/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/111026.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, October 26, 2011, Vol. 12, No. 212 Headlines A R G E N T I N A ALIM ARG: Creditors' Proofs of Debt Due Dec. 21 COMPANIA CONSTRUCTORA: Creditors' Proofs of Debt Due Dec. 13 DANIELA BORGOGNO: Creditors' Proofs of Debt Due Dec. 16 IENCO ARGENTINA: Creditors' Proofs of Debt Due Dec. 20 MANFREDINI SACIFIFA: Creditors' Proofs of Debt Due Nov. 24 MOLIENDA AVELLANEDA: Creditors' Proofs of Debt Due Dec. 12 SAWYER INVESTMENT: Creditors' Proofs of Debt Due Nov. 14 WWWFORMAYCOLOR SRL: Creditors' Proofs of Debt Due Dec. 12 B E R M U D A DIGICEL GROUP: Bermuda Government Opposes Long-Distance Service C A Y M A N I S L A N D S BLACKSTONE FIFTH: Creditors' Proofs of Debt Due Oct. 31 CLARKSON FREIGHT: Creditors' Proofs of Debt Due Nov. 9 CLARKSON HEDGE: Creditors' Proofs of Debt Due Nov. 9 CLARKSON SHIPPING: Creditors' Proofs of Debt Due Nov. 9 COMMONFUND ABSOLUTE: Creditors' Proofs of Debt Due Nov. 9 COMMONFUND EVENT-DRIVEN: Creditors' Proofs of Debt Due Nov. 9 COMMONFUND FIXED: Creditors' Proofs of Debt Due Nov. 9 COMMONFUND LONG/SHORT: Creditors' Proofs of Debt Due Nov. 9 HAM LONG/SHORT: Creditors' Proofs of Debt Due Oct. 31 HAM LONG/SHORT, MASTER: Creditors' Proofs of Debt Due Oct. 31 HAM SHORT: Creditors' Proofs of Debt Due Oct. 31 HAV3 (VI): Creditors' Proofs of Debt Due Nov. 9 KITHIRA VENTURES: Creditors' Proofs of Debt Due Nov. 10 KWF ASSETS: Creditors' Proofs of Debt Due Oct. 31 STERLING CAPITAL: Creditors' Proofs of Debt Due Nov. 9 M E X I C O VITRO SAB: Debt Plan Spurs U.S. Lawmakers' Complaints U R U G U A Y * URUGUAY: IDB Provides US$28.4 Million Loan for Farmers V I R G I N I S L A N D S FAIRFIELD SENTRY: Liquidators Halt Suits During Appeal - - - - - ================= A R G E N T I N A ================= ALIM ARG: Creditors' Proofs of Debt Due Dec. 21 ----------------------------------------------- Mirta Norma Matayoshi, the court-appointed trustee for Alim. Arg. SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until Dec. 21, 2011. The Trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 13 in Buenos Aires, with the assistance of Clerk No. 26, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Mirta Norma Matayoshi Montevideo 771 Argentina COMPANIA CONSTRUCTORA: Creditors' Proofs of Debt Due Dec. 13 ------------------------------------------------------------ Estudio Basile-Cejas, the court-appointed trustee for Compania Constructora de Embarcaciones SA's reorganization proceedings, will be verifying creditors' proofs of claim until Dec. 13, 2011. The Trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 12 in Buenos Aires, with the assistance of Clerk No. 24, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on Sept. 26, 2012. The Trustee can be reached at: Estudio Basile-Cejas Lavalle 1334 Argentina DANIELA BORGOGNO: Creditors' Proofs of Debt Due Dec. 16 ------------------------------------------------------- Pedro Adolfo Valle, the court-appointed trustee for Daniela Borgogno y Cia. SA's bankruptcy proceedings will be verifying creditors' proofs of claim until Dec. 16, 2011. The Trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 2 in Buenos Aires, with the assistance of Clerk No. 3, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Pedro Adolfo Valle Avenida de Mayo 1260 Argentina IENCO ARGENTINA: Creditors' Proofs of Debt Due Dec. 20 ------------------------------------------------------ Mario Leizerow, the court-appointed trustee for Ienco Argentina SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Dec. 20, 2011. The Trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 22 in Buenos Aires, with the assistance of Clerk No. 44, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Mario Leizerow Avenida Santa Fe 2206 Argentina MANFREDINI SACIFIFA: Creditors' Proofs of Debt Due Nov. 24 ---------------------------------------------------------- Marta Noemi Dieguez, the court-appointed trustee for Manfredini Sacififa y de M's reorganization proceedings, will be verifying creditors' proofs of claim until Nov. 24, 2011. The Trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 25 in Buenos Aires, with the assistance of Clerk No. 50, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on Sept. 14, 2012. The Trustee can be reached at: Marta Noemi Dieguez Lavalle 1290 Argentina MOLIENDA AVELLANEDA: Creditors' Proofs of Debt Due Dec. 12 ---------------------------------------------------------- Veronica Isabel Segovia, the court-appointed trustee for Molienda Avellaneda SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until Dec. 12, 2011. The Trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 7 in Buenos Aires, with the assistance of Clerk No. 13, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Veronica Isabel Segovia San Martin 662 Argentina SAWYER INVESTMENT: Creditors' Proofs of Debt Due Nov. 14 -------------------------------------------------------- Elizabeth Maria Zamboni, the court-appointed trustee for Sawyer Investment Corp. SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Nov. 14, 2011. The Trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 24 in Buenos Aires, with the assistance of Clerk No. 48, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Elizabeth Maria Zamboni Vera 272 