TCRLA_Public/121220.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, December 20, 2012, Vol. 13, No. 253


                            Headlines



B R A Z I L

CENTRAIS ELETRICAS: Brazilian Plan Approved in U.S.
ELETROPAULO METROPOLITANA: S&P Puts 'BB+' CCR on Watch Negative


C A Y M A N  I S L A N D S

AURUM UNIVERSAL FUND: Members' Final Meeting Set for Dec. 14
DKR COMMODITY: Member to Receive Wind-Up Report on Dec. 21
DKR IBEX: Member to Receive Wind-Up Report on Dec. 21
DKR IBEX FUND: Member to Receive Wind-Up Report on Dec. 21
DKR SATURN: Members' Final Meeting Set for Dec. 20

DKR SATURN HOLDING: Member to Receive Wind-Up Report on Dec. 21
DKR STRATEGIC: Member to Receive Wind-Up Report on Dec. 21
DKR STRATEGIC HOLDING: Member to Get Wind-Up Report on Dec. 21


C O L O M B I A

SINAPSIS TRADING: Superintendency of Finance Orders Liquidation


J A M A I C A

LIME JAMAICA: Investing $1BB on Customer-Service Improvement
LIVESTOCK ASSOCIATION: JSE Delists Firm From Exchange


M E X I C O

EMPRESAS ICA: S&P Affirms 'BB-' Global Scale Corp. Credit Rating
VITRO SAB: Court of Appeals Lets Bondholders Collect
VITRO SAB: Initiates Settlement Trial Against Dissident Funds
* NICOLAS ROMERO: Moody's Assigns 'Ba3' Rating to Enhanced Loan


T R I N I D A D  &  T O B A G O

CARIBBEAN AIR: To be Profitable in Another 2yos, Chairman Says


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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B R A Z I L
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CENTRAIS ELETRICAS: Brazilian Plan Approved in U.S.
---------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Centrais Eletricas do Para SA, an electric utility in
Brazil's northern state of Para, won assistance from the U.S.
Bankruptcy Court in New York in implementing the bankruptcy
reorganization approved in September by a Brazilian court.

According to the report, the reorganization approved in Brazil
provided for the noteholders to receive 17.5% in cash in return
for cancellation of the notes.  The cash comes from Equatorial
Energia SA, which purchased the company.  The unsecured creditor
class including noteholders approved the plan with 71.35% of
claims in favor, according to a court filing.

Centrais Eletricas said it nonetheless needed Chapter 15 relief
because the U.S. indenture trustee for the noteholders was unable
to carry out the terms of the plan without an order from a U.S.
court.

The New York bankruptcy judge, the report discloses, signed an
order on Dec. 12 recognizing the Brazilian court as home to the
so-called foreign main proceeding.  The U.S. judge also declared
that the Brazilian reorganization should be enforced in the U.S.
The order from the U.S. court assures the indenture trustee of
receiving reimbursement of $700,000 in expenses.  In addition, an
ad hoc bondholder group recovers as much as $1.2 million in
professional fees and expenses.  There were no objections.

                     About Centrais Eletricas

Centrais Eletricas do Para SA, a Brazilian utility know as Celpa
that was acquired this month by Equatorial Energia SA, filed for
Chapter 15 bankruptcy protection in New York (Bankr. S.D.N.Y. Case
No. 12-14568).  The company, based in Belem, Brazil, estimated
both debt and assets of more than $1 billion.

Celpa filed for bankruptcy protection in Brazil in February after
a four-year freeze on rates pushed up debt to about 2.3 billion
reais.  Celpa asked the U.S. court to recognize the proceeding
pending before the Thirteenth Civil Court of Belem, State of Para,
as a "foreign main proceeding."

Celpa distributes electricity to 7.4 million people in 143
municipalities in the northern Brazilian state of Para, the
company said in the February filing.


