TCRLA_Public/131128.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, November 28, 2013, Vol. 16, No. 236


                            Headlines



A R G E N T I N A

FIDEICOMISO FINANCIERO: Moody's Rates ARS8MM Cert. at "Ba2.ar"
YPF SA: Fitch Affirms Issuer Default Rating at B-; Outlook Neg.


B R A Z I L

OSX BRASIL: Board Elects Euchario Rodrigues as Chief Executive


C A Y M A N  I S L A N D S

AGN INVESTMENTS: Shareholder to Receive Wind-Up Report on Dec. 18
AMERIPATH INDEMNITY: Commences Liquidation Proceedings
CHEYNE TRANSPORTATION: Creditors' Proofs of Debt Due Dec. 4
ELSWORTHY FUND: Creditors' Proofs of Debt Due Dec. 4
FALCON GROUP: Fitch Assigns 'B' Issuer Default Ratings

FIFTH AVENUE: Shareholder to Receive Wind-Up Report on Dec. 18
FIFTH AVENUE IRA: Shareholder to Receive Wind-Up Report on Dec. 18
FUTURE ASSET: Creditors' Proofs of Debt Due Nov. 29
JAPAN REALTY: Commences Liquidation Proceedings
JMN STRUCTURED: Placed Under Voluntary Wind-Up

MSREF VI RIVER: Commences Liquidation Proceedings
MSREF VI SPECIAL A: Commences Liquidation Proceedings
MSREF VI SPECIAL B: Commences Liquidation Proceedings
MSREF VI T: Commences Liquidation Proceedings
MSREF VI TE FINANCE: Commences Liquidation Proceedings

RENAISSANCE ZIMBABWE: Placed Under Voluntary Wind-Up
SUNTECH POWER: Cayman Islands OKs Bid for Provisional Liquidation
SUNTECH POWER: Cayman Court Names PwC's Walker and Stokoe as JPLs


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Fitch Affirms 'B' IDRs; Outlook Stable
* Funds Set Aside for Power Companies Won't Pay US$900M Debt


G U A T E M A L A

INGENIO MAGDALENA: Fitch Withdraws BB- Rating on USD400MM Notes


J A M A I C A

UC RUSAL: Set to Earn More From Aluminium Sales in Asia


M E X I C O

MAXCOM TELECOM: Offer for $38.1MM of Step-Up Notes Ends Dec. 11


V E N E Z U E L A

* VENEZUELA: Adds 100,000 (bpd) of Oil to China as Payment


X X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


FIDEICOMISO FINANCIERO: Moody's Rates ARS8MM Cert. at "Ba2.ar"
--------------------------------------------------------------
Moody's Latin America Calificadora de Riesgo rates Fideicomiso
Financiero Supervielle Creditos 74, a transaction that will be
issued by Equity Trust (Argentina) S.A. -- acting solely in its
capacity as Issuer and Trustee.

The securities for this transaction have not yet been placed in
the market. If any assumption or factor Moody's considers when
assigning the ratings change before closing, the ratings may also
change.

-- ARS 192,000,000 in Floating Rate Debt Securities of
"Fideicomiso Financiero Supervielle Creditos 74", rated Aaa.ar
(sf) (Argentine National Scale) and Ba3 (sf) (Global Scale, Local
Currency)

-- ARS 8,000,000 in Certificates of "Fideicomiso Financiero
Supervielle Creditos 74", rated Ba2.ar (sf) (Argentine National
Scale) and Caa1 (sf) (Global Scale, Local Currency)

Ratings Rationale:

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 36,853 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS 200,002,350.65

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administracion Nacional de la
Seguridad Social). The pool is also constituted by loans granted
to government employees of the Province of San Luis. Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.

Overall credit enhancement is comprised of 4% of subordination for
the Class A Floating Rate Debt Securities. In addition the
transaction has various reserve funds and excess spread.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio. In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.
These factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities. Finally,
Moody's also evaluated the back-up servicing arrangements in the
transaction.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the main pool with a mean
of 2.5% and a coefficient of variation of 50%. Also, Moody's
assumed a lognormal distribution for prepayments with a mean of
25% and a coefficient of variation of 70%. These assumptions are
derived from the historical performance to date of the
Supervielle's pools. Servicer default was modeled by simulating
the default of the Banco Supervielle as the servicer consistent
with its current rating of B2/Aa3.ar. In the scenarios where the
servicer defaults, Moody's assumed that the defaults on the pool
would increase by 20 percentage points.

The model results showed 1.08% expected loss for the Floating Rate
Debt Securities and 14.28% for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 4% from
the base case scenario for the pool (i.e., mean of 6.5% and a
coefficient of variation of 50%), the ratings of the Floating Rate
debt securities and the Certificates would likely be downgraded to
B1 (sf) and Ca (sf) respectively.

Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool. Moody's believes that the ratings assigned are
consistent with this risk.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Banco Supervielle is removed as servicer,
Equity Trust S.A. will be appointed as the back-up servicer.

