/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/120103.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 Tuesday, January 3, 2012, Vol. 13, No. 002 Headlines A N T I G U A & B A R B U D A LIAT: Merger With CAL Only Way for Survival, Says Ex Minister A R G E N T I N A AZOPARDO 405: Creditors' Proofs of Debt Due March 16 DIAN CONSTRUCTORA: Creditors' Proofs of Debt Due March 8 LAS HERAS: Creditors' Proofs of Debt Due March 29 PHOTO DEPOT: Creditors' Proofs of Debt Due March 19 POLYCHACO SAIC: Creditors' Proofs of Debt Due Feb. 16 SEGUROS Y REASEGUROS: Moody's Withdraws 'Caa1' Currency Ratings C A Y M A N I S L A N D S AEOLUS FUND II: Placed Under Voluntary Wind-Up AL-JABRIYA LTD: Creditors' Proofs of Debt Due Jan. 4 AMUNDSEN RENAISSANCE: Creditors' Proofs of Debt Due Jan. 4 CONSUL 20243: Commences Liquidation Proceedings ELLINGTON EQUITY: Creditors' Proofs of Debt Due Jan. 4 ELLINGTON EQUITY: Creditors' Proofs of Debt Due Jan. 4 ESG TREASURY: Placed Under Voluntary Wind-Up ESG TREASURY: Placed Under Voluntary Wind-Up HCM US: Creditors' Proofs of Debt Due Dec. 26 HEALTH CARE: Creditors' Proofs of Debt Due Jan. 4 HEALTH CARE: Creditors' Proofs of Debt Due Jan. 4 KED INVESTMENT III: Shareholder Receives Wind-Up Report KED INVESTMENT V: Shareholder Receives Wind-Up Report KED INVESTMENT VI: Shareholder Receives Wind-Up Report KED LTD: Shareholder Receives Wind-Up Report MEDICAL ENTERPRISES: Creditors' Proofs of Debt Due Jan. 4 MEDICAL ENTERPRISES: Creditors' Proofs of Debt Due Jan. 4 NATSOURCE AEOLUS: Placed Under Voluntary Wind-Up POPPY HOLDINGS: Placed Under Voluntary Wind-Up VALENZANO INVESTMENTS: Commences Liquidation Proceedings J A M A I C A * JAMAICA: Fiscal Position Worsened in November M E X I C O SARE HOLDING: Gets Approval for Divestiture Plan VITRO SAB: Appeals Court Temporarily Stops Mexican Plan V I R G I N I S L A N D S * VIRGIN ISLANDS: Faces US$17.4 Million Deficit This Year X X X X X X X X * Large Companies With Insolvent Balance Sheets - - - - - =============================== A N T I G U A & B A R B U D A =============================== LIAT: Merger With CAL Only Way for Survival, Says Ex Minister ------------------------------------------------------------- Antigua Caribarena reports that former Antigua Aviation Minister Robin Yearwood wants to see a merger between Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago-owned Caribbean Airlines Limited, as he believes this is the only way the Antigua-based regional carrier can survive. Mr. Yearwood's call came against the background of media reports out of Port of Spain that suggested CAL's management may be eyeing expansion into the OECS territories, according to Antigua Caribarena. "LIAT's only salvation is to get into some arrangement with CAL as it is in the best interest of LIAT. It is LIAT's only salvation!" the report quoted Mr. Yearwood as saying. "Small airlines are not going to survive in this environment unless prices (for tickets) go through the roof. The difficulties LIAT is experiencing today are also being felt by small airlines around the world. Caribbean people have to face these realities. It's time to begin negotiations with CAL," Mr. Yearwood urged, the report relates. About LIAT Headquartered in V. C. Bird International Airport in Saint George Parish, Antigua, Leeward Islands Air Transport, known as LIAT operates high-frequency interisland scheduled services serving 22 destinations in the Caribbean. The airline's main base is VC Bird International Airport, Antigua and Barbuda, with bases at Grantley Adams International Airport, Barbados and Piarco International Airport, Trinidad and Tobago. ================= A R G E N T I N A ================= AZOPARDO 405: Creditors' Proofs of Debt Due March 16 ---------------------------------------------------- Maria Cristina Ratibel, the court-appointed trustee for Azopardo 405 SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until March 16, 2012. Ms. Ratibel will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 3 in Buenos Aires, with the assistance of Clerk No. 5, 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: Maria Cristina Ratibel Peru 1237 DIAN CONSTRUCTORA: Creditors' Proofs of Debt Due March 8 -------------------------------------------------------- Guillermo Javier Gimenez, the court-appointed trustee for Dian Constructora SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until March 8, 2012. Mr. Gimenez 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. The Trustee can be reached at: Guillermo