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        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

              Friday, May 4, 2012, Vol. 13, No. 089


                            Headlines


A N T I G U A  &  B A R B U D A

STANFORD INT'L: Investors Seek Liquidators' Pact on Claims


A R G E N T I N A

ASOCIACION MUTUAL: Creditors' Proofs of Debt Due July 4
CENTRO MEDICO: Creditors' Proofs of Debt Due June 19
REPRESENTACIONES DE: Creditors' Proofs of Debt Due June 19
SARWIN SA: Creditors' Proofs of Debt Due June 11


C A Y M A N   I S L A N D S

COPPERHEAD HOLDINGS: Shareholder to Hear Wind-Up Report on May 25
EL PALMAR: Members' Final Meeting Set for May 14
NORTH RIVER: Shareholder to Hear Wind-Up Report on May 25
TL VENTURES III: Shareholders' Final Meeting Set for May 25


C O L O M B I A

FABRICATO SA: Pays Down Bankruptcy Debt to COP1.53 Billion


J A M A I C A

CLARENDON ALUMINA: Gov't Hopes to Wrap up Divestment Negotiations
INTERTRADE FINANCE: Police Seeks CEO for Fraud


M E X I C O

INSTITUTO COSTARRICENSE: Fitch to Rate US$20MM Senior Notes 'BB+'
VITRO SAB: Says First-Quarter Profit Rises to US$88MM on Sales


U R U G U A Y

* URUGUAY: Fitch Affirms LT Issuer Default Rating at 'BB+'


                            - - - - -


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


STANFORD INT'L: Investors Seek Liquidators' Pact on Claims
----------------------------------------------------------
Andrew Harris and Tom Korosec at Bloomberg News report that
depositors and other creditors of the Houston-based Stanford
Group Co. securities firm filed their request with U.S. District
Judge David Godbey to order the receiver appointed and rival bank
liquidators selected by a Caribbean court to collaborate on a
process to pay victims of Robert Allen Stanford's $7 billion
fraud scheme.

Judge Godbey described as "mind boggling" the continuing dispute
between Dallas lawyer Ralph Janvey, whom Judge Godbey appointed
in February 2009 to collect and liquidate Stanford assets to pay
off creditors, and the two Grant Thornto accountants asked to do
comparable work by the Eastern Carribbean Supreme Court for
Antigua and Barbuda.

Judge Godbey described as "mind boggling" the continuing dispute
between Dallas lawyer Ralph Janvey, whom Judge Godbey appointed
in February 2009 to collect and liquidate Stanford assets to pay
off creditors, and the two Grant Thornton accountants asked to do
comparable work by the Eastern Caribbean Supreme Court for
Antigua and Barbuda.

"Something is terribly wrong here . . . .  This simply should not
have been that hard," the Stanford depositors and creditors told
Judge Godbey in a filing, Bloomberg notes.

Bloomberg relays that Judge Godbey declined to immediately grant
Janvey's request that he set a deadline for the filing of claims
by Stanford's fraud victims.

"I'm not saying that I want it to be a fixed price contract,"
Judge Godbey said, adding that he sought assurance "we
are not going to spend another US$50 million," Bloomberg
discloses.

Bloomberg says that Judge Janvey's outside counsel, Kevin Sadler
of Houston-based Baker Botts LLP, told the court he would file a
cost estimate within two days, Bloomberg relays.

Bloomberg notes that Judge Janvey and Grant Thornton receivers
have spent about US$150 million in their global efforts to
recover Stanford assets, according to the creditors' filing
today. They haven't agreed on a unified plan for processing
victim claims and payments.

Mr. Sadler said the Antiguans maintain they are the only legally
authorized liquidators of the Stanford bank and as such,
"they want to be in control of everything," Bloomberg says.  It
has been impossible to dislodge them from that position, he
added, Bloomberg adds.

Almost US$3.5 billion in claims have already been submitted to
the Judge Janvey receivership without a formal claims process in
place, Mr. Sadler said, Bloomberg adds.

                  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 United States 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, 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 an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June 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, U.S. District
Court, Southern District of Texas (Houston). The civil case is
SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S.
District Court, Northern District of Texas (Dallas).


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


ASOCIACION MUTUAL: Creditors' Proofs of Debt Due July 4
-------------------------------------------------------
Elsa Esther Andrade, the court-appointed trustee for Asociacion
Mutual y Social para la Republica Argentina - Matricula's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until July 4, 2012.

Ms. Andrade will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 8, 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:

         Elsa Esther Andrade
         Av. Callao 449
         Argentina


CENTRO MEDICO: Creditors' Proofs of Debt Due June 19
----------------------------------------------------
Ruben Eduardo Suez, the court-appointed trustee for Centro Medico
Traumatologico Caballito SRL's reorganization proceedings, will
be verifying creditors' proofs of claim until June 19, 2012.

