TCRLA_Public/120516.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

             Wednesday, May 16, 2012, Vol. 13, No. 097


                            Headlines



A R G E N T I N A

ANDERSEN GROUP: Creditors' Proofs of Debt Due May 18
DROGUERIA MILENIUM: Requests Opening of Bankruptcy Proceedings
GP INVESTMENTS: S&P Affirms 'BB-' Counterparty Credit Rating
MCH SRL: Creditors' Proofs of Debt Due May 24
SANATORIO LAVALLE: Creditors' Proofs of Debt Due May 18

SOCIEDAD DE INVERSIONES: S&P Puts 'BB-' CCR on Watch Negative


B R A Z I L

ESPIRITO SANTO: S&P Affirms 'BB+' Global Scale Rating


C A Y M A N   I S L A N D S

CROSBY CHINACHIPS: Commences Liquidation Proceedings
ESSENTIAL GLOBAL: Creditors' Proofs of Debt Due June 7
ESSENTIAL GLOBAL MASTER: Creditors' Proofs of Debt Due June 7
FLORENCE HOLDINGS: Creditors' Proofs of Debt Due May 30
GRIZZLY LIMITED: Creditors' Proofs of Debt Due May 31

PEBBLEVIEW LIMITED: Creditors' Proofs of Debt Due May 31
SILVER METIS: Creditors' Proofs of Debt Due May 30
SOLENT RELATIVE: Creditors' Proofs of Debt Due June 5
THOR LIMITED: Creditors' Proofs of Debt Due May 31
TOMEL INVESTMENTS: Creditors' Proofs of Debt Due May 30


J A M A I C A

MONTEGO FREEPORT: To Wind Up Operations, Sells Assets
* JAMAICA: Unemployment Rate Increases


M E X I C O

CONSUPAGO SA: S&P Raises Rating on MXN750-Mil. Notes to 'BB'
ING BANK: Moody's Cuts BFSR to 'D-', Under Review for Downgrade
VITRO SAB: Vulture Funds Ordered to Pay Legal Fees


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Chairman Denies Claim on Air Jamaica Purchase


                            - - - - -


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


ANDERSEN GROUP: Creditors' Proofs of Debt Due May 18
----------------------------------------------------
Fernando Daniel Aquilino, the court-appointed trustee for
Andersen Group SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until May 18, 2012.

Mr. Aquilino will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 38, 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:

         Fernando Daniel Aquilino
         Montevideo 571
         Argentina


DROGUERIA MILENIUM: Requests Opening of Bankruptcy Proceedings
--------------------------------------------------------------
Drogueria Milenium SA requested the opening of bankruptcy
proceedings by default.


GP INVESTMENTS: S&P Affirms 'BB-' Counterparty Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
counterparty credit rating on GP Investments Ltd (GP) with a
stable outlook.

"The rating on GP mainly reflects a level of recurring cash
revenues (mainly management fees) which does not cover operating
and financial expenses," said Standard & Poor's credit analyst
Sebastian Liutvinas. "He also noted that the rating 'considers
the company's high portfolio concentration and the inherent
volatility of the private equity business' and that 'these
weaknesses are partly offset by GP's leading position in the
Brazilian private equity industry, the extensive experience and
strong reputation of its team of professionals, the good track
record of most of its investments, its sufficient liquidity, and
the good performance of the Brazilian economy."

"The stable outlook reflects GP's good liquidity, adequate debt
structure, and our expectation that the strength of the Brazilian
economy will benefit the company's investment portfolio during
the next two years. We could upgrade the ratings if we see a
significant increase in GP's recurring revenues, which we do not
anticipate in the medium term. We could lower the rating if the
company's liquidity position falls to less than $100 million or
if the results of its investment portfolio significantly
deteriorate," S&P said.


MCH SRL: Creditors' Proofs of Debt Due May 24
---------------------------------------------
Juan Enrique Battellini, the court-appointed trustee for MCH
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until May 24, 2012.