Javier Gimenez Avenida Corrientes 3196 Argentina LAS HERAS: Creditors' Proofs of Debt Due March 29 ------------------------------------------------- Marcos Gonzalez, the court-appointed trustee for Las Heras 2002 SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until March 29, 2012. Mr. Gonzalez will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 6 in Buenos Aires, with the assistance of Clerk No. 11, 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: Marcos Gonzalez Lavalle 1537 Argentina PHOTO DEPOT: Creditors' Proofs of Debt Due March 19 --------------------------------------------------- Ana Maria Calzada, the court-appointed trustee for Photo Depot Argentina SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until March 19, 2012. Ms. Calzada will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 3 in Buenos Aires, with the assistance of Clerk No. 5, 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. POLYCHACO SAIC: Creditors' Proofs of Debt Due Feb. 16 ----------------------------------------------------- Hector Miguel Falvino, the court-appointed trustee for Polychaco SAIC's reorganization proceedings, will be verifying creditors' proofs of claim until Feb. 16, 2012. Mr. Falvino will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 1 in Buenos Aires, with the assistance of Clerk No. 2, 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 Oct. 16, 2012. The Trustee can be reached at: Hector Miguel Falvino Av. Pueyrredon 468 Argentina SEGUROS Y REASEGUROS: Moody's Withdraws 'Caa1' Currency Ratings --------------------------------------------------------------- Moody's Latin America has withdrawn the Caa1 global-local currency and A2.bo Bolivian national scale insurance financial strength (IFS) ratings of Seguros y Reaseguros Credinform International S.A. Ratings Rationale Moody's has withdrawn the rating for its own business reasons. =========================== C A Y M A N I S L A N D S =========================== AEOLUS FUND II: Placed Under Voluntary Wind-Up ---------------------------------------------- At an extraordinary general meeting held on Nov. 21, 2011, the sole shareholder of Aeolus Fund II Master Fund, Ltd. passed a resolution that voluntarily winds up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 27, 2011, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Susan Taber Telephone: (345) 815-1889 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands AL-JABRIYA LTD: Creditors' Proofs of Debt Due Jan. 4 ---------------------------------------------------- The creditors of Al-Jabriya, Ltd. are required to file their proofs of debt by Jan. 4, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 17, 2011. The company's liquidator is: Shaikh Abdul Rahiman Gulf Investment House K.S.C. Dar Al-Awadi Towers, 27th to 30th Floors Ahmad Al-Jaber Street, Sharq PO Box 28808 Safat 13149 Kuwait Telephone: (+965) 2232 2096 AMUNDSEN RENAISSANCE: Creditors' Proofs of Debt Due Jan. 4 ---------------------------------------------------------- The creditors of Amundsen Renaissance Institutional Fund are required to file their proofs of debt by Jan. 4, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 10, 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 CONSUL 20243: Commences Liquidation Proceedings ----------------------------------------------- On Nov. 21, 2011, the members of Consul 20243 Ltd. passed a special resolution that voluntarily liquidates the company's business. Only creditors who were able to file their proofs of debt by Dec. 28, 2011, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands ELLINGTON EQUITY: Creditors' Proofs of Debt Due Jan. 4 ------------------------------------------------------ The creditors of Ellington Equity Investment Master Fund, Ltd. are required to file their proofs of debt by Jan. 4, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 21, 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 ELLINGTON EQUITY: Creditors' Proofs of Debt Due Jan. 4 ------------------------------------------------------ The creditors of Ellington Equity Investment Overseas, Ltd. are required to file their proofs of debt by Jan. 4, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 21, 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 ESG TREASURY: Placed Under Voluntary Wind-Up -------------------------------------------- On Nov. 18, 2011, the sole shareholder of ESG Treasury Opportunities Master Portfolio II Ltd. passed a resolution that voluntarily winds up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 