TCRLA_Public/130821.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 21, 2013, Vol. 14, No. 165


                            Headlines



B O L I V I A

* Bolivian Government's $500MM Bond Issue Gets Moody's Ba3 Rating


B R A Z I L

BROOKFIELD INCORPORACOES: Moody's Changes Outlook to Negative
LLX LOGISTICA: BNDES Willing to Allow Debt Payment Delay
OI SA: Plunges After Surprise Loss, Cuts Dividend Payment


C A Y M A N  I S L A N D S

5:15 TAIL: Creditors' Proofs of Debt Due Sept. 2
5:15 TAIL RISK MASTER: Creditors' Proofs of Debt Due Sept. 2
7x7 OFFSHORE: Creditors' Proofs of Debt Due Sept. 12
ADLOGICA: Creditors' Proofs of Debt Due Sept. 9
BLUE POINT: Creditors' Proofs of Debt Due Sept. 11

CAPULA INVESTMENTS: Creditors' Proofs of Debt Due Sept. 11
DUNCAN ACHILLE: Placed Under Voluntary Wind-Up
GLOBAL INTERNATIONAL: Commences Liquidation Proceedings
GOSTAV: Creditors' Proofs of Debt Due Sept. 25
HENRI CAPITAL: Creditors' Proofs of Debt Due Sept. 11

HERALD FUND: Placed Under Voluntary Wind-Up
KUONI MANAGEMENT: Creditors' Proofs of Debt Due Sept. 2
LEADERS FUND: Creditors' Proofs of Debt Due Sept. 2
TURKANA INVESTMENT: Creditors' Proofs of Debt Due Sept. 11
WGF FEEDER: Creditors to Hold Meeting on Aug. 29


C O L O M B I A

TERMOCANDELARIA POWER: Fitch Ups Issuer Default Ratings to 'BB+'


J A M A I C A

FINSAC: Debtors Seek Prime Minister's Intervention
* JAMAICA: Banana Industry Making Steady Recovery


M E X I C O

PETROLEOS MEXICANOS: Government Drafting Bill to Reduce Tax Burden


P U E R T O   R I C O

BUILDERS GROUP: Battle Brewing Over Use of Shopping Center Cash
BUILDERS GROUP: Monge Robertin Approved as Restructuring Advisor


                            - - - - -


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


* Bolivian Government's $500MM Bond Issue Gets Moody's Ba3 Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to the
Bolivian government's $500 million bond maturing on August 22,
2023. The rating matches the Bolivian government bond rating,
which was upgraded to Ba3 from B1 in June 2012, and assigned a
stable outlook.

Ratings Rationale:

Bolivia's Ba3 sovereign rating incorporates (1) sustained
improvement in government debt metrics supported by higher
government revenues, (2) robust economic growth over a seven-year
period, and (3) recurring current account surpluses and steady
foreign direct investment inflows which have led to a marked
increase in international reserves.

During the last eight years, government debt metrics have
declined, coming below the medians for Ba-rated countries at
present. Average annual GDP growth of nearly 5% during 2006-2012
has been driven by public investment. International reserves have
increased significantly, providing a significant buffer against
price-related commodity shocks.

The stable outlook balances improvements in Bolivia's sovereign
credit profile with key credit challenges that include: (1) high
hydrocarbon and commodity dependence, (2) low income per capita
and the relatively small size of the economy, and (3) a history of
political instability which has in the past led to unpredictable
policies.

Upward pressure on the rating could come about if the government
creates and adheres to a rules-based fiscal stabilization fund, or
if private investment reports a sustained increase.

Downward rating pressure could stem from a significant and
prolonged drop in commodity prices or a return of political
instability.

The principal methodology used in this rating was Sovereign Bond
Ratings published on September 2008.


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


BROOKFIELD INCORPORACOES: Moody's Changes Outlook to Negative
-------------------------------------------------------------
Moody's America Latina revised the ratings outlook for Brookfield
Incorporacoes S.A. (Brookfield) to negative from stable.
Concurrently, Moody's has affirmed all the ratings at Ba3 on the
global scale and A3.br on the national scale.