Mr. Battellini will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 35, 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 Enrique Battellini
         Lavalle 1878
         Argentina


SANATORIO LAVALLE: Creditors' Proofs of Debt Due May 18
-------------------------------------------------------
Carlos Enrique Wulff, the court-appointed trustee for Sanatorio
Lavalle SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until May 18, 2012.

Mr. Wulff will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk No.
27, 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:

         Carlos Enrique Wulff
         Virrey del Pino 2354
         Argentina


SOCIEDAD DE INVERSIONES: S&P Puts 'BB-' CCR on Watch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' global scale
corporate credit rating on Sociedad de Inversiones Pampa
Calichera S.A. (Pampa) on CreditWatch with negative implications.
"Upon the conclusion of our review, we could lower the ratings
by, at most, one notch," S&P said.

"We expect to resolve the CreditWatch placement during the next
90 days after we have more clarity with respect to the potential
regulatory and governance effects of the financial restatement
request, the final dividend payment for 2011, and the company's
financing strategy, including a potential capital increase," S&P
said.

"The CreditWatch placement follows a notification from Chile's
securities regulator, Superintendencia de Valores y Seguros de
Chile (SVS), requesting that Pampa resubmits its 2011 financial
results and deducts a total amount of $235 million from the
statement. This $235 million originally accounted for an increase
in the value of their holdings in Sociedad Quimica y Minera de
Chile S.A. (SQM; BBB/Stable)," S&P said.


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


ESPIRITO SANTO: S&P Affirms 'BB+' Global Scale Rating
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' global
scale and 'brAA+ national scale ratings on Espirito Santo
Centrais Eletricas S.A. (Escelsa). The outlook is stable. The
ratings on Brazilian power distributor Escelsa reflect the stable
regulatory framework in Brazil, greater GDP expansion in its
concession area,
in comparison with Brazilian average GDP, and better operational
indicators relative to its peers. In contrast, risk factors
include: the challenge to improve its credit metrics and cash
generation after the third tariff cycle (scheduled for August
2013), some debt concentration, and some (over-contracted) energy
excess that the company needs to sell in the short-term.

"We expect that, despite last year's reduction in its operational
margins, which reflected less-than-expected demand in that region
(resulting in over-contracted energy), the company will
nonetheless maintain good cash flow generation. We also believe
that its credit metrics will remain quite strong. It will
maintain these metrics by prudently managing its existing debt
and capital investment needs. However, the company has limited
headroom to improve its credit metrics--considering the lower
remuneration on regulatory assets after the third tariff cycle
and constant pressure from operational costs," S&P said.


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


CROSBY CHINACHIPS: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary general meeting held on March 30, 2012, the
shareholders of Crosby Chinachips Investment Fund Limited
resolved to voluntarily liquidate the company's business.

The company's liquidators are:

         Fok Hei Yu
         Roderick John Sutton
         FTI Consulting (Hong Kong) Limited
         The Center, Level 22
         99 Queen's Road Central
         Hong Kong
         Telephone: +852 3768 4500


ESSENTIAL GLOBAL: Creditors' Proofs of Debt Due June 7
------------------------------------------------------
The creditors of Essential Global Gaming Fund Limited are
required to file their proofs of debt by June 7, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 19, 2012.

The company's liquidator is:

         Stuart Sybersma
         c/o Russell Gleisner
         Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1(345) 814 2330
         Facsimile: +1 (345) 949 8258
         e-mail: rgleisner@deloitte.com


ESSENTIAL GLOBAL MASTER: Creditors' Proofs of Debt Due June 7
-------------------------------------------------------------
The creditors of Essential Global Gaming Master Fund Limited are
required to file their proofs of debt by June 7, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 19, 2012.

The company's liquidator is:

         Stuart Sybersma
         c/o Russell Gleisner
         Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1(345) 814 2330
         Facsimile: +1 (345) 949 8258
         e-mail: rgleisner@deloitte.com


FLORENCE HOLDINGS: Creditors' Proofs of Debt Due May 30
-------------------------------------------------------
The creditors of Florence Holdings Limited are required to file
their proofs of debt by May 30, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 24, 2012.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128


GRIZZLY LIMITED: Creditors' Proofs of Debt Due May 31
-----------------------------------------------------
The creditors of Grizzly Limited are required to file their
proofs of debt by May 31, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 23, 2012.

The company's liquidator is:

         Buchanan Limited
         c/o Allison Kelly
         Telephone: (345) 949-0355
         Facsimile: (345)949-0360
         P.O. Box 1170 George Town
         Grand Cayman KY1-1102
         Cayman Islands


PEBBLEVIEW LIMITED: Creditors' Proofs of Debt Due May 31
--------------------------------------------------------
The creditors of Pebbleview Limited are required to file their
proofs of debt by May 31, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 23, 2012.

The company's liquidator is:

         Buchanan Limited
         c/o Allison Kelly
         Telephone: (345) 949-0355
         Facsimile: (345)949-0360
         P.O. Box 1170 George Town
         Grand Cayman KY1-1102
         Cayman Islands


SILVER METIS: Creditors' Proofs of Debt Due May 30
--------------------------------------------------
The creditors of Silver Metis Investment Management Ltd. are
required to file their proofs of debt by May 30, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 20, 2012.

The company's liquidator is:

         Samir Dilip Mehta
         c/o Campbell Corporate Services Limited
         P.O. Box 268
         Scotia Centre, 4th Floor, George Town
         Grand Cayman KY1-1104
         Cayman Islands
         Telephone: +345 949 6258
         Facsimile: +345 945 2877


SOLENT RELATIVE: Creditors' Proofs of Debt Due June 5
-----------------------------------------------------
The creditors of Solent Relative Value Credit Notes Fund are
required to file their proofs of debt by June 5, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 27, 2009.

The company's liquidator is:

         Hugh Dickson
         Grant Thornton Specialist Services (Cayman) Limited
         P.O. Box 765, Grand Cayman KY1- 9006
         Cayman Islands
         Telephone: (345) 949 7100
         Facsimile: (345) 949 7120


THOR LIMITED: Creditors' Proofs of Debt Due May 31
--------------------------------------------------
The creditors of Thor Limited are required to file their proofs
of debt by May 31, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 23, 2012.

The company's liquidator is:

         Buchanan Limited
         c/o Allison Kelly
         Telephone: (345) 949-0355
         Facsimile: (345)949-0360
         P.O. Box 1170 George Town
         Grand Cayman KY1-1102
         Cayman Islands


TOMEL INVESTMENTS: Creditors' Proofs of Debt Due May 30
-------------------------------------------------------
The creditors of Tomel Investments Ltd. are required to file
their proofs of debt by May 30, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 24, 2012.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128


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


MONTEGO FREEPORT: To Wind Up Operations, Sells Assets
-----------------------------------------------------
RJR News reports that Montego Freeport is making arrangements to
wind up its operations after receiving approval earlier this year
to delist its shares from the Jamaica Stock Exchange.

The company says to date it has signed agreements for the sale
for all its lots with the exception of one, according to RJR
News.  The report relates that efforts are being this financial
year to dispose of the asset along with an apartment and office
spaces still under its ownership.

RJR News notes that Montego Freeport said once the sale is
completed it should be in a position to commence winding up
proceedings.

The company was created 45 years ago to develop a portion of the
Montego Bay waterfront, the report notes.


* JAMAICA: Unemployment Rate Increases
--------------------------------------
RJR News reports that a new data show Jamaica's unemployment rate
has inched up.

The Statistical Institute of Jamaica, STATIN, said that the
unemployment rate for January was 14.1%, according to RJR News.
The report relates that the number of unemployed people increased
by 13-thousand 700 between January last year and this year moving
from 163-thousand 500 to 177-thousand 200.

RJR News says that there were 1,083,400 people employed in
January this year which was a 0.7% decline from the corresponding
period last year.


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


CONSUPAGO SA: S&P Raises Rating on MXN750-Mil. Notes to 'BB'
------------------------------------------------------------
Standard & Poor's Ratings Services raised the rating on Consupago
S.A. de C.V. S.F.O.L.'s MXN750 million unsecured notes to 'BB'
from 'BB-'. "At the same time, we assigned an 'mxA' national
scale rating to the company's proposed MXN500 million first
issuance
of medium-term notes under its MXN2 billion long-term program. We
also affirmed our ratings on the company, including the 'BB'
global scale and 'mxA/mxA-2' national scale issuer credit
ratings. The outlook is stable," S&P said.

"The upgrade reflects the company's reduced proportion of secured
funding in recent months, freeing its assets that served as
collateral; therefore, more unpledged assets are available to pay
for its unsecured debt. In the following 12 months, we expect the
company to maintain secured funding to total assets of about 25%.
Our credit ratings on Consupago reflect its moderate funding
structure, monoline business profile, and strong competition.
These factors are partially offset by the company's good
profitability, strong capitalization, and adequate asset
quality," S&P said.


ING BANK: Moody's Cuts BFSR to 'D-', Under Review for Downgrade
---------------------------------------------------------------
Moody's Investors Service downgraded ING Bank (Mexico), S.A.,
Institucion de Banca M£ltiple's (ING Mexico) bank financial
strength rating to D-, from D+; long term local and foreign
currency deposit ratings to Baa3, from A3 and Baa1 respectively;
and the short term local and foreign currency deposit ratings to
Prime-3, from Prime-2. ING Mexico's standalone credit assessment
was lowered to ba3, from baa3. Moody's also downgraded ING
(M‚xico), S.A. de C.V., Casa de Bolsa, ING Grupo Financiero's
(ING Casa de Bolsa) long term local currency issuer rating to
Baa3, from A3, and short term local currency issuer rating to
Prime-3, from Prime-2.

At the same time, Moody's de Mexico downgraded ING Mexico's long
term Mexican National Scale deposit rating to Aa3.mx, from
Aaa.mx, and short term Mexican National Scale deposit rating to
MX-2, from MX-1. Moody's de Mexico also downgraded ING Casa de
Bolsa's long term Mexican National Scale issuer rating to Aa3.mx,
from Aaa.mx, and short term Mexican National Scale issuer rating
to MX-2, from MX-1.

All ratings were placed on review for possible downgrade.

Ratings Rationale

Moody's downgrade of ING Mexico's standalone credit strength to
D-from D+ reflects the significant contraction in business
volumes and assets over the past two quarters, as well as
resulting net losses. The rating also incorporates the
uncertainty regarding the bank's strategy going forward.

The ratings for ING Mexico incorporate its considerable franchise
in Mexico within its niche market and recurrent earnings. During
March 2012, ING Mexico's holdings of investment securities
contracted a substantial 52% leading to a 54% contraction in
total assets, greatly diminishing the bank's earnings capability.
The bank's revenues during 2011 were related mainly to interest
margin over long bond positions, which represented about 75% of
revenues. During the first quarter of 2012, ING Mexico reported
losses of Mx$110 million.

Moody's noted that it lowered its assessment of expected parental
support in case of stress for ING Mexico based on the diminished
importance of the Mexican bank to ING Bank following the recent
sale of non-bank operations in Mexico and elsewhere in Latin
America. Moody's also believes that ING Mexico's strategic fit
for ING Bank is limited due to its remote geography. For that
reason, ING M‚xico's deposit ratings were downgraded to Baa3,
from A3.

The ratings for ING Mexico remain on review for possible
downgrade in line with the review for possible downgrade that
begun on February 15, 2012 for all the ratings of ING Bank, and
the continued uncertainties regarding ING Bank's strategy in
Mexico.

