TCRLA_Public/120223.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

            Thursday, February 23, 2012, Vol. 13, No. 037


                            Headlines



A R G E N T I N A

ASPERMIX SA: Creditors' Proofs of Debt Due March 16
INSTITUTO CARDIOVASCULAR: Applied for Bankruptcy Protection
NASMI SA: Creditors' Proofs of Debt Due April 10
TECNOLOGIA EDUCATIVA: Creditors' Proofs of Debt Due April 9
UTIPAL SA: Creditors' Proofs of Debt Due March 6


B A R B A D O S

* BARBADOS: Poverty Level Increases, Government Says


B R A Z I L

ELETROPAULO METROPOLITANA: S&P Affirms 'BB+' Global Scale Ratings
DRIVER BRASIL: Moody's Puts (P)Ba2 Global Rating to Shares


C A Y M A N   I S L A N D S

AMICUS WIRELESS: Shareholders Receive Wind-Up Report
ASIACREST CLEARWATER: Shareholders Receive Wind-Up Report
BLUEPIN FUND: Shareholders Receive Wind-Up Report
CHEYNE GLOBAL: Shareholders Receive Wind-Up Report
COCCHINO INVESTMENT: Shareholders Receive Wind-Up Report

COHANZICK CREDIT: Shareholders Receive Wind-Up Report
DIMENSION CAPITAL: Shareholders Receive Wind-Up Report
DVT HOLDINGS: Shareholders Receive Wind-Up Report
EXAMINE CAPITAL: Shareholders Receive Wind-Up Report
INSPECT CAPITAL: Shareholders Receive Wind-Up Report

MANGOUSTA PARTNERS: Shareholders Receive Wind-Up Report
MEASUREMENT CAPITAL: Shareholders Receive Wind-Up Report
PINKOPALLINO LTD: Shareholders Receive Wind-Up Report
PRECISION CAPITAL: Shareholders Receive Wind-Up Report
RAGSTONE LTD: Shareholders' Final Meeting Set for Feb. 28

REFLEXION INVESTMENTS: Shareholders Receive Wind-Up Report
SAL 99A: Shareholders Receive Wind-Up Report
SPECIFICATION CAPITAL: Shareholders Receive Wind-Up Report
SV UNSECURED: Shareholders' Final Meeting Set for Feb. 28
TAG CAYMAN: Shareholder Receives Wind-Up Report

TOLERANCE CAPITAL: Shareholders Receive Wind-Up Report
WELLINGTON: Shareholders Receive Wind-Up Report
ZOOM HOLDINGS: Shareholders' Final Meeting Set for Feb. 23
ZOOM PLUS: Shareholders' Final Meeting Set for Feb. 23


M E X I C O

CORPORACION INTERAMERICANA: Moody's Raises CFR to 'B3'
SU CASITA: Moody's Reviews 'Ba3.mx' Loan Ratings for Downgrade


T R I N I D A D  &  T O B A G O

PETROTRIN: Negotiations With OWTU a Success, Minister Says


V E N E Z U E L A

VITRO SAB: Moves Ahead With its Restructuring Plan
* VENEZUELA: Oral Hearings in ICSID Arbitration Concluded


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


ASPERMIX SA: Creditors' Proofs of Debt Due March 16
---------------------------------------------------
Viviana Santamarina, the court-appointed trustee for Aspermix
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until March 16, 2012.

Ms. Santamarina will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 16, 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:

         Viviana Santamarina
         Jufre 250
         Argentina


INSTITUTO CARDIOVASCULAR: Applied for Bankruptcy Protection
-----------------------------------------------------------
Instituto Cardiovascular Integral SA applied for bankruptcy
protection.

The company has defaulted on its payments last Nov. 21.


NASMI SA: Creditors' Proofs of Debt Due April 10
------------------------------------------------
Alberto Antonio Bouzigues, the court-appointed trustee for Nasmi
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until April 10, 2012.

Mr. Bouzigues will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, 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:

         Alberto Antonio Bouzigues
         Parana 1083
         Argentina


TECNOLOGIA EDUCATIVA: Creditors' Proofs of Debt Due April 9
-----------------------------------------------------------
Ruben Daniel Sarafian, the court-appointed trustee for Tecnologia
Educativa SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until April 9, 2012.

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

The Trustee can be reached at:

         Ruben Daniel Sarafian
         Tucuman 1545
         Argentina


UTIPAL SA: Creditors' Proofs of Debt Due March 6
------------------------------------------------
Olga Luisa Manfrin, the court-appointed trustee for Utipal SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 6, 2012.

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

The Trustee can be reached at:

         Olga Luisa Manfrin
         Rodriguez Pena 336
         Argentina


===============
B A R B A D O S
===============


* BARBADOS: Poverty Level Increases, Government Says
----------------------------------------------------
RJR News reports that a data put out by the Barbados government
revealed there are more people living below the poverty line in
Barbados now than 12 years ago.

