TCRLA_Public/130815.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, August 15, 2013, Vol. 14, No. 161


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Warns of Further Disruption While Challenges Addressed


B R A Z I L

JBS SA: Won't Ban Feed Additive Shunned by Tyson Foods
OGX PETROLEO: Shareholders Plan Legal Action Against Eike Batista
PDG REALTY: Leverage Ratio Slide Cues Moody's to Lower CFR to B1
PETROBRAS ARGENTINA: Fitch Affirms, Withdraws 'B+' IDRs
* EIKE BATISTA: Mubadala Development in Talks to Buy Assets


C A Y M A N  I S L A N D S

CITY PLACE EQUITY: Shareholders' Meeting Set for Sept. 24
CITY PLACE INVESTMENTS: Shareholders' Meeting Set for Sept. 24
HOLIDAY ISLE: Shareholders' Final Meeting Set for Sept. 24
HOLIDAY ISLE EQUITY: Shareholders' Final Meeting Set for Sept. 24
HOLIDAY EQUITY INVESTMENTS: Shareholders' Meeting Set for Sept. 24

HOLIDAY ISLE FINANCE: Shareholders' Meeting Set for Sept. 24
HOLIDAY ISLE HOLDINGS: Shareholders' Meeting Set for Sept. 24
HOLIDAY ISLE INVESTMENTS: Shareholders' Meeting Set for Sept. 24
JEFFERIES DAKOTA: Shareholders' Final Meeting Set for Aug. 26
JEFFERIES DAKOTA MASTER: Shareholders' Meeting Set for Aug. 26

REGENTS PARK: Shareholders' Final Meeting Today
REGENTS PARK (CAYMAN): Shareholders' Final Meeting Today
WOODBOURNE MASTER: Shareholders' Final Meeting Set for Aug. 26
WOODBOURNE SECURITIES: Shareholders' Final Meeting Set for Aug. 2


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: Exports Plastic to Haiti Despite Ban


J A M A I C A

LASCELLES DEMERCADO: Campari 1H Net Profit Drops 26% to EUR57.6MM
* JAMAICA: Household Debt Up by 16% in 2012


M E X I C O

TV AZTECA: Stocks to be Removed From Benchmark Index


P E R U

INKIA ENERGY: Moody's Lifts CFR and Senior Notes Rating to Ba3


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


===============================
A N T I G U A  &  B A R B U D A
===============================


LIAT: Warns of Further Disruption While Challenges Addressed
------------------------------------------------------------
Caribbean360.com reports that the regional airline Leeward Islands
Air Transport (LIAT) warned passengers to brace for more
travelling woes after one of its new aircraft was grounded "as a
result of a technical issue".

Caribbean360.com notes that in a statement, the airline told
passengers that "its operations continue to be affected by
numerous challenges throughout its network" and that despite the
re-fleeting exercise LIAT continues to operate its scheduled
passenger and cargo service and carry out scheduled and
unscheduled maintenance on its entire fleet of aircraft including
the Dash 8 and new ATR 72.

The airline said the French-made aircraft "is likely to remain out
of service for the remainder as the matter is being addressed.

"The technical issue concerns a higher than normal oil
consumption.  The safety of our passengers and crew is of
paramount importance and as such the Aircraft will only be
returned to service after the issue is resolved," the airline
said, notes the report.

Caribbean360.com discloses that LIAT said recent staff issues in
Dominica and Barbados have further exacerbated the challenges and
"while the company is doing everything to minimize the effects on
its customers, they are being advised that for the coming days
further disruptions to the schedule are likely to take place.

"LIAT will continue to make every effort to mitigate the
disruptions.  We will also continue to issue timely, informative
and up-to-date Passenger Communication Advisories at all stations"
through its social media sites and directly to customers. . . .
The company regrets and would like to sincerely apologize for the
inconvenience to its customers as a result of the current
challenges.  We are doing all we can and we will provide open and
honest communication to you while we seek to normalize the
situation for our valued customers by providing the care and
support that you deserve," the airline said, Caribbean360.com
relays.

