TCRLA_Public/120905.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, September 5, 2012, Vol. 13, No. 177


                            Headlines



A R G E N T I N A

* ARGENTINA: Orders Arrest of Credit Suisse's Mulford, Telam Says


B E R M U D A

APPLETREE LTD: Creditors' Proofs of Debt Due Sept. 14
APPLETREE LTD: Members' Final Meeting Set for Oct. 5
BAY INSURANCE: Creditors' Proofs of Debt Due Sept. 14
BAY INSURANCE: Member to Receive Wind-Up Report on Oct. 5
PINEBRIDGE INVESTMENTS: Creditors' Proofs of Debt Due Sept. 14

PINEBRIDGE INVESTMENTS: Members' Final Meeting Set for Oct. 5
PINEBRIDGE REAL: Creditors' Proofs of Debt Due Sept. 14
PINEBRIDGE REAL: Members' Final Meeting Set for Oct. 5
SAAD INVESTMENTS: Court to Hear Wind-Up Petition on Sept. 17


B R A Z I L

CELPA: Equatorial Rallies, Creditors Clear Deal in Brazil


C A Y M A N   I S L A N D S

CJ 2001A LIMITED: Shareholder to Hear Wind-Up Report on Sept. 17
COLUMBIA RESEARCH: Shareholders' Final Meeting Set for Sept. 14
MAGIC FORTUNE: Creditors' Proofs of Debt Due Sept. 28
MONSOON INDIA: Shareholders' Final Meeting Set for Sept. 19
PETROEXPORT LTD: Creditors and Contributories to Meet on Sept. 10

R-ONE KAWASAKI: Creditors' Proofs of Debt Due Sept. 27
STRENUOUS FUND: Creditors' Proofs of Debt Due Sept. 19
SZ99A LIMITED: Shareholders' Final Meeting Set for Sept. 14
TEAM TOUCH: Creditors' Proofs of Debt Due Oct. 8
TSAGRIS HOLDINGS: Creditors' Proofs of Debt Due Sept. 17


M E X I C O

CONTEC HOLDINGS: Plans Fast Dash Through Bankruptcy
VITRO SAB: Bondholders Say Egregious Plan Should be Rejected


X X X X X X X X

* S&P's Global Corporate Default Tally Revised to 54 Issuers


                            - - - - -


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


* ARGENTINA: Orders Arrest of Credit Suisse's Mulford, Telam Says
-----------------------------------------------------------------
Eliana Raszewski at Bloomberg News reports that Argentine Federal
Judge Marcelo Martinez de Giorgi has ordered the international
arrest of Credit Suisse Group AG Executive David Mulford for
failing to testify in a probe on the events leading to the
country's 2001 debt default, state-run news agency Telam said.

Judge Marcelo Martinez de Giorgi has requested that Interpol
assist in locating and requesting the extradition of Mulford in
connection to the probe, Telam reported, citing judicial sources
it didn't identify, according to Bloomberg News.

Bloomberg News notes that a former U.S. Treasury undersecretary,
Mr. Mulford was chairman of Credit Suisse First Boston
International when he was tapped by then Economy Minister Domingo
Cavalloin 2001 to engineer a debt exchange amid the country's
financial crisis.

The swap stretching out payment terms on Argentina's debt didn't
provide enough financial relief to prevent Argentina from
defaulting on $95 billion in bonds that same year, Bloomberg News
relays.

Bloomberg News discloses that Mr. Mulford is currently serving as
international vice-chairman of Credit Suisse.

The Buenos Aires court has been investigating for a decade former
government officials, including Cavallo, for possible crimes
committed during the so-called "mega exchange" with Credit Suisse
and other banks, Bloomberg News relates.

Bloomberg News notes that Telam said that Mr. Mulford was unable
to testify in the case the first time he was called before the
court because he was serving as U.S. ambassador to India.  Since
stepping down from the diplomatic post, he has refused the court's
request to testify, Telam said, Bloomberg News adds.



