TCRLA_Public/120103.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, January 3, 2012, Vol. 13, No. 002

                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Merger With CAL Only Way for Survival, Says Ex Minister


A R G E N T I N A

AZOPARDO 405: Creditors' Proofs of Debt Due March 16
DIAN CONSTRUCTORA: Creditors' Proofs of Debt Due March 8
LAS HERAS: Creditors' Proofs of Debt Due March 29
PHOTO DEPOT: Creditors' Proofs of Debt Due March 19
POLYCHACO SAIC: Creditors' Proofs of Debt Due Feb. 16

SEGUROS Y REASEGUROS: Moody's Withdraws 'Caa1' Currency Ratings


C A Y M A N   I S L A N D S

AEOLUS FUND II: Placed Under Voluntary Wind-Up
AL-JABRIYA LTD: Creditors' Proofs of Debt Due Jan. 4
AMUNDSEN RENAISSANCE: Creditors' Proofs of Debt Due Jan. 4
CONSUL 20243: Commences Liquidation Proceedings
ELLINGTON EQUITY: Creditors' Proofs of Debt Due Jan. 4

ELLINGTON EQUITY: Creditors' Proofs of Debt Due Jan. 4
ESG TREASURY: Placed Under Voluntary Wind-Up
ESG TREASURY: Placed Under Voluntary Wind-Up
HCM US: Creditors' Proofs of Debt Due Dec. 26
HEALTH CARE: Creditors' Proofs of Debt Due Jan. 4

HEALTH CARE: Creditors' Proofs of Debt Due Jan. 4
KED INVESTMENT III: Shareholder Receives Wind-Up Report
KED INVESTMENT V: Shareholder Receives Wind-Up Report
KED INVESTMENT VI: Shareholder Receives Wind-Up Report
KED LTD: Shareholder Receives Wind-Up Report

MEDICAL ENTERPRISES: Creditors' Proofs of Debt Due Jan. 4
MEDICAL ENTERPRISES: Creditors' Proofs of Debt Due Jan. 4
NATSOURCE AEOLUS: Placed Under Voluntary Wind-Up
POPPY HOLDINGS: Placed Under Voluntary Wind-Up
VALENZANO INVESTMENTS: Commences Liquidation Proceedings


J A M A I C A

* JAMAICA: Fiscal Position Worsened in November


M E X I C O

SARE HOLDING: Gets Approval for Divestiture Plan
VITRO SAB: Appeals Court Temporarily Stops Mexican Plan


V I R G I N   I S L A N D S

* VIRGIN ISLANDS: Faces US$17.4 Million Deficit This Year


X X X X X X X X

* Large Companies With Insolvent Balance Sheets



                            - - - - -


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


LIAT: Merger With CAL Only Way for Survival, Says Ex Minister
-------------------------------------------------------------
Antigua Caribarena reports that former Antigua Aviation Minister
Robin Yearwood wants to see a merger between Leeward Islands Air
Transport (LIAT) and the Trinidad and Tobago-owned Caribbean
Airlines Limited, as he believes this is the only way the
Antigua-based regional carrier can survive.

Mr. Yearwood's call came against the background of media reports
out of Port of Spain that suggested CAL's management may be
eyeing expansion into the OECS territories, according to Antigua
Caribarena.  "LIAT's only salvation is to get into some
arrangement with CAL as it is in the best interest of LIAT.  It
is LIAT's only salvation!" the report quoted Mr. Yearwood as
saying. "Small airlines are not going to survive in this
environment unless prices (for tickets) go through the roof.  The
difficulties LIAT is experiencing today are also being felt by
small airlines around the world. Caribbean people have to face
these realities. It's time to begin negotiations with CAL," Mr.
Yearwood urged, the report relates.

                           About LIAT

Headquartered in V. C. Bird International Airport in Saint George
Parish, Antigua, Leeward Islands Air Transport, known as LIAT
operates high-frequency interisland scheduled services serving 22
destinations in the Caribbean.  The airline's main base is VC
Bird International Airport, Antigua and Barbuda, with bases at
Grantley Adams International Airport, Barbados and Piarco
International Airport, Trinidad and Tobago.