A data from Minister of Social Care Steve Blackett indicates that
8.7% of respondents in a sample survey conducted in 1998 lived
below the poverty line and that the number had risen to 19.3% in
2010, according to RJR News.

The report notes that in response, opposition Leader Owen Arthur
reportedly said poverty has skyrocketed and called on Prime
Minister Freundel Stuart and Minister of Finance Chris Sinckler
to "loose the noose" and reverse the taxation policies
"strangling" Barbadians.


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


ELETROPAULO METROPOLITANA: S&P Affirms 'BB+' Global Scale Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' global
scale ratings and 'brAA+' national-scale ratings on Brazilian
electric utility Eletropaulo Metropolitana Eletricidade de Sao
Paulo S.A.  The outlook is positive.

"We are also affirming our 'brAA+' corporate credit rating on
Eletropaulo's parent company, Companhia Brasiliana de Energia
(Brasiliana), and subsequently withdrawing the ratings at the
issuer's request," S&P said.

"Standard & Poor's Ratings Services' ratings on Eletropaulo
reflect our expectation that the company's cash flow generation
will decline, but remain sound, even after the implementation of
the third-cycle tariff reset, which will be put into practice by
July 2012.  We expect the company's credit metrics to remain
quite strong, even if EBITDA declines. Its active liability
management has provided it with a smooth debt amortization
schedule.  Although uncertainties about the tariff reset
diminished following the final ruling by the regulator, we
believe that Eletropaulo's capital expenditures will remain high
during the next few years while its catches up with its quality
metrics, which still underperform the regulator's standards for
energy outages.  The effect of the tariff reset on Eletropaulo's
EBITDA in the next few years will likely be greater than we
originally expected; nonetheless, under our base case scenario,
we project that the company will be able to finance its
investments without incurring additional debt," S&P said.

"The company's 'satisfactory' business risk profile reflects the
benefits that the company receives from an exclusive concession
to distribute electricity in the Sao Paulo metropolitan area.  It
also reflects its adequate customer base, with residential and
commercial segments representing about 65% of company's revenues.
These segments tend to be more resilient during an economic
slowdown, and we expect that electricity demand will continue be
greater than national GDP growth.  Eletropaulo's total
electricity losses have gradually decreased (to 10.5% as of
Sept. 30, 2011 from 13% five years ago); we believe, however,
that the company should improve its quality service ratios-- in
particular, its outage duration," S&P said.


DRIVER BRASIL: Moody's Puts (P)Ba2 Global Rating to Shares
----------------------------------------------------------
Moody's America Latina has assigned provisional ratings of
(P)Aaa.br (sf) (Brazilian National Scale) and of (P) Baa2 (sf)
(Global Scale, Local Currency) to the senior shares and of (P)
A1.br (sf) (Brazilian National Scale) and of (P) Ba2 (sf) (Global
Scale, Local Currency) to the mezzanine shares to be issued by
Driver Brasil One Banco Volkswagen Fundo de Investimento em
Direitos Creditorios Financiamento de Ve¡culos (Driver Brasil One
FIDC or the Issuer), a securitization backed by a pool of auto
loans originated by Banco Volkswagen S.A.

Driver Brasil One FIDC is the first securitization of vehicle
loans sponsored by Banco Volkswagen S.A. and rated by Moody's.

Issuer: Driver Brasil One FIDC

  Senior Shares - (P) Aaa.br (sf) (National Scale) & (P)Baa2 (sf)
  (Global Scale, Local Currency)

Mezzanine Shares - (P) A1.br (sf) (National Scale) & (P)Ba2 (sf)
(Global Scale, Local Currency)

The provisional ratings address the structure and characteristics
of the transaction based on the information provided to Moody's.
Certain issues relating to this transaction, including the
interest rate swap agreement, have yet to be finalized. Upon
conclusive review of all documents and legal information as well
as any subsequent changes in information, Moody's will endeavor
to assign definitive ratings to this transaction. If any
assumptions or factors considered by Moody's in assigning the
ratings change, Moody's could change the ratings assigned to the
shares.

Ratings Rationale

The ratings are based on these factors, among others:

* The initial 12.5% credit enhancement in the form of over-
  collateralization (OC) for the Senior Shares and 7% for the
  Mezzanine Shares in the form of overcollateralization.  After
  closing, the OC must reach the 15.5% Target Senior OC Ratio and
  8.5% Target OC Mezzanine Ratio to allow dividend payments to
  equity.

* Asset performance triggers that further increase the Senior and
  Mezzanine Target OC Ratio.

* Static nature of transaction with no revolving period and no
  additional on-going purchases of assets after the transaction's
  closing.  Principal and Interest on the Senior and Mezzanine
  Shares will be paid starting month one of transaction.

* The discount rate used to calculate the NPV of the pool is
  derived from the weighted average financing cost of the Fund
  (weighted average rate of the swap agreements and servicing and
  administrative fees), plus 76 bps of excess spread to cover for
  net losses.