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


APPLETREE LTD: Creditors' Proofs of Debt Due Sept. 14
-----------------------------------------------------
The creditors of Appletree Ltd. are required to file their proofs
of debt by Sept. 14, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 29, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM11
         Bermuda


APPLETREE LTD: Members' Final Meeting Set for Oct. 5
----------------------------------------------------
The members of Appletree Ltd. will hold their final general
meeting on Oct. 5, 2012, at 9:30 a.m. to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Aug. 29, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM11
         Bermuda


BAY INSURANCE: Creditors' Proofs of Debt Due Sept. 14
-----------------------------------------------------
The creditors of Bay Insurance Company Limited are required to
file their proofs of debt by Sept. 14, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 29, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM11
         Bermuda


BAY INSURANCE: Member to Receive Wind-Up Report on Oct. 5
---------------------------------------------------------
The member of Bay Insurance Company Limited will receive on
Oct. 5, 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 Aug. 29, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM11
         Bermuda


PINEBRIDGE INVESTMENTS: Creditors' Proofs of Debt Due Sept. 14
--------------------------------------------------------------
The creditors of Pinebridge Investments Private Equity Management
Ltd. are required to file their proofs of debt by Sept. 14, 2012,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Aug. 28, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM11
         Bermuda


PINEBRIDGE INVESTMENTS: Members' Final Meeting Set for Oct. 5
-------------------------------------------------------------
The members of Pinebridge Investments Private Equity Management
Ltd. will hold their final general meeting on Oct. 5, 2012, at
10:00 a.m. to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Aug. 28, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM11
         Bermuda


PINEBRIDGE REAL: Creditors' Proofs of Debt Due Sept. 14
-------------------------------------------------------
The creditors of Pinebridge Investments Real Property Advisors
Ltd. are required to file their proofs of debt by Sept. 14, 2012,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Aug. 28, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM11
         Bermuda


PINEBRIDGE REAL: Members' Final Meeting Set for Oct. 5
------------------------------------------------------
The members of Pinebridge Investments Real Property Advisors Ltd.
will hold their final general meeting on Oct. 5, 2012, at
10:15 a.m. to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Aug. 28, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM11
         Bermuda


SAAD INVESTMENTS: Court to Hear Wind-Up Petition on Sept. 17
------------------------------------------------------------
A petition to wind up the operations of Saad Investments Company
Limited will be heard before the Supreme Court of Bermuda on
Sept. 17, 2012, at 9:30 a.m.



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


CELPA: Equatorial Rallies, Creditors Clear Deal in Brazil
---------------------------------------------------------
Rodrigo Orihuela at Bloomberg News reports that Equatorial Energia
SA jumped the most in almost four years after creditors approved
its takeover of Centrais Eletricas do Para SA, or Celpa.

Equatorial rose 8.3% to close at BRL16.85 in Sao Paulo trading,
the steepest advance since Oct. 29, 2008, according to Bloomberg
News.

Celpa creditors voted Sept. 1 to accept Equatorial's offer made in
June, according to a regulatory filing obtained by the news
agency.

Bloomberg News notes that equatorial plans to merge Celpa, which
operates under bankruptcy protection, with Cia. Energetica do
Maranhao, or Cemar, the distributor it owns in the state of
Maranhao.

The transaction requires approval from the Brazilian
electricity regulator, Aneel, Bloomberg News relates.

The regulator appointed on August administrators for eight
distributors controlled by Celpa's majority shareholder Rede
Energia SA, the report adds.



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


CJ 2001A LIMITED: Shareholder to Hear Wind-Up Report on Sept. 17
----------------------------------------------------------------
The shareholder of CJ 2001A Limited will receive on Sept. 17,
2012, at 10:30 a.m., the liquidators' report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

         Samit Ghosh
         Simon Owiti
         c/o Isabel Mason
         Telephone: 949-7755
         Facsimile: 949-7634


COLUMBIA RESEARCH: Shareholders' Final Meeting Set for Sept. 14
---------------------------------------------------------------
The shareholders of Columbia Research Market Neutral (Offshore),
Ltd. will hold their final meeting on Sept. 14, 2012, at
11:15 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


MAGIC FORTUNE: Creditors' Proofs of Debt Due Sept. 28
-----------------------------------------------------
The creditors of Magic Fortune Holdings Limited are required to
file their proofs of debt by Sept. 28, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 7, 2012.

