TCRLA_Public/131209.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

           Monday, December 9, 2013, Vol. 14, No. 243


                            Headlines



A R G E N T I N A

BST ASSET: Moody's Puts 'B-bf' GS Bond Rating to fST Renta Fund


B R A Z I L

OGX PETROLEO: Changes Name, Begins Martelo Field Production


C A Y M A N  I S L A N D S

AIM CDO: Shareholder Receives Wind-Up Report
ASCEND II: Commences Liquidation Proceedings
AUTOPISTAS DEL NORDESTE: Fitch Puts 'B' Notes Rating on Neg. Watch
BLACKROCK EQUITY: Creditors' Proofs of Debt Due Dec. 18
CANYON VRF: Commences Liquidation Proceedings

CHINA H-SHARES: Commences Liquidation Proceedings
COOLMORE TRADING: Commences Liquidation Proceedings
FAMA GLC: Commences Liquidation Proceedings
FIRS HOLDINGS: Shareholder to Receive Wind-Up Report on Dec. 11
GOLUB CAPITAL: Commences Liquidation Proceedings

LWS ASSETS: Creditors' Proofs of Debt Due Jan. 6
OLD LANE: Creditors' Proofs of Debt Due Dec. 9
PATRIA-BRAZILIAN: Commences Liquidation Proceedings
QPA LTD: Creditors' Proofs of Debt Due Dec. 18
QUELLOS TUNE: Creditors' Proofs of Debt Due Dec. 18

RAM LNG: Placed Under Voluntary Wind-Up
RENAISSANCE ZIMBABWE: Shareholder Receives Wind-Up Report


B O L I V I A

* BOLIVIA: To Get US$60MM IDB Loan for Water, Sewage Systems


C H I L E

AUTOMOTORES GILDEMEISTER: Fitch Cuts Issuer Default Rating to B


C O L O M B I A

* COLOMBIA: IDB OKs US$25MM Loan For Infrastructure Investments


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: To Boost Economy With RD$50BB Injection


J A M A I C A

SANDALS RESORTS: Opposition Questions Barbados on Hotel Deal


P E R U

INKIA ENERGY: Parent Wins $1-Billion Power Deal with Peru
INKIA ENERGY: Moody's Affirms 'Ba3' Corporate Family Rating


X X X X X X X X X

BOND PRICING: For the Week From Dec. 2 to Dec. 6, 2013


                            - - - - -


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


BST ASSET: Moody's Puts 'B-bf' GS Bond Rating to fST Renta Fund
---------------------------------------------------------------
Moody's has assigned a bond fund rating to fST Renta Mixta fund, a
newly launched fund that will be managed by BST Asset Management
SGFCI SA. The ratings assigned are as follows:

-- global scale bond fund rating: B-bf

-- national scale bond fund rating: A-bf.ar

Ratings Rationale:

"The fund ratings are based on Moody's expectation that fST Renta
Mixta, will maintain over 70% of it sportfolio in US Dollar linked
assets, such as corporate, sub-sovereign bonds and ABS securities
with a minimum ratings of B2-B3/Aa3.ar-A2.ar. The remainder of the
fund's asset allocation is expected to be in liquid assets
including local time deposits and short term bond funds managed by
local asset manager among the highest rated in global local
currency. This portfolio will attempt to provide a return similar
to the official exchange rate yield with an average duration not
exceeding 3 years" said Moody's lead analyst Carlos de Nevares.

The new fund expects key shareholders to be institutional
investors such as local insurance companies, which has been
historical investors from the asset manager

BST Asset Management SGFCI S.A. is an Argentina-domiciled
subsidiary of the Grupo Financiero ST . As of September 2013, bST
Asset Management managed approximately AR$ 825.4 million or
approximately $143.4 millions.


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


OGX PETROLEO: Changes Name, Begins Martelo Field Production
-----------------------------------------------------------
Luciana Magalhaes at The Wall Street Journal reports that
shareholders of distressed Brazilian oil company OGX Petroleo e
Gas approved a name change, perhaps in search of better fortunes.

OGX Petroleo will now be called Oleo e Gas Participacos, a move
suggested by Eike Batista, the embattled chairman of its parent,
according to a person close to the entrepreneur, notes The
Journal.

The report relates that the company also confirmed that production
has finally started at its Tubarao Martelo oil field off the coast
of Rio de Janeiro.  The WSJ relays that the financially stricken
firm, currently under bankruptcy protection, is hoping the moves
will help restore its battered finances.

Oil field consultancy DeGolyer and MacNaughton certified that
Tubarao Martelo has probable reserves of 87.9 million barrels of
oil equivalent, The WSJ discloses.  But that number is much
smaller than figures previously reported by OGX, which once put
total recoverable volume at 212 million barrels of oil equivalent,
the report notes.  Nevertheless, the company considers Tubarao
Martelo one of its most promising fields, the report says.