As of March 31, 2012, ING M‚xico had total assets of Mx$40.1
billion, loans of Mx$3.5 billion, and shareholders' equity of
Mx$8.2 billion.

RATINGS OF ING (MEXICO), S.A. DE C.V., CASA DE BOLSA, ING GRUPO
FINANCIERO

Moody's downgraded ING Casa de Bolsa's issuer ratings in line
with those of its sister bank, ING M‚xico. ING Casa de Bolsa is a
99.992%-owned subsidiary of ING Grupo Financiero (Mexico), S.A.
de C.V.

ING Bank's Mexican subsidiaries share common infrastructure,
staff, client base, technological platform, and risk management
practices despite being separate legal entities in compliance
with Mexican regulations for brokerage houses.

Because of the entities' high interdependence, ING Casa de
Bolsa's ratings are aligned to those of ING Mexico and reflect
the brokerage house's negligible scale and the limited business
potential indicated by its monoline business nature.

ING Casa de Bolsa engages in fee-based bond underwriting, an
activity that cannot be performed directly by ING Mexico, as per
Mexican regulation.

As of March 31, 2012, ING Casa de Bolsa had total assets of
Mx$174 million, shareholders' equity of Mx$161 million, and net
income of Mx$1 million.

The last rating action on ING M‚xico was on August 6, 2009, when
Moody's affirmed the bank's foreign currency deposit ratings. The
last rating action on ING Casa de Bolsa was on February 13, 2009,
when Moody's assigned first-time ratings to the brokerage house.

The following ratings were downgraded:

ING Mexico

Bank financial strength rating to D-, from D+; placed on review
for possible downgrade

Long term local currency deposit rating to Baa3, from A3; placed
on review for possible downgrade

Short term local currency deposit rating to Prime-3, from Prime-
2; placed on review for possible downgrade

Long term foreign currency deposit rating to Baa3, from Baa1;
placed on review for possible downgrade

Short term foreign currency deposit rating to Prime-3, from
Prime-2; placed on review for possible downgrade

Long term Mexican National Scale deposit rating to Aa3.mx, from
Aaa.mx; placed on review for possible downgrade

Short term Mexican National Scale deposit rating to MX-2, from
MX-1

ING Casa de Bolsa

Long term local currency issuer rating to Baa3, from A3; placed
on review for possible downgrade

Short term local currency issuer rating to Prime-3, from Prime-2;
placed on review for possible downgrade

Long term Mexican National Scale issuer rating to Aa3.mx, from
Aaa.mx; placed on review for possible downgrade

Short term Mexican National Scale issuer rating to MX-2, from
MX-1


VITRO SAB: Vulture Funds Ordered to Pay Legal Fees
--------------------------------------------------
Vitro S.A.B. de C.V. disclosed that the Federal Unitary Second
Court for the Fourth Circuit in Monterrey, Nuevo Leon, as Appeals
Court, has affirmed a lower Federal court's dismissal of the
eighteen involuntary bankruptcy lawsuits filed against Vitro and
seventeen of its subsidiaries by dissident bondholders in
December 2010.

Moreover, the Appeals Court ruled that, as a result of the
dismissal of the involuntary bankruptcy lawsuits, Vitro and each
of its corresponding seventeen subsidiaries are now entitled to
recover their corresponding legal fees and expenses from the
petitioning dissident bondholders.

In another legal victory for Vitro, the Third Collegiate Court
for Civil Matters for the Fourth Circuit in Monterrey, Nuevo
Leon, has dismissed a constitutional challenge filed by dissident
bondholders against certain provisions of the Mexican Business
Reorganization Act (Ley de Concursos Mercantiles) and the
December 2010 ruling admitting Vitro's petition to commence the
reorganization phase of its voluntary prepackaged insolvency
proceeding in Mexico.  The Collegiate Court's dismissal cannot be
challenged further and may negatively impact the dissident
bondholders' chances for success in other pending appeals and
constitutional challenges in Mexico relating to Vitro's now-
completed insolvency proceeding.