ELETROPAULO METROPOLITANA: S&P Puts 'BB+' CCR on Watch Negative
---------------------------------------------------------------
Standard & Poor's Rating Services placed its 'BB+' corporate
credit rating on Eletropaulo Metropolitana Eletricidade de Sao
Paulo S.A. (Eletropaulo) on CreditWatch with negative implications
following the court's unfavorable ruling. The fifth Civil Court
of Rio de Janeiro decided that Eletropaulo is responsible for the
monetary adjustments of a loan borrowed from Eletrobras-Centrais
Eletricas Brasileiras S.A. in 1986.

"The court ordered Eletropaulo to pay the debt obligation to the
state-owned utility, Eletrobras, in a legal dispute. Eletropaulo
estimates the amount at R$1.3 billion. This litigation has been
under way since Eletropaulo was privatized in the late 1990s.
Prior to its privatization, the spinoff of Eletropaulo resulted in
creation of several new entities. This resulted in doubts and
legal claims about which entity is responsible to liquidate the
original loan from Eletrobras," S&P said.

"Eletropaulo is confident that it can appeal the ruling in the Rio
de Janeiro Court of Appeals because some technical procedures were
not followed in the fifth Civil Court's proceedings, including the
hearing of an expert about the calculation of loan's interest and
adjustments. The estimated amount is R$1.3 billion, which is
higher than our projections of the company's annual operating
profit in 2013. Eletropaulo's legal advisors consider this payment
a possible loss, and the company hasn't made provisions for it. We
view there is an uncertainty since Eletropaulo will rely on the
Court of Appeals ruling to revert the fifth Civil Court's
decision," S&P said.

"Depending on the final amount or if the Court of Appeals won't
revert the ruling, we could lower the ratings on the company.
Despite Eletropaulo's current strong liquidity, moderate debt
amortization schedule, and access to capital markets, we believe
that the company's payment of this amount could weaken its credit
metrics to a level not sustainable for the current rating
category. Assuming R$1.3 billion in additional debt, Eletropaulo's
funds from operations to total debt would be 15% in 2013, compared
to our previous expectations of around 30%, and total debt to
EBITDA could be around 5.5x in 2013, compared with around 4.0x,"
S&P said.

"We could assign a stable outlook if the Court of Appeals reverts
the fifth Civil Court's decision. We expect to resolve the
CrediWatch listing in the next 90 days or when there is more
clarity on the appeal process," S&P said.



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


AURUM UNIVERSAL FUND: Members' Final Meeting Set for Dec. 14
------------------------------------------------------------
The members of Aurum Universal Fund Ltd. will hold their final
general meeting on Dec. 14, 2012, at 9:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road, Hamilton
         Bermuda


DKR COMMODITY: Member to Receive Wind-Up Report on Dec. 21
----------------------------------------------------------
The member of DKR Commodity Arbitrage Fund Ltd. will receive on
Dec. 21, 2012, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


DKR IBEX: Member to Receive Wind-Up Report on Dec. 21
-----------------------------------------------------
The member of DKR Ibex Holding Fund Ltd. will receive on Dec. 21,
2012, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


DKR IBEX FUND: Member to Receive Wind-Up Report on Dec. 21
----------------------------------------------------------
The member of DKR Ibex Fund Ltd. will receive on Dec. 21, 2012, at
9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


DKR SATURN: Members' Final Meeting Set for Dec. 20
--------------------------------------------------
The members of DKR Saturn Event Driven Fund Ltd. will hold their
final general meeting on Dec. 20, 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:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


DKR SATURN HOLDING: Member to Receive Wind-Up Report on Dec. 21
---------------------------------------------------------------
The member of DKR Saturn Event Driven Holding Fund Ltd. will
receive on Dec. 21, 2012, at 9:30 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


DKR STRATEGIC: Member to Receive Wind-Up Report on Dec. 21
----------------------------------------------------------
The member of DKR Strategic Currency Fund Ltd. will receive on
Dec. 21, 2012, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