Meanwhile, The WSJ notes that OGX Petroleo is currently being sued
by a group of four investors who say they have lost a combined
BRL3 million (US$1.3 million) because they were misled by the
company, said Henrique Nunes, one of the investors.  Mr. Nunes
noted that other investors also plan to initiate suits against the
entrepreneur, the report discloses.

The four investors are also suing Mr. Batista's father, Eliezer
Batista, OGX's vice chairman, and the Brazilian Securities and
Exchange Commission (CVM), Mr. Nunes said, the report adds.

                      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.

OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001.  The
bankruptcy filing puts $3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than $30 billion of his personal fortune.

The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as $500
million in new funds. OGX said Oct. 29 that the talks concluded
without an agreement. The company's cash fell to about $82 million
at the end of September, not enough to sustain operations further
than December.


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


AIM CDO: Shareholder Receives Wind-Up Report
--------------------------------------------
The shareholder of Aim CDO Limited received on 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
          c/o Kim Charaman/Jennifer Chailler
          Telephone: (345) 943-3100


ASCEND II: Commences Liquidation Proceedings
--------------------------------------------
On Nov. 7, 2013, the members of Ascend II Feeder I 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.

David Dyer is the company's liquidator.


AUTOPISTAS DEL NORDESTE: Fitch Puts 'B' Notes Rating on Neg. Watch
------------------------------------------------------------------
Fitch Ratings has placed the 'B' rating for Autopistas del
Nordeste (Cayman) Ltd's (AdN) $162 million senior secured notes
long-term rating on Rating Watch Negative.

Key Rating Drivers:

-- Weakening Governmental Support: Initially the government of the
Dominican Republic pledged a Minimum Revenue Guarantee (MRG) that
protects noteholders from the risk of insufficient traffic over
the life of the notes. The government has continued to honor this
pledge, but delays in payment and the failure to provide a
mandatory letter of credit have weakened the project's liquidity.

-- Financial Guarantee: The notes benefit from a partial political
risk guarantee provided by the Multilateral Investment Guarantee
Agency (MIGA), a member of the World Bank Group. The failure by
the government to honor the MRG is covered under this guarantee;
however, disbursements can be delayed and internal liquidity is
essential to the project's capacity to service debt.

-- Low Internal Cash Flow Generation: Traffic performance on the
road has been far below initial projections and the project is
heavily reliant on support from the MRG to remain viable. While
the possibility exists for traffic levels to increase
substantially, this is an unlikely scenario in the near to
intermediate term.

-- Predictable Operating Costs: A fixed operation and maintenance
agreement with an experienced operator considerably reduces cost
escalations. Additionally, the project benefits from oversight
from an independent engineer who provides quarterly reports on the
status and necessity of current and future maintenance.

-- Substantial Counterparty Risk: The Dominican Republic's 'B'
rating 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. However, 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.

Rating Sensitivities:

-- Government fails to honor the financial commitments related to
the MRG on a timely basis, and/or a rating action on the Sovereign
rating.
-- Significant and continued improvement to traffic could allow
the project to become self-sustained.

Security:

The notes are secured by all revenues received by the company, the
rights of the concession, contracts, MRG and all issued and
outstanding shares of the company pledged to the Trustee.

Credit Update:

AdN's ability to meet its financial obligations continues to
depend primarily on the government's ability and willingness to
honor the MRG payments on a timely basis, given that traffic
performance has historically been well below initial projections.
According to AdN management, the change in the government
administration that occurred in mid-2012 combined with a
significant fiscal deficit in the country has caused delays of
over three months in the receipt of the MRG payments. While
management has received assurances that these delays will be
resolved in 2014, the delay in payment prior to the quarterly
distribution due in October 2013 resulted in a draw on the major
maintenance reserve account in order to fully pay principal and
interest. The payment from the government was received within a
week of the distribution and all accounts were subsequently
filled; however, the MRG payment to be utilized for the January
quarterly distribution is currently over 60 days delinquent.

Additionally, the transaction counts on a stand-by letter of
credit (LOC) to provide liquidity should the trust experience
delays in the receipt of the MRG payment. However, the LOC is not
currently in place which necessitated the draw on internal
reserves to meet the October quarterly payment. This letter of
credit has previously been roughly equivalent to three months of
debt service and in combination with the debt service reserve
account (DSRA) and other fungible accounts within the transaction
represent approximately 15 months of debt service. Without the
LOC, the transaction has roughly 12 months of liquidity to pay
debt service on a timely basis.

The partial political risk guarantee provided by MIGA is available
in the event that the government fails to meet timely payments
under the MRG. Disputes over a breach of contract will be solved
through the American Arbitration Association in New York courts.
Under the MIGA guarantee, MIGA would make a compensation payment
of an amount up to 51% of any scheduled interest or principal of
the outstanding debt that is the result of political events
including breach of contract. The guarantee is not payable on a
timely basis though and the transaction depends on the liquidity
available internally to meet debt service obligations prior to
receipt of MIGA funds.