Moody's National Scale Credit 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 credit 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. For further information
on Moody's approach to national scale credit ratings, please refer
to Moody's Credit rating Methodology published in October 2012
entitled "Mapping Moody's National Scale Credit Ratings to Global
Scale Credit Ratings".


YPF SA: Fitch Affirms Issuer Default Rating at B-; Outlook Neg.
---------------------------------------------------------------
Fitch Ratings has affirmed YPF S.A.'s foreign currency and local
currency Issuer Default Rating (IDR) at 'B-' with a Negative
Rating Outlook. In addition, Fitch has affirmed YPF's
international senior unsecured notes at 'B-/RR4'.

Key Rating Drivers:

YPF's ratings reflect its strong linkage with the credit quality
of the Republic of Argentina (local and foreign currency IDRs of
'B-', Outlook Negative, and 'CC', respectively) and the company's
low reserve life. The ratings also factor in YPF's strong business
position in the local market as well as its relatively strong
credit protection measures.

Linkage To Sovereign:

YPF's ratings reflect the close linkage with the Republic of
Argentina resulting from the company's ownership structure as well
as recent government interventions. The Republic of Argentina
controls the company through its 51% participation after it
nationalized the company in April 2012 by expropriating the
controlling ownership previously owned by Repsol S.A. Since the
expropriation, the company's strategy and business decisions are
governed by the Republic of Argentina and at times may go against
profit maximization.

Low Hydrocarbon Reserve Life:

The ratings consider the company's relatively weak operating
metrics characterized by low reserve life and historically
declining production levels. As of year-end 2012, YPF reported
proved reserves of 979 million barrels of oil equivalent (boe) and
average production of 485,000 boe per day. YTD September 2013, the
company's average production of 485,400 boe per day is consistent
with 2012 trends. Production has been relatively stable, though on
a slight upturn during 2013, especially in 3Q'13 reaching 496,500
boe per day. This translates into a reserve life of approximately
5.5 years, which is significantly below optimal levels and has the
potential to create significant operational challenges in the
medium to long term. During 2012, the company's reserve
replacement ratio was approximately 85%.

Strong Business Position:

YPF benefits from a strong business position supported by its
vertically integrated operations and dominant market presence in
the Argentine hydrocarbons' market. Fitch anticipates that YPF
will continue exercising an active role in domestic fuel and gas
supply.

Adequate Credit Protection Metrics:

The ratings reflect YPF's relatively solid credit protection
metrics, characterized by moderate leverage and a manageable debt
amortization schedule. As of the last 12 months (LTM) ended Sept.
30, 2013, total financial leverage, as measured by total debt-to-
EBITDA, reached 1.2x, which is considered low for the assigned
rating. As of year-end 2012, leverage (as measured by total debt-
to-total proved reserves) was average at US$3.5 per boe. Total
debt as of Sept. 30, 2013 amounted to approximately US$4.503
billion, of which approximately US$1.058 billion was short-term.
Total cash and equivalents amounted to approximately US$1.192
billion as of Sept. 30, 2013. EBITDA for the LTM ended September
2013 was approximately US$3.664 billion. During recent years, the
company's leverage ratios have been increasing, mostly as a result
of increases in debt. The company's stated strategy is to maintain
its net leverage below 1.5x.

Rating Sensitivities:

YPF's ratings could be negatively affected by a combination of the
following:

-- A downgrade of the Republic of Argentina's ratings;
-- A significant deterioration of credit metrics;
-- And/or the adoption of adverse public policies that can affect
   the company's business performance in any of its business
   segments.

A positive rating action in the short-to-medium term is considered
unlikely given the linkage with sovereign credit quality and the
Negative Rating Outlook for all foreign and local currency IDRs.


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


OSX BRASIL: Board Elects Euchario Rodrigues as Chief Executive
--------------------------------------------------------------
Jeb Bloun at Reuters reports that OSX Brasil SA said its board of
directors elected Euchario Lerner Rodrigues as chief executive
officer, a move that comes a day after a judge approved the
company's bankruptcy-protection plan.

OSX Brasil has 180 days to present the court with a plan to
restructure the company and reorganize some or all of its BRL5.34
billion (US$2.33 billion) of debt, according to Reuters.

The report notes that OSX filed in Brasil for bankruptcy
protection shortly after OGX Petroleos e Gas Participacoes sought
protection from creditors seeking to collect BRL11.2 billion of
debt.

OSX Brasil receives nearly all of its current revenue and most of
its expected future revenue from OGX Petroleos, whose shares have
fallen more than 90 percent in the last year after its first
offshore oil fields produced far less than expected, the report
says.

OSX Brasil, the report discloses, also named Claudio Zuicker as
Chief Financial Officer and Head of Investor Relations.

Mr. Rodrigues has a doctorate in financial administration and was
a managing partner at Metrika Consultoria e Pesquisa Ltda in Rio
de Janeiro.  The former operations director of the old Rio de
Janeiro stock exchange, Mr. Rodrigues was also derivatives market
superintendent for Brazil's securities regulator, the CVM.

                          About OSX

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

As reported in the Troubled Company Reporter-Latin America on
Nov. 12, 2013, The Wall Street Journal said OSX Brasil SA
filed for bankruptcy protection, the second such filing for a
commodities empire that crumbled this year as losses piled up and
investor confidence plummeted.

The move on Nov. 11 at a Rio de Janeiro court follows a default
and bankruptcy filing the prior month for Mr. Batista's flagship
oil firm OGX Petroleo e Gas Participacoes SA, according to the WSJ
report.  The firm went public in 2008 for $4.1 billion but failed
to produce nearly any of the up to 10.8 billion barrels it claimed
to have. Recently, OGX declared several of its once promising
fields were actually duds.


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


AGN INVESTMENTS: Shareholder to Receive Wind-Up Report on Dec. 18
-----------------------------------------------------------------
The shareholder of AGN Investments Ltd. will receive on Dec. 18,
2013, at 10:15 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Jacqueline Stirling
          Bessemer Trust Company (Cayman) Limited
          Telephone: (345) 949-6674
          Facsimile: (345) 945-2722
          P.O. Box 2254 Grand Cayman KY1-1107
          Cayman Islands


AMERIPATH INDEMNITY: Commences Liquidation Proceedings
------------------------------------------------------
On Oct. 9, 2013, the shareholders of Ameripath Indemnity, 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:

          Graham Manchester
          Marsh Management Services Cayman Ltd


CHEYNE TRANSPORTATION: Creditors' Proofs of Debt Due Dec. 4
-----------------------------------------------------------
The creditors of Cheyne Transportation Fund Inc are required to
file their proofs of debt by Dec. 4, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 22, 2013.

The company's liquidator is:

          K.D. Blake
          PO Box 493 Grand Cayman KY1-1106
          Cayman Islands
          c/o Jason Robinson
          Telephone: +1 (345) 815-2600/ +1 (345) 949-4800
          Facsimile: +1 (345) 949-7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands


ELSWORTHY FUND: Creditors' Proofs of Debt Due Dec. 4
----------------------------------------------------
The creditors of Elsworthy Fund Inc. are required to file their
proofs of debt by Dec. 4, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 10, 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


FALCON GROUP: Fitch Assigns 'B' Issuer Default Ratings
------------------------------------------------------
Fitch Ratings has assigned Falcon Group Holdings (Cayman) Ltd. a
Long-term Issuer Default Rating (IDR) of 'B' and a Short-term IDR
of 'B'. The Outlook on the Long-term IDR is Stable.

Key Rating Drivers-IDRs:

Falcon's IDRs reflect its niche franchise in its core Middle East
and Asian markets, the low risk nature of its trade finance
business and low leverage, supported by strong internal capital
generation, which provides a buffer for potential debt issuance.
Falcon has also demonstrated a strong track record of performance
through the cycle including a solid profit generation capability
on rising turnover with limited asset quality deterioration.

However, Fitch considers that the financial profile of the group
could be altered fairly quickly because of the lack of strong
lines of defence built within its business model. The main
constraints are the significant related party transactions with
the shareholder as well as the key role and importance of the
chairman/sole shareholder to the business, which weakens the
position of potential debt holders within the corporate structure.
Corporate governance is therefore viewed as a rating constraint.

Fitch considers the group as a niche player in the trade finance
business, without a clear competitive advantage and with limited
pricing power in the global market. Barriers to entry within the
trade finance business are low. Asset quality of the core business
is considered strong, although there have been past instances of
opportunistic investment strategies that could have put the group
at risk from potential high losses. While internal compliance and
risk management functions have been strengthened, Fitch believes
that efforts to address these issues are still a work in progress.

Liquidity is supported by strong cash and equivalent balances, and
the structure of the balance sheet is quite flexible due to the
short-term nature of transactions in which it engages. Liquidity
needs are limited due to the self-funded and matched nature of
transactions.

Rating Sensitivities-IDRs:

Negative pressure on the ratings could arise from a worsening risk
profile, resulting from, for example, rapid expansion outside its
core competences or a heightened risk appetite. Although there is
currently some headroom, the ratings would also be negatively
affected by significantly increased leverage resulting from higher
dividend payout ratios or sustained falls in profitability. The
ratings could also be sensitive to increased operational risk
resulting from a rapid, uncontrolled expansion outside the Group's
core geographical areas of expertise.

The ratings could be positively impacted by improved risk
management practices including a demonstrated track record of
adhering to more conservative internal limits and investment
policies; improved corporate governance policies, practices and
board level committees and limiting related-party transactions.
Other positive rating drivers include an improved franchise and
pricing power, and evidence of a defendable market position.

