/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/121115.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, November 15, 2012, Vol. 13, No. 228 Headlines A R G E N T I N A METROPOLIS COMPANIA: Moody's Assigns 'B3' Long-Term Debt Ratings * ARGENTINA: Seeks to Auction Seized Media Assets B E R M U D A CREDIT RENAISSANCE: Member to Receive Wind-Up Report on Nov. 27 CREDIT RENAISSANCE FUND: Member to Hear Wind-Up Report on Nov. 27 LLFC CONSTRUCTION: Member to Receive Wind-Up Report on Nov. 27 LLFC FUNDING: Member to Receive Wind-Up Report on Nov. 27 LW INVESTMENTS: Members' Final Meeting Set for Nov. 19 PFIZER HOLDINGS: Members' Final Meeting Set for Nov. 19 STENA BUTE: Member to Receive Wind-Up Report on Nov. 20 STENA DRILLMAX IV: Member to Receive Wind-Up Report on Nov. 20 B R A Z I L ELETROPAULO METROPOLITANA: S&P Revises Outlook on CCR to Positive * BRAZIL: Ceara to Get $66.5MM IDB Loan for Urban Infrastructure C A Y M A N I S L A N D S ALTAIR STARS: Shareholders Receive Wind-Up Report BAKERSFIELD LIMITED: Member Receives Wind-Up Report CALABASH RE: Shareholder to Receive Wind-Up Report on Nov. 26 EAST LANE: Shareholder to Receive Wind-Up Report on Nov. 26 EXCLUSIVE HOLDINGS: Shareholders Receive Wind-Up Report KAMP RE 2005: Shareholder to Receive Wind-Up Report on Nov. 26 NTTL CAYMAN: Shareholder to Receive Wind-Up Report on Nov. 15 RESIDENTIAL REINSURANCE: Member to Hear Wind-Up Report on Nov. 26 STONEHEATH RE: Shareholder to Hear Wind-Up Report on Nov. 26 TRINOVA INVESTMENT: Shareholders Receive Wind-Up Report C O S T A R I C A * REPUBLIC OF COSTA RICA: S&P Gives 'BB+' Rating on Bond Issue M E X I C O VITRO SAB: Bondholders' Victories Not Reflected in Debt Pricing * MORELOS: Moody's Reviews 'Ba2' Issuer Ratings for Downgrade P U E R T O R I C O GOMERA GOVI: Case Summary & 20 Largest Unsecured Creditors JMR DEVELOPMENT: Has Until Dec. 4 to Propose Chapter 11 Plan OR PRO MEDICAL: Case Summary & 20 Largest Unsecured Creditors T R I N I D A D & T O B A G O CARIBBEAN AIRLINES: Plane Experiences Technical Difficulties X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A R G E N T I N A ================= METROPOLIS COMPANIA: Moody's Assigns 'B3' Long-Term Debt Ratings ---------------------------------------------------------------- Moody's Investors Service assigned a B3 long term global local currency debt ratings to Metropolis Compania Financiera S.A. (Metropolis)'s second takedown for up to Ar$30 million, which will be due in 12 months, under the Metropolis's debt program of Ar$100 million or its equivalent in other currencies. On the national scale, this second takedown was rated A3.ar. The outlook of the debt rating is negative. The following ratings were assigned to Metropolis Compania Financiera S.A: AR$30 million senior unsecured debt issuance: B3 Global Local Currency Debt Rating A3.ar Argentina National Scale Local Currency Debt Rating Ratings Rationale Moody's explained that the local currency senior unsecured debt rating derives from Metropolis' B3 global local currency deposit rating. Moody's also noted that seniority was taken into consideration in the assignment of the debt ratings. Metropolis Compania Financiera S.A is headquartered in Buenos Aires, Argentina, and reported Ar$217 million of total assets and Ar$34 million of shareholders' equity as of September 30, 2012. * ARGENTINA: Seeks to Auction Seized Media Assets ------------------------------------------------- Taos Turner at The Wall Street Journal reports that Argentina plans to seize and auction off both the broadcast licenses and the cable TV and fiber-optic Internet networks owned by any media company that flouts a controversial media law. Argentina's top court looks likely to rule on the constitutionality of the law, which opponents say not only violates constitutionally protected private-property rights, but threatens free speech as well, according to The Wall Street Journal. The report notes that the auction plans were confirmed by Martin Sabbatella, who heads the federal agency created to enforce the law which critics say targets top media conglomerate Grupo Clarin SA and its most profitable business unit, Cablevision. The Wall Street Journal discloses that Congress passed a law that allows the government to bypass federal appeals courts and take its case directly to the Supreme Court. The companies have until Dec. 7 to present plans to sell off all broadcast licenses and related assets that exceed a quota established by the media law, The Wall Street Journal