/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/120611.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 Monday, June 11, 2012, Vol. 13, No. 114 Headlines A R G E N T I N A ADS TECNOGRAFICA: Creditors' Proofs of Debt Due July 3 AGROGANADEROS DEL MERCOSUR: Creditors' Proofs of Debt Due July 2 DYCAP ARGENTINA: Creditors' Proofs of Debt Due Sept. 24 FERLOG SA: Creditors' Proofs of Debt Due June 28 SUPER IMAGEN: Creditors' Proofs of Debt Due Aug. 8 TRANSPORTADORA DE GAS: Filed for Protection From Creditors VESPUCIO NORTE: S&P Affirms SPUR AT 'BB'; Outlook Stable * ARGENTINA: Moody's Says Outlook for Insurance Industry Negative B R A Z I L BANCO PORTO: Central Bank Ends Liquidation Process DELTA CONSTRUCOES: Files Recovery Plan Under Bankrupt Protection C A Y M A N I S L A N D S CREEK IAM: Creditors' Proofs of Debt Due Aug. 13 DIKE IAM: Creditors' Proofs of Debt Due Aug. 13 KINGDOM 5-KR-18: Creditors' Proofs of Debt Due July 4 KINGDOM 5-KR-46: Creditors' Proofs of Debt Due July 4 KINGDOM 5-KR-62: Creditors' Proofs of Debt Due July 4 KINGDOM 5-KR-63: Creditors' Proofs of Debt Due July 4 KINGDOM 5-KR-85: Creditors' Proofs of Debt Due July 4 MARVEL IAM: Creditors' Proofs of Debt Due Aug. 13 POMONA IAM: Creditors' Proofs of Debt Due Aug. 13 SANDA KAN: Commences Liquidation Proceedings E C U A D O R * ECUADOR: S&P Raises Sovereign Credit Ratings to 'B/B' H O N D U R A S * HONDURAS: S&P Ups Sovereign Credit Ratings to 'B+/B' M E X I C O VITRO SAB: Judge Set to Rule on Bankruptcy Plan This Week X X X X X X X X * BOND PRICING: For the Week June 4 to June 8, 2012 - - - - - ================= A R G E N T I N A ================= ADS TECNOGRAFICA: Creditors' Proofs of Debt Due July 3 ------------------------------------------------------ Jose Guillermo Lego, the court-appointed trustee for ADS Tecnografica SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until July 3, 2012. Mr. Lego will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 21 in Buenos Aires, with the assistance of Clerk No. 41, 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: Jose Guillermo Lego San Martin 50 Argentina AGROGANADEROS DEL MERCOSUR: Creditors' Proofs of Debt Due July 2 ---------------------------------------------------------------- Ulderico Luis Lauden, the court-appointed trustee for Agroganaderos del Mercosur SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until July 2, 2012. Mr. Lauden will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 9 in Buenos Aires, with the assistance of Clerk No. 18, 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: Ulderico Luis Lauden Bernardo de Irigoyen 88 Argentina DYCAP ARGENTINA: Creditors' Proofs of Debt Due Sept. 24 ------------------------------------------------------- Roberto Leibovicius, the court-appointed trustee for Dycap Argentina SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until Sept. 24, 2012. Mr. Leibovicius 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. The Trustee can be reached at: Roberto Leibovicius Tucuman 1585 Argentina FERLOG SA: Creditors' Proofs of Debt Due June 28 ------------------------------------------------ Luis Alberto Cortes, the court-appointed trustee for Ferlog SA's reorganization proceedings, will be verifying creditors' proofs of claim until June 28, 2012. Mr. Cortes will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 16 in Buenos Aires, with the assistance of Clerk No. 32, 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 May 7, 2013. The Trustee can be reached at: Luis Alberto Cortes Av. Cordoba 1646 Argentina SUPER IMAGEN: Creditors' Proofs of Debt Due Aug. 8 -------------------------------------------------- Mario Leizerow, the court-appointed trustee for Super Imagen SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until Aug. 8, 2012. Mr. Leizerow 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 TRANSPORTADORA DE GAS: Filed for Protection From Creditors ---------------------------------------------------------- Eduardo Thomson and Camila Russo at Bloomberg News report that Transportadora de Gas del Norte SA said it would file for protection from creditors for a second time in four years. The company said June 1 in a filing to regulators that it would stop seeking approval for a debt restructuring plan it presented in 2009 and would