28, 2011, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Susan Taber 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands Telephone: (345) 815-1889 Facsimile: (345) 949-9877 ESG TREASURY: Placed Under Voluntary Wind-Up -------------------------------------------- On Nov. 18, 2011, the sole shareholder of ESG Treasury Opportunities Portfolio II Ltd. passed a resolution that voluntarily winds up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 28, 2011, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Susan Taber 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands Telephone: (345) 815-1889 Facsimile: (345) 949-9877 HCM US: Creditors' Proofs of Debt Due Dec. 26 --------------------------------------------- The creditors of HCM US Loans Mac 43 Ltd are required to file their proofs of debt by Dec. 26, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 18, 2011. The company's liquidator is: Avalon Management Limited Reference: GL Telephone: (+1) 345 769 4422 Facsimile: (+1) 345 769 9351 Landmark Square 1st Floor, 64 Earth Close West Bay Beach PO Box 715, George Town Grand Cayman KY1-1107 Cayman Islands HEALTH CARE: Creditors' Proofs of Debt Due Jan. 4 ------------------------------------------------- The creditors of Health Care Enterprises Ltd. are required to file their proofs of debt by Jan. 4, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 17, 2011. The company's liquidator is: Shaikh Abdul Rahiman Gulf Investment House K.S.C. Dar Al-Awadi Towers, 27th to 30th Floors Ahmad Al-Jaber Street, Sharq PO Box 28808 Safat 13149 Kuwait Telephone: (+965) 2232 2096 HEALTH CARE: Creditors' Proofs of Debt Due Jan. 4 ------------------------------------------------- The creditors of Health Care Enterprises 2 Ltd. are required to file their proofs of debt by Jan. 4, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 17, 2011. The company's liquidator is: Shaikh Abdul Rahiman Gulf Investment House K.S.C. Dar Al-Awadi Towers, 27th to 30th Floors Ahmad Al-Jaber Street, Sharq PO Box 28808 Safat 13149 Kuwait Telephone: (+965) 2232 2096 KED INVESTMENT III: Shareholder Receives Wind-Up Report ------------------------------------------------------- On Dec. 28, 2011, the sole shareholder of Ked Investment III Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on Nov. 22, 2011. The company's liquidators are: E. Andrew Hersant Christopher Humphries c/o Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510 Grand Cayman KY1-1104 Cayman Islands KED INVESTMENT V: Shareholder Receives Wind-Up Report ----------------------------------------------------- On Dec. 29, 2011, the sole shareholder of Ked Investment V Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on Nov. 22, 2011. The company's liquidators are: E. Andrew Hersant Christopher Humphries c/o Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510 Grand Cayman KY1-1104 Cayman Islands KED INVESTMENT VI: Shareholder Receives Wind-Up Report ------------------------------------------------------ On Dec. 28, 2011, the sole shareholder of Ked Investment VI Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on Nov. 22, 2011. The company's liquidators are: E. Andrew Hersant Christopher Humphries c/o Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510 Grand Cayman KY1-1104 Cayman Islands KED LTD: Shareholder Receives Wind-Up Report -------------------------------------------- On Nov. 22, 2011, the sole shareholder of Ked Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on Nov. 22, 2011. The company's liquidators are: E. Andrew Hersant Christopher Humphries c/o Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510 Grand Cayman KY1-1104 Cayman Islands MEDICAL ENTERPRISES: Creditors' Proofs of Debt Due Jan. 4 --------------------------------------------------------- The creditors of Medical Enterprises Equity 2 Ltd. are required to file their proofs of debt by Jan. 4, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 17, 2011. The company's liquidator is: Shaikh Abdul Rahiman Gulf Investment House K.S.C. Dar Al-Awadi Towers, 27th to 30th Floors Ahmad Al-Jaber Street, Sharq PO Box 28808 Safat 13149 Kuwait Telephone: (+965) 2232 2096 MEDICAL ENTERPRISES: Creditors' Proofs of Debt Due Jan. 4 --------------------------------------------------------- The creditors of Medical Enterprises Finance 2 Ltd. are required to file their proofs of debt by Jan. 4, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 17, 2011. The company's liquidator is: Shaikh Abdul Rahiman Gulf Investment House