TCRLA_Public/121115.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

           Thursday, November 15, 2012, Vol. 13, No. 228


                            Headlines



A R G E N T I N A

METROPOLIS COMPANIA: Moody's Assigns 'B3' Long-Term Debt Ratings
* ARGENTINA: Seeks to Auction Seized Media Assets


B E R M U D A

CREDIT RENAISSANCE: Member to Receive Wind-Up Report on Nov. 27
CREDIT RENAISSANCE FUND: Member to Hear Wind-Up Report on Nov. 27
LLFC CONSTRUCTION: Member to Receive Wind-Up Report on Nov. 27
LLFC FUNDING: Member to Receive Wind-Up Report on Nov. 27
LW INVESTMENTS: Members' Final Meeting Set for Nov. 19

PFIZER HOLDINGS: Members' Final Meeting Set for Nov. 19
STENA BUTE: Member to Receive Wind-Up Report on Nov. 20
STENA DRILLMAX IV: Member to Receive Wind-Up Report on Nov. 20


B R A Z I L

ELETROPAULO METROPOLITANA: S&P Revises Outlook on CCR to Positive
* BRAZIL: Ceara to Get $66.5MM IDB Loan for Urban Infrastructure


C A Y M A N  I S L A N D S

ALTAIR STARS: Shareholders Receive Wind-Up Report
BAKERSFIELD LIMITED: Member Receives Wind-Up Report
CALABASH RE: Shareholder to Receive Wind-Up Report on Nov. 26
EAST LANE: Shareholder to Receive Wind-Up Report on Nov. 26
EXCLUSIVE HOLDINGS: Shareholders Receive Wind-Up Report

KAMP RE 2005: Shareholder to Receive Wind-Up Report on Nov. 26
NTTL CAYMAN: Shareholder to Receive Wind-Up Report on Nov. 15
RESIDENTIAL REINSURANCE: Member to Hear Wind-Up Report on Nov. 26
STONEHEATH RE: Shareholder to Hear Wind-Up Report on Nov. 26
TRINOVA INVESTMENT: Shareholders Receive Wind-Up Report


C O S T A  R I C A

* REPUBLIC OF COSTA RICA: S&P Gives 'BB+' Rating on Bond Issue


M E X I C O

VITRO SAB: Bondholders' Victories Not Reflected in Debt Pricing
* MORELOS: Moody's Reviews 'Ba2' Issuer Ratings for Downgrade


P U E R T O   R I C O

GOMERA GOVI: Case Summary & 20 Largest Unsecured Creditors
JMR DEVELOPMENT: Has Until Dec. 4 to Propose Chapter 11 Plan
OR PRO MEDICAL: Case Summary & 20 Largest Unsecured Creditors


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Plane Experiences Technical Difficulties


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -



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


METROPOLIS COMPANIA: Moody's Assigns 'B3' Long-Term Debt Ratings
----------------------------------------------------------------
Moody's Investors Service assigned a B3 long term global local
currency debt ratings to Metropolis Compania Financiera S.A.
(Metropolis)'s second takedown for up to Ar$30 million, which will
be due in 12 months, under the Metropolis's debt program of Ar$100
million or its equivalent in other currencies. On the national
scale, this second takedown was rated A3.ar. The outlook of the
debt rating is negative.

The following ratings were assigned to Metropolis Compania
Financiera S.A:

  AR$30 million senior unsecured debt issuance:

  B3 Global Local Currency Debt Rating

  A3.ar Argentina National Scale Local Currency Debt Rating

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from Metropolis' B3 global local currency deposit
rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

Metropolis Compania Financiera S.A is headquartered in Buenos
Aires, Argentina, and reported Ar$217 million of total assets and
Ar$34 million of shareholders' equity as of September 30, 2012.


* ARGENTINA: Seeks to Auction Seized Media Assets
-------------------------------------------------
Taos Turner at The Wall Street Journal reports that Argentina
plans to seize and auction off both the broadcast licenses and the
cable TV and fiber-optic Internet networks owned by any media
company that flouts a controversial media law.

Argentina's top court looks likely to rule on the
constitutionality of the law, which opponents say not only
violates constitutionally protected private-property rights, but
threatens free speech as well, according to The Wall Street
Journal.

The report notes that the auction plans were confirmed by Martin
Sabbatella, who heads the federal agency created to enforce the
law which critics say targets top media conglomerate Grupo Clarin
SA and its most profitable business unit, Cablevision.

