TCRLA_Public/131011.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

           Friday, October 11, 2013, Vol. 14, No. 202


                            Headlines



A R G E N T I N A

EDENOR SA: Riojana to Buy Indirect Shareholding in EMDERSA
* PROVINCE OF CHUBUT: Moody's Keeps Rating on US$355MM Notes at B3


B R A Z I L

MARFRIG ALIMENTOS: Discloses Settlement of Offer for 2016 Notes
OGX PETROLEO: Confirms it Has Laid Off Close to 60 Employees
OSX BRASIL: Brazil's Batista Sells Stock in Shipbuilder
* Fitch Says Corporates Downgrades Expected to Outpace Upgrades


C A Y M A N  I S L A N D S

EDU LIMITED: Creditors' Proofs of Debt Due Nov. 14
EMERALD ORCHARD: Commences Liquidation Proceedings
EXCALIBUR EXPRESS: Commences Liquidation Proceedings
LONE BALSAM II: Creditors' Proofs of Debt Due Nov. 7
LONE DRAGON PINE I: Creditors' Proofs of Debt Due Nov. 7

LONE DRAGON PINE II: Creditors' Proofs of Debt Due Nov. 7
LONE HIMALAYAN: Creditors' Proofs of Debt Due Nov. 7
LONE SEQUOIA II: Creditors' Proofs of Debt Due Nov. 7
MK JI: Creditors' Proofs of Debt Due Nov. 7
PROJECT FINANCE XVI: Creditors' Proofs of Debt Due Nov. 6

PROJECT FINANCE XVII: Creditors' Proofs of Debt Due Nov. 6
SFG PIPELINE: Creditors' Proofs of Debt Due Nov. 6
STRATEGOS DEEP: Creditors' Proofs of Debt Due Nov. 6
SUPERIOR PROVIDERS: Commences Liquidation Proceedings
VIRGO INSURANCE: Creditors' Proofs of Debt Due Dec. 16


D O M I N I C A N   R E P U B L I C

GLENCORE XSTRATA: CEO Upbeat After Talks With Dominican Leader


J A M A I C A

* JAMAICA: Ex Minister Urges Temporary Removal of Trade Subsidies


M E X I C O

GRUPO ELEKTRA: Withdraws & Liquidates Operations in Argentina


P E R U

CORPORACION AZUCARERA: S&P Revises Outlook & Affirms 'BB+' CCR


P U E R T O   R I C O

* PUERTO RICO: On the Brink of Bankruptcy, May Get U.S. Aid
* PUERTO RICO TRUST: Moody's Cuts Secured Notes Rating to Caa3


                            - - - - -


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A R G E N T I N A
=================


EDENOR SA: Riojana to Buy Indirect Shareholding in EMDERSA
----------------------------------------------------------
Energia Riojana S.A. (ERSA), in its capacity as purchaser and
assignee, and the Government of the Province of La Rioja, in its
capacity as the purchaser's controlling shareholder, accepted
Edenor S.A.'s Offer to (i) sell EDENOR's indirect shareholding in
Empresa Distribuidora Electrica Regional S.A., which is Empresa
Distribuidora de Electricidad de La Rioja's parent company, and
(ii) assign for a valuable consideration certain EDENOR's
receivables in relation to EMDERSA and EDELAR.

                          About Edenor SA

Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos).  Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.

Edenor S.A. disclosed a loss of ARS1.01 billion on ARS3.72 billion
of revenue from sales for the year ended  Dec. 31, 2012, as
compared with a net loss of ARS291.38 million on ARS2.80 billion
of revenue from sales for the year ended Dec. 31, 2011.

The Company's balance sheet at June 30, 2013, showed Ps.7.21
billion in total assets, Ps.5.47 billion in total liabilities and
Ps.1.74 billion in total equity.