Falcon Group was set up in 1994 as a finance provider for mid-
sized corporate clients in the GCC/Middle East seeking alternative
short-term trade finance. Falcon Group Holdings (Cayman) Limited
was established in 2013 in the Cayman Islands to act as the new
holding company for the group. Falcon's business model is focused
on trade finance with most of its business originated from the
Middle East and Asia. It provides alternative finance for its
customers and hedges its trade finance exposure. The group is
unregulated and is privately owned by its founder Kamel Alzarka
who acts as its chairman and is an executive director of the
company.


FIFTH AVENUE: Shareholder to Receive Wind-Up Report on Dec. 18
--------------------------------------------------------------
The shareholder of Fifth Avenue Technology Growth Offshore Fund
Ltd. will receive on Dec. 18, 2013, at 10:30 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Jacqueline Stirling
          Bessemer Trust Company (Cayman) Limited
          Telephone: (345) 949-6674
          Facsimile: (345) 945-2722
          Bessemer Trust Company (Cayman) Limited
          P.O. Box 2254 Grand Cayman KY1-1107
          Cayman Islands


FIFTH AVENUE IRA: Shareholder to Receive Wind-Up Report on Dec. 18
------------------------------------------------------------------
The shareholder of Fifth Avenue Technology Growth Ira Offshore
Fund Ltd. will receive on Dec. 18, 2013, at 10:30 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Jacqueline Stirling
          Bessemer Trust Company (Cayman) Limited
          Telephone: (345) 949-6674
          Facsimile: (345) 945-2722
          Bessemer Trust Company (Cayman) Limited
          P.O. Box 2254 Grand Cayman KY1-1107
          Cayman Islands


FUTURE ASSET: Creditors' Proofs of Debt Due Nov. 29
---------------------------------------------------
The creditors of Future Asset Management are required to file
their proofs of debt by Nov. 29, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 4, 2013.

The company's liquidator is:

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


JAPAN REALTY: Commences Liquidation Proceedings
-----------------------------------------------
On Oct. 25, 2013, the shareholders of Japan Realty Finance Company
II 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:

          Stephen Nelson
          Telephone: (345) 949-4544
          Facsimile: (345) 949-8460
          Charles Adams Ritchie & Duckworth
          P.O. Box 709, 122 Mary Street
          Grand Cayman KY1-1107
          Cayman Islands


JMN STRUCTURED: Placed Under Voluntary Wind-Up
----------------------------------------------
On Oct. 24, 2013, the sole shareholder of JMN Structured
Strategies, Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Nov. 18, 2013, will be included in the company's dividend
distribution.


MSREF VI RIVER: Commences Liquidation Proceedings
-------------------------------------------------
On Oct. 23, 2013, the shareholder of MSREF VI River Five, 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:

          Stephen Nelson
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460
          Charles Adams Ritchie & Duckworth
          P.O. Box 709, 122 Mary Street
          Grand Cayman KY1-1107
          Cayman Islands


MSREF VI SPECIAL A: Commences Liquidation Proceedings
-----------------------------------------------------
On Oct. 25, 2013, the sole shareholder of MSREF VI Special A
Finance Company 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:
          Stephen Nelson
          Telephone: (345) 949-4544
          Facsimile: (345) 949-8460
          Charles Adams Ritchie & Duckworth
          P.O. Box 709, 122 Mary Street
          Grand Cayman KY1-1107
          Cayman Islands


MSREF VI SPECIAL B: Commences Liquidation Proceedings
-----------------------------------------------------
On Oct. 25, 2013, the sole shareholder of MSREF VI Special B
Finance Company 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:

          Stephen Nelson
          Telephone: (345) 949-4544
          Facsimile: (345) 949-8460
          Charles Adams Ritchie & Duckworth
          P.O. Box 709, 122 Mary Street
          Grand Cayman KY1-1107
          Cayman Islands


MSREF VI T: Commences Liquidation Proceedings
---------------------------------------------
On Oct. 25, 2013, the shareholders of MSREF VI T Finance Company
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:

          Stephen Nelson
          Telephone: (345) 949-4544
          Facsimile: (345) 949-8460
          Charles Adams Ritchie & Duckworth
          P.O. Box 709, 122 Mary Street
          Grand Cayman KY1-1107
          Cayman Islands


MSREF VI TE FINANCE: Commences Liquidation Proceedings
------------------------------------------------------
On Oct. 25, 2013, the sole shareholder of MSREF VI Te Finance
Company 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:
          Stephen Nelson
          Telephone: (345) 949-4544
          Facsimile: (345) 949-8460
          Charles Adams Ritchie & Duckworth
          P.O. Box 709, 122 Mary Street
          Grand Cayman KY1-1107
          Cayman Islands


RENAISSANCE ZIMBABWE: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Oct. 25, 2013, the sole shareholder of Renaissance Zimbabwe
Access Fund resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Nov. 18, 2013, will be included in the company's dividend
distribution.


SUNTECH POWER: Cayman Islands OKs Bid for Provisional Liquidation
-----------------------------------------------------------------
Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world's
largest solar companies, announced early this month that the Grand
Court of the Cayman Islands, the jurisdiction of its
incorporation, has granted the Company's application for a
provisional liquidation. Restructuring professionals selected by
the Company from PricewaterhouseCoopers have been appointed to
work with the Company's Board of Directors to continue progressing
a restructuring of the Company.  The restructuring professionals
will be appointed with the consent and support of the Company and
the Board of Directors with the ultimate goal of achieving the
Company's restructuring in the best interest of all stakeholders.
The restructuring professionals will commence working with the
Company immediately.

About Suntech Power

Wuxi, China-based Suntech Power Holdings Co., Ltd. (NYSE: STP)
produces solar products for residential, commercial, industrial,
and utility applications.  With regional headquarters in China,
Switzerland, and the United States, and gigawatt-scale
manufacturing worldwide, Suntech has delivered more than
25,000,000 photovoltaic panels to over a thousand customers in
more than 80 countries.

Suntech Power Holdings Co., Ltd., received from the trustee of its
3 percent Convertible Notes a notice of default and acceleration
relating to Suntech's non-payment of the principal amount of
US$541 million that was due to holders of the Notes on March 15,
2013.  That event of default has also triggered cross-defaults
under Suntech's other outstanding debt, including its loans from
International Finance Corporation and Chinese domestic lenders.

Suntech Power had involuntary Chapter 7 bankruptcy proceedings
initiated against it on Oct. 14, 2013 in U.S. Bankruptcy Court in
White Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350), by
holders of more than $1.5 million of defaulted securities under a
2008 $575 million indenture.  The Chapter 7 Petitioners are
Trondheim Capital Partners, L.P., Michael Meixler, Longball
Holdings, LLC, and Jiangsu Liquidators, LLC.  They are represented
by Jay Teitelbaum, Esq., at TEITELBAUM & BASKIN LLP, in White
Plains, New York.


SUNTECH POWER: Cayman Court Names PwC's Walker and Stokoe as JPLs
------------------------------------------------------------------
PricewaterhouseCoopers, the restructuring professionals appointed
as a result of the grant of Suntech Power Holdings Co., Ltd.'s
application for a provisional liquidation, announced that on Nov.
7, 2013, the Grand Court of the Cayman Islands appointed David
Walker -- david.walker@ky.pwc.com -- Ian Stokoe  --
ian.stokoe@ky.pwc.com -- of PricewaterhouseCoopers as joint
provisional liquidators (the "JPLs") of the Company.  "The JPLs
intend to work with the Suntech Power Board and its various
stakeholders to attempt to restructure Suntech Power and its
affiliated group companies.

"We refer to Suntech Power's Form 6-K filing dated July 19, 2013,
which disclosed certain transfers and disposals of the shares of
Suntech Power Japan Corporation ("Suntech Japan") and Suntech
Power Investment Pte., Ltd. ("Suntech Singapore") to Wuxi Suntech
Power Co., Ltd., purportedly made in connection with intragroup
debt restructuring (the "Purported Share Disposals")."

A copy of the Form 6-K filing dated July 19, 2013, is available
for free at http://is.gd/COdSCu

"We hereby put all relevant parties on notice that the JPLs will
investigate and pursue the Group's rights to the fullest extent in
respect of the Purported Share Disposals.  Both Suntech Japan and
Suntech Singapore were owned by Power Solar System Co., Ltd.
("PSS") and PSS is an immediate subsidiary of Suntech Power.  PSS
may be insolvent under the laws of the British Virgin Islands
("BVI"), the jurisdiction in which it is incorporated.  As such,
the Purported Share Disposals undertaken by PSS early this year
may be voidable under BVI Law.

"The JPLs are also aware of the Hong Kong Stock Exchange
announcement made by Shunfeng Photovoltaic International Ltd. on
1 November 2013 in relation to its proposed purchase of the entire
equity interest of Wuxi Suntech by its subsidiary Jiangsu Shunfeng
Photovoltaic Technology Co., Ltd.  PSS is the 100% shareholder of
Wuxi Suntech and any transfer or disposal of Wuxi Suntech's shares
requires the prior written agreement and consent of PSS.  Suntech
Power has instructed the directors of PSS that they are NOT
authorised (in any way, whether directly or indirectly) to
transfer or otherwise dispose of (in any way) any assets of PSS
without the prior written approval of the JPLs.  This includes any
transfer or disposal of the shares of Wuxi Suntech.  The JPLs have
not given their approval to any transfer or disposal of the shares
of Wuxi Suntech to Jiangsu Shunfeng Photovoltaic Technology Co.,
Ltd. or any other company or entity.

"The JPLs reserve all the rights against any person or entity who
may have participated in or facilitated (in any way) any transfers
or disposals of the shares of Suntech Japan, Suntech Singapore
and/or Wuxi Suntech referred to herein and any potential
subsequent transfer of those shares, including the proposed
purchase of the entire equity interest of Wuxi Suntech by Jiangsu
Shunfeng Photovoltaic Technology Co., Ltd."

                      About Suntech Power

Wuxi, China-based Suntech Power Holdings Co., Ltd. (NYSE: STP)
produces solar products for residential, commercial, industrial,
and utility applications.  With regional headquarters in China,
Switzerland, and the United States, and gigawatt-scale
manufacturing worldwide, Suntech has delivered more than
25,000,000 photovoltaic panels to over a thousand customers in
more than 80 countries.

Suntech Power Holdings Co., Ltd., received from the trustee of its
3 percent Convertible Notes a notice of default and acceleration
relating to Suntech's non-payment of the principal amount of
US$541 million that was due to holders of the Notes on March 15,
2013.  That event of default has also triggered cross-defaults
under Suntech's other outstanding debt, including its loans from
International Finance Corporation and Chinese domestic lenders.

Suntech Power had involuntary Chapter 7 bankruptcy proceedings
initiated against it on Oct. 14, 2013 in U.S. Bankruptcy Court in
White Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350), by
holders of more than $1.5 million of defaulted securities under a
2008 $575 million indenture.  The Chapter 7 Petitioners are
Trondheim Capital Partners, L.P., Michael Meixler, Longball
Holdings, LLC, and Jiangsu Liquidators, LLC.  They are represented
by Jay Teitelbaum, Esq., at TEITELBAUM & BASKIN LLP, in White
Plains, New York.


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


DOMINICAN REPUBLIC: Fitch Affirms 'B' IDRs; Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed the following ratings for the Dominican
Republic:

-- Long-term foreign and local currency Issuer Default Ratings
(IDR) at 'B'; Stable Outlook;
-- Short-term foreign currency IDR at 'B';
-- Country Ceiling at 'B+'.

Key Rating Drivers:

Dominican Republic's ratings and Stable Outlook are underpinned by
its resilient and diversified economy, high per capita income,
track record of macroeconomic stability and sustained access to
official lending and international capital markets. These
strengths are balanced against structural weaknesses in fiscal
accounts such as a narrow revenue base and rigid budget
expenditure, rising government debt and external financing needs,
and a weak external liquidity position.

The Dominican economy has shown resilience through adverse
external and domestic cycles. The country's five-year average
growth is at par with the 'B' median of 4.5% in 2013. Economic
growth could average 4.2% in 2014 - 2015, supported by improving
consumer confidence, higher public spending and the dynamism of
tourism, free trade zones and gold mining.

The central bank is committed to preserve price and currency
stability. Inflation reached 4.7% in October 2013 and is likely to
end the year within the official target band of 5% +/- 1%.
Exchange rate flexibility is constrained by domestic economic
actors' sensitivity to sudden exchange rate movements, as
evidenced by the temporary pressures on the Dominican peso in
3Q13. This highlights the importance of maintaining policy
credibility and adequate international reserves to support the
economy's resilience to external shocks.

The post-electoral fiscal adjustment is proceeding in line with
Fitch's expectations. The incoming Medina administration brought
the central government deficit down to an estimated 2.9% of GDP in
2013, from 6.6% in 2012, through a combination of public
investment cuts and tax hikes. A narrow revenue base and spending
rigidities, chiefly burdensome electricity subsidies and
transfers, are likely to impede further deficit reductions.

General government debt doubled from 18% of GDP in 2007 to an
estimated 36% of GDP in 2013, driven by recurrent primary fiscal
deficits and issuance of central bank recapitalization bonds (5.3%
of GDP). The debt and interest burden could reach 241% and 17% of
fiscal revenue in 2013, well above the respective 'B' medians.
Dominican Republic's debt tolerance is constrained by its narrow
revenue base, low domestic savings rates and poor record of debt
restructuring.

Rising mining production enhances the already diversified
structure of the Dominican economy and contributes to mitigate
near-term fiscal and external imbalances. Despite this, external
financing needs will remain among the highest in the 'B' category
at 134% of reserves in 2014, driven by high current account
deficits and hefty amortizations on official loans. Foreign
reserves approached USD4bn in October 2013, 2.5 months of current
external payments, one of the weakest coverage ratios in the 'B'
category.

Maintaining market access and multilateral support are key for the
Dominican Republic. The sovereign issued USD1.5 billion in global
bonds in 2013 and intends to raise the same amount in 2014. The
government also relies heavily on preferential loans from
Venezuela under the Petrocaribe agreement.

Rating Sensitivities:

The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are currently balanced. Fitch's
sensitivity analysis does not currently anticipate developments
with a high likelihood of leading to a rating change.

The main factors that individually, or collectively, could trigger
a positive rating action include:

-- Budget deficits contained at levels consistent with a
stabilization of the debt burden.

-- A reduction in external vulnerabilities that enhances the
country's shock absorption capacity.

