TCRLA_Public/140129.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 29, 2014, Vol. 17, No. 236


                            Headlines



B R A Z I L

ALSTOM SA: Brazil Prosecutors Said to Seek Order Against Firm
BANCO BTG PACTUAL: Fitch Keeps BB Sub. Notes Rating; Outlook Pos.
BROOKFIELD INCORPORACOES: Mulling Possibility of Delisting Shares
OGX PETROLEO: May Use Assets to Guarantee Loans, Judge Says
SCHAHIN OIL: Fitch Affirms IDR at BB-; Outlook Negative


C A Y M A N  I S L A N D S

ARDEN ERISA: Shareholder Receives Wind-Up Report
BAYFRONT INSURANCE: Shareholder Receives Wind-Up Report
CHEYNE TRANSPORTATION: Shareholder Receives Wind-Up Report
CONCORDIS INSURANCE: Shareholder Receives Wind-Up Report
DELTA ENVIRONMENTAL: Shareholders Receive Wind-Up Report

FIFTH SQUARE: Shareholders Receive Wind-Up Report
FLAGSTICK ENHANCED: Shareholder Receives Wind-Up Report
GFP DUNAS: Shareholder Receives Wind-Up Report
GLASNOT ASSET: Shareholders Receive Wind-Up Report
GLASNOST FEEDER: Shareholders Receive Wind-Up Report

GLASNOST SPC: Shareholders Receive Wind-Up Report
GOODNESS LTD: Shareholders Receive Wind-Up Report
HGK STRATEGIC: Shareholders Receive Wind-Up Report
KIBA LIMITED: Shareholders Receive Wind-Up Report
ONE & TWELVE: Shareholders Receive Wind-Up Report

PACIFICTECH MICROELECTRONICS: Shareholders Receive Wind-Up Report
PARAGON CAPITAL: Shareholder Receives Wind-Up Report
SUPER D HOLDINGS: Shareholders Receive Wind-Up Report
TERRA PARTNERS: Shareholders Receive Wind-Up Report
TERRA PARTNERS ASSET: Shareholders Receive Wind-Up Report


C O S T A   R I C A

COSTA RICA: Fitch Affirms IDR at BB+; Outlook Stable


J A M A I C A

* JAMAICA: Positioned for Further Economic Gains This Year


V E N E Z U E L A

BANESCO BANCO UNIVERSAL: Fitch Affirms IDR at 'B'; Outlook Stable


                            - - - - -


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B R A Z I L
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ALSTOM SA: Brazil Prosecutors Said to Seek Order Against Firm
-------------------------------------------------------------
Denyse Godoy at Bloomberg News reports that Sao Paulo state's
public prosecutor is preparing to ask a judge to halt Alstom SA's
operations in Brazil and cancel its registration in the country
after the French turbine maker was accused of paying bribes, an
official familiar with the case said.

Prosecutors have already received documents from French officials
and are awaiting deposition transcripts, banking records and other
documents from the Swiss government before moving forward with the
request, according to the person who asked not to be identified
because details of the case aren't public, according to Bloomberg
News.

Bloomberg News notes that Alstom SA is accused of paying bribes in
1998 to extend a 1983 contract with Eletropaulo Metropolitana SA,
a utility that was previously controlled by the government, to
provide equipment for subway power stations in the city of Sao
Paulo.  The extended contract was worth about $50 million and the
company allegedly paid 15 percent of the value in bribes, a
deposition made by a former Alstom employee to French officials
shows, according to the person, Bloomberg News relays.

"Alstom vehemently repudiates any insinuation that there is a
company policy of irregular payments to obtain contracts," the
company's press office in Sao Paulo said in an e-mailed statement
obtained by Bloomberg.  "Alstom has never refused to provide any
clarifications requested by authorities," the statement added,
Bloomberg News relays.

Eletropaulo said that it no longer holds the transmission unit
that signed the contract with Alstom after it was sold to AES
Corp. in 1998, Bloomberg News adds.

Alstom SA designs, supplies, and services various products and
systems for power generation and transmission markets in France
and internationally.


BANCO BTG PACTUAL: Fitch Keeps BB Sub. Notes Rating; Outlook Pos.
-----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Banco BTG Pactual S.A.
(BTG Pactual) and its related parties: BTG Investments LP (BTGI)
Banco Panamericano S.A. (PAN), Brazilian Finance & Real Estate
(BFRE), Brazilian Mortgages Cia Hipotecaria (BM) and Brazilian
Securities Cia de Securitizacao (BS) and of its holding company
BTG Pactual Holding S.A. (BTGH).  The Rating Outlook has been
revised to Positive from Stable.

The revision of the Rating Outlook to Positive from Stable
reflects Fitch's expectation that BTG Pactual will continue to
benefit from the increasing diversification of its business
franchise carried out over the last three years, expand its
leadership in the Latin American region and preserve adequate
leverage metrics and profitability.  Fitch acknowledges the bank's
ability to perform well with sound profitability along the
economic cycles; which compares well with other similarly rated
entities with special focus on treasury and investment banking
activities and a growing and steady asset management business.
Management experience has fostered fast growth in the last several
years, and risk controls are considered strong.  Liquidity
policies and metrics have improved as well as the maintenance of
its leverage levels within acceptable levels.

