TCRLA_Public/140305.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

           Wednesday, March 5, 2014, Vol. 15, No. 45


                            Headlines



B E R M U D A

ORIENT-EXPRESS: S&P Assigns 'B+' CCR; Outlook Stable


C A Y M A N  I S L A N D S

BRIM ASIAN: Shareholder to Hear Wind-Up Report on March 10
DEALER MANAGEMENT: Shareholders' Final Meeting Set for March 10
EACM SELECT: Shareholders' Final Meeting Set for March 17
HIGHISLAND MACRO: Shareholders' Final Meeting Set for March 27
HIGHISLAND MACRO MASTER: Shareholders' Meeting Set for March 27

MOBILITY GUARANTY: Member to Hear Wind-Up Report on March 10
NAUT WUKIN: Shareholders' Final Meeting Set for March 10
NWQ ENERGY: Shareholders' Final Meeting Set for March 6
NWQ ENERGY MASTER: Shareholders' Final Meeting Set for March 6
PRAETORIAN INVESTMENT: Shareholders' Meeting Set for March 27

PRAETORIAN OFFSHORE: Shareholders' Final Meeting Set for March 27
PRATA INVESTMENT: Members' Final Meeting Set for March 11
STELLA BLU: Shareholders' Final Meeting Set for March 27
SUPERFUND RED: Shareholder Receives Wind-Up Report
SUPERFUND RED MASTER: Shareholder Receives Wind-Up Report

VOTO-VOTORANTIM: Shareholders' Final Meeting Set for March 6
VOTO-VOTORANTIM OVERSEAS: Shareholders' Meeting Set for March 6
VOTO-VOTORANTIM V: Shareholders' Final Meeting Set for March 6
WRA MASTER: Shareholder Receives Wind-Up Report


C H I L E

INVERSIONES ALSACIA: Moody's Confirms Caa2 Rating; Outlook Stable


C O L O M B I A

BANCOLOMBIA: Price Tops Expectations in US$1.3 Billion Stock Offer


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Energy Woes 'Spearhead' New IMF Evaluation


J A M A I C A

* JAMAICA: On Track for Reduced Debt to GDP Ratio says Minister


P U E R T O  R I C O

PUERTO RICO: S&P Assigns 'BB+' Rating to $3.5BB GO Bonds


                            - - - - -


=============
B E R M U D A
=============


ORIENT-EXPRESS: S&P Assigns 'B+' CCR; Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services assigned Bermuda-based hotel
company Orient-Express Hotels Ltd. a 'B+' corporate credit rating.
The rating outlook is stable.

At the same time, S&P assigned subsidiary Orient-Express Hotels
Interfin Ltd.'s proposed $655 million senior secured credit
facility (consisting of a $105 million revolving credit facility
due 2019 and $550 million term loan due 2021) its 'BB' issue-level
rating (two notches above the corporate credit rating), with a
recovery rating of '1', indicating very high (90% to 100%)
recovery for lenders in the event of a payment default.  Orient-
Express Hotels Ltd. is the guarantor of the credit facility.

Orient-Express plans to use the proceeds from this debt issuance
to repay existing debt balances, for general corporate purposes,
and for transaction fees and expenses.

The 'B+' corporate credit rating reflects S&P's assessment of
Orient-Express' business risk profile as "fair" and its assessment
of the company's financial risk profile as "highly leveraged,"
according to its criteria.

S&P's business risk profile assessment of "fair" reflects the
company's high level of RevPAR volatility over the lodging cycle,
significant EBITDA concentration within the top five most
profitable hotels (representing more than 50% of the hotel
portfolio EBITDA), and niche customer base. In addition, the
company generates significantly lower EBITDA margins (in the 20%
range) compared with other rated lodging operators.  These risks
are partially offset by S&P's favorable view of the company's high
quality, geographically diverse asset portfolio, which S&P
believes would be difficult to replicate and, therefore,
represents a barrier to entry for competition, as well as its
geographically diverse customer base.

Orient-Express plans to spend approximately $15 million over the
next four years to develop and promote a new corporate brand in
order to increase repeat and cross-visitation for existing and
potential customers.  Although S&P believes the new brand could
help drive brand awareness and incremental visitation, it expects
any increase to EBITDA to be relatively modest based on its view
of Orient-Express' small customer base and market reach within the
overall lodging industry.

S&P's assessment of Orient-Express' financial risk profile as
"highly leveraged" reflects its expectation that total lease-
adjusted debt to EBITDA will likely be greater than 5x through
2015, given moderate debt amortization payments and its
expectation for RevPAR growth.  Additionally, S&P expects free
operating cash flow (defined as cash flow from operations less
capital spending) to total debt to be negative during the same
period.  Although a significant portion of the company's capital
spending is discretionary, S&P believes development capital
expenditures are likely, given its expectation for improving
operating trends in the overall lodging industry.


