TCRLA_Public/120615.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

              Friday, June 15, 2012, Vol. 13, No. 118


                            Headlines



B A R B A D O S

REDJET: Gets All Clear From Court


B E R M U D A

AHL PEGASUS: Creditors' Proofs of Debt Due June 27
AHL PEGASUS: Member to Receive Wind-Up Report on July 27
MAN GLOBAL: Creditors' Proofs of Debt Due June 27
MAN GLOBAL: Member to Receive Wind-Up Report on July 23


B R A Z I L

BANCO BILBAO: Fitch Takes Various Ratings on BBVA Units
MARFRIG ALIMENTOS: Sees Lower Debt, Higher Margin on New Units
REDE ENERGIA: Fitch Junks Rating on Three Note Classes


C A Y M A N   I S L A N D S

ANTHRACITE BALANCED: Creditors' Proofs of Debt Due July 5
ANTHRACITE BALANCED (41): Creditors' Proofs of Debt Due July 5
ANTHRACITE BALANCED (48): Creditors' Proofs of Debt Due July 5
BRAIT V GP: Creditors' Proofs of Debt Due July 5
PAC LTD: Placed Under Voluntary Wind-Up

PARLIN CAPITAL: Creditors' Proofs of Debt Due July 5
RASMALA GLOBAL: Creditors' Proofs of Debt Due June 25
RASMALA GLOBAL FUND: Creditors' Proofs of Debt Due June 25
S.P.I. CORPORATION: Placed Under Voluntary Wind-Up
VALVETECHNOLOGIES: Creditors' Proofs of Debt Due July 3


M E X I C O

VITRO SAB: Bondholders Defeat Bankruptcy Plan Enforcement in U.S.
SIAPA: Moody's Reviews Ba3 Issuer Ratings for Possible Downgrade


                            - - - - -


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


REDJET: Gets All Clear From Court
---------------------------------
RJR News reports that Airone Caribbean/Airone Ventures Limited
(REDjet) has been given clearance to fly its aircraft to the
United States where they will be sold to help repay creditors.

The last plane left Barbados hours after the court gave the
company the all-clear, according to RRJ News.  The report relates
that REDjet got the green light from High Court judge Randall
Worrell who overturned the injunction granted over the weekend to
Grantley Adams International Airport (GAIA) Incorporated.

As reported in the Troubled Company Reporter-Latin America on
June 14, 2012, RJR News reports that Airone Caribbean/Airone
Ventures Limited (REDjet)'s lawyer is fighting a court injunction
granted to one of  its creditors, Grantley Adams International
Airport (GAIA) Incorporated, which blocks the airline from flying
its last plane out of Barbados.  Attorney-at-law Anthony Audain
told the Barbados Daily Nation that the order granted late
Saturday was not only invalid but put a spoke in the wheel of the
airline's efforts to repay passengers and other creditors,
according to RJR News.  The airport is among the creditors, the
report relates, which sources said is owed significant sums.

REDjet (Airone Caribbean/Airone Ventures Limited) is a startup
low-cost carrier (LCC) based at the Grantley Adams International
Airport in Christ Church, Barbados, near Bridgetown.
Incorporated in Barbados, the privately owned airline features a
fleet of McDonnell Douglas MD-82 and MD-83 aircraft.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 26, 2012, RJR News related that REDjet's decision to
suspend all flights came a day after the airline announced the
addition of its new route to Antigua and Barbuda.  REDjet
officials are calling on the Barbadian government for close to
$8,000,000 in assistance, and to receive the same subsidies as
other airlines, RJR News noted.  The report disclosed that Mr.
Maharaj said governments cannot continue to expose themselves as
a guarantor to private enterprises.