The report says that prominent Dominican businessman Gregor
Nassief said LIAT is contributing to the damage of fragile
economies in the Caribbean through its poor service, especially
over the past few weeks.

In an open letter to the board of directors of the cash-strapped
airline, Gregor Nassief, a hotelier and president of Tecsys Latin
America, wrote of eight weeks of customer service "which continues
to this day due to lack of foresight and planning on the part of
LIAT's executives, and second because of LIAT's disastrous public
relations which has revealed the depth of your executives'
indifference to your customers," Caribbean360.com relates.

The report notes that LIAT's Chief Executive Officer Ian Brunton
said the travelling public would continue to face problems even as
the airline improves upon its bumpy summer schedule.

However, the report discloses, Mr. Brunton dismissed criticisms
that the problems are associated with the airline's decision to
undertake its re-fleeting exercise.

Mr. Brunton told the Caribbean Media Corporation (CMC) that while
the situation regarding the problems being experienced by
passengers it is not ideal, LIAT had little choice, the report
adds.

As reported in the Troubled Company Reporter-Latin America on
Jan. 3, 2012, Antigua Caribarena related that former Antigua
Aviation Minister Robin Yearwood wants to see a merger between
Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago-
owned Caribbean Airlines Limited, as he believes this is the only
way the Antigua-based regional carrier can survive.  Mr.
Yearwood's call came against the background of media reports out
of Port of Spain that suggested CAL's management may be eyeing
expansion into the OECS territories, according to Antigua
Caribarena.

                            About LIAT

Headquartered in V. C. Bird International Airport in Saint George
Parish, Antigua, Leeward Islands Air Transport, known as LIAT,
operates high-frequency interisland scheduled services serving 22
destinations in the Caribbean.  The airline's main base is VC
Bird International Airport, Antigua and Barbuda, with bases at
Grantley Adams International Airport, Barbados and Piarco
International Airport, Trinidad and Tobago.


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


JBS SA: Won't Ban Feed Additive Shunned by Tyson Foods
------------------------------------------------------
Ian Berry and Jesse Newman at Bloomberg News report that National
Beef Packing Co. and JBS SA said they would not change their
cattle-buying practices after rival Tyson Foods Inc. disclosed it
would stop processing animals fed with a widely used animal
supplement.

Tyson sent a letter to cattle suppliers on August 7 saying it
would stop accepting cattle fed with Zilmax -- which promotes
weight gain -- after receiving animals at some of its beef plants
that had difficulty walking, or unable to move, according to
Bloomberg News.   The announcement sparked a rally in CME live-
cattle futures as traders said the move could lead to tighter beef
supplies, Bloomberg News relates.

After days of silence, National Beef Packing, issued a brief
statement.

"National Beef places a high priority on animal welfare with
cattle in our facilities and we do not plan to change our cattle-
procurement practices," the company said, Bloomberg News says.

Meanwhile, JBS SA said it has noticed similar problems to those
cited by Tyson, and added it will continue its current approach of
"extensive monitoring" of animals at its plants, Bloomberg News
notes.

JBS SA hasn't been able to identify a cause, JBS spokesman Cameron
Bruett told Bloomberg News in an interview.  Mr. Bruett said the
company has a "heightened interest" in the matter, but would
continue to accept animals fed with the supplement, Bloomberg News
discloses.

"It has caught our attention and it's not something we want to
happen. . . . We're always concerned with the well-being of
animals," Bloomberg News quoted Mr. Bruett as saying.

Bloomberg News notes that although Tyson's move to ban Zilmax,
produced by Merck & Co, initially led to a rally in cattle
futures, analysts said the ultimate impact on cattle and beef
prices could be limited unless Tyson and its competitors announce
broader bans.

Some feedlot operators are likely to switch to a competing product
named Optaflexx, which is less potent than Zilmax but strong
enough to mitigate the impact on supplies, analysts said,
Bloomberg News adds.

                      *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 14, 2013, Fitch Ratings has placed JBS S.A.'s (JBS) ratings
on Negative Watch following the announcement that it will acquire
certain assets from Marfrig Alimentos S.A.'s (Marfrig), including
Marfrig's Seara Brazil (Seara) business through the assumption of
BRL5.85 billion (USD2.9 billion) of Marfrig's bank debt with
maturities between 2013 and 2017. The completion of the
transaction would require the approval of CADE, the Brazilian
antitrust authority.