DKR STRATEGIC HOLDING: Member to Get Wind-Up Report on Dec. 21
--------------------------------------------------------------
The member of DKR Strategic Currency Holding Fund Ltd. will
receive on Dec. 21, 2012, at 9:30 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda



===============
C O L O M B I A
===============


SINAPSIS TRADING: Superintendency of Finance Orders Liquidation
---------------------------------------------------------------
Carlos Umana and Lucas Fajardo Gutierrez at Brigard & Urrutia said
that the Superintendency of Finance ordered Sinapsis Trading
Colombia S.A.S. and Compania de Creditos y Afianzamiento
Crediafianzar S.A.S. to immediately suspend the activities related
to insurance contracts for which they did not have prior
authorization from such Superintendency.

Brigard & Urrutia said Sinapsis Trading offered wrap of luggage
and compensation in case of damage or loss; Compania de Creditos
offered issuance of surety insurance policies (seguros de
cumplimiento) and tort liability insurance policies under the
heading of "Unique guarantee surety contract for State entities
and damages to third parties".

In both cases, the Superintendency analyzed the nature of the
services provided and concluded that they were insurance
operations for which they were not authorized to perform. Under
this argument, the Superintendency ordered the progressive and
rapid liquidation of the operations illegally performed by both
companies.



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J A M A I C A
=============


LIME JAMAICA: Investing $1BB on Customer-Service Improvement
------------------------------------------------------------
Jamaica Gleaner reports that LIME Jamaica Limited (formerly Cable
& Wireless Jamaica Limited) will invest US$12 million
(J$1 billion) to improve its customer service across the Caribbean
region over three years, in a move aimed at lowering customer
attrition or churn.

Regional vice-president for customer service assurance at LIME,
Joan Whitehead, will oversee the investment, according to Jamaica
Gleaner.

"It's US$12 million capital expenditure to be spent over three
years . . . .  It's not the operational budget, this is the capex
(capital expenditure) to bring improvement.  Our actual operating
costs will remain the same," the report quoted Ms. Whitehead as
saying.

The money will be spent on help centers, a new automated voice
platform, workforce management tools and social media support, Ms.
Whitehead said, the report notes.

Jamaica Gleaner adds that Canadian telecommunications firm TELUS
will assist LIME in the improvement project by providing contact
centre support based in Jamaica, Barbados and St Lucia.

                       About LIME Jamaica

Headquartered in Kingston, Jamaica, LIME Jamaica Limited
(formerly Cable & Wireless Jamaica Limited) is a subsidiary of
Cable & Wireless plc.  The company is involved in providing
domestic and international telecommunications services to both
individual and businesses enterprise customers.

                           *     *    *

As reported in the Troubled Company Reporter on Feb. 6, 2012,
the Board of Directors of LIME released the unaudited
consolidated results of the company, Jamaica Digiport
International Limited (101), and other subsidiaries, for the
quarter ended Sept. 30, 2009.  The report related that revenue
for the quarter declined 10% to JM$5,104 million from JMS5,567
million for the same period in 2008.  Jamaica Gleaner noted that
LIME's accumulated deficit has climbed to more than
JM$17 billion.  Concurrently, its equity base has diminished to
JM$2 billion on its December 2011 unaudited balance sheet,
reflecting book value of two cents per share, the report added.


LIVESTOCK ASSOCIATION: JSE Delists Firm From Exchange
-----------------------------------------------------
Jamaica Gleaner reports that the Jamaica Livestock Association
Limited (JLA) was delisted from the Jamaica Stock Exchange on
Dec. 14, 2012, because its shares have been suspended from trading
for more than six months.

The Association was initially suspended from trading for non-
submission of audited financial statements for 2011, according to
information from the Jamaica Stock Exchange (JSE), according to
Jamaica Gleaner.

The report notes that in a notice the JSE said the company was
being delisted under rule 411, section D of the stock exchange
rule book, which states that any company with shares which have
been suspended from trading for more than 180 days shall be
automatically delisted.