Mr. Claudio Del Valle, Vitro's Chief Restructuring Officer
stated, "We are pleased that in both of these rulings, the nature
of the tactics employed by the so-called vulture funds will have
consequences against them.  In particular, the ruling by the
Second Appeals Court orders the vulture funds to reimburse Vitro
and its subsidiaries for their legal fees and expenses in
defending against the involuntary bankruptcy lawsuits, in amounts
to be determined in accordance with the relevant Mexican law."

"As previously reported, notwithstanding these and other efforts
by the highly litigious vulture funds, Vitro has successfully
implemented its recently approved concurso plan in Mexico, and is
awaiting a decision on its request to enforce the concurso plan
in the U.S. following a hearing next month before the U.S.
bankruptcy court in Dallas, Texas.  In the meantime, we will
continue to focus on operational excellence and delivering value
for our customers."

                          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.


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


CARIBBEAN AIRLINES: Chairman Denies Claim on Air Jamaica Purchase
-----------------------------------------------------------------
RJR News reports that Chairman of Caribbean Airlines Limited
Rabindra Moonan said the airline used part of the US$149 million
in cash left by the PNM-appointed board of the airline to acquire
Air Jamaica Limited and purchase two ATR aircraft.

Mr. Moonan was responding to a newspaper report which stated the
previous CAL board had left the airline with US$149 million in
cash when the board, which was chaired by entrepreneur Arthur Lok
Jack, resigned in June 2010, according to RJR News.  The report
relates that Mr. Lok Jack said no money was paid by CAL to
acquire Air Jamaica.  RJR News notes that Mr. Lok Jack said the
T&T Government provided CAL with US$50 million in equity to
finance the integration of the two airlines.

RJR News says that Mr. Lok Jack explains that the Jamaican
Government absorbed Air Jamaica's sizeable debts and severance
costs to ensure that CAL acquired a debt-free airline.  The
report relays that the Jamaican government also provided CAL with
US$19 million to indemnify pre-paid tickets.

RJR News notes that Mr. Lok Jack said one reason for the
depletion of CAL's cash reserves was the bad route structure
which changed after his board resigned.

Trinidad's Transport Minister Devant Maharaj has requested a
report from Caribbean Airlines on how US$149 million in its bank
accounts was depleted, the report says.  RJR News relates that
Mr. Maharaj's request followed a newspaper report in Trinidad in
which the airline's former Mr. Lok Jack produced documents
showing that when he and the former directors resigned in 2010
the airline was in a healthy cash position.

Mr. Lok Jack told Trinidad's Express newspaper that after it got
off the ground in 2007, Caribbean Airlines continued to increase
sales while it simultaneously dropped non-performing routes, RJR
News says.  It has since posted a US$52 million loss in 2011, RJR
News adds.

                     About Caribbean Airlines

Caribbean Airlines Limited -- http://http://www.caribbean-
airlines.com/ -- provides passenger airline services.  It also
specializes in the shipment of fresh cut flowers and packaged
meats, hatching eggs, chocolates, fruits and vegetables, frozen
and chilled fish, vaccines, newspapers, and magazines within the
Caribbean, as well as to North America and Europe.

                           *     *     *

As reported in the Troubled Company Reporter on March 21, 2012,
RJR News said that Caribbean Airlines Limited owes nearly
US$30 million to Trinidad and Tobago's fuel provider National
Petroleum.  Trinidad Express said CAL enjoys a seven-day credit
facility for aviation fuel from the company, according to RJR
News.  However, the report related that the airline has not been
able to pay the full amount when invoiced and instead has been
issuing partial payments to sustain the account.  RJR News notes
that Trinidad Express reported that the arrears were built up
over the last six weeks as no payments have been made despite an
attractive fuel subsidy which the airline has enjoyed since it
began operations in January 2007.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *