TCRLA_Public/130814.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, August 14, 2013, Vol. 14, No. 160


                            Headlines



B O L I V I A

* Moody's Considers Uncertainties in Rating Bolivia at Ba3


B R A Z I L

OGX PETROLEO: Receives Environmental License For Oil Field
OGX PETROLEO: Cancels Analyst Call


C A Y M A N  I S L A N D S

125 NORTH: Creditors' Proofs of Debt Due Sept. 17
125 NORTH EQUITY: Creditors' Proofs of Debt Due Sept. 17
125 NORTH FINANCE: Creditors' Proofs of Debt Due Sept. 17
125 NORTH HOLDINGS: Creditors' Proofs of Debt Due Sept. 17
125 NORTH INVESTMENTS: Creditors' Proofs of Debt Due Sept. 17

125 NORTH LIMITED: Creditors' Proofs of Debt Due Sept. 17
CITY PLACE: Creditors' Proofs of Debt Due Sept. 17
CITY PLACE EQUITY: Creditors' Proofs of Debt Due Sept. 17
CITY PLACE HOLDINGS: Creditors' Proofs of Debt Due Sept. 17
CITY PLACE INVESTMENTS: Creditors' Proofs of Debt Due Sept. 17

CITY PLACE LIMITED: Creditors' Proofs of Debt Due Sept. 17
HOLIDAY ISLE EQUITY: Creditors' Proofs of Debt Due Sept. 17
HOLIDAY ISLE FINANCE: Creditors' Proofs of Debt Due Sept. 17
ICP STRATEGIC: U.S. Judge Okays Cayman Bankruptcies
REGENTS PARK (CAYMAN): Members' Final Meeting Set for Aug. 15

REGENTS PARK GENERAL: Members' Final Meeting Set for Aug. 15


D O M I N I C A N   R E P U B L I C

* DOMINICAN REP: Coal Plants Push Unfazed by Pollution Woes


J A M A I C A

LASCELLES DE MERCADO: To Cut 10% of Jamaican Workforce
* JAMAICA: BOJ Warns of Possible Increase in Bad Loans


                            - - - - -

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B O L I V I A
=============


* Moody's Considers Uncertainties in Rating Bolivia at Ba3
----------------------------------------------------------
Bolivia's Ba3 rating reflects the country's moderate government
debt ratios, strong external liquidity, and robust public
investment-driven growth, says Moody's Investors Service in a new
report. The key credit challenges the country faces are the
dependence of its economy on hydrocarbons, the small size of the
economy and low income per capita, and a legacy of political
instability that in the past has led to unpredictable government
policies.

Political instability is far less prevalent than it was prior to
2006, says Moody's, when multiple presidents were pushed out of
office before completing their terms, although social unrest
remains common. Protests now are issue-specific, rather than
broadly anti-government as they had been. Keeping social unrest at
bay, however, will likely remain a persistent challenge for the
current Morales administration and any future administration in
Bolivia, says Moody's.

Positively for credit, real GDP growth in Bolivia, driven by a
surge in public investment, has remained strong over a 7-year
period, averaging 4.8% during 2006-12. Moody's expects growth to
remain robust at close to 5% this year and next.

At the same time a combination of higher government revenues and
official debt relief have led to a sustained improvement in fiscal
metrics since 2005. Debt-to-GDP has fallen to 30% from 80% and
debt-to-revenues has fallen to 83% from 264%. Furthermore, the
government has built up fiscal savings amounting to roughly 24% of
GDP.

Current account surpluses and rising foreign direct investment
have led to a surge in international reserves, which rose to $11.4
billion in 2012 from $1.3 billion in 2005.

The new report, a credit analysis, is an annual update to the
markets and does not constitute a rating action.

Moody's determines a country's sovereign rating by assessing it on
the basis of four key factors -- economic strength, institutional
strength, government financial strength and susceptibility to
event risk --as well as the interplay among them.


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


OGX PETROLEO: Receives Environmental License For Oil Field
----------------------------------------------------------
Luciana Magalhaes at The Wall Street Journal, citing a regulatory
filing, reports that OGX Petroleo e Gas Participacoes, controlled
by entrepreneur Eike Batista, has received an environmental
license to develop and produce oil in its offshore Tubarao Martelo
field, in the Campos Basin, in Rio de Janeiro.