The main factors that individually, or collectively, could trigger
a negative rating action include:

-- Fiscal deterioration and growth underperformance leading to
negative debt dynamics and macroeconomic instability.

-- Market financing constraints and difficulties in accessing
budgetary support from bilateral and multilateral lenders.

Key Assumptions:

The ratings and Outlooks are sensitive to a number of assumptions:

-- Fitch assumes that the US Federal Reserve tapering proceeds in
an orderly manner such that there are no massive capital outflows
and external market financing constraints for the Dominican
Republic.

-- Fitch assumes that Dominican Republic will be able to rollover
USD894m in debt maturities with multilaterals in 2014 and the
government will continue to benefit from access to budget support
from Venezuela under the Petrocaribe agreement.

-- The growth, fiscal and external forecasts assume that Barrick
Gold sustains annual gold production at one million ounces and
international prices are around USD1,300 per ounce. The
projections also assume average oil prices of USD100 per barrel
over the next two years.


* Funds Set Aside for Power Companies Won't Pay US$900M Debt
------------------------------------------------------------
Dominican Today reports that State-owned electric Utility (CDEEE)
Chief Executive Officer Ruben Bichara Jimenez said that the funds
allocated in the draft of the supplementary budget for CDEEE,
which the power companies place at US$900 million, won't be enough
to cover it.

Mr. Jimenez said the allocation of USD233 million "can honor a
part of the power companies' invoices," according to Dominican
Today.

In that regard, the report notes that Dominican Republic's power
companies grouped in the ADIE said the government owes them nearly
US$900 million, "with as many as six bills in arrears."

The report relays that the ADIE said the Government owes the power
companies "exactly US$886.5 million," a situation of concern
"because it affects the continuity of our operations."


==================
G U A T E M A L A
==================


INGENIO MAGDALENA: Fitch Withdraws BB- Rating on USD400MM Notes
---------------------------------------------------------------
Fitch Ratings has withdrawn the 'BB-(exp)' rating on Ingenio
Magdalena, S.A.'s (Imsa) USD400 million senior notes issuance. The
rating has been withdrawn due to the suspension of the expected
debt issuance.

Fitch currently rates Imsa as follows:
-- Foreign currency Issuer Default Rating (IDR) 'BB-'.

The Rating Outlook is Stable.


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


UC RUSAL: Set to Earn More From Aluminium Sales in Asia
-------------------------------------------------------
RJR News reports that Russian aluminum company, UC Rusal, which
has a major stake in Jamaica's bauxite alumina sector, is set to
rake more earnings from aluminum sales in Asia next year.

UC Rusal has asked Japanese buyers of aluminum for an increase as
high as 10 per cent, according to RJR News.  The report relates
that the Russian producer has offered US$270 per ton for the first
quarter of next year, up from US$245 to US$247 per ton in the
current quarter.

UC Rusal's Director of Asian sales, Geoff Watson, said Japan's
demand is stronger than it has been during the previous few
quarters and the strength is expected to continue into the first
quarter, the reports notes.

In the meantime, more than 300 workers at UC Rusal's operations in
Jamaica are set to become unionized, the report relates.

The National Workers' Union (NWU) is to serve a bargaining rights
claim on behalf of the employees.

The report notes that Vincent Morrison, NWU's president, said that
the union is finalizing arrangements for a representational rights
poll.  Mr. Morrison said the vast majority of workers have asked
the NWU to represent them and they are in the process of, through
the Ministry of Labor, conducting a poll among those workers. The
workers are from Ewarton and Kirkvine, the report relates.

The union has also served a bargaining rights claim on behalf of
scores of workers at the Lydford Mining Company, the report adds.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 25, 2013, RJR News said UC Rusal disclosed its financial
losses for 2012 were bigger than initially reported.  The company
has revised its net loss to US$337 million from the US$55 million
US dollar loss reported the previous month, according to RJR News.
The report related that UC Rusal said the adjustment was made
after reviewing its share of profit from its subsidiary Norilsk
Nickel. UC Rusal, the report added, said the adjusted financial
statements have been reviewed by its auditor.



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


MAXCOM TELECOM: Offer for $38.1MM of Step-Up Notes Ends Dec. 11
---------------------------------------------------------------
Maxcom Telecomunicaciones, S.A.B. de C.V., disclosed early this
month it has commenced a tender offer to purchase for cash up to
an aggregate of $38,104,308 aggregate principal amount of its
outstanding Step-Up Senior Notes due 2020 from registered holders
of the Notes.  There is currently $180,353,962 in aggregate
principal amount of the Notes outstanding.  The Tender Offer is
being made pursuant to, and subject to the terms and conditions
in, the Offer to Purchase dated Nov. 8, 2013.  The principal
amount of Notes purchased in the Tender Offer is currently capped
at $38,104,308 million. Subject to certain conditions, and subject
to the Tender Cap, the Company intends to accept for purchase all
Notes validly tendered at or prior to 11:59 p.m., New York City
time, on Dec. 11, 2013 (the "Expiration Date").  Holders who
tender their Notes, will, subject to certain conditions and the
Tender Cap, receive $850 per $1,000 aggregate principal amount of
Notes (the "Tender Offer Consideration").  In addition, accrued
and unpaid interest up to, but not including, the date of payment
for the Notes accepted for purchase will be paid.  Validly
tendered Notes may be withdrawn at any time at or prior to the
Expiration Date, unless extended or earlier terminated.