relates. If they don't, the government will begin the process of auctioning off the assets after the deadline, Mr. Sabbatella said, The Wall Street Journal notes. The Wall Street Journal relates that another media group, Uno Medios, will be similarly forced to sell its broadcast licenses, cable TV and Internet infrastructure or see them forcibly auctioned off. The report recalls that Mr. Sabbatella had previously said the government would force companies to sell licenses that didn't comply with requirements of the media law, but it wasn't clear they would also have to sell related infrastructure assets. Mr. Sabbatella, the report relates, said a federal tribunal will establish the value of those assets and that value will be used to determine the initial auction price for the assets, proceeds from which would go back to the companies, not the government. The deadline stems from an injunction that Grupo Clarin was granted against the enforcement of the media law, the report notes. The injunction expires Dec. 7. The Wall Street Journal relates that lawyers said Grupo Clarin could seek an extension of the injunction or appeal any government attempt to take over or auction off its assets. Grupo Clarin argues the media law violates constitutionally protected private-property rights, which the government denies, The Wall Street Journal reglas. Mr. Sabbatella said the deadline applies equally to all companies, and doesn't discriminate against Clarin, which is frequently critical of the government, the report notes. The Kirchner administration often contends that Clarin is trying to undermine it, the report notes. The media law, passed by Congress in 2009, limits cable TV companies to holding a maximum of 24 broadcast licenses nationwide. Mr. Sabbatella said Clarin has 237 licenses while Uno Medios has 49. Clarin said it has 158 cable TV licenses, one for each of the cities in which it offers cable and Internet. Analysts have praised much of the law, which among other things gives broadcast licenses to local communities and requires theaters to show more local films, the report says. But opponents say the law's main purpose is to cripple Clarin, the report adds. ============= B E R M U D A ============= CREDIT RENAISSANCE: Member to Receive Wind-Up Report on Nov. 27 --------------------------------------------------------------- The member of Credit Renaissance Structured Products Master Fund, Ltd will receive on Nov. 27, 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 Oct. 22, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda CREDIT RENAISSANCE FUND: Member to Hear Wind-Up Report on Nov. 27 ----------------------------------------------------------------- The member of Credit Renaissance Structured Products Fund, Ltd will receive on Nov. 27, 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 Oct. 22, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda LLFC CONSTRUCTION: Member to Receive Wind-Up Report on Nov. 27 -------------------------------------------------------------- The member of LLFC Construction, Ltd. will receive on Nov. 27, 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 Oct. 12, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda LLFC FUNDING: Member to Receive Wind-Up Report on Nov. 27 --------------------------------------------------------- The member of LLFC Funding, Limited will receive on Nov. 27, 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 Oct. 12, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda LW INVESTMENTS: Members' Final Meeting Set for Nov. 19 ------------------------------------------------------ The members of LW Investments Limited will hold their final general meeting on Nov. 19, 2012, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. Wanda Mello is the company's liquidator. PFIZER HOLDINGS: Members' Final Meeting Set for Nov. 19 ------------------------------------------------------- The members of Pfizer Holdings Bermuda Ltd will hold their final general meeting on Nov. 19, 2012, at 10:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. Wanda Mello is the company's liquidator. STENA BUTE: Member to Receive Wind-Up Report on Nov. 20 ------------------------------------------------------- The member of Stena Bute Limited will receive on Nov. 20, 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 Oct. 10, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda STENA DRILLMAX IV: Member to Receive Wind-Up Report on Nov. 20 -------------------------------------------------------------- The