The Wall Street Journal discloses that Congress passed a law that
allows the government to bypass federal appeals courts and take
its case directly to the Supreme Court.

The companies have until Dec. 7 to present plans to sell off all
broadcast licenses and related assets that exceed a quota
established by the media law, The Wall Street Journal relates.  If
they don't, the government will begin the process of auctioning
off the assets after the deadline, Mr. Sabbatella said, The Wall
Street Journal notes.

The Wall Street Journal relates that another media group, Uno
Medios, will be similarly forced to sell its broadcast licenses,
cable TV and Internet infrastructure or see them forcibly
auctioned off.

The report recalls that Mr. Sabbatella had previously said the
government would force companies to sell licenses that didn't
comply with requirements of the media law, but it wasn't clear
they would also have to sell related infrastructure assets.

Mr. Sabbatella, the report relates, said a federal tribunal will
establish the value of those assets and that value will be used to
determine the initial auction price for the assets, proceeds from
which would go back to the companies, not the government.

The deadline stems from an injunction that Grupo Clarin was
granted against the enforcement of the media law, the report
notes.  The injunction expires Dec. 7.

The Wall Street Journal relates that lawyers said Grupo Clarin
could seek an extension of the injunction or appeal any government
attempt to take over or auction off its assets.

Grupo Clarin argues the media law violates constitutionally
protected private-property rights, which the government denies,
The Wall Street Journal reglas.

Mr. Sabbatella said the deadline applies equally to all companies,
and doesn't discriminate against Clarin, which is frequently
critical of the government, the report notes.  The Kirchner
administration often contends that Clarin is trying to undermine
it, the report notes.

The media law, passed by Congress in 2009, limits cable TV
companies to holding a maximum of 24 broadcast licenses
nationwide.

Mr. Sabbatella said Clarin has 237 licenses while Uno Medios has
49.

Clarin said it has 158 cable TV licenses, one for each of the
cities in which it offers cable and Internet.

Analysts have praised much of the law, which among other things
gives broadcast licenses to local communities and requires
theaters to show more local films, the report says.  But opponents
say the law's main purpose is to cripple Clarin, the report adds.



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


CREDIT RENAISSANCE: Member to Receive Wind-Up Report on Nov. 27
---------------------------------------------------------------
The member of Credit Renaissance Structured Products Master Fund,
Ltd will receive on Nov. 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 Oct. 22, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


CREDIT RENAISSANCE FUND: Member to Hear Wind-Up Report on Nov. 27
-----------------------------------------------------------------
The member of Credit Renaissance Structured Products Fund, Ltd
will receive on Nov. 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 Oct. 22, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


LLFC CONSTRUCTION: Member to Receive Wind-Up Report on Nov. 27
--------------------------------------------------------------
The member of LLFC Construction, Ltd. will receive on Nov. 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 Oct. 12, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


LLFC FUNDING: Member to Receive Wind-Up Report on Nov. 27
---------------------------------------------------------
The member of LLFC Funding, Limited will receive on Nov. 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 Oct. 12, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


LW INVESTMENTS: Members' Final Meeting Set for Nov. 19
------------------------------------------------------
The members of LW Investments Limited will hold their final
general meeting on Nov. 19, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

Wanda Mello is the company's liquidator.


PFIZER HOLDINGS: Members' Final Meeting Set for Nov. 19
-------------------------------------------------------
The members of Pfizer Holdings Bermuda Ltd will hold their final
general meeting on Nov. 19, 2012, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

Wanda Mello is the company's liquidator.


STENA BUTE: Member to Receive Wind-Up Report on Nov. 20
-------------------------------------------------------
The member of Stena Bute Limited will receive on Nov. 20, 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 Oct. 10, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


STENA DRILLMAX IV: Member to Receive Wind-Up Report on Nov. 20
--------------------------------------------------------------
The member of Stena Drillmax IV Limited will receive on Nov. 20,
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 Oct. 10, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda



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


ELETROPAULO METROPOLITANA: S&P Revises Outlook on CCR to Positive
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A. to stable
from positive. "At the same time, we affirmed our 'BB+' credit
rating on the company," S&P said.

"The outlook revision reflects the company's weaker-than-expected
credit metrics. Although Eletropaulo's lower cash-flow generation,
due to the third-cycle tariff reset in July 2012, was in line with
our expectations, higher debt pressured its credit metrics.
Despite the active liability management and improving debt
maturity profile, the company funded the higher capital
expenditures with debt. The ratings reflect our view of the
company's 'satisfactory' business risk profile and 'significant'
financial risk profile," S&P said.