* PROVINCE OF CHUBUT: Moody's Keeps Rating on US$355MM Notes at B3
------------------------------------------------------------------
Moody's Latin America affirmed the B3 ratings (Global scale, local
currency) assigned to Province of Chubut's Class 1 Notes for up to
USD355 million.  At the same time, Moody's Latin America upgraded
to A2.ar from Baa1.ar the Note's ratings in Argentina's national
scale.  The notes "Bono para el Desarrollo e Infraestructura del
Chubut or BODIC 1" have a maturity of 6 years and are payable in
ARS Pesos.  These notes will be issued under the provincial debt
program for up to ARS2,065.5 million or its equivalent in other
currencies (around USD355 million).

Although the BODIC 1 are denominated in US dollars, they are
payable in Argentine pesos. As a result, the dollar is used as a
currency of reference and not as a means of payment. For that
reason, the transaction is considered to be denominated in local
currency.

Ratings Rationale:

The B3 ratings (Global Scale, local currency) reflect the
province's rating, which is equivalent to that of the sovereign.
In Moody's view, the province's rating reflects the heightened
systemic risk under which Argentine provinces operate and
effectively caps the structure's Global scale and local currency
ratings.  The upgrade of the notes on Argentina's national scale
reflects Moody's assessment of the relative strengths of the BODIC
1 based on new and material information regarding the final
structure and documentation of this issue. Such information
confirms, in Moody's view, that the structure benefits from credit
enhancements that are superior to the standalone credit quality of
the Province of Chubut.

The BODIC 1 Notes constitute direct, unconditional, secured and
unsubordinated obligations of the province.  Authorized by
Provincial's Laws II Nž106 and 151, Governor's Decree Nž 604/13,
Provincial Ministry of Finance's Resolutions Nž 127 and Nž 128 of
2013 and payable in Argentine pesos, these notes will carry a
fixed interest rate, mature in 2019 and be paid on a quarterly
basis with a two-year grace period for principal payments.

In Moody's view, the presence of dedicated oil provincial
royalties to back the debt service enhances the credit quality of
this instrument as compared to the Province's general issuer
credit profile.  The enhancement is reflected in the A2.ar rating
on the BODIC 1 Notes compared to the Province of Chubut's national
scale rating of Baa1.ar at the issuer level.

Moody's assigned the ratings based on documentation Moody's
received as of the rating assignment date.  Moody's understands
the documentation received to be final and does not expect further
changes to it. In the event that the structure changes from the
documentation submitted, Moody's will assess the impact these
differences may have on the ratings and act accordingly.

What Could Change the Rating Up/Down:

Given the links between the BODIC 1 Notes and the credit quality
of the obligor, an upgrade of the Province of Chubut's issuer
ratings would likely result in an upgrade of the ratings on the
notes.  Such a scenario, however, appears very unlikely as
Chubut's ratings are capped by the B3 sovereign rating of
Argentina.  Conversely, a downgrade of the Province of Chubut's
issuer ratings could exert downward pressure on the debt ratings
of these notes.  Any material deviation from the expected flows of
oil royalties into the structure or debt service coverage ratios
could also exert downward pressure on the assigned ratings. In
addition, a downgrade of the sovereign rating could lead to a
downgrade of the rating on the notes.



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B R A Z I L
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MARFRIG ALIMENTOS: Discloses Settlement of Offer for 2016 Notes
---------------------------------------------------------------
Marfrig Alimentos S.A., Marfrig Holdings (Europe) B.V. and Credit
Suisse Securities (USA) LLC disclosed the final settlement of the
Purchaser's previously-disclosed offer to purchase for cash and
consent solicitation with respect to any and all of the
outstanding 9.625% Senior Notes due 2016 issued by Marfrig
Overseas Limited from each registered holder of the Notes.

According to the report, as of the Expiration Date, US$191,124,000
in aggregate principal amount of the Notes, or approximately
50.97% of the Notes outstanding, had been validly tendered and not
withdrawn pursuant to the Tender Offer.  This includes
US$187,574,000.00 in aggregate principal amount of the Notes, or
approximately 50.02% of the Notes outstanding, that had been
validly tendered and not withdrawn pursuant to the Tender Offer
and the Consent Solicitation at or prior to 5:00 p.m., New York
City time, on Sept. 13, 2013, and an additional US$3,550,000 in
aggregate principal amount of the Notes, or approximately 0.95% of
the Notes outstanding, validly tendered and not withdrawn after
the Early Tender Time and prior to the Expiration Date.

