TCRLA_Public/120611.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

              Monday, June 11, 2012, Vol. 13, No. 114


                            Headlines


A R G E N T I N A

ADS TECNOGRAFICA: Creditors' Proofs of Debt Due July 3
AGROGANADEROS DEL MERCOSUR: Creditors' Proofs of Debt Due July 2
DYCAP ARGENTINA: Creditors' Proofs of Debt Due Sept. 24
FERLOG SA: Creditors' Proofs of Debt Due June 28
SUPER IMAGEN: Creditors' Proofs of Debt Due Aug. 8

TRANSPORTADORA DE GAS: Filed for Protection From Creditors
VESPUCIO NORTE: S&P Affirms SPUR AT 'BB'; Outlook Stable
* ARGENTINA: Moody's Says Outlook for Insurance Industry Negative


B R A Z I L

BANCO PORTO: Central Bank Ends Liquidation Process
DELTA CONSTRUCOES: Files Recovery Plan Under Bankrupt Protection


C A Y M A N   I S L A N D S

CREEK IAM: Creditors' Proofs of Debt Due Aug. 13
DIKE IAM: Creditors' Proofs of Debt Due Aug. 13
KINGDOM 5-KR-18: Creditors' Proofs of Debt Due July 4
KINGDOM 5-KR-46: Creditors' Proofs of Debt Due July 4
KINGDOM 5-KR-62: Creditors' Proofs of Debt Due July 4

KINGDOM 5-KR-63: Creditors' Proofs of Debt Due July 4
KINGDOM 5-KR-85: Creditors' Proofs of Debt Due July 4
MARVEL IAM: Creditors' Proofs of Debt Due Aug. 13
POMONA IAM: Creditors' Proofs of Debt Due Aug. 13
SANDA KAN: Commences Liquidation Proceedings


E C U A D O R

* ECUADOR: S&P Raises Sovereign Credit Ratings to 'B/B'


H O N D U R A S

* HONDURAS: S&P Ups Sovereign Credit Ratings to 'B+/B'


M E X I C O

VITRO SAB: Judge Set to Rule on Bankruptcy Plan This Week


X X X X X X X X

* BOND PRICING: For the Week June 4 to June 8, 2012


                            - - - - -


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


ADS TECNOGRAFICA: Creditors' Proofs of Debt Due July 3
------------------------------------------------------
Jose Guillermo Lego, the court-appointed trustee for ADS
Tecnografica SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until July 3, 2012.

Mr. Lego will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 21
in Buenos Aires, with the assistance of Clerk No. 41, 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:

         Jose Guillermo Lego
         San Martin 50
         Argentina


AGROGANADEROS DEL MERCOSUR: Creditors' Proofs of Debt Due July 2
----------------------------------------------------------------
Ulderico Luis Lauden, the court-appointed trustee for
Agroganaderos del Mercosur SA's bankruptcy proceedings, will be
verifying creditors' proofs of claim until July 2, 2012.

Mr. Lauden will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 18, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Ulderico Luis Lauden
         Bernardo de Irigoyen 88
         Argentina


DYCAP ARGENTINA: Creditors' Proofs of Debt Due Sept. 24
-------------------------------------------------------
Roberto Leibovicius, the court-appointed trustee for Dycap
Argentina SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Sept. 24, 2012.

Mr. Leibovicius will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 24, 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:

         Roberto Leibovicius
         Tucuman 1585
         Argentina


FERLOG SA: Creditors' Proofs of Debt Due June 28
------------------------------------------------
Luis Alberto Cortes, the court-appointed trustee for Ferlog SA's
reorganization proceedings, will be verifying creditors' proofs
of claim until June 28, 2012.

Mr. Cortes will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 32, 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 May 7, 2013.

The Trustee can be reached at:

         Luis Alberto Cortes
         Av. Cordoba 1646
         Argentina


SUPER IMAGEN: Creditors' Proofs of Debt Due Aug. 8
--------------------------------------------------
Mario Leizerow, the court-appointed trustee for Super Imagen
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Aug. 8, 2012.

