such withdrawal," according to
Bloomberg.

Bloomberg notes that Roberto Riva Palacio, a Vitro spokesman,
confirmed the ruling in an e-mail.  Vitro "is not in agreement
and as such, we will exercise our right to challenge it," he
wrote, Bloomberg relates.

The restructuring proposal presented to a judge in Monterrey,
Mexico, by the court-appointed arbitrator would include US$814.6
million of new bonds maturing in 2019 with an interest rate of 8%
and US$95.8 million of debt convertible to shares with an
interest rate of 12%, Bloomberg cites.

Consenting creditors would probably get securities and cash with
a recovery on current face value of 47.6% to 60%, depending on
how many holders agree, Jacob Steinfeld, a JPMorgan Chase & Co.
analyst in New York, said in a Nov. 7 note obtained by Bloomberg.
Non-consenting creditors would recover less, he added.

Dissenting creditors on Oct. 19 presented a restructuring plan to
the arbitrator proposing US$1.1 billion of new bonds, a cash
payment of 10% of the outstanding principal of existing notes and
a 61% stake in common shares of Vitro SAB, Bloomberg recalls.

                          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.


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


HINDU CREDIT UNION: Depositors to Start Process This Week
---------------------------------------------------------
Trinidad & Tobago Newsday reports that Vasant Bharath, Trinidad
and Tobago acting finance minister, will start processing
applications for depositors of the Hindu Credit Union by this
week.

Mr. Bharath said that persons with deposits of up to a maximum of
TT$75,000 will be paid and the ministry was working hard on it so
persons can get their money before Christmas, according to
Trinidad & Tobago Newsday.

The report relates that Mr. Bharath said the ministry got
signatures from the Commissioner of Co-operatives and the
Ministry of Labor and they were waiting on the liquidator to send
them the listing of people so they can begin making payment.

"The Commissioner of Co-operatives spoke to the liquidators to
get a listing of all those who have entitlements.  Once we get
that, we can start.  Clico policyholders have gotten their
payments but the HCU has not so these are the first lot and we
are trying to make sure it happens so people can have this money
before Christmas," Newsday quoted Mr. Bharath as saying.

The failed credit union was put into liquidation by the
Government in 2009, the report recalls.

Hindu Credit Union Co-Operative Society Limited (HCU)
-- http://www.ourhcu.com/-- is headquartered in Borough,
Chaguanas, in Trinidad and Tobago.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 28, 2008, the High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants Ernst
and Young inspected Hindu Credit's books, accounts, and records
after a public outcry and calls for an internal audit.  Charles
Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.


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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                     Total         Shareholders
                                     Assets              Equity
Company                Ticker        (US$MM)            (US$MM)
-------                ------        ---------      ------------

ARGENTINA
---------

IMPSAT FIBER-$US     IMPTD AR           535007008       -17164978
IMPSAT FIBER NET     330902Q GR         535007008       -17164978
IMPSAT FIBER-CED     IMPT AR            535007008       -17164978
IMPSAT FIBER NET     IMPTQ US           535007008       -17164978
IMPSAT FIBER-BLK     IMPTB AR           535007008       -17164978
IMPSAT FIBER NET     XIMPT SM           535007008       -17164978
IMPSAT FIBER-C/E     IMPTC AR           535007008       -17164978
SOC COMERCIAL PL     COMEC AR         167911091.5      -342440147
COMERCIAL PL-ADR     SCPDS LI         167911091.5      -342440147
SOC COMERCIAL PL     CVVIF US         167911091.5      -342440147
SOC COMERCIAL PL     CADN EO          167911091.5      -342440147
SOC COMERCIAL PL     CAD IX           167911091.5      -342440147
COMERCIAL PLA-BL     COMEB AR         167911091.5      -342440147
SOC COMERCIAL PL     CADN SW          167911091.5      -342440147
SOC COMERCIAL PL     COMED AR         167911091.5      -342440147
SOC COMERCIAL PL     COME AR          167911091.5      -342440147
SOC COMERCIAL PL     SCDPF US         167911091.5      -342440147
SOC COMERCIAL PL     CADN EU          167911091.5      -342440147
SOCOTHERM-5 VT-A     STHE5 AR         103531720.8     -8075882.84
SOCOTHERM-SP ADR     SOCOY US         103531720.8     -8075882.84
SOCOTHERM SA-B       STHE AR          103531720.8     -8075882.84
SNIAFA SA-B          SDAGF US         11229696.22     -2670544.88
SNIAFA SA-B          SNIA5 AR         11229696.22     -2670544.88
SNIAFA SA            SNIA AR          11229696.22     -2670544.88