All Notes validly tendered and not withdrawn after the Early
Tender Time and before the Expiration Date have been accepted and
were paid in full on October 2, 2013.  As previously announced,
all Notes validly tendered and not withdrawn prior to the Early
Tender Time

                      About Marfrig Alimentos

Marfrig Alimentos SA (formerly Marfrig Frigorificos e Com de
Alimentos SA) is a Brazil-based company engaged in the processing
and distribution of meat and poultry products.  Its products
include cooked beef, bacon, sausages, beef cubes, minced
knuckles, steaks and other food items including pre-cooked and
frozen potato, frozen vegetables, canned meat, fish and ready
meals.  The Company operates in 13 countries, and exports its
products to more than 100 destinations worldwide.

                          *     *     *

As reported in the Troubled Company Reporter - Latin America on
May 13, 2013, Standard & Poor's Ratings Services lowered its
global scale corporate credit rating to 'B' from 'B+' and its
national scale rating to 'brBBB-' from 'brBBB+' on Marfrig
Alimentos S.A.  The outlook is negative.


OGX PETROLEO: Confirms it Has Laid Off Close to 60 Employees
------------------------------------------------------------
Luciana Magalhaes at 4-traders.com reports that Brazil's OGX
Petroleo e Gas Participacoes SA confirmed that it laid off close
to 60 employees.

"OGX is going through a process of financial restructuring, which
includes renegotiation with creditors, portfolio and cost
optimization, and some adjustment in its staff," Petroleo e Gas
Participacoes said in a note to Dow Jones.

A spokeswoman for OGX confirmed that "fewer than 60 people" were
laid off and that OGX has now "fewer than 300 employees," the
report notes.

The report relates that disappointing output at OGX last year
triggered a crisis of confidence that spread throughout Mr.
Batista's interlinked group of infrastructure companies, raising
concerns about the one-time billionaire's ability to deliver
concrete results.

The report relays that OGX recently missed a bond interest payment
and the company's advisers are in talks with creditors, trying to
renegotiate OGX's US$3.6 billion in outstanding bonds.

                         About OGX Petroleo

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participaaoes
S.A. 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.


OSX BRASIL: Brazil's Batista Sells Stock in Shipbuilder
-------------------------------------------------------
Jeb Blount at Reuters reports that Brazilian tycoon Eike Batista
sold 0.66 percent of his stock in OSX Brasil SA.

Mr. Batista sold 2.07 million shares of Rio de Janeiro-based OSX
for BRL0.7073 a share raising BRL1.47 million (US$665,158) on
Sept. 2, according to Reuters.  OSX gets most of its business from
Batista's troubled oil company OGX Petroleo e Gas SA.

Reuters notes OSX shares have lost more than 90 percent of their
value in the last year.

OSX Brasil SA is a shipbuilder controlled by billionaire Eike
Batista.

As reported in the Troubled Company Reporter-Latin America on
June 26, 2013, Reuters said that OSX Brasil denied a report it
failed to make payments on debt held by Spanish infrastructure
group Acciona.  The local Folha da S.Paulo newspaper reported that
Batista's OSX Brasil was struggling to avoid bankruptcy after it
defaulted on some BRL500 million ($222 million) in debt held by
Acciona, according to Reuters.


* Fitch Says Corporates Downgrades Expected to Outpace Upgrades
---------------------------------------------------------------
Weak economic conditions are expected to spur more downgrades than
upgrades for Brazilian corporates through the first six months of
2014, according to a new Fitch Ratings report.

Since the beginning of 2013, downgrades have outpaced upgrades by
a ratio of 1.2x. Sixteen percent of the 108 Brazilian corporates
rated by Fitch have a Rating Outlook of Negative, as opposed to
six percent with a Rating Outlook of Positive.

'With Brazilian GDP at 1.5 percent during the second quarter,
uncertainties abound about the ability of the Brazilian economy to
grow faster after the Central Bank of Brazil's four rates hikes,'
said Debora Jalles, Director in Fitch's Latin America Group.
'While these measures may tame high inflation and bolster the
battered Brazilian real, they are likely to further erode consumer
demand and put additional pressure on operating margins and
profitability.'

