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                     L A T I N   A M E R I C A

           Friday, December 6, 2013, Vol. 14, No. 242


                            Headlines



A R G E N T I N A

ARGENTINA: Minister Seeks US$17BB Investment From Russia and China
MAPFRE ARGENTINA: Moody's Withdraws B3 Global Currency Rating


B R A Z I L

TELEFONICA CELULAR: Fitch Affirms IDR & $300MM Notes Rating at BB


C A Y M A N  I S L A N D S

ALERT INVESTMENTS: Shareholder to Hear Wind-Up Report on Dec. 9
ALL SEASONS: Shareholder Receives Wind-Up Report
ARCO IRIS: Shareholders Receive Wind-Up Report
ARGO CAPITAL: Shareholders' Final Meeting Set for Today
BARCAN INVESTMENTS: Shareholder to Hear Wind-Up Report on Dec. 19

COVEPOINT EMERGING: Shareholder to Hear Wind-Up Report on Dec. 13
CRYSTAL CREDIT: Shareholder to Hear Wind-Up Report on Dec. 9
FUTURE ASSET: Shareholders Receive Wind-Up Report
GIBBEN LTD: Shareholder to Hear Wind-Up Report on Dec. 19
JMN STRUCTURED: Shareholder Receives Wind-Up Report

NINGBO HOLDING: Shareholder Receives Wind-Up Report
PALAU INTERNATIONAL: Shareholder Receives Wind-Up Report
RAGUNDRI FUNDING: Shareholder to Hear Wind-Up Report Today
RESIDENTIAL REINSURANCE: Member to Hear Wind-Up Report on Dec. 9
SHORE RE: Shareholder to Hear Wind-Up Report on Dec. 9


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Gov't. Injects RD$50BB to Boost Economy


J A M A I C A

SANDALS RESORTS: Signs MOU With Antigua & Barbuda Government


M E X I C O

AXTEL SAB: Moody's Cuts Corporate Family Rating to Caa3


P U E R T O   R I C O

BUILDERS GROUP: CPG Has Green Light to Foreclose on Cupey Mall
EMPRESAS OMAJEDE: Has Until Dec. 18 to File Plan and Disclosures
EVERTEC GROUP: Moody's Says B1 CFR Unaffected by Share Repurchase


                            - - - - -


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A R G E N T I N A
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ARGENTINA: Minister Seeks US$17BB Investment From Russia and China
------------------------------------------------------------------
Pablo Gonzalez at Bloomberg News reports that Argentina's Planning
Minister Julio De Vido is flying to Russia and China to seek
investors for 14 infrastructure projects to be auctioned next year
for a total of US$17 billion, two people with knowledge of the
situation said.

Argentina's projects include hydro dams in Neuquen, a dam in
Salta, aqueducts in the northern part of the country and a
communications tower to be erected outside Buenos Aires, said an
unnamed spokesman, according to Bloomberg News.

Bloomberg News discloses that this is Minister De Vido's second
trip to Russia and China in the past year seeking investors.

In August, Argentina hired the joint venture of China Gezhouba
Group Co. (600068) and Argentina's Electrongenieria SA to build
two dams worth US$4.1 billion to produce total of 1,740 megawatts
in Santa Cruz province, Bloomberg News says.


MAPFRE ARGENTINA: Moody's Withdraws B3 Global Currency Rating
-------------------------------------------------------------
Moody's Latin America has withdrawn MAPFRE Argentina ART S.A.'s B3
global local currency and Baa1.ar national scale insurance
financial strength ratings with a negative outlook. MAPFRE
Argentina ART S.A. is an Argentine workers' compensation insurer
owned by GALENO ARGENTINA S.A. (not rated by Moody's), a leading
Argentine health insurer that acquired the company from MAPFRE
S.A. in January, 2013.

Ratings Rationale:

Moody's has withdrawn the rating for its own business reasons.