petition for the equivalent of a Chapter 11 bankruptcy filing, according to Bloomberg News. Bloomberg News notes that the company defaulted on about US$22 million of dollar denominated debt in December 2008. Bloomberg News relates that it presented a plan to swap the debt in 2009 that was approved by about 88% of creditors and was blocked in courts, TGN said. "TGN will continue transporting natural gas and executing its investment plan. . . . We are confident that the government will normalize tariffs to maintain provision of services," Bloomberg News said in a statement obtained by the news agency. Headquartered in Buenos Aires, Transportadora de Gas del Norte SA -- http://www.tgn.com.ar/-- is one of the two largest transporters of natural gas in Argentina, delivering approximately 40% of the country's total gas consumption and more than 50% of Argentine total gas exports. The northern Argentine gas pipeline system connects major gas fields in northern and central-western Argentina. The company benefits from an exclusive 35-year concession contract, ending Dec. 28, 2027, which may be extended for an additional 10 years. The parent company is Gasinvest S.A., which has a 56.35% stake and comprises five companies: Totalfinaelf (27.2%), Transcogas Inversora S.A. (22.3%), Compania General de Combustibles (5%), Organizacion Techint (27.2%), and Petroliam Nasional Berhad (18.3%). In addition, CMS Gas Argentina holds 23.5% of Transportadora Norte's shares, while the remaining 20% is traded on the Buenos Aires stock exchange. * * * A reported in the Troubled Company Reporter-Latin America on June 8, 2012, Fitch Ratings has withdrawn Transportadora de Gas del Norte's (TGN) proposed USD 247.3 million debt issuance rating of 'CCC(exp)/RR4/BB(arg)'. The rating withdrawal reflects the suspension of the debt issuance due to the withdrawal of TGN's proposed debt restructuring process. VESPUCIO NORTE: S&P Affirms SPUR AT 'BB'; Outlook Stable -------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB' underlying rating (SPUR) on Vespucio Norte Express S.A. (VNE). The outlook is stable. The 'BB' senior secured debt rating on VNE reflects the higher of the project SPUR and the rating on bond insurance provider MBIA Insurance Corp. (B/Negative/--). The 'BB' SPUR continues to reflect these risks: - Relatively weak financial performance, after low initial traffic levels. - Dependence on strong traffic growth, which depends on continued GDP growth in Chile. - Customer-management risks associated with electronic toll collection. Partly mitigating those weaknesses are these strengths: - Strong liquidity protection in the next two to three years. Long-term potential increases in traffic, as other urban toll roads in Santiago Autopista Central Sociedad Concesionaria S.A. and Costanera Norte Sociedad Concesionaria S.A. experienced. - The main sponsors' experience in road construction and concession management. "During 2011, VNE's traffic and revenues grew about 18% and 22.5%, respectively, compared with 2010, which was significantly affected by the February 2010 earthquake," said Standard & Poor's credit analyst Candela Macchi. "Assuming a conservative real long-term average revenue growth of 5%, we expect a DSCR in the 1.1x to 1.15x range in the next three to four years, slightly above the one in 2011." "The stable outlook on the SPUR reflects the project's strong liquidity that would provide adequate protection against potential cash shortfalls in the next three years. We could lower the SPUR if we find evidence of poor long-term traffic fundamentals. On the other hand, we could raise the SPUR if the project shows significant progress in matching original revenue expectations," S&P said. * ARGENTINA: Moody's Says Outlook for Insurance Industry Negative ----------------------------------------------------------------- The outlook for both Argentina's property & casualty (P&C) and life insurance industries has been changed to negative, while that for the workers' compensation and annuity sectors remains negative, Moody's Investors Service says in a new report titled, "Outlook for Argentine Insurers is Negative". The negative outlook on the entire Argentine insurance industry relates primarily to concerns about the local operating environment, which is negatively affecting