D.F. King & Co., Inc. is acting as tender agent and information
agent in connection with the Tender Offer.  Any questions
regarding procedures for tendering Notes or requests for
additional copies of the Offer to Purchase and any related
documents, which are available for free and which describe the
tender offer in greater detail, should be directed to D.F. King &
Co., whose addresses and telephone numbers is:

         D.F. King & Co.
         Attention: Elton Bagley
         48 Wall Street - 22nd Floor
         New York, New York 10005
         Banks and Brokers call: (212) 269-5550
         All others: (800) 488-8035
         E-mail: maxcom@dfking.com

                           About Maxcom

Maxcom Telecomunicaciones, S.A.B. de C.V., headquartered in Mexico
City, Mexico, is a facilities-based telecommunications provider
using a "smart-build" approach to deliver last-mile connectivity
to micro, small and medium-sized businesses and residential
customers in the Mexican territory.  Maxcom launched commercial
operations in May 1999 and is currently offering local, long
distance, data, value-added, paid TV and IP-based services on a
full basis in greater metropolitan Mexico City, Puebla, Tehuacan,
San Luis, and Queretaro, and on a selected basis in several cities
in Mexico.

In June 2013, Maxcom didn't make an $11 million interest payment
on the notes.

Maxcom sought bankruptcy protection (Bankr. D. Del. Case No.
13-11839) in Wilmington, Delaware, on July 23, 2013.

Maxcom listed $11.1 billion in assets and $402.3 million in debt.
The company had assets valued at 4.98 billion pesos ($394 million)
in the quarter ended March 31, according to an April 26 regulatory
filing.  The company reached a restructuring agreement with
Ventura Capital, a group holding about $86 million, or 48.7
percent, of the senior notes and about 44 percent of its equity
holders, court papers show.

The Company has engaged Lazard Freres & Co. LLC and its alliance
partner Alfaro, Davila y Rios, S.C., as its financial advisor and
Kirkland & Ellis LLP and Santamarina y Steta, S.C. as its U.S. and
Mexican legal advisors in connection with its restructuring
proceedings and potential Chapter 11 case.  The Ad Hoc Group has
retained Cleary Gottlieb Steen & Hamilton LLP and Cervantes Sainz,
S.C., as its U.S. and Mexican legal advisors.  Ventura has
retained VACE Partners as its financial advisor, and Paul Hastings
LLP and Jones Day as its U.S. and Mexican legal advisors,
respectively.

In September 2013, the U.S. bankruptcy court entered an order
confirming the Company's prepackaged Chapter 11 plan of
reorganization.  Confirmation of the Plan was fully-consensual:
the only class of creditors entitled to vote overwhelmingly voted
in favor of the Plan and no party objected to confirmation of the
Plan.  The Plan was declared effective in October 2013.


=================
V E N E Z U E L A
=================


* VENEZUELA: Adds 100,000 (bpd) of Oil to China as Payment
----------------------------------------------------------
El Universal reports that Venezuela plans to send China 330,000
barrels per day (bpd) of oil as payment of a loan granted through
the China-Venezuela Joint Fund.

The National Assembly (AN) published in Official Gazette N 40,299
the law approving the third protocol of amendment to the agreement
between the governments of Venezuela and China on the China-
Venezuela joint fund, including a new tranche for US$6 billion,
according to El Universal.  The report relates that under the new
loan, Venezuela should send additional 100,000 bpd to China.

The report discloses that pursuant to the former protocol,
Venezuela undertook to ship 230,000 bpd to China.  Now, 330,000
bpd will be dispatched: 230,000 for tranches A and B, and 100,000
bpd for tranche C, the report relates.

The latter tranche is for US$5 billion granted by China for a
three-year term and US$1 billion stemming from the contribution to
the investment made by the National Development Fund (Fonden), the
report relates.

In order to feed the Heavy Fund, divided into several tranches, a
revolving scheme has been outlined, the report says. Initially,
US$4 billion had been agreed, the report discloses.  Now, a new
tranche has been established for a higher amount, the report adds.

Minister of Petroleum and Mining and president of state-run oil
holding Petroleos de Venezuela (Pdvsa), Rafael Ramirez, said that
US$20.6 billion out of the loans agreed with China for US$36
billion had been repaid, the report says.

The report discloses that the senior officer highlighted that for
the deals with China, Pdvsa has also gotten a surplus of US$36.3
billion.  The surplus comes from additional barrels delivered to
China and not used to meet the funding, the report adds.


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


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


                   * * * End of Transmission * * *