K.S.C. Dar Al-Awadi Towers, 27th to 30th Floors Ahmad Al-Jaber Street, Sharq PO Box 28808 Safat 13149 Kuwait Telephone: (+965) 2232 2096 NATSOURCE AEOLUS: Placed Under Voluntary Wind-Up ------------------------------------------------ At an extraordinary general meeting held on Nov. 21, 2011, the sole shareholder of Natsource Aeolus Offshore Fund II Ltd. passed a resolution that voluntarily winds up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 27, 2011, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Susan Taber Telephone: (345) 815-1889 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands POPPY HOLDINGS: Placed Under Voluntary Wind-Up ---------------------------------------------- At an extraordinary general meeting held on Nov. 21, 2011, the shareholders of Poppy Holdings Limited passed a resolution that voluntarily winds up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 30, 2011, will be included in the company's dividend distribution. The company's liquidator is: Buchanan Limited c/o Rose Ferguson Telephone: (345) 949-0355 Facsimile: (345) 949-0360 P.O. Box 1170 Grand Cayman KY1-1102 Cayman Islands VALENZANO INVESTMENTS: Commences Liquidation Proceedings -------------------------------------------------------- On Nov. 21, 2011, the members of Valenzano Investments passed a resolution that voluntarily liquidates the company's business. Only creditors who were able to file their proofs of debt by Dec. 28, 2011, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands ============= J A M A I C A ============= * JAMAICA: Fiscal Position Worsened in November ----------------------------------------------- RJR News reports that Jamaica's financial position worsened in November as tax revenues continued to underperform. Figures from the Finance Ministry release showed that at the end of November, the Jamaican government's revenues were running US$8.5 billion behind projections, according to RJR News. The report notes that most of the shortfall was due to lower than expected General Consumption Tax, customs duty, corporate income taxes, and payroll taxes. RJR News says the lower than expected collection forced the government to cut back on spending in some areas. Still, RJR News discloses, the fiscal surplus was US$5.5 billion bigger than projected at US$51 billion dollars as the government's planned borrowing exceeded forecasts. * * * As of Jan. 2 2012, the country continues to carry Standard and Poor's "B-" long-term debt ratings and "C" short-term debt ratings. =========== M E X I C O =========== SARE HOLDING: Gets Approval for Divestiture Plan ------------------------------------------------ Dow Jones' DBR Small Cap reports that Sare Holding SAB said its shareholders have approved a multimillion-dollar divestiture plan that it hopes will raise cash flow and assure that creditors are paid. VITRO SAB: Appeals Court Temporarily Stops Mexican Plan ------------------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that the victory that Mexican glassmaker Vitro SAB won over bondholders in U.S. District Court on Dec. 28 was temporarily put on hold Dec. 29 by the U.S. Court of Appeals in New Orleans. The appeals court's decision means that Vitro's nonbankrupt subsidiaries shouldn't take action to help Vitro win approval of its bankruptcy reorganization plan in a court in Mexico. According to the report, three judges on the Fifth Circuit in New Orleans temporarily halted implementation of the lower courts' decisions "to give the court more time to consider the motion for a stay more carefully." The appeals court didn't say when it might rule again or whether it would summon the parties to New Orleans for oral argument. 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). The Vitro parent told the Mexico stock exchange that it received sufficient acceptances of its reorganization pending in a court in Monterrey. The approval vote was evidently obtained using claims of affiliates. The bondholders are opposing the Mexican reorganization plan because shareholders could retain ownership while bondholders aren't being paid in full. Bondholders previously cited an "independent analyst" who estimated the Mexican plan was worth 49% to 54% of creditors' claims. 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. 