TCRLA_Public/130408.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, April 8, 2013, Vol. 14, No. 68


                            Headlines



B R A Z I L

BANCO BVA: Brazil Extends Probe, Gives Buyers More Time
OGX PETROLEO: S&P Lowers CCR to 'B-'; Outlook Negative


C A Y M A N  I S L A N D S

CENTRAL ASIA: Placed Under Voluntary Wind-Up
CENTRAL ASIA OPPORTUNITY: Placed Under Voluntary Wind-Up
CLOVIS (CAYMAN): Commences Liquidation Proceedings
DELTA OFFSHORE: Placed Under Voluntary Wind-Up
DELTA OFFSHORE MASTER: Placed Under Voluntary Wind-Up

EURASIAN FINANCIAL: Placed Under Voluntary Wind-Up
FRM ACCESS II: Placed Under Voluntary Wind-Up
FRM EMERGING: Placed Under Voluntary Wind-Up
GOLDEN HORSE: Placed Under Voluntary Wind-Up
LAPP EMERGING: Commences Liquidation Proceedings

LAPP EMERGING MARKETS: Commences Liquidation Proceedings
LAPP EMERGING MASTER: Commences Liquidation Proceedings
MEPI HOLDINGS: Commences Liquidation Proceedings
MONGOLIA DISCOVERY: Placed Under Voluntary Wind-Up
OFFSHORE DRILLER 1: Commences Liquidation Proceedings

OFFSHORE DRILLER 3: Commences Liquidation Proceedings
OSTERFAK LTD: Placed Under Voluntary Wind-Up
PALMETTO BREEZE: Placed Under Voluntary Wind-Up
UZBEKISTAN GROWTH: Placed Under Voluntary Wind-Up


J A M A I C A

DIGICEL GROUP: To Pursue Telecoms License in Burma
NROCC: Racks Up Another J$6 Billion in Losses


X X X X X X X X

* BOND PRICING: For the Week April 1 to April 5, 2013




                            - - - - -


===========
B R A Z I L
===========


BANCO BVA: Brazil Extends Probe, Gives Buyers More Time
-------------------------------------------------------
Luciana Otoni and Guillermo Parra-Bernal at Reuters reports that
Brazil's central bank appointed a committee to investigate the
reasons behind last year's collapse of Banco BVA SA for an
additional 120 days, giving potential buyers more time to consider
acquiring the mid-sized lender.

The central bank seized Banco BVA on Oct. 19, citing deteriorating
financing conditions and a breach of regulations, according to
Reuters.  At the time, the report relates, regulators gave the
bank's administrators 90 days to find a buyer or face liquidation.

Reuters notes that one of a series of central bank seizures of
failed banks since 2010, Banco BVA is the first being extended
from the original deadline, a sign that regulators and creditors
see a solution for the lender other than liquidation.

A proposal by car dealership and financing group CAOA to buy the
bank was shunned by a group of bondholders on March 27, hours
ahead of the legal deadline set by the central bank, Reuters says.

The report discloses that the shutdown of rivals Banco Prosper and
Banco Cruzeiro do Sul last year resulted in heavy losses for
bondholders, who have repeatedly complained that their claims were
treated unequally compared with those of state-controlled
creditors.  Banking analysts expect the flurry of small-sized bank
failures that began in November 2010 with the demise of Banco
PanAmericano SA, to end with Banco BVA, the report says.

In a March 27 statement, executives at CAOA said they were not
hopeful that the central bank deadline could be extended, the
report relays.

Reuters notes that lenders such as Banco BVA enjoyed several boom
years with the creation of new consumer products in Brazil in the
mid-2000s.  But much too rapid growth and worsening funding
conditions in the aftermath of the 2008 global financial crisis
affected their business models, says the report.

In addition, relaxed credit risk assessments and the inability to
cope with tougher auditing controls led some of those lenders to
bankruptcy, notes the report.


OGX PETROLEO: S&P Lowers CCR to 'B-'; Outlook Negative
------------------------------------------------------
Standard & Poor's Rating Services lowered its corporate credit
rating on OGX Petroleo e Gas Participacoes S.A. (OGX) to 'B-' from
'B'.  The outlook is negative.

The downgrade is primarily based on the company's lower-than-
expected operating performance, particularly in terms of
production levels and productivity per well.  Ramping up
production continues to be OGX's main risk, and production delays
and higher costs should keep credit metrics weak for the next two
years.  Although the company does not have any significant debt
maturity until 2018 when the $2.6 billion bond is due, S&P
believes that OGX will consume almost all of its $1.6 billion in
cash, as of December 2012, to fund capital expenditures and
interest payments during 2013.  As a result, the company would
need additional sources of cash (either exercising the up to
$1 billion put against its controlling shareholder and/or selling
some assets) to reduce expected cash pressures in 2014 and
maintain current capital expenditures.  This is because S&P is not
expecting the 2014 production to generate sufficient operating
cash flows to continue financing capital expenditures and interest
payments.