=============
B E R M U D A
=============


AHL PEGASUS: Creditors' Proofs of Debt Due June 27
--------------------------------------------------
The creditors of AHL Pegasus Limited are required to file their
proofs of debt by June 27, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 8, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


AHL PEGASUS: Member to Receive Wind-Up Report on July 27
--------------------------------------------------------
The member of AHL Pegasus Limited will receive on July 27, 2012,
at 9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on June 8, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MAN GLOBAL: Creditors' Proofs of Debt Due June 27
-------------------------------------------------
The creditors of Man Global Growth Ltd are required to file their
proofs of debt by June 27, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 8, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MAN GLOBAL: Member to Receive Wind-Up Report on July 23
-------------------------------------------------------
The member of Man Global Growth Ltd will receive on July 23,
2012, at 9:30 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced wind-up proceedings on June 8, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda



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


BANCO BILBAO: Fitch Takes Various Ratings on BBVA Units
-------------------------------------------------------
Fitch Ratings has taken various rating actions on the Latin
America subsidiaries of Banco Bilbao Vizcaya Argentaria (BBVA),
following the June 11, 2012 downgrade of BBVA's Issuer Default
Ratings (IDRs) and Viability Rating.  The rating actions on
BBVA's Latin America subsidiaries differ across companies and
countries.

Fitch believes Latin America remains strategically important to
BBVA.  BBVA benefits from the geographic diversification of its
Latin American subsidiaries, which allows them to generate
earnings internationally and make up for the muted results in
Spain.  The international subsidiaries are self-funded, which
boosts liquidity. It also minimizes contagion risk and allows the
companies to issue from different jurisdictions.  Growth
prospects for emerging markets have recently been revised down,
and the subsidiaries are not entirely immune to global economic
trends.  However, earnings from emerging markets will continue to
contribute significantly to group earnings.

On June 11 2012, Fitch downgraded BBVA's long-term foreign
currency IDR to 'BBB+' from 'A', and the Rating Outlook remained
Negative.  This followed a three-notch downgrade of Spain's
sovereign long-term IDR.

The downgrade on BBVA reflects similar concerns to those that
have affected the Spanish sovereign rating; in particular, Spain
is forecasted to remain in recession through the remainder of
this year and 2013 compared to the previous expectation that the
economy would benefit from a mild recovery in 2013.  This
directly affects BBVA's activities in Spain.  The Negative
Outlook mirrors that on the sovereign rating. BBVA's long-term
IDRs and VRs are sensitive to a further downgrade of Spain's
sovereign rating.

Some BBVA subsidiaries in Latin America currently exhibit an
intrinsic financial profile better or similar to that of its
parent (measured by their VRs).  Therefore, their IDRs are no
longer derived from the expected support from the parent,
although it's evident such subsidiaries remain a core asset for
BBVA.  This is the case for Banco BBVA Bancomer in Mexico (BBVA
Bancomer) and BBVA Continental in Peru (BBVA Continental).

Considering the systemic importance of some of the subsidiaries
in their home markets, Fitch has assigned a Support Rating Floor
(SRF) to several subsidiaries.  The Mexican and Peruvian
sovereigns has vested interests in preserving the health of their
financial systems and hence will likely provide support should it
be required.  However, at this time the VRs of all BBVA's Latin
America subsidiaries remain above their respective SRF as
evidence of their good financial profiles.  Fitch's SRFs indicate
a level below which the agency will not lower the bank's long-
term IDRs.

The rated subsidiaries of BBVA in Latin America shows robust
financial condition, strong local franchises, self-funded nature
mostly within their home markets, good profitability and
capitalization.  They do not rely on BBVA in order to pursue
their day to day business, and their management teams and Board
of directors enjoy a high degree of operating independence.
Also, the improved reputation, efficiency and monitoring of local
regulators in Colombia, Chile, Mexico, Panama and Peru provides
sufficient ring-fencing to protect the local subsidiaries from
negative events occurring either at their parent and their
parent's sovereign.  The exposure of BBVA's subsidiaries in Latin
America to their parent is negligible and tightly controlled by
stringent local regulations.