Fitch views the timely payment of MRG amounts by the government
and the maintenance of mandatory liquidity amounts as essential
factors in maintaining the rating of the notes.

The toll road, completed in 2009, extends along 106 kilometers
(approximately 66 miles), connects Santo Domingo with the northern
province of Samana, and includes three toll plazas. In comparison
to alternative roads in the region, AdN considerably reduces the
travel distance between Santo Domingo and Samana.

Autopistas del Nordeste (Cayman) Limited is the issuer, created
under the laws of the Cayman Islands, and is an exempted limited
liability company owned by a consortium composed of: Organizacion
de Ingenieria Internacional SA, Odinsa Holding Inc., CI Grodco S
en CA Ingenieros Civiles, Grodco Panama, Consorcio Remix,
Caribbean Basin Construction Corporation Ltd.


BLACKROCK EQUITY: Creditors' Proofs of Debt Due Dec. 18
-------------------------------------------------------
The creditors of Blackrock Equity Long/Short Ltd. are required to
file their proofs of debt by Dec. 18, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 28, 2013.

The company's liquidator is:

          Jane Fleming
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197
          P.O. Box 30464 Grand Cayman KY1-1202
          Cayman Islands


CANYON VRF: Commences Liquidation Proceedings
---------------------------------------------
On Nov. 7, 2013, the members of Canyon VRF Trading 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.

David Dyer is the company's liquidator.


CHINA H-SHARES: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 7, 2013, the members of China H-Shares Equities 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.

David Dyer is the company's liquidator.


COOLMORE TRADING: Commences Liquidation Proceedings
---------------------------------------------------
On Nov. 7, 2013, the members of Coolmore Trading 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.

David Dyer is the company's liquidator.


FAMA GLC: Commences Liquidation Proceedings
-------------------------------------------
On Nov. 7, 2013, the members of Fama GLC Global Macro 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.

David Dyer is the company's liquidator.


FIRS HOLDINGS: Shareholder to Receive Wind-Up Report on Dec. 11
---------------------------------------------------------------
The shareholder of Firs Holdings Ltd will receive on Dec. 11,
2013, at 2:00 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


GOLUB CAPITAL: Commences Liquidation Proceedings
------------------------------------------------
On Nov. 7, 2013, the members of Golub Capital Ltd. 2005-1 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.

David Dyer is the company's liquidator.


LWS ASSETS: Creditors' Proofs of Debt Due Jan. 6
------------------------------------------------
The creditors of LWS Assets Limited are required to file their
proofs of debt by Jan. 6, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 30, 2013.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town Tortola
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point 9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 279-5832


OLD LANE: Creditors' Proofs of Debt Due Dec. 9
----------------------------------------------
The creditors of Old Lane FFA, Ltd. are required to file their
proofs of debt by Dec. 9, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 28, 2013.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


PATRIA-BRAZILIAN: Commences Liquidation Proceedings
---------------------------------------------------
On Oct. 3, 2013, the sole shareholder of Patria-Brazilian Private
Equity General Partner I, 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:

          Mariza Taca Honda
          Av. Cidade Jardim 803
          10 Andar 01453 000
          Sao Paulo, Brazil
          Telephone: + 55 11 3039 9000
          E-mail: Mariza.Honda@pip.net.b


QPA LTD: Creditors' Proofs of Debt Due Dec. 18
----------------------------------------------
The creditors of QPA, Ltd. are required to file their proofs of
debt by Dec. 18, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 28, 2013.

The company's liquidator is:

          Jane Fleming
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197
          P.O. Box 30464 Grand Cayman KY1-1202
          Cayman Islands


QUELLOS TUNE: Creditors' Proofs of Debt Due Dec. 18
---------------------------------------------------
The creditors of Quellos Tune Fund, Ltd. are required to file
their proofs of debt by Dec. 18, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 28, 2013.

The company's liquidator is:

          Jane Fleming
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197
          P.O. Box 30464 Grand Cayman KY1-1202
          Cayman Islands


RAM LNG: Placed Under Voluntary Wind-Up
---------------------------------------
On Oct. 4, 2013, the shareholders of Ram LNG Holdings Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 1, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


RENAISSANCE ZIMBABWE: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Renaissance Zimbabwe Access Fund 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


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


* BOLIVIA: To Get US$60MM IDB Loan for Water, Sewage Systems
------------------------------------------------------------
Bolivia will improve and broaden access to drinking water and
sewage systems through a US$60 million loan from the Inter-
American Development Bank (IDB).

