/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/110616.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, June 16, 2011, Vol. 12, No. 118 Headlines B E R M U D A MGSIS MAN: Creditors' Proofs of Debt Due June 24 MGSIS MAN: Member to Receive Wind-Up Report on July 22 C A Y M A N I S L A N D S ALETRAX CAPITAL: Members' Final Meeting Set for June 28 ALETRAX GLOBAL: Members' Final Meeting Set for June 28 COMAS STRATEGY: Placed Under Voluntary Wind-Up DIFIGLIA PARTNERS: Shareholders' Final Meeting Set for July 6 DIFIGLIA PARTNERS: Shareholders' Final Meeting Set for July 6 DRAKE INVESTMENTS: Shareholders' Final Meeting Set for July 8 HERITAGE TRUST: Shareholders' Final Meeting Set for June 30 IXIS ABS: Creditors' Proofs of Debt Due July 6 MOBISERVE B: Shareholders' Final Meeting Set for July 8 RL CAPITAL: Creditors' Proofs of Debt Due July 6 SR KC MASTER: Shareholders' Final Meeting Set for July 6 SUMMERTIME INVESTMENTS: Members Receive Wind-Up Report TAKEFUJI BULL: Creditors' Proofs of Debt Due July 6 TRIBECA CITIGROUP: Creditors' Proofs of Debt Due July 6 VERFA INVESTMENTS: Creditors' Proofs of Debt Due July 6 J A M A I C A SUGAR COMPANY: Agriculture Ministry to Hold 2nd Meeting With NWU WEST INDIES: UC RUSAL Needs to Raise About JM$2BB to Repay Debts M E X I C O MEXICANA AIRLINES: About 2,500 Workers Accuse Bancomext of Fraud VITRO SAB: Parent, Lenders Object to Sale of U.S. Unit's Assets VITRO SAB: Amends Asset Purchase Agreement with American Glass P U E R T O R I C O CARIBBEAN PETROLEUM: Liquidation Plan Declared Effective CARIBBEAN PETROLEUM: Obtains Approval of VB Investment Settlement COSTA DORADA: Files Schedules of Assets & Liabilities X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ============= B E R M U D A ============= MGSIS MAN: Creditors' Proofs of Debt Due June 24 ------------------------------------------------ The creditors of MGSIS Man IP 229 Series 3 Class P2 GBP Trading Ltd are required to file their proofs of debt by June 24, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 8, 2011. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda MGSIS MAN: Member to Receive Wind-Up Report on July 22 ------------------------------------------------------ The member of MGSIS Man IP 229 Series 3 Class P2 GBP Trading Ltd will receive on July 22, 2011, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on June 8, 2011. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda =========================== C A Y M A N I S L A N D S =========================== ALETRAX CAPITAL: Members' Final Meeting Set for June 28 ------------------------------------------------------- The members of Aletrax Capital Management Limited will hold their final meeting on June 28, 2011, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jeffrey Skinner Telephone: +350 200 52545 Facsimile: +350 200 52546 CARD Corporate Services Ltd. P.O. Box 709 Zephyr House 122 Mary Street, Grand Cayman KY1-1107 Cayman Islands ALETRAX GLOBAL: Members' Final Meeting Set for June 28 ------------------------------------------------------ The members of Aletrax Global SPC Limited will hold their final meeting on June 28, 2011, at 2:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jeffrey Skinner Telephone: +350 200 52545 Facsimile: +350 200 52546 CARD Corporate Services Ltd. P.O. Box 709 Zephyr House 122 Mary Street, Grand Cayman KY1-1107 Cayman Islands COMAS STRATEGY: Placed Under Voluntary Wind-Up ---------------------------------------------- On May 18, 2011, the sole shareholder of Comas Strategy Fund I Limited passed a resolution that voluntarily winds up the company's operations. David T. Smith of Equus Asset Management Partners is the company's liquidator. DIFIGLIA PARTNERS: Shareholders' Final Meeting Set for July 6 ------------------------------------------------------------- The shareholders of Difiglia Partners (Cayman), Ltd will hold their final meeting on July 6, 2011, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis Telephone: (e45) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands DIFIGLIA PARTNERS: Shareholders' Final Meeting Set for July 6 ------------------------------------------------------------- The shareholders of Difiglia Partners Master (Cayman), Ltd will hold their final meeting on July 6, 2011, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis Telephone: (e45) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands DRAKE INVESTMENTS: Shareholders' Final Meeting Set for July 8 ------------------------------------------------------------- The shareholders of Drake Investments Limited will hold their final meeting on July 8, 2011, at 8:45 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 HERITAGE TRUST: Shareholders' Final Meeting Set for June 30 ----------------------------------------------------------- The shareholders of Heritage Trust Company, Ltd. will hold their final meeting on June 30, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jane Fleming Telephone: (345) 945-2187 / (345) 945-2197 P.O. Box 30464 Grand Cayman KY1-1202 Cayman Islands IXIS ABS: Creditors' Proofs of Debt Due July 6 ---------------------------------------------- The creditors of IXIS ABS CDO 3 Ltd. are required to file their proofs of debt by July 6, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 18, 2011. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands MOBISERVE B: Shareholders' Final Meeting Set for July 8 ------------------------------------------------------- The shareholders of Mobiserve B Limited will hold their final meeting on July 8, 2011, at 8:30 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 RL CAPITAL: Creditors' Proofs of Debt Due July 6 ------------------------------------------------ The creditors of RL Capital III Co. are required to file their proofs of debt by July 6, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 24, 2011. The company's liquidator is: Victor Murray c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands SR KC MASTER: Shareholders' Final Meeting Set for July 6 -------------------------------------------------------- The shareholders of SR KC Master Ma Ltd. will hold their final meeting on July 6, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Swiss Re Services Limited 30 St Mary's Axe London SUMMERTIME INVESTMENTS: Members Receive Wind-Up Report ------------------------------------------------------ The members of Summertime Investments Limited received on May 16, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman Cayman Islands TAKEFUJI BULL: Creditors' Proofs of Debt Due July 6 --------------------------------------------------- The creditors of Takefuji Bull Mart Co. Ltd. are required to file their proofs of debt by July 6, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 27, 2011. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands TRIBECA CITIGROUP: Creditors' Proofs of Debt Due July 6 ------------------------------------------------------- The creditors of Tribeca Citigroup Investments Ltd. are required to file their proofs of debt by July 6, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 12, 2011. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands VERFA INVESTMENTS: Creditors' Proofs of Debt Due July 6 ------------------------------------------------------- The creditors of Verfa Investments Ltd. are required to file their proofs of debt by July 6, 2011, to be included in the company's dividend distribution. The company's liquidator is: Rafaela Salinas de Sancheznavarro Fuente De Verona 5 Tecamachalco, Estado De Mexico 53950 Mexico ============= J A M A I C A ============= SUGAR COMPANY: Agriculture Ministry to Hold 2nd Meeting With NWU ---------------------------------------------------------------- RJR News reports that a follow up meeting between the Ministry of Agriculture and representatives of the National Workers' Union (NWU) is to be held to discuss crucial issues ahead of the Chinese firm Complant completing the next phase of its takeover of Sugar Company of Jamaica Holdings Limited (SCJ)'s factories. This follows talks held two weeks ago between the Ministry and NWU, which represents employees in the sugar industry, according to RJR News. RJR News notes that NWU said a request will be made to include the sugar divestment team in the discussions. Meanwhile, Vincent Morrison, NWU President, said the union also wants to meet with Complant, RJR News says. ". . . and we're also seeking a meeting with the Chinese (Complant) to discuss the issue of representation. Those are two issues that came out of the meeting. There was a third matter, a number of the workers have put together a project proposal to develop certain business forms and this issue will be pursued with the Ministry of Agriculture," RJR News quoted Mr. Morrison as saying. As reported in the Troubled Company Reporter-Latin America on May 23, 2011, RJR News said Dr. Christopher Tufton, the Minister of Agriculture, has reportedly agreed to a request from trade unions for a meeting to discuss the fate of sugar workers with the impending takeover of SCJ's factories. The meeting was held on June 1. The unions wanted answers on how the employees will be treated when the factories are fully placed under Complant's control, according to RJR News. "We have written to the minister requesting a meeting to discuss the winding up process (and) the terminal arrangements for the workers who have been engaged since January 2009", Mr. Morrison told RJR's Financial Report in an interview. Last year, RJR News recalled that Complant spent US$9 million to acquire the Frome, Bernard Lodge, and Monymusk sugar factories in Westmoreland, St. Catherine and Clarendon respectively. About SCJ The Sugar Company of Jamaica Holdings Limited, a.k.a. SCJ, was formed in November 1993 by a consortium made up of J. Wray & Nephew Limited, Manufacturers Investments Limited and Booker Tate Limited. The three companies each held 17% equity in SCJ, with the remaining 49% being held by the government of Jamaica. In 1998, the government became the sole shareholder of SCJ by acquiring the interests