* Good credit quality of the static target pool earmarked for
  sale.  The assets backing Driver Brasil One FIDC are vehicle
  loans originated by Banco Volkswagen.  The securitized pool
  will be constituted only by light vehicles; loans for trucks
  and heavy vehicles are not allowed.  The preliminary pool as of
  October 31, 2011, is highly diversified consisting of 53.829
  borrowers; the top 20 Borrowers represent only 0.18% of pool
  balance.

  Approximately 89% of the loans are to finance the acquisition
  of new vehicles, and 11% of the loans finance used vehicles.
  Loans are extended to a diversified retail customer base of
  private individuals, representing 87% of pool balance.
  Original weighted average term of 47.8 monthly installments has
  an average seasoning of 12.5 months, resulting in a weighted
  average remaining term of only 35 months.

* The role of a highly rated third party, Banco Bradesco and its
  subsidiary, BEM DTVM, as custodian bank, payment bank and
  trustee of the transaction.  Transaction benefits from
  Bradesco's operational quality;

* The overall transaction structure and the legal framework,
  including the bankruptcy remoteness of the issuer and well
  established Brazilian laws and regulations for the
  securitization of vehicle loans;

  The senior and mezzanine shares will accrue a floating-rate
  interest of the CDI Rate (Brazilian Interbank Rate) plus a
  fixed spread to be determined at closing, with daily accrual,
  and their final maturity will take place 60 months after
  closing.  The maturity could be extended by the trustee, on a
  discretionary basis, for a maximum period of 12 additional
  payment dates counted from the maturity date of the credit
  right with the latest maturity date.  Payments to subordinated
  shares are permitted on a monthly basis as long as (a) Target
  Senior OC Ratio, the Senior OC Floor, the Target Mezzanine OC
  Ratio and the Mezzanine OC Floor are maintained and (b) no
  evaluation or early liquidation event is triggered.

Interest Rate Swaps

The transaction documents contemplate that the fund will enter
into interest rate swaps with Banco Itau  Unibanco S.A., HSBC
Bank S.A. -- Banco Multiplo or Banco Bradesco S.A to mitigate the
interest rate risk arising from the fixed rate assets and
floating rate liabilities.  According to the transaction parties
the interest rate swaps will adequately hedge the interest rate
risk on the senior share and mezzanine shares.

Moody's notes that the interest rate swap will only be entered
between the fund and the hedge counterparty after closing of the
fund.  Moody's notes that it has not modeled any interest rate
risk in the transaction, and that the assigned provisional
ratings assume that the interest rate swaps i.) will be in place
in a short period of time after closing of the fund and ii.) that
their notional volume closely tracks the outstanding notional
volumes of the senior and mezzanine shares as they decrease
thereby satisfactorily eliminating actual interest rate
mismatches incurred.

Early Swap Termination

Risk may arise from the early termination of the swaps given (i)
a positive market value of the swap to the fund upon swap
counterparty default or (ii) open interest rate risk position to
the fund should the swap be early terminated.

Moody's reviewed a preliminary interest rate swap master
agreement, which included a number of events of default and
events of early termination upon which the swap may be
terminated, exposing the fund to interest rate risk.

Please refer to the Pre-Sale Report for further discussion of the
mitigants to these events.

While in Moody's opinion the inclusion of the events of early
termination/ event of default language is commensurate with the
assigned provisional rating on the senior and mezzanine shares
given the remoteness of any such event occurring, the overall
effect of these triggers is viewed as a credit negative.

The transaction structure includes certain revision events.
Should a revision event occur, a shareholders meeting is called;
shareholders may decide to place the fund into early liquidation.

Key revision event triggers include:

* Downgrade of the Senior Shares by 2 or more notches;

* Resignation of the administrator or custodian;

* Failure of administrator or the servicer to carry out its
  duties;

* Misrepresentation or warranty made by the seller;

* Occurrence of an adverse tax event;

* Failure to replenish the cash reserve for two consecutive times
  or three alternate times during a 12 month period

* Acquisition of ineligible credit rights

* Incorrect amortization of the shares

* Breach of the Net Worth Ratio for two consecutive times or
  three alternate times during a 12 month period

Key eligibility criteria and conditions of sale are:

* Each of the loan receivables will mature before the final term
  of the fund.

* Loans to a single borrower may not exceed the total nominal
  amount of BRL100,000.

* No purchased loan receivable is overdue.

* No loans were originated to finance buses, trucks or
  motorcycles.

* Loans are either fully amortising loans with equal instalments
  or loans with substantially equal instalments.

* The credit rights are legal, valid, binding and enforceable and
  are not impaired by set-off rights.

* The seller may assign the credit rights free from claims or
  rights of third parties.

* The credit right is current.

* The credit rights had an original term between 5 and 60 months.