member of Stena Drillmax IV Limited will receive on Nov. 20, 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 Oct. 10, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda =========== B R A Z I L =========== ELETROPAULO METROPOLITANA: S&P Revises Outlook on CCR to Positive ----------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A. to stable from positive. "At the same time, we affirmed our 'BB+' credit rating on the company," S&P said. "The outlook revision reflects the company's weaker-than-expected credit metrics. Although Eletropaulo's lower cash-flow generation, due to the third-cycle tariff reset in July 2012, was in line with our expectations, higher debt pressured its credit metrics. Despite the active liability management and improving debt maturity profile, the company funded the higher capital expenditures with debt. The ratings reflect our view of the company's 'satisfactory' business risk profile and 'significant' financial risk profile," S&P said. * BRAZIL: Ceara to Get $66.5MM IDB Loan for Urban Infrastructure ---------------------------------------------------------------- Brazil's state of Ceara will receive a loan for $66.5 million from the Inter-American Development Bank (IDB) to enable cities that act as regional development hubs and with population above 20,000 people to improve their fiscal and institutional capacity, infrastructure, and business environment. The multisectoral program will finance the construction of markets, community centers, roads and regional highways that provide access to major cities, as well as create systems for solid waste management, and promote urban renewal. The program will also include the following: -- Preparing and updating urban development master plans, urban mobility and sanitation plans, modernization of tax administration, and capacity building for project formulation and investment management. -- Development plans for regions included in the program and preparation of sectoral studies; and support for simplifying the process of registering businesses. -- Improving transparency of municipal management, including Internet publication of updated information. "The project was designed to take a holistic approach for addressing the main shortcomings of these important development hubs, and thereby contributing to the implementation of the state's regional development policy," said IDB project team leader Huascar Eguino. Cities included in the program are Russas, Morada Nova, Limoeiro do Norte, Sobral, Forquilha, Massapˆ, Santana do Acara£, Aracati, Jaguaribe, Jaguaruana, and Tabuleiro do Norte. The IDB financing has a term of 20 years, a grace period of five years, and an interest rate based on LIBOR. Counterpart funding by the state totals $40.1 million. The program's total cost is $106.6 million. It will be implemented by the state's Secretariat of Cities. ========================== C A Y M A N I S L A N D S ========================== ALTAIR STARS: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Altair Stars Fund Holdings Ltd. received on Nov. 9, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 BAKERSFIELD LIMITED: Member Receives Wind-Up Report --------------------------------------------------- The member of Bakersfield Limited received on Oct. 10, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Lion International Management Limited Craigmuir Chambers Road Town, Tortola British Virgin Islands CALABASH RE: Shareholder to Receive Wind-Up Report on Nov. 26 ------------------------------------------------------------- The shareholder of Calabash RE III Ltd. will receive on Nov. 26, 2012, at 10:00 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Kevin Poole Barbara Fawcitt Telephone: 949-5263/ 914-2264 Facsimile: 949-6021 PO Box 10233 171 Elgin Avenue, George Town The Pavilion Building, Cricket Square Grand Cayman KY -1002 Cayman Islands EAST LANE: Shareholder to Receive Wind-Up Report on Nov. 26 ----------------------------------------------------------- The shareholder of East Lane RE III Ltd. will receive on Nov. 26, 2012, at 10:00 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Dena Thompson Laura Mclaughlin Telephone: 914-2267/ 914-2264 Facsimile: 949-6021 PO Box 10233 171 Elgin Avenue, George Town The Pavilion Building, Cricket Square Grand Cayman KY1 -1002 Cayman Islands EXCLUSIVE HOLDINGS: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Exclusive Holdings Ltd. received on Nov. 6, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stewart Walker 12-14 