/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/120111.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, January 11, 2012, Vol. 13, No. 008 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Liquidators See Benefit in Airport Land Sale A R G E N T I N A BORNHAUSER SRL: Requests Opening of Bankruptcy Proceedings CABELMA SA: Calls for Bankruptcy Proceedings COMPANIA GANADERA: Requests Opening of Bankruptcy Proceedings LA COLONIAL: Creditors' Proofs of Debt Due Feb. 10 PUBLIELEC SRL: Creditors' Proofs of Debt Due March 15 RADIO TAXI: Creditors' Proofs of Debt Due April 30 TALLERES GRAFICOS: Creditors' Proofs of Debt Due Feb. 13 B E R M U D A INVERNESS DISTRIBUTION: Files for Chapter 11 Bankruptcy INVERNESS DISTRIBUTION: Voluntary Chapter 11 Case Summary C A Y M A N I S L A N D S AL-JABRIYA LTD: Shareholders Receive Wind-Up Report AMUNDSEN RENAISSANCE: Shareholders Receive Wind-Up Report ASIA PROSPERITY: Shareholders Receive Wind-Up Report COMFORT INVESTMENT: Shareholders Receive Wind-Up Report CONSUL 20243: Members Receive Wind-Up Report ELLINGTON EQUITY: Shareholders Receive Wind-Up Report ELLINGTON EQUITY: Shareholders Receive Wind-Up Report ESG TREASURY: Shareholder Receives Wind-Up Report ESG TREASURY: Shareholder Receives Wind-Up Report HCM US LOANS: Shareholders Receive Wind-Up Report HEALTH CARE: Shareholders Receive Wind-Up Report HEALTH CARE: Shareholders Receive Wind-Up Report MEANS TECHNOLOGY: Shareholders' Final Meeting Set for Jan. 11 MEDICAL ENTERPRISES: Shareholders Receive Wind-Up Report MEDICAL ENTERPRISES: Shareholders Receive Wind-Up Report MEREOR ABSOLUTE: Shareholders Receive Wind-Up Report MEREOR ABSOLUTE: Shareholders Receive Wind-Up Report NATSOURCE AEOLUS: Shareholder Receives Wind-Up Report O'CONNOR CURRENCY I: Shareholders Receive Wind-Up Report O'CONNOR CURRENCY II: Shareholders Receive Wind-Up Report O'CONNOR CURRENCY: Shareholders Receive Wind-Up Report OMNI ASIA: Shareholders Receive Wind-Up Report OMNI ASIA: Shareholders Receive Wind-Up Report POPPY HOLDINGS: Shareholders Receive Wind-Up Report VALENZANO INVESTMENTS: Shareholders Receive Wind-Up Report ZAIS INVESTMENT: Anchorage Wins Court OK to Liquidate CDO M E X I C O CONTROLADORA COMERCIAL: Predicts Strong Profitability in 2012 VITRO SAB: Appeals Court Halts Bondholders Suit in Manhattan P U E R T O R I C O COSTA DORADA: Settlement with Scotiabank de Puerto Rico Okayed EMPRESAS INTEREX: Section 341(a) Meeting Rescheduled to Jan. 23 T R I N I D A D & T O B A G O CL FIN'L: Government is 'Enslaving' CLICO Policyholders - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: Liquidators See Benefit in Airport Land Sale ------------------------------------------------------------ CARIBARENA Antigua reports that the joint liquidators of Stanford International Bank Limited have issued a statement describing the potential sale of two parcels of land at the airport as a "win- win" situation for the government and Robert Allen Stanford's creditors. As reported in the Troubled Company Reporter-Latin America on Jan. 5, 2012, Jamaica Gleaner said that the Antigua and Barbuda government said it will acquire property owned by the company of former financier, Robert Allen Stanford, as it seeks to construct a new terminal at the VC Bird International Airport. Mr. Stanford is the owner of Stanford International Bank Limited. Antigua Prime Minister Baldwin Spencer said the construction of the new terminal, which begins this month, necessitates the utilization of two parcels of land currently owned by Stanford Development Company Limited, according to Jamaica Gleaner. Minister Spencer related that in February 2003, Mr. Stanford purchased 25.59 acres around the airport compound from the government, including the two parcels at a concessionary price of EC$1.10 (US$0.40) per square foot, the report noted. About Stanford International Bank Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. On Feb. 16, 2009, the U.S. District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The U.S. Securities and Exchange Commission on Feb. 17, 2009, charged before the U.S. District Court in Dallas, Texas, Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on a US$8 billion Certificate of Deposit program. A criminal case was also pursued against Mr. Stanford in June 2009 before the U.S. District Court in Houston, Texas. Mr. Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money-laundering and obstruction of justice. Assistant Attorney General Lanny Breuer, as cited by Agence France-Presse News, said in a 57-page indictment that Mr. Stanford could face up to 250 years in prison if convicted on all charges. Mr. Stanford surrendered to U.S. authorities after a warrant was issued for his arrest on the criminal charges. The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.). The civil case is SEC v. Stanford International Bank, 09-cv-00298 (N.D. Tex.). ================= A R G E N T I N A ================= BORNHAUSER SRL: Requests Opening of Bankruptcy Proceedings ---------------------------------------------------------- Bornhauser SRL requested the opening of bankruptcy proceedings. The company has defaulted on its payments last Nov. 10, 2010. CABELMA SA: Calls for Bankruptcy Proceedings -------------------------------------------- Cabelma SA called for bankruptcy proceedings. The company has defaulted on its payments last Nov. 29, 2011. COMPANIA GANADERA: Requests Opening of Bankruptcy Proceedings ------------------------------------------------------------- Compania Ganadera SA requested the opening of bankruptcy proceedings. The company has defaulted on its payments last Nov. 1, 2011. LA COLONIAL: Creditors' Proofs of Debt Due Feb. 10 -------------------------------------------------- Isabel Eugenia de Francesco, the court-appointed trustee for La Colonial Berazategui Sacifei's bankruptcy proceedings, will be verifying creditors' proofs of claim until Feb. 10, 2012. Ms. de Francesco will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 17 in Buenos Aires, with the assistance of Clerk No. 34, 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: Isabel Eugenia De Francesco Uruguay 660 PUBLIELEC SRL: Creditors' Proofs of Debt Due March 15 ----------------------------------------------------- Liliana Noemi Mosquera, the court-appointed trustee for Publielec SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until March 15, 2012. Ms. Mosquera will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 26 in Buenos Aires, with the assistance of Clerk No. 52, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Liliana Noemi Mosquera Rivadavia 1210 Argentina RADIO TAXI: Creditors' Proofs of Debt Due April 30 -------------------------------------------------- Clara Susana Auerhan, the court-appointed trustee for Radio Taxi Platino SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until April 30, 2012. Ms. Auerhan will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 9 in Buenos Aires, with the assistance of Clerk No. 18, 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: Clara Susana Auerhan Uruguay 872 TALLERES GRAFICOS: Creditors' Proofs of Debt Due Feb. 13 -------------------------------------------------------- Miguel Angel Drucaroff, the court-appointed trustee for Talleres Graficos Leon SAIC's bankruptcy proceedings, will be verifying creditors' proofs of claim until Feb. 13, 2012. Mr. Drucaroff will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 9 in Buenos Aires, with the assistance of Clerk No. 17, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Miguel Angel Drucaroff Avenida Corrientes 2470 Argentina ============= B E R M U D A ============= INVERNESS DISTRIBUTION: Files for Chapter 11 Bankruptcy ------------------------------------------------------- The Royal Gazette Online reports that Bermuda-based Inverness Distribution Ltd fka as Morgan Creek International, filed papers in US Bankruptcy Court in New York on December 30. The company has already had filed for Chapter 15 bankruptcy protection, according to The Royal Gazette Online. Under Chapter 15, the report relates that Inverness Distribution was shielded from lawsuits from creditors in the U.S. The Royal Gazette Online relates that the new status will let Inverness, now run by liquidators who were appointed by officials in Bermuda, file lawsuits in the US. Court filings at the time showed that Inverness had liabilities of between US$50 million and US$100 million and had fewer than 50 creditors, the report discloses. The Royal Gazette Online, citing Papers filed December 30, notes that as of December 29, Inverness owed its creditors approximately US$75 million plus interest, fees and other charges. A spokesman for Morgan Creek told TheWrap that Inverness owns some rights to some of Morgan Creek's foreign library, the report adds. The report says that from 2004 until the bankruptcy filing in May, its sole stockholder and president was James Robinson. INVERNESS DISTRIBUTION: Voluntary Chapter 11 Case Summary --------------------------------------------------------- Debtor: Inverness Distribution Limited aka Morgan Creek International Limited c/o Hogan Lovells US LLP 875 Third Avenue New York, NY 10022 Tel: (212) 918-3000 Bankruptcy Case No.: 11-15939 Chapter 11 Petition Date: December 30, 2011 Court: U.S. Bankruptcy Court Southern District of New York (Manhattan) Debtor's Counsel: Ira S. Greene, Esq. HOGAN LOVELLS US LLP 875 Third Avenue New York, NY 10022 Tel: (212) 918-3000 Fax: (212) 918-3100 E-mail: ira.greene@hoganlovells.com Estimated Assets: Not Stated Estimated Debts: US$50,000,001 to US$100,000,000 The Company did not file a list of creditors together with its petition. The petition was signed by Michael Morrison and Charles Thresh, joint provisional liquidators. =========================== C A Y M A N I S L A N D S =========================== AL-JABRIYA LTD: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Al-Jabriya, Ltd. received on Jan. 6, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. 