TCRLA_Public/140109.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, January 9, 2014, Vol. 15, No. 6


                            Headlines



A R G E N T I N A

BUENOS AIRES: Moody's Rates Short-Term Treasury Note Program (P)B3
FIDEICOMISO FINANCIERO: Moody's Rates ARS6.45MM Certificates 'C'


B O L I V I A

BANCO DE CREDITO: Moody's Rates US$30MM Sr. Debt Issuance Ba2
BANCO SOLIDARIO: Moody's Put (P)Ba3 Rating to BS500MM Debt Program
BNB LEASING: Moody's Rate US$5MM Promissory Note Program Not Prime


B R A Z I L

INVEPAR: Wins Rights to Rio-Brasilia Road, To Invest $3.2 Billion
MARFRIG SA: Moody's Says Proposed Exchange Offer No Ratings Impact


C A Y M A N  I S L A N D S

ALCHEMIST ADVISORS: Commences Liquidation Proceedings
CAM LO: Commences Liquidation Proceedings
CAVALRY CAPITAL: Commences Liquidation Proceedings
CAVALRY MARKET INSTITUTIONAL: Commences Liquidation Proceedings
CAVALRY MARKET OFFSHORE: Commences Liquidation Proceedings

CAVALRY TECHNOLOGY: Commences Liquidation Proceedings
KROM RIVER FUND: Commences Liquidation Proceedings
KROM RIVER GENERAL: Commences Liquidation Proceedings
PLATINUM NORDIC: Placed Under Voluntary Wind-Up
PLATINUM RENAISSANCE: Placed Under Voluntary Wind-Up

PRINCETON GLOBAL: Placed Under Voluntary Wind-Up
QUADRUM INTERNATIONAL: Commences Liquidation Proceedings
QUADRUM MASTER: Commences Liquidation Proceedings
QUARTET FOUR: Commences Liquidation Proceedings
RIVOLI HOLDINGS: Commences Liquidation Proceedings

SALE CAYMAN (MP 1): Commences Liquidation Proceedings
SALE CAYMAN (VLE 1): Commences Liquidation Proceedings
SCIENS CLO: Commences Liquidation Proceedings
TRICADIA-GRANITERIDGE: Shareholders Receive Wind-Up Report
YASASHI LEASING: Commences Liquidation Proceedings


J A M A I C A

* JAMAICA: Net International Reserves at One-Year High
* JAMAICA: Customs Ends 2013 With Higher Inflows Into Coffers


T R I N I D A D  &  T O B A G O

PETROTRIN: Oil Company Suspends Workers in Wake of Oil Spills


                            - - - - -



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


BUENOS AIRES: Moody's Rates Short-Term Treasury Note Program (P)B3
------------------------------------------------------------------
Moody's Latin America has assigned a (P)B3 (global scale local
currency) and Baa3.ar (Argentina National Scale) ratings to the
Province of Buenos Aires' 2014 Short-Term Treasury Note Program.
The ratings are in line with the province's long term local
currency issuer ratings, which carry negative outlook.

RATINGS RATIONALE

The Short-Term Treasury Note Program has been authorized by the
province's 2014 Budget, Law 14.552 and by Resolution 332/13 of the
provincial Treasury. The treasury notes will be backed by
transfers from the Government of Argentina (B3, negative). The
maximum issuance amount authorized under the program is
approximately ARS4.336 millions or its equivalent in foreign
currency. This represents around 6% of the province's net direct
and indirect debt as of September 2013 --last reported figure- and
about 2.4% of total revenues budgeted for 2014.

The Province of Buenos Aires intends to issue sixteen tranches
with maturities up to 365 days in the domestic market throughout
the current fiscal year, the first of which is scheduled for
January 9.

"The assigned ratings reflect Moody's view that the willingness
and capacity of the Province of Buenos Aires to honor short-term
treasury notes is in line with the province's long-term credit
quality as captured in the B3/Baa3.ar (local currency) and
Caa1/Ba3.ar (foreign currency) issuer ratings", said Moody's
senior analyst Alejandro Pavlov.

