TCRLA_Public/140217.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 17, 2014, Vol. 15, No. 33


                            Headlines



A R G E N T I N A

FIDEICOMISO FINANCIERO: Moody's Rates ARS10.4MM Certs. 'Caa1'
HAZTEC TECHNOLOGY: Fitch Affirms National LT Rating at 'BB (bra)'
YPF SA: Fitch Expects Apache Acquisition to be Credit Neutral


B R A Z I L

ESPIRITO SANTO: S&P Affirms 'BB+' Global Scale Rating
OGX PETROLEO: Delivers Recovery Plan to Rio Court, Lawyer Says


C A Y M A N  I S L A N D S

ARINEE LIMITED: Placed Under Voluntary Wind-Up
CARDO INTERNATIONAL: Placed Under Voluntary Wind-Up
CAVALLO INTERNATIONAL: Placed Under Voluntary Wind-Up
CLASSICS FUND LTD: Commences Liquidation Proceedings
CLASSICS FUND SPC: Commences Liquidation Proceedings

DAYTONIA HOLDINGS: Placed Under Voluntary Wind-Up
EYAS FUND: Commences Liquidation Proceedings
GCPF CAYMAN: Commences Liquidation Proceedings
GEORGE COMPANY: Commences Liquidation Proceedings
LUFE INVESTMENT: Placed Under Voluntary Wind-Up

MARGUERITE HOLDINGS: Commences Liquidation Proceedings
ODIN INVESTMENTS: Placed Under Voluntary Wind-Up
ORMONT FUND: Commences Liquidation Proceedings
PHOENIX HOLDING: Commences Liquidation Proceedings
QUANTIK FUND: Commences Liquidation Proceedings

QUANTIK MASTER: Commences Liquidation Proceedings
SCHAFFER INVESTMENT: Placed Under Voluntary Wind-Up
SELSEY LTD: Placed Under Voluntary Wind-Up
SKYIE LIMITED: Placed Under Voluntary Wind-Up
ZANTE INVESTMENTS: Placed Under Voluntary Wind-Up


C H I L E

GEOPARK LATIN: S&P Revises Outlook to Positive & Affirms 'B' CCR


J A M A I C A

SAGICOR LIFE: Certain Loan Facilities to be Assigned to Affiliate


M E X I C O

GRUPO ACP: S&P Keeps 'BB+' ICR on CreditWatch Negative


T R I N I D A D  &  T O B A G O

FIRST CITIZENS: IPO Reviewed After Exec. Buys TT$14MM in Shares


V E N E Z U E L A

VENEZUELA: For Government, Bonds Create a Bind


X X X X X X X X X

BOND PRICING: For the Week From Feb. 10 to Feb. 14, 2014


                            - - - - -


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


FIDEICOMISO FINANCIERO: Moody's Rates ARS10.4MM Certs. 'Caa1'
-------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has rated
the new structure of Fideicomiso Financiero Bancor Personales II,
to be issued by Deutsche Bank S.A. -- acting solely in its
capacity as issuer and trustee.

Moody's notes that the securities contemplated by this transaction
have not yet settled. If any assumptions or factors considered by
Moody's in assigning the ratings change before closing, Moody's
could change the ratings assigned to the notes.

Moody's has withdrawn the ratings previously assigned to the Class
B Debt Securities and the CP because the structure of the
transaction has changed before issuance and as a result the rating
of Class B Debt Securities and CP tranches will change.

ARS 36,000,000 in Class A Debt Securities (VRDA) of "Fideicomiso
Financiero Bancor Personales II", rated Aaa.ar (sf) (Argentine
National Scale) and Ba3 (sf) (Global Scale, Local Currency)

ARS 4,600,000 in Class B Debt Securities (VRDB) of "Fideicomiso
Financiero Bancor Personales II", rated A2.ar (sf) (Argentine
National Scale) and B2 (sf) (Global Scale, Local Currency)

ARS 10,400,000 in Certificates (CP) of "Fideicomiso Financiero
Bancor Personales II", rated Caa1.ar (sf) (Argentine National
Scale) and Caa3 (sf) (Global Scale, Local Currency).