Mr. Suez 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on April 17, 2013.

The Trustee can be reached at:

         Ruben Eduardo Suez
         Cesar Diaz 2324
         Argentina


REPRESENTACIONES DE: Creditors' Proofs of Debt Due June 19
----------------------------------------------------------
Estudio Calvino, Queralto y Asociados, the court-appointed
trustee for Representaciones de Telecomunicaciones SA's
reorganization proceedings, will be verifying creditors' proofs
of claim until June 19, 2012.

The Trustee 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:

         Estudio Calvino, Queralto y Asociados
         Viamonte 1355
         Argentina


SARWIN SA: Creditors' Proofs of Debt Due June 11
------------------------------------------------
Juan Emilio Cavalieri, the court-appointed trustee for Sarwin
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 11, 2012.

Mr. Cavalieri 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. 12, 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:

         Juan Emilio Cavalieri
         Av. Cordoba 904
         Argentina


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


COPPERHEAD HOLDINGS: Shareholder to Hear Wind-Up Report on May 25
-----------------------------------------------------------------
The shareholder of Copperhead Holdings Limited will receive on
May 25, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949-8666
         Facsimile: 949-0626
         PO Box 694 Grand Cayman
         Cayman Islands


EL PALMAR: Members' Final Meeting Set for May 14
------------------------------------------------
The members of El Palmar, Inc. will hold their final meeting on
May 14, 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:

         Mark Goodman
         PO Box 2636
         Strathvale House, 90 North Church Street
         Grand Cayman, KY1-1102
         Cayman Islands
         Telephone:  1 345 943 5555


NORTH RIVER: Shareholder to Hear Wind-Up Report on May 25
---------------------------------------------------------
The shareholder of North River Limited will receive on May 25,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949-8666
         Facsimile: 949-0626
         PO Box 694 Grand Cayman
         Cayman Islands


TL VENTURES III: Shareholders' Final Meeting Set for May 25
-----------------------------------------------------------
The shareholders of TL Ventures III Offshore Ltd. will hold their
final meeting on May 25, 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:

         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


===============
C O L O M B I A
===============


FABRICATO SA: Pays Down Bankruptcy Debt to COP1.53 Billion
----------------------------------------------------------
Christine Jenkins at Bloomberg News reports that Fabricato SA
paid down its debt under Colombian bankruptcy law to about 1.53
billion pesos (US$870,210), the textile producer said in a
regulatory filing.

As reported in the Troubled Company Reporter-Latin America on
Dec. 16, 2011, Blake Schmidt at Bloomberg News, citing a
regulatory filing, reports that Fabricato SA said it paid down
its debt under Colombian bankruptcy law to COP2.2 billion pesos
(US$1.1 million).

Fabricato SA is a textile maker company in Colombia.


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


CLARENDON ALUMINA: Gov't Hopes to Wrap up Divestment Negotiations
-----------------------------------------------------------------
The government is hoping to wrap up negotiations for the
divesment of Clarendon Alumina Partners in five months.

Managing Director of CAP, Winston Hayden who appeared before
Parliament's Public Administration and Appropriations Committee,
PAAC this morning, said September has been set for the completion
of the negotiations.

He cautioned that the time line is tentative as a number of
procedures must be completed before the company can be
privatised.

The completion of the divestment of CAP is a major component of
the government meeting its obligations with the International
Monetary Fund (IMF).


INTERTRADE FINANCE: Police Seeks CEO for Fraud
----------------------------------------------
RJR News reports that Executive Officer of Intertrade Finance
Corporation, Joan Powell, is being sought by the police for
fraud.

The charge is connected with investigations indicating that Ms.
Powell defrauded investors over JM$4 billion, according to RJR
News.  The report relates that Head of the Organized Crime
Investigation Division, Senior Superintendent Fitz Bailey,
explained how the company defrauded its investors.

RJR News recalls that on Feb. 2011, the Financial Services
Commission, FSC, suspended the company's license and later took
temporary control of the company after it began to exhibit signs
of financial trouble.  The report relates that an FSC
investigation released in October showed the company was
insolvent, with over JM$3.6 billion dollars in liabilities and
only JM$1.1 billion in assets.

RJR News says that the FSC has already filed a petition to wind
up the company, but the police is seeking its principal Joan
Powell and says they are not sure if she is in the island.  The
report notes that RJR News discloses that they are asking the
public for help in locating Ms. Powell

The report notes that police have arrested the Chief Financial
Officer of Intertrade, Leroy Paul in connection with the charges.