The program will benefit some 145,000 people by providing them
with new or improved drinking water or sanitation services.  It
will also allow for broadening and improving these vital services
in Cobija, Riberalta and other cities and towns in Bolivia.

As part of a multi-phase program, this is the second loan in a
series of two operations.  Keeping in mind the lessons learned in
Phase 1, Bolivian authorities are working with the IDB on the
technical and financial aspects of the design so as to enhance the
execution and supervision of the program, ensuring the operation
and long-term maintenance of the infrastructure.

Water and sanitation are two strategic priorities for Bolivia,
which has developed a National Plan for Basic Sanitation to
establish priorities for confronting challenges in this area.  The
program will allow the Environment and Water Ministry to provide
support to the cities and towns that benefit from it and their
corresponding service providers with technical, operational and
financial planning.  This will be achieved via municipal master
plans for drinking water and sanitation.

The IDB loan is composed of US$48 million in ordinary capital over
30 years with a six-year grace period and a fixed interest rate;
US$12 million from the Fund for Special Operations, over 40 years
and with the same grace period and an interest rate of 0.25 per
cent.  For its part, Bolivia will contribute with US$24 million to
the program.


=========
C H I L E
=========


AUTOMOTORES GILDEMEISTER: Fitch Cuts Issuer Default Rating to B
---------------------------------------------------------------
Fitch Ratings has downgraded the ratings of Automotores
Gildemeister S.A.'s (AG) as follows:

--Foreign currency Issuer Default Rating (IDR) to 'B' from 'BB-';

--Local currency IDR to 'B' from 'BB-';

--USD400 million unsecured senior notes due in 2021 to 'B'/RR4
  from 'BB-';

--USD300 million unsecured senior notes due in 2023 to 'B'/RR4
  from 'BB-'.

The Rating Outlook has been revised to Negative from Stable.

The rating downgrades reflect continued deterioration in AG's
credit profile driven by poor operational results.

The Negative Outlook incorporates concerns regarding the company's
ability to reverse the negative trend in its operational
performance as the factors behind it - FX volatility, limited
availability of best-selling models, challenging scenario to
reduce inventories in Brazilian operations - are expected to
remain during the next quarters. The Negative Outlook also
incorporates concerns regarding a potential scenario of continued
negative trends in the company's free cash flow (FCF) generation
that could result in a deterioration of its liquidity during 2014.
The 'B/RR4' rating of the company's unsecured public debt reflects
average recovery prospects in the event of a default.

AG's credit ratings continue to reflect its market position, solid
brand recognition, and the company's manageable debt payment
schedule. The ratings are constrained by AG's business
cyclicality, high leverage, negative FCF, and limited product
diversification. The ratings also consider AG's high working
capital needs.

Key Rating Drivers:

Declining Margins, Negative FCF:

AG's EBITDA margin has seen significant deterioration over the
last quarters driven by a decrease in the average price point due
to increased sales of entry-level models, the impact of local
currencies devaluations on revenues, limited availability of best-
selling models that reduces business margins, and losses related
to its operations in Brazil. Company EBITDA margins were 9.8%,
7.2%, and 4.7% in 3Q'2012, 2Q'2013, 3Q'2013, respectively. During
LTM September 2013, AG's FCF was negative USD226 million. The
company's negative FCF during the period reflects lower margins
and increasing inventory levels resulting in negative cash flow
from operations (CFFO) of USD127 million, capital expenditures of
USD62 million, and dividend payments of USD37 million. The company
is planning to execute a business plan during 2014 to reverse its
negative FCF trend which includes important adjustments in its
cost structure, and limiting its capital expenditures to up to 50%
of 2013 levels with no dividend payments.

High Adjusted Gross Leverage:

AG's cash generation, as measured by EBITDAR, reached USD123
million in LTM September 2013, a decline from USD160 million in
2012. The company had approximately USD937 million in total
adjusted debt at the end of September 2013. This debt consists
primarily of USD798 million of on-balance-sheet debt - including
the unsecured notes due in 2021 (USD400 million) and 2023 (USD300
million) - and an estimated USD139 million of off-balance-sheet
debt associated with lease obligations resulting from USD19.8
million in rentals payments during LTM September 2013.

The company's gross and net leverage, as measured by total
adjusted debt/EBITDAR and total adjusted net debt/EBITDAR, reached
levels of 7.6x and 6.9x, respectively, during LTM September 2013.
This represents a sharp increase versus 4.6x and 4.3x during 2012.
The ratings incorporate the expectation of continued deterioration
during the 4Q'2013 resulting in the company's adjusted gross
leverage being above 8x.

Flexible Debt Payment Schedule:

At the end of September 2013, the company had USD96 million of
cash and USD93 million of short-term debt. Positively considered
is the company's flexible debt payment schedule; other than the
short-term financing, the company has no material debt payment due
during the next few years. AG's main debt maturity is composed of
the USD700 million senior unsecured notes issuance due in 2021
(USD400 million) and 2023 (USD300 million).