The company's liquidator is:

         Lion International Management Limited
         Craigmuir Chambers
         Road Town, Tortola
         British Virgin Islands
         c/o Philip C Pedro
         HSBC International Trustee Limited
         Compass Point
         9 Bermudiana Road
         Hamilton HM 11
         Bermuda
         Telephone: (441) 299-6482
         Facsimile: (441) 279-5832


MONSOON INDIA: Shareholders' Final Meeting Set for Sept. 19
-----------------------------------------------------------
The shareholders of Monsoon India Relationship Cayman Fund Ltd.
will hold their final meeting on Sept. 19, 2012, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Gautam Prakash
         c/o Maples and Calder Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


PETROEXPORT LTD: Creditors and Contributories to Meet on Sept. 10
-----------------------------------------------------------------
The creditors and contributories of Petroexport Limited will hold
their meetings on Sept. 10, 2012, at 11:00 a.m.

The company's liquidator is:

         Robin Lee Mcmahon
         c/o Aisling Clarke
         Ernst & Young Ltd
         62 Forum Lane, Camana Bay
         PO Box 510 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: (345) 814 8986
         Facsimile: (345) 949 8529


R-ONE KAWASAKI: Creditors' Proofs of Debt Due Sept. 27
------------------------------------------------------
The creditors of R-One Kawasaki Holdings are required to file
their proofs of debt by Sept. 27, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 6, 2012.

The company's liquidator is:

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


STRENUOUS FUND: Creditors' Proofs of Debt Due Sept. 19
------------------------------------------------------
The creditors of Strenuous Fund Investment Limited are required to
file their proofs of debt by Sept. 19, 2012, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Tam Chiu Kit, Alan
         Luk Fook Jewellery Centre, 14-15th Floor
         No. 239 Temple Street, Jordan
         Kowloon
         Hong Kong
         Telephone: 852-2526 6512
         Facsimile: 852-2868 4988


SZ99A LIMITED: Shareholders' Final Meeting Set for Sept. 14
-----------------------------------------------------------
The shareholders of SZ99A Limited will hold their final meeting on
Sept. 14, 2012, at 10:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Trident Liquidators (Cayman) Limited
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, George Town
         Grand Cayman KY1-1103
         Cayman Islands


TEAM TOUCH: Creditors' Proofs of Debt Due Oct. 8
------------------------------------------------
The creditors of Team Touch Holdings Ltd. are required to file
their proofs of debt by Oct. 8, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 7, 2012.

The company's liquidator is:

         Andrea Dunsby
         Turner & Roulstone Management Ltd.
         PO Box 2636 Strathvale House
         90 North Church Street
         Grand Cayman KY1-1102
         Cayman Islands
         c/o Andrea Dunsby
         Telephone: 1 345 943 5555


TSAGRIS HOLDINGS: Creditors' Proofs of Debt Due Sept. 17
--------------------------------------------------------
The creditors of Tsagris Holdings Limited are required to file
their proofs of debt by Sept. 17, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 6, 2012.

The company's liquidator is:

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



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


CONTEC HOLDINGS: Plans Fast Dash Through Bankruptcy
---------------------------------------------------
Peg Brickley at Dow Jones' Daily Bankruptcy Review reports that
Bain Capital Partners' Contec Holdings Ltd. plans a speedy trip
through bankruptcy with a debt-for-equity swap that will displace
the private-equity firm and leave banks in charge, attorneys said
at a court hearing Aug. 30.

As reported in the Aug. 31, 2012 edition of the TCR, the Debtors
are seeking a combined hearing on the Plan and Disclosure
Statement.  Contec anticipates completing the Chapter 11 process
within the next 60 days.

The Debtors' prepetition long-term debt obligations total
$360 million.  About $201 million of that amount represents senior
secured obligations to lenders led by Barclays Bank PLC, as
administrative agent, collateral agent, issuing lender and swing
line lender.  There is also $159 million owed on account of
unsecured subordinated notes under a note purchase agreement with
American Capital Financial Services, Inc. as administrative agent,
and American Capital and certain of its affiliates ("ACAS"), as
note purchasers.