* The credit rights will not mature earlier than 3 or later than
  60 months after the purchase date.

* On the purchase date, at least 2 instalments have been paid.

* No insolvency proceedings are initiated against any of the
  borrowers.

Banco Bradesco S.A. will act as Master Servicer (custodiante) of
the transaction as well as payment bank.  Its responsibilities
include, among other duties, verifying that all receivables
purchased by the fund meet certain eligibility criteria,
monitoring the early amortization triggers, in addition to
managing all of the Issuer's daily financial and operating
activities.

BEM DTVM S.A. (Banco Bradesco Group) will be the trustee. BRAM
DTVM (Banco Bradesco Group) will be the fund manager.

Banco Volkswagen (not rated by Moody's) will be the servicer. It
is an integral part of Volkswagen Financial Services AG (rated A3
and P-2), in turn owned by Volkswagen Group AG (rated A3 and P-
2).

In assigning the ratings to this transaction, Moody's evaluated
historical performance data from Jan. 1, 2005 and ending Sept.
30, 2011.  Moody's key ratings-model assumptions for this
transaction include various performance statistics, including log
normal estimate of the annual loss rate with mean loss 5% and a
coefficient of variation of 50%. Other model input assumptions
include a constant prepayment rate of 15% per annum. The discount
rate used for modeling was 14.98% per annum.

Moody's has considered how the cash flows generated by the
collateral are allocated to the parties within the transaction,
and the extent to which various structural features of the
transaction might themselves provide additional protection to
investors, or act as a source of risk.  In addition, Moody's has
analyzed the strength of triggers to reduce the exposure of the
portfolio to the originator/servicer bankruptcy.

To determine the rating assigned to the Shares, Moody's has used
an expected loss methodology that reflects the probability of
default for each series of Shares times the severity of the loss
expected for the Shares.  In order to allocate losses to the
Shares in accordance with their priority of payment and relative
size, Moody's has used a cash-flow model (ABSCORE) that
reproduces many deal-specific characteristics: the main input
parameters of the model are described above. Weighting each loss
scenario's severity result on the Shares with its probability of
occurrence, the model has calculated the expected loss level for
each series of Shares as well as the expected average life.
Moody's model then compares the quantitative values to the
Moody's Idealized Expected Loss table for each tranche.

Parameter Sensitivities provide a quantitative, model-indicated
calculation of the number of notches that a Moody's-rated
structured finance security may vary if certain input parameters
used in the initial rating process differed.  The analysis
assumes that the deal has not aged.  It is not intended to
measure how the rating of the security might migrate over time,
but rather, how the initial rating of the security might differ
as certain key parameters vary.

Parameter sensitivities for this transaction have been calculated
in the following manner: Moody's tested nine scenarios derived
from the combination of mean loss: 5% (base case), 7.5% (base
case + 2.5%), 10% (base case + 5%). and coefficient of variation
rate: 45% (base case), 50% (base case + 5%), 55% (base case +
10%).  The 5%/45% scenario would represent the base case
assumptions used in the initial rating process.

At the time the rating was assigned, the model output indicated
that Senior Shares would have achieved a B3 global rating model
output if mean loss was as high as 10% with a coefficient of
variation of 60%.  Under the same assumptions, the Mezzanine
Shares would have achieved Caa2 global rating model output.
Key uncertainties relate to future asset performance under a
severe stress scenario involving diminished economic growth and a
sharp rise in unemployment.


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


AMICUS WIRELESS: Shareholders Receive Wind-Up Report
----------------------------------------------------
On Feb. 20, 2012, the shareholders of Amicus Wireless Technology
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Joon Chung
         Facsimile: +82 31 784 8555
         11-902, Walkerhill Apartment House
         KwangJang-Dong
         KwangGin-Gu, Seoul
         Korea


ASIACREST CLEARWATER: Shareholders Receive Wind-Up Report
---------------------------------------------------------
On Jan. 26, 2012, the shareholder of Asiacrest Clearwater Fund
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Paolo L. Picazo
         Telephone: 852 9088 1000
         Facsimile: 852 3014 0820


BLUEPIN FUND: Shareholders Receive Wind-Up Report
-------------------------------------------------
On Feb. 20, 2012, the shareholders of Bluepin Fund Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Pieter-Jan Van Der Pols
         Telephone: +31 (0) 33 467 3880
         Facsimile: +31 (0) 33 467 3890
         Utrechtseweg 31D
         3811 NA Amersfoort
         The Netherlands


CHEYNE GLOBAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
On Feb. 17, 2012, the shareholders of Cheyne Global Emerging
Markets Fund Inc. received 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


COCCHINO INVESTMENT: Shareholders Receive Wind-Up Report
--------------------------------------------------------
On Jan. 27, 2012, the shareholders of Cocchino Investment Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622 Grand Cayman KY1-1203
         Cayman Islands