David Place, St. Helier, Jersey, Channel Islands Great Britain, JE2 4TD Telephone: +44 (1534) 760100 Facsimile: +44 (1534) 760125 KAMP RE 2005: Shareholder to Receive Wind-Up Report on Nov. 26 -------------------------------------------------------------- The shareholder of Kamp RE 2005 Ltd. will receive on Nov. 26, 2012, at 10:00 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Owen Dinnall Dena Thompson Telephone: 914-2255/ 914-2267/ 949-5263 Facsimile: 949-6021 P.O. Box 10233 Grand Cayman Cayman Islands NTTL CAYMAN: Shareholder to Receive Wind-Up Report on Nov. 15 ------------------------------------------------------------- The sole shareholder of NTTL Cayman, Ltd. will receive on Nov. 15, 2012, at 9:00 a.m., the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Linburgh Martin Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034 Grand Cayman KYI-1102 Cayman Islands RESIDENTIAL REINSURANCE: Member to Hear Wind-Up Report on Nov. 26 ----------------------------------------------------------------- The member of Residential Reinsurance 2009 Limited will receive on Nov. 26, 2012, at 10:00 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Shaun Geils Kevin Poole Telephone: 914-2259/ 914-2265/ 949-5263 Facsimile: 949-6021 P.O. Box 10233 Grand Cayman Cayman Islands STONEHEATH RE: Shareholder to Hear Wind-Up Report on Nov. 26 ------------------------------------------------------------ The shareholder of Stoneheath Re will receive on Nov. 26, 2012, at 10:00 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Shaun Geils Kevin Poole Telephone: 914-2259/ 914-2265/ 949-5263 Facsimile: 949-6021 P.O. Box 10233 Grand Cayman Cayman Islands TRINOVA INVESTMENT: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Trinova Investment Fund SPC Ltd. received on Nov. 8, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Techdis Limited Cassia Court, Suite 2206 72 Market Street, Camana Bay P.O. Box 32302 Grand Cayman KY1-1209 Cayman Islands c/o Smeets Law (Cayman) Reference: JAPF Telephone: (+1) 345 815 2800 ================== C O S T A R I C A ================== * REPUBLIC OF COSTA RICA: S&P Gives 'BB+' Rating on Bond Issue -------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB+' foreign currency senior unsecured debt rating on the Republic of Costa Rica's planned bond issue. "We also assigned a '2' recovery rating, reflecting our expectation of substantial (70%-90%) recovery in the event of default. The planned note issue under Rule 144A Reg. S is expected to be in the range of $500 million to $1 billion," S&P said. "Our ratings on Costa Rica are constrained by the country's limited monetary flexibility and rising fiscal pressures. Costa Rica's fiscal deficit (including the central government, the central bank, and decentralized government entities) will likely exceed 4% of GDP this year. The fiscal deficit was 4.7% of GDP in 2011 and 5.5% of GDP in 2010. Costa Rica's monetary rigidities reflect ongoing losses at the central bank, about 0.6% of GDP in 2011, and a high, albeit declining, level of dollarization, at roughly one-third of the financial sector's claims and deposits," S&P said. "Supporting the ratings are Costa Rica's stable political system, strong public institutions, rule of law, and general consensus on pro-growth, market-oriented policies. Comparatively high human development contributes to social stability and supports Costa Rica's strengthening prowess in exporting skill-based services. This, in turn, sustains solid long-term growth prospects, with real GDP growth per capita expected to average 2.2% between 2012 and 2014. Growing international reserves, which are boosted by large ongoing and projected foreign direct investment, support external stability," S&P said. RATINGS LIST Republic of Costa Rica Sovereign Credit Rating BB/Stable/B New Rating Republic of Costa Rica Senior unsecured notes BB+ Recovery Rating 2 =========== M E X I C O =========== VITRO SAB: Bondholders' Victories Not Reflected in Debt Pricing --------------------------------------------------------------- Brendan Case and Jose Enrique Arrioja at Bloomberg News report that the bond market is showing no confidence that billionaire Paul Singer can parlay his legal victories versus Argentina into a bigger payout on the defaulted debt of Vitro SAB, Mexico's biggest glassmaker. According to the report, Vitro's bonds trade at about 53 cents on the dollar, less than the restructuring offer approved by a Mexican court in February, according to BCP Securities LLC. Singer's