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


BRIM ASIAN: Shareholder to Hear Wind-Up Report on March 10
----------------------------------------------------------
The sole shareholder of Brim Asian Credit Fund will receive on
March 10, 2014, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Hung Guan Ong
          20 Leonie Hill
          #12-26 Leonie Towers
          Singapore 239222
          Facsimile: +65 6737 5130


DEALER MANAGEMENT: Shareholders' Final Meeting Set for March 10
---------------------------------------------------------------
The shareholders of Dealer Management Group Ltd. will hold their
final meeting on March 10, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Strategic Risk Solutions (Cayman) Limited
          Building 3, 2nd Floor, Governors Square
          23 Lime Tree bay Avenue
          P.O. Box 1159 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: +1 (345) 623 6611
          Facsimile: +1 (345) 946 6612


EACM SELECT: Shareholders' Final Meeting Set for March 17
---------------------------------------------------------
The shareholders of EACM Select Alternative (USD) Fund Limited
will hold their final meeting on March 17, 2014, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Susan Lo Yee Har
          Hopewell Centre, Level 54
          183 Queens Road East
          Hong Kong
          c/o Kim Charaman
          Telephone: (345) 943-3100
          Facsimile: (345) 945 4757


HIGHISLAND MACRO: Shareholders' Final Meeting Set for March 27
--------------------------------------------------------------
The shareholders of Highisland Macro Fund will hold their final
meeting on March 27, 2014, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


HIGHISLAND MACRO MASTER: Shareholders' Meeting Set for March 27
---------------------------------------------------------------
The shareholders of Highisland Macro Master Fund will hold their
final meeting on March 27, 2014, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


MOBILITY GUARANTY: Member to Hear Wind-Up Report on March 10
------------------------------------------------------------
The member of Mobility Guaranty Ltd. will receive on March 10,
2014, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

          Harry B. Boldt Jr.
          R. Jeffrey Henning
          Aon Insurance Managers (Cayman) Ltd.
          P.O. Box 69, 94 Solaris Avenue, Second Floor
          Camana Bay, Grand Cayman KY1-1102
          Cayman Islands


NAUT WUKIN: Shareholders' Final Meeting Set for March 10
--------------------------------------------------------
The shareholders of Naut Wukin Racing Ltd. will hold their final
meeting on March 10, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Erika Jane Olde
          P.O. Box 31115 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: 3459452877


NWQ ENERGY: Shareholders' Final Meeting Set for March 6
-------------------------------------------------------
The shareholders of NWQ Energy Crossover Fund Limited will hold
their final meeting on March 6, 2014, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          John E. Conlin
          Barnaby Gowrie
          Telephone: +1 (345) 914 6365


NWQ ENERGY MASTER: Shareholders' Final Meeting Set for March 6
--------------------------------------------------------------
The shareholders of NWQ Energy Crossover Master Fund Limited will
hold their final meeting on March 6, 2014, at 10:05 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          John E. Conlin
          Barnaby Gowrie
          Telephone: +1 (345) 914 6365


PRAETORIAN INVESTMENT: Shareholders' Meeting Set for March 27
-------------------------------------------------------------
The shareholders of Praetorian Offshore Investment Ltd. will hold
their final meeting on March 27, 2014, at 4:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


PRAETORIAN OFFSHORE: Shareholders' Final Meeting Set for March 27
-----------------------------------------------------------------
The shareholders of Praetorian Offshore Ltd. will hold their final
meeting on March 27, 2014, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


PRATA INVESTMENT: Members' Final Meeting Set for March 11
---------------------------------------------------------
The members of Prata Investment Ltd. will hold their final meeting
on March 11, 2014, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          H&J Corporate Services (Cayman) Ltd.
          c/o Inga Thompson
          Telephone: 1345 914 4618


STELLA BLU: Shareholders' Final Meeting Set for March 27
--------------------------------------------------------
The shareholders of Stella Blu Capital (Cayman) Ltd. will hold
their final meeting on March 27, 2014, at 4:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


SUPERFUND RED: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Superfund Red SPC received on Feb. 27, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Sophie Raven
          228 Marmion Street,
          Cottesloe WA 6011
          Australia
          Telephone: +61 40000 7906
          Facsimile: +61 8 9286 3786


SUPERFUND RED MASTER: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Superfund Red Master SPC received on Feb. 27,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Sophie Raven
          228 Marmion Street,
          Cottesloe WA 6011
          Australia
          Telephone: +61 40000 7906
          Facsimile: +61 8 9286 3786


VOTO-VOTORANTIM: Shareholders' Final Meeting Set for March 6
------------------------------------------------------------
The shareholders of Voto-Votorantim Limited will hold their final
meeting on March 6, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Joao Miranda
          c/o Barnaby Gowrie
          Telephone: +1 (345) 914 6365