The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date. Moody's does
not expect changes to the documentation reviewed over this period
or anticipates changes in the main conditions that the notes will
carry. Should issuance conditions and/or final documentation of
any of the series under this program deviate from the original
ones submitted and reviewed by the rating agency, Moody's will
assess the impact that these differences may have on the ratings
and act accordingly.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's does not expect upward pressures in the Province of Buenos
Aires' ratings in the near to medium term. Notwithstanding, a
change of the sovereign outlook back to stable could lead to a
change in the outlook back to stable.

A sharp deterioration of the Province of Buenos Aires's financial
results, coupled with higher debt levels could add downward
pressure to the assigned ratings. The province of Buenos Aires
could also be downgraded if the negative outlook on the sovereign
rating materializes into a rating downgrade. Furthermore, any
action taken by the federal government that would negatively
impact the ability of the province to repay its financial
obligations could lead to a further downgrade.


FIDEICOMISO FINANCIERO: Moody's Rates ARS6.45MM Certificates 'C'
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo rates
Fideicomiso Financiero AMES III, a transaction that will be issued
by Equity Trust (Argentina) S.A. - acting solely in its capacity
as Issuer and Trustee.

As of January 7, the securities for this transaction have not yet
been placed in the market. If any assumption or factor Moody's
considers when assigning the ratings change before closing, the
ratings may also change.

- ARS8,541,960 in Class A Floating Rate Debt Securities (VRD A)
of "Fideicomiso Financiero AMES III", rated Aaa.ar (sf) (Argentine
National Scale) and Ba3 (sf) (Global Scale, Local Currency)

- ARS494,955 in Class B Floating Rate Debt Securities (VRD B) of
"Fideicomiso Financiero AMES III", rated Aaa.ar (sf) (Argentine
National Scale) and Ba3 (sf) (Global Scale, Local Currency)

- ARS478,988 in Class C Fixed Rate Debt Securities (VRD C) of
"Fideicomiso Financiero AMES III", rated B1.ar (sf) (Argentine
National Scale) and Caa2 (sf) (Global Scale, Local Currency)

- ARS6,450,377 in Certificates of "Fideicomiso Financiero AMES
III", rated C.ar (sf) (Argentine National Scale) and C (sf)
(Global Scale, Local Currency).

RATINGS RATIONALE

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 1,178 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by the
Asociacion Mutual de la EconomĦa Solidaria ("AMES"), in an
aggregate amount of ARS 9,168,241.72.

These personal loans are granted to employees of the City of
Buenos Aires (rated B3/A3.ar) using a "Codigo de Descuento". The
"Codigo de Descuento" is an identifier granted by a government-
related entity (in this case the City of Buenos Aires) that allows
to deduct a personal loan's installment directly from the
borrowers' paycheck.

The originator access an Internet-based system to verify the
borrower's disposable income and originate the personal loan. The
maximum DTI ratio established by the City of Buenos Aires is 50%.
In this transaction, the City of Buenos will be instructed to
send, on a monthly basis, the scheduled principal and interest on
the securitized loans directly to the trust account. In turn, the
trustee, based on the master servicer's reports will reconcile any
amounts that might be owned to the originator.

The automatic deduction of the loan's installments reduces
significantly the probability of default of the loans, which is
not dependant on the borrower's willingness to pay.

In this type of loan the main causes of delinquency are: (i)
termination of the work relationship between the borrower and the
Government of the City of Buenos Aires, (ii) judicial embargos,
that may limit the maximum disposable income tan can be deducted
by the GCBA, (iii) increases in the Minimum Wage that increases
the minimum disposable income that the employee must receive net
of deductions, (iv) variable components of the wages that are not
collected in a particular month and therefore decreases the
disposable income (v) and unpaid work licenses.

Also, the online validation system prevents fraud and to originate
loans that do not have sufficient disposable income to pay the
installments.

Overall credit enhancement is comprised of 6.8% of subordination
for the Class A Floating Rate Debt Securities and 1.4% for the
Class B. In addition the transaction has various reserve funds and
excess spread.

Factors that would lead to an upgrade or downgrade of the rating

Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction, or a disruption in the flow of
payments from the City of Buenos Aires.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.

Loss and Cash Flow Analysis

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of AMES's
portfolio. In addition, Moody's considered factors common to
consumer loans securitizations such as delinquencies, prepayments
and losses; as well as specific factors related to the Argentine
market, such as the probability of an increase in losses if there
are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the main pool with a mean
of 5% and a coefficient of variation of 70%. Also, Moody's assumed
prepayments of 20%. These assumptions are derived from the
historical performance to date of AMES' pools.

The model results showed 0.16% expected loss for the Class A
Floating Rate Debt Securities, 1.33% for the Class B Floating Rate
Securities, 15.63% for the Class C Fixed Rate Debt Securities and
96.94% for the Certificates.

Stress Scenarios

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 3% from
the base case scenario for the pool (i.e., mean of 8% and a
coefficient of variation of 70%), the ratings of the Class B
Floating Rate Debt Securities and Class C Fixed Rate Debt
Securities would likely be downgraded to B3(sf) and Ca(sf)
respectively. The ratings of the Class A Floating Rate debt
securities and the Certificates would be unchanged.

Moody's also applied a stress to the cash flows by assuming an
interruption of the salary payments of the City of Buenos Aires
for three consecutive months. The assigned ratings are consistent
with this stress scenario.


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


BANCO DE CREDITO: Moody's Rates US$30MM Sr. Debt Issuance Ba2
-------------------------------------------------------------
Moody's Latin America has assigned Banco de Credito de Bolivia
S.A.'s senior debt issuance of US$30 million a Ba2 global foreign
currency debt rating and a Aaa.bo foreign currency national scale
debt rating.

The outlook on all ratings is stable.

The following ratings were assigned to Banco de Credito de Bolivia
S.A.:

Global Foreign Currency Senior Debt rating: Ba2

Bolivia National Scale Foreign Currency Senior Debt Rating: Aaa.bo

RATINGS RATIONALE

Moody's explained that the foreign currency senior debt rating
derives from Credito's Ba1 global local currency deposit rating
and considers the foreign currency bond ceiling for Bolivia, at
Ba2. Moody's also noted that seniority was taken into account in
the assignment of the debt ratings.

Moody's ratings reflect Credito's adequate risk management
practices and solid financial fundamentals, illustrated by low
delinquency ratios, sustained profitability and good
capitalization and liquidity ratios. On the other hand, the
ratings capture the Bolivian competitive environment, which limits
the bank's capacity for growth and also affects its margins.
Moody's considers the support provided by Banco de Credito del
Per£ and its well-recognized brand image. Additionally, the bank's
loan book and deposit de-dollarization minimizes the potential for
foreign currency mismatches thus limiting credit and market risks.

Banco de Credito de Bolivia S.A. is headquartered in La Paz,
Bolivia, and it had assets of Bs. 10.8 billion and equity of
Bs. 967 million as of September 2013.

The principal methodology used in this rating was Global Banks
published in May 2013.


BANCO SOLIDARIO: Moody's Put (P)Ba3 Rating to BS500MM Debt Program
------------------------------------------------------------------
Moody's Latin America has assigned Banco Solidario S.A.'s senior
multicurrency debt program of Bs. 500 million (Programa de Emision
de Bonos BancoSol II), a (P)Ba2 global local currency debt rating
and a (P)Ba3 global foreign currency debt rating. Additionally,
Moody's assigned a Ba2 global local currency debt rating to the
first expected issuance of Bs. 170 million under the program. At
the same time, Moody's Latin America assigned a Aaa.bo national
scale local currency debt rating and a Aa1.bo national scale
foreign currency debt rating to the bank's debt program, and a
Aaa.bo national scale local currency debt rating to the first
expected issuance.

The outlook on all ratings is stable.

The following ratings were assigned to Banco Solidario S.A.:

Bs. 500 million senior debt program:

Global Local Currency Debt Rating: (P) Ba2, stable outlook

Global Foreign Currency Debt Rating: (P) Ba3, stable outlook

Bolivia National Scale Local Currency Debt Rating: Aaa.bo, stable
outlook

Bolivia National Scale Foreign Currency Debt Rating: Aa1.bo,
stable outlook

First Bs. 170 million expected issuance:

Global Local Currency Debt Rating: Ba2, stable outlook

Bolivia National Scale Local Currency Debt Rating: Aaa.bo, stable
outlook

RATINGS RATIONALE

Moody's explained that the local and foreign currency senior debt
ratings derive from Solidario's global local and foreign currency
deposit ratings, at Ba2 and Ba3 respectively. Moody's also noted
that seniority was taken into consideration in the assignment of
the debt ratings.

Banco Solidario's deposit ratings incorporate its well established
franchise in the microfinance business and its shareholders
composition, largely international microfinance investors, which
provides access to global managerial, strategic and risk
management expertise as well as its asset quality metrics.
However, key risks include a declining capitalization, which is
likely to become a binding restriction for further loan growth,
and lagging efficiency indicators.

Banco Solidario is headquartered in La Paz, Bolivia, and it had
assets of Bs. 7.1 billion and equity of Bs. 548 million, as of
September 2013.


BNB LEASING: Moody's Rate US$5MM Promissory Note Program Not Prime
------------------------------------------------------------------
Moody's Latin America has assigned BNB Leasing S.A.'s promissory
note program of US$5 million a Not Prime global local and foreign
currency short term debt rating, which maps to a BO-1 national
scale local and foreign currency short term debt rating.

The outlook on all ratings is stable.

The following ratings were assigned to BNB Leasing S.A. (Bolivia):

US$5 million promissory note program:

Global Local and Foreign Currency Short Term debt rating: Not
Prime

Bolivia National Scale Local and Foreign Currency Short Term debt
rating: BO-1

RATINGS RATIONALE

Moody's explained that the local and foreign currency senior debt
ratings derive from BNB Leasing's Ba3 global local and foreign
currency corporate family ratings (CFR). BNB Leasing's global
local and foreign CFR of Ba3 reflect the company's stand-alone
credit profile of b3 and incorporates Moody's assessment of a high
likelihood of support deriving from its controlling shareholder,
Banco Nacional de Bolivia (rated Ba2), resulting in a three-notch
uplift from BNB Leasing's unsupported stand-alone credit profile.

The stand-alone credit profile of b3 reflects BNB Leasing's well
established franchise in the leasing market in Bolivia, which has
allowed the company to increase its market share and improve
profitability metrics; it also recognizes the challenging
operating environment in which the company operates, the highly
competitive leasing market in Bolivia and its limited income
sources diversification as a monoline company.

BNB Leasing is headquartered in La Paz, Bolivia. As of
September 2013, the company had total assets of Bs. 112.2 million
and equity of Bs. 15.5 million.


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

INVEPAR: Wins Rights to Rio-Brasilia Road, To Invest $3.2 Billion
-----------------------------------------------------------------
Reuters reports that Investimentos e Participacoes em
Infraestrutura S.A. (INVEPAR) won the rights to upgrade and
operate a stretch of a highway linking the capital Brasilia to the
port of Rio de Janeiro in the country's most fiercely contested
road auction this year.

The highway auctioned is a 937-kilometer (582-mile) stretch of
Brazil's BR-040 highway between the federal district of Brasilia
and Juiz de Fora on the border of Minas Gerais and Rio de Janeiro
states, according to Reuters.

The report notes that Invepar is expected to invest BRL7.4 billion
(US$3.2 billion) in BR-040 over the next 30 years.  The report
relates that Invepar won the auction by offering to charge 61
percent less than the maximum toll allowed by the government.

With the discount, the biggest of any highway auction this year,
Invepar beat seven other groups angling for the fifth such
concession of 2013, the report notes.  The increasingly crowded
field has bolstered hopes for a government program to overhaul
crumbling infrastructure that is gaining steam after early
skepticism from investors, the report relates.

Investimentos e Participacoes em Infraestrutura S.A. - INVEPAR
is the holding company controlled by the three largest Brazilian
pension funds (PREVI, FUNCEF and PETROS) and the construction
company OAS (B1, stable). INVEPAR was created in March 2000 to
invest in companies operating in the transport and urban mobility
infrastructure sectors.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 30, 2013, Fitch Ratings has affirmed Investimentos e
Participacoes em Infraestrutura S.A.- Invepar's (Invepar) foreign
and local currency Issuer Default Ratings (IDRs) at 'BB-' and its
long-term national scale rating at 'A(bra)'. The Rating Outlook is
Stable.


MARFRIG SA: Moody's Says Proposed Exchange Offer No Ratings Impact
------------------------------------------------------------------
Moody's Investors Service commented that Marfrig's announcement of
an exchange offer for its outstanding convertible debentures is
credit positive, but does not impact the company's ratings or
outlook at present.

As reported by the Troubled Company Reporter-Latin America on
Sept. 6, 2013, Moody's Investors Service confirmed the ratings for
Marfrig S.A. including its B2 corporate family rating (CFR). This
concludes the rating review which began on May 22, 2013. At the
same time, Moody's assigned a B2 foreign currency rating to the
company's proposed issuance of up to US$600 million senior
unsecured notes due 2021. Proceeds from the proposed notes are
intended to finance a tender offer of US$375 million of notes due
2016 and to repay and/or refinance outstanding indebtedness.
Moody's said the outlook for all the ratings is stable.



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


ALCHEMIST ADVISORS: Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 15, 2013, the sole shareholder of Alchemist Advisors
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 23, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Michael C. Lindsay
          11 Frensham House
          Claremont Road
          Surbiton, Surrey KT6 4RG
          United Kingdom


CAM LO: Commences Liquidation Proceedings
-----------------------------------------
On Nov. 20, 2013, the sole shareholder of Cam Lo Offshore, 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:

          John Milani
          c/o John O'Driscoll
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (284) 852 2247


CAVALRY CAPITAL: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 20, 2013, the sole shareholder of Cavalry Capital
Appreciation Offshore, 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:

          John Milani
          c/o John O'Driscoll
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (284) 852 2247


CAVALRY MARKET INSTITUTIONAL: Commences Liquidation Proceedings
---------------------------------------------------------------
On Nov. 20, 2013, the sole shareholder of Cavalry Market Neutral
Institutional, 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:

          John Milani
          c/o John O'Driscoll
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (284) 852 2247


CAVALRY MARKET OFFSHORE: Commences Liquidation Proceedings
----------------------------------------------------------
On Nov. 20, 2013, the sole shareholder of Cavalry Market Neutral
Offshore, 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:

          John Milani
          c/o John O'Driscoll
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (284) 852 2247


CAVALRY TECHNOLOGY: Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 20, 2013, the sole shareholder of Cavalry Technology
Offshore, 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:

          John Milani
          c/o John O'Driscoll
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (284) 852 2247


KROM RIVER FUND: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 11, 2013, the sole member of Krom River Commodity
Systematic Fund Inc 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:

          Clemens Hendrik Anton Heijman
          Slingerweg 3m 2111 AH, Aerdenhout
          Holland
          Netherlands


KROM RIVER GENERAL: Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 11, 2013, the sole member of Krom River Commodity
Systematic General Partner Inc 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:

          Clemens Hendrik Anton Heijman
          Slingerweg 3m 2111 AH, Aerdenhout
          Holland
          Netherlands


PLATINUM NORDIC: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 20, 2013, the sole shareholder of Platinum Nordic Fund
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 23, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815-1762
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


PLATINUM RENAISSANCE: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Nov. 20, 2013, the sole shareholder of Platinum Renaissance
Futures Fund Limited resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 23, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815-1762
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


PRINCETON GLOBAL: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 21, 2013, the shareholders of Princeton Global Holdings
Ltd resolved to voluntarily wind up the company's operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd
          c/o Mrs. Eva Moore
          Trident Trust Company (Cayman) Limited
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Cayman Islands


QUADRUM INTERNATIONAL: Commences Liquidation Proceedings
--------------------------------------------------------
On Nov. 19, 2013, the sole shareholder of Quadrum International,
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 liquidators are:

          Edel Andersen
          Roger Priaulx
          Telephone: (345) 815 8532
          Facsimile: (345) 945 3470
          c/o Genesis Trust & Corporate Services Ltd.
          P.O. Box 448 Midtown Plaza
          Elgin Avenue, George Town
          Cayman Islands


QUADRUM MASTER: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 19, 2013, the shareholders of Quadrum Master Fund, 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 liquidators are:

          Edel Andersen
          Roger Priaulx
          Telephone: (345) 815 8532
          Facsimile: (345) 945 3470
          c/o Genesis Trust & Corporate Services Ltd.
          P.O. Box 448 Midtown Plaza
          Elgin Avenue, George Town
          Cayman Islands


QUARTET FOUR: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 21, 2013, the sole member of Quartet Four Limited resolved
to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

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


RIVOLI HOLDINGS: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 21, 2013, the sole shareholder of Rivoli Holdings 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:

          Christopher P. Meyering
          667 Madison Avenue
          New York
          New York 10065, USA


SALE CAYMAN (MP 1): Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 21, 2013, the sole member of Sale Cayman (MP 1) Limited
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

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


SALE CAYMAN (VLE 1): Commences Liquidation Proceedings
------------------------------------------------------
On Nov. 21, 2013, the sole member of Sale Cayman (VLE 1) Limited
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

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


SCIENS CLO: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 2, 2013, the sole shareholder of Sciens Clo Holdings
Series I 2010 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:

          Christopher P. Meyering
          667 Madison Avenue
          New York
          New York 10065, USA


TRICADIA-GRANITERIDGE: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Tricadia-Graniteridge Corporate Credit
Intermediate Fund Ltd received on Dec. 24, 2013, the liquidator's
report on the company's wind-up proceedings and property disposal.

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

The company's liquidators are:

          E. Andrew Hersant
          Christopher Humphries
          Stuarts Walker Hersant
          36A Dr. Roy's Drive, George Town
          P.O. Box 2510, Grand Cayman KY1-1104
          Cayman Islands


YASASHI LEASING: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 11, 2013, the sole member of Yasashi Leasing Limited
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

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


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


* JAMAICA: Net International Reserves at One-Year High
------------------------------------------------------
RJR News reports that Jamaica's Net International Reserves (NIR)
climbed above the J$1 billion mark at the end of December, marking
a one-year high.

The Bank of Jamaica disclosed that, at the end of December, the
NIR stood at US$1.052 billion, according to RJR News.  That's the
highest it has been since December 2012, after it rose by 217
million last month, the report relates.

The report notes that this was due mainly to inflows from the IMF
and the World Bank in December.

At current levels, the NIR is capable of purchasing just over 12
weeks of imports, the report discloses.


* JAMAICA: Customs Ends 2013 With Higher Inflows Into Coffers
-------------------------------------------------------------
RJR News reports that Jamaica Customs ended 2013 with higher
inflows into its coffers.

Collections were US$800 million above target, according to RJR
News.

The report relates that Head of Jamaica Customs, Major Richard
Reese, told the Financial Report that the agency had projected to
collect US$12.6 billion.


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


PETROTRIN: Oil Company Suspends Workers in Wake of Oil Spills
-------------------------------------------------------------
Jamaica Gleaner reports that Petroleum Company of Trinidad and
Tobago said it has suspended several employees in the wake of the
11 oil spills in south Trinidad that the company said could be the
work of saboteurs.

But the Oilfield Workers Trade Union (OWTU) has dismissed the
announcement by Petrotrin, insisting that the company was sending
home lower-level workers while protecting management, according to
Jamaica Gleaner.

"I am waiting with bated breath to see who is being suspended and
when they will begin to suspend the right persons," the report
quoted OWTU President General Ancel Roget, as saying.

The report notes that the union has accused Petrotrin of a cover-
up in the oil spills that began in mid-December and has seriously
affected residents along the southern peninsula.  The oil company
said it has so far spent in excess of TT$8 million on the cleanup,
and that at least two of the spills had been caused by saboteurs,
the report relates.

The report discloses that Petrotrin Corporate Communications
Manager Gillian Friday said the unidentified suspended employees
were attached to the company's port and marine operations at
Pointe-a-Pierre.  The report notes that Ms. Friday said the
suspensions were in connection with the first spill on December
17.

Petrotrin's senior manager of marketing and trading, Errol Baldeo,
said disciplinary action would be taken against persons
responsible for the oil spills following a thorough investigation,
the report discloses.

                         About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2010, Trinidad Express related that four members of
Petrotrin submitted their resignation letters.  According to the
report, Malcom Jones resigned as chairman of Petrotrin and from
the State boards.  The report related board members Lawford
Dupres, who chaired the National Petroleum board, attorney Kerwin
Garcia and Andrew McIntosh had also resigned.  Prime Minister
Kamla Persad-Bissessar, the report noted, said that Cabinet had
ordered a forensic audit of Petrotrin as there were "grounds for
suspicion of misconduct" at Petrotrin similar to what may have
transpired at special-purpose State enterprise UDeCOTT.  The
report said that the company was experiencing serious financial
difficulties resulting in high cost overruns of its refinery
upgrade.   The situation was exacerbated by a US$12 billion
lawsuit by World GTL Inc. against Petrotrin, the report added.


                            ***********


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, and Peter A.
Chapman, Editors.

Copyright 2014.  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 * * *