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


TELEFONICA CELULAR: Fitch Affirms IDR & $300MM Notes Rating at BB
-----------------------------------------------------------------
Fitch Ratings has affirmed Telefonica Celular del Paraguay S.A.'s
(Telecel) ratings as follows:

-- Foreign currency Issuer Default Rating (IDR) at 'BB';
-- US$300 million senior unsecured notes due 2022 at 'BB'.

The Rating Outlook is Stable.

Telecel's ratings reflect its strong financial profile,
underpinned by low leverage, solid cash flow generation and
extended debt maturity schedule. The ratings also consider the
company's leading market position in mobile, broadband and Pay-TV
services in Paraguay; strong brand recognition; extensive network
coverage; diverse service offering; and low-to-moderate regulatory
risk. Telecel's credit quality is tempered by an increasingly
competitive environment and capped by the Paraguayan country
ceiling rating at 'BB' due to limited geographic diversification.

The ratings factor in Telecel's relationship with its parent
company Millicom International Cellular S.A. (MIC) (rated by Fitch
at 'BB+', Outlook Stable), which fully owns it. Telecel benefits
from synergies related to MIC's larger scale and management
expertise, but the ratings also consider Telecel's payment of
management fees and high dividends to the parent. Positively, MIC
presents a solid consolidated financial profile. For the last 12
months (LTM) ended Sept. 30, 2013, MIC had US$5.1 billion in
revenues, US$1.9 billion in EBITDAR, funds flow from operations
(FFO) of US$1.3 billion, indebtedness of US$4.2 billion and cash
balances of US1 billion.

Leverage to Remain Low
Telecel's net leverage is expected to remain at a low level, below
1.5x. From 2008 to 2011, the company presented a positive net cash
position, which since 2012 turned into a very conservative net
debt-to-EBITDA ratio after the acquisition of Cablevision. The
company is being able to maintain conservative credit metrics
despite substantial dividend payouts in recent years. During the
LTM ended Sept. 30, 2013, Telecel reported a total debt-to-EBITDA
ratio of 1x and a net debt-to-EBITDA ratio of 0.7x, which already
considers the cash payment of PGY767 billion in October 2012 for
Cablevision.

Margins Better than Peers
Fitch expects EBITDA margins to trend downwards toward the 45%-50%
level in the medium term due to the consolidation of the lower
margin Pay-TV and broadband businesses, as well as the competitive
environment and potential regulatory changes. Telecel's EBITDA
margin after fees paid to MIC declined gradually to 50.4% in the
LTM ended Sept. 2013 from 60.9% in 2009, which still compares
favorably with its peers in Latin America. The company's net
revenues have benefited from a growing customer base, increasing
value-added services participation, and, more recently, the
consolidation of Cablevision. In the LTM ended Sept. 30, 2013, net
revenues of PYG3,187 billion were 12.8% higher than in 2012.
Following the same increasing trend, EBITDA of PYG1,606 billion
was a record for the company even with the margin dropping 440
basis points compared to 2012.

Fitch expects Telecel's free cash flow (FCF) to remain negative in
the next five years based on aggressive dividend payments to
shareholders. Annual capital expenditures should also increase
between 2014 and 2017 as a result of growth opportunities. In the
LTM ended Sept. 30, 2013, cash flow from operations (CFFO) was
PYG1,123 billion, with investments of PYG324 billion and dividends
of PYG1,058 billion leading to a negative FCF of PYG259 billion.

Leading Market Position
Telecel's ratings are supported by its strong market position as
the main operator in the Paraguayan telecom sector. The company
has extensive network coverage in the country and a diverse
service offering. Telecel's market share in the mobile business is
estimated at 58% and the company has strengthened its competitive
position through the acquisition of Cablevision in 2012, as it
expanded the company's product portfolio with Pay-TV and fixed-
broadband and allowed some synergies. The group is currently the
market leader in both segments in Paraguay, with 50% and 52%
market share, respectively. The mobile segment has lower room to
grow customers than in the past as penetration is around 97.2%.
The market has four players and price competition is aggressive,
putting downward pressure on average revenue per user (ARPU).

