/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/111027.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, October 27, 2011, Vol. 12, No. 213 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Receiver May Need to End Search for Secret Assets B E R M U D A FORSYTH GLOBAL COMMODITY: Appoints Calow as Liquidator FORSYTH GLOBAL PRIVATE: Appoints Calow as Liquidator FORSYTH GLOBAL PROPERTY: Appoints Calow as Liquidator MAN RMF: Placed Under Voluntary Wind-Up MAN RMF: Member to Receive Wind-Up Report on Nov. 16 MGSIS CLASS: Placed Under Voluntary Wind-Up MGSIS CLASS: Member to Receive Wind-Up Report on Nov. 16 C A Y M A N I S L A N D S ALPHASELECT GTAA: Creditors' Proofs of Debt Due Nov. 9 ASTRA ALPHA: Creditors' Proofs of Debt Due Nov. 9 BLACK WATCH: Creditors' Proofs of Debt Due Nov. 9 FTI HOLDING: Placed Under Voluntary Wind-Up HAM SHORT: Creditors' Proofs of Debt Due Oct. 31 IVORY TOWER: Creditors' Proofs of Debt Due Nov. 9 LCAM MULTI-STRATEGY: Creditors' Proofs of Debt Due Oct. 31 NISR 4: Creditors' Proofs of Debt Due Nov. 9 OSCAR FUNDING: Creditors' Proofs of Debt Due Nov. 9 ROSEN REAL: Creditors' Proofs of Debt Due Nov. 4 SIGNUM NLB: Creditors' Proofs of Debt Due Nov. 9 SIGNUM NORTH: Creditors' Proofs of Debt Due Nov. 9 SIGNUM PLUTUS: Creditors' Proofs of Debt Due Nov. 9 TONTINE 25 OVERSEAS: Creditors' Proofs of Debt Due Nov. 9 TONTINE CAPITAL: Creditors' Proofs of Debt Due Nov. 9 J A M A I C A SUGAR COMPANY: Aubyn Hill Steps Down as Chief Executive Officer M E X I C O GRUPO PETROTEMEX: Fitch Ups LT Issuer Default Rating to 'BB+' SIDERURGICA DEL TURBIO: S&P Affirms 'B' LT Corp. Credit Rating VITRO SAB: U.S. Trustee Amends Vitro Asset Creditors' Panel * MONTERREY MUNICIPALITY: Moody's Cuts Issuer Rating to 'Ba2' P U E R T O R I C O COSTA DORADA: Plan Filing Deadline Extended to Oct. 30 T R I N I D A D & T O B A G O CL FIN'L: MGP Ingredients to Buy LDI's Distillery Assets X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: Receiver May Need to End Search for Secret Assets ----------------------------------------------------------------- Laurel Brubaker Calkins and Andrew Harris at Bloomberg News report that U.S. District Judge David Godbey, the judge overseeing the Robert Allen Stanford case, said that court- appointed receiver Ralph Janvey may need to stop searching for a secret "pot of gold" and pay defrauded investors from the assets he has recovered so far. "I'm concerned the receiver is expending resources that could otherwise be distributed to investors trying to track down missing resources," Bloomberg quoted Judge Godbey as saying. Judge Godbey told lawyers in Dallas that he's concerned that Mr. Janvey is duplicating efforts by U.S. prosecutors, who are also tracking Mr. Stanford's assets overseas, according to Bloomberg. Bloomberg notes that U.S. Securities and Exchange Commission attorney David Reece told Judge Godbey, referring to Mr. Stanford's missing billions, "If we knew where it was and were able to go get it, we would have." Kevin Sadler, Mr. Janvey's lead lawyer, told Judge Godbey that the Stanford receivership has about US$100 million in unrestricted cash on hand, Bloomberg relays. This represents proceeds from the sale of virtually all of Stanford's U.S. real estate and private equity holdings, after payment of the receivership's fees and expenses, Bloomberg relates. Bloomberg discloses that Mr. Stanford owned additional real estate in the Caribbean nation of Antigua and Barbuda, which is under the control of a separate liquidator appointed by that nation's government. Bloomberg says that lawyers for Mr. Janvey and Mr. Stanford's Antiguan liquidators told Judge Godbey that they can't agree how to share control of Stanford's island properties and investor records located in Antigua. Mr. Sadler, Bloomberg relates, said that if the U.S. receiver gained control of the frozen U.K. and Swiss bank accounts, then there might be enough cash to justify the cost of creating a claims process to distribute recovered assets to investors. "If we leave this just in limbo for another two or three years waiting to see if there's a bigger pot of money, it may be difficult for people to put together claims . . . . The prospects of finding a secret Swiss bank account with US$5 billion in it is not something you're holding out much hope for," Judge Godbey told Mr. Sadler, Bloomberg says. Bloomberg discloses that Judge Godbey asked the receiver for a plan detailing "what needs to be done to bring this to a conclusion and what it will cost" to complete the task of repaying Stanford's investors. Judge Godbey didn't set a timetable for further action on the matter, Bloomberg adds. About Stanford International Bank Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. On Feb. 16, 2009, the U.S. District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The U.S. Securities and Exchange Commission on Feb. 17, 2009, charged before the U.S. District Court in Dallas, Texas, Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on a US$8 billion Certificate of Deposit program. A criminal case was also pursued against Mr. Stanford in June 2009 before the U.S. District Court in Houston, Texas. Mr. Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money-laundering and obstruction of justice. Assistant Attorney General Lanny Breuer, as cited by Agence France-Presse News, said in a 57-page indictment that Mr. Stanford could face up to 250 years in prison if convicted on all charges. Mr. Stanford surrendered to U.S. authorities after a warrant was issued for his arrest on the criminal charges. The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.). The civil case is SEC v. Stanford International Bank, 09-cv-00298 (N.D. Tex.). ============= B E R M U D A ============= FORSYTH GLOBAL COMMODITY: Appoints Calow as Liquidator ------------------------------------------------------ On Sept. 27, 2011, the shareholders of The Forsyth Global Commodity Fund Ltd appointed Garth A. Calow as the company's liquidator. The Liquidator can be reached at: Garth A. Calow PricewaterhouseCoopers Dorchester House, 7 Church Street Hamilton Bermuda FORSYTH GLOBAL PRIVATE: Appoints Calow as Liquidator ---------------------------------------------------- On Sept. 27, 2011, the shareholders of The Forsyth Global Private Equity Fund Ltd appointed Garth A. Calow as the company's liquidator. The Liquidator can be reached at: Garth A. Calow PricewaterhouseCoopers Dorchester House, 7 Church Street Hamilton Bermuda FORSYTH GLOBAL PROPERTY: Appoints Calow as Liquidator ----------------------------------------------------- On Sept. 27, 2011, the shareholders of The Forsyth Global Property Fund Ltd appointed Garth A. Calow as the company's liquidator. The Liquidator can be reached at: Garth A. Calow PricewaterhouseCoopers Dorchester House, 7 Church Street Hamilton Bermuda MAN RMF: Placed Under Voluntary Wind-Up --------------------------------------- On Oct. 6, 2011, the member of Man RMF Multi-Style Series 2 Euro Trading Ltd resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Oct. 26, 2011, will be included in the company's dividend distribution. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda MAN RMF: Member to Receive Wind-Up Report on Nov. 16 ---------------------------------------------------- The member of Man RMF Multi-Style Series 2 Euro Trading Ltd will receive on Nov. 16, 2011, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda MGSIS CLASS: Placed Under Voluntary Wind-Up ------------------------------------------- On Oct. 6, 2011, the member of MGSIS Class R1 Man MGS Access EUR Income Protected Trading Ltd resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Oct. 26, 2011, will be included in the company's dividend distribution. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda MGSIS CLASS: Member to Receive Wind-Up Report on Nov. 16 -------------------------------------------------------- The member of MGSIS Class R1 Man MGS Access EUR Income Protected Trading Ltd will receive on Nov. 16, 2011, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. 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 =========================== ALPHASELECT GTAA: Creditors' Proofs of Debt Due Nov. 9 ------------------------------------------------------ The creditors of Alphaselect GTAA 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. 22, 2011. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands ASTRA ALPHA: Creditors' Proofs of Debt Due Nov. 9 ------------------------------------------------- The creditors of Astra Alpha 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. 22, 2011. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands BLACK WATCH: Creditors' Proofs of Debt Due Nov. 9 ------------------------------------------------- The creditors of Black Watch 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. 22, 2011. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands FTI HOLDING: Placed Under Voluntary Wind-Up ------------------------------------------- At an extraordinary general meeting held on June 24, 2011, the shareholders of FTI Holding Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Oct. 24, 2011, will be included in the company's dividend distribution. The company's liquidator is: Fides Limited c/o Ian Goddard Cereita Lawrence P.O. Box 10338, Grand Cayman KY1-1003 Telephone: 345-949-7232 e-mail: cereita.lawrence@tmf-group.com HAM SHORT: Creditors' Proofs of Debt Due Oct. 31 ------------------------------------------------ The creditors of Ham Short Biased 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 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands IVORY TOWER: Creditors' Proofs of Debt Due Nov. 9 ------------------------------------------------- The creditors of Ivory Tower 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. 22, 2011. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands LCAM MULTI-STRATEGY: Creditors' Proofs of Debt Due Oct. 31 ---------------------------------------------------------- The creditors of LCAM Multi-Strategy Absolute Return 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. 21, 2011. The company's liquidator is: Transcontinental Fund Administration c/o Claudia Woerheide Telephone: (345) 949-5013 Facsimile: (345) 946-4654 c/o Transcontinental Fund Administration Governors Square Office Suite 4-213-6 23 Lime Tree Bay Ave. West Bay, Grand Cayman Cayman Islands NISR 4: Creditors' Proofs of Debt Due Nov. 9 -------------------------------------------- The creditors of NISR 4 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. 22, 2011. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands OSCAR FUNDING: Creditors' Proofs of Debt Due Nov. 9 --------------------------------------------------- The creditors of Oscar Funding Corp. XIV 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. 22, 2011. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands ROSEN REAL: Creditors' Proofs of Debt Due Nov. 4 ------------------------------------------------ The creditors of Rosen Real Estate Securities Offshore Long/Short Fund Ltd. are required to file their proofs of debt by Nov. 4, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 22, 2011. The company's liquidator is: Richard Finlay c/o Krysten Lumsden Telephone: (345) 814 7366 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands SIGNUM NLB: Creditors' Proofs of Debt Due Nov. 9 ------------------------------------------------ The creditors of Signum NLB 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. 22, 2011. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands SIGNUM NORTH: Creditors' Proofs of Debt Due Nov. 9 -------------------------------------------------- The creditors of Signum North 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. 22, 2011. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands SIGNUM PLUTUS: Creditors' Proofs of Debt Due Nov. 9 --------------------------------------------------- The creditors of Signum Plutus 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. 22, 2011. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands TONTINE 25 OVERSEAS: Creditors' Proofs of Debt Due Nov. 9 --------------------------------------------------------- The creditors of Tontine 25 Overseas Fund, Ltd. 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. 2, 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 TONTINE CAPITAL: Creditors' Proofs of Debt Due Nov. 9 ----------------------------------------------------- The creditors of Tontine Capital Overseas Fund, Ltd. 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. 2, 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 ============= J A M A I C A ============= SUGAR COMPANY: Aubyn Hill Steps Down as Chief Executive Officer --------------------------------------------------------------- RJR News reports that Aubyn Hill will step down as chief executive officer of Sugar Company of Jamaica (SCJ) Holdings Limited effective Oct. 31, 2011. The company was responsible for the divestment of the five sugar factories and six estates which were owned by the Jamaica government, according to RJR News. RJR News notes that Mr. Hill assumed the CEO position at SCJ Holdings in January after serving as a consultant from August 2008. RJR News relates that Mr. Hill is leaving now that his mandate to lead the divestment team to sell and lease the GOJ- owned sugar assets has been achieved. As reported in the Troubled Company Reporter-Latin America on May 23, 2011, RJR News said that Complant spent US$9 million in 2010, 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-Lating 