Market Position & Brand Recognition Incorporated:

Hyundai is the most important brand AG sells and distributes,
accounting for approximately 70% of its revenues. The commercial
ties between the company and Hyundai Motor Company (rated 'BBB+',
Stable Outlook by Fitch) remain stable. This commercial
relationship has existed for more than 20 years, and it is renewed
periodically. AG's business position in the automobile
distribution and retailing industry within Chile and Peru is seen
as sustainable in the medium term, with market shares in each of
these markets of approximately 9% and 14.2%, respectively, by the
end of September 2013. The company's product mix is highly
dependent on Hyundai products, exposing the company to reputation
risk and shortage supply risk associated with the Hyundai brand,
which represents approximately 70% of the company's total
revenues.

Rating Sensitivities:

The ratings are expected to be driven by the development in the
company's liquidity, FCF generation, and gross adjusted leverage
during the next 12-month period ended in September 2014.

A downgrade could be triggered by a continued deterioration of the
company's credit protection measures and cash position due to weak
operational results and/or more aggressive capex levels to those
levels incorporated in the ratings.

Conversely, improvement in the company's FCF generation, or a
reverse of the growing trend in the company's gross adjusted
leverage while maintaining low short-term debt relative to the
cash position could trigger a revision of the Rating Outlook to
Stable.


===============
C O L O M B I A
===============


* COLOMBIA: IDB OKs US$25MM Loan For Infrastructure Investments
---------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a US$25 million
loan in Colombia that will support private investment in
infrastructure, strengthening technical and regulatory mechanisms
that promote financing, supply, operation and maintenance of
infrastructure in various economic and social areas.

Although annual investment in infrastructure in Colombia over the
past decade has kept up sustained growth, it still remains below 4
percent of GDP.  It is estimated that the proportion should rise
to between 8 and 10 percent of national output in order to reach
adequate levels.

The hope is that as a result of this program, up to US$15 billion
in projects and investment in infrastructure can be freed up over
the next 10 years.  This would contribute to an accumulated
increase in private investment equivalent to 4.2 percent of
Colombia's GDP through 2024.

The BID project will finance the carrying out of studies for
formulating policy, institutional, legal and regulatory frameworks
in different areas of infrastructure, both at the national and
sub-national levels, as well as the identification, preparation
and implementation of projects with potential for private
investment.  Furthermore, the National Planning Department will be
strengthened for the management of projects and development of
efficient plans for private participation and compliance with
regulatory requirements in projects involving public-private
partnerships.

The US$25 million IDB loan will have a bullet repayment in 2029, a
grace period of 15.25 years and an interest rate based on the
LIBOR.


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


* DOMINICAN REPUBLIC: To Boost Economy With RD$50BB Injection
-------------------------------------------------------------
Dominican Today reports that Dominican Republic 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.

The report notes that Presidency Administrative Minister Jose
Ramon Peralta recently said the government will inject RD$50
billion (US$1.2 billion) this month, including the yearend bonus,
expected to boost the economy and contribute to retail sales.

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.


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


SANDALS RESORTS: Opposition Questions Barbados on Hotel Deal
------------------------------------------------------------
RJR News reports that Kerrie Symmonds, Opposition Member of
Parliament in Barbados, said the country's Parliament is getting
shoddy treatment from the government on the Sandals Resorts
International deal.

Mr. Symmonds made the charge in the House of Assembly, while
complaining that the government was yet to table in the chamber
the memorandum of understanding signed with Sandals, according to
RJR News.

The report discloses that Mr. Symmonds complained that the
government had resisted efforts, even in the House, to give
details on the controversial memorandum.

RJR News notes that concern was raised in Barbados in November
about the granting of special concessions to the Butch Stewart-led
Sandals Resorts.  The report relates that it also triggered a call
by a major hotel group for the Barbados government to grant it
similar benefits.

Some of the tax benefits granted to Sandals include the exemption
of import duties for the next 25 years, the report 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.


=======
P E R U
=======


INKIA ENERGY: Parent Wins $1-Billion Power Deal with Peru
---------------------------------------------------------
The Jerusalem Post reports that IC Power, the electricity arm of
the Israel Corporation, won a $1 billion Peruvian government
tender to establish and operate a 590-megawatt backup power plant
in the South American country.

Issued as part of a Peruvian national effort to develop the south
of the country, the tender is part of a larger plan to encourage
electricity production and the conveyance of natural gas to the
region, according to The Jerusalem Post.  The report relates that
the company's South American subsidiary, Inkia Energy Ltd (Inkia),
will build a dual natural gas turbine and diesel capable power
plant in the city of Mollendo near Peru's southern tip -- a
project that should be complete by mid-2016.