OGX PETROLEO: Shareholders Plan Legal Action Against Eike Batista
-----------------------------------------------------------------
Luciana Magalhaes, writing for Daily Bankruptcy Review, reported
that a group of shareholders of oil company OGX Petroleo e Gas
Participacoes plans to soon start legal action against the company
and its main shareholder, Brazilian entrepreneur Eike Batista,
according to lawyer Marcio Lobo, who has been hired to represent
them.

The group, according to Samantha Pearson, writing for The
Financial Times, is also preparing cases against OGX's former
independent directors, including Brazil's former finance minister.

The group has grown to about 60 minority investors, who say they
have collectively lost R$70 million ($31 million) in the company
so far, the FT report said.

It accuses Eike Batista of insider trading for selling 56 million
of his OGX shares for R$75.4 million between June 7 and June 13,
the FT report added.

According to CVM, Brazil's securities and exchange commission, the
sale was made a fortnight before OGX announced it was suspending
development of its only three producing oil wells. The
announcement helped drive shares down 35 per cent.

"It was clearly an act done in bad faith," said Aurelio Valporto,
one investor from the group, which has grown from 20 to 60 members
in the past two weeks with the help of investor chat rooms and
social media.

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.


PDG REALTY: Leverage Ratio Slide Cues Moody's to Lower CFR to B1
----------------------------------------------------------------
Moody's America Latina has downgraded the corporate family ratings
assigned to PDG Realty S.A. Empreendimentos e Participacoes to B1
on the global scale and to Baa3.br on Brazilian national scale. At
the same time, Moody's downgraded the company's BRL250 million
senior secured CCBs to B1/Baa3.br, while BRL140 million senior
unsecured debentures referring to the company's 7th issuance of
debentures were downgraded to B2/Ba2.br. The outlook for all
ratings remains negative.

Ratings downgraded:

- Corporate Family Rating: to B1 from Ba3 (global scale); to
Baa3.br from A3.br (national scale);

- BRL 250 million senior secured CCB (Cedula de Credito Bancario)
due in 2016: to B1/Baa3.br from Ba3/A3.br

- BRL 140 million senior unsecured debentures due in 2018 (7th
issuance): to B2/Ba2.br from B1/Baa2.br

Ratings Rationale:

The downgrade in PDG's ratings reflects the continued
deterioration in the company's leverage ratios over the last six
months and Moody's expectation that credit metrics will remain
pressured during the rest of this year. Although the management's
turnaround plan should lead to significant improvement in cash
generation and higher profitability in the medium term, Moody's
perception is that the recovery in credit metrics will be only
gradual in 2014.

PDG's B1 corporate family rating reflects its position as one of
the largest homebuilders in Brazil, with strong brand name and
diversity in terms of product offering, ranging from low to high
income apartments and office buildings. The rating is further
supported by PDG's continued access to capital and banking markets
and adequate liquidity position to execute its project's backlog,
along with demonstrated financial support from the shareholders.

These positive factors are balanced by the PDG's high leverage
ratios and ongoing execution challenges of its revised business
plan. The BRL140 million senior unsecured debentures are rated one
notch lower than corporate family rating in the global scale given
the high proportion of secured debt in PDG's consolidated capital
structure (81 % as of June 30, 2013).

During the first half of 2013, the company made significant
progress towards business integration and improvements in internal
processes and controls, which contributed to strong delivery of
projects and some strategic new launches. On the other hand,
dissolutions of non-strategic projects and sales cancellations
continued to pressure PDG's earnings and sales speed.

The company's adjusted gross margins improved to 27.1% during the
first half of 2013 (vs. 12.6% in 1H2012), but the leverage as
measured by the total debt to book capitalization ratio increased
to 63.7% (61.1% in FYE2012). Going forward, Moody's expects Free
Cash Flow (FCF) and leverage ratios to remain pressured for at
least another 12 months given the accelerated pace of construction
of legacy projects. After that, the significant reduction in the
number of construction sites and the successful conversion of
receivables should support a material improvement in cash
generation, which Moody's expects to be primarily deployed towards
debt reduction.

Despite high leverage PDG's liquidity remains adequate. At the end
of June, 2013, the company had BRL2.0 billion in cash and
marketable securities on its balance sheet and about BRL2.0
billion in receivables from finished units (net of land swaps)
that should become available with the effective transfer of
mortgages to lending banks. The company has short term debt
maturities of BRL3.5 billion (adjusted according to Moody's
standard adjustments), of which approximately BRL1.6 billion or
46% of ST debt are project related loans that will be repaid once
these projects are delivered.

The current limited internal cash flow generation has been
supported by adequate availability of project loans under the
Sistema Financeiro de Habitacao (SFH). According to the management
there are about BRL3.0 billion undrawn committed facilities under
the SFH that puts the company in a comfortable position to meet
its current financing requirements for project execution.

The negative outlook reflects the company's ongoing challenges to
streamline its operations and execute its revised business plan to
generate positive free cash flow (FCF) and reduce leverage in a
timely fashion.

A rating upgrade is unlikely in the short term, but PDG's outlook
could stabilize if the company is able to improve its leverage
metrics such as total debt to capitalization falls below 60% and
EBIT interest coverage moves above 1.0 time for two or more
consecutive quarters.

PDG's ratings could be further downgraded if the company faces a
significant deterioration in its liquidity profile due to a
downturn in the homebuilding industry or due to excessive dividend
payout that could instead be used for debt reduction.
Quantitatively, the ratings could be further downgraded if total
debt to capitalization increases above 65% or EBIT interest
coverage remains below 1.0x for a prolonged period.

The principal methodology used in this rating was the Global
Homebuilding Industry Methodology published in March 2009.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.

PDG Realty S.A. Empreendimentos e Participacoes is one of largest
homebuilders in Brazil operating through its wholly owned
subsidiaries, Goldfarb, CHL, Agre and minority investments in
other companies. The company currently has 231 projects in 10
macro-regions and virtually all price segments. During the last
twelve months ended June 30 2013, PDG generated net revenues of
BRL4.3 billion ($2.1 billion) and net losses of BRL1.9 billion
($934 million).


PETROBRAS ARGENTINA: Fitch Affirms, Withdraws 'B+' IDRs
-------------------------------------------------------
Fitch Ratings affirms and simultaneously withdraws the following
ratings for Petrobras Argentina S.A. (PESA):

-- Long-term foreign and Local currency Issuer Default Ratings
   (IDRs) at 'B+' with a Stable Outlook;

-- USD200 million Senior Unsecured Notes due 2013 at 'B+/RR4'.

Fitch maintains the 'BBB'rating for PESA's USD300 million
Guaranteed Notes as they are unconditionally and irrevocable
guaranteed by Petroleo Brasileiro (Petrobras; rated 'BBB' by
Fitch).

Fitch no longer considers PESA's IDRs and its senior unsecured
debt instrument relevant to the agency's coverage, and will
discontinue covering the issuer and the senior unsecured issue.

KEY RATING DRIVERS

PESA's ratings continue to reflect Fitch's overall assessment of
the strong linkage between PESA and its main shareholder,
Petrobras. The linkage considers reputational, operational and
financial ties between them. This is reflected in the two notch
differentiation above Argentina's country ceiling of 'B-'.

PESA's ratings take into consideration the uncertain regulatory
atmosphere for the industry in Argentina and the potential for
high capex to boost production and reserve growth. Over the last
couple of years, PESA has lost its earnings geographical
diversification following the sale of the company's sizable
portfolio of upstream and downstream assets.

PESA's credit metrics for the latest 12-month (LTM) ended
March 31, 2013 continued to be robust. Fitch's base case indicates
PESA's net debt to EBITDA ratio to remain below 1.0x at year-end
2013. At March 31, 2013, the company's debt to LTM EBITDA was flat
at 0.8x, the same as in 2012. Total debt decreased significantly
compared to 2011 - 2009 levels. As of March 31, 2013, PESA had
USD200 million of senior unsecured notes due 2013 and USD300
million of secured notes due 2017 supported by a stand-by purchase
agreement from Petrobras. PESA's 2017 guaranteed notes include a
change of control clause which states the obligation of PESA to
repurchase the notes at 101% upon a change of control event.

RATING SENSITIVITIES

PESA's credit metrics are strong for the rating category. Negative
credit factors considered by the ratings are potential changes in
industry regulation affecting PESA's credit quality, or further
changes in its strategic or operational factors that could lead to
diminished support from Petrobras to PESA.


* EIKE BATISTA: Mubadala Development in Talks to Buy Assets
-----------------------------------------------------------
Cristiane Lucchesi at Bloomberg News reports that Mubadala
Development Co., the Abu Dhabi sovereign-wealth fund, is in talks
to buy some of the assets of former Brazilian billionaire Eike
Batista for about $1 billion, two people with direct knowledge of
the matter said.

The unnamed sources said that the negotiations are for stakes in
oil producer OGX Petroleo & Gas Participacoes SA, MMX Mineracao &
Metalicos SA and LLX Logistica SA's Acu port in Rio de Janeiro
state, said the people, who asked not to be identified because the
discussions are private, according to Bloomberg News.

Bloomberg News notes that Mubadala Development is seeking
international or local companies as partners on the deal.

Bloomberg News discloses that one source said that Eike Batista's
AUX gold business in Colombia is already being used as collateral
for $1.5 billion he owes Mubadala Development after the fund
converted a preferred equity investment in the former
billionaire's holding company, EBX Group Co., into debt last
month.

That arrangement will probably stay in place should a transaction
involving the other Batista holdings be completed, the person
said.

"Mubadala remains in close discussions with EBX and a number of
interested parties, as EBX continues to restructure its
businesses. . . . We believe many EBX assets have significant
potential value for Mubadala and other investors," Bloomberg News
quoted Brian Lott, a Mubadala spokesman in Abu Dhabi, as saying.

Bloomberg News adds that Mr. Batista, whose stakes in the assets
involved in the talks total about $1.85 billion, is raising cash
after his estimated fortune fell from $34.5 billion in March of
last year to less than $1 billion after OGX missed production
targets and triggered a sell-off of his companies' shares and
bonds.


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


CITY PLACE EQUITY: Shareholders' Meeting Set for Sept. 24
---------------------------------------------------------
The shareholders of City Place Equity Limited will hold their
final meeting on Sept. 24, 2013, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CITY PLACE INVESTMENTS: Shareholders' Meeting Set for Sept. 24
--------------------------------------------------------------
The shareholders of City Place Investments Limited will hold their
final meeting on Sept. 24, 2013, at 10:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HOLIDAY ISLE: Shareholders' Final Meeting Set for Sept. 24
----------------------------------------------------------
The shareholders of Holiday Isle Limited will hold their final
meeting on Sept. 24, 2013, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HOLIDAY ISLE EQUITY: Shareholders' Final Meeting Set for Sept. 24
-----------------------------------------------------------------
The shareholders of Holiday Isle Equity Limited will hold their
final meeting on Sept. 24, 2013, at 9:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HOLIDAY EQUITY INVESTMENTS: Shareholders' Meeting Set for Sept. 24
------------------------------------------------------------------
The shareholders of Holiday Isle Equity Investments Limited will
hold their final meeting on Sept. 24, 2013, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


HOLIDAY ISLE FINANCE: Shareholders' Meeting Set for Sept. 24
------------------------------------------------------------
The shareholders of Holiday Isle Finance Limited will hold their
final meeting on Sept. 24, 2013, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HOLIDAY ISLE HOLDINGS: Shareholders' Meeting Set for Sept. 24
-------------------------------------------------------------
The shareholders of Holiday Isle Holdings Limited will hold their
final meeting on Sept. 24, 2013, at 9:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HOLIDAY ISLE INVESTMENTS: Shareholders' Meeting Set for Sept. 24
----------------------------------------------------------------
The shareholders of Holiday Isle Investments Limited will hold
their final meeting on Sept. 24, 2013, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