The report discloses that in its last available financial results
for the nine-month period ended August 2012, JLA recorded a net
loss of $113 million, an increase of more than 200% over the same
period last year when it posted net losses of $35.5 million.

At the same time, its working capital moved from positive $7.9
million in 2011 to a negative position at $86 million, as at
August 2012. Total assets stood at $328.6 million as at August
2012, compared with $543.67 million at August 2011, the report
relates.

However, the report notes that the company has also been
offloading some of its assets in an effort to pump cash into the
company.

In 2010, the report recalls JLA sold its Kingston-based animal-
feed factory and wharf.  The following year, it sold land and
buildings at Fustic Road, Montego Bay as well as land in Savanna-
la-Mar, Westmoreland, the report says.

JLA said then that it would use the cash to pay down debt and
inject fresh working capital into the loss-making entity, the
report adds.

JLA, established since 1942 as the main provider of agricultural
support and services to farmers in Jamaica, offers a wide range of
products, including animal feed, animal health care, day-old
chicks, agricultural chemicals, herbicides, pesticides, hardware
items and farm and garden supplies.



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M E X I C O
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EMPRESAS ICA: S&P Affirms 'BB-' Global Scale Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' global scale
and 'mxBBB+' national scale corporate credit rating on Empresas
ICA S.A.B. de C.V. (ICA). "At the same time, we affirmed the 'B+'
issue-level rating and the recovery rating of '5', indicating
expectation of moderate (10% to 30%) recovery in the event of a
payment default, to the company's senior unsecured notes due 2017
and 2021. The outlook is stable," S&P said.

The 'BB-' rating on ICA reflects S&P's assessment of the company's
"fair" business risk profile, "aggressive" financial risk profile,
and "adequate" liquidity.

"Our assessment of ICA's business risk profile as 'fair' reflects
the inherent cyclicality of the construction industry, and the
geographic concentration of its markets. These factors are
counterbalanced by the company's status as the largest
engineering, procurement, and construction firm in Mexico, with a
long and positive track record throughout its different business
divisions. It also reflects the company's diversified portfolio
mix with investments in large projects with complex designs and
heavy construction, as well as participation in road and water
concessions, and airports," S&P said.


VITRO SAB: Court of Appeals Lets Bondholders Collect
----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Vitro SAB sustained another defeat on Dec. 14 when
the U.S. Court of Appeals in New Orleans terminated an injunction
by allowing bondholders to begin collecting judgments on
$1.2 billion in defaulted bonds.

According to the report, the appeals court acted quickly, before
Vitro even had a chance to respond to a request by bondholders.
The Dec. 14 ruling was Vitro's third major defeat in less than a
month, and potentially the most disruptive for Vitro's business.

Following oral argument in October, a three-judge panel from the
U.S. Appeals Court in New Orleans wrote a 60-page opinion at the
end of November concluding that Vitro was properly barred from
enforcing a bankruptcy reorganization plan in the U.S.  The plan
had been approved by a court in Mexico early this year.  While the
appeal was pending, the circuit court barred creditors from taking
action to collect judgments against Vitro subsidiaries obtained in
state court on account of guarantees on the bonds.

The report relates that Vitro filed papers on Dec. 12 asking all
active judges on the appeals court to rehear the case and enforce
the Mexican plan in the U.S.  On Dec. 14 bondholders filed papers
asking the appeals court to dissolve a stay pending appeal and
allow them to attempt collecting judgments they obtained in New
York State court finding Vitro subsidiaries liable on their
guarantees of the bonds.  Although the Vitro parent was in
bankruptcy in Mexico, the subsidiaries weren't in bankruptcy in
Mexico or anywhere else.  The same day, Dec. 14, the appeals court
handed down an order saying the bondholders are free to proceed
with collection actions.