Manageable Liquidity
Telecel has a manageable liquidity position, underpinned by its
cash balances, strong operational cash generation, and a
lengthened debt maturity profile. Fitch expects Telecel to
maintain strong short-term debt coverage ratios. As of Sept. 30,
2013, only 5% of total debt of PYG1,637 billion matures in the
short term (PYG86 billion). Cash and marketable securities of
PYG450 billion covers short-term debt by 5.2x and (CFFO + cash and
marketable securities)/short-term debt was 18.2x. Telecel's
consolidated debt comprised basically the US$300 million senior
notes due 2022 and the US$75 million European Investment Bank
(EIB) loan . Currency exposure is mitigated by low leverage, long-
term debt maturity profile and by 90% of the cash balance being
kept in U.S. dollars.

Key Rating Drivers:
A negative rating action could be triggered by leveraged
acquisitions, a substantial increase in capital expenditures, or
deteriorating cash flow generation that results in a material
change in the company's capital structure. A multiple-notch
downgrade on the parent company's (MIC) IDR could also pressure
the ratings. A positive rating action is constrained by Paraguay's
current country ceiling.


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


ALERT INVESTMENTS: Shareholder to Hear Wind-Up Report on Dec. 9
---------------------------------------------------------------
The shareholder of Alert Investments Ltd will receive on Dec. 9,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          Telephone: 949 8666
          Facsimile: 949 0626
          P.O. Box 694 Grand Cayman
          Cayman Islands


ALL SEASONS: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of All Seasons Enhanced Equity Fund Ltd received
on Dec. 5, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Roger Priaulx
          Edel Andersen
          c/o Genesis Trust & Corporate Services Ltd.
          Midtown Plaza, 2nd Floor
          Elgin Avenue, George Town
          Grand Cayman
          Cayman Islands KY1-1106
          Telephone: (345) 945 3466
          Facsimile: (345) 945 3470


ARCO IRIS: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Arco Iris Fund (SPC) Ltd received on Nov. 28,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Michael Penner
          c/o Yvonne Lorimer
          Deloitte & Touche
          P.O. Box 1787 KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 2214
          Facsimile: +1 (345) 949 8258
          E-mail: yvlorimer@deloitte.com


ARGO CAPITAL: Shareholders' Final Meeting Set for Today
--------------------------------------------------------
The shareholders of Argo Capital Partners Fund Limited will hold
their final meeting today, Dec. 6, 2013, at 9:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Julian Lloyd Vine
          Lainston International Management (Cayman), Ltd
          Telephone: (345) 943-1206
          Sussex House, 128 Elgin Ave
          P.O. Box 31298 Grand Cayman KY1-1206
          Cayman Islands


BARCAN INVESTMENTS: Shareholder to Hear Wind-Up Report on Dec. 19
-----------------------------------------------------------------
The shareholder of Barcan Investments Limited will receive on
Dec. 19, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          Telephone: 949 8666
          Facsimile: 949 0626
          P.O. Box 694 Grand Cayman
          Cayman Islands


COVEPOINT EMERGING: Shareholder to Hear Wind-Up Report on Dec. 13
-----------------------------------------------------------------
The shareholder of Covepoint Emerging Markets Macro Overseas Fund,
Ltd. will receive on Dec. 13, 2013, at 9:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CRYSTAL CREDIT: Shareholder to Hear Wind-Up Report on Dec. 9
------------------------------------------------------------
The shareholder of Crystal Credit Ltd. will receive on Dec. 9,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

          Yohann Regnard
          Dena Thompson
          Telephone: 914-2266 / 914-2267/949-5263
          Facsimile: 949-6021
          P.O. Box 10233
          171 Elgin Avenue Willow House, 3rd Floor
          Grand Cayman KY1-1002
         Cayman Islands


FUTURE ASSET: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Future Asset Management received on Dec. 5,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