However, Fitch recognizes that the reputation of the parent and
its subsidiaries in Latin America are somewhat interdependent and
correlated, and so it's not possible to completely dissociate the
ratings of the parent and the subsidiaries.  Further downgrades
at the parent level or changes in market perceptions regarding
the Latin America subsidiaries could trigger further reviews of
the ratings, and this is the basis for many of the Negative
Outlooks detailed below.  (For additional information, see
Fitch's criteria 'Rating Foreign Banking Subsidiaries Higher than
Parent Banks or Bank Holding Companies, published June 12, 2012.)

Some of the subsidiaries' IDRs are still support-driven by its
parent (Panama and Colombia). Fitch has downgraded these
subsidiaries, and their Outlook remains Negative, reflecting the
weakening of BBVA's ability to provide support.

Given the current rating of the parent, Country Ceiling
limitations are no longer constraining any IDR.

Fitch has taken rating actions on the following BBVA
subsidiaries:

Banco BBVA Bancomer (BBVA Bancomer):

BBVA Bancomer's IDRs and National Scale Ratings remain driven by
its 'a-' VR.  They do not factor in any extraordinary support
from its parent.  BBVA Bancomer's IDRs, National Ratings and VR
reflect its strong franchise, risk and revenue diversification,
resilient margins throughout different phases of the business
cycle, ample and stable customer deposits, as well as its
reasonable asset quality metrics.  They also consider lower than
peers core capital levels and a slightly higher, though still
conservative, loan to deposit ratio.

Fitch has revised the Outlook on BBVA Bancomer's international
long-term IDR to Negative from Stable.  This reflects the
inherent linkage of a subsidiary and its parent, as BBVA
Bancomer's VR and IDRs are currently one notch above the rating
of its parent.  These ratings might not be affected if the parent
company is eventually downgraded one notch further.  However, the
Negative Outlook reflects that these ratings could be affected by
a downgrade of the parent of two or more notches.  Deterioration
of the financial position of BBVA Bancomer could also result in a
downgrade of its VR and IDRs.  Fitch has downgraded the Support
Rating (SR) to '2' from '1' and assigned a SRF of 'BBB-'.  As the
largest bank in its country, it is highly likely that the Mexican
government (FC and LC IDR 'BBB'; Outlook Stable) will provide
support should it should be required.

Fitch has affirmed BBVA Bancomer's global junior subordinated
securities at 'BBB-' and affirmed the plain-vanilla subordinated
hybrids were affirmed at 'BBB'.  National Ratings assigned to the
bank's hybrid securities, all of them being junior subordinated
debt instruments, were affirmed at 'AA(mex)'.  Potential
downgrade of BBVA Bancomer's VR and IDRs would very likely result
in downgrades of similar magnitude in the hybrids ratings.

The Outlook on BBVA Bancomer's national-scale ratings is Stable,
which reflects that the ratings could only be affected by a
multi-notch downgrade of the bank's own VR.  (This is not Fitch's
baseline scenario, but it cannot be ruled out.)

Casa de Bolsa BBVA Bancomer (BBVA Casa de Bolsa Mexico):

Fitch has affirmed BBVA Casa de Bolsa Mexico's National Ratings.
The securities firm forms an integral part of BBVA Bancomer's
franchise.  Fitch makes no distinction between the credit risk of
BBVA Casa de Bolsa Mexico and BBVA Bancomer.

Facileasing S.A. de C.V. (Facileasing)

Fitch has affirmed the National Ratings of Facileasing in Mexico,
which is owned by BBVA.  However, Fitch believes this entity is a
strategic part of BBVA Bancomer, and it should be viewed as part
of BBVA's overall Mexican franchise.  Facileasing's National
Ratings are equalized with those of BBVA Bancomer.

Banco BBVA Continental (BBVA Continental):

Fitch has downgraded BBVA Continental's long-term local currency
IDR to 'BBB+' from 'A-' and its short-term local currency IDR to
'F2' from 'F1'.  Fitch has also affirmed BBVA Continental's long-
term foreign currency rating at 'BBB+'.  BBVA Continental's IDRs
are now driven by its 'bbb+' VR, as is the IDR of its parent.
The Rating Outlook on BBVA Continental's long-term IDR remains
Negative in keeping with BBVA's Outlook, as complete isolation
from the rating trends of the parent is not likely.