BELIZE
------

VARIG SA-PREF        VARGPN BZ        966298025.5     -4695211316
VARIG SA             VAGV3 BZ         966298025.5     -4695211316
VARIG SA             VARGON BZ        966298025.5     -4695211316
VARIG SA-PREF        VAGV4 BZ         966298025.5     -4695211316
PORTX OPERA-GDR      PXTPY US         734596799.1     -5675399.32
PORTX OPERACOES      PRTX3 BZ         734596799.1     -5675399.32
AGRENCO LTD          AGRE LX            637647275      -312199404
AGRENCO LTD-BDR      AGEN11 BZ          637647275      -312199404
BOMBRIL-PREF         BOBR4 BZ         451055441.4       -71738547
BOMBRIL SA-ADR       BMBPY US         451055441.4       -71738547
BOMBRIL              BOBR3 BZ         451055441.4       -71738547
BOMBRIL-RIGHTS       BOBR1 BZ         451055441.4       -71738547
BOMBRIL CIRIO SA     BOBRON BZ        451055441.4       -71738547
BOMBRIL SA-ADR       BMBBY US         451055441.4       -71738547
BOMBRIL              BMBBF US         451055441.4       -71738547
BOMBRIL-RGTS PRE     BOBR2 BZ         451055441.4       -71738547
BOMBRIL CIRIO-PF     BOBRPN BZ        451055441.4       -71738547
CIA PETROLIFERA      MRLM3B BZ        377602195.2     -3014291.72
CIA PETROLIFERA      MRLM3 BZ         377602195.2     -3014291.72
CIA PETROLIF-PRF     MRLM4 BZ         377602195.2     -3014291.72
CIA PETROLIF-PRF     MRLM4B BZ        377602195.2     -3014291.72
CIA PETROLIFERA      1CPMON BZ        377602195.2     -3014291.72
CIA PETROLIF-PRF     1CPMPN BZ        377602195.2     -3014291.72
HOTEIS OTHON SA      HOTHON BZ        367095149.8     -27491830.2
HOTEIS OTHON-PRF     HOOT4 BZ         367095149.8     -27491830.2
HOTEIS OTHON-PRF     HOTHPN BZ        367095149.8     -27491830.2
HOTEIS OTHON SA      HOOT3 BZ         367095149.8     -27491830.2
DOCAS SA-PREF        DOCAPN BZ        265185848.9      -158092426
DOCA INVESTIMENT     DOCA3 BZ         265185848.9      -158092426
DOCAS SA             DOCAON BZ        265185848.9      -158092426
DOCA INVESTI-PFD     DOCA4 BZ         265185848.9      -158092426
DOCAS SA-RTS PRF     DOCA2 BZ         265185848.9      -158092426
TEKA                 TKTQF US           246866965      -392777063
TEKA-PREF            TEKAPN BZ          246866965      -392777063
TEKA                 TEKAON BZ          246866965      -392777063
TEKA-ADR             TKTPY US           246866965      -392777063
TEKA                 TEKA3 BZ           246866965      -392777063
TEKA-ADR             TEKAY US           246866965      -392777063
TEKA-ADR             TKTQY US           246866965      -392777063
TEKA-PREF            TEKA4 BZ           246866965      -392777063
TEKA-PREF            TKTPF US           246866965      -392777063
PET MANG-RT          RPMG1 BZ         231024467.2      -184606117
PET MANG-RECEIPT     0229296Q BZ      231024467.2      -184606117
PET MANG-RECEIPT     0229292Q BZ      231024467.2      -184606117
PET MANG-RT          RPMG2 BZ         231024467.2      -184606117
PET MANG-RIGHTS      3678565Q BZ      231024467.2      -184606117
PET MANG-RECEIPT     RPMG9 BZ         231024467.2      -184606117
PET MANG-RIGHTS      3678569Q BZ      231024467.2      -184606117
PETRO MANGUIN-PF     MANGPN BZ        231024467.2      -184606117
PET MANG-RT          0229249Q BZ      231024467.2      -184606117
PETRO MANGUINHOS     RPMG3 BZ         231024467.2      -184606117
PET MANGUINH-PRF     RPMG4 BZ         231024467.2      -184606117
PET MANG-RT          0229268Q BZ      231024467.2      -184606117
PETRO MANGUINHOS     MANGON BZ        231024467.2      -184606117