* BRAZIL: Ceara to Get $66.5MM IDB Loan for Urban Infrastructure
----------------------------------------------------------------
Brazil's state of Ceara will receive a loan for $66.5 million from
the Inter-American Development Bank (IDB) to enable cities that
act as regional development hubs and with population above 20,000
people to improve their fiscal and institutional capacity,
infrastructure, and business environment.

The multisectoral program will finance the construction of
markets, community centers, roads and regional highways that
provide access to major cities, as well as create systems for
solid waste management, and promote urban renewal.

The program will also include the following:

-- Preparing and updating urban development master plans, urban
    mobility and sanitation plans, modernization of tax
    administration, and capacity building for project formulation
    and investment management.

-- Development plans for regions included in the program and
    preparation of sectoral studies; and support for simplifying
    the process of registering businesses.

-- Improving transparency of municipal management, including
    Internet publication of updated information.

"The project was designed to take a holistic approach for
addressing the main shortcomings of these important development
hubs, and thereby contributing to the implementation of the
state's regional development policy," said IDB project team leader
Huascar Eguino.  Cities included in the program are Russas, Morada
Nova, Limoeiro do Norte, Sobral, Forquilha, Massapˆ, Santana do
Acara£, Aracati, Jaguaribe, Jaguaruana, and Tabuleiro do Norte.

The IDB financing has a term of 20 years, a grace period of five
years, and an interest rate based on LIBOR. Counterpart funding by
the state totals $40.1 million.  The program's total cost is
$106.6 million.  It will be implemented by the state's Secretariat
of Cities.



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


ALTAIR STARS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Altair Stars Fund Holdings Ltd. received on
Nov. 9, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


BAKERSFIELD LIMITED: Member Receives Wind-Up Report
---------------------------------------------------
The member of Bakersfield Limited received on Oct. 10, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Lion International Management Limited
         Craigmuir Chambers
         Road Town, Tortola
         British Virgin Islands


CALABASH RE: Shareholder to Receive Wind-Up Report on Nov. 26
-------------------------------------------------------------
The shareholder of Calabash RE III Ltd. will receive on Nov. 26,
2012, at 10:00 a.m., the liquidators' report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

         Kevin Poole
         Barbara Fawcitt
         Telephone: 949-5263/ 914-2264
         Facsimile: 949-6021
         PO Box 10233
         171 Elgin Avenue, George Town
         The Pavilion Building, Cricket Square
         Grand Cayman KY -1002
         Cayman Islands


EAST LANE: Shareholder to Receive Wind-Up Report on Nov. 26
-----------------------------------------------------------
The shareholder of East Lane RE III Ltd. will receive on Nov. 26,
2012, at 10:00 a.m., the liquidators' report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

         Dena Thompson
         Laura Mclaughlin
         Telephone: 914-2267/ 914-2264
         Facsimile: 949-6021
         PO Box 10233
         171 Elgin Avenue, George Town
         The Pavilion Building, Cricket Square
         Grand Cayman KY1 -1002
         Cayman Islands


EXCLUSIVE HOLDINGS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Exclusive Holdings Ltd. received on Nov. 6,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Stewart Walker
         12-14 David Place, St. Helier, Jersey,
         Channel Islands
         Great Britain, JE2 4TD
         Telephone: +44 (1534) 760100
         Facsimile: +44 (1534) 760125


KAMP RE 2005: Shareholder to Receive Wind-Up Report on Nov. 26
--------------------------------------------------------------
The shareholder of Kamp RE 2005 Ltd. will receive on Nov. 26,
2012, at 10:00 a.m., the liquidators' report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

         Owen Dinnall
         Dena Thompson
         Telephone: 914-2255/ 914-2267/ 949-5263
         Facsimile: 949-6021
         P.O. Box 10233 Grand Cayman
         Cayman Islands


NTTL CAYMAN: Shareholder to Receive Wind-Up Report on Nov. 15
-------------------------------------------------------------
The sole shareholder of NTTL Cayman, Ltd. will receive on Nov. 15,
2012, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Linburgh Martin
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KYI-1102
         Cayman Islands


RESIDENTIAL REINSURANCE: Member to Hear Wind-Up Report on Nov. 26
-----------------------------------------------------------------
The member of Residential Reinsurance 2009 Limited will receive on
Nov. 26, 2012, at 10:00 a.m., the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