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. =========== M E X I C O =========== GRUPO PETROTEMEX: Fitch Ups LT Issuer Default Rating to 'BB+' ------------------------------------------------------------- Fitch Ratings has upgraded Grupo Petrotemex, S.A. de C.V.'s (Petrotemex) ratings as follows: -- Long-term Issuer Default Rating (IDR) to 'BB+' from 'BB'; -- Local currency IDR to 'BB+' from 'BB'. Petrotemex's Rating Outlook is Stable. In addition, Fitch assigned a Long-term IDR of 'BB+' to Petrotemex's subsidiary DAK Americas, LLC. The Outlook is Stable. Fitch has also upgraded the following ratings for Petrotemex and DAK Americas, LLC: -- Petrotemex US$75 million privately placed senior notes due 2012 to 'BB+' from 'BB'; -- Petrotemex US$275 million senior notes due 2014 to 'BB+' from 'BB'; -- DAK Americas US$115 million privately placed senior notes due 2014 to 'BB+' from 'BB'. The rating upgrades reflect the company's improved financial profile after the recent acquisitions of Eastman PTA and PET assets and Wellman, Inc.'s PET Resins business, both in the U.S. Petrotemex's EBITDA generation above initial expectations has allowed it to strengthen its financial position. The stronger than anticipated results reflect higher operating and energy efficiencies during the integration period and benefits from recently acquired technology, combined with high production volumes and capacity utilization rates. Fitch expects Petrotemex pro forma total debt-to-EBITDA for 2011, considering 12 months of recently acquired operations, to be around 2.1 times (x) and net debt-to-EBITDA close to 1.7x. The ratings consider that the company's management strategies and initiatives will be translated into more stable credit metrics over time. Parent company Alfa has stated that its target of consolidated net debt-to-EBITDA is to be between 1.5x and 2.5x. Expectations of consistent higher leverage beyond these levels in Petrotemex could pressure its credit profile. In addition, the ratings consider that the company has the ability to refinance the syndicated loan for US$600 million, used for the Eastman acquisition due in 2013, which should allow Petrotemex to improve its debt maturity profile and reduce liquidity risk in the medium term. Petrotemex ratings are supported by the company's strong domestic and global competitive position, its long-term supply and customer arrangements and geographically diversified operating base. The resilience of the company's client base, which consists of many food, beverage and personal care products, to economic downturns is also factored into the company's ratings. The ratings also consider the company's aggressive growth strategy through debt financed acquisitions in past years that had affected the stability of its main credit metrics. The company's past acquisitions have positioned it as a major player in the consolidation of the polyester industry, especially in North America. The exit of some participants should allow market rationalization and ease competitive pressures. Volumes in the region should be driven by stable customer demand and the expectation of no additional capacity in the near term. Fitch believes Petrotemex is well positioned to continue generating positive free cash flow in the next years. Funds flow from operations is expected to cover working capital and capex needs. Debt maturities during 2012 are manageable at USD117 million. The company's financial strategy includes the plan to refinance USD600 million that comes due in 2013. The company's liquidity is further supported by committed credit lines; availability under these facilities is approximately US$120 million. A negative rating action could arise from a combination of sharp and consistent reductions in volumes, profitability and cash flow generation resulting in lower fixed-cost absorption and weaker main credit metrics. Factors supporting a positive rating action include stable free cash flow generation through economic cycles, combined with a consistent net leverage ratio between 1.5x and 2.5x in the long term. SIDERURGICA DEL TURBIO: S&P Affirms 'B' LT Corp. Credit Rating -------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B' long-term corporate credit and senior unsecured ratings on Venezuelan steelmaker Siderurgica del Turbio, S.A. (Sidetur). "We also removed the ratings from CreditWatch with negative implications. The outlook is negative," S&P related. The affirmation reflects stronger-than-expected Sidetur's