The bank's strong repo position and its large investment portfolio
are largely composed of liquid assets, with a small portion of
securities being comprised of non-investment grade sovereign or
private debt.  The bank is also one the largest Central Bank
dealers, providing liquidity to market players through overnight
and short term repo transactions backed by Brazilian Government
debt.

Over the last years, with a stronger capital base due to hefty
capital injections and the 2012 IPO; BTG Pactual has expanded its
activities into consumer financing (through PAN), financial
services to the real estate sector (including real estate
financing and securitizations through BFRE, BM and BS), into the
brokerage business and investment banking in several countries of
Latin America (Chile, Colombia and Peru), rapidly consolidating
its position as a market leader in the region.  All these
acquisitions have been fully funded with the aforementioned
capital injections and have increased income diversification, even
though, the bulk of the bank's profit still stems from the
Brazilian operation.  The creation of a commodities platform may
be another move into further diversification and bodes well to
future business expansion.

Measured on a consolidated basis, BTG Pactual's capital and
leverage ratios tangible equity to tangible assets has averaged 7%
since 2010; while gross leverage measured as total assets over FCC
was 15.8x as of September 2013 (net leverage of 8.1x).  These
ratios are enhanced by BTG's long history of stable and strong
profitability; but certainly demands a conservative approach by
the bank and may be reduced by concentrating all of its Principal
Investment business under BTG I, a sister company.  Debt service
and interest expenses coverage ratios (4.0x and 4.6x,
respectively) stands slightly weaker than its peer group.
Regulatory capital ratios are ample and well above the minimum
required, albeit, are benefited by the low risk weight of its
large portfolio of government securities.

The Issuer Default Ratings (IDRs) and National Scale ratings of
its related parties: BTGI PAN, BFRE, BM and BS are driven by the
expected support from BTG.  Under Fitch Rating criteria, these
companies are considered 'strategically important' to the parent,
and its ratings are notched once from BTG's IDR.

BTGH is a pure holding company and its long- and short-term IDR's
and National Scale Ratings are equalized to those of BTG thanks to
its moderate leverage levels and favorable regulatory framework
towards financial groups in Brazil.

PAN's Viability Rating (VR) remains limited by its still weak
operating performance, even though some improvements in asset
quality have been observed.  Counterbalancing these aspects, the
bank enjoys a stable funding base, explained by committed funding
and liquidity lines from its other controlling shareholder: Caixa
Economica Federal (Caixa, Foreign Currency LT IDR of 'BBB'/Outlook
Stable) and an improved business model, derived from the
experience of the new management appointed by BTG since 2011.  The
unfavorable market scenario has not allowed the bank to grow as
fast as it would expect and this has delayed some profitability
improvements. Some cost controls measures taken recently should
benefit the bank's results in the coming periods as well.

BTG Pactual VR and IDRs may be upgraded if the bank is able to
maintain its consolidated leverage within acceptable range (net
adjusted leverage below 8.0x); maintain its operating ROAA above
2%, reflecting continued revenue growth in line with the expansion
of its asset base.  In turn, sudden deterioration of the operating
environment, leverage, profitability or a troublesome performance
of one or some of its subsidiaries may negatively affect BTG
Pactual's ratings.

PAN's VR may be upgraded after a sustained improvement of its
operational results (operating ROAA above 0.5%), that helps to
enhance its Fitch Core Capital Ratio to more than 7% and its
funding profile remains aligned with the tenor and characteristics
of its assets.  A negative rating action may be triggered by a
longer than expected breakeven point of its operations and a
backdrop of its already low capital ratios.

BTG Pactual IDRs are driven by its VR. Given its nature of
merchant/investment bank and relative small deposit base; Fitch
believes that the probability of support from the government is
unlikely; hence its Support Rating is a '5' and its Support Rating
Floor remains in 'NF'.

Subordinated debt and other hybrid capital issued by BTG Pactual
are all notched down from the banks' VRs; as such these securities
are notched twice from BTG Pactual VR: one notch lower due to Loss
Severity features and its subordinated status, and a one-notch
deduction due to moderate risk of non-performance.  The
subordinated debt and hybrid capital ratings are primarily
sensitive to any change in the VR of the bank.

PAN, BFRE, BM and BS are 'strategically important subsidiaries'
for BTG Pactual and hence, notched once from the parent IDR.
Fitch believes that despite its current relative small size and
incipient earnings generation compared to the parent revenue
source; these entities are part of the business plan of BTG
Pactual and the tools to implement their diversification plans in
the medium term towards consumer banking, real estate financing
and other capital market related activities.  The IDRs and
National Scale Ratings of Banco Pactual subsidiaries may be
affected if their strategic importance and ability to provide
support from BTG Pactual changes; even though this scenario has a
low probability of occurrence.

BTGI's long-term IDR rating reflects its role as an integral BTG
Pactual group and the implicit support BTGI receives from BTGH.
According to Fitch's criteria, BTGI is deemed as a core part of
BTG Pactual Group.  Despite its evident links with the group
(franchise, common management, relevance of its revenue stream and
completely aligned business model); BTGI is not a direct
subsidiary of BTGH; hence, its rating its notched once from the
rating of BTGH, the primary source of support to the entity.

Changes to the rating of BTG Pactual or BTGH may lead to changes
to BTGI's ratings.  A material deterioration of BTGI's financial
profile where sustained losses and/or a significant increase of
its leverage may hinder the overall financial profile of BTG
Group, may trigger a rating downgrade.

BTGH's long- and short-term IDRs and National Scale Ratings are
equalized to those of its sole operating subsidiary, Banco BTG
Pactual S.A.'s (BTG Pactual, IDR 'BBB-'/Outlook Stable).  BTGH is
a pure holding company and directly controls 71.9% of BTG Pactual.
The equalization of the ratings is based on the high correlation
between the probability of default for BTGH and the bank.  Both
are incorporated in the same jurisdiction, being overseen by
Brazilian authorities.

Changes to the rating of BTG Pactual may lead to changes to BTGH's
ratings.  Also, an increase of its double leverage ratio above
120% or a deterioration of its debt service metrics may result in
a downgrade of BTGH's ratings.

Fitch has taken the following rating actions:

BTG Pactual

  -- Long-term foreign and local currency IDRs affirmed at 'BBB-',
     Outlook revised to Positive from Stable;
  -- Short-term foreign and local currency IDRs affirmed at 'F3';
  -- Viability Rating affirmed at 'bbb-';
  -- Support Rating affirmed at '5';
  -- Support Rating Floor affirmed at 'No Floor';
  -- Long-term National Rating affirmed at 'AA(bra)', Outlook
     revised to Positive from Stable;
  -- Short-term National Rating affirmed at 'F1+(bra)';
  -- Senior unsecured notes, due in March 2016, foreign currency
     rating affirmed at 'BBB-';
  -- Senior unsecured notes, due in July 2016, foreign currency
     rating affirmed at 'BBB-';
  -- Senior unsecured notes, due in September 2017, foreign
     currency rating affirmed at 'BBB-';
  -- Senior unsecured notes due in January 2020, foreign currency
     rating affirmed at 'BBB-'.
  -- Subordinated notes due in September 2022, foreign currency
     rating affirmed at 'BB';

BTGI

  -- Long-term foreign and local currency IDRs affirmed at 'BB+';
     Outlook revised to Positive from Stable;
  -- Support Rating affirmed at '2';
  -- Senior guaranteed notes affirmed at 'BBB-'.

BTG Holding

  -- Long-term foreign and local currency IDRs affirmed at 'BBB-';
     Outlook revised to Positive from Stable;
  -- Short-term foreign and local currency IDRs affirmed at 'F3';
  -- Support Rating affirmed at '5';
  -- Support Rating Floor affirmed at 'NF';
  -- Long-term National Rating affirmed at 'AA(bra)'; Outlook
     revised to Positive from Stable;
  -- Short-term National Rating affirmed at 'F1+(bra)'.

PAN

  -- Long-term foreign and local currency IDRs affirmed at 'BB+',
     Outlook revised to Positive from Stable;
  -- Short-term foreign and local currency IDRs affirmed at 'B';
  -- Viability Rating affirmed at 'b';
  -- Support Rating affirmed at '3';
  -- Long-term National Rating affirmed at 'AA-(bra)', Outlook
     revised to Positive from Stable;
  -- Short-term National Rating affirmed at 'F1+(bra)'.

BFRE

  -- Long-term foreign and local currency IDRs affirmed at 'BB+',
     Outlook revised to Positive from Stable;
  -- Short-term foreign and local currency IDRs affirmed at 'B';
  -- Long-term National Rating affirmed at 'AA-(bra)', Outlook
     revised to Positive from Stable;
  -- Short-term National Rating affirmed at 'F1+(bra)'.

Brazilian Mortgages Cia. Hipotecaria (BM)

  -- Long-term foreign and local currency IDRs affirmed at 'BB+',
     Outlook revised to Positive from Stable;
  -- Short-term foreign and local currency IDRs affirmed at 'B';
  -- Long-term National Rating affirmed at 'AA-(bra)', Outlook
     revised to Positive from Stable;
  -- Short-term National Rating affirmed at 'F1+(bra)'.

Brazilian Securities Cia. de Securitizacao (BS)

  -- Long-term foreign and local currency IDRs affirmed at 'BB+',
     Outlook revised to Positive from Stable;
  -- Short-term foreign and local currency IDRs affirmed at 'B';
  -- Long-term National Rating affirmed at 'AA-(bra)', Outlook
     revised to Positive from Stable;
  -- Short-term National Rating affirmed at 'F1+(bra)'.


BROOKFIELD INCORPORACOES: Mulling Possibility of Delisting Shares
-----------------------------------------------------------------
Rogerio Jelmayer of The Wall Street Journal reports that
Brookfield Incorporacoes SA said it is evaluating strategic
alternatives, which could result in a public tender offer to
acquire its outstanding shares and then delist it from Brazil's
stock exchange.

The company's statement came after its shares showed high
volatility in recent sessions, according to The Wall Street
Journal.  So far this month, notes the report, the company's
shares are up 12.73% at 1.24 Brazilian reais ($0.52) in Sao Paulo.

The WSJ relays that the company's shares have soared so far this
month, after some analysts speculated that the company may opt to
delist its shares after a sharp depreciation last year.  Despite
the appreciation in January, in the 12 months period ended Jan.
24, Brookfield shares dropped 64%, the report discloses.

Brookfield also highlighted, on the other hand, that among its
alternatives under study is a possible sale of shares, the report
adds.

Brookfield Incorporacoes S.A., together with its subsidiaries,
provides integrated real estate services in Brazil.  The company
designs and develops residential and office projects for its own
behalf and third parties; purchases, negotiates, and sells real
properties; and provides construction and engineering services.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 4, 2013, Fitch Ratings has downgraded the long-term foreign
and local currency Issuer Default Ratings (IDRs) of Brookfield
Incorporacoes S.A. (Brookfield Incorporacoes) and its full
subsidiary Brookfield Sao Paulo Empreendimentos Imobiliarios S.A.
(Brookfield SP) to 'B+' from 'BB-'. Fitch has also downgraded the
companies' long-term national ratings to 'A(bra)' from 'A+(bra)'.


OGX PETROLEO: May Use Assets to Guarantee Loans, Judge Says
-----------------------------------------------------------
Reuters reports that Eike Batista's bankrupt Oleo e Gas
Participacoes SA -- formerly known as OGX Petroleo e Gas
Participacoes SA -- received court authorization to use its assets
to guarantee a loan critical to keeping the company in operation.

Gilberto Clovis Faria Matos, the judge handling Oleo e Gas'
bankruptcy protection filing, ruled that company assets may be
used as collateral for up to $200 million of debtor-in-possession,
or DIP, financing, according to documents filed with the Rio de
Janeiro state court of justice, according to Reuters.

As reported in the Troubled Company Reporter-Latin America on
Jan. 28, 2014, Daily Bankruptcy Review said that Oleo e Gas
Participacoes SA said bondholders had agreed to extend a deadline
to finalize a restructuring deal until Jan. 31.  OGP and
bondholders had originally set a Friday deadline to reach a deal
on additional financing to maintain the firm's operations,
according to Daily Bankruptcy Review.  The report related that OGP
was then expected to submit its restructuring plan to a Rio de
Janeiro bankruptcy court.

                        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.


SCHAHIN OIL: Fitch Affirms IDR at BB-; Outlook Negative
-------------------------------------------------------
Fitch Ratings has affirmed Schahin Oil and Gas Ltd.'s (Schahin or
Holdco) foreign and local currency Issuer Default Ratings at
'BB-'.  The Rating Outlook has been revised to Negative from
Stable.

The Negative Outlook reflects higher levels of refinancing risk as
the company has delayed obtaining permanent long-term financing at
the holding company level.  Schahin has entered into two bridge
loan financings to meet its short-term refinancing needs after
canceling its proposed USD685 million debt issuance last year.
The company currently has a bridge loan with Mizhuo Bank Ltd for
USD460 million, which becomes due in October 2015.  This bridge
loan has an increasing interest rate, which, together with the
short-term maturity, increases the company's short to medium term
refinancing risk.

Schahin's ratings reflect the company's high consolidated leverage
and structural subordination to its operating subsidiaries'
project finance debt.  Positively, consolidated leverage is
expected to decline over time as the project finance debt at the
operating companies amortizes.  The OpCos assets have long-term
contracts in place that allow them to better match project debt
with the life of the assets, which results in low debt service
requirements and greater cash flow distributions to the holding
company.  Upstream distributions from the four cash generating
assets are not expected to be disrupted, nevertheless they are
subject to various distribution tests.

Schahin's ratings also reflect the stable and predictable cash
flow generation of the company's OpCos' offshore drilling assets,
which are supported by long-term contracts with investment grade
rated Petroleo Brasileiro S.A. (Petrobras; IDR 'BBB').  The
ratings also incorporate the favorable demand prospects for oil
and gas services in Brazil driven by Petrobras's aggressive
capital expenditure program as well as new exploration and
production entrants to the market.

Schahin Oil & Gas Ltd's (HoldCo) consolidated leverage is
considered high for the rating category and is expected to
decrease over time, as debt at the operating companies' (OpCos)
level amortizes to levels more consistent with the rating
category.  Total debt as of September 2013 amounted to
approximately USD3.8 billion, including approximately a USD700
million capital lease for the Victoria drilling rig.  As of the
last 12 months ended Sept. 30, 2013, the company reported EBITDA
of approximately USD550 million, in line with initial
expectations.  Fitch expects that consolidated leverage, as
measured by total debt to EBITDA, will gradually decrease to
approximately 5.0 times (x) or below during the next three to four
years from the reported 6.8x as of Sept. 30, 2013.  Schahin's
liquidity is supported by the dividend distributions from its
subsidiaries.  As of Sept. 30, 2013, the company's unrestricted
cash position was low at approximately USD30 million of cash and
cash equivalents while consolidated short-term debt amounted to
approximately USD460 million.

Schahin's consolidated revenues and cash flow from operations are
stable and predictable, reflective of its long-term contractual
structure with Petrobras.  The company provides offshore oil and
gas drilling services through its different subsidiaries.  The
average remaining contract life for its existing offshore drilling
assets is approximately eight years.  The company currently
operates six offshore drilling units under long-term contracts
with Petrobras.  The bulk of the HoldCo's expected cash flow will
come from dividends from its 100% owned OpCos as well as from cash
flow from operations from its leased asset, Victoria, and the
potential minority investments in three new FPSOs.  Schahin has a
good operating track record in the drilling sector.  During the
first 11 months of 2013, average uptime for Schahin fleet was
approximately 94%.

Schahin's current contract backlog, excluding contract renewal
options, of approximately USD6 billion bodes well for the
company's credit profile as it supports cash flow predictability.
Of the company's current backlog, approximately USD5 billion
relate to the existing offshore drilling assets, where the company
has majority participation, all of which are contracted with
Petrobras.  The balance of the backlog relates to three FPSOs for
which the company has acquired the option to purchase between 10%
and 15% equity participation upon construction completion.

STRUCTURAL SUBORDINATION TO OPERATING COMPANIES' DEBT
The potential retention of cash flows after debt service at the
OpCos level makes cash flow to the Holdco somewhat less stable and
predictable than the cash flow from operation of its subsidiaries.
The project finance debt at the OpCos either have cash sweep
provisions or minimum debt service coverage ratios (DSCR) (e.g.
1.2 or above) that must be met before cash flow distributions are
allowed to be made to the Holdco.  Specific assets (S.S. Panatanal
and S.S. Amazonia) are not expected to distribute excess cash to
the holding company until all project finance debt and
subordinated debt is repaid due to cash sweep provisions.

Cash distributions to Schahin are sensitive to the operating
performance of the OpCos' (the rigs') uptime performance.  For
example, in the case of the Cerrado and Sertao operating assets, a
decline in the uptime rate to 86% and 85% for three and six
months, respectively, will likely prevent these assets from
distributing cash to the Holdco. Under Fitch's base case
assumption of an average uptime rate of 95%, these two assets are
not expected to trap cash.

Under Fitch's base case assumptions, net cash flow distributions
to Schahin from its OpCos, after considering planned investments
and holding company operating expenses, is expected to range
between approximately USD40 million and USD280 million and to
average approximately USD125 million per year over the next five
years.  Total debt to net dividend distributions at Holdco is
expected to average approximately 2.9x over the next five years.
Net distributions to Schahin are expected to increase starting
2017 as some project finance debt is fully amortized and should
increase if uptime rates are higher than projected.

Long-term demand prospects for oil and gas services in Brazil,
including demand for offshore drilling rigs and production
equipment, are strong.  Driven by a government initiative to
increase the country's oil and gas production, Petrobras has
embarked on an aggressive capital investment program of up to
USD236 billion over the next four years.  Further, the government
has implemented requirement that a high percentage of the work and
materials provided for these expenditures be from 'local' sources
in order to boost economic activity.  The combination of higher
demand and the local content mandate for oil and gas related
services support long-term demand prospects for the company as
well as its ability to renew contracts at favorable rates.

Factors that could lead to a negative rating action are: Failure
to put in place permanent long-term financing at the holding
company to refinance intermediate subsidiaries obligations and/or
failure to lower leverage to 5.0x or below in the medium term or
an overly aggressive growth strategy that could pressure credit
metrics.

Key considerations for a positive rating action or Outlook would
be a faster deleveraging process coupled with a reduction of the
holding company's structural subordination to its operating
assets.


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


ARDEN ERISA: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Arden Erisa Portable Alpha SPC 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


BAYFRONT INSURANCE: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Bayfront Insurance Solutions, Ltd received on
Dec. 23, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          K.D. Blake
          c/o Jason Robinson
          Telephone: (345) 815-2600/ (345) 949-4800
          Facsimile: (345) 949-7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands


CHEYNE TRANSPORTATION: Shareholder Receives Wind-Up Report
----------------------------------------------------------
The shareholder of Cheyne Transportation Fund Inc received on
Dec. 23, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          K.D. Blake
          c/o Jason Robinson
          Telephone: (345) 815-2600/ (345) 949-4800
          Facsimile: (345) 949-7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands


CONCORDIS INSURANCE: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Concordis Insurance SPC received on Dec. 23,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Global Captive Management Ltd
          Governors Square, Building 3, 2nd Floor
          23 Lime Tree bay Avenue
          P.O. Box 1363 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +1 (345) 949 7966
          Facsimile: +1 (345) 949 8068


DELTA ENVIRONMENTAL: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Delta Environmental and Educational Company
received on Dec. 30, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Wellgrace Limited
          FWD Financial Centre
          Units 2201-2, 22nd Floor
          308 Des Voeux Road Central
          Hong Kong
          Telephone: (852) 3583 1540
          Facsimile: (852) 2543 2625


FIFTH SQUARE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Fifth Square Tower C 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, 37th Floor
          China Resources Building
          26 Harbour Road
          Wanchai
          Hong Kong


FLAGSTICK ENHANCED: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Flagstick Enhanced Credit Master Fund, Ltd.
received on Dec. 23, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jacqueline Haynes
          Telephone: (345) 815-1759
          Facsimile: (345) 949-9877


GFP DUNAS: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of GFP Dunas Partners Holdings, Inc received on
Dec. 23, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Kate O'Neill
          Telephone: 815-1822
          Facsimile: (345) 949-9877


GLASNOT ASSET: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Glasnot Asset Management Ltd. received on
Dec. 23, 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


GLASNOST FEEDER: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Glasnost Feeder SPC received on Dec. 23, 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


GLASNOST SPC: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Glasnost SPC received on Dec. 23, 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


GOODNESS LTD: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Goodness Ltd. received on Dec. 16, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Ms. Barbara Carroll
          Ms. Betty Roberts
          Telephone: 242-362-4904
          First Trust Bank Limited
          Templeton Building, Lyford Cay
          P.O. Box N-7776, Nassau
          Bahamas


HGK STRATEGIC: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of HGK Strategic Income Fund I, Ltd received on
Dec. 23, 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


KIBA LIMITED: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Kiba Limited received on Dec. 2, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ellen J. Christian
          c/o BNP Paribas Bank & Trust Cayman Limited
          P.O. Box 10632, Royal Bank House, 3rd Floor
          24 Shedden Road, George Town
          Grand Cayman KY1-1006
          Cayman Islands


ONE & TWELVE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of One & Twelve Company Ltd received on Dec. 31,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Dizame Consulting S.A
          Telephone: 00423 237 71 00
          Facsimile: 00423 237 71 11
          P.O. Box 958 Pasea Estate
          Road Town Tortola
          British Virgin Islands


PACIFICTECH MICROELECTRONICS: Shareholders Receive Wind-Up Report
-----------------------------------------------------------------
The shareholders of Pacifictech Microelectronics Co., 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:

          Johnston Chien-Chan Chen
          726 Solstice Court
          Fremont, CA 94539
          USA
          Telephone: 1-510-770-1188
          Facsimile: 1-510-770-1128


PARAGON CAPITAL: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Paragon Capital Offshore 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:

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


SUPER D HOLDINGS: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Super D Holdings, Limited received on Dec. 23,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Super D Holdings, LLC
          10349 Watson Road
          Suite 100 St. Louis, MO 63127
          USA


TERRA PARTNERS: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Terra Partners Group received on Dec. 23,
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


TERRA PARTNERS ASSET: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Terra Partners Asset Management received on
Dec. 23, 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


===================
C O S T A   R I C A
===================


COSTA RICA: Fitch Affirms IDR at BB+; Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed Costa Rica's ratings as follows:

  -- Long-term foreign and local currency IDRs at 'BB+'; Outlook
     Stable;
  -- Senior unsecured foreign and local currency bonds at 'BB+';
  -- Country Ceiling at 'BBB-';
  -- Short-term foreign currency IDR at 'B'.

KEY RATING DRIVERS

Costa Rica's 'BB+' IDRs reflect the following key rating drivers:

  -- Costa Rica's ratings are supported by its political stability
     and strong human development and governance indicators
     relative to peers.  The country's capacity to attract large
     foreign direct investments (FDI) inflows into high value-
     added manufacturing and service sectors contribute to steady
     GDP growth rates and solid financing of current account
     deficits.

  -- Growth in Costa Rica is projected to pick up to an average 4%
     of GDP in the coming two years from 3.5% in 2013, mostly
     driven by an expected recovery in the U.S., its main trading
     partner.  Risks to growth are mostly domestic, as rising
     uncertainty related to the deteriorating fiscal situation
     could weigh on business and consumer confidence.

  -- High structural fiscal deficits represent a credit weakness
     for Costa Rica.  The general government deficit widened to an
     estimated 5.1% in 2013 from 4.4% in 2012.  Government
     financing needs at 10.6% of GDP will remain higher than the
     'BB' category in 2014-2015, also fuelled by a hefty
     amortization schedule.  However, a captive domestic investor
     base and access to international markets are expected to
     mitigate financing risks.

  -- Consolidated general government debt, which nets out holdings
     of government debt by public pension funds, reached an
     estimated 32.4% of GDP in 2013, below the 36.2% median of the
     'BB' category.  The debt burden has increased by 12.4pp since
     2008, reversing most of the reduction achieved between 2002
     and 2008.  The incumbent government launched a national
     dialogue to gradually reduce the fiscal deficit to 3% of GDP
     and stabilize the debt burden at 40% of GDP by 2019.  Yet,
     fiscal consolidation is on hold until the end of the
     electoral cycle.

  -- The prospects of a contested runoff presidential race and a
     highly divided congress after the February 2014 general
     elections could challenge the next administration's capacity
     to build political support for a comprehensive fiscal reform.
     This is particularly likely in light of procedural rules in
     Costa Rica that provide veto power to minority parties in the
     legislature.

  -- Limited exchange-rate flexibility, quasi-fiscal losses at the
     central bank and financial dollarization will continue to
     constrain monetary policy over the forecast period.  The
     transition to a more flexible exchange rate consistent with a
     full-fledged inflation targeting regime is still uncertain.
     Fitch expects inflation to stay within the official target
     band of 5% +/- 1% in 2014-2015 owing to softer imported
     commodity  prices and subdued domestic demand.

  -- Dollarization of private credit, nearly 50% of total bank
     loans, represents a risk to banks' balance sheets.
     Supervisory authorities have put in place corrective measures
     but they will take several years to be fully implemented.

  -- Fitch forecasts that the current account deficit will average
     5.2% of GDP in 2014-2015, primarily driven by a trade deficit
     of 13% of GDP.  FDI and government borrowing are likely to
     cover the external gap without exerting pressure on
     international reserves.

The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are currently balanced.  The main
risk factors that, individually or collectively, could trigger a
positive rating action are:

  -- Greater political consensus to address structural fiscal
     imbalances leading to material fiscal consolidation and
     favorable debt dynamics;

  -- Increased monetary and exchange rate flexibility that
     enhances the shock-absorption capacity of the economy

The main risk factors that, individually or collectively, could
trigger a negative rating action are:

  -- Sustained large fiscal deficits that cause a marked
     deterioration in debt dynamics and emergence of fiscal
     financing constraints;

  -- Weakening of the macroeconomic policy framework that reverses
     the disinflation process;

  -- A marked deterioration in the political and business
     environment that impair FDI and growth prospects.

The ratings and Outlooks are sensitive to a number of assumptions:

  -- Fitch's base-case scenario assumes an economic recovery in
     the U.S., and therefore a continuation of trade and FDI flows
     to Costa Rica.

  -- Fitch's projections assume that budget deficits will remain
     elevated over the next two years in the absence of
     significant progress on fiscal reform.  In this scenario,
     consolidated general government debt could reach 38% of GDP
     by 2015.

  -- Fitch assumes that market access will remain available to
     finance Costa Rica's high financing needs.

  -- Fitch assumes that the central bank will maintain its foreign
     exchange-rate regime over the next two years.

  -- Fitch assumes that policymaking will not significantly
     deviate from its current investor friendly stand under a new
     administration.


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


* JAMAICA: Positioned for Further Economic Gains This Year
----------------------------------------------------------
RJR News reports that Managing Director of the US-based investment
firm, Oppenheimer and Company, Gregory Fisher, said Jamaica is
positioned to make further economic gains this year.

Mr. Fisher, the report notes, said this is likely given what the
government has done so far, under the tight economic program with
the International Monetary Fund (IMF), the report relates.

The report discloses that the Oppenheimer Managing Director argued
that the fiscal adjustment in the public sector should eventually
lead to increased financing for private sector investments.


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


BANESCO BANCO UNIVERSAL: Fitch Affirms IDR at 'B'; Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of four private sector
Venezuelan banks, including:

  -- Banesco, Banco Universal, CA (BBU);
  -- Banco Provincial, S.A., Banco Universal (Provincial);
  -- Mercantil, C.A. Banco Universal (Mercantil);
  -- Banco del Caribe, C.A. Banco Universal (Bancaribe).

The banks included in this peer review have assets between USD10
billion and USD33 billion with operations primarily in Venezuela.
All of these banks' Viability Ratings (VRs), or standalone
intrinsic financial strengths, drive their IDRs and do not take
into account either institutional or state support.

Solid asset quality and profitability (not adjusted for inflation)
indicators, in part due to high nominal credit growth support
their VRs. While liquidity profiles are sufficient for the local
market, a high proportion of the banks' liquid holdings are in
Venezuelan public sector instruments.  Furthermore, all of these
banks have a large negative mismatch between short-term assets and
liabilities as is common to Venezuelan banks more generally.
However, this position is manageable under Venezuela's current
scheme of foreign exchange controls.

Fitch expects some deterioration in these banks' financial
profiles during 2014 due to the Venezuelan operating environment's
inherent risks as a result of severe macroeconomic imbalances, as
well as a seasoning of credit portfolios.  However, absent a
material increase of government intervention in the banking sector
or a severe macroeconomic adjustment, financial metrics should
remain well within the norm of similarly rated peers (emerging
market commercial/universal banks with a 'b' category VR).

The rating actions below follow a periodic review of these four
banks. Fitch will publish the main findings of this review in a
report 'Peer Review: Private Sector Venezuelan Banks'.  Fitch
concludes that the largest private sector Venezuelan banks will
remain more resilient than the rest of the system in the event of
stress.

BBU

BBU's ratings balance its solid profitability and asset quality
indicators, as well as its adequate liquidity against its weaker
capitalization ratios relative to domestic and international
peers.  The ratings also take into account the government's
persistent intervention in the banking sector and Venezuela's
inherent economic and operational volatility.  BBU is the main
subsidiary of Banesco Holding, S.A.

Provincial's ratings reflect its strong franchise and financial
profile compared with both domestic and international peers.  The
ratings also incorporate the bank's conservative risk management
and operational support from Spain's Banco Bilbao Vizcaya
Argentaria (BBVA).  Despite the bank's robust profitability, asset
quality and capital position, the ratings are constrained by the
sovereign due to the negative effects of government control over
the financial sector and the broader economy (reflected in
Venezuela's 'B+'/Negative Outlook).  Provincial's majority
shareholder is BBVA, which has a 55% stake in the bank.

Mercantil's ratings reflect its strong performance, manageable
liquidity risk and resilient credit risk profile.  The strength of
its balance sheet, management's experience in dealing with the
inherently volatile operating environment in Venezuela and its
ample market share and strong franchise allow the bank to maintain
a relatively stable deposit base.

The ratings also take into account the bank's healthy asset
quality and adequate capitalization, both of them in line with
other domestic (universal) banks and comparing favorably to
international peers.  On the other hand, Mercantil's ratings are
also constrained by the sovereign. Mercantil is the largest
subsidiary of Mercantil Servicios Financieros.

Bancaribe's ratings are consequence of its resilient performance,
stable asset quality and adequate liquidity risk.  It also
incorporates a strengthening of capital ratios in 2013, after
being pressured by high nominal asset growth in recent years.  The
ratings also take into account the government's persistent
intervention in the banking sector and Venezuela's inherent
economic and operational volatility.  Scotiabank has a minority
stake of 27% in Bancaribe.

Government intervention that pressures financial performance of
these banks could negatively affect the banks' IDRs, VRs and
National ratings.  A sustained deterioration in profitability or
asset quality that pressures capitalization ratios could also be
negative for their ratings.

Additionally, a downgrade of the sovereign's IDRs would result in
a similar action on the ratings of Provincial and Mercantil, which
are currently capped at the sovereign.  There is no upside
potential to any of the banks' international ratings in the near
term as the sovereign currently has a Negative Rating Outlook.

The banks' Support Rating (SR) of '5' and Support Rating Floor
(SRF) of 'NF' reflect Fitch's expectation of no support.  Despite
these banks' systemic importance, support cannot be relied upon
given Venezuela's speculative grade rating and lack of a
consistent policy on bank support.  Government interference in the
banking system could also negatively influence shareholder support
if these banks were to require financial assistance.

Venezuela's propensity or ability of to provide timely support to
these banks is not likely to change given the sovereign's low
speculative grade ratings.  As such, the SR and SRF have no
upgrade potential, particularly as the sovereign has a Negative
Outlook.

Fitch has affirmed the following ratings:

BBU

  -- Long-term foreign and local currency IDRs at 'B'; Outlook
     Stable;
  -- Short-term foreign and local currency ratings at 'B';
  -- Viability at 'b';
  -- Support at 5;
  -- Support Floor at NF;
  -- Long-term national-scale rating at 'A+(ven)';
  -- Short-term national-scale rating at 'F1(ven)'.

Provincial

  -- Long-term foreign and local currency IDRs at 'B+'; Outlook
     Negative;
  -- Short-term foreign and local currency ratings at 'B';
  -- Viability at 'b+';
  -- Support at 5;
  -- Support Floor at NF;
  -- Long-term national-scale rating at 'AA+(ven)';
  -- Short-term national-scale rating at 'F1+(ven)'.

Mercantil

  -- Long-term foreign and local currency IDRs at 'B+'; Outlook
     Negative;
  -- Short-term foreign and local currency ratings at 'B';
  -- Viability at 'b+';
  -- Support at 5;
  -- Support Floor at NF;
  -- Long-term national-scale rating at 'AA+(ven)';
  -- Short-term national-scale rating at 'F1+(ven)'.

Caribe

  -- Long-term foreign and local currency IDRs at 'B'; Outlook
     Stable;
  -- Short-term foreign and local currency ratings at 'B';
  -- Viability at 'b';
  -- Support at 5;
  -- Support Floor at NF;
  -- Long-term national-scale rating at 'A+(ven)';
  -- Short-term national-scale rating at 'F1(ven)'.


                            ***********


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 * * *