JEFFERIES DAKOTA: Shareholders' Final Meeting Set for Aug. 26
-------------------------------------------------------------
The shareholders of Jefferies Dakota Fund (Cayman), Ltd. will hold
their final meeting on Aug. 26, 2013, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd.
          Nicola Wright
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


JEFFERIES DAKOTA MASTER: Shareholders' Meeting Set for Aug. 26
--------------------------------------------------------------
The shareholders of Jefferies Dakota Master Fund, Ltd. will hold
their final meeting on Aug. 26, 2013, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd.
          Nicola Wright
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


REGENTS PARK: Shareholders' Final Meeting Today
-----------------------------------------------
The shareholders of Regents Park Relative Value Master Fund will
hold their final meeting today, Aug. 15, 2013, at 3:20 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 (CAYMAN): Shareholders' Final Meeting Today
--------------------------------------------------------
The shareholders of Regents Park Relative Value Fund (Cayman) will
hold their final meeting today, Aug. 15, 2013, at 3:30 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


WOODBOURNE MASTER: Shareholders' Final Meeting Set for Aug. 26
--------------------------------------------------------------
The shareholders of Woodbourne Master Fund Ltd. will hold their
final meeting on Aug. 26, 2013, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd.
          Nicola Wright
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


WOODBOURNE SECURITIES: Shareholders' Final Meeting Set for Aug. 2
------------------------------------------------------------------
The shareholders of Woodbourne Securities Fund Ltd. will hold
their final meeting on Aug. 26, 2013, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd.
          Nicola Wright
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


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D O M I N I C A N  R E P U B L I C
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* DOMINICAN REPUBLIC: Exports Plastic to Haiti Despite Ban
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Dominincan Today reports that Dominican Industries Association
Republic (AIRD) Vice President Circe Almanzar revealed that
despite the ban still in effect, manufacturers resumed plastics
exports to Haiti, albeit informally.

Ms. Almanzar said in recent days local businesses have recovered
some of the losses caused by Haiti's ban on the import of
Dominicans plastics and reiterated the product's good quality, as
evidenced by its exports to 72 countries.

Ms. Almanzar noted however, that the AIRD awaits a meeting with
Haiti authorities and private sector, to identify the elements
needed to formalize trade, according to Dominincan Today.
"They've stated their interest in further formalizing trade so
there's no seepage of tax revenues from them and we've no doubt
whatsoever that both countries would benefit. . . . For formal
companies we represent, it would be much better and would provide
greater legal security when business is done more formally," Ms.
Almanzar said, noting that despite the ban, Dominican and Haitian
entrepreneurs work together, the report relates.


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J A M A I C A
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LASCELLES DEMERCADO: Campari 1H Net Profit Drops 26% to EUR57.6MM
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RJR news reports that Italian drinks maker, Campari which acquired
Lascelles deMercado, has reported a 26 per cent drop in first-half
net profit.

Net profit fell to EUR57.6 million while sales were up 13 per cent
to EUR698.6 million, according to RJR News.

The report notes that Campari said while the trading environment
should remain volatile due to economic weakness in its key
markets, it expected the business to continue improving gradually
over the second half of this year.

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.

As reported in the Troubled Company-Latin America on Aug. 14,
2013, Jamaica Observer said 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.


* JAMAICA: Household Debt Up by 16% in 2012
-------------------------------------------
RJR News reports that Jamaican household debt grew 16 percent in
2012, amid economic contraction and high unemployment.

Data released in the Bank of Jamaica's (BOJ) Financial Stability
Report, sates that the growth in household debt was the highest,
prior to the global financial crisis in 2008, according to RJR
News.

The report relates that it outpaced 9 point 5 percent growth in
the value of debt, taken on by households a year earlier, due
mainly to increases in loans to buy cars.  RJR News notes that
higher numbers of mortgage loans also helped to facilitate the
expansion in household debt, due to lower interest rates.


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M E X I C O
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TV AZTECA: Stocks to be Removed From Benchmark Index
----------------------------------------------------
Jonathan Levin & Newley Purnell at Bloomberg News report that TV
Azteca SAB, the Mexican broadcaster controlled by billionaire
Ricardo Salinas, said the stock would be removed from the
benchmark index next month.

Mr. Salinas sued the exchange last year after it said that another
of his companies, retail and banking company Grupo Elektra SAB,
would be removed from the index because of a methodology change,
according to Bloomberg News.

A Mexico City judge temporarily blocked the exchange from applying
the change to Elektra, keeping it in the index, Bloomberg News
relates.

Bloomberg News discloses that Azteca is one of five companies
leaving the market-capitalization weighted index as part of an
annual review of the gauge, according to the statement from the
exchange, Bolsa Mexicana de Valores SAB.

Other companies slated for removal include billionaire Carlos
Slim's precious metals miner, Minera Frisco SAB, and three
homebuilders whose shares have tumbled following a government
housing-policy shift, Bloomberg News adds.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 8, 2013, Fitch Ratings affirmed TV Azteca, S.A.B. de CV's
ratings as:

-- Long-term Issuer Default Rating (IDR) at 'BB-';
-- Local currency IDR at 'BB-';
-- USD300 million Senior Notes due 2018 at 'BB-'.


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P E R U
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INKIA ENERGY: Moody's Lifts CFR and Senior Notes Rating to Ba3
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Moody's Investors Service upgraded the corporate family rating and
the global senior unsecured notes' rating of Inkia Energy Ltd. to
Ba3 from B1. The rating outlook is stable.

Ratings Rationale:

"The rating action acknowledges the successful conversion of
Kallpa's open cycle facilities (three turbines) to a CC-
configuration in August 2012 along with a commercial policy that
has enhanced this subsidiary's ability to generate larger and more
predictable cash flows and upstream dividends to Inkia, its parent
holding company" said Moody's Vice President Natividad Martel.
Moody's expects such distributions to range from $30 to $75
million annually that should help Inkia to record key financial
metrics at the parent level that are more commensurate with those
of the lower Ba-rating category. Specifically, Moody's anticipates
Inkia's 3-year average ratio of consolidated and parent operating
cash flow (POCF, defined as total subsidiary distributions less
parent overhead costs and parent interest expense) to parent level
debt (including shareholders' loans) to hover around 10%, with
parent interest coverage of at least 2.0x.

The ratings are tempered by Inkia's significant amount of holding
company debt that aggregated $453 million at the end of June 2013
(including subordinated shareholder loans) which constituted
approximately 48% of the group's consolidated debt. As a holding
company, Inkia fully relies on its subsidiaries' dividend
distributions to service its debt (including around $25 million in
interest payments under the notes) and meet other holding company
expenses,.

The ratings further consider the significant risks associated with
building a 525MW run-of the river hydro-electric power generation
plant, Cerro del Aguila (capital expenditure; $910 million).
Construction of this green-field project started last year.
Moody's understands that work on the project currently stands at
about 15% completed. Inkia and its 25.1% partner, Energia del
Pacifico S.A. (a subsidiary of the chemical company Quimpac), have
already funded their equity contributions into the project, while
the first draw-down under the $591 million project finance loan
agreement took place at the end of July. The ratings further
consider that the limited length of the headrace or main intake
tunnel (6km) and the quality of the rock mass encountered in the
work performed so far somewhat mitigates the geotechnical risks
that these type of projects often face. Several features
incorporated in the project's legal documentation further mitigate
the usual risks which include a performance bond equal to 15% of
the EPC contract price ($700 million), and liquidated damages for
delays in the in-date service of each of the three turbines. The
latter should suffice to cover the liquidated damages under the
investment agreement executed with the Peruvian government for the
construction of the plant.

That said, a rating concern remains that a delay of only 180 days
would trigger a default under this investment agreement. However,
Moody's believes that, given the country's need for new installed
generation capacity, an arrangement would likely be worked out
with the authorities. Another concern is the absence of a
significant cushion between the scheduled completion of the
turbines and the date when the first Power Purchase Agreement
(PPA) executed with Electroperu S.A. becomes effective. However,
the ratings consider that this PPA-load is limited to only 200MW
and assumes that should there be delays at Cerro del Aguila, it
could purchase the power it needed to meet those obligations in
the spot market without incurring significant financial losses
given the contracted price. Moody's further notes that Inkia and
its partner have committed to provide up to $59.2 million in
contingent credit support to cover cost overruns on top of the $50
million contingency built into the current $910 million cost
estimate. Moody's gains comfort from the fact that Israel
Corporation (IC; not rated), Inkia's parent, has guaranteed
Inkia's 74.9% share of this amount ($44.2 million).

The Ba3 ratings further acknowledge the absence of any planned
dividend distributions to IC, which gives Inkia some financial
flexibility, particularly with respect to the company's
significant pipeline of other projects. However, Moody's gains
comfort from the company's proven record of taking a disciplined
approach when pursuing investment opportunities and requiring high
internal rates of return. The ratings also assume that if Inkia
were to pursue any significant projects, repayments under its
shareholders' loan agreement would be adjusted such that Inkia
could fund its obligations in a prudent manner. These shareholder
loans, which are on-demand basis, aggregated around $161 million
at the end of June 2013 after repayments of $14 million during the
first half of the year. While Inkia's ratings do not incorporate
any uplift from its current shareholder structure, Moody's
considers IC's historical capital commitment to help fund Inkia's
growth and development, including its financial commitment to
support the completion of the Cerro del Aguila project, to be
credit positive. Therefore, should IC implement the spin-off of
some of its subsidiaries, currently under consideration, including
Inkia's direct parent company, IC Power, Moody's will assess if
the resulting change in ownership would have rating implications,
particularly if it results in changes in the current dividend
policy and capital allocation. While the absence of a committed
credit facility to cope with unexpected liquidity shocks is a
credit negative, Inkia has access to alternative sources of
liquidity including the possible disposal of some of its equity
interests in some subsidiaries, including its 21.1% stake in the
Peruvian power generation company Edegel with a total market value
of around $2.3 billion.

The stable rating outlook reflects Moody's expectation that Kallpa
will continue to upstream robust cash flows amid its amortizing
indebtedness with no significant re-leveraging over the short-to-
medium term. It further assumes continued steady progress in the
construction of the Cerro del Aguila hydroelectric project, and
that Inkia will continue to pursue new investment opportunities in
a disciplined manner such that even if the holding company were to
incur new additional indebtedness it would be able to report
credit metrics that remained commensurate with the low range of
the Ba-rating category.

Inkia's ratings could see some positive momentum after the
completion of the Cerro del Aguila project in 2016 if Inkia's
consolidated and parent-only credit metrics improve such that cash
flow coverage of interest expense and cash flow to debt exceed
3.0x and 18%, respectively, on a sustainable basis. Additionally,
any improvement in Inkia's consolidated financial performance will
be balanced against Moody's assessment of the company's growth and
development initiatives underway at that time.

Complications in the completion of the Cerro del Aguila
hydroelectric project, and/or political or operational problems at
some of its other key subsidiaries that result in a material
deterioration in the anticipated dividend distributions to Inkia
and/or in the consolidated and parent-only credit metrics could
put downward pressure on the ratings. Specifically, downward
pressure would result if Inkia were to report 3-year average
consolidated or parent-only cash flow to debt, and interest cash
flow coverage below 10% and 2.0x, respectively, on a sustainable
basis.

The principal methodology used in this rating was Unregulated
Utilities and Power Companies published in August 2009.

Headquartered in Lima, Peru (Government bond: Baa2; positive),
Inkia Energy Limited is an international holding company
incorporated in Bermuda that holds ownership stakes in unregulated
power generation companies domiciled in several Central and South
American countries.

Israel Corporation is Inkia's 100% indirect parent company via the
holding company IC Power Ltd., set up to hold the group's
investments in power generation, including Inkia and an 80% stake
in OPCRotem. The latter is currently building a 440MW CC facility
in Israel (completed in July).

At the end of June 2013, Inkia recorded consolidated assets of
$1.9 billion and cash flow from operations of around $188 million
for the last twelve months ended June .


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X X X X X X X X
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* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

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/

                            ***********


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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