Leverage has risen since the start of the global economic crisis.
As of Dec. 31, 2012, the median total adjusted leverage ratio for
Brazilian corporates was 4.2x, while the median net leverage ratio
was 2.9x. These measures compare unfavorably with 2008 when they
were 2.9x and 2.2x, respectively.

Negative free cash flow has grown significantly in the last two
years due to high capex levels, which are not expected to decline
in the future. With dividend payouts minimal for most, only a few
corporates can boost liquidity by lowering dividend outflows.

Robust liquidity is a bright spot with the median cash/short-term
debt ratio 1.4x as of Dec. 31, 2012.

Default risk is low despite weak capital markets. Fitch does not
foresee defaults approaching 2008 levels in the next 12 months due
to low exposure to toxic derivative instruments, and relatively
high cash balances in the riskiest sectors. The airlines, sugar
and ethanol, and protein industries are among the riskiest.

Foreign exchange risk appears manageable.



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C A Y M A N  I S L A N D S
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EDU LIMITED: Creditors' Proofs of Debt Due Nov. 14
--------------------------------------------------
The creditors of Edu Limited are required to file their proofs of
debt by Nov. 14, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 18, 2013.

The company's liquidator is:

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


EMERALD ORCHARD: Commences Liquidation Proceedings
--------------------------------------------------
On Sept. 27, 2013, the members of Emerald Orchard Limited 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:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


EXCALIBUR EXPRESS: Commences Liquidation Proceedings
----------------------------------------------------
On Sept. 23, 2013, the shareholder of Excalibur Express Limited
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:

          Phang Thim Fatt
          8 Shenton Way #18-01
          Singapore 068811


LONE BALSAM II: Creditors' Proofs of Debt Due Nov. 7
----------------------------------------------------
The creditors of Lone Balsam II, Ltd are required to file their
proofs of debt by Nov. 7, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 17, 2013.

The company's liquidator is:

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


LONE DRAGON PINE I: Creditors' Proofs of Debt Due Nov. 7
--------------------------------------------------------
The creditors of Lone Dragon Pine I, Ltd are required to file
their proofs of debt by Nov. 7, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 17, 2013.

The company's liquidator is:

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


LONE DRAGON PINE II: Creditors' Proofs of Debt Due Nov. 7
---------------------------------------------------------
The creditors of Lone Dragon Pine II, Ltd are required to file
their proofs of debt by Nov. 7, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 17, 2013.

The company's liquidator is:

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


LONE HIMALAYAN: Creditors' Proofs of Debt Due Nov. 7
----------------------------------------------------
The creditors of Lone Himalayan Pine II, Ltd are required to file
their proofs of debt by Nov. 7, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 17, 2013.

The company's liquidator is:

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


LONE SEQUOIA II: Creditors' Proofs of Debt Due Nov. 7
-----------------------------------------------------
The creditors of Lone Sequoia II, Ltd are required to file their
proofs of debt by Nov. 7, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 17, 2013.

The company's liquidator is:

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


MK JI: Creditors' Proofs of Debt Due Nov. 7
-------------------------------------------
The creditors of MK JI Ltd. are required to file their proofs of
debt by Nov. 7, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Sept. 20, 2013.

The company's liquidator is:

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


PROJECT FINANCE XVI: Creditors' Proofs of Debt Due Nov. 6
---------------------------------------------------------
The creditors of Project Finance XVI Ltd. are required to file
their proofs of debt by Nov. 6, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 16, 2013.

The company's liquidator is:

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


PROJECT FINANCE XVII: Creditors' Proofs of Debt Due Nov. 6
----------------------------------------------------------
The creditors of Project Finance XVII Ltd. are required to file
their proofs of debt by Nov. 6, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 16, 2013.

The company's liquidator is:

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


SFG PIPELINE: Creditors' Proofs of Debt Due Nov. 6
--------------------------------------------------
The creditors of SFG Pipeline Holdings, Ltd. are required to file
their proofs of debt by Nov. 6, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 13, 2013.