IC Power also said that Kallpa Generacion SA -- of which IC
Power's Inkia Energy is a 75% stakeholder -- will be purchasing an
additional 193-megawatt gas facility located within its main
site's vicinity in Chilca, the report notes.

In addition to its participating in the forthcoming Mollendo site
and the Chilca facilities, Inkia Energy holds a 75% stake in the
Cerro Del Aguila SA company developing a 520-megawatt Peruvian
hydropower plant, the report relays.  The Israeli subsidiary also
holds a 21.2% stake in the Edegel SAA company, which operates
1,668 megawatts worth of hydropower and natural gas plants in
central Peru, the report adds.


INKIA ENERGY: Moody's Affirms 'Ba3' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service affirmed the Ba3 corporate family rating
(CFR) and the Ba3 global senior unsecured notes rating of Inkia
Energy Ltd (Inkia). The rating outlook is stable.

Ratings Rationale:

Rating action is largely prompted by the announcement on November
29, 2013 that Inkia's 74.9% subsidiary Salmay I (not rated ) won
one of the public bid auctions to build a diesel and natural gas
(dual-fired) thermoelectric plant in Mollendo, South Peru, with an
installed capacity of around 600MW. The total investments
earmarked for this open-cycle three unit plant approximates US$390
million. This will be funded with around 70% of indebtedness at
the project, while Inkia along with its Peruvian partner Energia
del Pacifico (25.1% interest) will make equity contributions for
the remaining 30%.

Moody's also notes that Kallpa has agreed to acquire from Duke
Energy the 193MW single turbine natural gas fired plant Las Flores
which is closely situated to Kallpa's facility in Peru. It is
anticipated that the transaction will become effective after the
Peruvian competition authorities (INDECOPI) authorize the purchase
which is expected to occur before the end of the first quarter of
2014. Moody's understands that the Las Flores plant's dispatch
capacity was restricted by a lack of access to natural gas supply;
however, Moody's is aware that Kallpa under its own contractual
arrangements has excess firm natural gas equivalent to supply
100MW to this additional turbine. While this transaction will
increase Kallpa's indebtedness by around 75% of the total
acquisition price taking into consideration it's 25.1% partner,
Energia del Pacifico, Inkia's rating affirmation acknowledges that
the Las Flores facility will be able to start contributing to the
group's cash flows relatively quickly, a credit positive. Inkia's
Ba3 rating acknowledges that the Las Flores plant has already
environmental permits to build an additional unit and could be
converted in the future into a combined cycle configuration. That
said, the rating assumes that Kallpa will not pursue these
additional endeavors over the short term but wait until, at least,
Transportadora del Gas del Peru (TgP) has completed a substantial
portion of its current expansion works (recently resumed) to
expand its pipeline capacity to 920MMBCF (expected completion in
2015).

Another important consideration undertaken with affirmation was
the anticipated indebtedness associated with the funding of the
600MW Mollendo greenfield project which will increase the group's
financial leverage and materially weaken the consolidated credit
metrics in 2014 and 2015 more than initially anticipated when
Moody's upgraded Inkia's rating in August 2013. Moody's is also
concerned with the additional risk that this new unanticipated
project poses, particularly considering that Inkia (74.9%
interest) is already involved in the multi-year construction of a
525MW run-of the river hydro-electric power generation plant,
Cerro del Aguila, (CdA; capex; US$910 million; expected completion
early 2016). The tight construction schedule of the Mollendo
project given a completion date set for May 2016 is a credit
concern; particularly, since the project does not have the
environmental permits yet considering the significant challenges
that other infrastructure projects have faced in Peru in attaining
required permits on a relatively timely basis. That said, Inkia's
successful track-record of building similar type of facilities
(including Kallpa) slightly ahead of time and under budget
somewhat tempers Moody's concerns. Moody's also considers that
after the commissioning of the Mollendo plant and until the
completion of a new pipeline to transport natural gas to the South
of Peru (not expected before 2021) the plant, most likely, will
operate as a peaker (reserve fria) using diesel and will receive
US$6.899/KW monthly capacity payments. While not a significant
amount, the anticipated operating costs are likely to be low given
the low probability of frequent dispatch which enhances its cash
flow generation ability for the foreseeable future once it becomes
operational.

The stable outlook reflects Moody's expectation that Inkia will be
able to manage successfully the construction risks associated with
two parallel greenfield projects, CdA and Mollendo. The weaker
consolidated credit metrics in 2014 and 2015 amid the increased
consolidated indebtedness will leave Inkia weakly positioned
within the Ba-rating category, but the stable outlook anticipates
a significant improvement when both greenfield projects start
generating cash flows in 2016. The stable outlook further
incorporates the expectation that Kallpa's operational and
financial performance will remain robust allowing it to continue
to upstream significant dividends to Inkia. The stable outlook
further assumes that over the next two years its 3-year average
ratio of parent operating cash flow (POCF, defined as total
subsidiary distributions less parent overhead costs and parent
interest expense) to parent level debt (including shareholder
loans) will hover around 10%, with parent interest coverage of at
least 2.0x before improving substantially in 2016 as the Cerro del
Aguila and the Mollendo projects start distributing dividends. The
stable outlook further assumes that despite the absence of
committed credit facilities Inkia will be able to maintain a
robust liquidity profile, including enough cash at the holdco (end
of October 2013: US$207 million) to comfortably fund any new
equity contributions. The rating and outlook further assumes that
the possiblity of a new indirect parent holding-company that could
come to fruition due to Israel Corporation's current
reorganization will not result in any additional pressure on Inkia
to upstream cash flows under its shareholder loan agreements
(which are on a demand basis) that Moody's would deem imprudent
amid its current substantial capex program, and/or the the
implementation of a new dividend policy as the current lack
thereof enhances Inkia's financial flexibility. Importantly, the
stable outlook assumes that Inkia will prudently use any proceeds
raised in connection with a possible divestiture of its indirect
21.14% stake in the Peruvian power generation company Edegel
(annual dividends approximate US$30 million) that is currently
under consideration. It further anticipates that any new growth
initiative that materializes under its plethora of potential
projects will be pursued in a disciplined manner and will exclude
any new greenfield projects until at least Cerro del Aguila and
Mollendo are substantially completed.

An upgrade of Inkia's ratings over the foreseeable future is
unlikely given the significant construction risk and increased
indebtedness associated with these two greenfield projects. The
ratings are currently also tempered by Inkia's significant amount
of holding company debt that aggregated around US$600 million
(including around US$163 million subordinated shareholder loans
after US$14 million repayment during 1H2013) which constituted
over 50% of the group's outstanding consolidated debt. As a
holding company, Inkia fully relies on its subsidiaries' dividend
distributions to service its debt (including around US$38 million
in interest payments under the notes) and to meet other holding
company expenses. That said, positive momentum upon the successful
completion of the greenfield projects could be triggered by a
significant improvement in the credit metrics. Specifically, if
Inkia's consolidated and parent-only credit metrics improve such
that cash flow coverage of interest expense and cash flow to debt
exceed 3.0x and 18%, respectively, on a sustainable basis.
Additionally, any improvement in Inkia's consolidated financial
performance will be balanced against Moody's assessment of the
company's growth and development initiatives underway at that
time.

Complications in the completion of the Cerro del Aguila
hydroelectric project and/or the Mollendo thermoelectric plant
(including the receipt of the necessary environmental permits on a
relative timely basis) , and/or political or operational problems
at some of its other key subsidiaries that results in a material
deterioration in the anticipated dividend distributions to Inkia
and/or incremental indebtedness to fund new growth initiatives
(particularly new greenfield projects) that further weakens the
consolidated and parent-only credit metrics and/or imprudent cash
up-streams under the shareholder loans and/or the implementation
of a new dividend policy are some of the factors that will likely
put downward pressure on Inkia's Ba3-ratings. Specifically,
downward pressure would result if Inkia were to report 3-year
average consolidated or parent-only cash flow to debt, and
interest cash flow coverage that remain below 10% and 2.0x,
respectively, for an extended period of time.

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

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

At the end of September 2013, Inkia recorded consolidated assets
of US$ 2.2billion and funds from operations of around US$173
million for the last twelve months ended September.


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


BOND PRICING: For the Week From Dec. 2 to Dec. 6, 2013
------------------------------------------------------

Issuer                       Coupon   Maturity   Currency   Price
------                       ------   --------   --------   -----