financial performance despite the unfavorable environment in Venezuela (B+/Stable/B) and the government's expropriation process of its assets. "Based on our expectations of cash flow generation, coupled with its comfortable debt maturity schedule, we believe that Sidetur will meet its financial obligations. Nevertheless, in our view, the expropriation process has moved slowly and we believe that it may not be resolved by early 2012, as we initially expected. As a result, we remain uncertain that if the steel industry in Venezuela deteriorates further, particularly through price and production controls, whether Sidetur's financial performance and liquidity will weaken as well," S&P related. VITRO SAB: U.S. Trustee Amends Vitro Asset Creditors' Panel ----------------------------------------------------------- William T. Neary, the United States Trustee for Region 6, pursuant to 11 U.S.C. Sec. 1102(a) and (b), filed a notice amending the Official Committee of Unsecured Creditors of Vitro Asset Corp., et al. The Creditors Committee now consists of: 1. Adam Berman Wilmington Trust FSB 166 Mercer Street, Suite 2-R New York, NY 10012-3249 Tel: (212) 941-4415 E-mail: ABerman@wilmingtontrust.com 2. Laura L. Moran Vice President U.S. Bank National Association, as Indenture Trustee Corporate Trust Services One Federal Street, 3rd Floor Boston, MA 02110 Tel: (617) 603-6429 E-mail: laura.moran@usbank.com 3. James Timothy Kelley Tristar Glass, Inc. 5566 S. Garnett Road Tulsa, OK 74146 Tel: (918) 392-9678 E-mail: timk@tristarglass.com 4. Erin Kim Pension Benefit Guaranty Corporation 1200 K Street NW Washington, DC 20005 Tel: (202) 326-4020 E-mail: kim.erin@pbgc.gov 5. Mollie L. Hines, Esq. Vice President Legal Oldcastle Building Envelope 2745 Dallas Parkway, Suite 560 Plano, TX 75093 Tel: (469) 241-3805 E-mail: MHines@OldcastleBE.com 6. Gary J. Meyers International Painters and Allied Trades Industry Pension Fund 7234 Parkway Drive Hanover, MD 21076 Tel: (410) 564-5502 E-mail: gmeyers@iupat.org 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. * MONTERREY MUNICIPALITY: Moody's Cuts Issuer Rating to 'Ba2' ------------------------------------------------------------- Moody's de Mexico downgraded the Municipality of Monterrey's issuer ratings to Ba2 (Global Scale, local currency) and A2.mx (Mexico National Scale) from Ba1 and A1.mx, respectively. The outlook remains stable. Ratings Rationale The downgrade of the issuer ratings of Monterrey reflects the rapid decline of operating balances coupled by increases in already high debt levels to fund investments", according to Moody's analyst Maria de Carmen Martinez-Richa. Gross operating balances declined to a modest 1.0% of operating revenues in 2010 from a sound 14.1% in 2008. While operating expenditures grew moderately during this period, operating revenues sharply declined by 7.0%. Operating revenues decreased as a result of the economic downturn and the decline in participation revenue given the state's change in the distribution formula of these funds. While the measures implemented by the municipality to increase own-source revenues are bearing fruit so far during 2011, operating expenditures have increased at a faster pace. Therefore, reverting the decline in operating margins remain one of the main challenges for Monterrey. Weakening operating margins along with higher capital expenditures lead to increasing borrowing needs. The city recently issued more debt, driving debt to total operating revenues from 60.0% in 2010 to an estimated 75% in 2011, a very high level. A sustained improvement in operating balances generating pay-as- you-go financing for capital projects, which in turn leads to decreasing debt levels, could exert upward pressure on the ratings. On the opposite, further weakening of operating balances and deterioration of financial results leading to higher debt levels, could exert downward pressure on the ratings. Also a downgrade of the State of Nuevo Leon issuer ratings (Ba1/A1.mx, negative outlook) could exert downward pressure on Monterrey's ratings. ===================== P U E R T O R I C O ===================== COSTA DORADA: Plan Filing Deadline Extended to Oct. 30 ------------------------------------------------------ The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court for the District of Puerto Rico extended the exclusive period of Costa Dorada Apartments Corp. to file a proposed chapter 11 plan of reorganization until Oct. 30, 2011. According to the Troubled Company Reporter on Oct. 18, 2011, in its second request for extension, the Debtor explained that it needs additional time to compile relevant financial information, specifically, new projections of the operations of the business and the terms of a debt restructuring of the principal secured debt; and negotiate with secured creditors to present a consented plan and file a stipulation between parties. About Costa Dorada Apartments Corp. 