of the members of the consortium. Its stated goal was to maximize efficiency, productivity and profitability of the sugar factories, within three years. The principal activities of the company are the cultivation of cane and the manufacture and sale of sugar and molasses. * * * As reported in the Troubled Company Reporter-Latin America on June 22, 2009, the Jamaica Gleaner reported that Agriculture and Fisheries Minister Christopher Tufton said that if a new deal is not inked soon for the divestment of SCJ's factories, the public will be called on again to plug a projected US$4.2 billion hole -- representing a US$2 billion operational loss, and bank penalties -- apparently from continuous hefty overdrafts. The loss was incurred by the SCJ's four factories during the 2008/2009 season. The Gleaner related the enterprise has a US$21-billion debt and losses totaling more than US$14 billion since 2005. WEST INDIES: UC RUSAL Needs to Raise About JM$2BB to Repay Debts ---------------------------------------------------------------- RJR News reports that UC Rusal, owner of West Indies Alumina Company (WINDALCO)'s bauxite plants in Jamaica, is considering a share offering in order to help pay off its debts. UC Rusal is looking to raise between JM$1.5 billion and JM$2 billion as part of its long-term debt repayment plan, according to RJR News. The report notes that the company raised JM$2.2 billion in a landmark Hong Kong IPO (initial public offering) last year to solve its chronic debt problem, but still had more than JM$11 billion on its balance sheet as of March 31 this year. RJR News relates that a source said UC Rusal is studying the possibility of the sale of a stake of between 7% and 10%. A group spokeswoman said no decision had been made on future debt repayment plans, the report discloses. As reported in the Troubled Company Reporter-Latin America on June 14, 2011, RJR News said that UC Rusal threatens to postpone its July 1 plan to reopen the Kirkvine Plant in Manchester after not getting certain concessions from the Golding administration to resume production. The reopening's delay, according to the report, will pose a setback to the recovery of Jamaica's bauxite/alumina industry. RJR News related that the re-employment of 300 persons is also on the line if UC Rusal carries out its threat. UC Rusal is the world's largest producer of aluminium. About WINDALCO West Indies Alumina Company is situated on the island of Jamaica in the Caribbean. The company comprises two alumina refineries (Ewarton Works and Kirkvine Works), a shipping port (Port Esquivel) and also bauxite mines in Schwallenburgh (Ewarton) and Russell Place (Kirkvine) and farms in Manchester and St. Ann. * * * As reported in the Troubled Company Reporter-Latin America on March 8, 2010, Jamaica Gleaner said that West Indies Alumina Company will end its bauxite production in Jamaica and make 762 permanent jobs redundant. The report related that the redundancy exercise comes a year after the company suspended production at its Kirkvine, Manchester, and Ewarton, St. Catherine, refineries because of reduced demand for aluminium on the world market. The company is 93% owned by Russian entity, UC Rusal. =========== M E X I C O =========== MEXICANA AIRLINES: Workers File US$83MM Fraud Suit vs. Bancomext ---------------------------------------------------------------- Latin American Herald Tribune reports that about 2,500 employees of Compania Mexicana de Aviacion or Mexicana Airlines filed a complaint with prosecutors against Banco Nacional de Comercio Exterior (Bancomext) alleging that the state-owned financial institution defrauded the Treasury of some MXN990 million (about US$83 million) and dispossessed the company of assets. "We are filing a criminal complaint aimed at Bancomext and its director, Hector Rangel, for the possible diversion or disappearance of 990 million pesos that belong to Mexicans. We are going to act in accordance with the law," The Herald quoted Luis Ojeda, Mexicana de Aviacion Workers Coalition (CTMA) leader, as saying. CTMA alleged that Bancomext made a loan that was supposedly used to capitalize the airline, but "it is not known what the final destination of said resources was and that is called fraud," according to The Herald. Bancomext also took nine planes that still belong to Mexicana de Aviacion and that the bank wants to keep as collateral for the supposed loan that was not repaid, CTMA added. "We are denouncing at this time that via an act of fraudulent extortion of the law, Bancomext wants to dispossess us of what belongs to us by law," Mr. Ojeda said, adding that the assets belonged to workers and creditors, The Herald relates. "The company is under bankruptcy protection and so this government institution cannot dispose of them . . . if the company is liquidated, the planes guarantee the payment of severance to workers," Mr. Ojeda added. About Mexicana Airlines Compania Mexicana de Aviacion or Mexicana Airlines -- http://www.mexicana.com/--is a privately held airline and a subsidiary of Nuevo Grupo Aeronautico. Founded in 1921, Mexicana is the oldest commercial carrier in North America. Charles Lindbergh piloted the first trip for Mexicana between Brownsville, Texas, and Mexico City. Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and Mexicana Inter S.A. de C.V. (Mexicana Link). Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's largest airline, filed for bankruptcy in the U.S. and Mexico on August 2, 2010. In the U.S., the company filed in the U.S. Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection (case no. 10-14182), and in Mexico, it filed for the equivalent of Chapter 11. Maru E. Johansen, foreign representative of Compania Mexicana, estimated in the Chapter 15 petition that the company has assets of US$500 million to US$1 billion and debts of more than US$1 billion. William C. Heuer, Esq., at Duane Morris LLP, serves as counsel to Ms. Johansen. Mexicana de Aviacion stated that despite its bankruptcy filing, it expects to continue to operate normally, and that such filings did not affect the operations of Click Mexicana and Mexicana Link, which are independent companies from Mexicana de Aviacion. VITRO SAB: Parent, Lenders Object to Sale of U.S. Unit's Assets --------------------------------------------------------------- Vitro S.A.B. de C.V., the ultimate parent of Vitro America, LLC, and its debtor affiliates, and Bank of America, N.A., and Banc of America Leasing & Capital, LLC, the Debtors' lenders, object to the sale of substantially all of the U.S. Debtors' assets to American Glass Enterprises, LLC. Vitro SAB says it does not generally object to the sale of the U.S. assets. However, Vitro SAB asserts that (a) the Debtors cannot transfer any rights to the "VITRO" trademarks, (b) Vitro SAB and its non-Debtor affiliates do not consent to the general release contemplated under the asset purchase agreement, and (c) the proposed assumptions and assignments of certain agreements should not be authorized in the manner presently contemplated by the Debtors. According to Andrew M. LeBlanc, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Washington, D.C., Vitro SAB's counsel, the permission of the parent's affiliates to use the VITRO Marks in their businesses is not transferrable or assignable to any third party without the parent's permission. Vitro SAB wants the U.S. Debtors to assume: -- the Contract for Information Technology Services, dated August 1, 2007, by and between EDS Mexico, S.A. Ltd., and Vitro Corporativo, ITS Master Agreement or the Local Agreement for Information Technology Services dated September 25, 2007, by and between EIS Information Services, L.L.C., Electronic Data Systems Corporation and Vitro America Inc. and its affiliates and assign either of them to Vitro America Acquisition Corporation; -- certain software license, maintenance and services agreement, between J.D. Edwards World Solution and VVP America, Inc., and assign any of them to either VAAC or American Glass, as the case may be; and -- any of the Assigned Contracts and assign them to either VAAC or American Glass without first releasing any non-Debtor guarantor or indemnitor thereunder. Vitro SAB also asks that it not be compelled to execute the Release under the APA. BofA and BALC object to the sale to the extent that the net cash proceeds of the sale, after deducting all pre- and post-closing prorations and adjustments, are insufficient to provide for fully payment of the Debtors' prepetition obligations and the DIP obligations, and payment of all fees, costs and expenses of the Prepetition Lender, the DIP Lender and BALC, which are reimbursable under the Prepetition Loan Agreement, the DIP Loan Agreement and any other related instruments. BofA and BALC also object to the sale to the extent that cash proceeds are not remitted directly to the Prepetition Lender and the DIP Lender at closing. 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. The judge said Vitro couldn't push through a plan to buy back or swap US$1.2 billion in debt from bondholders based on the vote of US$1.9 billion of intercompany debt when third-party creditors were opposed. Vitro as a result dismissed the first Chapter 15 petition following the ruling by the Mexican court. On April 12, 2011, an appellate court in Mexico reinstated the reorganization. Accordingly, Vitro SAB on April 14 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). 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. The U.S. affiliates subject to the involuntary petitions are Vitro Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10- 47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473); Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O. Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass, Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC (Bankr. N.D. Tex. Case No. 10-47485). 