PET MANG-RT          4115364Q BZ      231024467.2      -184606117
PET MANG-RECEIPT     RPMG10 BZ        231024467.2      -184606117
PET MANG-RT          4115360Q BZ      231024467.2      -184606117
D H B-PREF           DHBI4 BZ         185992309.4      -151323933
DHB IND E COM        DHBON BZ         185992309.4      -151323933
D H B                DHBI3 BZ         185992309.4      -151323933
DHB IND E COM-PR     DHBPN BZ         185992309.4      -151323933
SANSUY SA-PREF B     SNSYBN BZ        180443811.7      -114112111
SANSUY-PREF A        SNSY5 BZ         180443811.7      -114112111
SANSUY SA            SNSYON BZ        180443811.7      -114112111
SANSUY-PREF B        SNSY6 BZ         180443811.7      -114112111
SANSUY               SNSY3 BZ         180443811.7      -114112111
SANSUY SA-PREF A     SNSYAN BZ        180443811.7      -114112111
WETZEL SA-PREF       MWELPN BZ        100017711.4     -5359345.82
WETZEL SA            MWELON BZ        100017711.4     -5359345.82
WETZEL SA            MWET3 BZ         100017711.4     -5359345.82
WETZEL SA-PREF       MWET4 BZ         100017711.4     -5359345.82
FABRICA RENAUX       FTRX3 BZ         95282687.94       -59034912
FABRICA RENAUX-P     FRNXPN BZ        95282687.94       -59034912
FABRICA RENAUX       FRNXON BZ        95282687.94       -59034912
FABRICA TECID-RT     FTRX1 BZ         95282687.94       -59034912
FABRICA RENAUX-P     FTRX4 BZ         95282687.94       -59034912
ESTRELA SA           ESTRON BZ        92218510.26     -92769915.9
ESTRELA SA           ESTR3 BZ         92218510.26     -92769915.9
ESTRELA SA-PREF      ESTRPN BZ        92218510.26     -92769915.9
ESTRELA SA-PREF      ESTR4 BZ         92218510.26     -92769915.9
TEXTEIS RENA-RCT     TXRX9 BZ         73095833.69      -103943206
RENAUXVIEW SA-PF     TXRX4 BZ         73095833.69      -103943206
RENAUXVIEW SA        TXRX3 BZ         73095833.69      -103943206
TEXTEIS RENA-RCT     TXRX10 BZ        73095833.69      -103943206
TEXTEIS RENAUX       RENXPN BZ        73095833.69      -103943206
TEXTEIS RENAU-RT     TXRX1 BZ         73095833.69      -103943206
TEXTEIS RENAUX       RENXON BZ        73095833.69      -103943206
TEXTEIS RENAU-RT     TXRX2 BZ         73095833.69      -103943206
SCHLOSSER SA         SCHON BZ         73036749.69     -34357832.6
SCHLOSSER            SCLO3 BZ         73036749.69     -34357832.6
SCHLOSSER-PREF       SCLO4 BZ         73036749.69     -34357832.6
SCHLOSSER SA-PRF     SCHPN BZ         73036749.69     -34357832.6
MINUPAR-RT           MNPR1 BZ         63144533.79     -60655823.4
MINUPAR-RT           9314542Q BZ      63144533.79     -60655823.4
MINUPAR SA-PREF      MNPRPN BZ        63144533.79     -60655823.4
MINUPAR-PREF         MNPR4 BZ         63144533.79     -60655823.4
MINUPAR              MNPR3 BZ         63144533.79     -60655823.4
MINUPAR-RCT          9314634Q BZ      63144533.79     -60655823.4
MINUPAR SA           MNPRON BZ        63144533.79     -60655823.4
MINUPAR-RCT          MNPR9 BZ         63144533.79     -60655823.4
GRADIENTE-PREF A     IGBR5 BZ         61088977.95      -282692297
GRADIENTE-PREF C     IGBR7 BZ         61088977.95      -282692297
GRADIENTE EL-PRA     IGBAN BZ         61088977.95      -282692297
GRADIENTE ELETR      IGBON BZ         61088977.95      -282692297
GRADIENTE EL-PRB     IGBBN BZ         61088977.95      -282692297
IGB ELETRONICA       IGBR3 BZ         61088977.95      -282692297
GRADIENTE EL-PRC     IGBCN BZ         61088977.95      -282692297
GRADIENTE-PREF B     IGBR6 BZ         61088977.95      -282692297