The change in outlook to negative reflects the company's lower
than expected operating results during the first half of 2013
leading to higher leverage, tighter liquidity, and overall weaker
credit metrics, which could take time to improve given the current
challenging business environment for homebuilders in Brazil.

Ratings Affirmed:

Brookfield Incorporacoes S.A.'s (Brookfield)

- Corporate Family Rating: Ba3 (global scale), A3.br (national
scale)

- BRL300 million senior unsecured debentures due in 2015 and 2016
(4th issuance): Ba3/A3.br

Outlook: changed to Negative from Stable.

Ratings Rationale:

The Ba3 rating continues to reflect the Brookfield's position
among the top five largest homebuilders in Brazil, with strong
brand name, long track record in real estate development and good
diversity in terms of product offering ranging from economic to
high income apartments and office buildings. The rating also
considers the company's adequate corporate governance standards
and the benefit of having Brookfield Asset Management Inc. (BAM;
Baa2/ stable) as the largest individual shareholder. On the other
hand, Brookfield's high leverage and ongoing execution risks
constrain the ratings, as does the sizeable land bank, which is
not entirely suitable for its current business strategy, and its
relatively tight liquidity position.

The outlook change to negative was prompted by the company's weak
operating performance during the first half of 2013, mainly due to
the impact of additional cost overruns and adjustments of internal
processes. Those adjustments led to higher than expected leverage
and prevented an anticipated improvement in credit metrics, which
remain overall weak for the Ba3 rating category. The negative
outlook reflects the company's challenges to improve profitability
and deleverage the balance sheet on a timely basis, amid growing
concerns over the industry fundamentals.

Despite Federal Government's support through tax incentives and
still adequate funding availability for construction and home
acquisitions, recent trends point to a higher risk of
macroeconomic downturn in Brazil. In Moody's opinion, slower GDP
growth in Brazil combined with rising household debt and slowing
growth of housing prices contributes to an overall deterioration
in the industry dynamics. The tighter monetary policy to contain
inflationary pressures could further limit Brookfield's
profitability in the near term, given the high amount of corporate
debt in its capital structure (around 61% of total debt).

The company's adjusted gross margin deteriorated to 7.7% during
the first half of 2013% (vs. 17% in 2012), while the leverage as
measured by the total debt to book capitalization ratio remained
high at 63.5% (62.7% in FYE2012). Moody's calculates BRL800
million of negative Free Cash Flow (FCF), during the last twelve
months ended June 2013. Moody's revised projections incorporate
expectations that FCF will remain negative in 2013 in the BRL350
million to 500 million range and become positive in 2014. The
expected improvement in FCF generation is supported by the high
number of project deliveries over the next twelve months, which
should contribute to leverage reduction close to 58% by the end of
2014.

Brookfield has adequate liquidity to meet its operating
requirements but there are significant corporate debt maturities
to be refinanced in 2014. Moreover a ratings downgrade could
trigger acceleration provisions in the company's public debt
arrangements that could further constrain its liquidity profile.

According to the management, there are BRL3.3 billion undrawn
committed facilities under the Sistema Financeiro de Habitacao
(SFH) that adequately cover its ongoing project commitments. At
the end of June, 2013, the company had (i) BRL459 million in
unrestricted cash outstanding and equivalents on its balance
sheet, (ii) BRL276 million of restricted cash that is expected to
be released during the 3Q13, and (iii) about BRL1.0 billion in
short term receivables from finished units (net of land swaps)
that should become available with the effective mortgage transfers
to lending banks. On the other hand, the company reported short
term debt maturities of BRL1.6 billion, adjusted according to
Moody's standard adjustments including commitments for land
acquisition and obligations in the sale of receivables.
Approximately BRL490 million (30% of the ST debt) were project
related loans that will be repaid once these projects are
delivered, and BRL557 million (34% of the ST debt) referred to
corporate debts, such as debentures and CRI/CCBs, that should be
refinanced or amortized upon maturity.

A rating upgrade is unlikely in the short term, but Brookfield's
outlook could stabilize if the company is able to improve its
leverage metrics such as total debt to capitalization falls below
55% and EBIT interest coverage moves above 1.5 times for two or
more consecutive quarters.