"Our rating on OGX reflects our view of its vulnerable business
risk profile, given the uncertainties regarding its ability to
achieve the expected production level in the next two years, said
Standard & Poor's credit analyst Renata Lotfi.  Although the
company started oil production in the Tubaro Azul field and posted
its first year of revenues in 2012 through the delivery of
2.4 million barrels of oil equivalent (Mboe) in four different
shipments, the short track record in converting contingent
resources into reserves and ramping up production continues to be
its main risks.


==========================
C A Y M A N  I S L A N D S
==========================


CENTRAL ASIA: Placed Under Voluntary Wind-Up
--------------------------------------------
On Jan. 25, 2013, the sole member of Central Asia Real Estate Fund
Limited resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Alan Turner
          Turners
          Strathvale House, 90 North Church Street
          PO Box 2636 Grand Cayman, KY1-1102
          Cayman Islands
          Telephone: +1 (345) 814 0700


CENTRAL ASIA OPPORTUNITY: Placed Under Voluntary Wind-Up
--------------------------------------------------------
On Jan. 25, 2013, the sole member of Central Asia Opportunity Fund
Limited resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Alan Turner
          Turners
          Strathvale House, 90 North Church Street
          PO Box 2636 Grand Cayman, KY1-1102
          Cayman Islands
          Telephone: +1 (345) 814 0700


CLOVIS (CAYMAN): Commences Liquidation Proceedings
--------------------------------------------------
On January 29, 2013, the sole shareholder of Clovis (Cayman), Ltd.
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Mark Farrell
          640 Fifth Avenue, 14th Floor
          New York, NY 10019
          U.S.A.


DELTA OFFSHORE: Placed Under Voluntary Wind-Up
----------------------------------------------
On Dec. 10, 2012, the sole shareholder of Delta Offshore, Ltd
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
March 7, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Susan Lock
          Telephone: (345) 815 1889
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


DELTA OFFSHORE MASTER: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On Dec. 7, 2012, the sole shareholder of Delta Offshore Master,
Ltd resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
March 7, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Susan Lock
          Telephone: (345) 815 1889
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


EURASIAN FINANCIAL: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Jan. 25, 2013, the sole member of Eurasian Financial
Institutions Fund resolved to voluntarily wind up the company's
operations.

The company's liquidator is:

          Alan Turner
          Turners
          Strathvale House, 90 North Church Street
          PO Box 2636 Grand Cayman, KY1-1102
          Cayman Islands
          Telephone: +1 (345) 814 0700


FRM ACCESS II: Placed Under Voluntary Wind-Up
---------------------------------------------
On January 22, 2013, the sole shareholder of FRM Access II Fund
SPC resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
March 4, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815 1762
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


FRM EMERGING: Placed Under Voluntary Wind-Up
--------------------------------------------
On January 28, 2013, the sole shareholder of FRM Emerging Markets
Master Fund SPC resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
March 4, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815 1762
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


GOLDEN HORSE: Placed Under Voluntary Wind-Up
-------------------------------------------
At an extraordinary general meeting held on January 29, 2013, the
shareholders of Golden Horse Investments Limited resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
March 11, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 0355
          Facsimile: (345) 949 0360


LAPP EMERGING: Commences Liquidation Proceedings
------------------------------------------------
On January 30, 2013, the sole shareholder of Lapp Emerging Markets
Fund I Limited resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          Dinh Quang Nguyen
          1 Kim Seng Promenade #10-03
          Great World City
          East Tower
          Singapore 237994


LAPP EMERGING MARKETS: Commences Liquidation Proceedings
--------------------------------------------------------
On January 30, 2013, the sole shareholder of Lapp Emerging Markets
Fund I, LLC resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          Dinh Quang Nguyen
          1 Kim Seng Promenade #10-03
          Great World City
          East Tower
          Singapore 237994


LAPP EMERGING MASTER: Commences Liquidation Proceedings
-------------------------------------------------------
On January 30, 2013, the sole shareholder of Lapp Emerging Markets
Master Fund I resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          Dinh Quang Nguyen
          1 Kim Seng Promenade #10-03
          Great World City
          East Tower
          Singapore 237994


MEPI HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------
On January 29, 2013, the sole shareholder of Mepi Holdings Ltd
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 4, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Sydney J. Coleman
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920