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


AZOPARDO 405: Creditors' Proofs of Debt Due March 16
----------------------------------------------------
Maria Cristina Ratibel, the court-appointed trustee for Azopardo
405 SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until March 16, 2012.

Ms. Ratibel will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 5, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

        Maria Cristina Ratibel
        Peru 1237


DIAN CONSTRUCTORA: Creditors' Proofs of Debt Due March 8
--------------------------------------------------------
Guillermo Javier Gimenez, the court-appointed trustee for Dian
Constructora SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until March 8, 2012.

Mr. Gimenez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 50, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

        Guillermo Javier Gimenez
        Avenida Corrientes 3196
        Argentina


LAS HERAS: Creditors' Proofs of Debt Due March 29
-------------------------------------------------
Marcos Gonzalez, the court-appointed trustee for Las Heras 2002
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until March 29, 2012.

Mr. Gonzalez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

        Marcos Gonzalez
        Lavalle 1537
        Argentina


PHOTO DEPOT: Creditors' Proofs of Debt Due March 19
---------------------------------------------------
Ana Maria Calzada, the court-appointed trustee for Photo Depot
Argentina SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until March 19, 2012.

Ms. Calzada will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 5, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.


POLYCHACO SAIC: Creditors' Proofs of Debt Due Feb. 16
-----------------------------------------------------
Hector Miguel Falvino, the court-appointed trustee for Polychaco
SAIC's reorganization proceedings, will be verifying creditors'
proofs of claim until Feb. 16, 2012.

Mr. Falvino will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on Oct. 16, 2012.

The Trustee can be reached at:

        Hector Miguel Falvino
        Av. Pueyrredon 468
        Argentina


SEGUROS Y REASEGUROS: Moody's Withdraws 'Caa1' Currency Ratings
---------------------------------------------------------------
Moody's Latin America has withdrawn the Caa1 global-local
currency and A2.bo Bolivian national scale insurance financial
strength (IFS) ratings of Seguros y Reaseguros Credinform
International S.A.

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.


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


AEOLUS FUND II: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on Nov. 21, 2011, the
sole shareholder of Aeolus Fund II Master Fund, 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. 27, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

        Ogier
        c/o Susan Taber
        Telephone: (345) 815-1889
        Facsimile: (345) 949-9877
        89 Nexus Way, Camana Bay
        Grand Cayman KY1-9007
        Cayman Islands


AL-JABRIYA LTD: Creditors' Proofs of Debt Due Jan. 4
----------------------------------------------------
The creditors of Al-Jabriya, Ltd. are required to file their
proofs of debt by Jan. 4, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Nov. 17, 2011.

The company's liquidator is:

        Shaikh Abdul Rahiman
        Gulf Investment House K.S.C.
        Dar Al-Awadi Towers, 27th to 30th Floors
        Ahmad Al-Jaber Street, Sharq
        PO Box 28808 Safat 13149
        Kuwait
        Telephone: (+965) 2232 2096


AMUNDSEN RENAISSANCE: Creditors' Proofs of Debt Due Jan. 4
----------------------------------------------------------
The creditors of Amundsen Renaissance Institutional Fund are
required to file their proofs of debt by Jan. 4, 2012, 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


CONSUL 20243: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 21, 2011, the members of Consul 20243 Ltd. passed a
special resolution that voluntarily liquidates the company's
business.

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

The company's liquidator is:

        CDL Company Ltd.
        P.O. Box 31106
        Grand Cayman KY1-1205
        Cayman Islands


ELLINGTON EQUITY: Creditors' Proofs of Debt Due Jan. 4
------------------------------------------------------
The creditors of Ellington Equity Investment Master Fund, Ltd.
are required to file their proofs of debt by Jan. 4, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 21, 2011.

The company's liquidator is:

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


ELLINGTON EQUITY: Creditors' Proofs of Debt Due Jan. 4
------------------------------------------------------
The creditors of Ellington Equity Investment Overseas, Ltd. are
required to file their proofs of debt by Jan. 4, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 21, 2011.