According to the report, by Dec. 16, Vitro had filed papers asking
the appeals court to reinstate the bar prohibiting enforcement of
the judgments.  The company argues that allowing bondholders to
collect judgments will "have devastating and irreparable
consequences."  In response to permission from the federal appeals
court for bondholders to attempt collecting judgments, Vitro
issued a statement saying the company finds itself in a "unique
situation since it has two conflicting orders" from courts in two
countries. Vitro refers to how Mexican courts are enforcing the
reorganization plan reducing subsidiaries' debt while courts in
the U.S. aren't.

Vitro also said it has "started the process to recover damages"
from bondholders who attempted to put the parent company and 17
subsidiaries into involuntary bankruptcy.  The involuntary
bankruptcies in Mexico were dismissed on appeal, giving the
company the right to seek damages, Vitro said.  Damage award
against bondholders could be as much as $1.59 billion,
Vitro said.

The appeals court, upholding a ruling by the bankruptcy court in
Dallas, concluded that Vitro's Mexican reorganization plan
shouldn't be enforced in the U.S. because it reduced the liability
of subsidiaries on the bonds, although the subsidiaries weren't in
bankruptcy in any country.

The appeal in the circuit court 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 previous appeal in the circuit court 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 the 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.  Vitro's appeal is
pending.

In November, the U.S. Court of Appeals Judge Carolyn King ruled
that Vitro SAB won't be permitted to enforce its bankruptcy
reorganization plan in the U.S.  She said that Vitro "has not
shown that there exist truly unusual circumstances necessitating
the release" preventing bondholders from suing subsidiaries.


VITRO SAB: Initiates Settlement Trial Against Dissident Funds
-------------------------------------------------------------
Vitro S.A.B. de C.V. said Monday it has started the process to
recover damages caused by the lawsuits filed by the dissident
funds to put Vitro and 17 subsidiaries into involuntary bankruptcy
in Mexico, which were dismissed on appeal.  Under the applicable
legal framework in Nuevo Leon, Mexico, the amount claimed could
reach US$1.59 billion, which corresponds to 20% of the total
amount claimed at the time by the so-called vulture funds from
each of the companies in those proceedings.

According to Vitro, it should be noted that under the approved
restructuring plan, the new bonds issued and payments made by
Vitro to bondholders who opposed the restructuring were placed in
a trust which stipulates that Vitro may collect from this trust
the amounts that these creditors are liable for due to these
actions.  The funds that are exposed to these damages are Moneda,
Brookville Horizons Fund, Davidson Kempner Distressed
Opportunities Fund and Knighthead Master Fund.

The Company has sought information from these funds to determine
whether they have agreements to share the costs of actions certain
funds took on behalf of the whole group. "If they do have such
agreements, we will pursue such recoveries from all relevant
parties, including Aurelius and Elliott," said Claudio del Valle,
Chief Restructuring Officer of Vitro.

Vitro also said the Court of Appeals of the United States Fifth
Circuit in New Orleans lifted the Temporary Restraining Orders
that prevented the collection actions against Vitro and its
subsidiaries by the dissident funds.  In view of this decision the
Company could be facing a unique situation, since it has two
conflicting orders and therefore two markedly different
obligations in both countries.  The debt that could form the basis
for the dissident funds' collection actions in the United States
has been restructured and replaced with new debt in Mexico.
Consequently the Company is evaluating the financial implications
of this particular situation.

Vitro, S.A.B. de C.V. (BMV: VITROA) -- http://www.vitro.com/-- is
a glass manufacturer in Mexico and one of the world's major glass
companies, backed by more than 100 years of experience in the
industry.  Founded in 1909 in Monterrey, Mexico, the company
currently has subsidiaries in the Americas, which offer quality
products and reliable services to meet the needs of two different
types of business: glass containers and flat glass.