Argentina WWWFORMAYCOLOR SRL: Creditors' Proofs of Debt Due Dec. 12 --------------------------------------------------------- Luis Gabriel Plizzo, the court-appointed trustee for wwwformaycolor SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until Dec. 12, 2011. The Trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 24 in Buenos Aires, with the assistance of Clerk No. 48, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Luis Gabriel Plizzo Avenida Belgrano 1185 Argentina ============= B E R M U D A ============= DIGICEL GROUP: Bermuda Government Opposes Long-Distance Service --------------------------------------------------------------- The Royal Gazette reports that the Bermuda government has come out against forcing CellOne to provide interconnection to Digicel Group-Transact's new long-distance service. A statement from CellOne said that the Attorney General's Chambers, on behalf of Environment Minister Walter Roban, filed in the Supreme Court their intention to appear in opposition to Digicel-Transact's recent application for an injunction mandating the provision of long distance interconnection to CellOne customers, according to the Royal Gazette. The Royal Gazette notes that in his ruling on the injunction, Puisne Judge Ian Kawaley essentially put the ball in the government's court, urging specifically the Minister of Tourism and International Business Patrice Minors and/or Mr. Roban, to speak up within seven days if they didn't believe what Digicel Group was doing was within its license. The report relates that if not, then Judge Kawaley ruled CellOne must provide interconnection. The government disclosed that it had notified the Court that it wanted to be heard in the ongoing legal dispute between the telecoms providers, The Royal Gazette notes. As reported in the Troubled Company Reporter-Latin America on Oct. 21, 2011, The Royal Gazette related that Judge Kawaley handed a ruling in favor of Digicel Group in response to allegations that the company is illegally offering long distance services. Judge Kawaley accepted that Digicel Group "was entitled to market this service under the Digicel brand name," the report related. Judge Kawaley heard the arguments in the Bermuda Supreme Court on behalf of four different telecom providers, The Royal Gazette disclosed. TCRLA on Oct. 20, 2011, citing the Royal Gazette Online, said that Digicel Bermuda launched a long distance service, including a US$35 plan with unlimited calls to the US, Canada, UK and Ireland. It also launched a Digicel Caribbean plan, the report related. About Digicel Group Digicel Group Limited -- http://www.digicelgroup.com/-- is renowned for competitive rates, unbeatable coverage, superior customer care, a wide variety of products and services and state- of-the-art handsets. By offering innovative wireless services and community support, Digicel Group has become a leading brand across its 31 markets worldwide. Digicel is incorporated in Bermuda and now has operations in 31 markets worldwide. Its Caribbean and Central American markets comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda, Bonaire, the British Virgin Islands, the Cayman Islands, Curacao, Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana, Haiti, Honduras, Jamaica, Martinique, Panama, St. Kitts Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad & Tobago and Turks & Caicos. The Caribbean company also has coverage in St. Martin and St. Barts. Digicel Pacific comprises Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu. * * * As of September 27, 2011, the company continues to carry Moody's "Caa1" senior unsecured debt rating. =========================== C A Y M A N I S L A N D S =========================== BLACKSTONE FIFTH: Creditors' Proofs of Debt Due Oct. 31 ------------------------------------------------------- The creditors of Blackstone Fifth Avenue Offshore Fund Ltd. are required to file their proofs of debt by Oct. 31, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 22, 2011. The company's liquidator is: Sean Flynn HF Fund Services Ltd. P.O. Box 242 45 Market Street Gardenia Court, Camana Bay Grand Cayman KY1-1104 Cayman Islands CLARKSON FREIGHT: Creditors' Proofs of Debt Due Nov. 9 ------------------------------------------------------ The creditors of Clarkson Freight Fund are required to file their proofs of debt by Nov. 9, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 15, 2011. The company's liquidators are: Frank Connolly Ross Allen Clifton Fund Consulting Limited (trading as KB Associates) Fleming Court, Fleming's Place, Mespil Road Dublin 4 Ireland CLARKSON HEDGE: Creditors' Proofs of Debt Due Nov. 9 ---------------------------------------------------- The creditors of Clarkson Hedge Fund are required to file their proofs of debt by Nov. 9, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 15, 2011. The company's liquidators are: Frank Connolly Ross Allen Clifton Fund Consulting Limited (trading as KB Associates) Fleming Court, Fleming's Place, Mespil Road Dublin 4 Ireland CLARKSON SHIPPING: Creditors' Proofs of Debt Due Nov. 9 ------------------------------------------------------- The creditors of Clarkson Shipping Hedge Fund are required to file their proofs of debt by Nov. 9, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 15, 2011. The company's liquidators are: Frank Connolly Ross Allen Clifton Fund Consulting Limited (trading as KB Associates) Fleming Court, Fleming's Place, Mespil Road Dublin 4 Ireland COMMONFUND ABSOLUTE: Creditors' Proofs of Debt Due Nov. 9 --------------------------------------------------------- The creditors of Commonfund Absolute Return Opportunities Company are required to file their proofs of debt by Nov. 9, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 9, 2011. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 COMMONFUND EVENT-DRIVEN: Creditors' Proofs of Debt Due Nov. 9 ------------------------------------------------------------- The creditors of Commonfund Event-Driven Company are required to file their proofs of debt by Nov. 9, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 9, 2011. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 COMMONFUND FIXED: Creditors' Proofs of Debt Due Nov. 9 ------------------------------------------------------ The creditors of Commonfund Fixed Income Arbitrage Company are required to file their proofs of debt by Nov. 9, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 9, 2011. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 COMMONFUND LONG/SHORT: Creditors' Proofs of Debt Due Nov. 9 ----------------------------------------------------------- The creditors of Commonfund Long/Short Equity Company are required to file their proofs of debt by Nov. 9, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 9, 2011. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 HAM LONG/SHORT: Creditors' Proofs of Debt Due Oct. 31 ----------------------------------------------------- The creditors of Ham Long/Short Offshore Fund, Ltd. are required to file their proofs of debt by Oct. 31, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 19, 2011. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815-1762 Facsimile: (345) 949-9877 Ogier 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands HAM LONG/SHORT, MASTER: Creditors' Proofs of Debt Due Oct. 31 ------------------------------------------------------------- The creditors of Ham Long/Short Master Fund, Ltd. are required to file their proofs of debt by Oct. 31, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 19, 2011. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815-1762 Facsimile: (345) 949-9877 Ogier 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands HAM SHORT: Creditors' Proofs of Debt Due Oct. 31 ------------------------------------------------ The creditors of Ham Short Biased Offshore Fund, Ltd. are required to file their proofs of debt by Oct. 31, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 19, 2011. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815-1762 Facsimile: (345) 949-9877 Ogier 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands HAV3 (VI): Creditors' Proofs of Debt Due Nov. 9 ----------------------------------------------- The creditors of HAV3 (VI) Limited are required to file their proofs of debt by Nov. 9, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 19, 2011. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 KITHIRA VENTURES: Creditors' Proofs of Debt Due Nov. 10 ------------------------------------------------------- The creditors of Kithira Ventures Limited are required to file their proofs of debt by Nov. 10, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 7, 2011. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands KWF ASSETS: Creditors' Proofs of Debt Due Oct. 31 ------------------------------------------------- The creditors of KWF Assets Limited are required to file their proofs of debt by Oct. 31, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 15, 2011. The company's liquidator is: HSBC Trustee (Singapore) Limited 21 Collyer Quay #09-01 HSBC Building Singapore 049320 c/o Mr. Philip C Pedro HSBC International Trustee Limited Compass Point Bermudiana Road Hamilton HM 11 Bermuda Telephone: (441) 299-6482 Facsimile: (441) 299-6526 STERLING CAPITAL: Creditors' Proofs of Debt Due Nov. 9 ------------------------------------------------------ The creditors of Sterling Capital Management (Cayman) Limited are required to file their proofs of debt by Nov. 9, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 12, 2011. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 =========== M E X I C O =========== VITRO SAB: Debt Plan Spurs U.S. Lawmakers' Complaints ----------------------------------------------------- Heather Perlberg at Bloomberg News reports two U.S. lawmakers told the Mexico's ambassador that Vitro, S.A.B. de C.V.'s use of US$1.9 billion in inter-company debt to control its court- supervised restructuring should be examined by the country's government. Vitro SAB's bankruptcy strategy would "chill cross-border investment" and shouldn't be allowed to set a legal precedent, Representatives Patrick Meehan of Pennsylvania and Jared Polis of Colorado wrote in an Oct. 20 letter to the envoy, Arturo Sarukhan Casamitjana, according to Bloomberg. "Vitro's unorthodox reorganization violated international bankruptcy norms by preserving equity for its own shareholders at the expense of its public creditors, many of whom are U.S.- based," according to the letter from Mr. Meehan, Bloomberg notes. 