OGX, the flagship of Mr. Batista's EBX group of companies, has
consistently disappointed the market with production levels much
below expectation, according to The Wall Street Journal.  The
report relates that a few months ago it said that four of its five
oil fields, excluding Tubarao Martelo, were not economically
viable.

Tubarao Martelo is expected to start production at the end of the
year.

In May, the report recalls, Malaysian oil producer Petroliam
Nasional Bhd., or Petronas, agreed to buy a 40% stake in two
blocks in the Tubarao Martelo oil field.

OGX's shares have fallen 90% in the last 12 months and its bonds
have been trading at default levels amid market expectations that
it will need to seek a debt restructuring, The Wall Street Journal
says.

Based in Rio de Janeiro, Brazil, OGX is an independent exploration
and production company with operations in Latin America.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 17, 2013, Moody's Investors Service downgraded OGX Petroleo e
Gas Participaaoes S.A.'s Corporate Family Rating to Ca from Caa2
and OGX Austria GmbH's senior unsecured notes ratings to Ca from
Caa2.  The rating outlook remains negative.


OGX PETROLEO: Cancels Analyst Call
----------------------------------
Luciana Magalhaes at The Wall Street Journal reports that OGX
Petroleo e Gas Participacoes SA, controlled by embattled
entrepreneur Eike Batista, has cancelled a conference call with
stock analysts to discuss its second-quarter results, a company
spokeswoman said without providing further details.

The call was supposed to occur on Aug. 15 -- following the release
of the firm's results the previous day after the market close,
according to The Wall Street Journal.

The report relates that OGX, the flagship of Mr. Batista's EBX
group of companies, has released lower-than-expected production
numbers since June 2012 and has said that four of its five
offshore fields aren't economically viable.

The company's shares have fallen 90% in the last 12 months and its
bonds have been trading at default levels amid market expectations
that OGX will need to seek a debt restructuring, the report notes.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 17, 2013, Moody's Investors Service downgraded OGX Petroleo e
Gas Participaaoes S.A.'s Corporate Family Rating to Ca from Caa2
and OGX Austria GmbH's senior unsecured notes ratings to Ca from
Caa2.  The rating outlook remains negative.


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


125 NORTH: Creditors' Proofs of Debt Due Sept. 17
-------------------------------------------------
The creditors of 125 North Equity Limited are required to file
their proofs of debt by Sept. 17, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 22, 2013.

The company's liquidator is:

          Westport Services Ltd.
          c/o Bonnie Willkom
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


125 NORTH EQUITY: Creditors' Proofs of Debt Due Sept. 17
--------------------------------------------------------
The creditors of 125 North Equity Investments Limited are required
to file their proofs of debt by Sept. 17, 2013, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 22, 2013.

The company's liquidator is:

          Westport Services Ltd.
          c/o Bonnie Willkom
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


125 NORTH FINANCE: Creditors' Proofs of Debt Due Sept. 17
---------------------------------------------------------
The creditors of 125 North Finance Limited are required to file
their proofs of debt by Sept. 17, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 22, 2013.

The company's liquidator is:

          Westport Services Ltd.
          c/o Bonnie Willkom
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


125 NORTH HOLDINGS: Creditors' Proofs of Debt Due Sept. 17
----------------------------------------------------------
The creditors of 125 North Holdings Limited are required to file
their proofs of debt by Sept. 17, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 22, 2013.

The company's liquidator is:

          Westport Services Ltd.
          c/o Bonnie Willkom
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


125 NORTH INVESTMENTS: Creditors' Proofs of Debt Due Sept. 17
-------------------------------------------------------------
The creditors of 125 North Investments Limited are required to
file their proofs of debt by Sept. 17, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 22, 2013.

The company's liquidator is:

          Westport Services Ltd.
          c/o Bonnie Willkom
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


125 NORTH LIMITED: Creditors' Proofs of Debt Due Sept. 17
---------------------------------------------------------
The creditors of 125 North Limited are required to file their
proofs of debt by Sept. 17, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 22, 2013.