The company's liquidator is:

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


STRATEGOS DEEP: Creditors' Proofs of Debt Due Nov. 6
----------------------------------------------------
The creditors of Strategos Deep Value Mortgage Master Fund II Ltd.
are required to file their proofs of debt by Nov. 6, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 6, 2013.

The company's liquidator is:

          Daniel Munley
          2929 Arch Street
          Suite 1703, Philadelphia
          PA 19104
          USA
          Telephone: (215) 701 9667


SUPERIOR PROVIDERS: Commences Liquidation Proceedings
-----------------------------------------------------
On Sept. 6, 2013, the members of Superior Providers Insurance
Company SPC, Ltd. resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          Kieran Mehigan
          Marsh Management Services Cayman Ltd.
          Governors Square, Building 4, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 1051, Grand Cayman KY1-1102
          Cayman Islands


VIRGO INSURANCE: Creditors' Proofs of Debt Due Dec. 16
------------------------------------------------------
The creditors of Virgo Insurance Programs, Ltd. are required to
file their proofs of debt by Dec. 16, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 19, 2013.

The company's liquidator is:

          Michael Gibbs
          Telephone: (345) 946 2100 (Main)
          Facsimile: (345) 946 2110
          P O Box 10027 Grand Cayman KY1-1001
          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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GLENCORE XSTRATA: CEO Upbeat After Talks With Dominican Leader
--------------------------------------------------------------
Dominican Today reports that Darren Bowden, president of Glencore
Xstrata's Dominican Republic mine (Falcondo), said they'll make
every effort to resume operations as soon as possible, noting that
they've been in the country for more than 40 years and aim to stay
much longer, to contribute with the nation and the town of Bonao
(central).

Mr. Bowden provided the information after a National Palace
meeting with president Danilo Medina, accompanied by two other
Xstrata executives and senator Felix Nova, according to Dominican
Today.

The report notes that for his part, Mr. Nova said he expressed the
concern of Bonao's people to the President and asked him to help
the workers who'll be laid off.

The report discloses that Mr. Nova said Medina pledged to meet
with the mine's workers to find solutions, adding that the halt of
operations will negatively impact not only on employees but
thousands of families in his province.



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J A M A I C A
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* JAMAICA: Ex Minister Urges Temporary Removal of Trade Subsidies
-----------------------------------------------------------------
Steven Jackson at Jamaica Observer reports that Jamaica former
Industry Minister Claude Clarke said the country lost US$15
billion in revenues from subsidizing imports from the Caribbean
Community (Caricom).

Minister Clarke suggested that the government collect the revenue
by suspending Caricom trade subsidies, at least during the
island's lending arrangement with the International Monetary Fund
(IMF), according to Jamaica Observer.

The report relates that on a separate point, Minister Clarke
called on government to resist the urge to scrap tax concessions
afforded to listings on the Junior Stock Exchange as it offered an
efficient method of raising capital for small and medium-sized
businesses.

"Surely the Government could not be aware of how irrational it is
to handicap Jamaican producers with taxes and fees, while it
surrenders as much as US$15 billion of revenue to our Caricom
competitors as subsidy to make them more competitive than our own
producers in our own market," the report quoted Mr. Clarke as
saying.

The report notes that imports into Jamaica are greatest from the
USA, followed by Venezuela and Caricom member state Trinidad &
Tobago (T&T).  The JMA claimed earlier this year that
manufacturers from T&T were misrepresenting items as originating
from within Caricom -- which would entitle the goods to duty-free
status, Jamaica Observer relates.

But a rate of duty or common external tariff is applied on
products originating from outside the grouping, the report notes.

T&T manufacturers denied the claim.

The report discloses that Mr. Clarke, regardless, wants any
possible loophole removed.

The report notes that Jamaica imported US$260.8 million worth of
goods from T&T between January to May 2013, but the island's
exports to the twin-island republic are less than three per cent
of that amount, latest Statistical Institute of Jamaica data
indicates.