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. The Debtor disclosed US$10.7 million in assets and US$8.6 million in liabilities as of the Chapter 11 filing. The petition was signed by Carlos R. Fernandez Rodriguez, its president. Wigberto Lugo Mender, Esq., at Lugo Mender & Co., in Guaynabo, Puerto Rico, represents the Debtor as counsel. The Debtor listed US$10,733,570 in assets, and US$8,560,564 in liabilities. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: MGP Ingredients to Buy LDI's Distillery Assets -------------------------------------------------------- MGP Ingredients, Inc.'s wholly owned subsidiary, MGPI of Indiana, LLC, signed an agreement with Lawrenceburg Distillers Indiana, LLC, to acquire LDI's beverage alcohol distillery assets located in Lawrenceburg, Ind., and used in the production of customized and premium grade whiskeys, gins and grain neutral spirits. Lawrenceburg Distillers is an entity created by CL Financial Group Limited, the parent of the Angostura Group of rum and bitters. CL Financial bought the operation in 2007. The LDI assets to be purchased include distillery assets, related bulk barrel storage facilities, blending operations, and a tank farm. MGP Ingredients will pay LDI cash equal to the current assets minus current liabilities of the distillery assets, currently estimated at US$15,000,000, as of the closing date. The acquisition is subject to certain regulatory approvals and the satisfaction of other customary closing conditions. The purchase is expected to close in the fourth quarter of calendar year 2011 or the first quarter of calendar year 2012 and is expected to be funded through bank financing. The acquisition would add significant new production capacity to MGPI's food grade alcohol area and enables the company to begin producing premium bourbon and corn and rye whiskeys, while also increasing its gin and grain neutral spirits output. The company is not purchasing LDI's assets related to packaging and bottling of alcoholic beverages, located adjacent to the distillery operation. The sale of the packaging and bottling business is anticipated to be sold to a third party that is unaffiliated with MGPI, and the closing of that transaction is a condition to the closing of MGPI's acquisition of the distillery assets. About MGP Ingredients In business since 1941, MGP Ingredients, Inc. http://www.mgpingredients.com/-- is a recognized pioneer in the development and production of value-added, grain-based starches, proteins and food-grade alcohol products for the branded packaged goods industry. About Lawrenceburg Distillers Lawrenceburg Distillers Indiana, LLC is a beverage alcohol distilleries company and produces a variety of customized and premium grade whiskeys, gins and neutral grain spirits. The facility, located in the city of Lawrenceburg in the southeast corner of Indiana, was established in 1847 under the name Rossville Distillery. Through the years, it has been owned and operated at various periods by Joseph E. Seagram and Sons and Pernod Ricard. It was acquired by CL Financial in 2007 at which time the facility assumed its current name. About CL Financial CL Financial Group Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company by Cyril Duprey, Colonial Life Insurance Company was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US100 billion. * * * As reported in the Troubled Company Reporter-Latin America on August 10, 2009, A.M. Best Co. downgraded the financial strength rating to C (Weak) from B (Fair) and issuer credit rating to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad & Tobago). The ratings remain under review with negative implications. CLICO is an insurance member company of CL Financial Limited (CL Financial), a diversified holding company based in Trinidad & Tobago. According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and Tobago Express, Tobago President George Maxwell Richards signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- 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, 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 * * *