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: Shareholders Receive Wind-Up Report --------------------------------------------------------- The shareholders of Amundsen Renaissance Institutional Fund received on Jan. 6, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 ASIA PROSPERITY: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of The Asia Prosperity Fund received on Dec. 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay c/o Noel Webb Telephone: (345) 814 7394 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands COMFORT INVESTMENT: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Comfort Investment Company received on Dec. 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands CONSUL 20243: Members Receive Wind-Up Report -------------------------------------------- The members of Consul 20243 Ltd. received on Dec. 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands ELLINGTON EQUITY: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Ellington Equity Investment Master Fund, Ltd. received on Jan. 6, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 ELLINGTON EQUITY: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Ellington Equity Investment Overseas, Ltd. received on Jan. 6, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 ESG TREASURY: Shareholder Receives Wind-Up Report ------------------------------------------------- The shareholder of ESG Treasury Opportunities Master Portfolio II Ltd. received on Dec. 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Susan Taber Telephone: (345) 815-1889 Facsimile: (345) 949-9877 ESG TREASURY: Shareholder Receives Wind-Up Report ------------------------------------------------- The shareholder of ESG Treasury Opportunities Portfolio II Ltd. received on Dec. 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Susan Taber Telephone: (345) 815-1889 Facsimile: (345) 949-9877 HCM US LOANS: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of HCM US Loans Mac 43 Ltd received on Dec. 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Avalon Management Limited Landmark Square, 1st Floor 64 Earth Close, West Bay Beach P.O. Box 715 Grand Cayman KY1-1107 Cayman Islands Facsimile: 1 345 769-9351 HEALTH CARE: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Health Care Enterprises Ltd. received on Jan. 6, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. 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: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Health Care Enterprises 2 Ltd. received on Jan. 6, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. 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 MEANS TECHNOLOGY: Shareholders' Final Meeting Set for Jan. 11 ------------------------------------------------------------- The shareholders of Means Technology Corporation 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'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 MEDICAL ENTERPRISES: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Medical Enterprises Equity 2 Ltd. received on Jan. 6, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. 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: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Medical Enterprises Finance 2 Ltd. received on Jan. 6, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. 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 MEREOR ABSOLUTE: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Mereor Absolute Return Fund Limited received on Dec. 29, 2011, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Michael Pearson c/o Russell Gleisner Deloitte & Touche Citrus Grove Building, 4th Floor Goring Avenue George Town KY1-1109 Telephone: +1(345) 814 2330 e-mail: rgleisner@deloitte.com MEREOR ABSOLUTE: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Mereor Absolute Return Master Fund Limited received on Dec. 29, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Michael Pearson c/o Russell Gleisner Deloitte & Touche Citrus Grove Building, 4th Floor Goring Avenue George Town KY1-1109 Telephone: +1(345) 814 2330 e-mail: rgleisner@deloitte.com NATSOURCE AEOLUS: Shareholder Receives Wind-Up Report ----------------------------------------------------- The shareholder of Natsource Aeolus Offshore Fund II Ltd. received on Dec. 