MONGOLIA DISCOVERY: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Jan. 25, 2013, the sole member of Mongolia Discovery Fund
Limited resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Alan Turner
          Turners
          Strathvale House, 90 North Church Street
          PO Box 2636 Grand Cayman, KY1-1102
          Cayman Islands
          Telephone: +1 (345) 814 0700


OFFSHORE DRILLER 1: Commences Liquidation Proceedings
-----------------------------------------------------
On January 30, 2013, the sole shareholder of Offshore Driller 1
Ltd resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Geir Johansen
          10 Collyer Quay
          Ocean Financial Centre
          #37-06/10 Singapore 049315


OFFSHORE DRILLER 3: Commences Liquidation Proceedings
-----------------------------------------------------
On January 30, 2013, the sole shareholder of Offshore Driller 3
Ltd resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Geir Johansen
          10 Collyer Quay
          Ocean Financial Centre
          #37-06/10 Singapore 049315


OSTERFAK LTD: Placed Under Voluntary Wind-Up
--------------------------------------------
On Jan. 31, 2013, the sole shareholder of Osterfak Ltd. resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 11, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949 7128


PALMETTO BREEZE: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on January 29, 2013, the
shareholders of Palmetto Breeze Limited resolved to voluntarily
wind up the company's operations.

Only creditors who were able to file their proofs of debt by
March 11, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949 0355
          Facsimile: (345) 949 0360
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


UZBEKISTAN GROWTH: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Jan. 25, 2013, the sole member of Uzbekistan Growth Fund
Limited resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Alan Turner
          Turners
          Strathvale House, 90 North Church Street
          PO Box 2636 Grand Cayman, KY1-1102
          Cayman Islands
          Telephone: +1 (345) 814 0700


=============
J A M A I C A
=============


DIGICEL GROUP: To Pursue Telecoms License in Burma
--------------------------------------------------
RJR News reports that Digicel Group has confirmed that it will
pursue one of two new telecoms licenses on offer in Burma as part
of a consortium including billionaire investor George Soros.

The consortium comprises Digicel Group, Soros's Quantum Strategic
Partners and the Yoma Strategic Holdings group, which is run by
Serge Pun, one of the most successful businessmen in Burma,
according to RJR News.

RJR News notes that as part of the tender process, the consortium
has submitted an initial pre-qualification application to the
government of the country, which is also known as Myanmar.

Digicel's boss, Denis O'Brien, said the group is committed to
rolling out a world-class telecommunications network in Burma,
where mobile penetration is currently below 10%, RJR News relates.

Digicel Group, with regional headquarters in Jamaica, entered the
Panama market in 2008.

                           *     *     *

As reported in the Troubled Company Reporter on Sept. 7, 2012,
Moody's Investors Service assigned a Caa1 rating to Digicel
Group Limited's proposed US$700 million senior unsecured notes due
2020.  Net proceeds will be used to repurchase the entire tranche
of the DGL 9.125%/9.875% senior PIK toggle notes due 2015
(US$415 million outstanding) and a portion of the 8.875% senior
notes due 2015 (US$1 billion outstanding) via tender offers.


NROCC: Racks Up Another J$6 Billion in Losses
---------------------------------------------
RJR News reports that Jamaica's National Road Operating and
Constructing Company (NROCC) is projected to lose another $6
billion in losses this fiscal year.

According to a Ministry of Finance report, tabled in Parliament,
the entity is projecting a deficit of J$6.6 billion, up from J$6.2
billion in 2012/2013, according to RJR News.  It said this is
largely attributed to high finance costs and foreign exchange
losses, the report relates.

RJR News notes that NROCC is expected to spend J$458 million
dollars this financial year for land acquisition and relocation
activities.

NROCC is responsible for the construction and maintenance of
highways and related facilities in Jamaica.


===============
X X X X X X X X
===============


* BOND PRICING: For the Week April 1 to April 5, 2013
-----------------------------------------------------

Issuer              Coupon    Maturity     Currency   Price
------              ------    --------     --------   -----