Despite this link to its parent's ratings, the bank's VR
evidences a capacity to withstand some deterioration of its
parent and remain above BBVA's rating, absent a significant
deterioration of market sentiment.  BBVA Continental's VR
reflects the bank's sound franchise, high efficiency, adequate
risk management, robust asset quality, ample loan loss reserves,
adequate capital, wide based/ low cost funding, consistent
performance and high profitability within a very positive
economic background despite fierce local competition.

BBVA Continental's Support Rating (SR) remains at 2, and Fitch
has assigned a 'BBB-' SRF.  As the second largest bank in Peru
with a market share of more than 20% of deposits, the Peruvian
government (FC and LC IDR 'BBB' Stable Outlook) is highly likely
to provide support should it be required.

Continental Trustees (Cayman) Ltd (CTCL):

Fitch has downgraded the loan participation notes issued by CTCL
to 'BB+' from 'BBB-'. The notes are secured by the rights to a
junior subordinated loan extended to BBVA Continental.  The notes
were downgraded, mirroring the trend of its anchor rating (BBVA
Continental's Local Currency long-term IDR).  According to
Fitch's criteria to rate bank capital securities, this type of
securities would be notched 1-2 notches from the anchor rating
indicated above for probability of non-performance, in addition
to 1-2 notches for loss severity.

Continental Senior Trustees (Cayman) Ltd (CSTC):

Fitch has affirmed the rating of the loan participation notes
issued by CSTC.  The notes are secured by the rights to a senior
loan extended to BBVA Continental, hence are equalized with the
long-term Foreign Currency IDR of BBVA Continental.

Continental Senior Trustees (Cayman) II Ltd (CSTCII):
Fitch has affirmed the rating of the loan participation notes
issued by CSTCII.  The notes are secured by the rights to a
senior loan extended to BBVA Continental, hence are equalized
with the long-term Foreign Currency IDR of Banco Continental.

BBVA Colombia:
Fitch has downgraded BBVA Colombia's Local Currency IDR to 'BBB'
from 'A-' and its short-term IDR to 'F-2'.  Fitch has also
affirmed BBVA Colombia's long-term Foreign Currency IDR and
Foreign Currency IDR were at 'BBB' and 'F-2', respectively.  The
Rating Outlook on its long-term IDRs is Negative.  Fitch has
affirmed all of BBVA Colombia's other ratings.  BBVA Colombia's
IDRs are driven by support from BBVA.  The VR considers its
resilient margins, improving profitability and asset quality,
adequate reserves, low loan concentration, and relative
efficiency, as well as its lower than average capital.

The Negative Outlook on BBVA Colombia's national-scale ratings
reflects the same trend of its international IDRs.

BBVA Chile and Forum:
Fitch's downgrade of both BBVA Chile's and Forum's long-term
national-scale ratings is the result of the lower support
capacity of its parent.  These subsidiaries remain strategic for
BBVA's franchise in Chile and are recurring, albeit smaller,
contributors to the parent's overall profitability. T he Rating
Outlook for BBVA Chile, was revised to Stable from Negative given
the increased possibility of government support it should be
required; although, the current financial condition of the bank
in Chile remains sound.  The Outlook for the long-term national
ratings for Forum remains Negative, in line with that assigned to
the Outlook for BBVA's long-term IDR, signaling that further
downgrades on BBVA may affect the National Ratings of its
subsidiary in Chile; Fitch does not expect government support may
be provided to non-bank financial intuitions.

BBVA Panama:
As BBVA Panama's National Ratings remain driven by support from
BBVA, Fitch has downgraded its long-term National Scale Rating to
'AA+(pan)' from 'AAA(pan)' and affirmed its short-term national
scale rating at 'F1+(pan)'.  The Rating Outlook was revised to
Negative to align it with BBVA's Outlook.  Despite its smaller
size compared to other BBVA subsidiaries in the region, BBVA
Panama is considered to be strategic for BBVA's Latin American
franchise as indicated by this operations long track record in
Panama.