companies' credit profiles. "Regulatory reforms over the past year have altered the landscape for Argentine insurers," says Diego Nemirovsky, Vice President and author of the report. "We are particularly concerned about the operating environment for insurers, which has seen significant volatility as well as many regulatory changes," he says. A recent resolution that compels firms to purchase reinsurance only from companies domiciled in Argentina is a clear example, Nemirovsky says, as it will increase insurers' costs and net underwriting leverage, as well as expose them to greater counterparty risk. A further regulatory change requires Argentine insurers to repatriate their foreign investment holdings. This has negatively affected their investment credit quality, and in turn their earnings quality and stability, as well as their risk- adjusted capital adequacy. Moody's notes also that the current inflationary environment presents a challenge for Argentine insurers. P&C firms could see higher underwriting losses and underwriting leverage, which would erode their profitability and capital adequacy, while life and annuity product sales would be negatively affected by monetary instability, which is a key condition for future growth. Regarding workers' compensation insurers, the sector remains entangled in litigation, with many claimants seeking compensation beyond the scope of the system. Although the new legal framework expected this year should be credit positive for these insurers, in the meantime their capital adequacy will come under increasing pressure, since profitability has not kept pace with growth in underwriting risk and exposures. =========== B R A Z I L =========== BANCO PORTO: Central Bank Ends Liquidation Process -------------------------------------------------- Fabiola Moura at Bloomberg News, citing an e-mailed statement, reports that Brazil's central bank ended the liquidation process of Banco Porto Seguro SA, started in July 1, 1998. The statement said that the central bank also decided Porto Seguro now is a non-financial institution and can't be part of the country's Nacional Financial System, according to Bloomberg News. DELTA CONSTRUCOES: Files Recovery Plan Under Bankrupt Protection ---------------------------------------------------------------- Fabiola Moura at Bloomberg News, citing an e-mailed statement, reports that Delta Construcoes SA filed for bankruptcy protection in Rio de Janeiro, alleging its financial situation became "unbearable" after several public companies halted payments to contracts. The statement said that Delta Construcoes hired Alvarez & Marsal as its bankruptcy recovery consultant, according to Bloomberg News. Delta Construcoes SA is a Brazilian builder firm. =========================== C A Y M A N I S L A N D S =========================== CREEK IAM: Creditors' Proofs of Debt Due Aug. 13 ------------------------------------------------ The creditors of Creek IAM Limited are required to file their proofs of debt by Aug. 13, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 14, 2012. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands DIKE IAM: Creditors' Proofs of Debt Due Aug. 13 ----------------------------------------------- The creditors of Dike IAM Limited are required to file their proofs of debt by Aug. 13, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 14, 2012. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands KINGDOM 5-KR-18: Creditors' Proofs of Debt Due July 4 ----------------------------------------------------- The creditors of Kingdom 5-KR-18 are required to file their proofs of debt by July 4, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 16, 2012. The company's liquidator is: Royal Bank Of Canada Trust Company (Cayman) Limited P.O. Box 1586 24 Shedden Road, 4th floor Grand Cayman KY1-1110 Cayman Islands KINGDOM 5-KR-46: Creditors' Proofs of Debt Due July 4 ----------------------------------------------------- The creditors of Kingdom 5-KR-46 are required to file their proofs of debt by July 4, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 16, 2012. The company's liquidator is: Royal Bank Of Canada Trust Company (Cayman) Limited P.O. Box 1586 24 Shedden Road, 4th floor Grand Cayman KY1-1110 Cayman Islands KINGDOM 5-KR-62: Creditors' Proofs of Debt Due July 4 ----------------------------------------------------- The creditors of Kingdom 5-KR-62 are required to file their proofs of debt by July 4, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 16, 2012. The company's liquidator is: Royal Bank Of Canada Trust Company (Cayman) Limited P.O. Box 1586 24 Shedden Road, 4th floor Grand Cayman KY1-1110 Cayman Islands KINGDOM 5-KR-63: Creditors' Proofs of Debt Due July 4 ----------------------------------------------------- The creditors of Kingdom 5-KR-63 are required to file their proofs of debt by July 4, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 16, 2012. The company's liquidator is: Royal Bank Of Canada Trust Company (Cayman) Limited P.O. Box 1586 24 Shedden Road, 4th floor Grand Cayman KY1-1110 Cayman Islands KINGDOM 5-KR-85: Creditors' Proofs of Debt Due July 4 ----------------------------------------------------- The creditors of Kingdom 5-KR-85 are required to file their proofs of debt by July 4, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 16, 2012. The company's liquidator is: Royal Bank Of Canada Trust Company (Cayman) Limited P.O. Box 1586 24 Shedden Road, 4th floor Grand Cayman KY1-1110 Cayman Islands MARVEL IAM: Creditors' Proofs of Debt Due Aug. 13 ------------------------------------------------- The creditors of Marvel IAM Limited are required to file their proofs of debt by Aug. 13, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 14, 2012. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands POMONA IAM: Creditors' Proofs of Debt Due Aug. 13 ------------------------------------------------- The creditors of Pomona IAM Limited are required to file their proofs of debt by Aug. 13, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 14, 2012. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands SANDA KAN: Commences Liquidation Proceedings -------------------------------------------- On April 23, 2012, the sole shareholder of Sanda Kan (Cayman II) Holdings Company Limited resolved to voluntarily liquidate the company's business. The company's liquidators are: David A.K. Walker Ian D. Stokoe PwC Corporate Finance & Recovery (Cayman) Limited P.O. Box 258, Strathvale House Grand Cayman KY1-1104 Cayman Islands ============= E C U A D O R ============= * ECUADOR: S&P Raises Sovereign Credit Ratings to 'B/B' ------------------------------------------------------- Standard & Poor's Ratings Services raised its long-term sovereign rating on the Republic of Ecuador to 'B' from 'B-' and the short- term rating to 'B' from 'C'. The outlook is stable. The upgrade reflects the perceived improvement in the government's willingness, as well as capacity, to service its debt due to improved financing options and higher oil production and economic growth prospects. "The perceived increase in willingness to pay its debt reflects Ecuador's recent track record in paying, on a timely basis, interest on its sole external bond due 2015 (which the government's debt commission ruled as a legitimate obligation) and on its bilateral and multilateral debts. Furthermore, the government's improved relations with private-sector investors, especially in the key oil and mining sectors, is an important element in our evaluation of the government's more pragmatic economic policymaking stance," S&P said. "Due to the government's implementation of policies to boost public-sector and foreign direct investment, both economic growth prospects and government revenues have risen, which have improved the government's capacity to pay its debts. Real GDP per capita growth soared to 6.6% in 2011; however, it's expected to moderate to just under 3% in 2012. Higher oil production and prices, combined with additional funding from China, have provided the government with needed financing and allowed for higher public- sector investment. Additionally, greater legal transparency surrounding the rules for investing in the oil and mining sectors has begun to yield new investment in these areas in the form of foreign direct investment. Standard & Poor's expects investment in hydroelectric projects and in the key oil and mining sectors to nearly double in 2012-2014 from the 2011 level, helping keep total investment at about 25% of GDP, up from 22% in recent years. As a result, Standard & Poor's expects the government's low