The Debtors commenced solicitation of votes prepetition.  Over one
half of the prepetition secured lenders collectively holding at
least two-thirds in amount of outstanding obligations under their
senior credit agreement have voted to accept the Plan.  In
addition, all holders of Subordinated Notes claims have voted to
accept the Prepackaged Plan.  Parties still have until Sept. 24,
2012, at 1:00 p.m. to submit their ballots.

The Debtors expect to complete the bankruptcy proceedings
according to this timetable:

    Event                                   Date
    -----                                   ----
    Voting Record Date                  Aug. 23, 2012
    Commencement of Solicitation        Aug. 23, 2012
    Petition Date                       Aug. 29, 2012
    Voting Deadline                     Sep. 24, 2012
    Mailing of Combined Hearing Notice  Aug. 31, 2012
    Filing of Plan Supplement           Sep. 18, 2012
    Objection Deadline                  Sep. 21, 2012
    Reply Date (if any)                 Sep. 25, 2012
    Combined Hearing                    Sep. 28, 2012

Under Plan, senior lenders owed $201 million will recover 14.7% to
24.6%.  They will receive on the effective date $27.5 million in
new second lien notes and 80% of reorganized Contec Holdings.

Holders of general unsecured claims estimated to total $10 million
to $11 million are unimpaired and will recover 100%.  The claims
will be reinstated or paid in full in cash.  The senior lenders
have agreed to carve out a portion of their collateral to ensure
the payment of general unsecured trade claims.

Holders of subordinated note claims totaling $159 will receive on
the effective date a pro-rata share of warrants and $25,000.

Holders of existing equity interests in CHL LTD, the parent, won't
receive anything.

A copy of the Disclosure Statement is available for free at:

     http://bankrupt.com/misc/Contec_Prepack_Plan_Outline.pdf

                       About Contec Holdings

Contec -- http://www.gocontec.com/Home.aspx/-- is the market
leader in the repair and refurbishment of customer premise
equipment for the cable industry.  The Company repairs more than
2 million cable set top boxes annually, while also providing
logistical support services for over 12 million units of cable
equipment annually. Contec is headquartered in Schenectady, NY.

With substantial operations in the United States and Mexico, the
Debtors earned revenues of approximately $153.6 million in 2011,
and as of July 28, 2012, the Debtors directly employed over 2,300
people in North America, 72% of which are unionized.

Contec Holdings, Ltd., and its affiliates on Aug. 29, 2012 sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 12-12437) with
a plan of reorganization that has the support of senior lenders
and noteholders.

Ropes & Gray LLP, serves as bankruptcy counsel to the Debtors;
Pepper Hamilton LLP is the local counsel; AP Services LLC, is the
restructuring advisor; Moelis & Company is the investment banker;
and Garden City Group is the claims agent.


VITRO SAB: Bondholders Say Egregious Plan Should be Rejected
------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that holders of 60% of Vitro SAB's $1.2 billion in
defaulted bonds told a federal appeals court that the Mexican
glass maker won approval of its reorganization plan from a court
in Mexico "through a process that was completely inimical to the
most basic elements of fairness."

According to the report, Vitro appealed to the U.S. Court of
Appeals in New Orleans from a June ruling by a bankruptcy judge in
Dallas who concluded that Vitro's Mexican reorganization plan was
"manifestly contrary" to U.S. law and public policy because it
reduced the liability of subsidiaries on defaulted bonds by 60%
even though the subsidiaries weren't in bankruptcy in the U.S. or
Mexico.

The report relates that in its brief filed last week supporting
the ruling in the bankruptcy court, the bondholders urged the
appeals court to send a signal that "egregious plans" like Vitro's
"will not be enforced."  On top of arguments that the Mexican plan
improperly reduced debt owing by subsidiaries not in bankruptcy,
the bondholders contend that their votes against the plan were
swamped by $1.5 billion of votes submitted by Vitro's own
subsidiaries favoring the plan that reduced their own debt.  The
$1.5 billion in debt to subsidiaries was created in what the
bondholders say was a $2.7 billion fraudulent transfer kept secret
for most of a year.  There were other "extreme voting
irregularities," according to the bondholders.  Giving nothing in
return, many Vitro employees received $1,000 bonds so they could
vote for the plan.  In addition, Vitro paid a consent fee to
approving creditors, which the bondholders characterize as
"votebuying."