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


GIBBEN LTD: Shareholder to Hear Wind-Up Report on Dec. 19
---------------------------------------------------------
The shareholder of Gibben Ltd. will receive on Dec. 19, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          Telephone: 949 8666
          Facsimile: 949 0626
          P.O. Box 694 Grand Cayman
          Cayman Islands


JMN STRUCTURED: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of JMN Structured Strategies, Ltd. received on
Nov. 25, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


NINGBO HOLDING: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Ningbo Holding Ltd. received on Nov. 12, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


PALAU INTERNATIONAL: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Palau International Ltd. received on Nov. 18,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


RAGUNDRI FUNDING: Shareholder to Hear Wind-Up Report Today
----------------------------------------------------------
The shareholder of Ragundri Funding Limited will receive today,
Dec. 6, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


RESIDENTIAL REINSURANCE: Member to Hear Wind-Up Report on Dec. 9
----------------------------------------------------------------
The member of Residential Reinsurance 2010 Limited will receive on
Dec. 9, 2013, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          Shaun Geils
          Kevin Poole
          Telephone: 914-2259/ 914-2265/ 949-5263
          Facsimile: 949-6021
          P.O. Box 10233 Grand Cayman
          Cayman Islands


SHORE RE: Shareholder to Hear Wind-Up Report on Dec. 9
------------------------------------------------------
The shareholder of Shore Re Limited will receive on Dec. 9, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Yohann Regnard
          Dena Thompson
          Telephone: 914-2266/ 914-2267/ 949-5263
          Facsimile: 949-6021
          P.O. Box 10233 171 Elgin Avenue
          Willow House, 3rd Floor
          Grand Cayman, KY1-1002
          Cayman Islands


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D O M I N I C A N   R E P U B L I C
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* DOMINICAN REPUBLIC: Gov't. Injects RD$50BB to Boost Economy
-------------------------------------------------------------
Dominican Today reports that Santo Domingo National treasurer
Alberto Perdomo affirmed that starting Dec. 4, 2013, some 600,000
government workers will be paid the "13th salary" of RD$9.5
billion, beginning with retirees.

Mr. Perdomo said the agencies work at full capacity so that all
public servants receive their pay on time to do all their
Christmas shopping and pay off debts, according to Dominican
Today.

Presidency Administrative Minister Jose Ramon Peralta recently
said the Government will inject RD$50 billion this month,
including the yearend bonus, expected to boost the economy and
contribute to retail sales, the report notes.

In addition to the RD$19.5 billion bonus, RD$10 billion will be
paid for infrastructure works, and another RD$10 billion for the
construction of classrooms and childcare centers, the report
discloses.


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


SANDALS RESORTS: Signs MOU With Antigua & Barbuda Government
------------------------------------------------------------
The Gleaner reports that the Antigua & Barbuda government and
Sandals Resorts International have signed a memorandum of
understanding for a hotel project that Antigua & Barbuda Finance
Minister Harold Lovell said would be the first project executed
under the soon-to-be introduced tax incentives bill.

"This legislation provides significant concessions to encourage
investment in tourism," The Gleaner quoted Minister Lovell as
saying.

Minister Lovell said that the US$150-million Beaches resort
project will replace the Grande Pineapple Resort, according to the
report.

The Beaches brand is owned by Sandals Resorts.

"This investment will triple the employment currently in the
Pineapple property from 180 jobs to over 700 jobs. In addition,
during the construction phase, we expect to have another 250
jobs," Minister Lovell said, the report relates.

Sandals Chairman Gordon 'Butch' Stewart was, however, critical of
regional governments which he said were taxing the hotel and
tourism industry out of existence, the report discloses.

But Prime Minister Baldwin Spencer said while he was aware of the
criticisms leveled against the governments, it was equally
important for the region to revive their economies, the report
relates.

The Beaches resort was first announced in June 2011 but was
plagued by opposition-sanctioned protests from vendors in the Long
Bay area who felt the resort would affect their trade, the report
recalls.