         Shaun Geils
         Kevin Poole
         Telephone: 914-2259/ 914-2265/ 949-5263
         Facsimile: 949-6021
         P.O. Box 10233 Grand Cayman
         Cayman Islands


STONEHEATH RE: Shareholder to Hear Wind-Up Report on Nov. 26
------------------------------------------------------------
The shareholder of Stoneheath Re will receive on Nov. 26, 2012, at
10:00 a.m., the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         Shaun Geils
         Kevin Poole
         Telephone: 914-2259/ 914-2265/ 949-5263
         Facsimile: 949-6021
         P.O. Box 10233 Grand Cayman
         Cayman Islands


TRINOVA INVESTMENT: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Trinova Investment Fund SPC Ltd. received on
Nov. 8, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Techdis Limited
         Cassia Court, Suite 2206
         72 Market Street, Camana Bay
         P.O. Box 32302 Grand Cayman KY1-1209
         Cayman Islands
         c/o Smeets Law (Cayman)
         Reference: JAPF
         Telephone: (+1) 345 815 2800



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C O S T A  R I C A
==================


* REPUBLIC OF COSTA RICA: S&P Gives 'BB+' Rating on Bond Issue
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' foreign
currency senior unsecured debt rating on the Republic of Costa
Rica's planned bond issue. "We also assigned a '2' recovery
rating, reflecting our expectation of substantial (70%-90%)
recovery in the event of default. The planned note issue under
Rule 144A Reg. S is expected to be in the range of $500 million to
$1 billion," S&P said.

"Our ratings on Costa Rica are constrained by the country's
limited monetary flexibility and rising fiscal pressures. Costa
Rica's fiscal deficit (including the central government, the
central bank, and decentralized government entities) will likely
exceed 4% of GDP this year. The fiscal deficit was 4.7% of GDP in
2011 and 5.5% of GDP in 2010. Costa Rica's monetary rigidities
reflect ongoing losses at the central bank, about 0.6% of GDP in
2011, and a high, albeit declining, level of dollarization, at
roughly one-third of the financial sector's claims and deposits,"
S&P said.

"Supporting the ratings are Costa Rica's stable political system,
strong public institutions, rule of law, and general consensus on
pro-growth, market-oriented policies. Comparatively high human
development contributes to social stability and supports Costa
Rica's strengthening prowess in exporting skill-based services.
This, in turn, sustains solid long-term growth prospects, with
real GDP growth per capita expected to average 2.2% between 2012
and 2014. Growing international reserves, which are boosted by
large ongoing and projected foreign direct investment, support
external stability," S&P said.

RATINGS LIST

Republic of Costa Rica
Sovereign Credit Rating                BB/Stable/B

New Rating

Republic of Costa Rica
Senior unsecured notes                 BB+
  Recovery Rating                       2



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


VITRO SAB: Bondholders' Victories Not Reflected in Debt Pricing
---------------------------------------------------------------
Brendan Case and Jose Enrique Arrioja at Bloomberg News report
that the bond market is showing no confidence that billionaire
Paul Singer can parlay his legal victories versus Argentina into a
bigger payout on the defaulted debt of Vitro SAB, Mexico's biggest
glassmaker.

According to the report, Vitro's bonds trade at about 53 cents on
the dollar, less than the restructuring offer approved by a
Mexican court in February, according to BCP Securities LLC.
Singer's Elliott Management Corp., which owns some of the Vitro
defaulted debt among the $21 billion that the hedge fund oversees,
rejected the deal and is seeking to be repaid in full after a U.S.
court declined to enforce the settlement in June.

The report relates that while Mr. Singer's efforts in U.S. courts
to compel the Argentine government to repay holders from the
country's 2001 default has caused its defaulted debt to rally in
the past month, JPMorgan Chase & Co. says Vitro can resist its
creditors' demands even if it loses its appeal because it has few
assets in the U.S. that can be seized.  Vitro's bondholders have
sought to block the restructuring because the company used
intercompany debt to become the biggest creditor in the settlement
of about $1.2 billion in defaulted bonds.

"The market price does not reflect at all any optimism that
holdouts will be paid par plus accrued, or indeed any deal better
than that offered by Vitro," Jim Harper, director of corporate
research at BCP Securities, said in a telephone interview from
Greenwich, Connecticut.  The defaulted notes "would be trading
much higher if people thought there was a likely scenario whereby
Vitro would offer some kind of a sweetened deal in order to get
rid of the problem."