* NICOLAS ROMERO: Moody's Assigns 'Ba3' Rating to Enhanced Loan
---------------------------------------------------------------
Moody's de Mexico assigned debt ratings of Baa1.mx (Mexico
National Scale) and Ba3 (Global Scale, local currency) to a
MXN150 million enhanced loan from Banco Interacciones to the
Municipality of Nicolas Romero.

The MXN150 million loan from Interacciones was granted in December
2010. The credit is payable through a trust (Monex F/201), to
which the municipality has pledged the flows and rights of 20% of
its federal participation transfers. The loan is denominated in
Mexican pesos and has a maturity of 15 years at an interest rate
composed of the 28-day Mexican Interbank Interest Rate (TIIE) plus
a spread.

Rating Rationale

The Baa1.mx/Ba3 ratings assigned to the loan reflect the
underlying creditworthiness of the Municipality of Nicolas Romero
(Baa2.mx/B1, stable), supported by the following legal and credit
enhancements embedded in the loan:

1. Strong trust structure where the Municipality of Nicolas Romero
has ceded the rights to 20% of its participation revenues .

2. Moderate reserve levels: minimum debt service coverage of 1.5x

3. Moderate minimum debt service coverage under base case
scenario: 1.6x

4. Moderate minimum debt service coverage under stress case
scenario: 1.4x

The rating rationale also recognizes the following challenges:

* Commingling risk at the level of the State of Mexico (Ba2) as
   the state sends funds to the trust; however, this is offset by
   1) the state's strong governance and management practices,
   including a strong credit culture, and 2) legal barriers that
   prohibit the state for intervening with municipal transfers.

WHAT COULD CHANGE THE RATINGS UP/DOWN

An upgrade of the Municipality of Nicolas Romero's issuer ratings
would likely result in an upgrade of the ratings on the loan. Debt
service coverage significantly exceeding Moody's forecasts could
also exert upward pressure on the rating. Conversely, the debt
ratings could face downward pressure if debt service coverage
levels fall materially below Moody's expectations. Given the links
between the loan and the credit quality of the obligor, a
downgrade of the Municipality of Nicolas Romero could also exert
downward pressure on debt ratings for this loan.

The principal 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, "Enhanced Municipal and
State Loans in Mexico" published in January 2011 and "Mapping
Moody's National Scale Ratings to Global Scale Ratings" published
in October 2012.

The date of the last issuer Credit Rating Action was on August 1,
2011, when debt ratings of a MXN 68 million enhanced loan were
downgraded.



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


CARIBBEAN AIR: To be Profitable in Another 2yos, Chairman Says
--------------------------------------------------------------
RJR News reports that Caribbean Airlines Limited Chairman Rabindra
Moonan it could be another two years before the airline realizes a
profit.

In an interview with Trinidad's Express newspaper, Mr. Moonan said
even though the airline had embarked on initiatives to rationalize
assets and return to a more efficient operation, it will be a
while before CAL can become a profitable enterprise, according to
RJR News.

The report relates that Mr. Moonan said that funding for the
airline's fleet and wet leases have been impacting the bottom
line.

RJR News notes that despite Caribbean Airline's less-than-
spectacular performance, Mr. Moonan said the entity is meeting its
financial obligations with regard to fees to airports, its fuel
bill, and had not defaulted on any obligations.

Mr. Moonan insisted the airline will one day turn a profit and the
signs are for a better 2013, the report says.

In the meantime, CAL said it is not yet making any profit from its
Air Jamaica investment, RJR News discloses.

Mr. Moonan said on that side of the business, stiff competition
from several low-fares airlines out of the US has caused CAL to
revisit its strategies and cost structure in an effort to level
the playing field, RJR News notes.

Since the acquisition in 2010, the Trinidad Express said the
actual performance for the Air Jamaica operation, from May to
December 2010 was a loss of US$21 million US$38 million 2011, RJR
News relays.

Mr. Moonan said the airline is also in the process of reviewing
its routes and run more during peak periods, RJR News 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
---------------------------------------------
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 * * *