Last October, Minister Stewart announced that he was putting the
project on hold because of the political wrangling, The Gleaner
adds.

                       About Sandals Resorts

Sandals Resorts is an operator of all-inclusive resorts for
couples in the Caribbean and part of Sandals Resorts International
(SRI), parent company of Sandals Resorts, Beaches Resorts, Grand
Pineapple Beach Resorts, Fowl Cay Resort and several private
villas. Founded by Jamaican-born Gordon "Butch" Stewart in 1981,
SRI is based in Montego Bay, Jamaica and is responsible for resort
development, service standards, training and day-to-day
operations.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 28, 2013, RJR News said that the Sandals Resorts
International chain has reached an agreement with the Bahamian
government that will help alleviate the cost of running its resort
on the island of Great Exuma.  Gordon 'Butch' Stewart, the founder
of Sandals, last year said the Sandals Emerald Bay on Great Exuma
was in a dire situation because of high operating costs and
insufficient airlift, according to RJR News.  RJR News related
that the hotel chain said its effort involved looking to the
Bahamas government for solutions.


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


AXTEL SAB: Moody's Cuts Corporate Family Rating to Caa3
-------------------------------------------------------
Note: On December 02, 2013, the press release was revised as
follows: The first sentence of the fifth paragraph in RATINGS
RATIONALE section substitute stable for negative.  Revised release
follows:

Moody's Investors Service (Moody's) downgraded Axtel's corporate
family rating to Caa3 from Caa1 and its existing senior unsecured
global notes to Ca from Caa2 following the company's announcement
that it offers to exchange up to US$110 million out of US$268
million in senior unsecured global notes maturing in 2017 and 2019
for senior secured notes due 2020.  For Moody's this offer
constitutes a distressed exchange and thus a default event.

Ratings Rationale

On November 25, 2013, Axtel announced an offer to exchange up to
US$110 million of the company's outstanding 7.625% US$133 million
in senior unsecured notes due 2017 and 9.00% US$134.6 million in
senior unsecured notes due 2019 for up to US$110 million in 7.00%
peso-denominated senior secured convertible dollar-indexed notes
due 2020.

The exchange offer expires on December 20, 2013.  The 2017 notes
rank number one on preference for exchange at a ratio of 98.5%
before December 6, 2013 (the "Early Tender Date") and 91%
thereafter.  On the other hand, the notes due 2019 offer an
exchange ratio of 87.5% prior to the early tender date and 80%
thereafter.

In addition to the exchange, the company announced a private
placement of additional US$36 million to its senior secured notes
due 2020 for a maximum combined add-on of US$146 million.

Moreover, Axtel announced in recent weeks that the company
obtained several revolving lines of about US$35 million aimed to
strength the company's liquidity, which has been diminished by the
company's operating losses associated with the undertaking of
certain government projects, which has depleted working capital.

Axtel's credit metrics and capital structure will deteriorate due
to increased debt that will take the company's adjusted leverage
up to 3.5 times on a pro forma basis from current 3.2 times as of
September 30, 2013. Secured debt will also increase to 68% from
47% of total, leaving unsecured debt holders on a weaker position.

The continued presence of liquidity risk and high working capital
requirements support the stable outlook on the ratings. Given the
low cash balance, of about US$49 million as of September 30, 2013,
the proposed exchange, if successful, will help reduce the
company's interest expenses and lower pressure on financial cash
flow.  However, Axtel's liquidity position will remain weak and
Moody's foresees limited prospects of a short term solution.

Axtel's Caa3 corporate family rating reflects uncertainties around
litigation on interconnection and termination rates both with
Mexican mobile and wireline telcos. If the courts find against
Axtel, its liquidity will be impacted and long term viability
jeopardized.  Although recent asset sales improved liquidity,
uncertainties around disputes on telecom tariffs plus the
company's need to increase capex in order to grow revenues will
continue to place pressure on its liquidity situation.  Axtel's
ratings also consider the company's weak operating performance in
recent years, given the highly competitive nature of the telecom
industry in Mexico; a small revenue size; and the negative free
cash flow generation.  Somewhat mitigating these credit negatives
is Axtel's greater network investments over the last couple of
years and the quality of its network.