COHANZICK CREDIT: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On Jan. 27, 2012, the shareholders of Cohanzick Credit
Opportunities Fund, Ltd. received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Sherman
         427 Bedford Road
         Suite 230, Pleasantville
         New York 10570 USA


DIMENSION CAPITAL: Shareholders Receive Wind-Up Report
------------------------------------------------------
On Feb. 22, 2012, the shareholders of Dimension Capital LDC
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Essa Zainal
         c/o Patricia Tricarico
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


DVT HOLDINGS: Shareholders Receive Wind-Up Report
-------------------------------------------------
On Feb. 21, 2012, the shareholders of DVT Holdings Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Essa Zainal
         c/o Patricia Tricarico
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


EXAMINE CAPITAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
On Feb. 22, 2012, the shareholders of Examine Capital LDC
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Essa Zainal
         c/o Patricia Tricarico
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


INSPECT CAPITAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
On Feb. 22, 2012, the shareholders of Inspect Capital LDC
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Essa Zainal
         c/o Patricia Tricarico
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


MANGOUSTA PARTNERS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
On Jan. 30, 2012, the shareholders of Mangousta Partners Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Highwater Limited
         c/o Nicole Weins
         Telephone: (345) 943 2295
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre
         1st Floor, 802 West Bay Road
         P.O. Box 31855 Grand Cayman KY1-1207
         Cayman Islands


MEASUREMENT CAPITAL: Shareholders Receive Wind-Up Report
--------------------------------------------------------
On Feb. 22, 2012, the shareholders of Measurement Capital LDC
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Essa Zainal
         c/o Patricia Tricarico
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


PINKOPALLINO LTD: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On Jan. 27, 2012, the shareholders of Pinkopallino Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622 Grand Cayman KY1-1203
         Cayman Islands


PRECISION CAPITAL: Shareholders Receive Wind-Up Report
------------------------------------------------------
On Feb. 22, 2012, the shareholders of Precision Capital LDC
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Essa Zainal
         c/o Patricia Tricarico
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


RAGSTONE LTD: Shareholders' Final Meeting Set for Feb. 28
---------------------------------------------------------
The shareholders of Ragstone Ltd. will hold their final meeting
on Feb. 28, 2012, at 10:00 a.m., to receive the liquidators'
report on the company's wind-up proceedings and property
disposal.

The company's liquidators are:

         Stuart Brankin
         Desmond Campbell
         Telephone: (345) 949 5586
         c/o Aston Corporate Managers, Ltd.
         P.O. Box 1981 Grand Cayman KY1-1104
         Cayman Islands


REFLEXION INVESTMENTS: Shareholders Receive Wind-Up Report
----------------------------------------------------------
On Feb. 17, 2012, the shareholders of Reflexion Investments (CI)
SPC received 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


SAL 99A: Shareholders Receive Wind-Up Report
--------------------------------------------
On Feb. 14, 2012, the shareholders of SAL 99A Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Trident Liquidators (Cayman) Limited
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, George Town Grand Cayman KY1-1103
         Cayman Islands


SPECIFICATION CAPITAL: Shareholders Receive Wind-Up Report
----------------------------------------------------------
On Feb. 22, 2012, the shareholders of Specification Capital LDC
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Essa Zainal
         c/o Patricia Tricarico
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


SV UNSECURED: Shareholders' Final Meeting Set for Feb. 28
---------------------------------------------------------
The shareholders of SV Unsecured Limited will hold their final
meeting on Feb. 28, 2012, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Summit Management Limited
         c/o John Cullinane
         Telephone: (345) 916 6001
         Suite # 3-213, Governors Square
         P.O. Box 32311 Grand Cayman KY1-1209
         Cayman Islands


TAG CAYMAN: Shareholder Receives Wind-Up Report
-----------------------------------------------
On Feb. 20, 2012, the shareholder of Tag Cayman Fusion Fund, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         James F. Peters Jr.
         139 S. Old Woodward
         Birmingham, Michigan 48009
         Telephone: +1 248 282 2530
         Facsimile: +1 248 283 2524
         139 S. Old Woodward
         Birmingham, Michigan 48009
         United States of America


TOLERANCE CAPITAL: Shareholders Receive Wind-Up Report
------------------------------------------------------
On Feb. 22, 2012, the shareholders of Tolerance Capital LDC
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Essa Zainal
         c/o Patricia Tricarico
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


WELLINGTON: Shareholders Receive Wind-Up Report
-----------------------------------------------
On Feb. 17, 2012, the shareholders of Wellington received 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 Corporate Services Ltd.
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


ZOOM HOLDINGS: Shareholders' Final Meeting Set for Feb. 23
----------------------------------------------------------
The shareholders of Zoom Holdings Limited will hold their final
meeting on Feb. 23, 2012, at 9:00 a.m., to receive the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Essa Zainal
         c/o Patricia Tricarico
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


ZOOM PLUS: Shareholders' Final Meeting Set for Feb. 23
------------------------------------------------------
The shareholders of Zoom Plus Limited will hold their final
meeting on Feb. 23, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Essa Zainal
         c/o Patricia Tricarico
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


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


CORPORACION INTERAMERICANA: Moody's Raises CFR to 'B3'
------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
for Corporacion Interamericana de Entretenimiento, S.A.B. de C.V.
to B3 from Caa1.  Simultaneously, Moody's de Mexico upgraded the
national scale rating for CIE to Ba3.mx from Caa1.mx.  The
ratings upgrades were based on the company's reduced refinancing
risk resulting from debt repayments with proceeds from the sale
of most of Las Americas division to Codere.  The outlook on the
ratings is stable.

