TCRLA_Public/140122.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

           Wednesday, January 22, 2014, Vol. 15, No. 15


                            Headlines



B R A Z I L

ARALCO INDUSTRIA: S&P Lowers CCR to 'B-', Removes from CreditWatch
OGX PETROLEO: Minority Bondholders to Battle Bankruptcy Plan


C A Y M A N  I S L A N D S

CRABEL TWO: Shareholders Receive Wind-Up Report
ENSIGN MUTUAL: Shareholder Receives Wind-Up Report
FIFTH SQUARE: Shareholders Receive Wind-Up Report
HCP BEIJING: Shareholders Receive Wind-Up Report
HCP CRC: Shareholders Receive Wind-Up Report

KROM RIVER FUND: Shareholders Receive Wind-Up Report
KROM RIVER GENERAL: Shareholders Receive Wind-Up Report
LASAIR OFFSHORE: Shareholder Receives Wind-Up Report
PLATINUM NORDIC: Shareholder Receives Wind-Up Report
PLATINUM RENAISSANCE: Shareholder Receives Wind-Up Report

PRINCETON GLOBAL: Shareholders Receive Wind-Up Report
QUADRUM INTERNATIONAL: Shareholder Receives Wind-Up Report
QUADRUM MASTER: Shareholder Receives Wind-Up Report
SEVEN BRAND: Shareholder Receives Wind-Up Report
SPECTRA OPPORTUNITIES: Shareholder Receives Wind-Up Report

SPECTRA OPPORTUNITIES MASTER: Shareholder Receives Wind-Up Report
TRISTAN LIQUID: Shareholders Receive Wind-Up Report
TRISTAN LIQUID MASTER: Shareholders Receive Wind-Up Report
TRISTAN LIQUID PROPERTY: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

XSTRATA NICKEL: We Need Guarantees to Continue, CEO Says
* DOMINICAN REP: To Resume Egg, Chicken Exports to Haiti 'Soon'


J A M A I C A

* JAMAICA: Aluminum Glut Worrying for Local Industry


T R I N I D A D  &  T O B A G O

PETROLEOS DE VENEZUELA: Chamber Expects Firm to Schedule Payments


                            - - - - -


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B R A Z I L
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ARALCO INDUSTRIA: S&P Lowers CCR to 'B-', Removes from CreditWatch
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
corporate credit rating on Aralco Industria e Comercio S.A.
(Aralco) to 'B-' from 'B' and removed it from CreditWatch where
S&P placed it with negative implications on Oct. 28, 2013.  S&P
also lowered its Brazil national scale rating on the company to
'brB-' from 'brBBB-'.  S&P lowered the issue-level rating on its
$250 million bonds to 'CCC+'.  The outlook on the corporate credit
ratings is negative.

The downgrade reflects Aralco's weaker-than-expected operating
efficiency, which has led to negative free operating cash flow
generation and has pressured its liquidity--which S&P now views as
weak--while it has increased its refinancing risk.  Moreover, the
Brazilian sugarcane producer will crush significantly less volume
than originally expected (down to five million tons from six
million tons) due to low raw material availability.  The high idle
capacity (exceeding 30%) and low productivity (about 70 tons of
cane per hectare) have led S&P to revise its assessment of the
company's business risk profile from "fair" to "weak."

The company's inability to start paying off its secured debt after
the bond issuance in the first quarter of the 2013/2014 harvest
and the limited likelihood that it will begin to do so, has lead
S&P to lower the rating on Aralco's bonds, as total debt secured
by real assets represents more than 22% of its total assets as of
Sept. 30, 2013.


OGX PETROLEO: Minority Bondholders to Battle Bankruptcy Plan
------------------------------------------------------------
Law360 reported that minority bondholders of OGX Petroleo e Gas
Participacoes SA, the large Brazilian oil firm that went bankrupt
in October, are preparing to fight the company's proposal to exit
insolvency proceedings that they say leaves them high and dry, an
attorney said on Jan. 17.

According to the report, in December, OGX released the terms of a
plan that, if approved by a court, would allow it to eliminate
most of its debt and reorganize the company. Under the proposed
terms, OGX's creditors would convert approximately $5.8 billion in
pre-petition debt into equity.

Luciana Magalhaes, writing for Daily Bankruptcy Review, reported
that the group of bondholders of OGX, which is now known as Oleo e
Gas Participacoes SA, say they were left out of the oil company's
restructuring talks.

                         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.


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


CRABEL TWO: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Crabel Two Plus Trading Limited received on
Jan. 3, 2014, 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


ENSIGN MUTUAL: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Ensign Mutual Funds Ltd. received on Dec. 30,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Marla Gibbs
          c/o Arcadia Group Ltd.
          P.O. Box 10300 Grand Cayman KY1-1003
          Cayman Islands
          Telephone: (345) 945 1830


FIFTH SQUARE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Fifth Square Tower B Co Ltd received on
Dec. 24, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Gerald Yung
          Harvest Capital Partners Limited
          China Resources Building, 37th Floor
          26 Harbour Road, Wanchai
          Hong Kong


HCP BEIJING: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of HCP Beijing Fifth Square Co Ltd received on
Dec. 24, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Gerald Yung
          Harvest Capital Partners Limited
          China Resources Building, 37th Floor
          26 Harbour Road, Wanchai
          Hong Kong


HCP CRC: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of HCP CRC Guiyang Development Co Ltd received on
Dec. 24, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Gerald Yung
          Harvest Capital Partners Limited
          China Resources Building, 37th Floor
          26 Harbour Road, Wanchai
          Hong Kong


KROM RIVER FUND: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Krom River Commodity Systematic Fund Inc
received on Dec. 2, 2013, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Clemens Hendrik Anton Heijman
          Slingerweg 3
          2111 AH
          Aerdenhout
          Holland
          Netherlands


KROM RIVER GENERAL: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Krom River Commodity Systematic General
Partner Inc received on Dec. 24, 2013, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Clemens Hendrik Anton Heijman
          Slingerweg 3
          2111 AH
          Aerdenhout
          Holland
          Netherlands


LASAIR OFFSHORE: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Lasair Offshore Fund, Ltd received on Dec. 27,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Ogier
          c/o Kellian Hutchinson
          Telephone: (345) 815-1418
          Facsimile: (345) 949-9877


PLATINUM NORDIC: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Platinum Nordic Fund Limited received on
Dec. 30, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815-1762
          Facsimile: (345) 949-9877


PLATINUM RENAISSANCE: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Platinum Renaissance Futures Fund Limited
received on Dec. 30, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815-1762
          Facsimile: (345) 949-9877


PRINCETON GLOBAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Princeton Global Holdings Ltd received on
Dec. 30, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Trident Liquidators (Cayman) Limited
          Mrs. Eva Moore
          Trident Trust Company (Cayman) Limited
          Telephone: (345) 9 49 0880
          Facsimile: (345) 949 0881
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Cayman Islands


QUADRUM INTERNATIONAL: Shareholder Receives Wind-Up Report
----------------------------------------------------------
The shareholder of Quadrum International, Ltd. received on Jan. 6,
2014, the liquidators' report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

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


QUADRUM MASTER: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Quadrum Master Fund, Ltd. received on Jan. 6,
2014, the liquidators' report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

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


SEVEN BRAND: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Seven Brand International Holdings Limited
received on Dec. 24, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Gene Dacosta
          c/o Ben Hart
          Telephone: (345) 814 7770
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


SPECTRA OPPORTUNITIES: Shareholder Receives Wind-Up Report
----------------------------------------------------------
The shareholder of Spectra Opportunities Fund Ltd. received on
Dec. 27, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Kellian Hutchinson
          Telephone: (345) 815-1418
          Facsimile: (345) 949-9877


SPECTRA OPPORTUNITIES MASTER: Shareholder Receives Wind-Up Report
-----------------------------------------------------------------
The shareholder of Spectra Opportunities Master Fund Ltd. received
on Dec. 27, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Kellian Hutchinson
          Telephone: (345) 815-1418
          Facsimile: (345) 949-9877


TRISTAN LIQUID: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Tristan Liquid Property Fund Ltd received on
Dec. 30, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Simon Conway
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


TRISTAN LIQUID MASTER: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Tristan Liquid Property Master Fund Ltd
received on Dec. 30, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Simon Conway
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


TRISTAN LIQUID PROPERTY: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Tristan Liquid Property Fund GP Limited
received on Dec. 30, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Simon Conway
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands



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


XSTRATA NICKEL: We Need Guarantees to Continue, CEO Says
--------------------------------------------------------
Dominican Today reports that the Chief Executive Officer of
Xstrata Nickel's Dominican Republic operation (Falcondo)
reiterated that the company's presence in the country depends on a
long term mining, with cheap electricity available, to produce and
compete in world markets.

Mr. Soares said they pin their hopes of extracting nickel at the
controversial site of Loma Miranda, between La Vega and Bonao
(central), for which they expect to get the mining permit,
according to Dominican Today.  But environmental and civil society
groups could keep them from carrying out the project, after the
Chamber of Deputies agreed with the protesters and passed a bill
which declares Loma Miranda a protected area, arguing that much of
the Cibao region's (north) water depends on it, the report
relates.

Interviewed by Diario Libre, Mr. Soares said although current
conditions guarantee the company a "life of the mine" for five
years, the large investment needed to install a plant to generate
low cost energy prevents them from doing so at this time, the
report says.

"To make that kind of investment, to spur 300, 400 million dollars
to invest in a power plant, we need to be assured in our life of
the mine, and then with the fronts that we open today, we have a
very short life of mine, which doesn't compensate an investment of
this kind.  Now, when we add the value of Loma Miranda's ore, we
can rely on a 25 to 30 years mine life, and then there yes, we can
be profitable, and support an investment of this magnitude.
That's the reality," the report quoted Mr. Soares as saying.


* DOMINICAN REP: To Resume Egg, Chicken Exports to Haiti 'Soon'
---------------------------------------------------------------
Dominican Today reports that Agriculture Minister Luis R.
Rodriguez disclosed that formal egg and chicken exports to Haiti
will resume once the authorities from both nations agree to
implement a sanitary protocol to regulate bilateral trade.

Mr. Rodriguez said in addition to the protocol, Dominican poultry
farms at Moca and La Vega, together with Haitian investors, are
building a chicken farm in Haiti, to ensure the industry's
strength, according to Dominican Today.

"We received a missive from Haiti Agriculture minister Jacques
Thomas informing us that there is no problem for Dominican
Republic to export eggs and chickens to Haiti, provided they're
free of bird flu," the report quoted Mr. Rodriguez as saying.

However, the report notes, Mr. Rodriguez said that the country
doesn't have bird flu and the Livestock Dept. plans to certify
farms and packing plants so Dominican producers start exporting to
Haiti soon.

The official said the program to certify poultry is carried out
jointly with producers, via which Dominican Republic can export
poultry products to all parts of the world, the report relays.


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J A M A I C A
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* JAMAICA: Aluminum Glut Worrying for Local Industry
----------------------------------------------------
RJR News reports that there's more worrying news concerning the
supply of aluminum on the world market which could have
implications for Jamaica's mining sector.

Reuters said aluminum inventories in warehouses registered by the
London Metal Exchange (LME) have climbed to a record of nearly 5.5
million tons, according to RJR News.  The report relates that LME
said this is more evidence of a market weighed down by oversupply.

The report discloses that the price of aluminum mainly used in
transport and packaging, fell 13.2 percent last year and has
extended its losses by nearly one percent so far this month.

LME stocks have surged more than fourfold since the global
financial crisis in 2008, with demand insufficient to absorb an
output glut and producers reluctant to cut capacity, the report
notes.

Jamaica's bauxite and alumina exports are used by aluminum
producers.


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


PETROLEOS DE VENEZUELA: Chamber Expects Firm to Schedule Payments
-----------------------------------------------------------------
El Universal reports that the Venezuelan private oil sector hopes
that in 2014 expansion plans of state-run oil holding Petroleos de
Venezuela (PDVSA) will energize oil operations, in line with the
projects contemplated both in Oil Sowing Plan and meetings between
government authorities and businesses.

The financial status of PDVSA's providers of goods and services
willing to work with PDVSA on such projects is among the items in
the agenda, according to El Universal.

"We understand that PDVSA is determined to settle payments to
providers.  Priorities were set and that has been partially
addressed.  Obviously, though, all providers of goods and services
await predictability, as there is a void on when payments will be
received," the report quoted President of the Venezuelan Petroleum
Chamber, Alfredo Hernandez Raffalli.

While there are not official numbers yet on PDVSA's financial
statements in 2013, PDVSA President Rafael Ramirez said last
December that in 2013, US$12.7 billion were paid to providers "to
go up to a next step for production" in 2014, the report
discloses.

The report notes that it was not explained whether such payments
were made on account of contracting for that year or to honor
previous debts, some of them accrued for years.  This even caused
problems and adversely affected exploration and production, the
report says.

Ending 2012, PDVSA's debt to providers amounted to US$14.6
billion, 41% above the previous year, the report relays.

The report discloses that Hernandez Raffalli noted that PDVSA paid
some companies with bonds.  Nonetheless, a group of businesses did
not receive such benefit, the report relates.

The president of the Venezuelan Petroleum Chamber welcomed the
meetings with authorities of the Orinoco Oil Belt to accommodate
PDVSA's specific demand of goods and services, the report adds.

Petroleos de Venezuela S.A. -- http://www.PDVSA.com/-- engages in
the exploration, production, refining, transport, and commerce of
hydrocarbons.  The company was founded in 1975 and is based in
Caracas, Venezuela.

                     *     *     *

As reported in the Troubled Company Reporter-Latin America on Dec.
20, 2013, Moody's Investors Service downgraded the foreign
currency bond rating and global local currency rating of Petroleos
de Venezuela (PDVSA) to Caa1 from B2 and B1, respectively, and
maintained a negative outlook on the ratings. Moody's also
downgraded CITGO Petroleum Corporation's Corporate Family Rating
to B1 from Ba2; its Probability of Default rating to B1-PD from
Ba2-PD; and its senior secured ratings on term loans, notes and
industrial revenue bonds to B1, LGD3-43% from Ba2, LGD3-41%.
Moody's also assigned a rating of Ba3, LGD3-30% to CITGO's senior
secured bank credit facility. The rating outlook for CITGO is
negative. CITGO is PDVSA's wholly-owned US-based refining
subsidiary.


                            ***********


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.


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