Fitch has taken the following rating actions:

BBVA Bancomer

  -- Foreign currency long-term IDR affirmed at 'A-'; Outlook
     revised to Negative from Stable;
  -- Local currency long-term IDR affirmed at 'A-'; Outlook
     revised to Negative from Stable;
  -- Foreign and local currency short-term IDRs affirmed at 'F1'
  -- Viability Rating affirmed at 'a-';
  -- Support rating downgraded to '2' from '1';
  -- Support Rating Floor assigned at 'BBB-';
  -- Long-term national rating affirmed at 'AAA(mex)'; Outlook
     Stable;
  -- Short-term national rating affirmed at 'F1+(mex)';
  -- Long-term senior unsecured global notes affirmed at 'A-';
  -- Long-term plain vanilla subordinated notes affirmed at
     'BBB';
  -- Long-term junior subordinated notes affirmed at 'BBB-';
  -- Long-term national-scale rating for local senior unsecured
     debt issues affirmed at 'AAA(mex)';
  -- Long-term national-scale rating for local issues of market
     linked securities affirmed at 'AAA(emr)(mex)';
  -- Long-term national-scale rating for local subordinated
     debt issues affirmed at 'AA(mex)'.

Casa de Bolsa BBVA Bancomer

  -- Long-term national rating affirmed at 'AAA(mex)'; Outlook
     Stable;
  -- Short-term national rating affirmed at 'F1+(mex)'.

Facileasing, S.A. de C.V.

  -- Long-term national rating affirmed at 'AAA(mex)'; Outlook
     Stable;
  -- Short-term national rating affirmed at 'F1+(mex)';
  -- Short-term senior unsecured debt affirmed at 'F1+(mex)';
  -- Long-term senior unsecured debt affirmed at 'AAA(mex)'.

BBVA Continental

  -- Long-term foreign currency IDR affirmed at 'BBB+'; Outlook
     revised to Negative from Stable;
  -- Long-term local currency IDR downgraded to 'BBB+' from 'A-';
     Outlook Negative;
  -- Short-term foreign currency IDR affirmed at 'F2';
  -- Short-term local currency IDR downgraded to 'F2' from 'F1';
  -- Support rating affirmed at '2';
  -- Support Rating Floor assigned at 'BBB-';
  -- Viability rating affirmed at 'bbb+'.

Continental Trustees (Cayman) Ltd.

  -- Senior secured junior subordinated loan participation notes
     downgraded to 'BB+' from 'BBB-'.

Continental Senior Trustees (Cayman) Ltd

  -- Senior secured loan participation notes affirmed at 'BBB+'.

Continental Senior Trustees II (Cayman) Ltd.

  -- Senior secured loan participation notes affirmed at 'BBB+'.

BBVA Colombia

  -- Long-term foreign currency IDR affirmed at 'BBB'; Outlook
     revised to Negative from Stable;
  -- Short-term foreign currency IDR affirmed at 'F2';
  -- Long-term Local currency IDR downgraded to 'BBB' from 'A-';
     Outlook Negative;
  -- Short-term Local currency IDR downgraded to 'F2' from 'F1';
  -- Viability Rating affirmed at 'bbb-';
  -- Support rating affirmed at '2';
  -- National long-term rating affirmed at 'AAA(col)'; Outlook
     revised to Negative from Stable;
  -- National senior unsecured debt affirmed at 'AAA(col)';
  -- National Short-term rating affirmed at 'F1+(col)'.
  -- National long-term subordinated debt affirmed at 'AAA(col)'.

BBVA Chile

  -- Long-term national-scale rating downgraded to 'AA-(cl)' from
     'AA+(cl)'; Outlook revised to Stable from Negative;
  -- Short-term national-scale affirmed at 'N1+(cl)';
  -- National long-term rating on senior unsecured bonds
     downgraded to 'AA-(cl)' from 'AA+(cl);
  -- National long-term rating on mortgage notes downgraded to
     'AA-(cl)' from 'AA+(cl);
  -- National long-term rating on subordinated bonds downgraded
     to 'A (cl) from 'AA-(cl)';
  -- National equity rating affirmed at 'Primera Clase nivel 3'.