Elliott Management Corp., which owns some of the Vitro defaulted debt among the $21 billion that the hedge fund oversees, rejected the deal and is seeking to be repaid in full after a U.S. court declined to enforce the settlement in June. The report relates that while Mr. Singer's efforts in U.S. courts to compel the Argentine government to repay holders from the country's 2001 default has caused its defaulted debt to rally in the past month, JPMorgan Chase & Co. says Vitro can resist its creditors' demands even if it loses its appeal because it has few assets in the U.S. that can be seized. Vitro's bondholders have sought to block the restructuring because the company used intercompany debt to become the biggest creditor in the settlement of about $1.2 billion in defaulted bonds. "The market price does not reflect at all any optimism that holdouts will be paid par plus accrued, or indeed any deal better than that offered by Vitro," Jim Harper, director of corporate research at BCP Securities, said in a telephone interview from Greenwich, Connecticut. The defaulted notes "would be trading much higher if people thought there was a likely scenario whereby Vitro would offer some kind of a sweetened deal in order to get rid of the problem." Defaulted Argentine notes climbed 7 cents to 25 cents on the dollar through Nov. 7 since a U.S. court ruled Oct. 26 it must treat all bondholders, including Elliott, equally. The ruling came almost four weeks after Elliott Management's NML Capital Fund won a court order to detain an Argentine navy vessel in Ghana as part of its effort to gain repayment on the defaulted securities. About $6.6 billion of Argentine debt from the nation's record $95 billion default is held by creditors who rejected offers to swap the notes at about 30 cents on the dollar and want to be repaid in full. On June 13, U.S. Bankruptcy Judge Harlin DeWayne Hale in Dallas denied Vitro's request to enforce the bankruptcy plan approved by a Mexican court, saying that the proposed settlement was "manifestly contrary" to U.S. public policy. Vitro appealed the June ruling and appeals court judges in New Orleans heard oral arguments in early October. 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. Vitro's appeal is pending. * MORELOS: Moody's Reviews 'Ba2' Issuer Ratings for Downgrade ------------------------------------------------------------- Moody's de Mexico continues the review for possible downgrade on Morelos's A2.mx (Mexican National Scale) and Ba2 (Global Scale, local currency) issuer ratings. The bank BBVA Bancomer called the early amortization of a MXN300 million loan of the Municipality of Cuernavaca (not rated by Moody's) due to certain covenant violations by the municipality. The State of Morelos acts as a joint obligor for this loan. Moody's understands that, as of Nov. 13, the bank has not yet fully recovered the outstanding balance and that it is currently in negotiations with the municipality of Cuernavaca. The review reflects the uncertainty surrounding the state's obligations as a joint obligor under the loan contract in case the bank requires the state for its payment. Ratings Rationale The continuation of the review, initiated three months ago, reflects Moody's view that uncertainty persists regarding the settlement of this issue and Morelos' potential exposure as a joint obligor to Cuernavaca's loan. The loan has an original face value of MXN300 million. As of May 2012, the outstanding balance was MXN156 million or roughly 1% of Morelos' total revenues. Moody's views this amount as insignificant relative to the state's financial position and hence does not impact the rating agency's assessment of its ability to pay. Notwithstanding, uncertainty remains regarding Morelos response as a joint obligor if the bank requires its payment from the state. The State of Morelos is actively participating in the negotiations between the bank and the municipality of Cuernavaca. Moody's will continue to monitor the evolution of the negotiations to assess if there is any potential impact on the credit quality of the state of Morelos. Moody's expects to conclude the review within the next three months. What Could Change The Rating Up/Down Moody's does not expect upward pressures on Morelos' ratings in the near term. However, this review could conclude with the confirmation of the state's current ratings if the dispute is settled promptly. Alternatively, any evidence that the state fails to meet its obligations under the loan, if called upon