Mr. Leizerow will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 44, 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:

         Mario Leizerow
         Avenida Santa Fe 2206
         Argentina


TRANSPORTADORA DE GAS: Filed for Protection From Creditors
----------------------------------------------------------
Eduardo Thomson and Camila Russo at Bloomberg News report that
Transportadora de Gas del Norte SA said it would file for
protection from creditors for a second time in four years.

The company said June 1 in a filing to regulators that it would
stop seeking approval for a debt restructuring plan it presented
in 2009 and would petition for the equivalent of a Chapter 11
bankruptcy filing, according to Bloomberg News.

Bloomberg News notes that the company defaulted on about US$22
million of dollar denominated debt in December 2008.  Bloomberg
News relates that it presented a plan to swap the debt in 2009
that was approved by about 88% of creditors and was blocked in
courts, TGN said.

"TGN will continue transporting natural gas and executing
its investment plan. . . .  We are confident that the government
will normalize tariffs to maintain provision of services,"
Bloomberg News said in a statement obtained by the news agency.

Headquartered in Buenos Aires, Transportadora de Gas del Norte
SA -- http://www.tgn.com.ar/-- is one of the two largest
transporters of natural gas in Argentina, delivering
approximately 40% of the country's total gas consumption and more
than 50% of Argentine total gas exports.  The northern Argentine
gas pipeline system connects major gas fields in northern and
central-western Argentina.  The company benefits from an
exclusive 35-year concession contract, ending Dec. 28, 2027,
which may be extended for an additional 10 years.  The parent
company is Gasinvest S.A., which has a 56.35% stake and comprises
five companies: Totalfinaelf (27.2%), Transcogas Inversora S.A.
(22.3%), Compania General de Combustibles (5%), Organizacion
Techint (27.2%), and Petroliam Nasional Berhad (18.3%).  In
addition, CMS Gas Argentina holds 23.5% of Transportadora Norte's
shares, while the remaining 20% is traded on the Buenos Aires
stock exchange.

                             *     *     *

A reported in the Troubled Company Reporter-Latin America on
June 8, 2012, Fitch Ratings has withdrawn Transportadora de Gas
del Norte's (TGN) proposed USD 247.3 million debt issuance rating
of 'CCC(exp)/RR4/BB(arg)'.  The rating withdrawal reflects the
suspension of the debt issuance due to the withdrawal of TGN's
proposed debt restructuring process.


VESPUCIO NORTE: S&P Affirms SPUR AT 'BB'; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' underlying
rating (SPUR) on Vespucio Norte Express S.A. (VNE). The outlook
is stable. The 'BB' senior secured debt rating on VNE reflects
the higher of the project SPUR and the rating on bond insurance
provider MBIA Insurance Corp. (B/Negative/--).

The 'BB' SPUR continues to reflect these risks:

- Relatively weak financial performance, after low initial
   traffic levels.

- Dependence on strong traffic growth, which depends on
   continued GDP growth in Chile.

- Customer-management risks associated with electronic toll
   collection.

Partly mitigating those weaknesses are these strengths:

- Strong liquidity protection in the next two to three years.
   Long-term potential increases in traffic, as other urban toll
   roads in Santiago Autopista Central Sociedad Concesionaria
   S.A. and Costanera Norte Sociedad Concesionaria S.A.
   experienced.

- The main sponsors' experience in road construction and
   concession management.

"During 2011, VNE's traffic and revenues grew about 18% and
22.5%, respectively, compared with 2010, which was significantly
affected by the February 2010 earthquake," said Standard & Poor's
credit analyst Candela Macchi. "Assuming a conservative real
long-term average revenue growth of 5%, we expect a DSCR in the
1.1x to 1.15x range in the next three to four years, slightly
above the one in 2011."

