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/raid1/www/Hosts/bankrupt/TCRLA_Public/120905.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, September 5, 2012, Vol. 13, No. 177 Headlines A R G E N T I N A * ARGENTINA: Orders Arrest of Credit Suisse's Mulford, Telam Says B E R M U D A APPLETREE LTD: Creditors' Proofs of Debt Due Sept. 14 APPLETREE LTD: Members' Final Meeting Set for Oct. 5 BAY INSURANCE: Creditors' Proofs of Debt Due Sept. 14 BAY INSURANCE: Member to Receive Wind-Up Report on Oct. 5 PINEBRIDGE INVESTMENTS: Creditors' Proofs of Debt Due Sept. 14 PINEBRIDGE INVESTMENTS: Members' Final Meeting Set for Oct. 5 PINEBRIDGE REAL: Creditors' Proofs of Debt Due Sept. 14 PINEBRIDGE REAL: Members' Final Meeting Set for Oct. 5 SAAD INVESTMENTS: Court to Hear Wind-Up Petition on Sept. 17 B R A Z I L CELPA: Equatorial Rallies, Creditors Clear Deal in Brazil C A Y M A N I S L A N D S CJ 2001A LIMITED: Shareholder to Hear Wind-Up Report on Sept. 17 COLUMBIA RESEARCH: Shareholders' Final Meeting Set for Sept. 14 MAGIC FORTUNE: Creditors' Proofs of Debt Due Sept. 28 MONSOON INDIA: Shareholders' Final Meeting Set for Sept. 19 PETROEXPORT LTD: Creditors and Contributories to Meet on Sept. 10 R-ONE KAWASAKI: Creditors' Proofs of Debt Due Sept. 27 STRENUOUS FUND: Creditors' Proofs of Debt Due Sept. 19 SZ99A LIMITED: Shareholders' Final Meeting Set for Sept. 14 TEAM TOUCH: Creditors' Proofs of Debt Due Oct. 8 TSAGRIS HOLDINGS: Creditors' Proofs of Debt Due Sept. 17 M E X I C O CONTEC HOLDINGS: Plans Fast Dash Through Bankruptcy VITRO SAB: Bondholders Say Egregious Plan Should be Rejected X X X X X X X X * S&P's Global Corporate Default Tally Revised to 54 Issuers - - - - - ================= A R G E N T I N A ================= * ARGENTINA: Orders Arrest of Credit Suisse's Mulford, Telam Says ----------------------------------------------------------------- Eliana Raszewski at Bloomberg News reports that Argentine Federal Judge Marcelo Martinez de Giorgi has ordered the international arrest of Credit Suisse Group AG Executive David Mulford for failing to testify in a probe on the events leading to the country's 2001 debt default, state-run news agency Telam said. Judge Marcelo Martinez de Giorgi has requested that Interpol assist in locating and requesting the extradition of Mulford in connection to the probe, Telam reported, citing judicial sources it didn't identify, according to Bloomberg News. Bloomberg News notes that a former U.S. Treasury undersecretary, Mr. Mulford was chairman of Credit Suisse First Boston International when he was tapped by then Economy Minister Domingo Cavalloin 2001 to engineer a debt exchange amid the country's financial crisis. The swap stretching out payment terms on Argentina's debt didn't provide enough financial relief to prevent Argentina from defaulting on $95 billion in bonds that same year, Bloomberg News relays. Bloomberg News discloses that Mr. Mulford is currently serving as international vice-chairman of Credit Suisse. The Buenos Aires court has been investigating for a decade former government officials, including Cavallo, for possible crimes committed during the so-called "mega exchange" with Credit Suisse and other banks, Bloomberg News relates. Bloomberg News notes that Telam said that Mr. Mulford was unable to testify in the case the first time he was called before the court because he was serving as U.S. ambassador to India. Since stepping down from the diplomatic post, he has refused the court's request to testify, Telam said, Bloomberg News adds. ============= B E R M U D A ============= APPLETREE LTD: Creditors' Proofs of Debt Due Sept. 14 ----------------------------------------------------- The creditors of Appletree Ltd. are required to file their proofs of debt by Sept. 14, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 29, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM11 Bermuda APPLETREE LTD: Members' Final Meeting Set for Oct. 5 ---------------------------------------------------- The members of Appletree Ltd. will hold their final general meeting on Oct. 5, 2012, at 9:30 a.m. to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Aug. 29, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM11 Bermuda BAY INSURANCE: Creditors' Proofs of Debt Due Sept. 14 ----------------------------------------------------- The creditors of Bay Insurance Company Limited are required to file their proofs of debt by Sept. 14, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 29, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM11 Bermuda BAY INSURANCE: Member to Receive Wind-Up Report on Oct. 5 --------------------------------------------------------- The member of Bay Insurance Company Limited will receive on Oct. 5, 2012, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Aug. 29, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM11 Bermuda PINEBRIDGE INVESTMENTS: Creditors' Proofs of Debt Due Sept. 14 -------------------------------------------------------------- The creditors of Pinebridge Investments Private Equity Management Ltd. are required to file their proofs of debt by Sept. 14, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 28, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM11 Bermuda PINEBRIDGE INVESTMENTS: Members' Final Meeting Set for Oct. 5 ------------------------------------------------------------- The members of Pinebridge Investments Private Equity Management Ltd. will hold their final general meeting on Oct. 5, 2012, at 10:00 a.m. to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Aug. 28, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM11 Bermuda PINEBRIDGE REAL: Creditors' Proofs of Debt Due Sept. 14 ------------------------------------------------------- The creditors of Pinebridge Investments Real Property Advisors Ltd. are required to file their proofs of debt by Sept. 14, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 28, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM11 Bermuda PINEBRIDGE REAL: Members' Final Meeting Set for Oct. 5 ------------------------------------------------------ The members of Pinebridge Investments Real Property Advisors Ltd. will hold their final general meeting on Oct. 5, 2012, at 10:15 a.m. to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Aug. 28, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM11 Bermuda SAAD INVESTMENTS: Court to Hear Wind-Up Petition on Sept. 17 ------------------------------------------------------------ A petition to wind up the operations of Saad Investments Company Limited will be heard before the Supreme Court of Bermuda on Sept. 17, 2012, at 9:30 a.m. =========== B R A Z I L =========== CELPA: Equatorial Rallies, Creditors Clear Deal in Brazil --------------------------------------------------------- Rodrigo Orihuela at Bloomberg News reports that Equatorial Energia SA jumped the most in almost four years after creditors approved its takeover of Centrais Eletricas do Para SA, or Celpa. Equatorial rose 8.3% to close at BRL16.85 in Sao Paulo trading, the steepest advance since Oct. 29, 2008, according to Bloomberg News. Celpa creditors voted Sept. 1 to accept Equatorial's offer made in June, according to a regulatory filing obtained by the news agency. Bloomberg News notes that equatorial plans to merge Celpa, which operates under bankruptcy protection, with Cia. Energetica do Maranhao, or Cemar, the distributor it owns in the state of Maranhao. The transaction requires approval from the Brazilian electricity regulator, Aneel, Bloomberg News relates. The regulator appointed on August administrators for eight distributors controlled by Celpa's majority shareholder Rede Energia SA, the report adds. =========================== C A Y M A N I S L A N D S =========================== CJ 2001A LIMITED: Shareholder to Hear Wind-Up Report on Sept. 17 ---------------------------------------------------------------- The shareholder of CJ 2001A Limited will receive on Sept. 17, 2012, at 10:30 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Samit Ghosh Simon Owiti c/o Isabel Mason Telephone: 949-7755 Facsimile: 949-7634 COLUMBIA RESEARCH: Shareholders' Final Meeting Set for Sept. 14 --------------------------------------------------------------- The shareholders of Columbia Research Market Neutral (Offshore), Ltd. will hold their final meeting on Sept. 14, 2012, at 11:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 MAGIC FORTUNE: Creditors' Proofs of Debt Due Sept. 28 ----------------------------------------------------- The creditors of Magic Fortune Holdings Limited are required to file their proofs of