Forum Servicios Financieros

  -- Long-term national-scale rating downgraded to 'AA-(cl)'
     from 'AA(cl)'; Outlook Negative;
  -- National long-term rating on senior unsecured bonds
     downgraded to 'AA-(cl)' from 'AA(cl);
  -- National short-term rating on commercial paper affirmed at
     'F1+(cl)'.

BBVA Panama

  -- Long-term national-scale rating downgraded to 'AA+(pan)'
     from 'AAA(pan)'; Outlook revised to Negative from Stable;
  -- Short-term national-scale rating affirmed at 'F1+(pan)';
  -- Long-term senior unsecured debt downgraded to 'AA+(pan) from
     'AAA(pan)'.


MARFRIG ALIMENTOS: Sees Lower Debt, Higher Margin on New Units
--------------------------------------------------------------
Bloomberg News reports that Marfrig Alimentos SA expects the
purchase of BRF-Brasil Foods SA brands and processing units will
cut debt to less than four times earnings and boost margins, a
top executive said.

The debt-to-earnings ratio, at a five-year high of 4.5, may fall
further to as low as 2.5 if Marfrig manages to sell logistics
assets and a stake in its Seara unit, Joao Sampaio, vice
president of institutional affairs, told Bloomberg News in an
interview.

Bloomberg News notes that Mr. Sampaio said Marfrig SA will make a
July interest payment on BRL2.5 billion (US$1.2 billion) of
convertible bonds held by the state-owned development bank as
scheduled.

Bloomberg News notes that Marfrig SA, which has shifted from beef
to TV dinners, frozen pizzas and other meat products since 2010,
is seeking to reduce debt after 20 acquisitions in five years to
compete with Brasil Foods for processed products.  The report
relates that Marfrig SA spent US$2 billion in 2010 to buy Seara
from Cargill Inc. and McDonald's Corp. (MCD) supplier Keystone
Foods, causing debt to quadruple in two years.

Bloomberg News relates that the company expects to sell its
logistics assets this year after a deal with JSL SA (JSLG3) fell
through in March, Mr. Sampaio said.  Now Marfrig is considering
separating the assets into three businesses to make a sale
easier, he added, the report says.

A plan to sell a stake in Seara is also in place, Mr. Sampaio
said, the report adds.

                   About Marfrig Alimentos

Marfrig Alimentos SA (formerly Marfrig Frigorificos e Com de
Alimentos SA) is a Brazil-based company engaged in the processing
and distribution of meat and poultry products.  Its products
include cooked beef, bacon, sausages, beef cubes, minced
knuckles, steaks and other food items including pre-cooked and
frozen potato, frozen vegetables, canned meat, fish and ready
meals.  The Company operates in 13 countries, and exports its
products to more than 100 destinations worldwide.

                         *     *     *

As of March 3, 2012, the company continues to carry Moody's "B1"
long-term rating and long-term family rating.   The company also
continues to carry Moody's long-term issuer credit ratings.


REDE ENERGIA: Fitch Junks Rating on Three Note Classes
------------------------------------------------------
Fitch Ratings has taken the following rating actions on Rede
Energia S.A.:

  -- Local and foreign currency Issuer Default Ratings (IDRs)
     downgraded to 'Restricted Default' ('RD') from 'C';

  -- Long-term national scale rating downgraded to 'RD(bra)' from
     'C(bra)';

  -- USD575million perpetual notes long-term international
     rating affirmed at 'C/RR4';

  -- BRL370 million debenture issuance due in 2015 affirmed at
     'C(bra)'.

The rating actions reflect the extension in the maturity of the
first three installments of Rede Energia's 4th local debentures
issuance, based on Fitch's 'Distressed Debt Exchange Criteria',
published Aug. 12, 2011.  These payments were initially scheduled
for June 23, 2012, Dec. 23, 2012, and June 23, 2013.  The new
final maturity of the issuance is June 2016, instead of December
2014.