The debt instruments affected by Moody's rating action are:

- CIE 06: MXN 191 million maturing 9/30/2014: ratings upgraded to
  Ba3.mx from Caa1/Caa1.mx

- CIE 08: MXN 248 million maturing 9/30/2014: ratings upgraded to
  Ba3.mx from Caa1/Caa1.mx

- CIE 05: MXN 534 million maturing 9/30/2014: ratings upgraded to
  Ba3.mx from Caa1/Caa1.mx

- US$13.65 million in 8.875% guaranteed global notes due 6/14/15:
  ratings upgraded to B3 from Caa1

The outlook for all ratings is now stable.

The ratings upgrade reflects the improved liquidity risk profile
of the company following the sale of its gaming business to
Codere of Spain.  On Feb. 17, 2012, the company announced the
prepayment of about MXN 2,630 million (equivalent to about US$200
million) in both bank loan and bonds using the proceeds from the
sale and significantly reduced near term refinancing risk.  At
this time there is no material debt payment due before the second
half of 2013, for an amount of MXN 942 million.  In 2014, debt
maturities will grow to MXN 1,191million.  Adjusted debt leverage
could decline somewhat from the 4 times posted in LTM ended in
Sept. 30, 2011 given the simultaneous reduction in debt, EBITDA,
and rents, related to the sale of Las Americas gaming division.
CIE continues to own 15.2% of Las Americas, of which Codere holds
a call option to acquire; proceeds from this sale should allow
CIE to further delever.

The sale of Las Americas division reduced CIE's consolidated
revenues and EBITDA by over 40% and 55%, respectively, and also
took away the business with greater stability and growth
prospects.  The remaining businesses of CIE are comprised of its
entertainment and commercial businesses and Moody's estimates
that, in 2012, the company's annual revenues should amount to
somewhat above US$500 million, down from US$877 million in the
last twelve months ended in Sept. 30, 2011.  The rating agency
estimates also that, in 2012, revenue should grow by an average
of 5%, blended between the Entertainment and Commercial
divisions, the company's core business lines now.  Moody's also
estimates that CIE should post positive and higher free cash flow
going forward, supported mostly by positive revenue growth, lower
interest expenses and reduced capex requirements.

CIE's ratings are supported by its dominant market share position
in the out-of-home entertainment sector in Mexico.  Moreover, it
has long-term partnerships with Televisa, the # 1 diversified
media conglomerate in Mexico, as well as foreign operators (e.g.
joint venture with Ticketmaster and relationship with NASCAR),
which provide CIE with the opportunity to capitalize on the
strength of these operators and mitigate exposure to cash-
consumptive investments in these segments.

CIE's liquidity is adequate and refinancing risk should be
manageable near term.  Liquidity should remain adequate as long
as CIE maintains sufficient cash to support volatile working
capital needs related to an unpredictable concert agenda.
Moody's estimates that the company will maintain an average of
MXN 800 million in cash, with a minimum amount of MXN 400
million.  The agency does not expect dividend payout to change
significantly going forward, although cash above MXN 1 billion
could be distributed to shareholders on an extraordinary basis.

The stable rating outlook is based on Moody's expectation that
the company may take longer than expected to further reduce
leverage. In addition, the company, without Las Americas, has
lost an important growth driver and profit generation source.

The ratings could be upgraded if CIE extends its debt maturities
further and thus reduce refinancing risk even more, especially
the debt which matures in 2014.  However, an upgrade would
require a clear long-term policy for financial management and
leverage target.

The company's credit metrics are solid for its current ratings.
However, weak business performance that leads to re-leveraging
and diminishes the company's liquidity position could pressure
CIE's ratings.  In addition, lack of progress on the refinancing
upcoming debt maturities in 2013 and 2014 could trigger a ratings
downgrade.

Because CIE operates in two distinct businesses, analysis of the
company's credit risk in not based exclusively on any of Moody's
rating methodologies.  CIE's ratings have been assigned by
evaluating factors that Moody's believe are relevant to the
company's risk profile, such as (i) liquidity and overall
financial position; (ii) projected performance per division over
the near to intermediate term; and (iii) predictability of cash
flow generation. These attributes were compared against other
issuers both within and outside CIE's core industries.


