TCRLA_Public/131219.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, December 19, 2013, Vol. 14, No. 251


                            Headlines



C A Y M A N  I S L A N D S

GLC SYSTEMATIC: Shareholders' Final Meeting Set for Dec. 20
LYNX II FEEDER: Shareholders' Final Meeting Set for Dec. 20
MA ASCEND II: Shareholders' Final Meeting Set for Dec. 20
MA CANYON: Shareholders' Final Meeting Set for Dec. 20
MA COOLMORE: Shareholders' Final Meeting Set for Dec. 20

MA GLC GLOBAL: Shareholders' Final Meeting Set for Dec. 20
MA GLC SYSTEMATIC: Shareholders' Final Meeting Set for Dec. 20
MA LYNX II: Shareholders' Final Meeting Set for Dec. 20
MA PGR: Shareholders' Final Meeting Set for Dec. 20
MA TBV: Shareholders' Final Meeting Set for Dec. 20

MA WCM FF II: Shareholders' Final Meeting Set for Dec. 20
PGR FEEDER I: Shareholders' Final Meeting Set for Dec. 20
PGR TRADING: Shareholders' Final Meeting Set for Dec. 20
SILVER FERN: Shareholders Receive Wind-Up Report
WCM FF II FEEDER: Shareholders' Final Meeting Set for Dec. 20

WCM FF II TRADING: Shareholders' Final Meeting Set for Dec. 20


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Exports to Jump 17%, or US$10BB More


M E X I C O

MAXCOM: Discloses Tender Results for Offer to Purchase 2020 Notes


T R I N I D A D  &  T O B A G O

RBC ROYAL: Makes Offer to Former Employees


V E N E Z U E L A

CORPORACION ELECTRICA: S&P Lowers CCR to 'B-'; Outlook Negative


V I R G I N  I S L A N D

SUNTECH POWER: Power Solar Unit Placed in Liquidation in BVI


                            - - - - -


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


GLC SYSTEMATIC: Shareholders' Final Meeting Set for Dec. 20
-----------------------------------------------------------
The shareholders of GLC Systematic Trading Limited will hold their
final meeting on Dec. 20, 2013, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


LYNX II FEEDER: Shareholders' Final Meeting Set for Dec. 20
-----------------------------------------------------------
The shareholders of Lynx II Feeder I Limited will hold their final
meeting on Dec. 20, 2013, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


MA ASCEND II: Shareholders' Final Meeting Set for Dec. 20
---------------------------------------------------------
The shareholders of MA Ascend II Limited will hold their final
meeting on Dec. 20, 2013, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


MA CANYON: Shareholders' Final Meeting Set for Dec. 20
------------------------------------------------------
The shareholders of MA Canyon VRF Limited will hold their final
meeting on Dec. 20, 2013, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


MA COOLMORE: Shareholders' Final Meeting Set for Dec. 20
--------------------------------------------------------
The shareholders of MA Coolmore Limited will hold their final
meeting on Dec. 20, 2013, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


MA GLC GLOBAL: Shareholders' Final Meeting Set for Dec. 20
----------------------------------------------------------
The shareholders of MA GLC Global Macro Limited will hold their
final meeting on Dec. 20, 2013, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


MA GLC SYSTEMATIC: Shareholders' Final Meeting Set for Dec. 20
--------------------------------------------------------------
The shareholders of MA GLC Systematic Limited will hold their
final meeting on Dec. 20, 2013, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


MA LYNX II: Shareholders' Final Meeting Set for Dec. 20
-------------------------------------------------------
The shareholders of MA Lynx II Limited will hold their final
meeting on Dec. 20, 2013, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


MA PGR: Shareholders' Final Meeting Set for Dec. 20
---------------------------------------------------
The shareholders of MA PGR Limited will hold their final meeting
on Dec. 20, 2013, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


MA TBV: Shareholders' Final Meeting Set for Dec. 20
---------------------------------------------------
The shareholders of MA TBV Limited will hold their final meeting
on Dec. 20, 2013, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


MA WCM FF II: Shareholders' Final Meeting Set for Dec. 20
---------------------------------------------------------
The shareholders of MA WCM FF II Limited will hold their final
meeting on Dec. 20, 2013, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


PGR FEEDER I: Shareholders' Final Meeting Set for Dec. 20
---------------------------------------------------------
The shareholders of PGR Feeder I Limited will hold their final
meeting on Dec. 20, 2013, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


PGR TRADING: Shareholders' Final Meeting Set for Dec. 20
--------------------------------------------------------
The shareholders of PGR Trading Limited will hold their final
meeting on Dec. 20, 2013, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


SILVER FERN: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Silver Fern Holdings received on Dec. 6, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


WCM FF II FEEDER: Shareholders' Final Meeting Set for Dec. 20
-------------------------------------------------------------
The shareholders of WCM FF II Feeder I Limited will hold their
final meeting on Dec. 20, 2013, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


WCM FF II TRADING: Shareholders' Final Meeting Set for Dec. 20
--------------------------------------------------------------
The shareholders of WCM FF II Trading Limited will hold their
final meeting on Dec. 20, 2013, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


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


* DOMINICAN REPUBLIC: Exports to Jump 17%, or US$10BB More
----------------------------------------------------------
Dominican Today reports that Dominican Republic's Export and
Investment Center disclosed that Dominican Republic's exports will
jump 17%, or around US$10.0 billion more this year, while the
region's other countries can expect growth no higher than 5%.

CEI-RD Director Jean Alain Rodriguez said the diversification of
products which has kept the country present in 167 nations also
led to increased exports, with 750 high-demand items such as agro
and agro-industrial products, with preferential access to 876
million customers worldwide, according to Dominican Today.

The report notes that Mr. Rodriguez spoke during a meeting to
train consular officials and diplomats to further boost exports,
aimed at making the country more competitive in new markets around
the world, held at the CEI-RD's Business Innovation Institute,
with the Foreign Ministry's support.


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


MAXCOM: Discloses Tender Results for Offer to Purchase 2020 Notes
-----------------------------------------------------------------
Maxcom Telecomunicaciones, S.A.B. de C.V. disclosed the tender
results of its cash offer to purchase 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.  The
table below sets forth the results of the Offer, according to
information provided by the depositary, as of 11:59 p.m., New York
City time, on December 11, 2013, the expiration of the Offer.

Title      CUSIP    Principal Amount  Amount of Notes  Approximate
of Notes   Number     Outstanding     Tendered         Percentage
                                                       of Notes
                                                       Tendered

Step-Up   57773AAL6   $180,353,962    $2,544,811        1.41%
Senior
Notes
due 2020


Maxcom accepted for purchase and payment all Notes validly
tendered prior to expiration of the Offer. Notes accepted for
purchase and payment may no longer be withdrawn.

                           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.

                           *    *     *

Maxcom carries a 'CC' corporate credit rating from Standard &
Poor's Ratings Services and a "Caa1" from Moody's Investors
Service.



===============================
T R I N I D A D  &  T O B A G O
===============================


RBC ROYAL: Makes Offer to Former Employees
--------------------------------------------
Carla Bridglal at Trinidad Express reports that RBC Royal Bank has
written former employees who were part of its Employee Stock
Ownership Plan (ESOP) II plan offering a settlement based on
workers' individual circumstances.

In correspondence sent to the Express and dated December 10, Amos
Herai, head of the bank's Human Resources, informed the former
employees of the offer, according to Trinidad Express.

Many of them are clients of law firm Chancery Chambers.

The report notes that Mr. Herai said the bank had been in
discussions with Chancery Chambers about solutions to address the
issues and provide ESOP II members with "reasonable entitlements".

"We are pleased to announce that, on a without prejudice basis,
RBC will be offering eligible ESOP II members an individual
payment, based on their specific circumstances.  RBC will begin a
claim process in which individual offers will be made to eligible
members.  We believe this is a reasonable solution to this
extremely complex issue.  In the coming weeks all eligible ESOP II
members will be invited to register and submit a claim," Mr.
Herai's letter stated, notes the report.

In an e-mail on Dec. 16, RBC regional manager, Employee and
Corporate Communications Nicole Duke-Westfield said the bank's
next step will be to launch the claims process in early January
and to  get eligible members' individual proposals in their hands
for review," the report quoted Mr. Herai as saying.

Chancery lawyers Douglas Mendes and Stuart Young were considering
filing class action litigation on behalf of their clients, a
source close to the discussions told the Trinidad Express.

The report discloses that the bank's actions follow a High Court
judgment in April, where former RBC employee Deborah Braithwaite
won her claim that the bank did not uphold the terms and
conditions of its ESOP II agreement.

Mr. Young told Trinidad Express in an interview that he will be
meeting with his clients to discuss RBC's proposal.

Members who resigned from the bank prior to April 12, 2009 will
not be eligible.

ESOP II members who withdrew for any reason other than resignation
from the plan between 1998 and 2008, when RBTT shares were
delisted from the Trinidad and Tobago Stock Exchange will receive
the difference between TT$20 and whatever the share price was on
the day they left the bank, the report discloses.

Members who withdrew for any reason other than resignation between
2008 to present will receive the difference between $20 and
TT$36.50, the last trading price of RBTT stock, the report adds.

RBC Royal Bank is a bank based in Trinidad and Tobago.


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


CORPORACION ELECTRICA: S&P Lowers CCR to 'B-'; Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit and senior unsecured debt ratings on Corporacion Electrica
Nacional, S.A. (Corpoelec) to 'B-' from 'B'.  The outlook remains
negative.

"The rating action on Corpoelec reflects our view that there is an
almost certain likelihood that its owner, the Bolivarian Republic
of Venezuela, would provide timely and sufficient extraordinary
support to the company in the event of financial distress.  Our
'b-' stand-alone credit profile remains unchanged," said Standard
& Poor's credit analyst Maria del Sol Gonzalez.

"In accordance with our criteria for GREs, our view of an
extremely high likelihood of extraordinary support is based on our
assessment of Corpoelec's critical role as the only provider of
electricity services in Venezuela.  In our opinion, this provides
strong economic incentive for the sovereign to support the company
during periods of financial distress.  In our assessment, we also
take into account its integral link with the government given the
government's full ownership of Corpoelec and its special public
status that we view as an extension of the government," S&P added.

Headquartered in Caracas, Venezuela, Corpoelec is the country's
national integrated electric utility.

Corpoelec's SACP reflects our view that the company's business
risk profile is "vulnerable," given S&P's expectations that it
will continue to post operating losses in part due to its
institutional mission to deliver low cost power in Venezuela.  As
a result, the company's SACP incorporates the ongoing support from
the government to meet its operating costs, capital expenditures
and financial obligations.

Headquartered in Caracas, Venezuela, Corpoelec is the country's
national integrated electric utility.


========================
V I R G I N  I S L A N D
========================


SUNTECH POWER: Power Solar Unit Placed in Liquidation in BVI
------------------------------------------------------------
Suntech Power Holdings Co., Ltd., on Dec. 10 said that the Joint
Provisional Liquidators of the Company on Nov. 14, 2013, passed a
sole shareholder's resolution placing Power Solar System Co.,
Ltd., an immediate subsidiary of the Company, into liquidation
pursuant to the Insolvency Act of the British Virgin Islands, the
jurisdiction of its incorporation.  Liquidators have since been
appointed over PSS.

On November 11, 2013, the JPLs had issued an announcement:

   -- Referring to Suntech'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. ("Wuxi Suntech") purportedly made in connection
with intragroup debt restructuring (the "Purported Share
Disposals"). Both Suntech Japan and Suntech Singapore were owned
by PSS which may have been insolvent under the laws of the BVI,
and as such, the Purported Share Disposals undertaken by PSS may
be voidable under BVI Law; and

     -- Indicating they were also aware of the Hong Kong Stock
Exchange announcement made by Shunfeng Photovoltaic International
Ltd. on November 1, 2013 in relation to its proposed purchase of
the entire equity interest of Wuxi Suntech by its subsidiary
Jiangsu Shunfeng Photovoltaic Technology Co., Ltd. ("Jiangsu
Shunfeng"). 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.

The JPLs and the PSS liquidators have indicated that they are
continuing to investigate the Purported Share Disposals and the
proposed purchase of PSS's equity interest in Wuxi Suntech by
Jiangsu Shunfeng. The JPLs and PSS liquidators will take such
steps as may be necessary on the basis of legal advice and court
directions, as appropriate, to remedy any improper actions which
have caused loss to Suntech, PSS and their creditors.

                          About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd., produces solar
products for residential, commercial, industrial, and utility
applications.  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.



                            ***********


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.

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.

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202-241-8200.


                   * * * End of Transmission * * *