"Jamaica is in a dire fiscal situation -- billions of dollars the
Jamaican people have been foregoing for the benefit of Caricom
countries that are economically far better off than we are. . . .
Billions of dollars directly invested in moving jobs out of
Jamaica and out of the reach of the Jamaican worker," the report
quoted Mr. Clarke as saying.

Steven Jackson at Jamaica Observer discloses that the Economic and
Social Survey Jamaica 2012 indicates that Jamaica's annual trade
deficit with Caricom narrowed to US$775.3 million relative to
US$916.0 million in 2011.  The improvement was attributed to a
22.4 per cent rise in exports to US$83.2 million and a 12.7 per
cent reduction in imports to US$858.6 million, the report adds.



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M E X I C O
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GRUPO ELEKTRA: Withdraws & Liquidates Operations in Argentina
-------------------------------------------------------------
Grupo Elektra, S.A.B. de C.V. announced the withdrawal and
liquidation of its operations in Argentina.

The company indicated that the decision is the result of a
difficult macroeconomic and business environment that diminishes
viability of the operation in that country. The foreign currency
controls and import and export restrictions limit access to
commercial goods, while controls on capital flows restrict
investment. High inflation hinders business planning, while labor
regulation allows union practices that affect the investment
environment. Similarly, there is a culture of non-payment of debts
that makes credit business impractical.

Grupo Elektra's operations in Argentina are not material in
relation to the size of the company; the company does not have in
the country banking operations, which have enabled successful
operations in other regions in which Grupo Elektra operates. The
company intends to focus on markets with higher profitability
prospects, in benefit of all its investors.

Grupo Elektra, based in Mexico City, is a holding company of
several retail and financial services companies in several Latin
American markets, however Mexico represents the bulk of its
operations with around 75% of revenues. The company is controlled
by the Salinas Pliego family and has a 28% floating stake trading
in the Mexican Stock Exchange and in Spain's Latibex.  As of
March 31, 2013 Grupo Elektra's consolidated revenues were MXN 72
billion (around $ 5.5 billion) with a 19.7% EBITDA margin as
adjusted by Moody's.

                           *     *     *

As reported in the Troubled Company Reporter - Latin America on
July 17, 2013, Fitch Ratings affirmed the ratings of Grupo
Elektra, S.A.B. de C.V. (Elektra)'s Foreign and Local Currency
Issuer Default Rating (IDR) at 'BB-'.



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P E R U
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CORPORACION AZUCARERA: S&P Revises Outlook & Affirms 'BB+' CCR
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Corporacion Azucarera del Peru S.A. (Coazucar) to negative from
stable.  At the same time, S&P affirmed its 'BB+' long-term
corporate credit rating and issue-level rating on Coazucar.

"The outlook revision to negative reflects our expectations that
Coazucar's operating and financial performance for year-end
Dec. 31, 2013, will remain below our original base-case scenario,
despite our expectations for improvement in the company's results
during the second half of the year.  In our view, depressed sugar
prices have undermined Coazucar's efforts to restore its cash flow
metrics to levels more consistent with its current rating, despite
the company's cost reduction initiatives and downsizing of its
capital investment plan," said Standard & Poor's credit analyst
Luis Manuel Martinez.  S&P could lower the ratings within the next
twelve months if a depressed pricing environment continues to
weaken Coazucar's operating performance, and cash flow generation
remains weaker than its current expectations, with FFO-to-debt
below 20%.



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P U E R T O   R I C O
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* PUERTO RICO: On the Brink of Bankruptcy, May Get U.S. Aid
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Edward Krudy at Fox News reports that federal officials are
expected to announce incentives to boost Puerto Rico's economy in
the next few months, a top legislator from the commonwealth said,
responding to investor concerns about the island's rising debt
costs and bleak growth.  The report relates that Puerto Rico
Senate President Eduardo Bhatia said the help is unlikely to
include direct financial aid.

The assistance would come in response to the last four years of
recession in the Caribbean territory, Mr. Bhatia said, according
to Fox News.  It has been given added urgency due to a spike in
Puerto Rico's debt yields in the recent months, Mr. Bhatia said,
the report relates.