"The stable outlook on the SPUR reflects the project's strong
liquidity that would provide adequate protection against
potential cash shortfalls in the next three years. We could lower
the SPUR if we find evidence of poor long-term traffic
fundamentals. On the other hand, we could raise the SPUR if the
project shows significant progress in matching original revenue
expectations," S&P said.


* ARGENTINA: Moody's Says Outlook for Insurance Industry Negative
-----------------------------------------------------------------
The outlook for both Argentina's property & casualty (P&C) and
life insurance industries has been changed to negative, while
that for the workers' compensation and annuity sectors remains
negative, Moody's Investors Service says in a new report titled,
"Outlook for Argentine Insurers is Negative". The negative
outlook on the entire Argentine insurance industry relates
primarily to concerns about the local operating environment,
which is negatively affecting companies' credit profiles.

"Regulatory reforms over the past year have altered the landscape
for Argentine insurers," says Diego Nemirovsky, Vice President
and author of the report. "We are particularly concerned about
the operating environment for insurers, which has seen
significant volatility as well as many regulatory changes," he
says.

A recent resolution that compels firms to purchase reinsurance
only from companies domiciled in Argentina is a clear example,
Nemirovsky says, as it will increase insurers' costs and net
underwriting leverage, as well as expose them to greater
counterparty risk. A further regulatory change requires Argentine
insurers to repatriate their foreign investment holdings. This
has negatively affected their investment credit quality, and in
turn their earnings quality and stability, as well as their risk-
adjusted capital adequacy.

Moody's notes also that the current inflationary environment
presents a challenge for Argentine insurers. P&C firms could see
higher underwriting losses and underwriting leverage, which would
erode their profitability and capital adequacy, while life and
annuity product sales would be negatively affected by monetary
instability, which is a key condition for future growth.

Regarding workers' compensation insurers, the sector remains
entangled in litigation, with many claimants seeking compensation
beyond the scope of the system. Although the new legal framework
expected this year should be credit positive for these insurers,
in the meantime their capital adequacy will come under increasing
pressure, since profitability has not kept pace with growth in
underwriting risk and exposures.



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


BANCO PORTO: Central Bank Ends Liquidation Process
--------------------------------------------------
Fabiola Moura at Bloomberg News, citing an e-mailed statement,
reports that Brazil's central bank ended the liquidation process
of Banco Porto Seguro SA, started in July 1, 1998.

The statement said that the central bank also decided Porto
Seguro now is a non-financial institution and can't be part of
the country's Nacional Financial System, according to Bloomberg
News.


DELTA CONSTRUCOES: Files Recovery Plan Under Bankrupt Protection
----------------------------------------------------------------
Fabiola Moura at Bloomberg News, citing an e-mailed statement,
reports that Delta Construcoes SA filed for bankruptcy protection
in Rio de Janeiro, alleging its financial situation became
"unbearable" after several public companies halted payments to
contracts.

The statement said that Delta Construcoes hired Alvarez & Marsal
as its bankruptcy recovery consultant, according to Bloomberg
News.

Delta Construcoes SA is a Brazilian builder firm.



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


CREEK IAM: Creditors' Proofs of Debt Due Aug. 13
------------------------------------------------
The creditors of Creek IAM Limited are required to file their
proofs of debt by Aug. 13, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 14, 2012.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111 Grand Cayman KY1-1102
         Cayman Islands


DIKE IAM: Creditors' Proofs of Debt Due Aug. 13
-----------------------------------------------
The creditors of Dike IAM Limited are required to file their
proofs of debt by Aug. 13, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 14, 2012.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111 Grand Cayman KY1-1102
         Cayman Islands


KINGDOM 5-KR-18: Creditors' Proofs of Debt Due July 4
-----------------------------------------------------
The creditors of Kingdom 5-KR-18 are required to file their
proofs of debt by July 4, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 16, 2012.

The company's liquidator is:

         Royal Bank Of Canada Trust Company (Cayman) Limited
         P.O. Box 1586
         24 Shedden Road, 4th floor
         Grand Cayman KY1-1110
         Cayman Islands


KINGDOM 5-KR-46: Creditors' Proofs of Debt Due July 4
-----------------------------------------------------
The creditors of Kingdom 5-KR-46 are required to file their
proofs of debt by July 4, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 16, 2012.