The new conditions of this issuance resulted in a significant
change in the original contractual terms, aiming at avoiding a
very likely event of default.

Fitch currently rates Rede Energia's subsidiaries Centrais
Eletricas Matogrossenses S.A. (Cemat) and Centrais Eletricas do
Para S.A. (Celpa) as follows:

Cemat

  -- Local and foreign currency IDRs 'RD';
  -- Long-term national scale rating 'RD(bra)'.

Celpa

  -- Local and foreign currency IDRs 'D';
  -- Long-term national scale rating 'D(bra)';
  -- USD250 million senior unsecured notes due in 2016 long-term
     international rating 'C/RR4'.



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


ANTHRACITE BALANCED: Creditors' Proofs of Debt Due July 5
---------------------------------------------------------
The creditors of Anthracite Balanced Company (LIBGDF3) Limited
are required to file their proofs of debt by July 5, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 15, 2012.

The company's liquidator is:

         Simon Conway
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


ANTHRACITE BALANCED (41): Creditors' Proofs of Debt Due July 5
--------------------------------------------------------------
The creditors of Anthracite Balanced Company (41) Limited are
required to file their proofs of debt by July 5, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 15, 2012.

The company's liquidator is:

         Simon Conway
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


ANTHRACITE BALANCED (48): Creditors' Proofs of Debt Due July 5
--------------------------------------------------------------
The creditors of Anthracite Balanced Company (48) Limited are
required to file their proofs of debt by July 5, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 15, 2012.

The company's liquidator is:

         Simon Conway
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


BRAIT V GP: Creditors' Proofs of Debt Due July 5
------------------------------------------------
The creditors of Brait V GP Limited are required to file their
proofs of debt by July 5, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 18, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


PAC LTD: Placed Under Voluntary Wind-Up
---------------------------------------
On May 7, 2012, the Grand Court of Cayman Islands entered an
order to wind up the operations of Pac Ltd.

The company's liquidator is:

         Eleanor Fisher
         Zolfo Cooper (Cayman) Limited
         Building 3, 4th Floor
         Cayman Financial Centre
         George Town Grand Cayman KY1-1102
         Cayman Islands


PARLIN CAPITAL: Creditors' Proofs of Debt Due July 5
----------------------------------------------------
The creditors of Parlin Capital Offshore Fund, Ltd. are required
to file their proofs of debt by July 5, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on May 24, 2012.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


RASMALA GLOBAL: Creditors' Proofs of Debt Due June 25
-----------------------------------------------------
The creditors of Rasmala Global Equity Opportunity Ltd. are
required to file their proofs of debt by June 25, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 13, 2012.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


RASMALA GLOBAL FUND: Creditors' Proofs of Debt Due June 25
----------------------------------------------------------
The creditors of Rasmala Global Equity Opportunity Fund Ltd. are
required to file their proofs of debt by June 25, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 13, 2012.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


S.P.I. CORPORATION: Placed Under Voluntary Wind-Up
--------------------------------------------------
At an extraordinary general meeting held on May 23, 2012, the
shareholders of S.P.I. Corporation resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

         Raymond E. Whittaker
         FCM Ltd.
         Governor's Square
         Ground Floor, West Bay Road
         PO Box 1982 Grand Cayman KY-1104
         Cayman Islands


VALVETECHNOLOGIES: Creditors' Proofs of Debt Due July 3
-------------------------------------------------------
The creditors of Valvetechnologies (South America) Inc. are
required to file their proofs of debt by July 3, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 17, 2012.

The company's liquidator is:

         Ogier
         c/o Giorgio Subiotto
         Telephone: (345) 815-1872
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands



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


VITRO SAB: Bondholders Defeat Bankruptcy Plan Enforcement in U.S.
-----------------------------------------------------------------
David McLaughlin and Brendan Case at Bloomberg News report that
Vitro, S.A.B. de C.V. lost its bid for a court ruling enforcing
its Mexican bankruptcy plan in the U.S. as a federal judge ruled
in favor of bondholders that have been fighting the glassmaker's
restructuring.

In a court hearing, U.S. Bankruptcy Judge Harlin DeWayne Hale in
Dallas denied Vitro's request to enforce the plan following a
hearing on whether the proposal should be recognized in the U.S.,
according to Bloomberg News.

Bloomberg News notes that Judge Hale said that Vitro's bankruptcy
plan is "manifestly contrary" to U.S. policy and can't be
enforced in the U.S.  The plan improperly extinguishes claims of
bondholders against units not in bankruptcy that guaranteed Vitro
debt, Judge Hale said.

"If approved for enforcement, the present order would create
precedent without any seeming bounds," the judge wrote, Bloomberg
News discloses.

Bloomberg News says that the decision is a setback for Vitro in
its battle with bondholders, who have called the company's
bankruptcy plan "a testament to audacity, brazen manipulation and
greed."  The two sides have been fighting in courts in the U.S.
and Mexico over the plan following Vitro's default, Bloomberg
News notes.  Bondholders have sued Vitro units that guaranteed
company debt to recover what they're owed, Bloomberg News notes.

"The protection of third party claims in a bankruptcy case is a
fundamental policy of the United States . . . .  The Concurso
Approval Order does not simply modify such claims against non-
debtors, they are extinguished," the judge wrote, Bloomberg News
says.

Bloomberg News discloses that Judge Hale said his ruling is
stayed until June 29 to give Vitro time to file an appeal.

"This decision will not impact our ability to serve our U.S.
customers due to the fact that our main subsidiary is protected
by a separate and distinct Concurso proceeding," Roberto Riva
Palacio, a spokesman for Vitro, said in an e-mail statement
obtained by the news agency.

                          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.


SIAPA: Moody's Reviews Ba3 Issuer Ratings for Possible Downgrade
----------------------------------------------------------------
Moody's de Mexico continues the review for possible downgrade on
SIAPA's Baa1.mx (Mexican National Scale) and Ba3 (Global Scale,
local currency) issuer ratings. The review was initially
prompted by a potential risk that a MXN1.4 billion loan with
Banco Interacciones could be accelerated and exert a severe test
on the company's financials.

Ratings Rationale

The continuation of the review reflects Moody's view that an
acceleration risk persists despite ongoing negotiations between
SIAPA and Banco Interacciones.

On April 2008, SIAPA contracted a MXN1.4 billion loan with Banco
Interacciones. Per the indenture, SIAPA's failure to comply with
any of its contractual obligations gives the bank the right to
accelerate the loan. Should that scenario occur, the trust would
retain every month 100% of the participations pledged by the
state of Jalisco (3.9% or MXN80 million approximately), until the
full repayment of the outstanding loan, in case SIAPA fails to
comply with payment obligations.

Recently, Banco Interacciones sent an acceleration warning to
SIAPA. The bank affirmed that SIAPA had failed to comply with
some of its obligations under the loan. Alleged covenant
violations were related to own-source revenue pledges. The loan
has continued to perform as SIAPA has continued to meet all its
debt service payments on a timely basis.

Moody's review will continue to focus on the ongoing negotiations
between SIAPA and Banco Interacciones. Moody's will closely
monitor and evaluate the final outcome of the negotiations and
their potential financial impact on SIAPA.

What Could Change The Rating Up/Down

If the discussions with SIAPA and Banco Interacciones are solved
favorably for the water company without any material increase in
its financial burden, Moody's could confirm its ratings at the
current levels. Should negotiations fail or the new loan
conditions significantly increase SIAPA's debt burdens, the
resulting fiscal pressures could result in a downgrade of the
issuer ratings. Moreover, the deterioration in financial and debt
metrics could also put downward pressure on SIAPA's ratings.

The principal methodology used in this rating was "Government-
Related Issuers: Methodology Update" published in July 2010.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated
by a ".nn" country modifier signifying the relevant country, as
in ".mx" for Mexico.


                            ***********


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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