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Susan Taber Telephone: (345) 815-1889 Facsimile: (345) 949-9877 O'CONNOR CURRENCY I: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of O'Connor Currency and Rates Portfolio I Limited received on Jan. 10, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. 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 O'CONNOR CURRENCY II: Shareholders Receive Wind-Up Report --------------------------------------------------------- The shareholders of O'Connor Currency and Rates Portfolio II Limited received on Jan. 10, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. 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 O'CONNOR CURRENCY: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of O'Connor Currency and Rates Portfolio Master Limited received on Jan. 10, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. 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 OMNI ASIA: Shareholders Receive Wind-Up Report ---------------------------------------------- The shareholders of Omni Asia Fund Ltd received on Jan. 5, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands OMNI ASIA: Shareholders Receive Wind-Up Report ---------------------------------------------- The shareholders of Omni Asia Master Fund Ltd received on Jan. 5, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands POPPY HOLDINGS: Shareholders Receive Wind-Up Report --------------------------------------------------- The members of Poppy Holdings Limited received on Dec. 30, 2011, 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 VALENZANO INVESTMENTS: Shareholders Receive Wind-Up Report ---------------------------------------------------------- The shareholders of Valenzano Investments received on Dec. 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands ZAIS INVESTMENT: Anchorage Wins Court OK to Liquidate CDO --------------------------------------------------------- Dow Jones' Daily Bankruptcy Review reports that hedge fund Anchorage Capital Group won approval to liquidate a failed collateralized-debt obligation, or CDO, under bankruptcy protection in the first such case ever in the United States and one that riled investors in structured finance vehicles. Anchorage Capital Master Offshore Ltd., Anchorage Illiquid Opportunities Offshore Master L.P., and GRF Master Fund L.P. filed a proposed prepackaged Chapter 11 plan of reorganization for Zais Investment Grade Limited VII. As reported in the Dec. 30, 2011 edition of the Troubled Company Reporter, the Plan Proponents have filed a Third Amended Plan of Reorganization, under which, a company they have formed, NewCo, will buy assets of the Debtor. NewCo is an exempted limited partnership organized under the laws of the Cayman Islands to be formed by the Anchorage Plan Proponents. NewCo will transfer to the Debtor New LP interests and cash to fund the Debtor's senior obligations under the Plan. Holders of general unsecured claims and equity interests won't receive anything under the Plan. A copy of the Third Amended Plan of Organization of the Anchorage Plan Proponents and the Hildene Plan Proponents is available for free at http://bankrupt.com/misc/zaisinvestment.doc261.pdf The plan proponents -- Anchorage Capital Master Offshore Ltd., Anchorage Illiquid Opportunities Offshore Master L.P., and GRF Master Fund L.P. -- are represented by: Gerard H. Uzzi, Esq. WHITE & CASE LLP 1155 Avenue of Americas New York, New York 10036-2787 Tel: (212) 819-8200 Fax: (212) 354-8113 E-mail: guzzi@whitecase.com - and - Richard M. Meth, Esq. FOX ROTHSCHILD LLP 75 Eisenhower Parkway, Suite 200 Roseland, New Jersey 07068 Tel: (973) 992-4800 Fax: (973) 992-9125 E-mail: rmeth@foxrothschild.com About Zais Investment Grade Limited Zais Investment Grade Limited VII is based in Grand Cayman. On April 1, 2011, Anchorage Capital Master Offshore, Ltd., GRF Master Fund, L.P., and Anchorage Illiquid Opportunities Offshore Masters, L.P. filed an involuntary Chapter 11 petition against Zais Investment Grade Limited VII. On April 26, 2011, the U.S. Bankruptcy Court for the District of New Jersey entered an order for relief under chapter 11 of the Bankruptcy Code. The Debtor tapped Wollmuth Maher & Deutsch LLP as general bankruptcy counsel, and Jones Day as special counsel. The Debtor disclosed US$365,771,549 in liabilities in its schedules. =========== M E X I C O =========== CONTROLADORA COMERCIAL: Predicts Strong Profitability