CAF BRASILIA-PRF     CAFE4 BZ         59053509.86     -1138743393
CAFE BRASILIA SA     CSBRON BZ        59053509.86     -1138743393
CAF BRASILIA         CAFE3 BZ         59053509.86     -1138743393
CAFE BRASILIA-PR     CSBRPN BZ        59053509.86     -1138743393
VARIG PART EM TR     VPTA3 BZ         49432124.18      -399290396
VARIG PART EM-PR     VPTA4 BZ         49432124.18      -399290396
CIMOB PART-PREF      GAFP4 BZ          44047411.7     -45669963.6
CIMOB PARTIC SA      GAFON BZ          44047411.7     -45669963.6
CIMOB PARTIC SA      GAFP3 BZ          44047411.7     -45669963.6
CIMOB PART-PREF      GAFPN BZ          44047411.7     -45669963.6
WIEST                WISA3 BZ         34108201.43      -126997429
WIEST SA             WISAON BZ        34108201.43      -126997429
WIEST SA-PREF        WISAPN BZ        34108201.43      -126997429
WIEST-PREF           WISA4 BZ         34108201.43      -126997429
RECRUSUL SA          RESLON BZ        31427766.04     -30307605.7
RECRUSUL-BON RT      RCSL11 BZ        31427766.04     -30307605.7
RECRUSUL - RT        4529781Q BZ      31427766.04     -30307605.7
RECRUSUL SA-PREF     RESLPN BZ        31427766.04     -30307605.7
RECRUSUL - RCT       4529793Q BZ      31427766.04     -30307605.7
RECRUSUL - RCT       RCSL10 BZ        31427766.04     -30307605.7
RECRUSUL - RT        RCSL2 BZ         31427766.04     -30307605.7
RECRUSUL - RT        RCSL1 BZ         31427766.04     -30307605.7
RECRUSUL-PREF        RCSL4 BZ         31427766.04     -30307605.7
RECRUSUL - RCT       4529789Q BZ      31427766.04     -30307605.7
RECRUSUL - RCT       RCSL9 BZ         31427766.04     -30307605.7
RECRUSUL - RT        4529785Q BZ      31427766.04     -30307605.7
RECRUSUL-BON RT      RCSL12 BZ        31427766.04     -30307605.7
RECRUSUL             RCSL3 BZ         31427766.04     -30307605.7
SANESALTO            SNST3 BZ         31044053.25     -1843297.83
STAROUP SA           STARON BZ        27663604.95     -7174512.03
BOTUCATU TEXTIL      STRP3 BZ         27663604.95     -7174512.03
STAROUP SA-PREF      STARPN BZ        27663604.95     -7174512.03
BOTUCATU-PREF        STRP4 BZ         27663604.95     -7174512.03
CONST BETER SA       COBEON BZ        25469474.32      -4918659.9
CONST BETER-PF A     1COBAN BZ        25469474.32      -4918659.9
CONST BETER-PR B     COBEBN BZ        25469474.32      -4918659.9
CONST BETER-PF A     COBE5 BZ         25469474.32      -4918659.9
CONST BETER SA       1007Q BZ         25469474.32      -4918659.9
CONST BETER SA       1COBON BZ        25469474.32      -4918659.9
CONST BETER-PR B     1009Q BZ         25469474.32      -4918659.9
CONST BETER-PF B     COBE6B BZ        25469474.32      -4918659.9
CONST BETER-PFA      COBE5B BZ        25469474.32      -4918659.9
CONST BETER-PF B     COBE6 BZ         25469474.32      -4918659.9
CONST BETER-PF B     1COBBN BZ        25469474.32      -4918659.9
CONST BETER-PR A     COBEAN BZ        25469474.32      -4918659.9
CONST BETER SA       COBE3B BZ        25469474.32      -4918659.9
CONST BETER-PR A     1008Q BZ         25469474.32      -4918659.9
CONST BETER SA       COBE3 BZ         25469474.32      -4918659.9
STEEL - RT           STLB1 BZ          23040051.4     -8699861.07
ALL ORE MINERACA     AORE3 BZ          23040051.4     -8699861.07
ALL ORE MINERACA     STLB3 BZ          23040051.4     -8699861.07
STEEL - RCT ORD      STLB9 BZ          23040051.4     -8699861.07
FERRAGENS HAGA       HAGAON BZ        21992326.22     -56631998.5
HAGA                 HAGA3 BZ         21992326.22     -56631998.5