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. VITRO SAB: Amends Asset Purchase Agreement with American Glass -------------------------------------------------------------- Vitro Asset Corp. and its debtor affiliates notified the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, that the asset purchase agreement between Vitro America, LLC, and American Glass Enterprises, LLC, was modified on June 8, 2011. The modifications include additional items included in the liabilities to be assumed by the Buyer. Those additional Assumed Liabilities include: -- those trade obligations, including cure costs, arising prior to the Involuntary Petition Date provided that the aggregate liability to be assumed by Buyer for any of those trade obligations will not exceed $500,000; -- all claims incurred-but-not-reported under the Sellers' self-insured health plans incurred as of or prior to the Closing Date of the Sale; -- the Buyer's additional cure costs, if any; -- all obligations and liabilities with respect to warranties arising under the bonded customer contracts; and -- bankruptcy-related claims selected by Buyer in its sole discretion in the aggregate amount of $6,150,000 less any Unrealized Utility Deposits. One of the Excluded Liabilities of the Buyer is any Liability relating to or arising out of (i) a warranty issued by the Sellers to Morcon Construction with respect to the Minneapolis/St. Paul Airport HHH Terminal located at 3060 East 72nd Street, in Minneapolis, Minnesota, and (ii) a warranty issued by the Sellers to Perini - Suitt Joint Venture with respect to the Opryland Hotel and Convention Center located at 3200 International Drive, in Kissimmee, Florida. The Amended APA also provides that, as requested by Buyer from time to time and at Buyer's sole cost and expense, Sellers will, in consultation with and at the direction of Buyer, use their commercially reasonable efforts to negotiate and enter into collective bargaining agreements with all applicable unions and collective bargaining agents for the benefit of Buyer. Under no circumstances will those Renegotiated Collective Bargaining Agreements be Assumed Contracts unless and until Buyer provides written notice to Sellers that those Renegotiated Collective Bargaining Agreements are acceptable to Buyer, in Buyer's sole discretion, and that those Renegotiated Collective Bargaining Agreements will be Assumed Contracts. It is agreed and acknowledged by the Parties that any Renegotiated Collective Bargaining Agreements are not a condition to the Closing. Effective as of the Closing Date, Seller will provide certain transition coverage to the Transferred Employees and employees of Buyer hired following the Closing Date, but prior to the first day of the third full month following the Closing Date under Sellers' health and welfare plans until the last day of the second full month following the Closing Date and Buyer will reimburse Sellers for the costs associated with the transition coverage. A full-text copy and a redlined version of the Amended APA are available for free at http://ResearchArchives.com/t/s?763c 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. The judge said Vitro couldn't push through a plan to buy back or swap US$1.2 billion in debt from bondholders based on the vote of US$1.9 billion of intercompany debt when third-party creditors were opposed. Vitro as a result dismissed the first Chapter 15 petition following the ruling by the Mexican court. On April 12, 2011, an appellate court in Mexico reinstated the reorganization. Accordingly, Vitro SAB on April 14 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). 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. The U.S. affiliates subject to the involuntary petitions are Vitro Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10- 47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473); Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O. Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass, Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC (Bankr. N.D. Tex. Case No. 10-47485). 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. ===================== P U E R T O R I C O ===================== CARIBBEAN PETROLEUM: Liquidation Plan Declared Effective -------------------------------------------------------- Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware declared the Fourth Amended Joint Plan of Liquidation for Caribbean Petroleum Corp. and its debtor affiliates effective on June 3, 2011. On May 9, 2011, Judge Gross confirmed the Plan, after determining that the Plan meets all the requirements of Section 1129(a) of the Bankruptcy Code. The Plan was proposed by the Debtors, the Official Committee of Unsecured Creditors and Banco Popular de Puerto Rico. The Plan incorporates a settlement with BPPR, whereby the BPPR Secured Claims will be deemed allowed as undisputed, noncontingent and liquidated Secured Claim in the aggregate principal amount of $137,671,348 plus prepetition professional fees and expenses. The Plan will also implement the FirstBank Settlement for the allowance of FirstBank Puerto Rico's Secured Claims in the aggregate principal amount of $11,584,809 plus prepetition expenses and interest