ARGENTINA
---------


ARGENT-$DIS          8.28     12/31/2033    USD          57.5
ARGENT-$DIS          8.28     12/31/2033    USD            58
ARGENT-$DIS          8.28     12/31/2033    USD            58
ARGENT-$DIS          8.28     12/31/2033    USD        58.491
ARGENT-$DIS          8.28     12/31/2033    USD            60
ARGENT- PAR          1.18     12/31/2038    ARS        45.344
ARGENT- DIS          7.82     12/31/2033    EUR            45
ARGENT- DIS          7.82     12/31/2033    EUR            50
ARGENT- DIS          7.82     12/31/2033    EUR          50.5
ARGENT- DIS          4.33     12/31/2033    JPY          35.5
ARGENT- DIS          4.33     12/31/2033    JPY            36
ARGENT- PAR          0.45     12/31/2038    JPY            15
ARGENT-PAR&GDP       0.45     12/31/2038    JPY             8
ARGENTINA               9     11/29/2018    USD        74.875
ARGNT-BOCON PRE9        2     3/15/2014     ARS         152.5
BANCO MACRO SA       9.75     12/18/2036    USD         71.25
BANCO MACRO SA       9.75     12/18/2036    USD         71.03
BANCO MACRO SA       9.75     12/18/2036    USD          72.1
CAPEX SA               10      3/10/2018    USD          73.9
CAPEX SA               10      3/10/2018    USD        73.375
CIA LATINO AMER       9.5    12/15/2016     USD            66
EMP DISTRIB NORT     9.75    10/25/2022     USD            46
EMP DISTRIB NORT     10.5    10/9/2017      USD        95.001
EMP DISTRIB NORT     9.75    10/25/2022     USD        46.125
METROGAS SA         8.875    12/31/2018     USD        72.875
PROV BUENOS AIRE    9.625     4/18/2028     USD        61.664
PROV BUENOS AIRE    9.625     4/18/2028     USD        61.625
PROV BUENOS AIRE    9.375     9/14/2018     USD         67.25
PROV BUENOS AIRE    9.375     9/14/2018     USD        67.127
PROV BUENOS AIRE   10.875     1/26/2021     USD        70.263
PROV BUENOS AIRE   10.875     1/26/2021     USD        70.245
PROV DE FORMOSA         5     2/27/2022     USD         62.25
PROV DE MENDOZA       5.5     9/4/2018      USD         74.42
PROV DE MENDOZA       5.5     9/4/2018      USD        74.375
PROV DEL CHACO          4    12/4/2026      USD         27.25
PROV DEL CHACO          4    11/4/2023      USD         54.75
TRANSENER            9.75     8/15/2021     USD         46.69
TRANSENER           8.875    12/15/2016     USD            41
TRANSENER            9.75     8/15/2021     USD         42.75



CAYMAN ISLAND
-------------

BANCO BPI (CI)        4.15    11/14/2035    EUR         71.75
BCP FINANCE CO        4.239                             45.917
BCP FINANCE CO        5.543                             45.7
BES FINANCE LTD       4.5                               65
BES FINANCE LTD       5.58                              69.167
CAM GLOBAL FIN        6.08     12/22/2030   EUR         71.25
CHINA FORESTRY       10.25     11/17/2015   USD         52
CHINA FORESTRY       10.25     11/17/2015   USD         52.5
CHINA SUNERGY        4.75      6/15/2013    USD         59.141
ERB HELLAS CAYMA        9      3/8/2019     EUR         16
ESFG INTERNATION    5.753                               56.6
GOL FINANCE          8.75                               77
JINKOSOLAR HOLD         4     5/15/2016     USD         66.899
LDK SOLAR CO LTD       10     2/28/2014     CNY         69.071
LUPATECH FINANCE    9.875                               31
LUPATECH FINANCE    9.875                               30.95
PUBMASTER FIN       6.962     6/30/2028     GBP         63.086
RENHE COMMERCIAL    11.75     5/18/2015     USD         74.5
RENHE COMMERCIAL       13     3/10/2016     USD         78.75
RENHE COMMERCIAL       13     3/10/2016     USD         72.75
RENHE COMMERCIAL    11.75     5/18/2015     USD         75.005
SUNTECH POWER           3     3/15/2013     USD         33
SUNTECH POWER           3     3/15/2013     USD         44.75


CHILE
-----

ALMENDRAL TEL           3.5  12/15/2014     CLP        43.436
CHILE                   3     1/1/2042      CLP        65.066
CHILE                   3     1/1/2042      CLP        65.066
CHILE                   3     1/1/2040      CLP        66.564
CHILE                   3     1/1/2040      CLP        66.564
COLBUN SA             3.2     5/1/2013      CLP        25.26
TALCA CHILLAN         2.75   12/15/2019     CLP        65.673


PUERTO RICO
-----------

PUERTO RICO CONS       6.2    5/1/2017      USD        58.5
PUERTO RICO CONS       6.5    4/1/2016      USD        69.48


VENEZUELA
---------

PETROLEOS DE VEN       5.5    4/12/2037     USD        69.75
PETROLEOS DE VEN       5.375  4/12/2027     USD        69.35



                            ***********


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., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2013.  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$775 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 A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


                   * * * End of Transmission * * *