The company's liquidator is:

          Westport Services Ltd.
          c/o Bonnie Willkom
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


CITY PLACE: Creditors' Proofs of Debt Due Sept. 17
--------------------------------------------------
The creditors of City Place Equity Limited are required to file
their proofs of debt by Sept. 17, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 22, 2013.

The company's liquidator is:

          Westport Services Ltd.
          c/o Bonnie Willkom
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


CITY PLACE EQUITY: Creditors' Proofs of Debt Due Sept. 17
---------------------------------------------------------
The creditors of City Place Equity Investments Limited are
required to file their proofs of debt by Sept. 17, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 22, 2013.

The company's liquidator is:

          Westport Services Ltd.
          c/o Bonnie Willkom
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


CITY PLACE HOLDINGS: Creditors' Proofs of Debt Due Sept. 17
-----------------------------------------------------------
The creditors of City Place Equity Holdings Limited are required
to file their proofs of debt by Sept. 17, 2013, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 22, 2013.

The company's liquidator is:

          Westport Services Ltd.
          c/o Bonnie Willkom
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


CITY PLACE INVESTMENTS: Creditors' Proofs of Debt Due Sept. 17
--------------------------------------------------------------
The creditors of City Place Investments Limited are required to
file their proofs of debt by Sept. 17, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 22, 2013.

The company's liquidator is:

          Westport Services Ltd.
          c/o Bonnie Willkom
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


CITY PLACE LIMITED: Creditors' Proofs of Debt Due Sept. 17
----------------------------------------------------------
The creditors of City Place Holdings Limited are required to file
their proofs of debt by Sept. 17, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 22, 2013.

The company's liquidator is:

          Westport Services Ltd.
          c/o Bonnie Willkom
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


HOLIDAY ISLE EQUITY: Creditors' Proofs of Debt Due Sept. 17
-----------------------------------------------------------
The creditors of Holiday Isle Equity Investments Limited are
required to file their proofs of debt by Sept. 17, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 22, 2013.

The company's liquidator is:

          Westport Services Ltd.
          c/o Bonnie Willkom
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


HOLIDAY ISLE FINANCE: Creditors' Proofs of Debt Due Sept. 17
------------------------------------------------------------
The creditors of Holiday Isle Finance Limited are required to file
their proofs of debt by Sept. 17, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 22, 2013.

The company's liquidator is:

          Westport Services Ltd.
          c/o Bonnie Willkom
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


ICP STRATEGIC: U.S. Judge Okays Cayman Bankruptcies
---------------------------------------------------
Law360 reported that a New York bankruptcy judge said the Cayman
Islands insolvency proceedings of two hedge funds formerly managed
by investment adviser Thomas Priore -- who last year settled
allegations that he and his firm ICP Asset Management LLP
defrauded mortgage-backed securities investors -- will be
designated as the foreign main bankruptcy case.

According to the report, U.S. Bankruptcy Judge Robert E. Gerber
formally recognized the Cayman Islands liquidations proceedings
for ICP Strategic Credit Income Master Fund Ltd. and ICP Strategic
Credit Income Fund Ltd. as the foreign main proceedings.

ICP Strategic Credit Income Fund Ltd. and ICP Structured Credit
Income Fund Ltd. filed petitions under Chapter 15 of the
Bankruptcy Code on June 28, 2013, before Judge Robert E. Gerber of
the U.S. Bankruptcy Court for the Southern District of New York
(Manhattan), Case No. 13-12116.  The Debtors' Chapter 15 counsel
is William T. Reid, IV, Esq., at REID COLLINS & TSAI LLP.


REGENTS PARK (CAYMAN): Members' Final Meeting Set for Aug. 15
-------------------------------------------------------------
The members of Regents Park (Cayman) Limited will hold their final
meeting on Aug. 15, 2013, at 3:10 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ian D. Stokoe
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands


REGENTS PARK GENERAL: Members' Final Meeting Set for Aug. 15
------------------------------------------------------------
The members of Regents Park General Partner Limited will hold
their final meeting on Aug. 15, 2013, at 3:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ian D. Stokoe
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands


===================================
D O M I N I C A N   R E P U B L I C
===================================


* DOMINICAN REP: Coal Plants Push Unfazed by Pollution Woes
-----------------------------------------------------------
Dominican Today reports that state-owned Electric Utility (CDEE)
Chief Executive Officer Ruben Jimenez Bichara reiterated the need
to change the country's current power source, but again announced
the government's intention to build two coal-fired plants, even
after reports of sagging funding on pollution concerns.

