TCRLA_Public/140203.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

           Monday, February 3, 2014, Vol. 15, No. 23


                            Headlines



B A H A M A S

BAHAMAS: IMF Board Concludes 2013 Article IV Consultation


B A R B A D O S

BARBADOS: Lays Off First Set of Public Workers Amid Ailing Economy


B O L I V I A

ALIANZA SEGUROS: Moody's Upgrades GLC Rating to B1; Outlook Stable


B R A Z I L

DRIVER BRASIL: Moody's Assigns 'Ba2' Rating on Mezzanine Shares


C A Y M A N  I S L A N D S

AM INVESTMENT V: Commences Liquidation Proceedings
AM INVESTMENT E FUND: Commences Liquidation Proceedings
AM INVESTMENT GP: Commences Liquidation Proceedings
AM INVESTMENT GP II: Commences Liquidation Proceedings
BLUE EDGE: Commences Liquidation Proceedings

DYNASTY INTERNATIONAL: Commences Liquidation Proceedings
FINANCIAL INSTITUTION: Commences Liquidation Proceedings
FUTURA FUND: Commences Liquidation Proceedings
FUTURA INITIAL: Commences Liquidation Proceedings
LONGWAY CAPITAL: Placed Under Voluntary Wind-Up

MACRITCHIE RESOURCE: Placed Under Voluntary Wind-Up
NEWPORT FINANCE: Placed Under Voluntary Wind-Up
NWQ CONCENTRATED: Commences Liquidation Proceedings
NWQ CONCENTRATED MASTER: Commences Liquidation Proceedings
P2 HOLSTEN KYOTO: Commences Liquidation Proceedings

P2 HOLSTEN NARA: Commences Liquidation Proceedings
S.A.C. PEI CB: Commences Liquidation Proceedings
STAR DREAMS: Commences Liquidation Proceedings


C H I L E

CORP GROUP: S&P Puts 'BB-' Rating on CreditWatch Developing


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Tax Agency Scrambles to Avert Shutdown by Retailers


P U E R T O   R I C O

PUERTO RICO: Seeks US$2-Billion Debt Offering


X X X X X X X X X

BOND PRICING: For the Week From Jan. 27 to Jan. 31, 2014


                            - - - - -



=============
B A H A M A S
=============


BAHAMAS: IMF Board Concludes 2013 Article IV Consultation
---------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
concluded the Article IV consultation with The Bahamas, and
considered and endorsed the staff appraisal without a meeting.

Real Gross Domestic Product (GDP) is projected to grow at nearly 2
percent for 2013, similar to 2012, but well below pre-global
crisis performance.  Unemployment rose to 16.2 percent in mid-
2013.  While tourist arrivals and expenditures have been subdued,
brisk investment and construction for the Baha Mar resort project
have helped support economic activity.  As domestic demand remains
weak and fuel prices are softening, inflation is generally under
control. The fiscal deficit widened to 51/2 percent of GDP in the
Fiscal Year 2012/13 (July 1-June 30), mainly due to customs
revenue underperformance; and the current account deficit reached
17« percent of GDP in 2012, up from 131/2 percent in 2011, largely
driven by sustained goods and services imports related to Baha
Mar. Foreign reserves were the equivalent of 1.6 months of imports
(2.8 months of non-FDI imports) at end-October 2013.

Economic expansion should strengthen from 2014 onward, with higher
growth in the U.S. and the opening of Baha Mar helping to reduce
the high unemployment rate.  The authorities' budget consolidation
efforts should help improve the fiscal position. Central
government debt is projected to peak at nearly 60 percent of GDP
in fiscal year 2014/15, and to decline to 55 percent of GDP in
fiscal year 2017/18.  The completion of Baha Mar should reduce
construction imports and boost tourism services exports,
strengthening external stability.  The banking system has ample
capital and liquidity buffers.  Elevated non-performing loans
levels have stabilized, and will likely recede slowly as growth
and employment pick up, and the debt overhang is reduced.
Nevertheless, private sector demand for bank credit will likely
remain subdued over the near term.  There remain risks to the
outlook, including shortfalls in Baha Mar performance, a delay in
fiscal consolidation, and lower than anticipated tourist arrivals
in the event that global growth weakens.  The risks highlight the
need for timely implementation of plans for fiscal consolidation
and economic diversification.

                   Executive Board Assessment

In concluding the 2013 Article IV consultation with The Bahamas,
Executive Directors endorsed the staff appraisal, as follows:

The Bahamian economy is recovering from the global financial
crisis, but at a painfully slow pace.  Economic activity should
recover more strongly from 2014 onward with firmer growth in the
U.S. and the opening of Baha Mar, helping to reduce high
unemployment.  However, growth performance over the medium term
will also depend on success in addressing a number of challenges
going forward, including diversifying tourist source markets and
the tourism experience and expanding incoming airlift capacity;
advancing efforts to close infrastructure bottlenecks and
workforce skills shortages; and strengthening non-tourism sectors.
Steadfast and timely execution of needed reforms will be crucial.
Rigorous implementation of the authorities' fiscal consolidation
plan is essential to recapturing medium-term budget and debt
sustainability.  The VAT is the cornerstone of the fiscal
adjustment program; the authorities should ensure its timely and
successful launch.  On the spending side, the efforts to reinforce
expenditure controls and monitoring should be accelerated,
especially as regards goods and services spending and transfers;
and reforms to improve the weak financial position of key public
corporations and rein in transfers and subsidies should be given
high priority.

The introduction of a fiscal rule would enhance the predictability
and credibility of budget policies.  This would notably help
ensure that the authorities' public finance reforms are
implemented within a well-articulated and durable medium-term
fiscal framework.  The reform's details and implementation
timeframe authorities should be fleshed out; and the Fund stands
ready to provide technical assistance.

The exchange rate peg has served The Bahamas well, and should be
further supported by efforts to restore budget and external
viability and rebuild depleting policy buffers. The authorities
are encouraged to closely adhere to prudent fiscal policies and
structural reforms aimed at preserving strong economic
fundamentals.
The steady implementation of key Financial Sector Assessment
Program recommendations and enhanced monitoring of developments in
the financial system are commendable.  The establishment of a
Systemic Risk Surveillance Committee, creation of a credit bureau,
and strengthening of the deposit insurance system should further
strengthen the resilience of the financial system and improve its
already generally favorable standing.  A financial crisis
management and resolution plan is also under preparation with Fund
technical assistance.  The high level of non-performing loans,
however, calls for intensifying the monitoring of financial
institutions.

The authorities' efforts to craft a comprehensive national
development plan (NDP) in 2014 to guide development efforts over
the long run and insulate policies from the political cycle are
welcome.  It would be important to ensure that the plan is
completed in a timely fashion and backed by a broad cross section
of society to maximize its probability of success.  Sustained
efforts will be needed to enhance structural competitiveness by
strengthening the business environment, improving educational
standards to foster human capital development, and identifying
clear strategies for the development of islands and key sectors
such as tourism, agriculture, financial services, and port
activities.  Government initiatives in these areas should be
informed by the NDP's pertinent guidance and recommendations.


===============
B A R B A D O S
===============


BARBADOS: Lays Off First Set of Public Workers Amid Ailing Economy
------------------------------------------------------------------
Trinidad Express reports that the Barbados government began laying
off the first batch of workers in the public service, as it seeks
to reverse an ailing economy.

The Freundel Stuart administration had been forced to push back
the January 15 date for sending home 3,000 public workers over the
coming months, after indicating it had not drawn up the list of
employees to be sent home, according to Trinidad Express.

The report relates that workers employed at the National Housing
Corporation (NHC) were among the first to receive dismissal
letters after the government had earlier this month rejected
proposals from the National Union of Public Workers (NUPW) as not
going far enough to meet the objective of a significant cut in
public-sector expenditure.

The report notes that NUPW General Secretary Denis Clarke told
reporters some of the workers dismissed had been with the NHC for
as long as 15 years, and complained the government had not kept
its promise to provide the union with the official retrenchment
list.


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


ALIANZA SEGUROS: Moody's Upgrades GLC Rating to B1; Outlook Stable
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
upgraded the global local currency (GLC) and/or national scale
(NS) insurance financial strength (IFS) ratings of 12 Bolivian
insurers, following improvement in Bolivia's insurance operating
environment, in particular as reflected in Moody's Investors
Service's updated sovereign credit factor assessment for Bolivia
(see our Government of Bolivia Credit Opinion, published December
6, 2013). The rating agency noted that an improving operating
environment tends to have a positive influence on insurers' credit
profiles, as it translates into improved business and financial
fundamentals for participants in the industry sector.

Moody's has taken the following rating actions:

Alianza Seguros y Reaseguros: GLC and NS IFS ratings upgraded to
B1 and Aa2.bo, respectively, from B2 and Aa3.bo. Both ratings
carry a stable outlook.

Alianza Vida Seguros y Reaseguros: GLC and NS IFS ratings upgraded
to B1 and Aa2.bo, respectively, from B2 and Aa3.bo. Both ratings
carry a stable outlook.

Bisa Seguros y Reaseguros: GLC and NS IFS ratings upgraded to Ba3
and Aaa.bo, respectively, from B1 and Aa2.bo. Both ratings carry a
stable outlook.

BUPA Insurance (Bolivia): GLC IFS rating confirmed at Ba3. NS IFS
rating upgraded to Aaa.bo from Aa1.bo. Both ratings carry a stable
outlook.Compa¤ˇa de Seguros y Reaseguros

Crediseguro Seguros Personales: GLC and NS IFS ratings upgraded to
B1 and Aa2.bo, respectively, from B2 and Aa3.bo. Both ratings
carry a stable outlook.

Fortaleza: GLC and NS IFS ratings upgraded to B2 and Aa3.bo,
respectively, from B3 and A1.bo. Both ratings carry a stable
outlook.

La Boliviana Ciacruz de Seguros y Reaseguros: GLC and NS IFS
ratings upgraded to Ba3 and Aa1.bo, respectively, from B1 and
Aa2.bo. Both ratings carry a stable outlook.

La Boliviana Ciacruz Seguros Personales: GLC and NS IFS ratings
upgraded to Ba3 and Aa1.bo, respectively, from B1 and Aa2.bo. Both
ratings carry a stable outlook.

La Vitalicia Seguros y Reaseguros de Vida: GLC and NS IFS ratings
upgraded to B1 and Aa2.bo, respectively, from B2 and Aa3.bo. Both
ratings carry a stable outlook.

Latina Seguros Patrimoniales: GLC and NS IFS ratings upgraded to
B1 and Aa2.bo, respectively, from B2 and Aa3.bo. Both ratings
carry a stable outlook.

Nacional Vida Seguros de Personas: GLC and NS IFS ratings upgraded
to B1 and Aa2.bo, respectively, from B2 and Aa3.bo. Both ratings
carry a stable outlook.

Seguros Illimani: GLC IFS rating affirmed at Caa1. NS IFS rating
upgraded to Baa1.bo from Baa2.bo. Both ratings carry a stable
outlook.

These rating actions conclude a review for possible upgrade
initiated on December 11, 2013.

Ratings Rationale

According to Moody's, the upgrade of the insurers' ratings
reflects that the companies' credit profiles benefit from
improvement in Bolivia's insurance operating environment, as the
combined impact of the country's improved economic strength,
institutional strength and susceptibility to event risk benefits
these insurers' credit profiles. The improvement in the insurance
operating environment is particularly important because country-
specific trends and developments can over time have as much of a
bearing on insurers' long-term credit profile and viability as the
intrinsic strength of their own operations.

Although Seguros Illimani's GLC IFS rating was affirmed at Caa1
given its weak credit profile relative to other insurers in the
Bolivian marketplace, the upgrade of the company's NS IFS rating
to Baa1.bo from Baa2.bo reflects that the improved operating
environment assessment in Bolivia does marginally improve its
relative position among other companies rated in the country.

With regards to the confirmation of BUPA Insurance (Bolivia)'s Ba3
GLC IFS rating, Moody's noted that the improvement in Bolivia's
operating environment did not translate into a meaningfully
improved credit profile that would merit an upgrade of the
company's Ba3 GLC IFS rating. However, the company's relative
positioning among other issuers in the country did benefit from
Bolivia's improved assessment, which is reflected by Moody's
upgrade of the company's NS IFS rating to Aaa.bo from Aa1.bo.

Among the factors that could lead to a further upgrade of the
Bolivian insurers' ratings are 1) an additional improvement in
Bolivia's operating environment and/or upgrade of the Bolivian
sovereign rating, or 2) improved capital adequacy, asset quality
and profitability. Conversely, the factors that could lead to a
downgrade of the Bolivian insurers' ratings are 1) a deterioration
of the country's operating environment and/or sovereign rating, or
2) a worsening trend in the companies' capital adequacy, asset
quality, and profitability.



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B R A Z I L
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DRIVER BRASIL: Moody's Assigns 'Ba2' Rating on Mezzanine Shares
---------------------------------------------------------------
Moody's America Latina has assigned definitive ratings to the
shares issued by Driver Brasil Two Banco Volkswagen Fundo de
Investimento em Direitos Creditorios Financiamento de Veiculos
(Driver Brasil Two FIDC or the Issuer), a securitization backed by
a pool of auto loans originated by Banco Volkswagen S.A.

Issuer: Driver Brasil Two FIDC

Senior Shares - Aaa.br (sf) (National Scale) & Baa2 (sf) (Global
Scale, Local Currency)

Mezzanine Shares - A1.br (sf) (National Scale) & Ba2 (sf) (Global
Scale, Local Currency)

RATINGS RATIONALE

The ratings are based on the following factors, among others:

The initial 11.08% credit enhancement for the Senior Shares and
7.02% for the Mezzanine Shares in the form of
overcollateralization (OC). After closing, the OC must reach the
12.5% Target Senior OC Ratio and 7.0% Target Mezzanine OC Ratio to
allow dividend payments to equity.

Asset performance triggers that further increase the Senior and
Mezzanine Target OC Ratio.

Static nature of transaction with no revolving period and no
additional on-going purchases of assets after the transaction's
closing. Principal and Interest on the Senior and Mezzanine Shares
will be paid on a monthly basis.

The discount rate used to calculate the NPV of the pool was
derived from the weighted average financing cost of the Fund
(weighted average rate of the swap agreements and servicing and
administrative fees), plus 145 bps of excess spread to cover net
losses.

Good credit quality of the static target pool earmarked for sale
to the FIDC. The assets backing Driver Brasil Two FIDC are vehicle
loans originated by Banco Volkswagen. The securitized pool
includes loans to finance light vehicles. The definitive pool as
of November 30, 2013 is highly diversified consisting of 57,792
borrowers. Approximately 92.8% of the loans are to finance the
acquisition of new vehicles, and 7.2% of the loans finance used
vehicles . Loans are extended to a diversified retail customer
base of private individuals, representing 90.1% of pool balance.
The original weighted average term is 45 months. The pool has an
average seasoning of 12 months, resulting in a weighted average
remaining term of 33 months.

The role of a highly rated third party, Banco Bradesco (rated
Baa1/Aaa.br), as the master servicer and its subsidiary, BEM DTVM
as the trustee of the transaction. The transaction benefits from
Bradesco's operational quality;

The overall transaction structure and the legal framework,
including the bankruptcy remoteness of the issuer and well
established Brazilian laws and regulations for the securitization
of vehicle loans;

The senior and mezzanine shares accrue a floating-rate interest of
the CDI Rate (Brazilian Interbank Rate) plus a fixed spread of
0.92% and 1.70% respectively, with daily accrual, and their final
maturity will take place 60 months after closing. The maturity
could be extended by the trustee, on a discretionary basis, for a
maximum period of 12 additional payment dates counted from the
maturity date of the credit right with the latest maturity date.
Payments to subordinated shares are permitted on a monthly basis
as long as (a) Target Senior OC Ratio, the Senior OC Floor, the
Target Mezzanine OC Ratio and the Mezzanine OC Floor are
maintained and (b) no evaluation or early liquidation event is
triggered.

Interest Rate Swaps

The fund entered into an interest rate swap with ItaŁ Unibanco
S.A. to mitigate the interest rate risk arising from the fixed
rate assets and floating rate liabilities. The interest rate swap
will adequately hedge the interest rate risk on the senior share
and mezzanine shares.

Moody's notes that the swap's notional volume closely tracks the
outstanding notional volumes of the senior and mezzanine shares as
they decrease, thereby satisfactorily eliminating actual interest
rate mismatches incurred.

Early Swap Termination

Risk may arise from the early termination of the swaps given i.) a
positive market value of the swap to the fund upon swap
counterparty default or ii.) open interest rate risk position to
the fund should the swap be early terminated.

Moody's reviewed the interest rate swap master agreement, which
included a number of events of default and events of early
termination upon which the swap may be terminated, exposing the
fund to interest rate risk.

Whilst in Moody's opinion the inclusion of the events of early
termination/ event of default language is commensurate with the
assigned provisional rating on the senior and mezzanine shares
given the remoteness of any such event occurring, the overall
effect of these triggers is viewed as a credit negative.

Banco Bradesco S.A. will act as Master Servicer (custodiante) of
the transaction as well as payment bank. Its responsibilities
include, among other duties, verifying that all receivables
purchased by the fund meet certain eligibility criteria,
monitoring the early amortization triggers, in addition to
managing all of the Issuer's daily financial and operating
activities.

BEM DTVM S.A. (Banco Bradesco Group) will be the trustee. BRAM
DTVM (Banco Bradesco Group) will be the fund manager.

Banco Volkswagen (not rated by Moody's) will be the servicer. It
is an integral part of Volkswagen Financial Services AG (rated A3
and P-2), in turn owned by Volkswagen Aktiengesellschaft (rated A3
and P-2).

In assigning the ratings to this transaction, Moody's evaluated
historical performance data from January 1, 2005 and ending July
31, 2013. Moody's key ratings-model assumptions for this
transaction include various performance statistics, including log
normal estimate of the annual loss rate with mean loss 5% and a
coefficient of variation of 50%. Other model input assumptions
include a conditional prepayment rate of 15% per annum. The
discount rate used for modeling was 13.2% per annum.

Moody's has considered how the cash flows generated by the
collateral are allocated to the parties within the transaction,
and the extent to which various structural features of the
transaction might themselves provide additional protection to
investors, or act as a source of risk. In addition, Moody's has
analyzed the strength of triggers to reduce the exposure of the
portfolio to the originator/servicer bankruptcy.

To determine the rating assigned to the Shares, Moody's has used
an expected loss methodology that reflects the probability of
default for each series of Shares times the severity of the loss
expected for the Shares. In order to allocate losses to the Shares
in accordance with their priority of payment and relative size,
Moody's has used a cash-flow model (ABSCORE) that reproduces many
deal-specific characteristics: the main input parameters of the
model are described above. Weighting each loss scenario's severity
result on the Shares with its probability of occurrence, the model
has calculated the expected loss level for each series of Shares
as well as the expected average life. Moody's model then compares
the quantitative values to the Moody's Idealized Expected Loss
table for each tranche.

Parameter Sensitivities provide a quantitative, model-indicated
calculation of the number of notches that a Moody's-rated
structured finance security may vary if certain input parameters
used in the initial rating process differed. The analysis assumes
that the deal has not aged. It is not intended to measure how the
rating of the security might migrate over time, but rather, how
the initial rating of the security might differ as certain key
parameters vary.

Parameter sensitivities for this transaction have been calculated
in the following manner: Moody's tested nine scenarios derived
from the combination of mean loss: 5% (base case), 7.5% (base case
+ 2.5%), 10% (base case + 5%). and coefficient of variation rate:
50% (base case), 55% (base case + 5%), 60% (base case + 10%). The
5% / 50% scenario would represent the base case assumptions used
in the initial rating process.

At the time the rating was assigned, the model output indicated
that Senior Shares would have achieved a Ba1 (sf) global rating
model output if mean loss was as high as 10% with a coefficient of
variation of 60%. Under the same assumptions, the Mezzanine Shares
would have achieved Caa2 (sf) global rating model output.

Key uncertainties relate to future asset performance under a
severe stress scenario involving diminished economic growth and a
sharp rise in unemployment.

The principal methodology used in this rating was "Moody's
Approach to Rating Auto Loan-Backed ABS" published in May 2013.
Factors that would lead to an upgrade or downgrade of the rating

Worse than anticipated portfolio performance in terms of defaults
and recoveries.

Deterioration of the servicer's credit quality.

Downgrade of interest rate swap counterparty and/or early
termination of interest rate swap.


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


AM INVESTMENT V: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 5, 2013, the sole shareholder of AM Investment V 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:

          Mark Friedman
          c/o AM Investment Partners, LLC
          One Liberty Plaza, 27th Floor
          New York
          New York 10006
          United States of America
          Telephone: +1 (347) 735 5113


AM INVESTMENT E FUND: Commences Liquidation Proceedings
-------------------------------------------------------
On Dec. 5, 2013, the sole shareholder of AM Investment E 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:

          Mark Friedman
          c/o AM Investment Partners, LLC
          One Liberty Plaza, 27th Floor
          New York
          New York 10006
          United States of America
          Telephone: +1 (347) 735 5113
          e-mail: mark@dldam.com


AM INVESTMENT GP: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 5, 2013, the sole shareholder of AM Investment Partners
GP, 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:

          Mark Friedman
          c/o AM Investment Partners, LLC
          One Liberty Plaza, 27th Floor
          New York
          New York 10006
          United States of America
          Telephone: +1 (347) 735 5113


AM INVESTMENT GP II: Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 5, 2013, the sole shareholder of AM Investment Partners GP
II, 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:

          Mark Friedman
          c/o AM Investment Partners, LLC
          One Liberty Plaza, 27th Floor
          New York
          New York 10006
          United States of America
          Telephone: +1 (347) 735 5113


BLUE EDGE: Commences Liquidation Proceedings
--------------------------------------------
On Dec. 5, 2013, the shareholders of Blue Edge Fund Management Co.
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:

          Blue Edge Advisors Pte Ltd.
          Lau Cheng Hock
          #17-81 Office 2
          The Central
          8 Eu Tong Sen Street
          Singapore 059818
          Telephone: (203) 554 5166


DYNASTY INTERNATIONAL: Commences Liquidation Proceedings
--------------------------------------------------------
On Nov. 18, 2013, the sole shareholder of Dynasty International
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

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


FINANCIAL INSTITUTION: Commences Liquidation Proceedings
--------------------------------------------------------
On Dec. 5, 2013, the sole shareholder of Financial Institution
Partners, 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:

          Hovde Capital Advisors LLC
          c/o Eric D. Hovde
          122 W. Washington Ave.
          Suite 350
          Madison, WI 53703
          USA
          Telephone: (608) 255-5175


FUTURA FUND: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 4, 2013, the shareholders of Futura Fund Limited resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

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


FUTURA INITIAL: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 4, 2013, the sole shareholder of Futura Initial Investor
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

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


LONGWAY CAPITAL: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Dec. 5, 2013, the sole member of Longway Capital Fund 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:

          Gene Dacosta
          c/o Jonathan McLean
          Telephone: (345) 814 7376
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


MACRITCHIE RESOURCE: Placed Under Voluntary Wind-Up
---------------------------------------------------
The shareholders of Macritchie Resource Fund resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 19, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Alric Lindsay
          Artillery Court Shedden Road
          P.O. Box 11371, George Town
          Grand Cayman KY1-1008
          Cayman Islands
          Telephone: (345) 926 1688


NEWPORT FINANCE: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Dec. 5, 2013, the sole shareholder of Newport Finance 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


NWQ CONCENTRATED: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 6, 2013, the shareholder of NWQ Concentrated Fund Limited
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          John E. Conlin
          c/o NWQ Investment Management Company LLC 2049 Century
          Park East, 16 Floor
          Los Angeles CA 90067
          USA
          Telephone: +1 (345) 914 6365


NWQ CONCENTRATED MASTER: Commences Liquidation Proceedings
----------------------------------------------------------
On Dec. 6, 2013, the shareholder of NWQ Concentrated Master Fund
Limited resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          John E. Conlin
          NWQ Investment Management Company LLC
          2049 Century Park East, 16th Floor
          Los Angeles, CA 90067
          USA
          Telephone: +1 (345) 914 6365


P2 HOLSTEN KYOTO: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 2, 2013, the shareholders of P2 Holsten Kyoto Holding KY
LP Ltd. 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


P2 HOLSTEN NARA: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 2, 2013, the shareholders of P2 Holsten Nara Holding KY GP
Ltd. 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


S.A.C. PEI CB: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 4, 2013, the shareholders of S.A.C. PEI CB Investment GP,
Limited resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          S.A.C. Capital Advisors, L.P
          c/o Alison O'Shea
          72 Cummings Point Road
          Stamford, CT 06902
          U.S.A.
          Telephone: (203) 890-3584


STAR DREAMS: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 18, 2013, the sole shareholder of Star Dreams resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

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


=========
C H I L E
=========


CORP GROUP: S&P Puts 'BB-' Rating on CreditWatch Developing
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BBB/A-2' ratings on
Corpbanca S.A. and 'BB-' rating on Corp Group Banking S.A. (CG
Banking) on CreditWatch with developing implications.

The rating action follows the announcement that Corp Group (not
rated, which owns CG Banking) and Itau Unibanco Holding S.A.
(BBB/Negative/A-2) will merge their respective subsidiaries,
Corpbanca (which has operations in Chile and Colombia) and Banco
Itau Chile (not rated).  Prior to the merger, Itau Unibanco
Holding or one of its subsidiaries will make a $652 million
capital infusion in Banco Itau Chile.

Itau Unibanco Holding will control a 33.58% share in the merged
entity, Itau Corpbanca, Corp Group will hold a 32.92%
participation, and minority shareholders will have the remaining
share.  A shareholders agreement between Itau Unibanco Holding and
Corp Group will establish an Itau Corpbanca board of directors to
designate executives and to approve certain strategic plans, such
as dividend distributions and risk credit policies, among others.
The agreement will likely contain provisions for the transfer of
shares between Itau Unibanco Holding and Corp Group as well as to
third parties.  "Itau Corpbanca will be the 5th largest bank in
Chile (including public banks in the system), with a consolidated
market share of about 12.4%, and will rank 5th in Colombia with a
market share of about 7%," said Standard & Poor's credit analyst
Ivana Recalde.


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


DOMINICAN REP: Tax Agency Scrambles to Avert Shutdown by Retailers
------------------------------------------------------------------
Dominican Today reports that the Internal Taxes Agency (DGII) and
13 retailers organizations agreed to oppose the commercial strike
called by the Dominican Retailers Federation (FDC), and chose to
accept a tax credit to the sector's contributors to break the
gridlock over the cost to install tax receipt printers, to be
deducted from their income tax over two years.

The DGII agreed not to penalize for failure to pay taxes since
merchants have yet to obtain the printers from suppliers and will
provided with a simpler way to process the tax payment, according
to Dominican Today.

But, the report notes that despite the agreement signed by the
organizations, the FDC postponed the strike date from January 30
and 31, to February 5 and 6, leaving open the possibility to reach
an agreement with the Government.


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


PUERTO RICO: Seeks US$2-Billion Debt Offering
---------------------------------------------
Al Yoon, Matt Wirz, and Mike Cherney at The Wall Street Journal,
citing unnamed sources, report that Puerto Rico is preparing a
debt offering of some US$2 billion in coming weeks amid increasing
pressure from credit-rating firms and investors for the U.S.
territory to shore up its finances.

The WSJ relates that within days, a team of Puerto Rico officials
including Treasury Secretary Melba Acosta Febo will choose the
type of debt they will use from several options scrutinized in
meetings with rating firms and bankers since late last year, the
people said.

The officials met with analysts at Moody's Investors Service,
Standard & Poor's Ratings Services and Fitch Ratings to discuss
the island's fiscal outlook, the Puerto Rico Treasury said in a
statement, according to WSJ.

WSJ notes that the group also met with bankers at Barclays PLC,
which could help manage a deal if a public offering is chosen,
said people familiar with the matter.  Some investors said they
have been approached by Barclays to gauge their interest in
purchasing Puerto Rico bonds, the report relays.

The WSJ says that the sale would be the first by a Puerto Rico
entity since August and would follow a tumultuous year for the
municipal-bond market.  Last year, the WSJ recalls, investors in
municipal bonds -- those issued by state and local governments and
related entities -- suffered their largest annual losses in 19
years, driven by financial setbacks in Puerto Rico and Detroit's
record-setting bankruptcy filing in July.

The WSJ notes that Puerto Rico has said it doesn't need to borrow
before its fiscal year ends in June.  But it wants to show
investors it can still borrow money in the public bond market
despite a sharp rise in yields on its bonds, 15% unemployment and
$70 billion in outstanding debt, officials have said, the WSJ
relays.

Citing unnamed sources, the WSJ discloses that some Puerto Rico
officials have come to terms with the likelihood the island may
have to pay rates of around 10% to issue debt -- more than twice
its yields on 10-year debt a year ago -- after resisting for
several months.

WSJ relays that a deal would cap months of negotiations with
investment banks and creditors over what kind of financing would
best stabilize the waning confidence of investors.  The island's
officials have been weighing selling municipal bonds backed by
sales taxes or by other island entities, as well as raising money
from private investors, WSJ notes.

All three major credit-rating firms have warned that they may
downgrade Puerto Rico, an event that investors say could spark
further selling of the island's debt, the WSJ points out.

Meanwhile, WSJ relays that Puerto Rico officials are also
discussing options to help bolster the island's finances with the
U.S. Treasury Department and Congress, said Angel Rosa Rodriguez,
who is a Puerto Rico senator and vice president of the senate's
Treasury and Public Finance Committee.

The WSJ notes that some investors say they want more assurances
about the stability of Puerto Rico's credit rating before they
would be willing to buy a bond issued by the island.

Some government officials in Puerto Rico have been skeptical about
a spate of proposals from other bankers pushing for customized
debt deals, said people familiar with the situation, the WSJ says.
Those efforts have lost traction, narrowing choices for Puerto
Rico to general-obligation bonds, sales-tax-backed bonds or some
combination of the two, according to people familiar with the deal
negotiations, the WSJ discloses.

Morgan Stanley MS has proposed the island raise about US$2 billion
in a bond with a 10% interest rate to be sold to a group of
investors including hedge funds, the WSJ adds.



=================
X X X X X X X X X
=================


BOND PRICING: For the Week From Jan. 27 to Jan. 31, 2014
--------------------------------------------------------

Issuer                       Coupon   Maturity   Currency   Price
------                       ------   --------   --------   -----

Aguas Andinas SA               4.15    12/1/2026    CLP    72.61
Aguas Andinas SA               4.15    12/1/2026    CLP    69.55
Almendral
Telecomunicaciones SA          3.5    12/15/2014    CLP    22.19
Argentina Bocon                2      1/3/2016      ARS     9.05
Argentina Bocon                2      3/15/2014     ARS    13.8
Argentina Boden Bonds          2      9/30/2014     ARS    55.13
Argentine International Bond   7.82  12/31/2033     EUR    67.75
Argentine International Bond   7.82  12/31/2033     EUR    66.7
Argentine International Bond   8.28  12/31/2033     USD    67.5
Argentine International Bond   1.18  12/31/2038     ARS    42.26
Argentine International Bond   8.28  12/31/2033     USD    70.5
Argentine International Bond   7.82  12/31/2033     EUR    67.63
Argentine International Bond   8.28  12/31/2033     USD    71.5
Argentine International Bond   4.33  12/31/2033     JPY    39.5
Argentine International Bond   4.33  12/31/2033     JPY    39.5
Argentine International Bond   0.45  12/31/2038     JPY    15.5
Argentine International Bond   8.28  12/31/2033     USD    69
Automotores Gildemeister SA    6.75  1/15/2023      USD    72.14
BA-CA Finance Cayman 2 Ltd     1.838                EUR    68.5
BCP Finance Co Ltd             5.543                EUR    50.75
BCP Finance Co Ltd             4.239                EUR    50.42
BES Finance Ltd                4.5                  EUR    71.17
Banco BPI SA/Cayman Islands    4.15  11/14/2035     EUR    57.38
Banco BVA SA                   9.125  2/7/2014      USD    10.01
Banif Finance Ltd              1.663                EUR    44
Bank Austria Creditanstalt
Finance Cayman Ltd             2.156                EUR    68.25
Bolivarian Republic
of Venezuela                   9.25   9/15/2027     USD    73.68
Bolivarian Republic of
Venezuela                      7      3/31/2038     USD    60.12
CA La Electricidad
de Caracas                     8.5    4/10/2018     USD    74.7
Caixa Geral De
Depositos Finance              1.064                EUR    41.14
Caixa Geral De
Depositos Finance              1.094                EUR    39
China Forestry
Holdings Co Ltd               10.25   11/17/2015    USD    38.6
China Forestry
Holdings Co Ltd               10.25   11/17/2015    USD    36.5
China Precious Metal
Resources Holdings Co Ltd      7.25     2/4/2018    HKD    69.78
Cia Cervecerias Unidas SA      4      12/1/2024     CLP    55.51
Cia Sud Americana
de Vapores SA                  6.4    10/1/2022     CLP    65.75
Transener S.A                  9.75   8/15/2021     USD    68
Transener S.A                  9.75   8/15/2021     USD    67.13
City of Buenos
Aires Argentina                3.95   5/17/2019     USD    73
ERB Hellas Cayman
ERB Hellas Cayman Islands Ltd  9      3/8/2019      EUR    56
ESFG International Ltd         5.753                EUR    59
Empresa Distribuidora
Y Comercializadora Norte       9.75  10/25/2022     USD    66.5
Empresa Distribuidora
Y Comercializadora Norte       10.5  10/9/2017      USD    64.5
Empresa Distribuidora
Y Comercializadora Norte        9.75 10/25/2022     USD    63.63
Formosa Province of Argentina   5     2/27/2022     USD    71.25
Gol Finance                     8.75                USD    67.5
Gol Finance                     8.75                USD    67.38
Hidili Industry International
Development Ltd                 8.6   11/4/2015     USD    75.63
Inversiones Alsacia SA          8     8/18/2018     USD    72.53
Inversora de Electrica
de Buenos Aires SA              6.5   9/26/2017     USD    43.75
MTR Corp Cayman Islands Ltd     3.25  3/12/2043     HKD    73.01
MTR Corp Cayman Islands Ltd     3.25  1/28/2043     HKD    72.13
Petroleos de Venezuela SA       6    11/15/2026     USD    55.75
Petroleos de Venezuela SA       5.37  4/12/2027     USD    53.25
Petroleos de Venezuela SA       5.25  4/12/2017     USD    72
Petroleos de Venezuela SA       9.75  5/17/2035     USD    70
Petroleos de Venezuela SA       9    11/17/2021     USD    73
Petroleos de Venezuela SA       5.5   4/12/2037     USD    50
Petroleos de Venezuela SA       6    11/15/2026     USD    55.16
Petroleos de Venezuela SA       9    11/17/2021     USD    71.46
Petroleos de Venezuela SA       9.75  5/17/2035     USD    68.66
Provincia del Chaco             4    11/4/2023      USD    62.38
Provincia del Chaco             4    12/4/2026      USD    33
Renhe Commercial Holdings
Co Ltd                         13    3/10/2016      USD    69.13
Renhe Commercial
Holdings Co Ltd                11.75 5/18/2015      USD    72.38
Renhe Commercial
Holdings Co Ltd                13    3/10/2016      USD    69.88
Renhe Commercial
Holdings Co Ltd                11.75 5/18/2015      USD    72.38
SMU SA                         7.75  2/8/2020       USD    73.03
SMU SA                         7.75  2/8/2020       USD    72.63
Sifco SA                      11.5   6/6/2016       USD    33.5
Talca Chillan Sociedad
Concesionaria SA               2.75 12/15/2019      CLP    55.64
Venezuela International Bond   7.75 10/13/2019      USD    71.75
Venezuela International Bond   9      5/7/2023      USD    70
Venezuela International Bond   9.375  1/13/2034     USD    69.75
Venezuela International Bond   7     12/1/2018      USD    73.75
Venezuela International Bond   9.25   5/7/2028      USD    69
Venezuela International Bond   8.25  10/13/2024     USD    66
Venezuela International Bond   7.65   4/21/2025     USD    64.25
Venezuela International Bond   6     12/9/2020      USD    64.25
Venezuela International Bond   9.25   9/15/2027     USD    72.25
Venezuela International Bond   7      3/31/2038     USD    60.5
Virgolino de Oliveira
Finance Ltd                   10.5    1/28/2018     USD    67
Virgolino de Oliveira
Finance Ltd                   11.75    2/9/2022     USD    66.45
Virgolino de Oliveira
Finance Ltd                   10.5    1/28/2018     USD    65
Virgolino de Oliveira
Finance Ltd                   11.75    2/9/2022     USD    65.13



                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2014.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


                   * * * End of Transmission * * *