Aguas Andinas SA               4.15    12/1/2026    CLP    72.61
Almendral Telecomunicaciones SA3.5     12/15/2014   CLP    33.5
Argentina Bocon                2        1/3/2016    ARS     9.15
Argentina Bocon                2        3/15/2014   ARS     0.21
Argentina Bocon                2        3/15/2024   ARS    17.89
Argentina Bo                   2        9/30/2014   ARS   599.6
Argentina Bonar Bonds         21.792    1/30/2014   ARS    11.01
Argentina International Bond   4.33    12/31/2033   JPY    39
Argentina International Bond   4.33    12/31/2033   JPY    39
Argentinal International Bond  7.82    12/31/2033   EUR    69.5
Argentinal International Bond  1.18    12/31/2038   ARS     7.13
Argentinal International Bond  7.82    12/31/2033   EUR    72.75
Argentinal International Bond  7.82    12/31/2033   EUR    70
Argentinal International Bond  0.45    12/31/2038   JPY     8
BA-CA Finance Cayman 2 Ltd     1.838                EUR    60
Banco BPI SA/Cayman Islands    4.15    11/14/2035   EUR    55.5
Banif Finance Ltd              1.591                EUR    44
Bank Austria Creditanstalt
Finance Cayman Ltd             2.156                EUR    59.93
BCP Finance Co Ltd             5.543                EUR    45
BCP Finance Co Ltd             4.239                EUR    44.33
BES Finance Ltd                5.58                 EUR    72
BES Finance Ltd                4.5                  EUR    63.5
CA La Electricidad de Caracas  8.5      4/10/2018   USD    75.5
Caixa Geral De Depositos
Finance                        0.991                EUR    39.2
Caixa Geral De Depositos
Finance                        1.021                EUR    39.2
China Precious Metal Resources
Holdings Co Ltd                7.25      2/4/2018   HKD    68.67
Cia Cervecerias Unidas SA      4        12/1/2024   CLP    59.51
Cia Energetica de Sao Paulo    9.75      1/15/2015  BRL    66.27
CSAV                           6.4      10/1/2022   CLP    64.89
CLISA                          9.5      12/15/2016  USD    73
Edenor SA                      9.75     10/25/2022  USD    65.5
Edenor SA                     10.5      10/9/2017   USD    70
Edenor SA                      9.75     10/25/2022  USD    67.13
ERB Hellas Cayman Islands Ltd  1.825     6/8/2017   EUR    58.67
ERB Hellas Cayman Islands Ltd  9         3/8/2019   EUR    49.38
ESFG International Ltd         5.753                EUR    50
Formosa Province of Argentina  5         2/27/2022  USD    75.13
Gol Finance                    8.75                 USD    68.5
Gol Finance                    8.75                 USD    68.25
Hidili Industry International
Development Ltd                8.625    11/4/2015   USD    70.75
Hidili Industry International
Development Ltd                8.625    11/4/2015   USD    71.88
Inversiones Alsacia SA         8         8/18/2018  USD    78
Inversiones Alsacia SA         8         8/18/2018  USD    75.58
Inversora de Electrica
de Buenos Aires SA             6.5       9/26/2017  USD    45.25
Metro de Santiago              5.5       7/15/2027  CLP     3.635
MetroGas SA                    8.875    12/31/2018  USD    71.63
MetroGas SA                    8.875    12/31/2018  USD    68.5
NQ Mobile Inc                  4        10/15/2018  USD    70.2
Petroleos de Venezuela SA      5.25      4/12/2017  USD    71.75
Petroleos de Venezuela SA      9.75      5/17/2035  USD    69.85
Petroleos de Venezuela SA      5.375     4/12/2027  USD    55
Petroleos de Venezuela SA      9        11/17/2021  USD    72.5
Petroleos de Venezuela SA      5.5       4/12/2037  USD    52.5
Petroleos de Venezuela SA      5.125    10/28/2016  USD    76.25
Petroleos de Venezuela SA      5.125    10/28/2016  USD    73.75
Petroleos de Venezuela SA      9        11/17/2021  USD    71.36
Petroleos de Venezuela SA      9.75      5/17/2035  USD    69.63
Petroleos de Venezuela SA      6        11/15/2026  USD    49.63
Provincia del Chaco            4        12/4/2026   USD    38.63
Provincia del Chaco            4        11/4/2023   USD    66.13
Renhe Commercial Holdings
Co Ltd                         13        3/10/2016  USD    62.55
Renhe Commercial Holdings
Co Ltd                         11.75     5/18/2015  USD    71
Renhe Commercial Holdings
Co Ltd                         13        3/10/2016  USD    66.25
Renhe Commercial Holdings
Co Ltd                         11.75     5/18/2015  USD    71
Republic of Venezuela           9.25     9/15/2027  USD    72.92
Republic of Venezuela           7        3/31/2038  USD    59.17
Sifco SA                       11.5      6/6/2016   USD    42.63
SMU SA                          7.75     2/8/2020   USD    62.75
SMU SA                          7.75     2/8/2020   USD    62.24
Talca Chillan Sociedad
Concesionaria SA                2.75    12/15/2019  CLP    62.08
Transener                       9.75     8/15/2021  USD    65.75
Transener                       9.75     8/15/2021  USD    62.5
Venezuela Gov't
International Bond              9        5/7/2023   USD    71.5

Venezuela Gov't
International Bond              7.75    10/13/2019  USD    73.75
Venezuela Gov't
International Bond              9.25     5/7/2028   USD    70.5
Venezuela Gov't
International Bond              9.375    1/13/2034  USD    70.75
Venezuela Gov't
International Bond              7.65     4/21/2025  USD    65
Venezuela Gov't
International Bond              7        3/31/2038  USD    59.75
Venezuela Gov't
International Bond              6       12/9/2020   USD    64.75
Venezuela Gov't
International Bond              8.25    10/13/2024  USD    67.5


                            ***********


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 * * *