Defaulted Argentine notes climbed 7 cents to 25 cents on the
dollar through Nov. 7 since a U.S. court ruled Oct. 26 it must
treat all bondholders, including Elliott, equally.  The ruling
came almost four weeks after Elliott Management's NML Capital Fund
won a court order to detain an Argentine navy vessel in Ghana as
part of its effort to gain repayment on the defaulted securities.

About $6.6 billion of Argentine debt from the nation's record $95
billion default is held by creditors who rejected offers to swap
the notes at about 30 cents on the dollar and want to be repaid in
full.

On June 13, U.S. Bankruptcy Judge Harlin DeWayne Hale in Dallas
denied Vitro's request to enforce the bankruptcy plan approved by
a Mexican court, saying that the proposed settlement was
"manifestly contrary" to U.S. public policy.  Vitro appealed the
June ruling and appeals court judges in New Orleans heard oral
arguments in early October.

                          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.  Vitro's appeal is
pending.



* MORELOS: Moody's Reviews 'Ba2' Issuer Ratings for Downgrade
-------------------------------------------------------------
Moody's de Mexico continues the review for possible downgrade on
Morelos's A2.mx (Mexican National Scale) and Ba2 (Global Scale,
local currency) issuer ratings. The bank BBVA Bancomer called the
early amortization of a MXN300 million loan of the Municipality of
Cuernavaca (not rated by Moody's) due to certain covenant
violations by the municipality. The State of Morelos acts as a
joint obligor for this loan. Moody's understands that, as of
Nov. 13, the bank has not yet fully recovered the outstanding
balance and that it is currently in negotiations with the
municipality of Cuernavaca. The review reflects the uncertainty
surrounding the state's obligations as a joint obligor under the
loan contract in case the bank requires the state for its payment.

Ratings Rationale

The continuation of the review, initiated three months ago,
reflects Moody's view that uncertainty persists regarding the
settlement of this issue and Morelos' potential exposure as a
joint obligor to Cuernavaca's loan.

The loan has an original face value of MXN300 million. As of
May 2012, the outstanding balance was MXN156 million or roughly 1%
of Morelos' total revenues. Moody's views this amount as
insignificant relative to the state's financial position and hence
does not impact the rating agency's assessment of its ability to
pay. Notwithstanding, uncertainty remains regarding Morelos
response as a joint obligor if the bank requires its payment from
the state.

The State of Morelos is actively participating in the negotiations
between the bank and the municipality of Cuernavaca. Moody's will
continue to monitor the evolution of the negotiations to assess if
there is any potential impact on the credit quality of the state
of Morelos. Moody's expects to conclude the review within the next
three months.

What Could Change The Rating Up/Down

Moody's does not expect upward pressures on Morelos' ratings in
the near term. However, this review could conclude with the
confirmation of the state's current ratings if the dispute is
settled promptly.

Alternatively, any evidence that the state fails to meet its
obligations under the loan, if called upon by the bank, could lead
to a downgrade of potentially several notches to reflect Moody's
assessment of Morelos' credit culture and expected loss to the
bank.

Moody's also rates (Baa2/Aa2.mx) a MXN220 million (original face
value) loan from BBVA Bancomer to the State of Morelos. Given the
links between the loan and the credit quality of the obligor, a
downgrade of Morelos' issuer ratings could exert downward pressure
on its debt ratings.

The methodologies used in this rating were "Regional and Local
Governments Outside the US" published in May 2008, "The
Application of Joint Default Analysis to Regional and Local
Governments" published in December 2008, and "Mapping Moody's
National Scale Ratings to Global Scale Ratings" published in
October 2012.

The date of the last Credit Rating Action was Oct. 26, 2012.



=====================
P U E R T O   R I C O
=====================


GOMERA GOVI: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Gomera Govi I, Inc.
        aka Gomera Govi, Inc.
        65th Infanteria Station
        P.O. Box 29618
        Rio Piedras, PR 00929

Bankruptcy Case No.: 12-09034

Chapter 11 Petition Date: November 9, 2012

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Jacqueline Hernandez Santiago, Esq.
                  HERNANDEZ LAW OFFICES
                  P.O. Box 366431
                  San Juan, PR 00936-6431
                  Tel: (787) 751-1836
                  E-mail: quiebras1@gmail.com

Scheduled Assets: $2,473,500

Scheduled Liabilities: $3,609,606

A copy of the Company's list of its 20 largest unsecured creditors
filed with the petition is available for free at:
http://bankrupt.com/misc/prb12-09034.pdf

The petition was signed by Alfredo Gonzalez, president.


