/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/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 * * *