Brookfield'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, an excessive dividend
payout or the inability to address near-term maturities in a
timely manner. Quantitatively, the ratings could be downgraded if
total debt to capitalization remains above 60% or EBIT interest
coverage remains below 1.0 times for a prolonged period. A
material increase in the relative amount of secured or project
level debt in Brookfield's consolidated capital structure could
also trigger a downgrade of the ratings assigned to the senior
unsecured debentures.

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.

Headquartered in Rio de Janeiro, Brookfield Incorporacoes S.A.
(Brookfield) is the result from the combination of Brascan,
Company and MB Engenharia, all strong brand names with over 25
year experience in the Brazilian homebuilding market. Brookfield
develops, builds, and sells residential projects in virtually all
price segments, as well as, office buildings. The largest
shareholder is Brookfield Asset Management (Baa2/Stable) with an
indirect stake of 44.17% of the shares. The company currently has
103 projects under development to be delivered between 2013 and
2014, mainly in the states of Sao Paulo, Rio de Janeiro, Paran
and the mid-west region of Brazil, including the Federal District.
In last twelve months ending June 30, 2012, Brookfield reported
net revenues of BRL3,6 billion ($1.8 billion) and net losses of
BRL221 million ($108 million).


LLX LOGISTICA: BNDES Willing to Allow Debt Payment Delay
---------------------------------------------------------
Cristiane Lucchesi at Bloomberg News, citing a government
official, reports that Brazil's development bank will let LLX
Logistica SA, the port operator former billionaire Eike Batista is
ceding control of, delay a BRL518 million (US$214 million) loan
payment in September.

Talks on the details of the debt restructuring are continuing
between the bank, known as BNDES, and Rio de Janeiro-based LLX
Logistica, and no formal deal has been reached, the person said,
asking not to be identified because the negotiations are private,
according to Bloomberg News.

The person said that BNDES has no plans to call the collateral for
the loan and wants the company to pay as its cash flow permits,
Bloomberg News relates.

Bloomberg News notes that LLX Logistica has tumbled 29 percent
this year as Mr. Batista's commodities empire collapsed and
concern intensified that the company wouldn't be able to complete
its Acu project, which Mr. Batista said would be the biggest port
in the Americas.

The debt deferral is designed to help LLX Logistica recover as Mr.
Batista hands the company over to a new controlling shareholder,
the person said, adding that BNDES plans to help other Mr. Batista
companies after they are sold, Bloomberg News discloses.

Bloomberg News notes that LLX Logistica said on Aug. 14 it reached
an agreement to sell as much as BRL1.3 billion of new shares to
private-equity fund EIG Global Energy Partners.   Bloomberg News
relates that Mr. Batista will remain a "relevant shareholder"
after the deal, and won't be part of management, LLX Logistica
said.

LLX Logistica is in "advanced" talks with BNDES and Banco Bradesco
SA to renegotiate debt, LLX said in an e-mailed statement obtained
by Bloomberg News.

Bloomberg News notes that the company has a BRL345 million loan
with Bradesco due in February.  It said on May 3 it reached a deal
with the Sao Paulo-based bank to extend payment of a separate
467.7 million-real loan due in October 2014, Bloomberg News adds.


OI SA: Plunges After Surprise Loss, Cuts Dividend Payment
---------------------------------------------------------
Julia Leite & Christiana Sciaudone at Bloomberg News report that
Oi SA, Brazil's most indebted telecommunications company, plunged
after it reported an unexpected loss and cut its planned dividend
payment.

Voting shares tumbled 8.9 percent to BRL4.49 at the close in Sao
Paulo, on Aug. 15, 2013, the worst performance on the Ibovespa
equity benchmark, which rose 0.6 percent, according to Bloomberg
News.  Non-voting shares sank 7.4 percent to BRL4.13, Bloomberg
News relates.

After hiring Chief Executive Officer Zeinal Bava two months ago,
Oi's board is cutting back on shareholder payouts to turn the
company around, Bloomberg News discloses.

The carrier plans to pay BRL2 billion (US$865 million) in
dividends through 2016, compared with BRL3 billion it had told
investors it would dispense in 2014 and 2015, Bloomberg News says.