"The world's richest nations, moving to combat global warming, are
cutting government support for new coal-burning power plants in
developing countries, dealing a blow to the world's dominant
source of electricity," Bloomberg reported, notes Dominican Today.

Dominican Today said Mr. Bichara called the change in the fuel
base to power generators, the main task to end blackouts, since
the current electric output can collapse at any time" unless it's
modified.

Mr. Bichara, Dominican Today relates, noted however that
converting the fuel base cannot be done overnight, since it
requires research and planning.

"Everything is ready, written and predicted, what's missing is to
do it.  You have to change the matrix and this requires many
steps.  You have to do the studies, order equipment and prepare a
port for coal shipments. . . . A system needs at least a 30%
reserve, but here you do not have how to secure that safeguard.
When there's a failure, there's no way to keep up with the demand.
In fact, there's no to supply it all because it would have a very
high cost to our economy.  We can't sustain it. The energy is very
costly because of the capacity which we have," Dominican Today
quoted Mr. Bichara as saying.

Mr. Bichara said he expects a substantial change in the energy
sector's management, the report discloses.

"We will manage to supply more than 90% of the electricity demand,
we can advance much and leave the solution quite close and leave
the conversion plan 100%, which would allow us to have one stage
to the final and irreversible solution," Mr. Bichara said, the
report notes.

Mr. Bichara said the two coal-burning plants at Hatillo, San
Cristobal (south) will cost US$2.0 billion and said the companies
that made tender offers are all world renown, but noted that
Congress has yet to approve both the project and the contract as
well, the report adds.


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


LASCELLES DE MERCADO: To Cut 10% of Jamaican Workforce
------------------------------------------------------
Steven Jackson at Jamaica Observer reports that European-based
Gruppo Campari will reduce the staff headcount at Jamaican
subsidiary Lascelles de Mercado by 200, or roughly 10 per cent, as
part of a restructuring exercise, according to company financials.

The profitable local company, led by its flagship Appelton rum
brand, made US$107.7 million ($10 billion) in sales for the half-
year ending June 2013, 17.4 per cent higher than over the
corresponding period last year, according to Jamaica Observer.

The Campari notes said the headcount reduction forms part of the
overall reorganization at LdM, which merged 22 companies into one
-- Wray & Nephew Ltd on August 2, 2013, says Jamaica Observer.

"Rationalization of the structure also involved the implementation
of a restructuring program for staff announced in the second
quarter, which will eventually entail a headcount reduction of
about 200," stated the Campari financial notes, the report
discloses.  The departments affected will primarily include sales,
logistics and finance departments, Campari financial notes added.

Campari acquired Lascelles in December 2012 for some US$409
million from Trinidad-based majority shareholder, CL Financial
Limited, and local shareholders.  In September 2012, details of
the proposal indicated that the acquisition would nearly double
Campari's workforce from 2,300 to 4,300.


* JAMAICA: BOJ Warns of Possible Increase in Bad Loans
------------------------------------------------------
RJR News reports that the Bank of Jamaica said the financial
sector remains susceptible to the weaker than anticipated economic
recovery, which could result in an increase in bad loans, however,
capital adequacy remains above the stipulated requirements.

The central bank said that circumstances including increased
provisioning for loan losses and the anemic economic recovery,
financial institutions may find it hard, to reinforce its capital
buffers from profits, according to RJR News.

RJR News relates that to date, a slew financial institutions
report lower profits, mainly due to the government's debt exchange
programs earlier this year.

At the end of May, commercial banks reported that 6.3 percent of
loans had past due, while the figure was 8.1 percent for merchant
banks and 5.86 percent for building societies, RJR News discloses.


                            ***********


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.


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