in 2012 ------------------------------------------------------------- Dow Jones' Daily Bankruptcy Review reports that Controladora Comercial Mexicana SAB said it expects to generate a net profit of MXN1.90 billion (US$138 million) this year, a 73% increase over 2011, with an expansion in same-store sales of 2.3% and total sales growth of 4.3%. About Comercial Mexicana Controladora Comercial Mexicana SAB de CV is a Mexico-based holding company that, through its subsidiaries, operates the Comercial Mexicana, Mega, Bodega CM, Sumesa, City Market and Alprecio retail stores, as well as a chain of family restaurants under the Restaurantes California brand name. The Company's retail outlets sell a variety of food items, including basic groceries and perishables, and non-food items, such as home accessories, personal care products and clothing, among others. As of December 31, 2009, it operated a network of 231 commercial units and 73 restaurants located in 42 Mexican cities. It owns such subsidiaries as Tiendas Comercial Mexicana SA de CV and Restaurantes California SA de CV. Through its 50%-owned affiliate Costco de Mexico SA de CV, the Company operates a chain of membership warehouses. Controladora Comercial Mexicana SAB filed for Chapter 15 bankruptcy in the United States on July 16, 2010 (Bankr. S.D.N.Y. Case No. 10-13750) to aid its main restructuring in Mexico, which was approved by creditors. CCM estimated more than US$1 billion in both debt and assets in its Chapter 15 petition. The U.S. filing seeks to protect the company from U.S. lawsuits and creditor claims, following a July 14 announcement that it filed to restructure in Mexico. The Chapter 15 Petition was filed by Fernando del Castillo Elorza as foreign representative. Gary Kaplan, Esq., at Fried Frank Harris Shriver & Jacobson in New York, represents the Foreign Representative. VITRO SAB: Appeals Court Halts Bondholders Suit in Manhattan ------------------------------------------------------------ Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that Vitro SAB de CV won another victory when the U.S. Circuit Court of Appeals in New Orleans halted a hearing where holders of some of Vitro's US$1.2 billion in defaulted bonds were asking the judge to force Vitro's non-bankrupt subsidiaries to torpedo the parent's bankruptcy reorganization in a court in Mexico. The report relates that were it not for action taken by the appeals court late in the day on Jan. 5, there would have been a hearing the next day in state court in Manhattan. Bondholders don't like the Mexican plan because it would allow shareholders to retain ownership even though the bonds aren't fully paid. In addition, bondholders fault Mexican procedures because the Vitro parent is using US$1.9 billion in claims held by subsidiaries to vote down opposition from third-party bondholders. According to the report, the current controversy has been bouncing around between three different courts over the last two weeks. The appeals court in a two-page decision filed on the docket on Jan. 6 sent the case back to bankruptcy court in Dallas where U.S. Bankruptcy Judge Harlin "Cooter" Hale first ruled in favor of Vitro, although he said the company "very well may win the battle here and yet lose the war." Judge Hale, the report notes, said that the New York suit violated the so-called automatic stay arising from the Vitro parent's Chapter 15 case in Dallas. The Vitro subsidiaries that guaranteed the bonds and were being sued in New York aren't in bankruptcy in any country. Bondholders immediately appealed to a U.S. district judge in Dallas who agreed that the New York suit should halt. The district judge sent the case back to Hale with instructions to make additional findings. First, the district judge told Hale to rule on whether the U.S. court can halt actions against subsidiaries that have no property in the U.S. Mr. Rochelle notes that of potentially more significance, the district judge told Judge Hale to rule on whether Vitro is satisfying Section 1521 of the U.S. Bankruptcy Code, which permits injunctions only if the "interests of creditors in the U.S. are sufficiently protected." The circuit court of appeals late last week denied the bondholders motion for a stay which would have permitted the hearing to proceed in state court on Jan. 6. The circuit court said, "We know the bankruptcy court will act expeditiously in resolving" the additional questions outlined by the district judge. The appeal in the circuit court is Ad Hoc Group of Vitro Noteholders v. Vitro SAB de CV (In re Vitro SAB de CV), 11-11239, 5th U.S. Circuit Court of Appeals (New Orleans). The appeal in district court is In re Vitro SAB de CV, 11-3554, U.S. District Court, Northern District Texas (Dallas). The injunction in state court that Hale found to violate the automatic stay is Wilmington Trust NA v. Vitro Automotriz SA de CV, 653459-2011, New York state Supreme Court, County of New York (Manhattan). The previous case in state court is Wilmington Trust NA v. Vitro Automotriz SA de CV, 652303-2011. About Vitro SAB Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV: VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global glass producer, serving the construction and automotive glass markets and glass containers needs of the food, beverage, wine, liquor, cosmetics and pharmaceutical industries. Vitro is the largest manufacturer of glass containers and flat glass in Mexico, with consolidated net sales in 2009 of MXN23,991 million (US$1.837 billion). Vitro defaulted on its debt in 2009, and sought to restructure around US$1.5 billion in debt, including US$1.2 billion in notes. Vitro launched an offer to buy back or swap US$1.2 billion in debt from bondholders. The tender offer would be consummated with a bankruptcy filing in Mexico and Chapter 15 filing in the United States. Vitro said noteholders would recover as much as 73% by exchanging existing debt for cash, new debt or convertible bonds. Concurso Mercantil & Chapter 15 Proceedings Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a pre-packaged Concurso Plan in the Federal District Court for Civil and Labor Matters for the State of Nuevo Leon, commencing its voluntary concurso mercantil proceedings -- the Mexican equivalent of a prepackaged Chapter 11 reorganization. Vitro SAB also commenced parallel proceedings under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan on Dec. 13, 2010, to seek U.S. recognition and deference to its bankruptcy proceedings in Mexico. Early in January 2011, the Mexican Court dismissed the Concurso Mercantil proceedings. The judge said Vitro couldn't push through a plan to buy back or swap US$1.2 billion in debt from bondholders based on the vote of US$1.9 billion of intercompany debt when third-party creditors were opposed. Vitro as a result dismissed the first Chapter 15 petition following the ruling by the Mexican court. On April 12, 2011, an appellate court in Mexico reinstated the reorganization. Accordingly, Vitro SAB on April 14 re-filed a petition for recognition of its Mexican reorganization in U.S. Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11- 11754). The Vitro parent told the Mexico stock exchange that it received sufficient acceptances of its reorganization pending in a court in Monterrey. The approval vote was evidently obtained using claims of affiliates. The bondholders are opposing the Mexican reorganization plan because shareholders could retain ownership while bondholders aren't being paid in full. Bondholders previously cited an "independent analyst" who estimated the Mexican plan was worth 49% to 54% of creditors' claims. In the present Chapter 15 case, the Debtor seeks to block any creditor suits in the U.S. pending the reorganization in Mexico. Chapter 11 Proceedings A group of noteholders opposed the exchange -- namely Knighthead Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson Kempner Distressed Opportunities Fund LP, and Brookville Horizons Fund, L.P. Together, they held US$75 million, or approximately 6% of the outstanding bond debt. The Noteholder group commenced involuntary bankruptcy cases under Chapter 11 of the U.S. Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D. Tex. Case No. 10-47470) and 15 other affiliates on Nov. 17, 2010. Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation counsel to analyze the potential rights that Vitro may exercise in the United States against the ad hoc group of dissident bondholders and its advisors. A larger group of noteholders, known as the Ad Hoc Group of Vitro Noteholders -- comprised of holders, or investment advisors to holders, which represent approximately US$650 million of the Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not among the Chapter 11 petitioners, although the group has expressed concerns over the exchange offer. The group says the exchange offer exposes Noteholders who consent to potential adverse consequences that have not been disclosed by Vitro. The group is represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at White & Case LLP. The U.S. affiliates subject to the involuntary petitions are Vitro Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No.10-47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10- 47473); Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10- 47474); Super Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10- 47475); Super Sky International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP Holdings, LLC (Bankr. N.D. Tex. Case No. 0-47477); Amsilco Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O. Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass, Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC (Bankr. N.D. Tex. Case No. 10-47485). A bankruptcy judge in Fort Worth, Texas, denied involuntary Chapter 11 petitions filed against four U.S. subsidiaries. On April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro America LLC and three other U.S. subsidiaries -- that were subject to the involuntary petitions into voluntary Chapter 11. The Texas Court on April 21 denied involuntary petitions against the eight U.S. subsidiaries that didn't consent to being in Chapter 11. Kurtzman Carson Consultants is the claims and notice agent to Vitro America, et al. Alvarez & Marsal North America LLC, is the Debtors' operations and financial advisor. The official committee of unsecured creditors appointed in the Chapter 11 cases of Vitro America, et al., has selected Sarah Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas, Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq., and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York, as counsel. Blackstone Advisory Partners L.P. serves as financial advisor to the Committee. The U.S. Vitro companies sold their assets to American Glass Enterprises LLC, an affiliate of Sun Capital Partners Inc., for US$55 million. ===================== P U E R T O R I C O ===================== COSTA DORADA: Settlement with Scotiabank de Puerto Rico Okayed -------------------------------------------------------------- The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court for the District of Puerto Rico approved a settlement agreement/ stipulation for the payment of Costa Dorada Apartments Corp.'s loan to Scotiabank "within the process of its Chapter 11 Plan." As reported in the Troubled Company Reporter on Nov. 30, 2011, the stipulation was entered between the Debtor and secured creditor Scotiabank de Puerto Rico. Scotiabank is a secured creditor of the Debtor as the holder in due course of three mortgage notes that were given in pledge to warrant a commercial loan originated for the principal sum of $2,500,000 and later increased to US$3,150,000. The loan is secured by a first mortgage on two (2) properties of the Debtor. The agreement was reached under these terms: (a) The Debtor accepts that as of Sept. 15, 2011, it owes Scotiabank US$1,100,441 for principal, accrued interest in The amount of US$171,068, US$95,547 for escrow account and US$315,000 for prepetition attorney fees. Interest will increase at a rate of US$158.28 daily. (b) The Debtor has agreed to pay this debt thorough the Chapter 11 plan. Notwithstanding, in the event the instant case is dismissed, Scotiabank may continue with this agreement, subject to Debtor's compliance. Otherwise, Scotiabank may modify or terminate it. (c) The Debtor will have a term of twenty four (24) months, counted from the date the agreement is signed, to sell the units and complete the payment in full of Scotiabank's loan. (d) All units will be sold for a price of no less than US$150,000 unless the parties mutually agree to a different price. (f) If the Debtor is not able to sell enough units to complete the payment of Scotiabank's loan within the twenty four months period it will agree to the lifting of the stay in favor of Scotiabank on all the unsold units that are part of the collateral. The stay will be lifted to allow the bank to continue with its foreclosure action now pending on the State Court. The stay will be lifted upon a written certification to the Court that the sale period has elapsed and the loan remains unpaid. g) A realtor will be retained for the marketing and sale of apartment units. It will be hired by mutual agreement of the parties. In case the parties are not able reach an agreement on the hiring of the realtor the matter will be taken to the consideration of the Court. Each party will submit a candidate from which the court will make a final determination. (h) While the sale of the apartment units is being completed the Debtor will make monthly post-petition adequate protection payments to Scotiabank in the amount of US$6,000 starting with the signature of this stipulation and every months thereafter. (i) All payments received by Scotiabank from the monthly payments and the proceeds of the sales will be first applied to the accrued interest of the loan. The rest will be applied to the principal of the loan. (j) This stipulation will become integral part any reorganization plan the Debtor submits for the approval of the Court and its creditors. Pursuant to Rule 4001 of the Federal Rules of Bankruptcy Procedure (FRBP), the movants request that should no objection to this agreement be filed within 21 days from notice of the same, an Order approving all the terms and conditions above stated be entered. A copy of the Secured Debt Stipulation is available for free at: http://bankrupt.com/misc/costadorada.dkt65.pdf About Costa Dorada Apartments Corp. Costa Dorada Apartments Corp., dba Villas De Costa Dorada, in Isabela, Puerto Rico, filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11-03960) on May 10, 2011. The Debtor disclosed US$10.7 million in assets and US$8.6 million in liabilities as of the Chapter 11 filing. The petition was signed by Carlos R. Fernandez Rodriguez, its president. Wigberto Lugo Mender, Esq., at Lugo Mender & Co., in Guaynabo, Puerto Rico, represents the Debtor as counsel. EMPRESAS INTEREX: Section 341(a) Meeting Rescheduled to Jan. 23 --------------------------------------------------------------- The U.S. Trustee for Region 21 rescheduled the meeting of creditors of Empresas Interex Inc. to Jan. 23, 2012, at 2:30 p.m. This is the first meeting of creditors required under Section 341(a) of the Bankruptcy Code in all bankruptcy cases. All creditors are invited, but not required, to attend. This Meeting of Creditors offers the one opportunity in a bankruptcy proceeding for creditors to question a responsible office of the Debtor under oath about the company's financial affairs and operations that would be of interest to the general body of creditors. San Juan, Puerto Rico-based Empresas Interex Inc. filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11-10475) on Dec. 7, 2011. Bankruptcy Judge Mildred Caban Flores presides over the case. Empresas Interex scheduled US$10,372,712 in assets and US$9,668,801 in debts. The petition was signed by Hector Alvarez, president. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: Government is 'Enslaving' CLICO Policyholders ------------------------------------------------------- The Gleaner reports that former Attorney General Ramesh Lawrence Maharaj has accused Trinidad and Tobago government of seeking to "enslave" policyholders even as the High Court is being asked to enforce their right to full compensation on the Executive Annual Premium Policy issued by the struggling Colonial Life Insurance Company (Trinidad) Limited. CLICO is a subsidiary of CL Financial Limited. Mr. Lawrence accused Finance Minister Winston Dookeran of engineering the government's plan to enslave policyholders, according to The Gleaner. "The government is using the money of the policyholders and telling them they are not giving the value of CLICO and CL Financial. . . . They cannot see the financial report and the government will take away right of policyholders through Parliament for them to file action against CLICO. There is no difference to that and slavery," the report quoted Mr. Maharaj as saying. The Gleaner discloses that the government said it had approved the creation of a CLICO investment trust that is likely to meet all outstanding payments to policyholders of the troubled insurance giant within the next four months. The report relates that Minister Dookeran told reporters that Cabinet had approved the Trust and for payments to policyholders with investments of TT$75,000 (US$12,500) and over being completed by February 29. However, The Gleaner notes, Mr. Maharaj said that Minister Dookeran's plan "will only give the policyholders 42 cents (US$0.07) in the dollar when he is saying that their plan will give them 92 cents (US$0.34) in the dollar. "They have refused to give us information that their plan will support 92 cents . . . . We have written them letters and they have refused to give us information," he added. About CL Financial CL Financial Group Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company by Cyril Duprey, Colonial Life Insurance Company was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on August 10, 2009, A.M. Best Co. downgraded the financial strength rating to C (Weak) from B (Fair) and issuer credit rating to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad & Tobago). The ratings remain under review with negative implications. CLICO is an insurance member company of CL Financial Limited (CL Financial), a diversified holding company based in Trinidad & Tobago. According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and Tobago Express, Tobago President George Maxwell Richards signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, 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. * * * End of Transmission * * *