The company's liquidator is:

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


ESG TREASURY: Placed Under Voluntary Wind-Up
--------------------------------------------
On Nov. 18, 2011, the sole shareholder of ESG Treasury
Opportunities Master Portfolio II 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. 28, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

        Ogier
        c/o Susan Taber
        89 Nexus Way
        Camana Bay
        Grand Cayman KY1-9007
        Cayman Islands
        Telephone: (345) 815-1889
        Facsimile: (345) 949-9877


ESG TREASURY: Placed Under Voluntary Wind-Up
--------------------------------------------
On Nov. 18, 2011, the sole shareholder of ESG Treasury
Opportunities Portfolio II 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. 28, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

        Ogier
        c/o Susan Taber
        89 Nexus Way
        Camana Bay
        Grand Cayman KY1-9007
        Cayman Islands
        Telephone: (345) 815-1889
        Facsimile: (345) 949-9877


HCM US: Creditors' Proofs of Debt Due Dec. 26
---------------------------------------------
The creditors of HCM US Loans Mac 43 Ltd are required to file
their proofs of debt by Dec. 26, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 18, 2011.

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


HEALTH CARE: Creditors' Proofs of Debt Due Jan. 4
-------------------------------------------------
The creditors of Health Care Enterprises Ltd. are required to
file their proofs of debt by Jan. 4, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 17, 2011.

The company's liquidator is:

        Shaikh Abdul Rahiman
        Gulf Investment House K.S.C.
        Dar Al-Awadi Towers, 27th to 30th Floors
        Ahmad Al-Jaber Street, Sharq
        PO Box 28808 Safat 13149
        Kuwait
        Telephone: (+965) 2232 2096


HEALTH CARE: Creditors' Proofs of Debt Due Jan. 4
-------------------------------------------------
The creditors of Health Care Enterprises 2 Ltd. are required to
file their proofs of debt by Jan. 4, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 17, 2011.

The company's liquidator is:

        Shaikh Abdul Rahiman
        Gulf Investment House K.S.C.
        Dar Al-Awadi Towers, 27th to 30th Floors
        Ahmad Al-Jaber Street, Sharq
        PO Box 28808 Safat 13149
        Kuwait
        Telephone: (+965) 2232 2096


KED INVESTMENT III: Shareholder Receives Wind-Up Report
-------------------------------------------------------
On Dec. 28, 2011, the sole shareholder of Ked Investment III Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on Nov. 22, 2011.

The company's liquidators are:

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


KED INVESTMENT V: Shareholder Receives Wind-Up Report
-----------------------------------------------------
On Dec. 29, 2011, the sole shareholder of Ked Investment V Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on Nov. 22, 2011.

The company's liquidators are:

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


KED INVESTMENT VI: Shareholder Receives Wind-Up Report
------------------------------------------------------
On Dec. 28, 2011, the sole shareholder of Ked Investment VI Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on Nov. 22, 2011.

The company's liquidators are:

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


KED LTD: Shareholder Receives Wind-Up Report
--------------------------------------------
On Nov. 22, 2011, the sole shareholder of Ked Ltd. received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Nov. 22, 2011.

The company's liquidators are:

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


MEDICAL ENTERPRISES: Creditors' Proofs of Debt Due Jan. 4
---------------------------------------------------------
The creditors of Medical Enterprises Equity 2 Ltd. are required
to file their proofs of debt by Jan. 4, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 17, 2011.

The company's liquidator is:

        Shaikh Abdul Rahiman
        Gulf Investment House K.S.C.
        Dar Al-Awadi Towers, 27th to 30th Floors
        Ahmad Al-Jaber Street, Sharq
        PO Box 28808 Safat 13149
        Kuwait
        Telephone: (+965) 2232 2096


MEDICAL ENTERPRISES: Creditors' Proofs of Debt Due Jan. 4
---------------------------------------------------------
The creditors of Medical Enterprises Finance 2 Ltd. are required
to file their proofs of debt by Jan. 4, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 17, 2011.

The company's liquidator is:

        Shaikh Abdul Rahiman
        Gulf Investment House K.S.C.
        Dar Al-Awadi Towers, 27th to 30th Floors
        Ahmad Al-Jaber Street, Sharq
        PO Box 28808 Safat 13149
        Kuwait
        Telephone: (+965) 2232 2096


NATSOURCE AEOLUS: Placed Under Voluntary Wind-Up
------------------------------------------------
At an extraordinary general meeting held on Nov. 21, 2011, the
sole shareholder of Natsource Aeolus Offshore Fund II 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. 27, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

        Ogier
        c/o Susan Taber
        Telephone: (345) 815-1889
        Facsimile: (345) 949-9877
        89 Nexus Way, Camana Bay
        Grand Cayman KY1-9007
        Cayman Islands


POPPY HOLDINGS: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on Nov. 21, 2011, the
shareholders of Poppy Holdings Limited passed a resolution that
voluntarily winds up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 30, 2011, will be included in the company's dividend
distribution.

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


VALENZANO INVESTMENTS: Commences Liquidation Proceedings
--------------------------------------------------------
On Nov. 21, 2011, the members of Valenzano Investments passed a
resolution that voluntarily liquidates the company's business.

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

The company's liquidator is:

        CDL Company Ltd.
        P.O. Box 31106 Grand Cayman KY1-1205
        Cayman Islands


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


* JAMAICA: Fiscal Position Worsened in November
-----------------------------------------------
RJR News reports that Jamaica's financial position worsened in
November as tax revenues continued to underperform.

Figures from the Finance Ministry release showed that at the end
of November, the Jamaican government's revenues were running
US$8.5 billion behind projections, according to RJR News.

The report notes that most of the shortfall was due to lower than
expected General Consumption Tax, customs duty, corporate income
taxes, and payroll taxes.

RJR News says the lower than expected collection forced the
government to cut back on spending in some areas.

Still, RJR News discloses, the fiscal surplus was US$5.5 billion
bigger than projected at US$51 billion dollars as the
government's planned borrowing exceeded forecasts.

                          *     *     *

As of Jan. 2 2012, the country continues to carry Standard and
Poor's "B-" long-term debt ratings and "C" short-term debt
ratings.


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


SARE HOLDING: Gets Approval for Divestiture Plan
------------------------------------------------
Dow Jones' DBR Small Cap reports that Sare Holding SAB said its
shareholders have approved a multimillion-dollar divestiture plan
that it hopes will raise cash flow and assure that creditors are
paid.


VITRO SAB: Appeals Court Temporarily Stops Mexican Plan
-------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the victory that Mexican glassmaker Vitro SAB won
over bondholders in U.S. District Court on Dec. 28 was
temporarily put on hold Dec. 29 by the U.S. Court of Appeals in
New Orleans. The appeals court's decision means that Vitro's
nonbankrupt subsidiaries shouldn't take action to help Vitro win
approval of its bankruptcy reorganization plan in a court in
Mexico.

According to the report, three judges on the Fifth Circuit in New
Orleans temporarily halted implementation of the lower courts'
decisions "to give the court more time to consider the motion for
a stay more carefully."  The appeals court didn't say when it
might rule again or whether it would summon the parties to New
Orleans for oral argument.

                           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.


===========================
V I R G I N   I S L A N D S
===========================


* VIRGIN ISLANDS: Faces US$17.4 Million Deficit This Year
---------------------------------------------------------
Caribbean360.com reports that the Virgin Islands government faces
a US$17.4 million deficit in 2012 and an estimated US$90 million
deficit next year.

The government even now is being forced to lay off staff as the
territory's fiscal crisis deepens, according to Caribbean360.com.

The report relates that Governor John de Jongh said that 143
temporary and part-time workers will be dismissed, and another
350 workers will receive dismissal letters.  Mr. Jongh,
Caribbean360.com relates, warned that additional layoffs might be
needed.

Caribbean360.com notes that the governor blamed legislators for
the dismissals, saying they have rejected other proposals
including wage cuts to offset a budget crisis.


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


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

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

Copyright 2012.  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 Peter Chapman at 240/629-3300.


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