debt by Sept. 28, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 7, 2012. The company's liquidator is: Lion International Management Limited Craigmuir Chambers Road Town, Tortola British Virgin Islands c/o Philip C Pedro HSBC International Trustee Limited Compass Point 9 Bermudiana Road Hamilton HM 11 Bermuda Telephone: (441) 299-6482 Facsimile: (441) 279-5832 MONSOON INDIA: Shareholders' Final Meeting Set for Sept. 19 ----------------------------------------------------------- The shareholders of Monsoon India Relationship Cayman Fund Ltd. will hold their final meeting on Sept. 19, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Gautam Prakash c/o Maples and Calder Attorneys-at-law PO Box 309, Ugland House Grand Cayman KY1-1104 Cayman Islands PETROEXPORT LTD: Creditors and Contributories to Meet on Sept. 10 ----------------------------------------------------------------- The creditors and contributories of Petroexport Limited will hold their meetings on Sept. 10, 2012, at 11:00 a.m. The company's liquidator is: Robin Lee Mcmahon c/o Aisling Clarke Ernst & Young Ltd 62 Forum Lane, Camana Bay PO Box 510 Grand Cayman KY1-1106 Cayman Islands Telephone: (345) 814 8986 Facsimile: (345) 949 8529 R-ONE KAWASAKI: Creditors' Proofs of Debt Due Sept. 27 ------------------------------------------------------ The creditors of R-One Kawasaki Holdings are required to file their proofs of debt by Sept. 27, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 6, 2012. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 STRENUOUS FUND: Creditors' Proofs of Debt Due Sept. 19 ------------------------------------------------------ The creditors of Strenuous Fund Investment Limited are required to file their proofs of debt by Sept. 19, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 8, 2012. The company's liquidator is: Tam Chiu Kit, Alan Luk Fook Jewellery Centre, 14-15th Floor No. 239 Temple Street, Jordan Kowloon Hong Kong Telephone: 852-2526 6512 Facsimile: 852-2868 4988 SZ99A LIMITED: Shareholders' Final Meeting Set for Sept. 14 ----------------------------------------------------------- The shareholders of SZ99A Limited will hold their final meeting on Sept. 14, 2012, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Trident Liquidators (Cayman) Limited c/o Mrs. Eva Moore Trident Trust Company (Cayman) Limited Telephone: (345) 949 0880 Facsimile: (345) 949 0881 P.O. Box 847, George Town Grand Cayman KY1-1103 Cayman Islands TEAM TOUCH: Creditors' Proofs of Debt Due Oct. 8 ------------------------------------------------ The creditors of Team Touch Holdings Ltd. are required to file their proofs of debt by Oct. 8, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 7, 2012. The company's liquidator is: Andrea Dunsby Turner & Roulstone Management Ltd. PO Box 2636 Strathvale House 90 North Church Street Grand Cayman KY1-1102 Cayman Islands c/o Andrea Dunsby Telephone: 1 345 943 5555 TSAGRIS HOLDINGS: Creditors' Proofs of Debt Due Sept. 17 -------------------------------------------------------- The creditors of Tsagris Holdings Limited are required to file their proofs of debt by Sept. 17, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 6, 2012. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands =========== M E X I C O =========== CONTEC HOLDINGS: Plans Fast Dash Through Bankruptcy --------------------------------------------------- Peg Brickley at Dow Jones' Daily Bankruptcy Review reports that Bain Capital Partners' Contec Holdings Ltd. plans a speedy trip through bankruptcy with a debt-for-equity swap that will displace the private-equity firm and leave banks in charge, attorneys said at a court hearing Aug. 30. As reported in the Aug. 31, 2012 edition of the TCR, the Debtors are seeking a combined hearing on the Plan and Disclosure Statement. Contec anticipates completing the Chapter 11 process within the next 60 days. The Debtors' prepetition long-term debt obligations total $360 million. About $201 million of that amount represents senior secured obligations to lenders led by Barclays Bank PLC, as administrative agent, collateral agent, issuing lender and swing line lender. There is also $159 million owed on account of unsecured subordinated notes under a note purchase agreement with American Capital Financial Services, Inc. as administrative agent, and American Capital and certain of its affiliates ("ACAS"), as note purchasers. The Debtors commenced solicitation of votes prepetition. Over one half of the prepetition secured lenders collectively holding at least two-thirds in amount of outstanding obligations under their senior credit agreement have voted to accept the Plan. In addition, all holders of Subordinated Notes claims have voted to accept the Prepackaged Plan. Parties still have until Sept. 24, 2012, at 1:00 p.m. to submit their ballots. The Debtors expect to complete the bankruptcy proceedings according to this timetable: Event Date ----- ---- Voting Record Date Aug. 23, 2012 Commencement of Solicitation Aug. 23, 2012 Petition Date Aug. 29, 2012 Voting Deadline Sep. 24, 2012 Mailing of Combined Hearing Notice Aug. 31, 2012 Filing of Plan Supplement Sep. 18, 2012 Objection Deadline Sep. 21, 2012 Reply Date (if any) Sep. 25, 2012 Combined Hearing Sep. 28, 2012 Under Plan, senior lenders owed $201 million will recover 14.7% to 24.6%. They will receive on the effective date $27.5 million in new second lien notes and 80% of reorganized Contec Holdings. Holders of general unsecured claims estimated to total $10 million to $11 million are unimpaired and will recover 100%. The claims will be reinstated or paid in full in cash. The senior lenders have agreed to carve out a portion of their collateral to ensure the payment of general unsecured trade claims. Holders of subordinated note claims totaling $159 will receive on the effective date a pro-rata share of warrants and $25,000. Holders of existing equity interests in CHL LTD, the parent, won't receive anything. A copy of the Disclosure Statement is available for free at: http://bankrupt.com/misc/Contec_Prepack_Plan_Outline.pdf About Contec Holdings Contec -- http://www.gocontec.com/Home.aspx/-- is the market leader in the repair and refurbishment of customer premise equipment for the cable industry. The Company repairs more than 2 million cable set top boxes annually, while also providing logistical support services for over 12 million units of cable equipment annually. Contec is headquartered in Schenectady, NY. With substantial operations in the United States and Mexico, the Debtors earned revenues of approximately $153.6 million in 2011, and as of July 28, 2012, the Debtors directly employed over 2,300 people in North America, 72% of which are unionized. Contec Holdings, Ltd., and its affiliates on Aug. 29, 2012 sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 12-12437) with a plan of reorganization that has the support of senior lenders and noteholders. Ropes & Gray LLP, serves as bankruptcy counsel to the Debtors; Pepper Hamilton LLP is the local counsel; AP Services LLC, is the restructuring advisor; Moelis & Company is the investment banker; and Garden City Group is the claims agent. VITRO SAB: Bondholders Say Egregious Plan Should be Rejected ------------------------------------------------------------ Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that holders of 60% of Vitro SAB's $1.2 billion in defaulted bonds told a federal appeals court that the Mexican glass maker won approval of its reorganization plan from a court in Mexico "through a process that was completely inimical to the most basic elements of fairness." According to the report, Vitro appealed to the U.S. Court of Appeals in New Orleans from a June ruling by a bankruptcy judge in Dallas who concluded that Vitro's Mexican reorganization plan was "manifestly contrary" to U.S. law and public policy because it reduced the liability of subsidiaries on defaulted bonds by 60% even though the subsidiaries weren't in bankruptcy in the U.S. or Mexico. The report relates that in its brief filed last week supporting the ruling in the bankruptcy court, the bondholders urged the appeals court to send a signal that "egregious plans" like Vitro's "will not be enforced." On top of arguments that the Mexican plan improperly reduced debt owing by subsidiaries not in bankruptcy, the bondholders contend that their votes against the plan were swamped by $1.5 billion of votes submitted by Vitro's own subsidiaries favoring the plan that reduced their own debt. The $1.5 billion in debt to subsidiaries was created in what the bondholders say was a $2.7 billion fraudulent transfer kept secret for most of a year. There were other "extreme voting irregularities," according to the bondholders. Giving nothing in return, many Vitro employees received $1,000 bonds so they could vote for the plan. In addition, Vitro paid a consent fee to approving creditors, which the bondholders characterize as "votebuying." According to the report, the bondholders' brief also argued that other provisions in the Mexican plan were "patently unjust." The bondholders pointed to provisions that require creditors to waive their claims against non-bankrupt subsidiaries as a condition to receiving distributions in the reorganization. Vitro contended in its previously filed brief that failing to enforce the Mexican reorganization would have a "far reaching negative effect" on relations with Mexico. Vitro spokesman Roberto Riva Palacio said the company is "confident in the strength of our arguments on appeal." The appeal will be argued before the appeals court during the first week of October. The appeals court case is Vitro SAB de CV v. Ad Hoc Group of Vitro Noteholders (In re Vitro SAB de CV), 12-10689, 5th U.S. Circuit Court of Appeals (New Orleans). The suit in bankruptcy court where the judge decided not to enforce the Mexican reorganization in the U.S. is Vitro SAB de CV v. ACP Master Ltd. (In re Vitro SAB de CV), 12-03027, U.S. Bankruptcy Court, Northern District of Texas (Dallas). The bondholders' previous appeal is Ad Hoc Group of Vitro Noteholders v. Vitro SAB de CV (In re Vitro SAB de CV), 11-11239, 5th U.S. Circuit Court of Appeals (New Orleans). The bondholders' appeal of Chapter 15 recognition in District Court is Ad Hoc Group of Vitro Noteholders v. Vitro SAB de CV (In re Vitro SAB de CV), 11-02888, U.S. District Court, Northern District of Texas (Dallas). 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. 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. On June 13, 2012, U.S. Bankruptcy Judge Harlin "Cooter" Hale in Dallas entered a ruling that precluded Vitro from enforcing its Mexican reorganization plan in the U.S. The judge ruled that the Mexican reorganization was "manifestly contrary" to U.S. public policy because it bars the bondholders from holding Vitro operating subsidiaries liable to pay on their guarantees of the bonds. The Mexican plan reduced the debt of subsidiaries on $1.2 billion in defaulted bonds even though they weren't in bankruptcy in any country. =============== X X X X X X X X =============== * S&P's Global Corporate Default Tally Revised to 54 Issuers ------------------------------------------------------------- There were no global corporate defaults last week. However, S&P revised the 2012 global corporate default tally to 54 issuers to account for U.S.-based ATP Oil & Gas Corp.'s default, said an article published Thursday by Standard & Poor's Global Fixed Income Research, titled "The Revised 2012 Global Corporate Default Tally of 54 Issuers Exceeds the 2011 Full-Year Total." Standard & Poor's Ratings Services downgraded ATP to 'D' from 'CCC' on Aug. 21, 2012, after the company announced that it had filed for Chapter 11 bankruptcy protection. By region, 30 of the 54 defaulters were based in the U.S., 14 in the emerging markets, seven in Europe, and three in the other developed region (Australia, Canada, Japan, and New Zealand). In comparison, the 2011 total (through Aug. 29) was 27, with 18 based in the U.S., two in the emerging markets, two in Europe, and five in the other developed region. So far this year, bankruptcy filings accounted for 16 defaults, missed payments for 15; distressed exchanges for 10, and eight were confidential. The remaining five entities defaulted for various other reasons. In 2011, 21 issuers defaulted because of missed interest or principal payments, and 13 because of bankruptcy filings--both of which were among the top reasons for defaults in 2010. Distressed exchanges- -another top reason for default in 2010--followed with 11 defaults in 2011. Of the remaining defaults, two issuers failed to finalize refinancing on bank loans, two were subject to regulatory action, one had its banking license revoked by its country's central bank, one was appointed a receiver, and two were confidential. *********** 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 * * *