debt to GDP ratio to remain in the 20% area during the next three years," S&P said. "However, some of the considerations that led to Ecuador's 2008- 09 debt default remain as credit constraints. The default was a result more of a lack of willingness, than ability, to pay: debt was only 25% of GDP prior to the default. The default has limited the government's financing options to date, as the international capital markets have remained closed to Ecuador. Monetary policy flexibility is very limited because of the use of the U.S. dollar as the local currency. Ecuador also has no lender of last resort. Ecuador's current account has moved into small deficits from surpluses, as imports connected to new foreign direct investment have risen. International reserves cover just over a month of current account payments," S&P said. =============== H O N D U R A S =============== * HONDURAS: S&P Ups Sovereign Credit Ratings to 'B+/B' ------------------------------------------------------ Standard & Poor's Ratings Services raised its long-term foreign and local-currency sovereign credit ratings on Honduras to 'B+' from 'B' and affirmed the 'B' short-term foreign and local currency ratings. The outlook is stable, and the transfer and convertibility assessment is 'BB'. "The upgrade follows the government's ability to restore good ties with external donors and reduce domestic political tensions, thereby creating an environment for recent progress in fiscal and pension reform and gradual exchange rate flexibility. The government has reformed the largest public sector pension fund, INPREMA, reduced its actuarial deficit, and modestly improved its fiscal revenue. That, along with GDP growth of 3%-4% this year, could contain the general government deficit to about 3% of GDP in 2012. The central bank has also taken steps to gradually float the national currency within a narrow band," S&P said. =========== M E X I C O =========== VITRO SAB: Judge Set to Rule on Bankruptcy Plan This Week --------------------------------------------------------- David McLaughlin at Bloomberg News reports that Vitro, S.A.B. de C.V. is set to learn this week whether it can enforce its Mexican bankruptcy plan in the U.S. after the glassmaker clashed with bondholders in court over the plan. U.S. Bankruptcy Judge Harlin DeWayne Hale in Dallas said in court yesterday that he plans to rule on Vitro's enforcement motion next week, probably by June 13, according to Bloomberg News. Bloomberg News notes that Vitro SAB, which has won approval for the bankruptcy plan in Mexico, is seeking an order from Hale enforcing the restructuring and stopping litigation by bondholders who have been fighting the plan in the U.S. and Mexico in an effort to collect on US$1.2 billion in defaulted bonds. Bloomberg News says that Andrew Leblanc, an attorney for Vitro SAB, said in his closing argument yesterday that the Mexican approval is "worthy of respect" in the U.S. and should be enforced. "Vitro hangs in the balance," Bloomberg News quoted Mr. Leblanc as saying. Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV: VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global glass producer, serving the construction and automotive glass markets and glass containers needs of the food, beverage, wine, liquor, cosmetics and pharmaceutical industries. Vitro is the largest manufacturer of glass containers and flat glass in Mexico, with consolidated net sales in 2009 of MXN23,991 million (US$1.837 billion). Vitro defaulted on its debt in 2009, and sought to restructure around US$1.5 billion in debt, including US$1.2 billion in notes. Vitro launched an offer to buy back or swap US$1.2 billion in debt from bondholders. The tender offer would be consummated with a bankruptcy filing in Mexico and Chapter 15 filing in the United States. Vitro said noteholders would recover as much as 73% by exchanging existing debt for cash, new debt or convertible bonds. Concurso Mercantil & Chapter 15 Proceedings Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a pre-packaged Concurso Plan in the Federal District Court for Civil and Labor Matters for the State of Nuevo Leon, commencing its voluntary concurso mercantil proceedings -- the Mexican equivalent of a prepackaged Chapter 11 reorganization. Vitro SAB also commenced parallel proceedings under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan on Dec. 13, 2010, to seek U.S. recognition and deference to its bankruptcy proceedings in Mexico. Early in January 2011, the Mexican Court dismissed the Concurso Mercantil proceedings. But an appellate court in Mexico reinstated the reorganization in April 2011. Following the reinstatement, Vitro SAB on April 14, 2011, re-filed a petition for recognition of its Mexican reorganization in U.S. Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11- 11754). The Vitro parent received sufficient acceptances of its reorganization by using the US$1.9 billion in debt owing to subsidiaries to vote down opposition by bondholders. The holders of US$1.2 billion in defaulted bonds opposed the Mexican reorganization plan because shareholders could retain ownership while bondholders aren't being paid in full. Vitro announced in March 2012 that it has implemented the reorganization plan approved by a judge in Monterrey, Mexico. In the present Chapter 15 case, the Debtor seeks to block any creditor suits in the U.S. pending the reorganization in Mexico. Chapter 11 Proceedings A group of noteholders opposed the exchange -- namely Knighthead Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson Kempner Distressed Opportunities Fund LP, and Brookville Horizons Fund, L.P. Together, they held US$75 million, or approximately 6% of the outstanding bond debt. The Noteholder group commenced involuntary bankruptcy cases under Chapter 11 of the U.S. Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D. Tex. Case No. 10-47470) and 15 other affiliates on Nov. 17, 2010. Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation counsel to analyze the potential rights that Vitro may exercise in the United States against the ad hoc group of dissident bondholders and its advisors. A larger group of noteholders, known as the Ad Hoc Group of Vitro Noteholders -- comprised of holders, or investment advisors to holders, which represent approximately US$650 million of the Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not among the Chapter 11 petitioners, although the group has expressed concerns over the exchange offer. The group says the exchange offer exposes Noteholders who consent to potential adverse consequences that have not been disclosed by Vitro. The group is represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at White & Case LLP. A bankruptcy judge in Fort Worth, Texas, denied involuntary Chapter 11 petitions filed against four U.S. subsidiaries. On April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro America LLC and three other U.S. subsidiaries -- that were subject to the involuntary petitions into voluntary Chapter 11. The Texas Court on April 21 denied involuntary petitions against the eight U.S. subsidiaries that didn't consent to being in Chapter 11. Kurtzman Carson Consultants is the claims and notice agent to Vitro America, et al. Alvarez & Marsal North America LLC, is the Debtors' operations and financial advisor. The official committee of unsecured creditors appointed in the Chapter 11 cases of Vitro America, et al., has selected Sarah Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas, Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq., and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York, as counsel. Blackstone Advisory Partners L.P. serves as financial advisor to the Committee. The U.S. Vitro companies sold their assets to American Glass Enterprises LLC, an affiliate of Sun Capital Partners Inc., for US$55 million. U.S. subsidiaries of Vitro SAB are having their cases converted to liquidations in Chapter 7, court records in January 2012 show. In December, the U.S. Trustee in Dallas filed a motion to convert the subsidiaries' cases to liquidations in Chapter 7. The Justice Department's bankruptcy watchdog said US$5.1 million in bills were run up in bankruptcy and hadn't been paid. =============== X X X X X X X X =============== * BOND PRICING: For the Week June 4 to June 8, 2012 --------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA --------- ARGENT-$DIS 8.28 12/31/2033 USD 54.92 ARGENT-$DIS 8.28 12/31/2033 USD 59.18 ARGENT-$DIS 8.28 12/31/2033 USD 61.63 ARGENT-PAR 1.18 12/31/2038 ARS 36.42 ARGENT-EURDIS 7.82 12/31/2033 EUR 65 ARGENT-EURDIS 7.82 12/31/2033 