SU CASITA: Moody's Reviews 'Ba3.mx' Loan Ratings for Downgrade
--------------------------------------------------------------
Moody's de Mexico, S.A. de C.V. has placed on review for
downgrade the ratings on two construction loan securitizations
from Hipotecaria Su Casita S.A. de C.V. SOFOM, E.N.R.

The rating action follows Su Casita's announcement calling for a
shareholders' meeting to propose the company's liquidation. The
shareholders' meeting will take place on February 28, 2012.
The rating actions follow:

Originator and Primary Servicer: Su Casita

Series A Certificates HSCCICB 06 (issued by CI Banco S.A.,
Institucion de Banca Multiple, acting as sole trustee): Ratings
of Ba3.mx (sf) (Mexican National Scale) and B3 (sf) (Global
Scale, Local Currency) placed on review for downgrade.

Series A Certificates HSCCB 08 (issued by The Bank of New York
Mellon S.A., Institucion de Banca Multiple, acting as trustee):
Ratings of Caa2.mx (sf) (Mexican National Scale) and Caa2 (sf)
(Global Scale, Local Currency) placed on review for downgrade.

Ratings Rationale

On Feb. 9, 2012, Su Casita called for a shareholders' meeting to
propose the company's liquidation.  Su Casita is currently the
primary servicer of the construction loans backing HSCCICB 06
(previously named HSCCB 06) and HSCCB 08 certificates.  According
to the trustees, no servicing transfer has been initiated for
either transaction.  If Su Casita's liquidation is approved, it
is uncertain who would be the new servicer of the securitized
assets and whether any servicer transfer would be accomplished
without disruptions to transaction cashflows or deterioration in
assets performance.

During its review, Moody's will monitor whether the shareholders
approve the liquidation and a new substitute servicer is chosen.
Moody's will review the experience and servicing ability of any
proposed substitute servicer, its strategy for controlling any
operational risk stemming from the servicing transfer, and how it
will manage the performance of the securitized portfolio.
Moody's will also review the performance of such assets to
determine if the expected recoveries on the certificates are
consistent with the current ratings.

As of December 2011, the asset quality metrics for both
transactions were weak.  For the HSCCICB 06 certificates,
delinquent loans (+90 days past due with respect to interest or
principal) had risen rapidly and accounted for 55.3% of the
outstanding principal balance of the portfolio, while Real Estate
Owned (REO) accounted for 4.9%.  For the HSCCB 08 certificates,
delinquent loans (+90 days past due with respect to interest or
principal) constituted 44.3%, and REO, 14.6%, of the portfolio.

The cash reserve funds of both transactions are funded; and are
equivalent to one month's interest payments (on the Class A
certificates) for HSCCICB 06 and three months' interest payments
(on the Class A and B certificates) for HSCCB 08.


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


PETROTRIN: Negotiations With OWTU a Success, Minister Says
----------------------------------------------------------
Nikita Braxton-Benjamin at Trinidad Express reports that Trinidad
& Tobago Prime Minister Kamla Persad-Bissessar has described the
negotiations between Petrotrin and the Oilfields Workers' Trade
Union (OWTU) a success.

"I think it was a win-win situation for the country, for the
workers and indeed for the national good," Trinidad Express
quoted Persad-Bissessar as saying.

"It is clear there never was a [5%] wage bar and I had repeatedly
said that throughout, since the impasse started.  I kept saying
go back to the negotiation table, negotiate with your employers.
... Each enterprise would have a different kind of set up and
what kind of income they can afford.  Indeed, for the first year
in many years, last year Petrotrin did make a profit ... so 2011
was a better year of Petrotrin," she added, Trinidad Express
notes.

The report notes that Petrotrin and OWTU settled on a 9% deal,
averting the threat of strike action by workers.

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2012, RJR News said that the OWTU has reportedly served
an official strike notice on Petroleum Company of Trinidad and
Tobago.  Government Senator David Abdulah reportedly signed the
notice, heralding "90 days of war," according to RJR News.  The
report noted that hundreds of workers accompanied OWTU President
General Ancel Roget as he delivered the strike notice to
Petrotrin President Kenneth Allum at the company's administrative
offices in Pointe-a-Pierre.

                          About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe- Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2010, Trinidad Express said that four members of
Petrotrin submitted their resignation letters.  According to the
report, Malcom Jones resigned as chairman of Petrotrin and from
the State boards.  The report related board members Lawford
Dupres, who chaired the National Petroleum board, attorney Kerwin
Garcia and Andrew McIntosh had also resigned.  Prime Minister
Kamla Persad-Bissessar, the report noted, said that Cabinet had
ordered a forensic audit of Petrotrin as there were "grounds for
suspicion of misconduct" at Petrotrin similar to what may have
transpired at special-purpose State enterprise UDeCOTT.  The
report said that the company was experiencing serious financial
difficulties resulting in high cost overruns of its refinery
upgrade.   The situation was exacerbated by a US$12 billion
lawsuit by World GTL Inc. against Petrotrin, the report added.


=================
V E N E Z U E L A
=================


VITRO SAB: Moves Ahead With its Restructuring Plan
--------------------------------------------------
Bloomberg News reports that Vitro, S.A.B. de C.V. moves ahead
with its restructuring plan.

The company said that a Mexican judge gave approval for it to
restructure defaulted debt over the objections of U.S. creditors
who said it was unfair for US$1.9 billion of intercompany loans
that Vitro created after the default to be included in a vote on
the refinancing plan, according to Bloomberg.

Bloomberg notes that Noteholders, including Elliott Management
Corp., had argued that the inclusion of intercompany debt let
Vitro dictate terms.

The stock is rising after some of the lawsuits the company faced
"turned out positive," Leon Cabrera, a trader at CI Casa de
Bolsa, told Bloomberg in a by phone from Mexico City.

Bloomberg discloses that the refinancing plan for the company
based in San Pedro Garza Garcia, Mexico, swaps the defaulted debt
for US$814.6 million of new bonds maturing in 2019 with an
interest rate of 8% and US$95.8 million of debt convertible to
shares with a 12% rate.

                        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.

U.S. subsidiaries of Vitro SAB are having their cases converted
to liquidations in Chapter 7, court records in January 2012 show.
In December, the U.S. Trustee in Dallas filed a motion to convert
the subsidiaries' cases to liquidations in Chapter 7.  The
Justice Department's bankruptcy watchdog said $5.1 million in
bills were run up in bankruptcy and hadn't been paid.

                  Mexico Court Approves Plan

Mexican glassmaker Vitro SAB de CV won approval of its
reorganization plan by a judge in Monterrey, Mexico, the company
said in a statement Feb. 7, 2012.

The reorganization was being fought by holders of some of the
$1.2 billion in defaulted bonds.  Bondholders were in opposition
based on an argument that the company created $1.9 billion in
debt owing by the parent to subsidiaries and used the affiliates'
debt to vote down opposition from bondholders. Bondholders also
opposed the plan would retain ownership.

Vitro characterized the ad hoc bondholder group as "vulture
investors" who have "an established pattern of highly litigious
behavior."


* VENEZUELA: Oral Hearings in ICSID Arbitration Concluded
---------------------------------------------------------
Gold Reserve Inc. disclosed that the oral hearings held at the
World Bank in Washington, D.C., and presided over by a three-
member tribunal in the arbitration conducted under the auspices
of the International Centre for the Settlement of Investment
Disputes concluded, as scheduled, on Feb. 17, 2012.

The hearings focused on the evidentiary record in the case and
counsel for both the Company and the Bolivarian Republic of
Venezuela addressed the issues of jurisdiction, liability and
damages.  The oral hearings presented an opportunity for the
arbitral tribunal to hear testimony from fact witnesses and
expert witnesses, as well as to address questions to the parties.

Gold Reserve claims damages arising from violations of three
provisions of the Canada-Venezuela bilateral investment treaty
resulting in the effective expropriation of Gold Reserve's
sizable investments in the world-class Brisas gold/copper project
and the promising Choco 5 property.

Gold Reserve seeks compensation corresponding to the restitution,
or fair market value, of the rights to develop the Brisas Project
and Choco 5, as of the date of the Tribunal's decision.  Gold
Reserve has presented evidence that the fair market value of
those rights as last updated in its Reply dated July 29, 2011, is
approximately US$2.1 billion.  The Tribunal will assess the
evidence presented on this and other matters in making its final
decision.

Doug Belanger, President, stated, "The oral hearings were the
culmination of an extensive undertaking by the Company's counsel,
technical, legal and financial experts, as well as its employees,
to present Gold Reserve's case to the Tribunal.  Upon review of
the entire record of evidence, it is clear that Gold Reserve's
claims are well supported."

The Tribunal granted both parties the opportunity to submit a
post-hearing brief, to be filed simultaneously, in order to
comment in conclusion on the full evidentiary record, as is
typically permitted in such arbitrations.  Those briefs are due
to be filed by March 16, 2012.  The Tribunal may issue its
decision thereafter.  It is typical for tribunals in this type of
arbitration to require six to eighteen months (the historical
average is approximately 1.2 years) to finalize and issue its
decision.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

April 3-5, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
Grand Hyatt Atlanta, Atlanta, Ga.
    Contact: http://www.turnaround.org/

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center,
National Harbor, Md.
    Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Workshop
The Ritz-Carlton Amelia Island, Amelia Island, Fla.
    Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Md.
    Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Westin Copley Place, Boston, Mass.
    Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
    Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
JW Marriott Chicago, Chicago, Ill.
    Contact: http://www.turnaround.org/

October 3-5, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Wardman Park, Washington, D.C.
    Contact: http://www.turnaround.org/


                            ***********


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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