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


                            - - - - -


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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.).


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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


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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.


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M E X I C O
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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.


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