FERRAGENS HAGA-P     HAGAPN BZ        21992326.22     -56631998.5
FER HAGA-PREF        HAGA4 BZ         21992326.22     -56631998.5
NOVA AMERICA SA      NOVA3 BZ            21287489      -183535527
NOVA AMERICA SA      1NOVON BZ           21287489      -183535527
NOVA AMERICA-PRF     NOVA4B BZ           21287489      -183535527
NOVA AMERICA SA      NOVAON BZ           21287489      -183535527
NOVA AMERICA-PRF     1NOVPN BZ           21287489      -183535527
NOVA AMERICA-PRF     NOVAPN BZ           21287489      -183535527
NOVA AMERICA SA      NOVA3B BZ           21287489      -183535527
NOVA AMERICA-PRF     NOVA4 BZ            21287489      -183535527
TECEL S JOSE         SJOS3 BZ         19067323.42     -52580501.1
TECEL S JOSE-PRF     SJOS4 BZ         19067323.42     -52580501.1
TECEL S JOSE-PRF     FTSJPN BZ        19067323.42     -52580501.1
TECEL S JOSE         FTSJON BZ        19067323.42     -52580501.1
NORDON METAL         NORDON BZ        15354597.14     -26859636.7
NORDON MET           NORD3 BZ         15354597.14     -26859636.7
NORDON MET-RTS       NORD1 BZ         15354597.14     -26859636.7
CHIARELLI SA         CCHI3 BZ         14960467.36     -43105640.5
CHIARELLI SA-PRF     CCHI4 BZ         14960467.36     -43105640.5
CHIARELLI SA-PRF     CCHPN BZ         14960467.36     -43105640.5
CHIARELLI SA         CCHON BZ         14960467.36     -43105640.5
B&D FOOD CORP        BDFC US             14423532        -3506007
LATTENO FOOD COR     LATF US             14423532        -3506007
REII INC             REIC US             14423532        -3506007
B&D FOOD CORP        BDFCE US            14423532        -3506007
HERCULES SA          HERTON BZ        12689117.49      -170680899
HERCULES             HETA3 BZ         12689117.49      -170680899
HERCULES SA-PREF     HERTPN BZ        12689117.49      -170680899
HERCULES-PREF        HETA4 BZ         12689117.49      -170680899
ARTHUR LAN-DVD P     ARLA12 BZ        11642255.92     -17154461.9
ARTHUR LANGE-PRF     ARLA4 BZ         11642255.92     -17154461.9
ARTHUR LAN-DVD C     ARLA11 BZ        11642255.92     -17154461.9
ARTHUR LANGE         ARLA3 BZ         11642255.92     -17154461.9
ARTHUR LANG-RC C     ARLA9 BZ         11642255.92     -17154461.9
ARTHUR LANG-RC P     ARLA10 BZ        11642255.92     -17154461.9
ARTHUR LANG-RT P     ARLA2 BZ         11642255.92     -17154461.9
ARTHUR LANG-RT C     ARLA1 BZ         11642255.92     -17154461.9
ARTHUR LANGE-PRF     ALICPN BZ        11642255.92     -17154461.9
ARTHUR LANGE SA      ALICON BZ        11642255.92     -17154461.9
F GUIMARAES          FGUI3 BZ         11016542.14      -151840377
FERREIRA GUIMARA     FGUION BZ        11016542.14      -151840377
F GUIMARAES-PREF     FGUI4 BZ         11016542.14      -151840377
FERREIRA GUIM-PR     FGUIPN BZ        11016542.14      -151840377


CHILE
-----

CHILESAT CORP SA     TELEX CI          1156945109      -122555290
TELMEX CORP-ADR      CSAOY US          1156945109      -122555290
TELEX-A              TELEXA CI         1156945109      -122555290
CHILESAT CO-ADR      TL US             1156945109      -122555290
TELEX-RTS            TELEXO CI         1156945109      -122555290
CLARO COM SA         CHILESAT CI       1156945109      -122555290
CHILESAT CO-RTS      CHISATOS CI       1156945109      -122555290
PUYEHUE RIGHT        PUYEHUOS CI      24447502.09     -1250905.47
PUYEHUE              PUYEH CI         24447502.09     -1250905.47


                            ***********


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 * * *