Ratings Rationale

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 8,830 eligible personal loans denominated in
Argentine pesos, originated by Banco de la Provincia de Cordoba
S.A., in an aggregate amount of ARS 49.999.571,61.

These personal loans are granted to pensioners and employees of
the Government of the Province of Cordoba in Argentina.

For approximately 62.01% of the securitized portfolio, Banco de
Cordoba, as payment agent, deducts the monthly loan installment
directly from the employee's or pensioner's paycheck. For the rest
of the pool, the loan installment is deduct directly from the
employee's paycheck or the pensioner's payment, by the Government
of the Province of Cordoba, after receiving instructions from
Banco de Cordoba.

Overall credit enhancement is comprised of subordination: 28.00%
for the VRDA and 18.80% for the VRDB. In addition the transaction
has various reserve funds and excess spread.

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

Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction, and a disruption in the flow of
payments from ANSES or the Government of Cordoba to pensioners and
employees respectively.

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

Loss and Cash Flow Analysis

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

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

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the underlying pool with a
mean 2.5% and a coefficient of variation of 50%. Also, Moody's
assumed a lognormal distribution for with a mean 25% and a
coefficient of variation of 70%.

These assumptions are derived from the historical performance to
date of the Banco de Cordoba's pools. Servicer default was modeled
by simulating the default of the Banco de Cordoba as the servicer
consistent with its current rating of B3/Baa2.ar.

In the scenarios where the servicer defaults, Moody's assumed that
the defaults on the pool would increase by 20 percentage points.

The model results showed 0.00% expected loss for VRDA, 5.54% for
VRDB and 23.27% for the Certificates.

Moody's also evaluated the back-up servicing arrangements in the
transaction. If Banco de Cordoba is removed as servicer, Deutsche
Bank S.A. will be appointed as the back-up servicer.

Stress Scenarios

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If the mean default rate were increased
to 8.5%, the ratings of the VRDA would remain the same. The
ratings for and VRDB and the Certificates would be likely
downgraded to Caa1 (sf) and Ca (sf) respectively.

The principal methodology used in this rating was "Moody's
Approach to Rating Consumer Loan ABS Transactions" published in
May 2013.


HAZTEC TECHNOLOGY: Fitch Affirms National LT Rating at 'BB (bra)'
-----------------------------------------------------------------
Fitch Ratings has affirmed the National Long-Term Rating 'BB
(bra)' Haztec Technology and Environmental Planning SA (Haztec)
and its first issue of debentures in the amount of BRL245 million,
with collateral and within 12 years.  The Outlook for the
corporate ratings is Stable.

Main essentials Ratings

Haztec's rating reflects its weak financial profile, associated
with the historic volatility in its results and moderate exposure
of its portfolio to the public sector.  The credit metrics of the
company following pressure, and reduced cash position and
financial applications to free movement across the short-term debt
at the end of September 2013, is concern for Fitch. The analysis
considers that liquidity Haztec may be favored after the approval
of new conditions concerning the first issuance of debentures by
the Guarantee Fund for Length of Service (FGTS) as assumptions
presented the agency.

Haztec strong challenge is to demonstrate its ability to increase
operating cash flow on a sustainable basis, making it compatible
with its capital structure and the planned investments.  Fitch
considers the positive advances made in the Company's operating
performance since the third quarter of 2013.  These rest on the
rebalancing of contracts with major customers in larger commercial
efforts and cost control.

The expectation and the company will benefit from the focus on
segments disposal of waste, services for environmental engineering
and forestry and power generation through thermal treatment of
waste (Waste to Energy).  The favorable outlook for the industry
of environmental solutions should favor the growth of operations
Haztec, whose rating remains still limited by the restricted size
of their activities.

The rating of the issuance of debentures follows in line with the
company since the debt collateralized constitute a major portion
of the financial obligations of Haztec, thus being the basis of
the debt structure considered in assigning the corporate rating.

Increase in operating cash flow and Challenge

Fitch expects improved operating performance Haztec, mainly from
the second half of 2013, benefiting the company's results from
2014.  The expectation of the agency and the company reporting
consolidated EBITDA of around BRL30 million in 2013 and BRL60
million in 2014, already contemplating the non-recurring effects.
In the 12 month period ending September 2013, registered Haztec
weak operating cash flow, with negative BRL9 million in
consolidated EBITDA, calculated in accordance with Fitch's
criteria.  On a pro forma basis, excluding non-recurring effects,
the company's EBITDA in the first nine months of 2013 was BRL38
million.

In 2013, Haztec was successful in implementing price increases in
Central Waste Treatment (CTRs) in which it operates, as well as
increasing the volume of treated waste, the result of higher
commercial efforts in capturing new customers and public private.
The reduction of unit costs in their sanitary landfills and
administrative expenses was also important.  The company also
benefited from the rebalancing of the terms in the agreement with
Comlurb, its main customer, to provide services in the CTR
Seropedica, beyond the return of the receipt of the Municipality
of Nova Iguacu and the commencement of operations of North CTR.

The free cash flow (FCF) Consolidated Haztec should remain
negative in the next three years, even with the reduction of
annual investment to about BRL25 million to BRL30 million.  The
company has had difficulty in providing cash flow positive
operations (CFFO) in recent years, contributing to pressure the
FCF. According to Fitch's projections, the CFFO should be around
BRL10 million in 2014 and FCF negative BRL15 million.  In 2012,
Haztec registered CFFO and FCF negative in BRL19 million and BRL89
million, respectively.  The company only releases its statement of
cash flow on an annual basis.

Financial Leverage Should Remain High

Haztec must maintain its credit metrics in aggressive levels in
the coming years.  Fitch believes that the company's consolidated
gross leverage as measured by debt to total / EBITDA, pemanecera
exceeding 8.0 times by 2015.  In the nine-month period ended in
September 2013 and pro forma basis, which considers an annualized
and adjusted EBITDA in BRL22 million for non-recurring effects,
leverage Haztec was high, with consolidated gross debt
Relationship / EBITDA around 10 , 5 times.  The Company's gross
debt at end-September 2013, on a pro forma basis, considering the
reduction of the first debentures issuance for BRL107 million,
totaled BRL535 million and consisted mainly of German debentures
by BRL280 million of debentures issued by its parent, HIP,
guaranteed Haztec.

Weak Liquidity
Haztec have shown reduced cash position and financial applications
to free movement across their short-term financial obligations, in
addition to weak operating cash flow.  On September 30, 2013, the
company had BRL54 million of short-term debt and BRL7 million of
cash and financial investments (which excludes restricted cash of
BRL251 million tied to investments), generating an index of
coverage of debt service only 0.1 time.

The successful negotiation of new terms of issue of debentures
with FGTS, he ought to occur throughout 2014, this covered in the
rating and could reduce the risk of refinancing the company. The
negotiations involve the extension of maturities and reduction of
the amount to BRL107 million of BRL245 million - of which only
BRL41 million were disbursed. The release of restrido box relating
to this issuance considers about BRL70 million in repayment of
investments.

Sensitivity of Ratings
Haztec's ratings could be downgraded if the company's operating
performance is below Fitch's expectations, frustrating the premise
that financial leverage migrated to lower levels over the coming
years.  On the other hand, growing and sustainable operating
results, besides the increase in liquidity, the ratings could
benefit the company.


YPF SA: Fitch Expects Apache Acquisition to be Credit Neutral
-------------------------------------------------------------
Fitch Ratings expects YPF S.A.'s (YPF) intended acquisition of
Apache Argentina to be credit neutral.  The acquisition is
believed to nominally increase the company's leverage but more
importantly it allows YPF to increase its hydrocarbon reserves now
becoming the largest producer of natural gas in Argentina.
Fitch currently rates YPF's foreign and local currency Issuer
Default Ratings (IDRs) at 'B-' with a Negative Outlook.  In
addition, Fitch rates YPF's International senior unsecured notes
at 'B-/RR4'.

On Feb. 12, 2014, YPF announced an agreement to acquire 100% of
Apache Corporation's (Fitch L-T IDR rating 'BBB+') operations in
Argentina for US$800 million.  Subsequent to the transaction, YPF
will sell some Vaca Muerta acreage to Pluspetrol for US$217
million, making the net transaction value total US$583 million.
This is an all cash transaction, which will be paid via a US$150
million two-year credit facility with the balance to be paid with
cash on hand (YPF had US$1.1 billion of cash on hand as of 3Q'13).

As a result of the acquisition, YPF's pro forma total debt to
EBITDA ratio would remain essentially unchanged at 1.2x. Because
of cash usage, the company's net debt to EBITDA ratio would
increase nominally from 0.9x to 1x.  YPF's ratings reflect
relatively solid credit protection metrics, characterized by
moderate leverage and a manageable debt amortization schedule,
factors which remain unchanged after the acquisition.

YPF's credit ratings consider the company's relatively weak
operating metrics characterized by low reserve life and
historically declining production levels.  Via the acquisition,
the company will be increasing its reserves from 979 million
barrels of oil equivalent (boe) to 1,114 million (14% increase).
Production will increase from 497,000 boe per day to 543,000 (9%
increase-in the natural gas segment this acquisition will lead to
a 15% increase in production).


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


ESPIRITO SANTO: S&P Affirms 'BB+' Global Scale Rating
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' global scale
and 'brAA+' national scale corporate credit ratings on Espirito
Santo Centrais Eletricas S.A. (Escelsa).  In addition, S&P
affirmed its 'brAA+' national scale long-term rating on
Bandeirante Energia S.A. (Bandeirante).  At the same time, S&P
removed these ratings from CreditWatch where it placed them with
negative implications on Sept. 25, 2013.  The outlook is stable.

The rating action follows the ratings affirmation on EDP Energias
de Portugal S.A. (EDP; BB+/Stable/B), which is the ultimate parent
of Escelsa and Bandeirante.  The rating actions on EDP follow
S&P's similar action on Portugal.  The CreditWatch listing on
Portugal no longer constrains S&P's rating on EDP.  S&P's outlook
on EDP now reflects its expectation that the utility's business
risk and financial risk profiles will remain resilient to
persistently difficult and uncertain market, economic, and
regulatory conditions in its Portuguese and Spanish core markets.

S&P's ratings on Escelsa and Bandeirante reflect its view that
both entities are integral to EDP Energias do Brasil S.A.'s (EDP
Brasil, not rated) current activities and strategy, and S&P
considers them core members of this group.  (EDP Brasil is EDP's
subsidiary.)  Therefore, S&P's ratings on Escelsa and Bandeirante
are based on the analysis of EDP Brasil's consolidated figures.
The ratings also reflect S&P's view that EDP Brasil is EDP's
"strategically important" subsidiary, given that Brazil is EDP's
third-largest market, representing about 18% of its consolidated
EBITDA.  The ratings on EDP and S&P's view of its 'bb+' group
profile limit the ratings on Escelsa and Bandeirante.


OGX PETROLEO: Delivers Recovery Plan to Rio Court, Lawyer Says
--------------------------------------------------------------
Juan Pablo Spinetto of Bloomberg News reports that Oleo e Gas
Participacoes SA formerly known as OGX Petroleo e Gas
Participacoes SA presented a plan to emerge from bankruptcy
protection as it seeks funds to continue operating.

Oleo e Gas Participacoes submitted the road map to a Rio de
Janeiro state court, lawyer Sergio Bermudes told Bloomberg News in
a telephone interview.

The filing, the deadline for which was Feb. 17, comes a week after
creditors including Pacific Investment Management Co. agreed to
inject fresh capital in return for a controlling stake, Bloomberg
News notes.

Bloomberg News relates that OGX, which hasn't posted a profit
since the second quarter of 2010, surged in value in 2009 and 2010
after reporting discoveries at more than 80 percent of wells
drilled, allowing Eike Batista to tap debt markets to finance
operations.

Shares then crashed 68 percent in 2012 and 95 percent last year
after the company missed production targets and abandoned fields
it previously declared commercially viable, Bloomberg News says.

Bloomberg News adds that the company filed for protection from
creditors in late October, triggering Latin America's largest
corporate default.

                      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.


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


ARINEE LIMITED: Placed Under Voluntary Wind-Up
----------------------------------------------
On Jan. 13, 2014, the sole shareholder of Arinee Limited resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 14, 2014, 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


CARDO INTERNATIONAL: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Dec. 17, 2013, the sole shareholder of Cardo International Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 21, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 949-9808
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


CAVALLO INTERNATIONAL: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On Dec. 16, 2013, the sole shareholder of Cavallo International
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 21, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 949-9808
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


CLASSICS FUND LTD: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 16, 2013, the members of Classics Fund Ltd. resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 3, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Gene Dacosta
          c/o Craig Fulton
          Telephone: (345) 814 7372
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


CLASSICS FUND SPC: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 16, 2013, the members of Classics Fund SPC resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 3, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Gene Dacosta
          c/o Craig Fulton
          Telephone: (345) 814 7372
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


DAYTONIA HOLDINGS: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Dec. 12, 2013, the sole shareholder of Daytonia Holdings
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 17, 2014, 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


EYAS FUND: Commences Liquidation Proceedings
--------------------------------------------
On Dec. 12, 2013, the shareholder of Eyas Fund resolved to
voluntarily liquidate the company's business.

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

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre, 1st Floor
          802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands


GCPF CAYMAN: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 17, 2013, the shareholder of GCPF Cayman Holding 7 Corp.
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:

          Russell Smith
          c/o Derek Larner
          Telephone: (345) 815 4555
          BDO CRI (Cayman) Ltd.
          Governors Square, Floor 2-Building 3
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman KY1 1205
          Cayman Islands


GEORGE COMPANY: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 6, 2013, the sole shareholder of George Company 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:

          Peter Unwin
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


LUFE INVESTMENT: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Dec. 17, 2013, the sole shareholder of Lufe Investment Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 21, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 949-9808
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


MARGUERITE HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 4, 2013, the sole shareholder of Marguerite Holdings
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:

          Peter Unwin
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


ODIN INVESTMENTS: Placed Under Voluntary Wind-Up
------------------------------------------------
On Dec. 10, 2013, the sole shareholder of Odin Investments Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 14, 2014, 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


ORMONT FUND: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 19, 2013, the shareholders of Ormont Fund SPC resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 24, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd.
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


PHOENIX HOLDING: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 10, 2013, the shareholder of Phoenix Holding 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:

          Stephen Nelson
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460
          Charles Adams Ritchie & Duckworth
          P.O. Box 709 122 Mary Street
          Grand Cayman KY1-1107
          Cayman Islands


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

The company's liquidator is:

          Chris Rowland
          c/o Caroline Moore
          Fund Solution Services Limited
          Harbour Centre, 2nd Floor
          42 North Church Street, George Town
          Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 947 5855
          10 Market Street #769, Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands


QUANTIK MASTER: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 6, 2013, the shareholder of Quantik Master Fund 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:

          Chris Rowland
          c/o Caroline Moore
          Fund Solution Services Limited
          Harbour Centre, 2nd Floor
          42 North Church Street, George Town
          Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 947 5855
          10 Market Street #769, Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands


SCHAFFER INVESTMENT: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Dec. 16, 2013, the sole shareholder of Schaffer Investment Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 21, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 949-9808
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


SELSEY LTD: Placed Under Voluntary Wind-Up
------------------------------------------
On Dec. 17, 2013, the sole shareholder of Selsey Ltd. resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 21, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 949-9808
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


SKYIE LIMITED: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 10, 2013, the shareholders of Skyie 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:

          Trident Liquidators (Cayman) Ltd
          c/o Eva Moore
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          One Capital Place, 4th Floor
          P.O. Box 847, George Town,
          Grand Cayman, KY1-1103
          Cayman Islands


ZANTE INVESTMENTS: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Dec. 11, 2013, the sole shareholder of Zante Investments
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 17, 2014, 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


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


GEOPARK LATIN: S&P Revises Outlook to Positive & Affirms 'B' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on GeoPark
Latin America Limited Agencia En Chile (GeoPark) to positive from
stable.  In addition, S&P affirmed its 'B' corporate credit rating
on the company.  The rating action follows S&P's ordinary annual
review.

The outlook revision to positive reflects the company's improved
credit metrics, and to a lesser extent, the steady development of
its reserves and production.

"We now assess GeoPark's financial risk profile as "significant"
because we expect stronger credit metrics in 2014 and 2015.  For
those years, we expect EBITDA of about $300 million and a margin
of about 60%, compared with $190 million and a similar margin for
the 12 months ended Sept. 30, 2013.  In addition, as a result of
the company's recent capitalization for approximately $88 million,
we believe debt levels will be lower than we originally estimated.
Nevertheless, as a result of GeoPark's fairly aggressive capital
expenditures plan, we believe free operating cash flow would
continue to be negative, which is also consistent with those of
its peers in the same rating category," S&P said.


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


SAGICOR LIFE: Certain Loan Facilities to be Assigned to Affiliate
-----------------------------------------------------------------
RJR News reports that Sagicor Life Inc. has released more
information on its proposed acquisition of RBC Royal Bank, saying
that under the deal, certain loan facilities have been, or will be
prior to completion, assigned to an affiliated entity.

The company said that means the loans will not form part of RBC
Royal Bank's assets on completion of the acquisition, according to
RJR News.

The report notes that Sagicor Group also said on completion of its
acquisition, RBC will remain a licensed entity, regulated by the
Bank of Jamaica, whose ultimate parent will be Sagicor Group.

The plan after that is to merge the entity with its subsidiary,
Sagicor Bank, with that name to be used by the merged entities
going forward, the report relates.

As reported in the Troubled Company Reporter-Latin America on
Jan. 31, 2014, RJR News said that Sagicor Group is paying J$9.5
billion for the purchase of Royal Bank of Canada's Jamaican
holding, RBC Royal Bank.  It was revealed that negotiations
started in November with RBC's parent company and were concluded
Jan. 28, according to RJR News.

President Byles, the report noted, revealed that the balance sheet
of the institution will be worth more than the $9.5 billion being
paid and that his company will not be assuming any of the bad
debts that had been incurred by RBC Royal Bank.  The merger will
likely result in some branch closures and staff cuts, the report
said.

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
===========


GRUPO ACP: S&P Keeps 'BB+' ICR on CreditWatch Negative
------------------------------------------------------
Standard & Poor's Ratings Services said that it has kept its 'BB+'
issuer credit and issue-level ratings on Grupo ACP Inversiones Y
Desarrollo (Grupo ACP) on CreditWatch, where it placed them with
negative implications on Nov. 25, 2013.

"In our opinion, the binding agreement to sell Grupo ACP's 60.68%
stake in its main operating subsidiary, MiBanco Banco de la
Microempresa S.A. (Mibanco; BBB/Watch Pos/A-2), to the Peruvian
holding company Credicorp Ltd. (Credicorp; not rated) could
provide Grupo ACP with greater financial flexibility as it would
allow the group to meet all its financial obligations.  We expect
Grupo ACP to use the $179.5 million in proceeds from the sale
(equivalent to 1.3x Mibanco's book value) to pay its 10-year,
$85 million senior unsecured bond and other debt in their
entirety.  The transaction is subject to the Peruvian banking
authority's approval," S&P said.

"Currently, the ratings on Grupo ACP reflect its heavy reliance on
dividends from Mibanco and the group's aggressive business
expansion.  Mibanco's "adequate" business position, "adequate"
capital and earnings, "adequate" risk position, and its "average"
funding and "adequate" liquidity support the rating on Grupo ACP.
The bank's stand-alone credit profile (SACP) is 'bbb'.  The gap
between the 'BB+' rating on Grupo ACP and the 'BBB' rating on
Mibanco is due to structural subordination.  Grupo ACP's
debtholders are subordinate to Mibanco's senior debtholders," S&P
added.

"We are keeping the ratings on Grupo ACP on CreditWatch negative,
reflecting the possibility that we could either maintain the
ratings at the current level once the transaction is completed and
approved by the Peruvian banking authority and the group fully
pays its debt, or we could lower the ratings by more than one-
notch.  Once the transaction is successfully completed, we will
reassess Grupo ACP's business and financial profile in order to
determine how the group's new structure will affect its ratings.
We expect to resolve the CreditWatch placement following the
completion and regulatory approval of the sale, which we expect
will take place by the end of the first quarter of 2014," S&P
noted.


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


FIRST CITIZENS: IPO Reviewed After Exec. Buys TT$14MM in Shares
---------------------------------------------------------------
Trinidad Express reports that Finance Minister Larry Howai has
ordered a full review into the First Citizens Bank Limited Initial
Public Offer (IPO) after reports the group's chief risk officer,
Phillip Rahaman, purchased TT$14 million worth of shares through
the special offer of the bank's shares for employees.

Last year, the Government issued 48.5 million shares (just under
20 per cent of its 100 per cent stake) to be traded on the
Trinidad and Tobago Stock Exchange.  The group's 1,664 employees
were allotted 15 per cent (7.2 million).

Each staff member had the option of purchasing a guaranteed
maximum 5,000 shares at a ten per cent discount, and a guaranteed
minimum of 500 shares, according to Trinidad Express.

The report notes that several staff members did not participate,
so other employees -- including Mr. Rahaman -- were able to
purchase shares in excess of the discounted availability.

The IPO's share price was TT$22 per stock unit, or TT$19.80
discounted ten per cent.  The report notes that Mr. Rahaman
reportedly purchased TT$14 million worth of shares, as reported in
the company's annual report for 2013.

"Immediately upon noting the information in the annual report, I
requested (my ministry) to undertake enquiries.  Meetings were
held with representatives of the bank and a detailed audit was
requested.  This is being done.  The ministry has also advised the
various regulatory authorities of this development, in accordance
with required procedures," Minister Howai said in a statement
obtained by the news agency.

Minister Howai added he "remained satisfied" the ministry has to
proceed with honoring its statutory responsibilities in this
matter, the report notes.

This was the furthest he could comment at this stage, Minister
Howai said, but he added that "stood ready to provide the public
of Trinidad and Tobago with pertinent information as soon as same
is deemed allowable for disclosure," the report relates.

Headquartered in Trinidad and Tobago, First Citizens Bank Limited
-- http://www.firstcitizenstt.com/--  together with its
subsidiaries, provides retail, commercial, corporate, and
investment banking services primarily in Trinidad and Tobago, and
the Eastern Caribbean region.


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


VENEZUELA: For Government, Bonds Create a Bind
----------------------------------------------
Kejal Vyas at Daily Bankruptcy Review reports that Venezuela's
cash-strapped government is in hock to the tune of $50 billion to
the private companies that service its economy.

As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2013, Moody's Investors Service downgraded the Government
of Venezuela's local and foreign currency ratings to Caa1 from B1
and B2 respectively.  The outlook on both ratings remains
negative. The key drivers for the action are:

1. Increasingly unsustainable macroeconomic imbalances; and
2. Materially higher risk of an economic and financial collapse.

The downgrade reflects Moody's view that Venezuela is facing
increasingly unsustainable macroeconomic imbalances, including a
skyrocketing inflation and a sharp depreciation of the parallel
exchange rate. As government policies have exacerbated these
problems, the risk of an economic and financial collapse has
greatly increased.


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


BOND PRICING: For the Week From Feb. 10 to Feb. 14, 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 * * *