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. Blackstone Advisory Partners L.P. serves as financial advisor to the Committee. ============= U R U G U A Y ============= * URUGUAY: IDB Provides US$28.4 Million Loan for Farmers -------------------------------------------------------- The Inter-American Development Bank approved a US$28.4 million loan for a program to increase the incomes of 6,000 small and medium-scale farmers in Uruguay. Some 1,200 of the farmers are women. "The main benefits of the Productive Rural Development Program are measures to improve productivity through adoption of technologies that will increase the incomes of small farmers," said IDB project team leader Luis Macagno. "Despite the generally good performance of Uruguay's agricultural sector in recent years, distribution of these benefits has been uneven," he said. The program will focus on measures to improve productivity and strengthen institutions. Farmers will receive support to partially cover the cost of adopting new technologies in accordance with management plans. The farmers will select the technologies that best suit their production needs. Among other things, the support will cover 50% of the cost of technical assistance for adoption of new technologies and for equipment and supplies needed to apply them. Technologies include better animal husbandry techniques, improved pastures, feed supplements, incorporation of organic matter in soil, localized irrigation systems, crop protection, and management and organization, among other things. In the area of institutional strengthening, the program will fund a plan for land management training for the Ministry of Agriculture's Office of Rural Development, as well as for rural institutions and organizations. Resources will also be provided to prepare strategic land development plans and the dissemination of information through the Internet to foster knowledge-sharing among rural development councils. The program will also support workshops for people working on land management at the national, regional, and international levels, formulating plans for institutional strengthening of rural organizations, and monitoring and evaluation. The loan is for a 25-year term, with a five-year grace period and a variable interest rate based on LIBOR. Local counterpart funding totals US$4.9 million. =========================== V I R G I N I S L A N D S =========================== FAIRFIELD SENTRY: Liquidators Halt Suits During Appeal ------------------------------------------------------ Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that liquidators from the British Virgin Islands for Fairfield Sentry Ltd. and affiliated funds, which had been the largest feeder funds for Bernard L. Madoff Investment Securities Inc., put on ice the lawsuits in which they were attempting to sue foreign customers in U.S. Bankruptcy Court in New York. According to the report, the freeze resulted from an appeal the liquidators lost last month when Chief U.S. District Judge Loretta A. Preska in New York ruled that the Chapter 15 case can't be used to initiate lawsuits in bankruptcy court against non-U.S. customers. Mr. Rochelle recounts that Judge Preska early this month recognized the significance of the issues and granted the liquidators permission to seek an appeal to the U.S. Court of Appeals. Because Judge Preska's decision last month didn't end the lawsuits entirely, the liquidators needed permission to appeal. The U.S. Court of Appeals still must accept the appeal, Mr. Rochelle discloses. Meanwhile, the bankruptcy court signed an order on Oct. 18 freezing the lawsuits pending the outcome of the appeal to the Court of Appeals. The liquidators' lawsuit in bankruptcy court is Fairfield Sentry Ltd. v. Theodoor GGC Amsterdam (In re Fairfield Sentry Ltd.), 10-03496, U.S. Bankruptcy Court, Southern District New York. About Fairfield Sentry Fairfield Sentry is being liquidated under the supervision of the Commercial Division of the High Court of Justice in the British Virgin Islands. It is one of the funds owned by the Fairfield Greenwich Group, an investment firm founded in 1983 in New York City. Fairfield Sentry and other Greenwich funds had among the largest exposures to the Bernard L. Madoff fraud. Fairfield Sentry Limited filed for Chapter 15 protection (Bankr. S.D.N.Y. Case No. 10-13164) on June 14, 2010. Greenwich Sentry, L.P., and an affiliate filed for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 10-16229) on Nov. 19, 2010, hoping to settle lawsuits filed against it in connection with its investments with Bernard L. Madoff. On May 18, 2009, Irving H. Picard, the trustee liquidating the estate of Mr. Madoff and his firm, Bernard L. Madoff Investment Securities, LLC, filed a lawsuit against Fairfield Sentry and Greenwich, seeking the return of US$3.55 billion that Fairfield withdrew from Madoff during the period from 2002 to Mr. Madoff's arrest in December 2008. Since 1995, the Fairfield funds invested about US$4.5 billion with BLMIS. Mr. Picard claims that Fairfield knew or should have known about the fraud give that it received from BLMIS unrealistically high and consistent annual returns of between 10% and 21% in contrast to the vastly larger fluctuations in the S&P 100 Index. *********** 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, 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 * * *