by the bank, could lead to a downgrade of potentially several notches to reflect Moody's assessment of Morelos' credit culture and expected loss to the bank. Moody's also rates (Baa2/Aa2.mx) a MXN220 million (original face value) loan from BBVA Bancomer to the State of Morelos. Given the links between the loan and the credit quality of the obligor, a downgrade of Morelos' issuer ratings could exert downward pressure on its debt ratings. The methodologies used in this rating were "Regional and Local Governments Outside the US" published in May 2008, "The Application of Joint Default Analysis to Regional and Local Governments" published in December 2008, and "Mapping Moody's National Scale Ratings to Global Scale Ratings" published in October 2012. The date of the last Credit Rating Action was Oct. 26, 2012. ===================== P U E R T O R I C O ===================== GOMERA GOVI: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Gomera Govi I, Inc. aka Gomera Govi, Inc. 65th Infanteria Station P.O. Box 29618 Rio Piedras, PR 00929 Bankruptcy Case No.: 12-09034 Chapter 11 Petition Date: November 9, 2012 Court: U.S. Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Jacqueline Hernandez Santiago, Esq. HERNANDEZ LAW OFFICES P.O. Box 366431 San Juan, PR 00936-6431 Tel: (787) 751-1836 E-mail: quiebras1@gmail.com Scheduled Assets: $2,473,500 Scheduled Liabilities: $3,609,606 A copy of the Company's list of its 20 largest unsecured creditors filed with the petition is available for free at: http://bankrupt.com/misc/prb12-09034.pdf The petition was signed by Alfredo Gonzalez, president. JMR DEVELOPMENT: Has Until Dec. 4 to Propose Chapter 11 Plan ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Puerto Rico extended until Dec. 4, 2012, JMR Development Group, Corp., et al.'s exclusive period to file a Chapter 11 plan. JMR Development Group Corp. filed a Chapter 11 petition (Bankr. D.P.R. Case No. 11-07907) on Sept. 16, 2011, in Ponce, Puerto Rico. CPA Luis R. Carrasquillo & CO., P.S.C serves as financial accountant. The Debtor scheduled assets of $12,732,474 and debts of $48,587,611. An affiliate, JMR Tourist Development Group Corp. sought Chapter 11 protection (Case No. 11-07911) on the same day. OR PRO MEDICAL: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: OR PRO Medical Industrial Laboratory, Inc. dba Starcraft Medical, Corp. Starcraft Medical, Inc. Jesus T. Pinero Avenue, No. 1634 San Juan, PR 00921 Bankruptcy Case No.: 12-08986 Chapter 11 Petition Date: November 9, 2012 Court: U.S. Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Carmen D. Conde Torres, Esq. C. CONDE & ASSOC. 254 San Jose Street, 5th Floor San Juan, PR 00901-1523 Tel: (787) 729-2900 Fax: (787) 729-2203 E-mail: notices@condelaw.com Scheduled Assets: $2,433,981 Scheduled Liabilities: $1,818,031 A copy of the Company's list of its 20 largest unsecured creditors filed with the petition is available for free at: http://bankrupt.com/misc/prb12-08986.pdf The petition was signed by Benigno Garcia Ocasio, president/treasurer. =============================== T R I N I D A D & T O B A G O =============================== CARIBBEAN AIRLINES: Plane Experiences Technical Difficulties ------------------------------------------------------------ Carla Bridglal at Trinidad Express reports that on the heels of State-owned Caribbean Airlines coming to the rescue of stranded EZjet passengers is the news that a CAL plane experienced technical difficulties with one of its 737-800 aircraft. In a release, CAL said oxygen masks were deployed after indications of low cabin pressure on flight BW884 en route from Suriname to Piarco, according to Trinidad Express. The report relates that the airline said the flight continued safely after the masks deployed and arrived at Piarco at 6:45 a.m. There were 66 passengers on board. Speaking to the Express via telephone, Williams said investigations were still ongoing as to what caused to masks to deploy, the report notes. The report relates that this is the third time in less than a month that a CAL plane has experienced some sort of technical incident. The report recalls that in late October one of the new ATR 72-600 aircraft had to return shortly after takeoff from Piarco to Caracas, Venezuela. Last Monday CAL's Boeing 767 aircraft was temporarily grounded in Toronto, Canada after officials noticed an indicator light drawing attention to a wing flap, the report discloses. In the wake of the suspension of EZjet's licence, CAL's chairman Rabindra Moonan and