As reported in the Troubled Company Reporter-Latin America on
May 27, 2011, RJR News said that restrictions have been placed on
the operations of Intertrade Finance after it was served with a
cease and desist order by the Financial Services Commission.  The
order was issued to Joan Powell, Intertrade's Chief Executive
Officer and its Directors Gavin Chen, Christopher Malcolm and
Herbert Malcolm, according to RJR News.  The report related that
FSC said the order was based on the company misrepresenting
clients on the nature of the securities in which they had
invested, its failure to pay over sums to certain clients in
keeping with their instructions, and a review of its interim
financial statements and other documents.

Intertrade Finance Corporation is a securities dealer.


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


INSTITUTO COSTARRICENSE: Fitch to Rate US$20MM Senior Notes 'BB+'
-----------------------------------------------------------------
Fitch Ratings plans to assign a 'BB+' rating to Instituto
Costarricense de Electricidad's (Grupo ICE) senior notes
reopening due Nov. 10, 2021 for up to USD250 million.  These
additional notes will form a single series with the 6.95% senior
notes due 2021 that were originally issued on Nov. 10, 2011 and
will have substantially the same terms and conditions as those of
the existing notes.  Proceeds from the issuance of the new notes
will be used to fund the Grupo ICE's capital investment plan.
Fitch currently rates ICE as follows:

  -- Long-term Foreign Currency Issuer Default Rating (IDR)
     'BB+';
  -- Long-term Local Currency IDR 'BB+';
  -- Long-term National Scale (Costa Rica) 'AAA(cri)';
  -- Long-term National Scale (El Salvador) 'AAA(slv)'.

  -- Senior unsecured debt 'BB+';
  -- Senior unsecured domestic long-term debt (Costa Rica)
     'AAA(cri)';
  -- Senior unsecured domestic long-term debt (El Salvador)
     'AAA(slv)';
  -- Senior unsecured domestic short-term debt 'F1+(cri)'.

Group ICE's ratings are supported by the company's linkage to the
sovereign of Costa Rica (Foreign and Local Currency IDR 'BB+' by
Fitch) which has an ownership stake in the company.  The linkage
between Grupo ICE and the government also reflects the company's
political risk resulting from its tariff approval process and
government mandated strategy, which tempers the ratings and
aligns it with the sovereign.  The ratings also reflect the
government's implicit and explicit support as well as the
company's diversified portfolio of assets and adequate financial
profile.  Also factored into Grupo ICE's ratings is the company's
aggressive capital expenditure program aimed at maintaining a
strong market share position in the telecommunication business
and an adequate installed electric generation capacity.

Diversified Portfolio Assets:

Grupo ICE's ratings are supported by the company's diversified
portfolio of assets and its strong business position in Costa
Rica's electricity and telecommunication industries.  The ratings
reflect the company's low business risk resulting from its
business diversification and characteristics as a utility service
provider.

Grupo ICE has a legal monopoly in the electricity sector in Costa
Rica.  The issuer is the largest power generator and electric
distribution utility company in the country.  As of year-end
2011, Grupo ICE had an installed electric generation capacity of
2,050 megawatts (MW) (national capacity of 2,650MW) and is the
exclusive owner of the national transmission grid.  The national
electric industry includes private generation, municipal
distribution and electric cooperatives that can generate energy
in coordination with Grupo ICE by selling its energy to Grupo
ICE.  The company is expected to remain a leader in the
telecommunications industry in the country, notwithstanding
recent changes that opened the industry to competition.

Adequate Financial Profile:

Grupo ICE's ratings reflect the company's adequate financial
profile characterized by moderate leverage and strong interest
coverage, yet with some exposure to foreign exchange risk, which
should deteriorate over the medium term as the company pursues
its capital expenditures plan.  As of the last 12 months (LTM)
ended Sept. 30, 2011, the company's EBITDA increased to
approximately USD700 million from USD638 million in 2010.  This
was mainly due to increases in telecom revenues and lower
operating costs. As of September 2011, Grupo ICE reported total
debt of USD2.6 billion, of which USD546 million was short-term
and near 80% was denominated in USD.  This translated into a
moderate financial leverage, as measured by total adjusted debt-
to-EBITDAR (annualized) of approximately 4.4 times (x).  The
company's interest coverage as measured by EBITDAR-to-interest
and rent expenses was healthy at 3.7x (7.6 x EBITDA/Interest).

Aggressive Capital Expenditures Plan:

Grupo ICE's capital investment plan over the next several years
is considered aggressive and could weaken the company's financial
profile, absent increasing cash flow generation and adequate
tariff adjustments.  The company plans to invest approximately
USD5 billion over the next five years in order to supply
electricity to meet demand and maintain its leadership position
in the telecommunication businesses in Costa Rica.  Going
forward, Grupo ICE's credit metrics could deteriorate
significantly. Leverage could increase to over 5.0x if the
company finances its capital investment plan heavily with debt.
Grupo ICE expects to finance its investments with a combination
of internal cash flow, debt, Build Operate and Transfer (BOT)
transactions, project finance vehicles and operating leases.