The principal methodology used in rating Axtel was the Global
Telecommunications Industry Methodology published in December
2010. Please see the Credit Policy page on www.moodys.com for a
copy of this methodology.

Based in Monterrey, Nuevo Leon, Mexico, Axtel is a competitive
local telephone company providing bundled products including
voice, data and Internet services to business and residential
users within Mexico.  Axtel is the second largest fixed line
telecom in Mexico.  During the last twelve months ended in
September 30, 2013, the company's revenues reached US$747 million
with a 34.4% adjusted EBITDA margin.


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


BUILDERS GROUP: CPG Has Green Light to Foreclose on Cupey Mall
--------------------------------------------------------------
Bankruptcy Judge Enrique S. Lamoutte in Puerto Rico terminated the
automatic stay in the Chapter 11 case of Builders Group &
Development Corp. to allow CPG/GS PR NPL, LLC, to complete
foreclosure on the Debtor's Cupey Professional Mall.

The Court finds that the Debtor has not provided adequate
protection for CPG's security interest in post-petition rents
which must be determined in their own right.

During the hearing, the Debtor offered monthly adequate protection
payments of $17,775 for the real estate property.  The figure of
$17,775 was calculated by using $6.6 million as the fair market
value of the property and 3.05% as the interest rate.

The court notes that the monthly adequate protection payment
results in $16,775 not $17,775.  However, the Debtor vaguely
addressed the adequate protection for the use of the rents (CPG's
cash collateral) by stating that it would post a bond.  Jorge Rios
Pulpeiro, who is in charge with the mall's administration, stated
that the funds for the bond would originate from private investors
in Miami. The court finds that the Debtor did not offer adequate
protection at the Hearing for the post-petition rents since
Builders Group did not provide a monthly payment amount or a
concrete amount for CPG's interest in the rents.

"The court has been placed almost in the same position as for the
determination of whether Builders Group was providing adequate
protection for the use of the real property and the post-petition
rents. The only difference being the Debtor's promise to post a
bond that would be funded from some unnamed private investors in
Miami.  However, no written document or additional information was
provided to the court regarding the bond," the bankruptcy judge
said.

On Nov. 22, 2013, Builders Group, subsequent to the Hearing, filed
a Motion to Consign Funds for Provision of Adequate Protection by
which it consigned with the court a check for $233,750 to provide
adequate protection to CPG over a period of 10 months resulting in
a monthly payment of $23,375.  Builders Group detailed in its
Proposed Findings and Conclusions that this monthly adequate
protection is for both the adequate protection for the real estate
collateral with a value of $6.6 million and an interest rate of
3.05% which results in a monthly payment of $16,775 and $6,600.00
for the monthly adequate protection payment for the use of the
post-petition rents.

Builders Group did admit it "lacks equity in the Cupey Mall".

At the Hearing, Builders Group also did not provide an appraisal
report of the Cupey Professional Mall to rebut CPG's position that
the fair market value of the mall as of Nov. 14, 2013 is $6.6
million.

Builders Group included CPG in its Schedule D -- Creditors Holding
Secured Claims -- as a secured creditor of two mortgage loans from
08/10/2011, which amount to $9,400,000.  The Debtor listed the
value of the property subject to the mortgage lien in the amount
of $11,900,000.  The Debtor did not provide any evidence at the
hearing to support the listed value of the commercial property.

CPG filed a proof of claim on August 26, 2013, in the amount of
$23,057,297.28 including its secured portion of $8,731,063.00 (the
remaining $14,326,34.28 are listed as unsecured).