other CAL officials, including vice-chair Mohan Jaikaran and acting CEO Robert Corbie met Guyana's President Donald Ramotar, acting Tourism Minister Irfaan Ali, Public Works Minister Robeson Benn and other local officials for talks at the request of the Guyana government, the report adds. Caribbean Airlines Limited -- http://http://www.caribbean- airlines.com/ -- provides passenger airline services. It also specializes in the shipment of fresh cut flowers and packaged meats, hatching eggs, chocolates, fruits and vegetables, frozen and chilled fish, vaccines, newspapers, and magazines within the Caribbean, as well as to North America and Europe. * * * As reported in the Troubled Company Reporter on March 21, 2012, RJR News said that Caribbean Airlines Limited owes nearly US$30 million to Trinidad and Tobago's fuel provider National Petroleum. Trinidad Express said CAL enjoys a seven-day credit facility for aviation fuel from the company, according to RJR News. However, the report related that the airline has not been able to pay the full amount when invoiced and instead has been issuing partial payments to sustain the account. RJR News notes that Trinidad Express reported that the arrears were built up over the last six weeks as no payments have been made despite an attractive fuel subsidy which the airline has enjoyed since it began operations in January 2007. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Nov. 26, 2012 BEARD GROUP, INC. 19th Annual Distressed Investing Conference The Helmsley Park Lane Hotel, New York, N.Y. Contact: 240-629-3300 or http://bankrupt.com/ Nov. 29-30, 2012 MID-SOUTH COMMERCIAL LAW INSTITUTE 33rd Annual Bankruptcy & Commercial Law Seminar Nashville Marriott at Vanderbilt, Nashville, Tenn. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 29 - Dec. 1, 2012 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference JW Marriott Starr Pass Resort & Spa, Tucson, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 4-8, 2012 AMERICAN BANKRUPTCY INSTITUTE ABI/SJUSL Mediation Training Symposium St. John's University, Queens, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ Jan. 24-25, 2013 AMERICAN BANKRUPTCY INSTITUTE Rocky Mountain Bankruptcy Conference Four Seasons Hotel Denver, Denver, Colo. Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 7-9, 2013 AMERICAN BANKRUPTCY INSTITUTE Caribbean Involvency Symposium Eden Roc Renaissance, Miami Beach, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 17-19, 2013 AMERICAN BANKRUPTCY INSTITUTE Advanced Consumer Bankruptcy Practice Institute Charles Evans Whittaker Courthouse, Kansas City, Mo. Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 20-22, 2013 AMERICAN BANKRUPTCY INSTITUTE VALCON Four Seasons Las Vegas, Las Vegas, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 10-12, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference JW Marriott Chicago, Chicago, Ill. Contact: http://www.turnaround.org/ Apr. 18-21, 2013 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ June 13-16, 2013 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort, Traverse City, Mich. Contact: 1-703-739-0800; http://www.abiworld.org/ July 11-13, 2013 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Hyatt Regency Newport, Newport, R.I. Contact: 1-703-739-0800; http://www.abiworld.org/ July 18-21, 2013 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton Amelia Island, Amelia Island, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 8-10, 2013 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hotel Hershey, Hershey, Pa. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 22-24, 2013 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 3-5, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Wardman Park, Washington, D.C. Contact: http://www.turnaround.org/ Nov. 1, 2013 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Atlanta Marriott Marquis, Atlanta, Ga. Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 2, 2013 BEARD GROUP, INC. 19th Annual Distressed Investing Conference The Helmsley Park Lane Hotel, New York, N.Y. Contact: 240-629-3300 or http://bankrupt.com/ Dec. 5-7, 2013 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Terranea Resort, Rancho Palos Verdes, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ The Meetings, Conferences and Seminars column appears in the Troubled Company Reporter each Wednesday. Submissions via e-mail to conferences@bankrupt.com are encouraged. *********** 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 * * *