The company's liquidator is:

         Royal Bank Of Canada Trust Company (Cayman) Limited
         P.O. Box 1586
         24 Shedden Road, 4th floor
         Grand Cayman KY1-1110
         Cayman Islands


KINGDOM 5-KR-62: Creditors' Proofs of Debt Due July 4
-----------------------------------------------------
The creditors of Kingdom 5-KR-62 are required to file their
proofs of debt by July 4, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 16, 2012.

The company's liquidator is:

         Royal Bank Of Canada Trust Company (Cayman) Limited
         P.O. Box 1586
         24 Shedden Road, 4th floor
         Grand Cayman KY1-1110
         Cayman Islands


KINGDOM 5-KR-63: Creditors' Proofs of Debt Due July 4
-----------------------------------------------------
The creditors of Kingdom 5-KR-63 are required to file their
proofs of debt by July 4, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 16, 2012.

The company's liquidator is:

         Royal Bank Of Canada Trust Company (Cayman) Limited
         P.O. Box 1586
         24 Shedden Road, 4th floor
         Grand Cayman KY1-1110
         Cayman Islands


KINGDOM 5-KR-85: Creditors' Proofs of Debt Due July 4
-----------------------------------------------------
The creditors of Kingdom 5-KR-85 are required to file their
proofs of debt by July 4, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 16, 2012.

The company's liquidator is:

         Royal Bank Of Canada Trust Company (Cayman) Limited
         P.O. Box 1586
         24 Shedden Road, 4th floor
         Grand Cayman KY1-1110
         Cayman Islands


MARVEL IAM: Creditors' Proofs of Debt Due Aug. 13
-------------------------------------------------
The creditors of Marvel IAM Limited are required to file their
proofs of debt by Aug. 13, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 14, 2012.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111 Grand Cayman KY1-1102
         Cayman Islands


POMONA IAM: Creditors' Proofs of Debt Due Aug. 13
-------------------------------------------------
The creditors of Pomona IAM Limited are required to file their
proofs of debt by Aug. 13, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 14, 2012.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111 Grand Cayman KY1-1102
         Cayman Islands


SANDA KAN: Commences Liquidation Proceedings
--------------------------------------------
On April 23, 2012, the sole shareholder of Sanda Kan (Cayman II)
Holdings Company Limited resolved to voluntarily liquidate the
company's business.

The company's liquidators are:

         David A.K. Walker
         Ian D. Stokoe
         PwC Corporate Finance & Recovery (Cayman) Limited
         P.O. Box 258, Strathvale House
         Grand Cayman KY1-1104
         Cayman Islands



=============
E C U A D O R
=============


* ECUADOR: S&P Raises Sovereign Credit Ratings to 'B/B'
-------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term sovereign
rating on the Republic of Ecuador to 'B' from 'B-' and the short-
term rating to 'B' from 'C'. The outlook is stable.

The upgrade reflects the perceived improvement in the
government's willingness, as well as capacity, to service its
debt due to improved financing options and higher oil production
and economic growth prospects.

"The perceived increase in willingness to pay its debt reflects
Ecuador's recent track record in paying, on a timely basis,
interest on its sole external bond due 2015 (which the
government's debt commission ruled as a legitimate obligation)
and on its bilateral and multilateral debts. Furthermore, the
government's improved relations with private-sector investors,
especially in the key oil and mining sectors, is an important
element in our evaluation of the government's more pragmatic
economic policymaking stance," S&P said.