accrued through the effective date of the Plan. The Plan provides this classification of claims and equity interests: Class Designation Impairment Voting Rights ----- ----------- ---------- ------------- 1 Priority Non-Tax Not Impaired Presumed to Accept Claims 2 FirstBank Secured Impaired Entitled to Vote Claims 3 BPPR Secured Impaired Entitled to Vote Claims 4 Other Secured Impaired Entitled to Vote Claims 5 General Unsecured Impaired Entitled to Vote Claims 6 Intercompany Impaired Deemed to Reject Claims 7 Subordinated Impaired Deemed to Reject Claims 8 Equity Interests Impaired Deemed to Reject A full-text copy of the Plan as blacklined is available for free at: http://bankrupt.com/misc/CARIBBEANPETROLEUM_4thAmPlan.pdf On the effective date of the Plan, the Debtors will pay to BPPR Cash in an amount not less than $35,693,111, plus additional amounts as BPPR may be entitled to receive under the Plan or the Final DIP Order as agreed to by the Plan Proponents or ordered by the Court. However, in the event that the Effective Date is to occur before receipt of the Chartis Administrative Expense Funds, BPPR may in its sole and absolute discretion elect on or prior to the Effective Date to direct the Debtors and Liquidation Trustee to defer payment of up to $3.9 million of the DIP Financing Claims until after the Chartis Administrative Expense Funds are received or used to pay Administrative Expense Claims. The bankruptcy judge also allowed Claim No. 1574 filed by Centro de Recaudacion de Ingresos Muncipales. The claims asserted by the Department of Treasury of the Commonwealth of Puerto Rico that are fixed and allowed as administrative expense claims, priority tax claims, or other secured claims will be paid in full. The order also set forth the resolution of objections to confirmation of the Plan. A full-text copy of the confirmation order is available for free at: http://bankrupt.com/misc/CARIBBEANPETROLEUM_ConfOrder.pdf Effective Date Deadlines Pursuant to the Effective Date Notice, professionals retained in the Debtors' Chapter 11 cases must file their applications for final allowance of fees and expenses on or before July 5, 2011. Objections to any final fee application must be filed on or before July 18, 2011. The bankruptcy judge will consider approval of the final fee applications on Aug. 10, 2011. In addition, all requests for allowance of Administrative Expense Claims that accrue from January 1, 2011 through the Effective Date must be filed with Kurtzman Carson Consultants, LLC, the Debtors' claims agent and served on the Liquidation Trustee on or before July 5, 2011. All proofs of claim arising from the rejection of executory contracts and unexpired leases pursuant to the Plan must be filed on or before July 5, 2011. About Caribbean Petroleum San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka CAPECO, owns and operates certain facilities in Bayomon, Puerto Rico for the import, offloading, storage and distribution of petroleum products. Caribbean Petroleum sought Chapter 11 protection (Bankr. D. Del. Case No. 10-12553) on Aug. 12, 2010, nearly 10 months after a massive explosion at its major Puerto Rican fuel storage depot virtually shut down the company's operations. The Debtor estimated assets of US$100 million to US$500 million and debts of US$500 million to US$1 billion as of the Petition Date. Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum Refining (Puerto Rico) Corporation filed separate Chapter 11 petitions on Aug. 12, 2010. John J. Rapisardi, Esq., George A. Davis, Esq., Peter Friedman, Esq., and Zachary H. Smith, Esq., of Cadwalader, Wickersham & Taft LLP, in New York, serve as lead counsel to the Debtors. Mark D. Collins, Esq., and Jason M. Madron, Esq., of Richards, Layton & Finger, P.A., in Wilmington, Delaware, serve as local counsel. The Debtors' financial advisor is FTI Consulting Inc. The Debtors' chief restructuring officer is Kevin Lavin of FTI Consulting Inc. Kurtzman Carson Consultants LLC serves as the noticing, claims and balloting agent to the Debtors. In December 2010, the Debtor won bankruptcy court approval to sell its business to Puma Energy International for US$82 million. Puma obtained Capeco's entire retail network, which consists of 157 locations, gasoline, diesel and other fuel storage facilities as well as undeveloped land and a private deep water jetty. This is Caribbean Petroleum's second stint in Chapter 11. CARIBBEAN PETROLEUM: Obtains Approval of VB Investment Settlement ----------------------------------------------------------------- Caribbean Petroleum Corporation and its debtor affiliates sought and obtained approval from the U.S. Bankruptcy Court for the District of Delaware of a settlement agreement among the Debtors, the Official Committee of Unsecured Creditors and VB Investment, Inc. Under the Fourth Amended Joint Plan of Liquidation, the Puerto Rico Litigation is assigned to the Liquidation Trustee for the benefit of general unsecured creditors and can be compromised by the Committee and the Debtors as set forth in the Settlement Agreement. About Caribbean Petroleum San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka CAPECO, owns and operates certain facilities in Bayomon, Puerto Rico for the import, offloading, storage and distribution of petroleum products. Caribbean Petroleum sought Chapter 11 protection (Bankr. D. Del. Case No. 10-12553) on Aug. 12, 2010, nearly 10 months after a massive explosion at its major Puerto Rican fuel storage depot virtually shut down the company's operations. The Debtor estimated assets of US$100 million to US$500 million and debts of US$500 million to US$1 billion as of the Petition Date. Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum Refining (Puerto Rico) Corporation filed separate Chapter 11 petitions on Aug. 12, 2010. John J. Rapisardi, Esq., George A. Davis, Esq., Peter Friedman, Esq., and Zachary H. Smith, Esq, of Cadwalader, Wickersham & Taft LLP, in New York, serve as lead counsel to the Debtors. Mark D. Collins, Esq., and Jason M. Madron, Esq., of Richards, Layton & Finger, P.A., in Wilmington, Delaware, serve as local counsel. The Debtors' financial advisor is FTI Consulting Inc. The Debtors' chief restructuring officer is Kevin Lavin of FTI Consulting Inc. Kurtzman Carson Consultants LLC serves as the noticing, claims and balloting agent to the Debtors. In December 2010, the Debtor won bankruptcy court approval to sell its business to Puma Energy International for US$82 million. Puma obtained Capeco's entire retail network, which consists of 157 locations, gasoline, diesel and other fuel storage facilities as well as undeveloped land and a private deep water jetty. This is Caribbean Petroleum's second stint in Chapter 11. COSTA DORADA: Files Schedules of Assets & Liabilities ----------------------------------------------------- Costa Dorada Apartments Corp. filed with the U.S. Bankruptcy Court for the District of Puerto Rico, its schedules of assets and liabilities, disclosing: Name of Schedule Assets Liabilities ---------------- ------- ----------- A. Real Property US$10,000,000 B. Personal Property $733,570 C. Property Claimed as Exempt D. Creditors Holding Secured Claims US$1,220,401 E. Creditors Holding Unsecured Priority Claims $50,433 F. Creditors Holding Unsecured Non-priority Claims $7,289,730 ------------ -------------- TOTAL US$10,733,570 US$8,560,564 About Costa Dorada Apartments Costa Dorada Apartments Corp., dba Villas De Costa Dorada, in Isabela, Puerto Rico, filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11-03960) on May 10, 2011. In its petition, the Debtor estimated $10 million to $50 million in assets and debts. The petition was signed by Carlos R. Fernandez Rodriguez, its president. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- July 21-24, 2011 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Hyatt Regency Newport, Newport, R.I. Contact: 1-703-739-0800; http://www.abiworld.org/ July 27-30, 2011 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Sanctuary at Kiawah Island, Kiawah Island, S.C. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 4-6, 2011 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hotel Hershey, Hershey, Pa. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 14, 2011 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Tampa Convention Center, Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. __, 2011 AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium Dublin, Ireland Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 25-27, 2011 TURNAROUND MANAGEMENT ASSOCIATION Hilton San Diego Bayfront, San Diego, CA Contact: http://www.turnaround.org/ Dec. 1-3, 2011 AMERICAN BANKRUPTCY INSTITUTE 23rd Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ April 3-5, 2012 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Grand Hyatt Atlanta, Atlanta, Ga. Contact: http://www.turnaround.org/ Apr. 19-22, 2012 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ July 14-17, 2012 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton Amelia Island, Amelia Island, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 2-4, 2012 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ November 1-3, 2012 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Westin Copley Place, Boston, Mass. Contact: http://www.turnaround.org/ Nov. 29 - Dec. 2, 2012 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference JW Marriott Starr Pass Resort & Spa, Tucson, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ April 10-12, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference JW Marriott Chicago, Chicago, Ill. Contact: http://www.turnaround.org/ October 3-5, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Wardman Park, Washington, D.C. Contact: http://www.turnaround.org/ *********** 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, Psyche A. Castillon, Julie Anne G. Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2011. 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 Christopher Beard at 240/629-3300. * * * End of Transmission * * *