JMR DEVELOPMENT: Has Until Dec. 4 to Propose Chapter 11 Plan
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico extended
until Dec. 4, 2012, JMR Development Group, Corp., et al.'s
exclusive period to file a Chapter 11 plan.

JMR Development Group Corp. filed a Chapter 11 petition (Bankr.
D.P.R. Case No. 11-07907) on Sept. 16, 2011, in Ponce, Puerto
Rico.  CPA Luis R. Carrasquillo & CO., P.S.C serves as financial
accountant.  The Debtor scheduled assets of $12,732,474 and
debts of $48,587,611.  An affiliate, JMR Tourist Development
Group Corp. sought Chapter 11 protection (Case No. 11-07911) on
the same day.


OR PRO MEDICAL: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: OR PRO Medical Industrial Laboratory, Inc.
        dba Starcraft Medical, Corp.
            Starcraft Medical, Inc.
        Jesus T. Pinero Avenue, No. 1634
        San Juan, PR 00921

Bankruptcy Case No.: 12-08986

Chapter 11 Petition Date: November 9, 2012

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Carmen D. Conde Torres, Esq.
                  C. CONDE & ASSOC.
                  254 San Jose Street, 5th Floor
                  San Juan, PR 00901-1523
                  Tel: (787) 729-2900
                  Fax: (787) 729-2203
                  E-mail: notices@condelaw.com

Scheduled Assets: $2,433,981

Scheduled Liabilities: $1,818,031

A copy of the Company's list of its 20 largest unsecured creditors
filed with the petition is available for free at:
http://bankrupt.com/misc/prb12-08986.pdf

The petition was signed by Benigno Garcia Ocasio,
president/treasurer.



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


CARIBBEAN AIRLINES: Plane Experiences Technical Difficulties
------------------------------------------------------------
Carla Bridglal at Trinidad Express reports that on the heels of
State-owned Caribbean Airlines coming to the rescue of stranded
EZjet passengers is the news that a CAL plane experienced
technical difficulties with one of its 737-800 aircraft.

In a release, CAL said oxygen masks were deployed after
indications of low cabin pressure on flight BW884 en route from
Suriname to Piarco, according to Trinidad Express.  The report
relates that the airline said the flight continued safely after
the masks deployed and arrived at Piarco at 6:45 a.m.  There were
66 passengers on board.

Speaking to the Express via telephone, Williams said
investigations were still ongoing as to what caused to masks to
deploy, the report notes.

The report relates that this is the third time in less than a
month that a CAL plane has experienced some sort of technical
incident.

The report recalls that in late October one of the new ATR 72-600
aircraft had to return shortly after takeoff from Piarco to
Caracas, Venezuela.  Last Monday CAL's Boeing 767 aircraft was
temporarily grounded in Toronto, Canada after officials noticed an
indicator light drawing attention to a wing flap, the report
discloses.

In the wake of the suspension of EZjet's licence, CAL's chairman
Rabindra Moonan and other CAL officials, including vice-chair
Mohan Jaikaran and acting CEO Robert Corbie met Guyana's President
Donald Ramotar, acting Tourism Minister Irfaan Ali, Public Works
Minister Robeson Benn and other local officials for talks at the
request of the Guyana government, the report adds.

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

                         *     *     *

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



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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Nov. 26, 2012
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Nov. 29-30, 2012
   MID-SOUTH COMMERCIAL LAW INSTITUTE
      33rd Annual Bankruptcy & Commercial Law Seminar
         Nashville Marriott at Vanderbilt, Nashville, Tenn.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 1, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 4-8, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      ABI/SJUSL Mediation Training Symposium
         St. John's University, Queens, N.Y.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Jan. 24-25, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Four Seasons Hotel Denver, Denver, Colo.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 7-9, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Caribbean Involvency Symposium
         Eden Roc Renaissance, Miami Beach, Fla.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 17-19, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Advanced Consumer Bankruptcy Practice Institute
         Charles Evans Whittaker Courthouse, Kansas City, Mo.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 20-22, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      VALCON
         Four Seasons Las Vegas, Las Vegas, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 10-12, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         JW Marriott Chicago, Chicago, Ill.
            Contact: http://www.turnaround.org/

Apr. 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center,
         National Harbor, Md.
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via
e-mail to conferences@bankrupt.com are encouraged.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *