TCRLA_Public/140130.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 30, 2014, Vol. 18, No. 21


                            Headlines




B R A Z I L

* BRAZIL: Gets US$125MM IDB Loan for Biofuel and Energy Projects


C A Y M A N  I S L A N D S

AMI CABLE: Shareholders Receive Wind-Up Report
BEGBIES TRAYNOR: Commences Liquidation Proceedings
BLACKSTONE SC: Commences Liquidation Proceedings
CAMBIUM FUND: Shareholder Receives Wind-Up Report
CANADIAN SHIELD: Placed Under Voluntary Wind-Up

FB MAITREYA: Court Appoints Deloitte as Provisional Liquidators
GARRIGUE LIMITED: Placed Under Voluntary Wind-Up
HICKS MUSE: Shareholders Receive Wind-Up Report
HM/HILLSDOWN: Shareholders Receive Wind-Up Report
LAIDA LIMITED: Placed Under Voluntary Wind-Up

NOELLE ENTERTAINMENT: Commences Liquidation Proceedings
OPTIMA ABSOLUTE: Placed Under Voluntary Wind-Up
ORBCOMM ASIA: Placed Under Voluntary Wind-Up
PAN AMERICAN: Shareholders Receive Wind-Up Report
PAN AMERICAN PARTNERS: Shareholders Receive Wind-Up Report

PEACEMAKER CORPORATION: Placed Under Voluntary Wind-Up
PYTHIA LIMITED: Placed Under Voluntary Wind-Up
RADON SPECIAL: Placed Under Voluntary Wind-Up
REDBREAST AIRCRAFT: Placed Under Voluntary Wind-Up
SEA ELECTRONIC: Placed Under Voluntary Wind-Up

STEMATIX (CAYMAN): Creditors' Proofs of Debt Due Feb. 14
SUNTECH POWER: To Hold Creditors' Meeting on Feb. 12
TESA PARTICIPATIONS: Shareholders Receive Wind-Up Report
TESA PARTNERS: Shareholders Receive Wind-Up Report
TUTOR-CAYMAN: Placed Under Voluntary Wind-Up

TUTOR INTERNATIONAL: Placed Under Voluntary Wind-Up
UBS ALPHA: Commences Liquidation Proceedings
* CAYMAN ISLANDS: Insolvency Petitions Up 30% in 2013


J A M A I C A

NATIONAL COMMERCIAL BANK: MoneyGram Network Shrinks With Bank Exit
SAGICOR LIFE: Acquires RBC Jamaican Operations


M E X I C O

NAUCALPAN MUNICIPALITY: Moody's Withdraws B3 Rating; Outlook Neg


P U E R T O   R I C O

M.A.R. REALTY: Court Temporarily Bars Use of Cash Collateral
M.A.R. REALTY: Banco Popular Requests Relief From Automatic Stay


                            - - - - -


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


* BRAZIL: Gets US$125MM IDB Loan for Biofuel and Energy Projects
----------------------------------------------------------------
International Developmental Bank approved a Green Line Partnership
with Banco Pine S.A. in Brazil to expand access to financing for
environmentally sustainable projects, particularly biofuels and
renewable energy projects.

The IDB will provide an unsecured A/B loan of approximately US$125
million to Banco Pine for working capital and long-term loans in
these sectors, and to finance capital expenditures.

The partnership is expected to increase Pine's green portfolio by
US$600 million in the next five years, which in turn will
contribute toward achieving the government's goal of refocusing
Brazil's energy matrix on more environmentally friendly sources by
2021.


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


AMI CABLE: Shareholders Receive Wind-Up Report
----------------------------------------------
On Jan. 7, 2014, the shareholders of Ami Cable Holdings, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on Dec. 13, 2013.

The company's liquidator is:

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


BEGBIES TRAYNOR: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 29, 2013, the shareholders of Begbies Traynor Cayman
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 13, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mike Saville
          c/o John Royle
          10 Market Street #765 Camana Bay
          Grand Cayman
          Cayman Islands KY1 9006
          Telephone: +1 (345) 769 7206
          Facsimile: +1 (345) 949 7120


BLACKSTONE SC: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 3, 2013, the sole shareholder of Blackstone SC Offshore
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 liquidator is:

          Patrick Agemian
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


CAMBIUM FUND: Shareholder Receives Wind-Up Report
-------------------------------------------------
On Nov. 22, 2013, the sole shareholder of Cambium Fund Forest
Investments Inc. received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Nov. 22, 2013.

The company's liquidator is:

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


CANADIAN SHIELD: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 22, 2013, the sole shareholder of Canadian Shield Offshore
Fund, Ltd resolved to voluntarily wind up the company's
operations.

The company's liquidator is:

          Avalon Ltd.
          Reference: GL
          Telephone: +1 (345) 769 4422
          Facsimile: +1 (345) 769 9351
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715, George Town
          Grand Cayman KY1-1107
          Cayman Islands


FB MAITREYA: Court Appoints Deloitte as Provisional Liquidators
---------------------------------------------------------------
On Nov. 15, 2013, the Grand Court of the Cayman Islands appointed
Stuart Sybersma and Michael Penner of Deloitte & Touche as
provisional liquidators of FB Maitreya Fund.

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

The company's liquidator is:

          Stuart Sybersma
          c/o Yvonne Lorimer
          Deloitte & Touche,
          Citrus Grove Building, 4th Floor
          Goring Avenue George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 2214
          Facsimile: +1 (345) 949 8258
          e-mail: yvlorimer@deloitte.com


GARRIGUE LIMITED: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 27, 2013, the sole shareholder of Garrigue Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 16, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949-7128


HICKS MUSE: Shareholders Receive Wind-Up Report
-----------------------------------------------
On Jan. 7, 2014, the shareholders of Hicks, Muse Latin America
Fund GP Cayman, L.L.C. received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Dec. 13, 2013.

The company's liquidator is:

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


HM/HILLSDOWN: Shareholders Receive Wind-Up Report
-------------------------------------------------
On Jan. 7, 2014, the shareholders of HM/Hillsdown G.P. Partners
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on Dec. 13, 2013.

The company's liquidator is:

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


LAIDA LIMITED: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on Nov. 22, 2013, the
shareholders of Laida Limited resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 6, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Royhaven Secretaries Limited
          c/o Julie Reynolds
          Telephone: +1 (345) 914 1344
          Facsimile: +1 (345) 945 4799
          Coutts & Co (Cayman) Limited
          Coutts House, 1446 West Bay Road
          P.O. Box 707 Grand Cayman KY1-1107
          Cayman Islands


NOELLE ENTERTAINMENT: Commences Liquidation Proceedings
-------------------------------------------------------
On Nov. 22, 2013, the shareholders of Noelle Entertainment Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 6, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

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


OPTIMA ABSOLUTE: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 28, 2013, the sole member of Optima Absolute Return
Special Investments Fund Ltd. resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 6, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Gene Dacosta
          c/o Tania Dons
          Telephone: (345) 814 7766
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


ORBCOMM ASIA: Placed Under Voluntary Wind-Up
--------------------------------------------
On Nov. 25, 2013, the sole shareholder of Orbcomm Asia Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 7, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Hyung Jin Song
          Geoville, 12th Floor
          49-6 Jamwon-dong, Seocho-gu
          Seoul, 137-906, Korea
          Facsimile: (822) 3444-7312


PAN AMERICAN: Shareholders Receive Wind-Up Report
-------------------------------------------------
On Jan. 7, 2014, the shareholders of Pan American Sports Holdings
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on Dec. 13, 2013.

The company's liquidator is:

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


PAN AMERICAN PARTNERS: Shareholders Receive Wind-Up Report
----------------------------------------------------------
On Jan. 7, 2014, the shareholders of Pan American Sports Partners
Company received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on Dec. 13, 2013.

The company's liquidator is:

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


PEACEMAKER CORPORATION: Placed Under Voluntary Wind-Up
------------------------------------------------------
On Nov. 25, 2013, the shareholders of Peacemaker Corporation LLC
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 9, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Christopher Tushingham
          Soalt y Cottier
          The Dhoor
          Lezayre
          Isle of Man


PYTHIA LIMITED: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov. 14, 2013, the sole shareholder of Pythia Limited resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 6, 2014, 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


RADON SPECIAL: Placed Under Voluntary Wind-Up
---------------------------------------------
On Nov. 22, 2013, the sole member of Radon Special Opportunities
Fund Limited 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:

          Charlotte Hoffman
          Turners Management Ltd.
          Strathvale House
          90 North Church Street
          P.O. Box 2636 Grand Cayman, KY1-1102
          Cayman Islands
          c/o Alan Turner
          Telephone: +1 (345) 814 0700


REDBREAST AIRCRAFT: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Nov. 25, 2013, the sole shareholder of Redbreast Aircraft
Leasing 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:

          Avalon Ltd.
          Reference: GL
          Telephone: +1 (345) 769 4422
          Facsimile: +1 (345) 769 9351
          Landmark Square, 1st Floor
          64 Earth Close West Bay Beach
          P.O. Box 715, George Town
          Grand Cayman KY1-1107
          Cayman Islands


SEA ELECTRONIC: Placed Under Voluntary Wind-Up
----------------------------------------------
On March 21, 2013, the sole shareholder of Sea Electronic Aids Ltd
resolved to voluntarily wind up the company's operations.

The company's liquidators are:

          Probitas Limited
          Equitas Limited
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


STEMATIX (CAYMAN): Creditors' Proofs of Debt Due Feb. 14
--------------------------------------------------------
The creditors of Stematix (Cayman) Limited are required to file
their proofs of debt by Feb. 14, 2014, to be included in the
company's final dividend distribution.

The company's liquidator is:

          Christopher Kennedy
          c/o Chris Kennedy
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          RHSW (Cayman) Limited
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


SUNTECH POWER: To Hold Creditors' Meeting on Feb. 12
----------------------------------------------------
Suntech Power Holdings Co., Ltd. will hold a meeting of creditors
on Feb. 12, 2014, at Level 5 Strathvale House, 90 North Church
Street, George Town, Grand Cayman, Cayman Islands, for the purpose
of:

   1. The provision of an update on the conduct of the provisional
      liquidation of the Company;

   2. Approving the basis of remuneration for the joint
      provisional liquidators of the Company;

   3. Approving the Joint Provisional Liquidators' remuneration
      for the period November 7 to December 13, 2013; and

   4. The election of a liquidation committee of the Company.

The Joint Provisional Liquidator can be reached at:

         David Walker
         c/o PricewaterhouseCoopers Corporate Finance & Recovery
         (Cayman) Limited
         PO Box 258
         Strathvale House
         North Church Street, George Town
         Grand Cayman KY1-1104
         Cayman Islands

                          About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd., produces solar
products for residential, commercial, industrial, and utility
applications.  Suntech has delivered more than 25,000,000
photovoltaic panels to over a thousand customers in more than 80
countries.

Suntech Power Holdings Co., Ltd., received from the trustee of its
3 percent Convertible Notes a notice of default and acceleration
relating to Suntech's non-payment of the principal amount of
US$541 million that was due to holders of the Notes on March 15,
2013.  That event of default has also triggered cross-defaults
under Suntech's other outstanding debt, including its loans from
International Finance Corporation and Chinese domestic lenders.

Suntech Power had involuntary Chapter 7 bankruptcy proceedings
initiated against it on Oct. 14, 2013, in U.S. Bankruptcy Court in
White Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350), by
holders of more than $1.5 million of defaulted securities under a
2008 $575 million indenture.  The Chapter 7 Petitioners are
Trondheim Capital Partners, L.P., Michael Meixler, Longball
Holdings, LLC, and Jiangsu Liquidators, LLC.  They are represented
by Jay Teitelbaum, Esq., at Teitelbaum & Baskin LLP, in White
Plains, New York.


TESA PARTICIPATIONS: Shareholders Receive Wind-Up Report
--------------------------------------------------------
On Jan. 7, 2014, the shareholders of Tesa Participations Cayman
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on Dec. 13, 2013.

The company's liquidator is:

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


TESA PARTNERS: Shareholders Receive Wind-Up Report
--------------------------------------------------
On Jan. 7, 2014, the shareholders of Tesa Partners GP Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on Dec. 13, 2013.

The company's liquidator is:

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


TUTOR-CAYMAN: Placed Under Voluntary Wind-Up
--------------------------------------------
On Nov. 21, 2013, the shareholders of Tutor-Cayman, Ltd. resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 7, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          John D. Barrett
          c/o 15901 Olden Street,
          Symlar California 91342
          United States of America
          Telephone: +818 362 8391
          Facsimile: +818 364 8451


TUTOR INTERNATIONAL: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Nov. 21, 2013, the shareholder of Tutor International, Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 7, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          John D. Barrett
          c/o 15901 Olden Street,
          Symlar California 91342
          United States of America
          Telephone: +818 362 8391
          Facsimile: +818 364 8451


UBS ALPHA: Commences Liquidation Proceedings
--------------------------------------------
On Nov. 29, 2013, the shareholder of UBS Alpha Capture Global
Equity Market Neutral Fund Ltd resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

          UBS Global Asset Management (Americas) Inc.
          c/o One North Wacker Drive
          Chicago IL 60606 USA
          Telephone: +1 (345) 914 6365


* CAYMAN ISLANDS: Insolvency Petitions Up 30% in 2013
-----------------------------------------------------
Insolvency petition filings in the Cayman Islands spiked more than
30% in 2013 when compared with 2012, resulting in the highest
number of filings in the past three years, according to Appleby,
one of the world's largest providers of offshore legal, fiduciary
and administration services. The increase reversed a downward
trend in the number of petitions filed in 2011 and 2012 that had
followed high numbers in 2009 and 2010 driven by the global
financial crisis, according to the firm's Snapshot report on
petition filings in the Cayman Islands going back to 2008.

"The 2013 Cayman petition statistics suggest that investors are
increasingly losing patience with investment managers' efforts or
promises of restructuring and other turnarounds," said Appleby's
Cayman-based litigation and insolvency Partner, Tony Heaver-Wren.
"Looking back to 2008, these numbers also offer insight into how
the international investment market has reacted to the prevailing
economic conditions, at least insofar as it is routed through the
Cayman Islands."

The rise in petition filings in Cayman in 2013 suggests that the
ramifications of the global financial crisis have not concluded,
and the next wave of investor rejections of continued informal
wind downs and other manager-led restructurings has begun,
according to the report. While petition filings in 2013 were down
from highs in 2009 and 2010, they were up 53% from pre-recession
2008.

"Given Cayman's position at the hub of the offshore investment
funds industry and its close connection with the U.S. investments
industry, it is not surprising that there have been large
fluctuations in the annual petition filings in the Cayman Islands
since 2008," said Mr. Heaver-Wren.

The report covers the following categories of petitions, most of
which saw an increase in 2013: winding up, conversion of voluntary
liquidation to court supervised liquidation, schemes of
arrangement, and capital reduction.

There was a 33% increase in insolvency petitions in 2013 fuelled
by a rise in both the number of winding up petitions and in the
number of petitions to convert voluntary liquidations to insolvent
liquidations. In the first of these categories, winding up
petition filings in 2013 were up 26% when compared to 2012 and up
81% compared to the 2011 filings. In the second category, in 2013
petitions for conversion of voluntary liquidation to court
supervised liquidation based on insolvency grounds increased by
50% compared to the same filings in the previous year. Meanwhile,
schemes of arrangement picked up in 2013 as well, having reached
their lowest point in the review period in 2012, and the number of
share capital reduction petitions in 2013 was consistent with the
annual number across the period.


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


NATIONAL COMMERCIAL BANK: MoneyGram Network Shrinks With Bank Exit
------------------------------------------------------------------
Avia Collinder at Jamaica Gleaner reports that MoneyGram Services
will lose close to 40 of its retail locations in Jamaica when
National Commercial Bank Jamaica cancels its agent relationship
with the remittance service provider.

The banking group operates in the money transfer sector in the
United Kingdom through NCB Remittance Services UK Limited
(NCBRSUK) and in Jamaica via NCB Remittance Services Jamaica
Limited (NCBRSJ), according to Jamaica Gleaner.

The report notes that NCB's exit from the market is unlikely to be
disruptive, according to Leesa Kow, president of the Jamaica Money
Remitters Association, who said the bank's customers have a
"plethora" of other MoneyGram agents to choose from.

The three main MoneyGram agents are Lasco Financial Services,
Alliance Investment Management, and JN Money Services.

"With the exit of a market player and given the nature of
remittances, it is very likely that the share of market once held
by NCB will move to the other players remaining in operation," the
report quoted Ms. Kow as saying.

MoneyGram's Jamaican agents operate more than 200 outlets between
them.

The report notes that Jamaica's remittance sector accounts for
US$2 billion of annual inflows.

As reported in the Troubled Company Reporter - Latin America on
Jan. 8, 2014, go-jamaica.com reports that National Commercial Bank
(NCB) Jamaica has decided to exit the remittance business to
mitigate against the risk of money laundering, financing of
terrorism and lottery scam activities.  As a result, the Bank said
that by mutual agreement, effective January 22 it will be
cancelling its existing agent relationship with MoneyGram Services
for NCB Remittance Services (UK) Limited, and March 31 for NCB
Remittances Services (Jamaica) Limited, according to go-
jamaica.com.  The report related that NCB said the decision was
made because its continued provision of remittance services has
negatively impacted the global risks facing the group.

               About National Commercial Bank

Headquartered in Kingston, Jamaica, National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- together with its
subsidiaries, provides various banking and financial products and
services primarily in Jamaica.

                      *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 1, 2013, Standard & Poor's Ratings Services raised its issuer
credit ratings on National Commercial Bank Jamaica Ltd. (NCBJ) to
'B-/B' from 'CCC+/C'.  The upgrade follows Jamaica's entrance into
an IMF (International Monetary Fund) program, which along with
additional external funding from other multilateral lenders,
improved the country's external liquidity and bolstered investor
confidence.  S&P removed the ratings on the bank from the
CreditWatch negative and assigned a stable outlook.  NCBJ's 'b'
stand-alone credit profile (SACP) remains unchanged.


SAGICOR LIFE: Acquires RBC Jamaican Operations
----------------------------------------------
RJR News reports Sagicor Group has acquired Royal Bank's Jamaican
operations.

No purchase price was revealed for the deal which is subject to
regulatory approval, according to RJR News.

RBC Jamaica has thirteen branches and Sagicor 5.

It's believed Sagicor Group will absorb RBC Jamaican operations
into its banking subsidiary, Sagicor Bank Jamaica, the report
notes.

It's the second time RBC will be exiting Jamaica after it sold its
Jamaican operations in the 1980s to Mutual Life, RJR News recalls.

Meanwhile, RJR News in a separate report says that RBC Jamaica
will be meeting with the Bustamante Industrial Trade Union (BITU)
in light of concerns regarding the future of the ownership of the
institution.

Kavan Gayle, President-General of the BITU, told RJR News this had
triggered some amount of unease among the bank's employees.

Headquartered in St. Michael, Barbados, Sagicor Life Inc. --
http://www.sagicorlife.com/-- is a financial services company,
and through its subsidiaries, offers life and health insurance,
annuities, pensions, property and casualty insurance, and banking
services in the Caribbean, Latin America, the United Kingdom, and
the United States.  Its Sagicor Life Inc segment offers life and
health insurance, annuities, and pension investment administration
services in Barbados, Eastern Caribbean, Dutch Caribbean, Bahamas,
Central America, and Trinidad and Tobago.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 27, 2013, Standard & Poor's Ratings Services said that the
'BB+' financial strength and counterparty credit ratings on
Sagicor Life Inc. (Sagicor) and its 'BB-' issue-level ratings on
Sagicor Finance Ltd. remain on CreditWatch with negative
implications where S&P placed them on Feb. 13, 2012.


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


NAUCALPAN MUNICIPALITY: Moody's Withdraws B3 Rating; Outlook Neg
----------------------------------------------------------------
Moody's de Mexico has withdrawn the issuer ratings of B3 (Global
Scale, local currency) and B3.mx (Mexico National Scale), negative
outlook of the Municipality of Naucalpan.

Ratings Rationale

Moody's has withdrawn the rating because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the rating.

Given the issuer's decision to cease participation in the rating
process, Moody's believes that the information publicly available
will not allow to continue monitoring Naucalpan's
creditworthiness. In addition, the negative outlook reflected
uncertainty about key financial and liquidity matters. Without
detailed information about them, and particularly of short-term
obligations and contingencies, Moody's believes that it is unable
to provide the market with an updated and informed assessment of
the current credit quality of the issuer.


=====================
P U E R T O   R I C O
=====================


M.A.R. REALTY: Court Temporarily Bars Use of Cash Collateral
------------------------------------------------------------
The Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico has granted secured creditor Banco Popular
de Puerto Rico's motion to prohibit M.A.R. Realty Corp. from using
the cash collateral, subject to no oppositions being filed by
Feb. 10, 2014, at 10:00 a.m.  If an objection is timely filed, a
hearing will be scheduled on Feb. 12, 2014, at 09:00 a.m.

Prior to the Petition Date, the Debtor entered into various loan
agreements with BPPR, pursuant to which BPPR provided certain
credit facilities to the Debtor.  The loans are secured by, among
other things, commercial real estate buildings, parcels of land
and residential real estate properties.  As part of the Loan
Documents and collateral for the loans, the Debtor granted to BPPR
a lien over its cash collateral; specifically, the pre and post-
petition rents generated by the Debtor from the real estate
collateral.  As of the Petition Date, the amounts due under the
loans total $9,740,587.87, which amounts are secured by the real
estate collateral and the cash collateral.

Due to certain procedural issue, the Court dismissed without
prejudice the filed by BPPR's Dec. 17, 2013 motion for entry of
order prohibiting the use of BPPR's cash collateral.  BPPR re-
filed its request to prohibit the use of its cash collateral on
Jan. 22, 2014, since the Debtor has not provided BPPR with
adequate protection nor has BPPR consented the use of its cash
collateral.

On Jan. 6, 2014, the Debtor filed a response to BPPR's motion to
prohibit cash collateral, saying that four of the properties are
not covered by the contracts of assignment of rents since they
were acquired by the Debtor after the constitution of the
agreement and that "at the time of the meeting of the minds and
execution of the assignment the above mentioned property were not
owned by the debtor.  The Debtor was not the owner of the property
listed afore at the time of the execution of the first loan in
2004, thus the bank cannot allege to have a security interest upon
rents that were not in existence at the time of the execution of
the loan documents."

BPPR is represented by:

         O'Neill & Borges LLC
         Luis C. Marini-Biaggi, Esq.
         Sheila M. Rodriguez-Figueroa, Esq.
         American International Plaza
         250 Munoz Rivera Avenue, Suite 800
         San Juan, PR 00918-1813
         Tel: (787) 764-8181
         Fax: (787) 753-8944
         E-mail: luis.marini@oneillborges.com
                 sheila.rodriguez@oneillborges.com

                       About M.A.R. Realty

M.A.R. Realty Corp. filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 13-09752) on Nov. 25, 2013.  Edwin Ramos signed the
petition as president.  The Debtor disclosed $11.16 million in
total assets and $10.14 million in total liabilities.  Isabel M
Fullana, Esq., at Garcia Arregui & Fullana PSC serves as the
Debtor's counsel.  Hon. Mildred Caban Flores presides over the
case.


M.A.R. REALTY: Banco Popular Requests Relief From Automatic Stay
----------------------------------------------------------------
M.A.R. Realty Corp.'s secured creditor, Banco Popular de Puerto
Rico, filed with the U.S. Bankruptcy Court for the District of
Puerto Rico a motion for relief from the automatic stay.

Prior to the Petition Date, the Debtor entered into various loan
agreements with BPPR, pursuant to which BPPR provided certain
credit facilities to the Debtor.  The loans are secured by, among
other things, commercial real estate buildings, parcels of land
and residential real estate properties.  As part of the Loan
Documents and collateral for the loans, the Debtor granted to BPPR
a lien over its cash collateral; specifically, the pre and post-
petition rents generated by the Debtor from the real estate
collateral.  As of the Petition Date, the amounts due under the
loans total $9,740,587.87, which amounts are secured by the real
estate collateral and the cash collateral.

BPPR requests the lifting of the automatic stay to continue and
conclude the foreclosure process over the real estate collateral,
claiming that (a) the Debtor has failed to provide BPPR adequate
protection; (b) the Debtor has no equity in the real estate
collateral which is fully encumbered in favor of BPPR; and (c) the
real estate collateral is not necessary for the Debtor's effective
reorganization, assuming, that Debtor's reorganization may even
possible in this case.

Prior to the Petition Date, the Debtor defaulted on its
obligations under the loans.  On July 8, 2013, BPPR commenced a
civil action for foreclosure of mortgages and collection of monies
in the Puerto Rico Court of First Instance, San Juan Section.

BPPR submits that no effective reorganization is possible due to,
among other things:

      (i) given that the real estate collateral has a current
          market value of $5,975,000 whereas BPPR's claims exceed
          the market value by over $3 million, it is clear that
          any potential proceeds and distribution generated from
          the real estate collateral would go in full to BPPR,
          without any benefit to any other constituency.  This,
          since the Debtor has no equity in the Real Estate
          Collateral and any potential exit financing that the
          Debtor is considering, or may consider, would only yield
          a payment that would be substantially less than the
          amount of BPPR's claim (and, all proceeds would be paid
          to BPPR); and

     (ii) upon information and belief the Debtor generates
          approximately $4,000 per month, which is insufficient to
          provide payments as required under the Bankruptcy Code
          to the secured claim of BPPR (let alone to those of
          other secured creditors).

                       About M.A.R. Realty

M.A.R. Realty Corp. filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 13-09752) on Nov. 25, 2013.  Edwin Ramos signed the
petition as president.  The Debtor disclosed $11.16 million in
total assets and $10.14 million in total liabilities.  Isabel M
Fullana, Esq., at Garcia Arregui & Fullana PSC serves as the
Debtor's counsel.  Hon. Mildred Caban Flores presides over the
case.

BPPR is represented by:

      O'Neill & Borges LLC
      Luis C. Marini-Biaggi, Esq.
      Sheila M. Rodriguez-Figueroa, Esq.
      American International Plaza
      250 Munoz Rivera Avenue, Suite 800
      San Juan, PR 00918-1813
      Tel: (787) 764-8181
      Fax: (787) 753-8944
      E-mail: luis.marini@oneillborges.com
              sheila.rodriguez@oneillborges.com

                       About M.A.R. Realty

M.A.R. Realty Corp. filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 13-09752) on Nov. 25, 2013.  Edwin Ramos signed the
petition as president.  The Debtor disclosed $11.16 million in
total assets and $10.14 million in total liabilities.  Isabel M
Fullana, Esq., at Garcia Arregui & Fullana PSC serves as the
Debtor's counsel.  Hon. Mildred Caban Flores presides over the
case.


                            ***********


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
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Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
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or sell any security of any kind.  It is likely that some entity
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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.

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Troubled Company Reporter-Latin America is a daily newsletter
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