According to the report, the bondholders' brief also argued that
other provisions in the Mexican plan were "patently unjust."  The
bondholders pointed to provisions that require creditors to waive
their claims against non-bankrupt subsidiaries as a condition to
receiving distributions in the reorganization.  Vitro contended in
its previously filed brief that failing to enforce the Mexican
reorganization would have a "far reaching negative effect" on
relations with Mexico.

Vitro spokesman Roberto Riva Palacio said the company is
"confident in the strength of our arguments on appeal."  The
appeal will be argued before the appeals court during the first
week of October.

The appeals court case is Vitro SAB de CV v. Ad Hoc Group of Vitro
Noteholders (In re Vitro SAB de CV), 12-10689, 5th U.S. Circuit
Court of Appeals (New Orleans).  The suit in bankruptcy court
where the judge decided not to enforce the Mexican reorganization
in the U.S. is Vitro SAB de CV v. ACP Master Ltd. (In re Vitro SAB
de CV), 12-03027, U.S. Bankruptcy Court, Northern District of
Texas (Dallas).  The bondholders' previous appeal is Ad Hoc Group
of Vitro Noteholders v. Vitro SAB de CV (In re Vitro SAB de CV),
11-11239, 5th U.S. Circuit Court of Appeals (New Orleans).  The
bondholders' appeal of Chapter 15 recognition in District Court is
Ad Hoc Group of Vitro Noteholders v. Vitro SAB de CV (In re Vitro
SAB de CV), 11-02888, U.S. District Court, Northern District of
Texas (Dallas).

                          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.

On June 13, 2012, U.S. Bankruptcy Judge Harlin "Cooter" Hale in
Dallas entered a ruling that precluded Vitro from enforcing
its Mexican reorganization plan in the U.S.  The judge ruled that
the Mexican reorganization was "manifestly contrary" to U.S.
public policy because it bars the bondholders from holding Vitro
operating subsidiaries liable to pay on their guarantees of the
bonds.  The Mexican plan reduced the debt of subsidiaries on $1.2
billion in defaulted bonds even though they weren't in bankruptcy
in any country.



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


* S&P's Global Corporate Default Tally Revised to 54 Issuers
-------------------------------------------------------------
There were no global corporate defaults last week.  However, S&P
revised the 2012 global corporate default tally to 54 issuers to
account for U.S.-based ATP Oil & Gas Corp.'s default, said an
article published Thursday by Standard & Poor's Global Fixed
Income  Research, titled "The Revised 2012 Global Corporate
Default Tally of 54 Issuers Exceeds the 2011 Full-Year Total."

Standard & Poor's Ratings Services downgraded ATP to 'D' from
'CCC' on Aug. 21, 2012, after the company announced that it had
filed for Chapter 11 bankruptcy protection.

By region, 30 of the 54 defaulters were based in the U.S., 14 in
the emerging markets, seven in Europe, and three in the other
developed region (Australia, Canada, Japan, and New Zealand).  In
comparison, the 2011 total (through Aug. 29) was 27, with 18 based
in the U.S., two in the emerging markets, two in Europe, and five
in the other developed region.  So far this year, bankruptcy
filings accounted for 16 defaults, missed payments for 15;
distressed exchanges for 10, and eight were confidential.  The
remaining five entities defaulted for various other reasons.   In
2011, 21 issuers defaulted because of missed interest or principal
payments, and 13 because of bankruptcy filings--both of which were
among the top reasons for defaults in 2010.  Distressed exchanges-
-another top reason for default in 2010--followed with 11 defaults
in 2011.  Of the remaining defaults, two issuers failed to
finalize refinancing on bank loans, two were subject to regulatory
action, one had its banking license revoked by its country's
central bank, one was appointed a receiver, and two were
confidential.


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

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

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


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

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

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

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

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

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


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