The new dividend policy "is much more compatible and aligned with
the cash-flow profile and the prudent financial approach we want
to take in life. . . . It's something that gives the market a
floor as to how they should be thinking about dividend in this
company in the future," Bloomberg News quoted Mr. Bava as saying.

Oi's net loss was BRL124.2 million during the three months ended
in June, its first unprofitable quarter since 2009, according to
data compiled by Bloomberg.  The average estimate of six analysts
was for a profit of BRL186.7 million, Bloomberg News data show.

                          Fiscal Austerity

While the cut to payouts demonstrates "fiscal austerity" the Rio
de Janeiro-based company's "high dividend yield was one of the
stock's attractions," Banco Itau BBA analysts Susana Salaru and
Gregorio Tomassi wrote in a note to clients, Bloomberg News
discloses.

Bloomberg News notes that after paying BRL4 billion in dividends
since 2012 under a program that promised BRL8 billion in payouts
through 2015, Oi canceled a BRL1 billion-real payment it had
scheduled for this year.

Oi's net debt rose by BRL2 billion from the first quarter to
BRL29.5 billion, Bloomberg News relays.  That pushed its ratio of
net debt to earnings to 3.4, leaving out interest, taxes,
depreciation and amortization, according to Bradesco BBI,
Bloomberg News discloses.

Provisions for bad debt, used to cover customers who fail to pay
their bills, rose 97 percent from a year earlier to BRL323
million, which Bradesco analysts led by Luis Azevedo called
"worrying," Bloomberg News says.

                          Prudence Needed

Bloomberg News relays that Mr. Bava said the "current economic
environment" was to blame for the higher bad-debt costs.

"If we are looking to reduce bad debts, we need to be even more
prudent. . . . Credit policies, prices and offers are being
revised to bring bad debt to acceptable levels in the near
future," Bloomberg News quoted Mr. Bava as saying.

Bloomberg News notes that the expenses are costing the company
about 100 million reais a month, a figure Mr. Bava said he wants
to halve.

"The turnaround will be underpinned by three events: correct the
cash-flow-profile business model, more efficiency and growth,"
Bloomberg News quoted Mr. Bava as saying.


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


5:15 TAIL: Creditors' Proofs of Debt Due Sept. 2
------------------------------------------------
The creditors of 5:15 Tail Risk Fund, Ltd. are required to file
their proofs of debt by Sept. 2, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 26, 2013.

The company's liquidator is:

          Ogier
          c/o Kellian Hutchinson
          Telephone: (345) 815 1418
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


5:15 TAIL RISK MASTER: Creditors' Proofs of Debt Due Sept. 2
------------------------------------------------------------
The creditors of 5:15 Tail Risk Master Fund, Ltd. are required to
file their proofs of debt by Sept. 2, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 26, 2013.

The company's liquidator is:

          Ogier
          c/o Kellian Hutchinson
          Telephone: (345) 815 1418
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


7x7 OFFSHORE: Creditors' Proofs of Debt Due Sept. 12
----------------------------------------------------
The creditors of 7x7 Offshore, Ltd are required to file their
proofs of debt by Sept. 12, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 31, 2013.

The company's liquidator is:

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


ADLOGICA: Creditors' Proofs of Debt Due Sept. 9
-----------------------------------------------
The creditors of Adlogica are required to file their proofs of
debt by Sept. 9, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 15, 2013.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd
          Clifton House, 75 Fort Street
          PO Box 1350 Grand Cayman KY1-1108
          Cayman Islands


BLUE POINT: Creditors' Proofs of Debt Due Sept. 11
--------------------------------------------------
The creditors of Blue Point, Ltd. are required to file their
proofs of debt by Sept. 11, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 2, 2013.

The company's liquidator is:

           Jonathan Pierre
           Mourant Ozannes
           Reference: Christine Fletcher
           Telephone: +1 (345) 949 4123
           Facsimile: +1 (345) 949 4647; or

           Jonathan Pierre
           Telephone: (345) 916 6913
           94 Solaris Avenue, Camana Bay
           P.O. Box 1348 Grand Cayman KY1-1108
           Cayman Islands


CAPULA INVESTMENTS: Creditors' Proofs of Debt Due Sept. 11
----------------------------------------------------------
The creditors of Capula Investments (US) Limited are required to
file their proofs of debt by Sept. 11, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 1, 2013.