Fox News notes that the selloff in Puerto Rico's bonds has been
driven by worries about the territory's shrinking economy, its
high jobless rate and per capita debt, which are far higher than
that of any U.S. state.  The U.S. commonwealth's unemployment rate
is nearly 14 percent, higher than any U.S. state, the report
discloses.

Fox News notes that Puerto Rico has about US$70 billion of
outstanding debt, or nearly 2 percent of the overall US$3.7
trillion municipal bond market.  That dwarfs the US$18 billion
held by Detroit, which roiled the muni market when it filed for
municipal bankruptcy earlier this year, the report relays.

The report says that Puerto Rico's debt is held widely by mutual
funds, increasing the systemic risk.  The island will not be
entitled to Chapter 9 municipal bankruptcy.

Fox News notes that Puerto Rico's debt costs have soared this
year.  In May, the report discloses that 30-year general
obligation bonds carried a yield of about 5.3 percent and hit a
peak of 8.6 percent in mid-September.  The debt is now trading
with a yield of 8.1 percent, which is far higher than any U.S.
state's, the report relays.  Puerto Rico's debt is rated BBB, one
notch above junk.

                           Economic Reforms

Meanwhile, Fox News relays that officials in San Juan have
embarked on economic reforms intended to show that the Caribbean
territory will pay its debts, Mr. Bhatia said, citing pension
reform, changes to tax laws and a reduced government work force.

The report discloses that Mr. Bhatia expressed frustration that
investors appeared not to have recognized the reforms, and instead
are punishing Puerto Rico with higher borrowing costs.

Mr. Bhatia, the report relays, said even if Puerto Rico were in
danger of defaulting, the commonwealth's constitution stipulates
that bond holders are paid before pensioners and government
workers.  Mr. Bhatia cited the 2006 crisis in which Puerto Rico's
bond holders were paid while government workers were not, the
report discloses.

Mr. Bhatia said economic development officials and Puerto Rico
Governor Garcia Padilla have been in talks with the U.S. Treasury
and White House.

The report notes that a Treasury spokesperson told Reuters that
the Treasury was monitoring the situation but would not discuss
where the monitoring would lead.

Fox News discloses that a senior White House administration
official said President Barack Obama's task force on Puerto Rico
has been "working for a number of years to maximize the impact of
federal resources on the island."

Although details about any federal action were thin, analysts at
Bank of America Merrill Lynch pointed to a US$320 million aid
package the Obama administration agreed to for Detroit to help
with infrastructure development, the report notes.

As one economic development tool, Mr. Bhatia noted tax breaks that
some U.S. companies once enjoyed in Puerto Rico, the report
relays.

Fox News relays that federal authorities phased out tax breaks for
parent companies of Puerto Rico-based U.S. manufacturers at the
end of 2006.  Puerto Rico entered a recession that year and has
yet to recover.

The report notes that there have been some positive signs from
Puerto Rico's economy.  Tax revenues for the three months through
September rose by US$70 million, or 4.4 percent, to a provisional
US$1.68 billion, the island's treasury secretary said, the report
relays.

Mr. Bhatia attributed the gain to recent tax reform, the report
adds.


* PUERTO RICO TRUST: Moody's Cuts Secured Notes Rating to Caa3
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Moody's Investors Service has downgraded the Puerto Rico
Conservation Trust Fund's secured notes to Caa3 from Caa1. The
rating outlook is negative.

The rating action affects US$200 million of outstanding Puerto
Rico Conservation Trust Fund secured notes. This action reflects a
recent similar action taken by Moody's on the underlying obligor,
Doral Financial Corporation. The Puerto Rico Conservation Trust
Fund is a conduit issuer; the downgrade is unrelated to the credit
of the issuer or the Commonwealth of Puerto Rico, but is solely a
reflection of the credit of Doral, the underlying obligor. The
Trust Fund's notes were issued to purchase medium term notes
issued by Doral, as a form of Puerto Rico tax-exempt financing for
Doral. Payments by Doral on its notes are the sole source of
repayment for the Trust Fund's notes.


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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


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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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