EUR 52.5 ARGENT-EURDIS 7.82 12/31/2033 EUR 55 ARGENT-JPYDIS 4.33 12/31/2033 JPY 42 ARGENT-JPYPAR 0.45 12/31/2038 JPY 15 ARGENT-JPYPAR&GDP 0.45 12/31/2038 JPY 8 ARGNT BODEN 7 10/3/2015 USD 89 ARGNT-BOCON PRE9 2 3/15/2014 ARS 68 BANCO DE GALICIA 8.75 5/4/2018 USD 72.75 BANCO MACRO SA 9.75 12/18/2036 USD 61.13 BANCO MACRO SA 9.75 12/18/2036 USD 61.13 BANCO MACRO SA 9.75 12/18/2036 USD 71 BONAR X 7 4/17/2017 USD 67.5 CAPEX SA 10 3/10/2018 USD 56 CAPEX SA 10 3/10/2018 USD 58.5 CITY OF BUENOS 9.95 3/1/2017 USD 70.96 CITY OF BUENOS 9.95 3/1/2017 USD 71.71 EMP DISTRIB NORT 9.75 10/25/2022 USD 43 EMP DISTRIB NORT 9.75 10/25/2022 USD 40.88 EMP DISTRIB NORT 10.5 10/9/2017 USD 50 PROV BUENOS AIRE 9.625 4/18/2028 USD 48.44 PROV BUENOS AIRE 10.875 1/26/2021 USD 52.68 PROV BUENOS AIRE 9.375 9/14/2018 USD 54.73 PROV BUENOS AIRE 10.875 1/26/2021 USD 53.22 PROV BUENOS AIRE 9.375 9/14/2018 USD 54.25 PROV BUENOS AIRE 11.75 10/5/2015 USD 71.87 PROV BUENOS AIRE 11.75 10/5/2015 USD 69.06 PROV BUENOS AIRE 9.25 4/15/2017 USD 71.41 PROV DE CORDOBA 12.375 8/17/2017 USD 58.52 PROV DE CORDOBA 12.375 8/17/2017 USD 59 PROV DE MENDOZA 5.5 9/4/2018 USD 70.57 TRANSENER 9.75 8/15/2021 USD 45.88 TRANSENER 9.75 8/15/2021 USD 50 TRANSPORT DE GAS 7.875 5/14/2017 USD 71.5 BRAZIL ------ BANCO BMG 8.875 8/5/2020 USD 70.5 BANCO BMG 8 4/15/2018 USD 72 BANCO BMG 9.95 11/5/2019 USD 74 BANCO BMG 6.5 3/14/2014 USD 75.5 BANCO BMG 9.625 3/27/2017 USD 69.9 BANCO BMG 8.875 8/5/2020 USD 75.5 BANCO BMG SA 9.15 1/15/2016 USD 69.5 BANCO BONSUCESSO 9.25 11/3/2020 USD 65 BANCO BONSUCESSO 9.25 11/3/2020 USD 69.75 BANCO CRUZEIRO 8.875 9/22/2020 USD 30 BANCO CRUZEIRO 8.875 9/22/2020 USD 29.88 BANCO CRUZEIRO 7 7/8/2013 USD 40.45 BANCO CRUZEIRO 8.25 1/20/2016 USD 41 BANCO CRUZEIRO 7.625 4/21/2014 USD 39 BANCO CRUZEIRO 8.5 2/20/2015 USD 40.75 BANCO CRUZEIRO 8.5 2/20/2015 USD 40.88 BANCO CRUZEIRO 8.25 1/20/2016 USD 40.38 BANCO CRUZEIRO 8 9/17/2012 USD 72.97 REDE EMPRESAS 11.125 USD 41.5 REDE EMPRESAS 11.125 USD 39.75 REDE EMPRESAS 11.125 USD 39.75 CAYMAN ISLAND ------------- BANCO BPI (CI) 4.15 11/14/2035 EUR 52.25 BCP FINANCE BANK 5.01 3/31/2024 EUR 49.88 BCP FINANCE BANK 5.31 12/10/2023 EUR 52.13 BCP FINANCE CO 4.239 EUR 30.89 BCP FINANCE CO 5.543 EUR 29.61 BES FINANCE LTD 5.58 EUR 39.08 BES FINANCE LTD 4.5 EUR 50.33 CAM GLOBAL FIN 6.08 12/22/2030 EUR 61.38 CHINA AUTOMATION 7.75 4/20/2016 USD 71.51 CHINA FORESTRY 10.25 11/17/2015 USD 58 CHINA FORESTRY 10.25 11/17/2015 USD 57.63 CHINA NICKEL 10 3/12/2015 HKD 53.1 CHINA SUNERGY 4.75 6/15/2013 USD 52.92 EFG HELLAS CAYMA 9 6/8/2019 EUR 31.75 EFG ORA FUNDING 1.7 10/29/2014 EUR 48.66 ESFG INTERNATION 5.753 EUR 32.25 GOL FINANCE 8.75 USD 69 GOL FINANCE 8.75 USD 69.63 HIDILI INDUSTRY 8.625 11/4/2015 USD 76 HIDILI INDUSTRY 8.625 11/4/2015 USD 75 HOME INNS 2 12/15/2015 USD 71.25 HOME INNS 2 12/15/2015 USD 70.85 JINKOSOLAR HOLD 4 5/15/2016 USD 46.82 LDK SOLAR CO LTD 10 2/28/2014 CNY 32.88 LDK SOLAR CO LTD 4.75 4/15/2013 USD 49.5 LDK SOLAR CO LTD 4.75 4/15/2013 USD 60.98 LDK SOLAR CO LTD 4.75 4/15/2013 USD 69.59 LUPATECH FINANCE 9.875 USD 71 LUPATECH FINANCE 9.875 USD 69 PUBMASTER FIN 5.943 12/30/2024 GBP 72.4 PUNCH TAVERNS 4.767 6/30/2033 GBP 72.33 RENHE COMMERCIAL 13 3/10/2016 USD 59.5 RENHE COMMERCIAL 11.75 5/18/2015 USD 57.04 RENHE COMMERCIAL 13 3/10/2016 USD 56.38 RENHE COMMERCIAL 11.75 5/18/2015 USD 56.75 SOLARFUN POWER H 3.5 1/15/2018 USD 58 SOLARFUN POWER H 3.5 1/15/2018 USD 58.25 SPG LAND HOLDING 13.5 4/8/2016 USD 73.02 SUNTECH POWER 3 3/15/2013 USD 62.8 SUNTECH POWER 3 3/15/2013 USD 63.02 CHILE ----- CGE DISTRIBUCION 3.25 12/1/2012 CLP 9.978 COLBUN SA 3.2 5/1/2013 CLP 49.27 ESVAL S.A. 3.8 7/15/2012 CLP 12.67 MASISA 4.25 10/15/2012 CLP 10.03 QUINENCO SA 3.5 7/21/2013 CLP 25.6 PUERTO RICO ----------- PUERTO RICO CONS 6.2 5/1/2017 USD 56.63 PUERTO RICO CONS 6.5 4/1/2016 USD 69.47 VENEZUELA --------- ELEC DE CARACAS 8.5 4/10/2018 USD 70 PETROLEOS DE VEN 5.5 4/12/2037 USD 57 PETROLEOS DE VEN 5.375 4/12/2027 USD 56.79 PETROLEOS DE VEN 5.25 4/12/2017 USD 72.74 PETROLEOS DE VEN 9 11/17/2021 USD 75.44 PETROLEOS DE VEN 5.125 10/28/2016 USD 74.12 VENEZUELA 7 3/31/2038 USD 62.39 VENEZUELA 7 3/31/2038 USD 68 VENEZUELA 6 12/9/2020 USD 69 VENEZUELA 7.65 4/21/2025 USD 70.5 VENEZUELA 8.25 10/13/2024 USD 74.5 *********** 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 * * *