0-47477); 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. The U.S. Vitro companies sold their assets to American Glass Enterprises LLC, an affiliate of Sun Capital Partners Inc., for US$55 million. =========================== V I R G I N I S L A N D S =========================== * VIRGIN ISLANDS: Faces US$17.4 Million Deficit This Year --------------------------------------------------------- Caribbean360.com reports that the Virgin Islands government faces a US$17.4 million deficit in 2012 and an estimated US$90 million deficit next year. The government even now is being forced to lay off staff as the territory's fiscal crisis deepens, according to Caribbean360.com. The report relates that Governor John de Jongh said that 143 temporary and part-time workers will be dismissed, and another 350 workers will receive dismissal letters. Mr. Jongh, Caribbean360.com relates, warned that additional layoffs might be needed. Caribbean360.com notes that the governor blamed legislators for the dismissals, saying they have rejected other proposals including wage cuts to offset a budget crisis. =============== X X X X X X X X =============== * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$MM) (US$MM) ------- ------ --------- ------------ ARGENTINA --------- IMPSAT FIBER-$US IMPTD AR 535007008 -17164978 IMPSAT FIBER NET 330902Q GR 535007008 -17164978 IMPSAT FIBER-CED IMPT AR 535007008 -17164978 IMPSAT FIBER NET IMPTQ US 535007008 -17164978 IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978 IMPSAT FIBER NET XIMPT SM 535007008 -17164978 IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978 SOC COMERCIAL PL COMEC AR 167911091.5 -342440147 COMERCIAL PL-ADR SCPDS LI 167911091.5 -342440147 SOC COMERCIAL PL CVVIF US 167911091.5 -342440147 SOC COMERCIAL PL CADN EO 167911091.5 -342440147 SOC COMERCIAL PL CAD IX 167911091.5 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MINERACA AORE3 BZ 23040051.4 -8699861.07 ALL ORE MINERACA STLB3 BZ 23040051.4 -8699861.07 STEEL - RCT ORD STLB9 BZ 23040051.4 -8699861.07 FERRAGENS HAGA HAGAON BZ 21992326.22 -56631998.5 HAGA HAGA3 BZ 21992326.22 -56631998.5 FERRAGENS HAGA-P HAGAPN BZ 21992326.22 -56631998.5 FER HAGA-PREF HAGA4 BZ 21992326.22 -56631998.5 NOVA AMERICA SA NOVA3 BZ 21287489 -183535527 NOVA AMERICA SA 1NOVON BZ 21287489 -183535527 NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527 NOVA AMERICA SA NOVAON BZ 21287489 -183535527 NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527 NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527 NOVA AMERICA SA NOVA3B BZ 21287489 -183535527 NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527 TECEL S JOSE SJOS3 BZ 19067323.42 -52580501.1 TECEL S JOSE-PRF SJOS4 BZ 19067323.42 -52580501.1 TECEL S JOSE-PRF FTSJPN BZ 19067323.42 -52580501.1 TECEL S JOSE FTSJON BZ 19067323.42 -52580501.1 NORDON METAL NORDON BZ 15354597.14 -26859636.7 NORDON MET NORD3 BZ 15354597.14 -26859636.7 NORDON MET-RTS NORD1 BZ 15354597.14 -26859636.7 CHIARELLI SA CCHI3 BZ 14960467.36 -43105640.5 CHIARELLI SA-PRF CCHI4 BZ 14960467.36 -43105640.5 CHIARELLI SA-PRF CCHPN BZ 14960467.36 -43105640.5 CHIARELLI SA CCHON BZ 14960467.36 -43105640.5 B&D FOOD CORP BDFC US 14423532 -3506007 LATTENO FOOD COR LATF US 14423532 -3506007 REII INC REIC US 14423532 -3506007 B&D FOOD CORP BDFCE US 14423532 -3506007 HERCULES SA HERTON BZ 12689117.49 -170680899 HERCULES HETA3 BZ 12689117.49 -170680899 HERCULES SA-PREF HERTPN BZ 12689117.49 -170680899 HERCULES-PREF HETA4 BZ 12689117.49 -170680899 ARTHUR LAN-DVD P ARLA12 BZ 11642255.92 -17154461.9 ARTHUR LANGE-PRF ARLA4 BZ 11642255.92 -17154461.9 ARTHUR LAN-DVD C ARLA11 BZ 11642255.92 -17154461.9 ARTHUR LANGE ARLA3 BZ 11642255.92 -17154461.9 ARTHUR LANG-RC C ARLA9 BZ 11642255.92 -17154461.9 ARTHUR LANG-RC P ARLA10 BZ 11642255.92 -17154461.9 ARTHUR LANG-RT P ARLA2 BZ 11642255.92 -17154461.9 ARTHUR LANG-RT C ARLA1 BZ 11642255.92 -17154461.9 ARTHUR LANGE-PRF ALICPN BZ 11642255.92 -17154461.9 ARTHUR LANGE SA ALICON BZ 11642255.92 -17154461.9 F GUIMARAES FGUI3 BZ 11016542.14 -151840377 FERREIRA GUIMARA FGUION BZ 11016542.14 -151840377 F GUIMARAES-PREF FGUI4 BZ 11016542.14 -151840377 FERREIRA GUIM-PR FGUIPN BZ 11016542.14 -151840377 CHILE ----- CHILESAT CORP SA TELEX CI 1156945109 -122555290 TELMEX CORP-ADR CSAOY US 1156945109 -122555290 TELEX-A TELEXA CI 1156945109 -122555290 CHILESAT CO-ADR TL US 1156945109 -122555290 TELEX-RTS TELEXO CI 1156945109 -122555290 CLARO COM SA CHILESAT CI 1156945109 -122555290 CHILESAT CO-RTS CHISATOS CI 1156945109 -122555290 PUYEHUE RIGHT PUYEHUOS CI 24447502.09 -1250905.47 PUYEHUE PUYEH CI 24447502.09 -1250905.47 *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2012. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 240/629-3300. * * * End of Transmission * * *