The company's liquidator is:

           Ogier Employee Benefit Services Limited
           c/o Peter Mitchell
           Telephone: +44 1534 753609
           Facsimile: +44 1534 504475
           89 Nexus Way, Camana Bay
           Grand Cayman KY1-9007
           Cayman Islands


DUNCAN ACHILLE: Placed Under Voluntary Wind-Up
----------------------------------------------
On June 18, 2013, the sole shareholder of Duncan Achille Mcgregor
resolved to voluntarily wind up the company's operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945 8859
          Facsimile: 949 9793
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


GLOBAL INTERNATIONAL: Commences Liquidation Proceedings
-------------------------------------------------------
On July 29, 2013, the sole shareholder of Global International
Vessels, Ltd resolved to voluntarily liquidate the company's
business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Michael Csizmadia
          Travers Thorp Alberga (Michael Alberga)
          Harbour Place, 2nd Floor
          103 South Church Street
          Grand Cayman KY1-1106
          Cayman Islands


GOSTAV: Creditors' Proofs of Debt Due Sept. 25
----------------------------------------------
The creditors of Gostav are required to file their proofs of debt
by Sept. 25, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on July 23, 2013.

The company's liquidator is:

           Christopher Kennedy
           c/o Omar Grant
           Telephone: (345) 949 7576
           Facsimile: (345) 949 8295
           P.O. Box 897 Windward 1
           Regatta Office Park
           Grand Cayman KY1-1103
           Cayman Islands


HENRI CAPITAL: Creditors' Proofs of Debt Due Sept. 11
-----------------------------------------------------
The creditors of Henri Capital (Cayman) Limited are required to
file their proofs of debt by Sept. 11, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 1, 2013.

The company's liquidator is:

          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler
          Telephone: (345) 943 3100


HERALD FUND: Placed Under Voluntary Wind-Up
-------------------------------------------
On July 16, 2013, the members of Herald Fund SPC resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

          Russell Smith
          Niall Goodsir-Cullen
          BDO CRI (Cayman) Ltd., 2nd Floor, Building 3
          P.O. Box 31229, Governors Square
          23 Lime Tree Bay Avenue
          Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 769 8820


KUONI MANAGEMENT: Creditors' Proofs of Debt Due Sept. 2
-------------------------------------------------------
The creditors of Kuoni Management Services Limited are required to
file their proofs of debt by Sept. 2, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 31, 2013.

The company's liquidator is:

          Gene Dacosta
          c/o Tania Dons
          Telephone: (345) 814 7766
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


LEADERS FUND: Creditors' Proofs of Debt Due Sept. 2
---------------------------------------------------
The creditors of Leaders Fund are required to file their proofs of
debt by Sept. 2, 2013, to be included in the company's dividend
distribution.

The company's liquidator is:

          Alric Lindsay
          e-mail: info@lindsay.ky
          Telephone: (345) 926 1688
          Artillery Court, Shedden Road
          P.O. Box 11371, George Town
          Grand Cayman KY1-1008
          Cayman Islands


TURKANA INVESTMENT: Creditors' Proofs of Debt Due Sept. 11
----------------------------------------------------------
The creditors of Turkana Investment Fund Ltd. are required to file
their proofs of debt by Sept. 11, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 31, 2013.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          P.O. Box 897 Windward 1, Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


WGF FEEDER: Creditors to Hold Meeting on Aug. 29
------------------------------------------------
The creditors of WGF Feeder Fund will hold their meeting on
Aug. 29, 2013, at 7:00 a.m., by tele-conference.

Any creditor wishing to attend this meeting is required on or
before August 23, 2013, to notify the company's liquidators.

The company's liquidator is:

          Alexander Lawson
          P.O. Box 493 GT Grand Cayman, KY1-1106
          Cayman Islands
          c/o Andrew Edwards
          Telephone: (345) 815 2608
          Facsimile: (345) 949 7164
          e-mail: andrewmedwards@kpmg.ky


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C O L O M B I A
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TERMOCANDELARIA POWER: Fitch Ups Issuer Default Ratings to 'BB+'
----------------------------------------------------------------
Fitch Ratings has upgraded Termocandelaria Power Ltd's foreign and
local currency Issuer Default Ratings (IDRs) to BB+' from 'BB'.
The Rating Outlook is Stable. Fitch also upgraded TPL's
approximately USD39.6 million of outstanding senior secured notes
to 'BB+' from 'BB'. The Rating Outlook is Stable.