"Due to the government's implementation of policies to boost
public-sector and foreign direct investment, both economic growth
prospects and government revenues have risen, which have improved
the government's capacity to pay its debts. Real GDP per capita
growth soared to 6.6% in 2011; however, it's expected to moderate
to just under 3% in 2012. Higher oil production and prices,
combined with additional funding from China, have provided the
government with needed financing and allowed for higher public-
sector investment. Additionally, greater legal transparency
surrounding the rules for investing in the oil and mining sectors
has begun to yield new investment in these areas in the form of
foreign direct investment. Standard & Poor's expects investment
in hydroelectric projects and in the key oil and mining sectors
to nearly double in 2012-2014 from the 2011 level, helping keep
total investment at about 25% of GDP, up from 22% in recent
years. As a result, Standard & Poor's expects the government's
low debt to GDP ratio to remain in the 20% area during the next
three years," S&P said.

"However, some of the considerations that led to Ecuador's 2008-
09 debt default remain as credit constraints. The default was a
result more of a lack of willingness, than ability, to pay: debt
was only 25% of GDP prior to the default. The default has limited
the government's financing options to date, as the international
capital markets have remained closed to Ecuador. Monetary policy
flexibility is very limited because of the use of the U.S. dollar
as the local currency. Ecuador also has no lender of last resort.
Ecuador's current account has moved into small deficits from
surpluses, as imports connected to new foreign direct investment
have risen. International reserves cover just over a month of
current account payments," S&P said.



===============
H O N D U R A S
===============


* HONDURAS: S&P Ups Sovereign Credit Ratings to 'B+/B'
------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term foreign
and local-currency sovereign credit ratings on Honduras to 'B+'
from 'B' and affirmed the 'B' short-term foreign and local
currency ratings. The outlook is stable, and the transfer and
convertibility assessment is 'BB'.

"The upgrade follows the government's ability to restore good
ties with external donors and reduce domestic political tensions,
thereby creating an environment for recent progress in fiscal and
pension reform and gradual exchange rate flexibility. The
government has reformed the largest public sector pension fund,
INPREMA, reduced its actuarial deficit, and modestly improved its
fiscal revenue. That, along with GDP growth of 3%-4% this year,
could contain the general government deficit to about 3% of GDP
in 2012. The central bank has also taken steps to gradually float
the national currency within a narrow band," S&P said.



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


VITRO SAB: Judge Set to Rule on Bankruptcy Plan This Week
---------------------------------------------------------
David McLaughlin at Bloomberg News reports that Vitro, S.A.B. de
C.V. is set to learn this week whether it can enforce its Mexican
bankruptcy plan in the U.S. after the glassmaker clashed with
bondholders in court over the plan.

U.S. Bankruptcy Judge Harlin DeWayne Hale in Dallas said in court
yesterday that he plans to rule on Vitro's enforcement motion
next week, probably by June 13, according to Bloomberg News.

Bloomberg News notes that Vitro SAB, which has won approval for
the bankruptcy plan in Mexico, is seeking an order from Hale
enforcing the restructuring and stopping litigation by
bondholders who have been fighting the plan in the U.S. and
Mexico in an effort to collect on US$1.2 billion in defaulted
bonds.

Bloomberg News says that Andrew Leblanc, an attorney for Vitro
SAB, said in his closing argument yesterday that the Mexican
approval is "worthy of respect" in the U.S. and should be
enforced.

"Vitro hangs in the balance," Bloomberg News quoted Mr. Leblanc
as saying.

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.



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


* BOND PRICING: For the Week June 4 to June 8, 2012
---------------------------------------------------


Issuer             Coupon       Maturity    Currency     Price
------             ------      --------     --------     -----