Taking into account the fair market value of the property for $6.6
million, the bankruptcy judge said the stipulated value by the
parties for the cash collateral hearing in the amount of
$8,731,063 (which is the amount listed as secured by CPG in its
proof of claim #11-1), and the CRIM's secured claim in the amount
of $1,472,952 there is clearly no equity in the property.

According to the judge, at this juncture, the court finds that the
Debtor's monthly rental income is difficult to determine due to
various factors: (i) non-recurring items such as payment of
$72,000.00 from a tenant (Cupey Bowling); (ii) many of the lease
contracts have lapsed and there is no record of the existing
current leases that have a valid lease contract (agreement); (iii)
Mr. Rios Pulpeiro testified that there are 27 leases of which 22
are currently paying the rent and that these 22 leases generate
monthly $78,000 to $80,000; (iv) Mr. del Rio testified that CPG
has received pre-petition monthly rent payments on average in the
amount of $35,000 to $40,000; and (v) the total funds as of
September 30, 2013 in the Debtor's account and monies consigned in
the court total $157,980 including the $72,000 non-recurring item.

The court also finds that the Debtor does not generate sufficient
rental income from the mall to be able to pay its monthly
operating expenses, the adequate protection payments, and fund the
necessary improvements to the mall in order to increase the
occupancy rate of the mall and generate more income. Moreover, the
Debtor was expecting the $400,000 renewal fee from Wendy's to fund
the mall's maintenance and necessary improvements but pursuant to
Franco Gonzalez's testimony, Wendy's will not pay the renewal fee
if Mr. Rios Pulpeiro remains administering the mall. Lastly, the
Debtor did not submit or propose a sketch of a reorganization plan
to demonstrate that reorganization is realistically possible.

A copy of the Court's Nov. 27, 2013 Opinion and Order is available
at http://is.gd/UFMv5afrom Leagle.com.

                       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, and Monge Robertin &
Asociados Inc. serve as the Debtor's CPA/Insolvency and
Restructuring Advisor.


EMPRESAS OMAJEDE: Has Until Dec. 18 to File Plan and Disclosures
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico has
granted Empresas Omajede, Inc., an extension of 30 days from Nov.
18, 2013, or until Dec. 18, 2013, of the deadline to file its
Disclosure Statement and Plan of Reorganization.

The Debtor was represented by Charles A. Cuprill, PSC Law Offices
until its resignation on Oct. 18, 2013.  At the time of the
resignation, Cuprill requested 30 days for the Debtor to retain
substitute counsel and file a Disclosure Statement and Plan of
Reorganization, which was granted by the Court on Oct. 28, 2013.
While the order was entered on Oct. 28, 2013, the order indicates
that the actions are due by Nov. 18, 2013.

                      About Empresas Omajede

Empresas Omajede, Inc., filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 12-10113) in Old San Juan, Puerto Rico, on Dec. 21, 2012.
Nelson E. Galarza serves as financial advisor.

The Debtor disclosed $16,718,614 in assets and $4,935,883 in
liabilities in its schedules.  The Debtor is a Single Asset Real
Estate as defined in 11 U.S.C. Sec. 101(51B) with principal assets
located at La Ectronica Building, 1608 Bori St., in San Juan,
Puerto Rico.


EVERTEC GROUP: Moody's Says B1 CFR Unaffected by Share Repurchase
-----------------------------------------------------------------
Moody's Investors Service said EVERTEC Group, LLC's B1 corporate
family and senior secured ratings are not affected by EVERTEC
Inc's (EVERTEC's publicly-traded, indirect parent) plan to
repurchase $75 million worth of shares (about 3.5 million shares),
though the increased leverage and reduced liquidity is credit
negative.

EVERTEC, based in San Juan, Puerto Rico, provides transaction and
payment processing, merchant acquiring and processing, and other
banking information technology consulting services to banks and
merchants in Puerto Rico. EVERTEC also has a smaller presence in
several countries in Latin American and the Caribbean.


                            ***********


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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