HIGH EXPOSURE TO REGULATORY AND POLITICAL INTERFERENCE:
Grupo ICE is highly exposed to regulatory interference risk given
the lack of clear and transparent electricity tariff schemes.
Every year the company submits to the regulator for approval an
electricity tariff for end users. Historically, the regulator has
approved these tariffs at levels that do not fully recognize the
company's moderate exposure to fuel prices borne by its
thermoelectric generation business.  In March 2012, the regulator
approved a quarterly tariff adjustment to incorporate changes in
fuel cost.  This change will positively impact Grupo ICE's
working capital and reduce its exposure to hydrology risk.

The recent Telecom regulatory framework considers changes in
tariffs and competition rules.  Fitch expects that new
regulations could enhance regulatory transparency.  Nevertheless,
telecommunications tariffs have been unchanged since 2006.

Despite the regulatory risk, Grupo ICE has managed to maintain
stable cash flow generation.  Also, the company is exposed to
political interference given that the government appoints and
removes ICE's directors and executives, sets and approves the
company's tariffs, and regulates its budget.


VITRO SAB: Says First-Quarter Profit Rises to US$88MM on Sales
--------------------------------------------------------------
Brendan Case at Bloomberg News reports that Vitro, S.A.B. de
C.V., posted a 14% gain in earnings before interest, taxes,
depreciation and amortization in the first quarter as sales
increased in the company's automotive, construction and bottle
markets.

EBITDA was MXN1.14 billion (US$88 million), compared with MXN998
million pesos a year earlier, the company said in a statement
obtained by the news agency.  Bloomberg notes that sales rose to
MXN5.76 billion from MXN5.06 billion.

Bloomberg says that Vitro SAB defaulted on US$1.5 billion of
debt, including US$1.2 billion of bonds, in February 2009, amid a
recession that reduced demand for construction and auto glass.
Bloomberg relays in February this year, the company received
Mexican bankruptcy court approval for a debt restructuring plan.
Some bondholders continue to oppose the plan in Mexican and U.S.
courts.

Bloomberg discloses that the bondholders have argued 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
reorganization.

In addition, Bloomberg relays that at a June trial in U.S.
Bankruptcy Court in Dallas, Judge Harlin Hale will consider
whether to enforce Vitro's Mexican reorganization in the U.S.

Vitro's net income amounted to MXN7.43 billion in the first
quarter, compared with 136 million pesos a year earlier,
Bloomberg notes.

"This reflects the effect of the implementation of our debt
restructuring plan on Feb. 23, 2012," the company said in the
statement, Bloomberg adds.

                         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.  But an appellate court in Mexico
reinstated the reorganization in April 2011.  Following the
reinstatement, Vitro SAB on April 14, 2011, 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 received sufficient acceptances of its
reorganization by using the US$1.9 billion in debt owing to
subsidiaries to vote down opposition by bondholders.  The holders
of US$1.2 billion in defaulted bonds opposed the Mexican
reorganization plan because shareholders could retain ownership
while bondholders aren't being paid in full.

Vitro announced in March 2012 that it has implemented the
reorganization plan approved by a judge in Monterrey, Mexico.

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.

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 US$5.1 million in
bills were run up in bankruptcy and hadn't been paid.


=============
U R U G U A Y
=============


* URUGUAY: Fitch Affirms LT Issuer Default Rating at 'BB+'
----------------------------------------------------------
Fitch Ratings published a special report on Uruguay following
Fitch's revision on April 24 of the sovereign's Outlook to
Positive from Stable.  Fitch also affirmed Uruguay's long-term
Issuer Default Rating at 'BB+' at that time.

The Outlook revision reflects Uruguay's continued reduction in
external and fiscal vulnerabilities underpinned by its
strengthening international liquidity position and improved
currency composition of government debt.  Uruguay's sustained
growth momentum and ongoing diversification of the economy
buttressed by robust foreign direct investment flows also support
this rating action.  Growth continues to outperform peers and
higher rated sovereigns, reaching a five-year average of 6.1% in
2011.

In this report, Fitch looks at Uruguay's current progress in
creditworthiness compared with other 'BB+' sovereigns that
successfully made the transition to the investment grade
category.  Fitch believes Uruguay's relative performance lags in
terms of general government debt.  However, other positive trends
and mitigating factors signal that Uruguay could be upgraded to
'BBB-' over the Outlook horizon of 12 to 18 months.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer or
solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


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

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

Copyright 2012.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 240/629-3300.


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