ARGENTINA
---------

ARGENT-$DIS              8.28   12/31/2033    USD         54.92
ARGENT-$DIS              8.28   12/31/2033    USD         59.18
ARGENT-$DIS              8.28   12/31/2033    USD         61.63
ARGENT-PAR               1.18   12/31/2038    ARS         36.42
ARGENT-EURDIS            7.82   12/31/2033    EUR            65
ARGENT-EURDIS            7.82   12/31/2033    EUR          52.5
ARGENT-EURDIS            7.82   12/31/2033    EUR            55
ARGENT-JPYDIS            4.33   12/31/2033    JPY            42
ARGENT-JPYPAR            0.45   12/31/2038    JPY            15
ARGENT-JPYPAR&GDP        0.45   12/31/2038    JPY             8
ARGNT BODEN                 7   10/3/2015     USD            89
ARGNT-BOCON PRE9            2   3/15/2014     ARS            68
BANCO DE GALICIA         8.75   5/4/2018      USD         72.75
BANCO MACRO SA           9.75   12/18/2036    USD         61.13
BANCO MACRO SA           9.75   12/18/2036    USD         61.13
BANCO MACRO SA           9.75   12/18/2036    USD            71
BONAR X                     7   4/17/2017     USD          67.5
CAPEX SA                   10   3/10/2018     USD            56
CAPEX SA                   10   3/10/2018     USD          58.5
CITY OF BUENOS           9.95   3/1/2017      USD         70.96
CITY OF BUENOS           9.95   3/1/2017      USD         71.71
EMP DISTRIB NORT         9.75   10/25/2022    USD            43
EMP DISTRIB NORT         9.75   10/25/2022    USD         40.88
EMP DISTRIB NORT         10.5   10/9/2017     USD            50
PROV BUENOS AIRE        9.625   4/18/2028     USD         48.44
PROV BUENOS AIRE       10.875   1/26/2021     USD         52.68
PROV BUENOS AIRE        9.375   9/14/2018     USD         54.73
PROV BUENOS AIRE       10.875   1/26/2021     USD         53.22
PROV BUENOS AIRE        9.375   9/14/2018     USD         54.25
PROV BUENOS AIRE        11.75   10/5/2015     USD         71.87
PROV BUENOS AIRE        11.75   10/5/2015     USD         69.06
PROV BUENOS AIRE         9.25   4/15/2017     USD         71.41
PROV DE CORDOBA        12.375   8/17/2017     USD         58.52
PROV DE CORDOBA        12.375   8/17/2017     USD            59
PROV DE MENDOZA           5.5   9/4/2018      USD         70.57
TRANSENER                9.75   8/15/2021     USD         45.88
TRANSENER                9.75   8/15/2021     USD            50
TRANSPORT DE GAS        7.875   5/14/2017     USD          71.5


BRAZIL
------

BANCO BMG               8.875   8/5/2020      USD          70.5
BANCO BMG                   8   4/15/2018     USD            72
BANCO BMG                9.95   11/5/2019     USD            74
BANCO BMG                 6.5   3/14/2014     USD          75.5
BANCO BMG               9.625   3/27/2017     USD          69.9
BANCO BMG               8.875   8/5/2020      USD          75.5
BANCO BMG SA             9.15   1/15/2016     USD          69.5
BANCO BONSUCESSO         9.25   11/3/2020     USD            65
BANCO BONSUCESSO         9.25   11/3/2020     USD         69.75
BANCO CRUZEIRO          8.875   9/22/2020     USD            30
BANCO CRUZEIRO          8.875   9/22/2020     USD         29.88
BANCO CRUZEIRO              7   7/8/2013      USD         40.45
BANCO CRUZEIRO           8.25   1/20/2016     USD            41
BANCO CRUZEIRO          7.625   4/21/2014     USD            39
BANCO CRUZEIRO            8.5   2/20/2015     USD         40.75
BANCO CRUZEIRO            8.5   2/20/2015     USD         40.88
BANCO CRUZEIRO           8.25   1/20/2016     USD         40.38
BANCO CRUZEIRO              8   9/17/2012     USD         72.97
REDE EMPRESAS          11.125                 USD          41.5
REDE EMPRESAS          11.125                 USD         39.75
REDE EMPRESAS          11.125                 USD         39.75