Concurrently, Fitch has upgraded Golden Americas Ltd's (GA)
foreign currency IDR to 'BB' from 'B+'. Additionally, Fitch has
upgraded GA note issuance of up to USD 14.4 million due 2018 to
'BB' from 'B+/RR4'. The Rating Outlook is Stable.

The rating action reflects TPL's strengthening financial profile
resulting from debt amortization as well as the expectation of
significant increase in cash flow generation starting 2016. TPL's
debt decreased from USD92 million in 2012 to USD67 million as of
June 30, 2013 as a result of debt amortizations. Going forward,
TPL might continue lowering its debt levels as its consolidated
debt amortizes by approximately USD12 million per year. The
company is also expected to benefit from the expiration of
Termobarranquilla S.A. E.S.P.'s (TEBSA) power purchase agreement
(PPA) with Generadora y Comercializadora de Energia del Caribe
S.A. (Gecelca) in 2016 as the company will receive reliability
payments directly from the system thereafter, which could increase
TPL's consolidated EBITDA to more than USD100 million from
approximately USD55 million reported as of the last 12 months
(LTM) ended June 30, 2013. TPL's credit profile has benefited from
the merger by absorption with Golden Gate Energy Investment Ltd at
the end of 2012.

KEY RATING DRIVERS
TPL's ratings reflect the company's strong credit metrics
characterized by low leverage levels, stable and predictable cash
flow generation, a somewhat diversified asset base and relatively
strong market share position in Colombia's thermoelectric
generation capacity. Also factored into the ratings are TPL's
relatively modest liquidity levels and moderate exposure to credit
availability to finance potential working capital needs. TPL's
ratings reflect the combined financial and operational profile of
its two subsidiaries Termocandelaria and TEBSA, in which the
company holds a 100% and 57% participation, respectively.

Strengthening Credit Metrics
TPL's credit metrics improved after December 2012 as a result of
debt amortization and increases in cash flow generation as a
result of its merger by absorption with Golden Gate Energy
Investment Ltd. The company's total consolidated debt decreased to
USD67 million as of June 30, 2013 from USD92 million at year-end
2012. This reduction in debt, coupled with increasing consolidated
cash flow generation, lowered TPL's consolidated leverage, as
measured by total debt to EBITDA to 1.3 times (x) from 2.0x and
2.9x reported at year-end 2012 and 2011, respectively. During the
next three years, TPL's capital structure is expected to continue
strengthening moderately as the company amortizes debt. After
2016, leverage would decrease significantly. TPL's debt is
composed of USD39.6 million at Termocandelaria's level and USD27.6
million at TEBSA level.

Stable and Predictable Cash Flow
TPL's consolidated cash flow generation is considered stable and
predictable and is supported by reliability payments received from
the system by Termocandelaria and TEBSA's long-term PPA.
Termocandelaria plant receives a fixed reliability charge from the
Colombian electric system of approximately USD38 million to USD40
million per annum while TEBSA's PPA amounts to approximately USD50
million per year through 2016. After 2016, TPL's consolidated
EBITDA could increase to approximately USD100 to USD120 million
per year as its PPA expires and the company receives reliability
payments from the system, similar to Termocandelaria.

Diversified Asset Base with Strong Market Position
TPL's ratings benefit from the company's diversified asset base as
well as its strong market presence in Colombia's thermoelectric
generation capacity. As a result of the merger, TPL's installed
capacity now represents approximately 8.6% of Colombia's total
install capacity and 28% of total thermoelectric generation
capacity. This position is of particular importance for the
company given frequent transmission constrains between the
interior of the country where most generation capacity in Colombia
resides and the northern part of the country where TPL's assets
are located. Thermoelectric generation capacity in Colombia is
expected to gain importance overtime for the system as most of the
generation capacity expected to come online during the next decade
would be hydroelectric based capacity, which increases the system
exposure to droughts.

Moderate Liquidity Position
TPL's liquidity position is characterized by moderate cash
balances; yet stable cash flow generation and manageable debt
amortization schedule. The company has managed its balance sheet
with moderate cash balances and, as of June 30, 2013 cash on hand
amounted to USD7.2 million. This compares unfavorably with USD16.2
million of short-term debt. The company relies on its stable cash
flow generation from operations to service its debt. During the
LTM ended June 30, 2013, the company's cash flow from operations
(CFO) amounted to USD84 million. The company also relied on its
USD17 million of committed lines of credits to support its
liquidity position. TPL's cash position is exposed to credit
availability to finance potential working capital needs should
TPL's Termocandelaria power plant be called to generate for
prolong periods.

RATING SENSITIVITIES

TPL's credit rating could benefit from debt repayment at TEBSA,
further consolidated deleveraging and increase certainty regarding
long-term gas supply in Colombia.

Key consideration for a negative rating action would be an
increase in leverage to above 3.0x as a result of significant
addition of debt to finance large capex programs.


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


FINSAC: Debtors Seek Prime Minister's Intervention
--------------------------------------------------
RJR News reports that the Association of Finsac'd Entrepreneurs
(AFEs) has now sought the intervention of the Prime Minister as it
tries to get the FINSAC Commission to present its interim report.

The group, which failed in its bid to get the court to compel the
Commissioners to complete the report, sent a letter to the Prime
Minister requesting her assistance, according to RJR News.  The
report relates that the AFE also carried out its plan to write to
the Governor-General.

RJR News notes that President of the Association of FINSAC's
Entrepreneurs, Yola Grey-Baker, said a copy of the letter will be
sent to the Prime Minister; so too to the Leader of the
Opposition.

Ms. Grey-Baker said at this point it is a wait and see whether the
Prime Minister will intervene, RJR News notes.  Mrs. Gray-Baker
said that if no one else intervenes, she at least expects that the
Leader of the Opposition will respond, the report relates.


* JAMAICA: Banana Industry Making Steady Recovery
-------------------------------------------------
RJR News reports that Jamaica's local banana sector is making
steady recovery after suffering a major setback due to Hurricane
Sandy late last year.

Roger Clarke, Minister of Agriculture, said banana production has
picked up and the trend is expected to continue barring any
natural disasters, according to RJR News.  The report relates that
Mr. Clarke said there is evidence that the industry is bouncing
back and the expansion continues in St. Mary and St. James.

RJR News notes that news came on the weekend that Jamaica
Producers will be re-employing 50 persons out of the batch of
workers who were laid off.  Eighty workers employed to its
subsidiary, JP Tropical Foods, were laid off following the passage
of Hurricane Sandy, the report adds.


===========
M E X I C O
===========


PETROLEOS MEXICANOS: Government Drafting Bill to Reduce Tax Burden
------------------------------------------------------------------
Nacha Cattan at Bloomberg News reports that Mexico's government
will send a bill to Congress in September to improve state-owned
Petroleos Mexicanos' capacity to invest in projects by reducing
the oil company's tax burden, Finance Minister Luis Videgaray
said.

The bill, which comes as the government tries to give other
companies access to Mexican oilfields, would lower Pemex's
royalties and license fees, Videgaray wrote in an article,
according to Bloomberg News.  To partially compensate for lower
fees, Pemex would start paying income taxes on its drilling and
exploration operations, said Mr. Videgaray said, notes Bloomberg
News.

The world's fifth-largest crude oil producer, whose taxes fund
about 34 percent of the federal budget, is headed for its ninth
straight year of output declines, according to Pemex, Bloomberg
News discloses.

Bloomberg News relates that President Enrique Pena Nieto sent a
bill to Congress to arrest Mexico's production declines by
enticing private firms to develop oilfields in the country for the
first time since 1938.


=====================
P U E R T O   R I C O
=====================


BUILDERS GROUP: Battle Brewing Over Use of Shopping Center Cash
---------------------------------------------------------------
Secured and judgment creditor CPG/GS PR NPL LLC replied to
Builders Group & Development Corp.'s opposition to CPG/GS' motion
for order determining the foreclosure of rents or prohibiting the
use of CPG/GS' cash collateral.

According to CPG/GS, rents from the Cupey Professional Mall became
the property of CPG/GS pursuant to a prepetition foreclosure that
took place over two years before the Debtor's bankruptcy filing.

Additionally, CPG/GS stated that, among other things:

   -- a state court judgment precludes the issue of the amount of
      the debt through both collateral estoppel and the Rooker-
      Feldman Doctrine;

   -- the Debtor's claim for a section 506(c) surcharge is legally
      insufficient;

   -- the Debtor's claims for additional relief, as set forth in
      the opposition, are not applicable; and

   -- the Court must prohibit the use of any cash collateral due
      to the Debtor's inability to properly administer the
      shopping center.

As reported in the Troubled Company Reporter on July 31, 2013, the
Debtor said CPG's statement related to "settlement attempts, bad
faith, mismanagement and alienation of patrons" is "self-serving
and fictional," with the only purpose being to influence the Court
to take a stance against Builders.  Contrary to CPG's
representations, Builders and CPG reached a prepetition agreement
through a mediated effort which only required minimal changes
prior to execution, and CPG kept delaying the signing, then it
about-faced and filed a complaint for foreclosure.  Builders,
through its president's personal resources and those of related
companies, has paid the expenses of maintaining the Cupey
Professional Mall out of pocket since September 2010.  The Debtor
said the collateral has been protected and the value has been
increased due to the efforts of Builders.

The Hon. Enrique S. Lamoutte Inclan will convene a hearing on
Aug. 26, 2013, at 2 p.m., to consider:

     -- Builders Group & Development Corp.'s motion to use cash
        collateral, and

     -- secured and judgment creditor CPG/GS PR NPL LLC's motion
        to alter or amend the Court's interim order entered on
        July 19, 2013; and the Debtor's opposition to that motion.

CPG/GS, in its objection to the interim order authorizing the
Debtor's use of cash collateral, stated that CPG has no confidence
in the honesty or the capacity of the Debtor's current management
and will not consent to the Debtor's current management's use of
its cash collateral.

CPG also explained that the Debtor has (a) no right to use any
cash collateral of CPG/GS, as the same was properly foreclosed and
transferred prepetition to CPG/GS, thus does not constitute an
asset of the bankruptcy estate; (b) Debtor is not able of
providing any reasonable adequate protection to CPG/GS as there
exists no equity in its assets, and there exists no reorganization
or refinancing alternatives that could even remotely provide a
viable exit strategy pursuant to which creditors, such as CPG/GS,
will be paid the amount and value of their security interest.

                       About Builders Group

Builders Group & Development Corp. owns and manages the Cupey
Professional Mall, a shopping center located in Cupey, Puerto
Rico.  The Company sought Chapter 11 protection (Bankr. D.P.R.
Case No. 13-04867) on June 12, 2013, in San Juan, Puerto Rico, its
home-town.  The company sought bankruptcy on the eve of a
foreclosure sale of its property.  The Debtor estimated at least
$10 million in assets and liabilities in its petition.  The Debtor
is represented by Kendra Loomis, Esq. at G A Carlo-Altieri &
Associates.  Jose M. Monge Robertin, CPA, serves as accountant.


BUILDERS GROUP: Monge Robertin Approved as Restructuring Advisor
----------------------------------------------------------------
The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court
for the District of Puerto Rico authorized Builders Group &
Development Corp., to employ Monge Robertin & Asociados Inc. as
CPA/Insolvency and Restructuring Advisor.

To the best of the Debtor's knowledge the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

                       About Builders Group

Builders Group & Development Corp. owns and manages the Cupey
Professional Mall, a shopping center located in Cupey, Puerto
Rico.  The Company sought Chapter 11 protection (Bankr. D.P.R.
Case No. 13-04867) on June 12, 2013, in San Juan, Puerto Rico, its
home-town.  The company sought bankruptcy on the eve of a
foreclosure sale of its property.  The Debtor estimated at least
$10 million in assets and liabilities in its petition.  The Debtor
is represented by Kendra Loomis, Esq. at G A Carlo-Altieri &
Associates.  Jose M. Monge Robertin, CPA, serves as accountant.


                            ***********


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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