CAYMAN ISLAND
-------------

BANCO BPI (CI)           4.15   11/14/2035    EUR         52.25
BCP FINANCE BANK         5.01   3/31/2024     EUR         49.88
BCP FINANCE BANK         5.31   12/10/2023    EUR         52.13
BCP FINANCE CO          4.239                 EUR         30.89
BCP FINANCE CO          5.543                 EUR         29.61
BES FINANCE LTD          5.58                 EUR         39.08
BES FINANCE LTD           4.5                 EUR         50.33
CAM GLOBAL FIN           6.08   12/22/2030    EUR         61.38
CHINA AUTOMATION         7.75   4/20/2016     USD         71.51
CHINA FORESTRY          10.25   11/17/2015    USD            58
CHINA FORESTRY          10.25   11/17/2015    USD         57.63
CHINA NICKEL               10   3/12/2015     HKD          53.1
CHINA SUNERGY            4.75   6/15/2013     USD         52.92
EFG HELLAS CAYMA            9   6/8/2019      EUR         31.75
EFG ORA FUNDING           1.7   10/29/2014    EUR         48.66
ESFG INTERNATION        5.753                 EUR         32.25
GOL FINANCE              8.75                 USD            69
GOL FINANCE              8.75                 USD         69.63
HIDILI INDUSTRY         8.625   11/4/2015     USD            76
HIDILI INDUSTRY         8.625   11/4/2015     USD            75
HOME INNS                   2   12/15/2015    USD         71.25
HOME INNS                   2   12/15/2015    USD         70.85
JINKOSOLAR HOLD             4   5/15/2016     USD         46.82
LDK SOLAR CO LTD           10   2/28/2014     CNY         32.88
LDK SOLAR CO LTD         4.75   4/15/2013     USD          49.5
LDK SOLAR CO LTD         4.75   4/15/2013     USD         60.98
LDK SOLAR CO LTD         4.75   4/15/2013     USD         69.59
LUPATECH FINANCE        9.875                 USD            71
LUPATECH FINANCE        9.875                 USD            69
PUBMASTER FIN           5.943   12/30/2024    GBP          72.4
PUNCH TAVERNS           4.767   6/30/2033     GBP         72.33
RENHE COMMERCIAL           13   3/10/2016     USD          59.5
RENHE COMMERCIAL        11.75   5/18/2015     USD         57.04
RENHE COMMERCIAL           13   3/10/2016     USD         56.38
RENHE COMMERCIAL        11.75   5/18/2015     USD         56.75
SOLARFUN POWER H          3.5   1/15/2018     USD            58
SOLARFUN POWER H          3.5   1/15/2018     USD         58.25
SPG LAND HOLDING         13.5   4/8/2016      USD         73.02
SUNTECH POWER               3   3/15/2013     USD          62.8
SUNTECH POWER               3   3/15/2013     USD         63.02


CHILE
-----

CGE DISTRIBUCION         3.25   12/1/2012     CLP         9.978
COLBUN SA                 3.2   5/1/2013      CLP         49.27
ESVAL S.A.                3.8   7/15/2012     CLP         12.67
MASISA                   4.25   10/15/2012    CLP         10.03
QUINENCO SA               3.5   7/21/2013     CLP          25.6

PUERTO RICO
-----------

PUERTO RICO CONS          6.2 5/1/2017        USD         56.63
PUERTO RICO CONS          6.5 4/1/2016        USD         69.47


VENEZUELA
---------

ELEC DE CARACAS           8.5   4/10/2018     USD            70
PETROLEOS DE VEN          5.5   4/12/2037     USD            57
PETROLEOS DE VEN        5.375   4/12/2027     USD         56.79
PETROLEOS DE VEN         5.25   4/12/2017     USD         72.74
PETROLEOS DE VEN            9   11/17/2021    USD         75.44
PETROLEOS DE VEN        5.125   10/28/2016    USD         74.12
VENEZUELA                   7   3/31/2038     USD         62.39
VENEZUELA                   7   3/31/2038     USD            68
VENEZUELA                   6   12/9/2020     USD            69
VENEZUELA                7.65   4/21/2025     USD          70.5
VENEZUELA                8.25   10/13/2024    USD          74.5


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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