VOTO-VOTORANTIM OVERSEAS: Shareholders' Meeting Set for March 6
---------------------------------------------------------------
The shareholders of Voto-Votorantim Overseas Trading Operations
III Limited will hold their final meeting on March 6, 2014, at
10:05 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Joao Miranda
          c/o Barnaby Gowrie
          Telephone: +1 (345) 914 6365


VOTO-VOTORANTIM V: Shareholders' Final Meeting Set for March 6
--------------------------------------------------------------
The shareholders of Voto-Votorantim Overseas Trading Operations V
Limited will hold their final meeting on March 6, 2014, at
10:10 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Joao Miranda
          c/o Barnaby Gowrie
          Telephone: +1 (345) 914 6365


WRA MASTER: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of WRA Master Fund, Ltd. received on March 4,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Ogier
          c/o Joanne Huckle
          Telephone: 345 949 9876
          Facsimile: (345) 949-9877


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


INVERSIONES ALSACIA: Moody's Confirms Caa2 Rating; Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service confirmed Inversiones Alsacia's
(Alsacia) Caa2 rating and revised its outlook to stable. This
concludes the rating review for Alsacia.

Ratings Rationale

The confirmation of Alsacia's Caa2 rating reflects the a) full and
timely payment of the debt service coupon this February, b) recent
stabilization and expected improvement in financial performance
due to the new concession amendment as well as previously
established adjustment mechanisms, c) lowered risk of default
under our base case scenario over the next six to twelve months,
although a significant credit risk remains in the medium term.

The rating also reflects the credit weaknesses of the transaction
including : a) tight cash flow generation relative to debt
service, b) underfunded debt service reserve account and O&M
accounts, resulting in weak liquidity and c) the dependence on
compensations from the Government of Chile (Aa3/Stable) as a
result of concession amendments, specially the RTO payment which
was essential for the last coupon payment.

As a result of the addendum to the Concession Contract signed last
September, the company expects to generate an additional US $ 11
million of EBITDA. Expected improvements in financial results for
2014 will result from: (i) an increase to the fee per passenger
transported, (ii) lower discounts applied to revenues associated
with the modification of the Concession Contract which recently
became effective and the progress achieved to date, as well as
ongoing improvements plans in operational indicators, (iii) the
reduction in maintenance costs, and, (iv) the lower rate of
increase in all other SG&A expenses compared to revenue increase.

The outlook on the rating is stable, reflecting our view that
despite the structural credit weaknesses of the transaction,
financial performance is expected to improve gradually over the
next months, increasing its cash flow generation and easing
pressures on the project to meet its debt service payments.
Nevertheless, Alsacia's fragile financial condition means that its
ability to meet debt service over the next 12 months could be
impaired by relatively minor downward variations in its
operational and financial performance, as well as its compliance
with quality service indicators.

The rating could face upward pressure if cash flows available for
debt service are above our expectations, and the replenishment of
the debt service reserve occurs earlier than expected as a result
of steady improvement of financial performance.

If there is a material delay in the receipt of the government
compensations, or poor financial performance persists, the rating
could face downward pressure if Moody's assesses that the loss
given a default is not captured by the assigned rating.

The principal methodology used in this rating was Generic Project
Finance Methodology published in December 2010.



===============
C O L O M B I A
===============


BANCOLOMBIA: Price Tops Expectations in US$1.3 Billion Stock Offer
------------------------------------------------------------------
Christine Jenkins at Bloomberg News reports that Bancolombia SA
sold shares at a higher price than it had forecast in a secondary
offering on March 4, 2014.

The bank's board set a COP24,200 price per preferred share,
exceeding the range of COP21,350 to COP23,200 that the lender had
projected, according to a regulatory filing on March 4, notes
Bloomberg News.  The figure was below March 4's closing price of
COP25,260, Bloomberg News notes.

Shares rallied 15 percent last month, amid speculation that demand
was strong for the offering. The stock price will climb to
COP28,828 in 12 months, according to the average of nine estimates
compiled by Bloomberg.

Medellin-based Bancolombia received bids for a total of 295
million shares, according to the filing, Bloomberg News relays.
The offering of COP110 million is worth COP2.66 trillion (US$1.3
billion) at the set price, Bloomberg News adds.

Bancolombia SA is headquartered in Antioquia, Colombia.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 5, 2013, Moody's Investors Service has confirmed all ratings
for Bancolombia S.A. including its standalone bank financial
strength rating (BFSR) of D+, which maps to an unsupported
baseline credit assessment (BCA) of baa3; its global local
currency long- and short-term deposit ratings of Baa2/Prime-3;
foreign currency long-and short-term deposit ratings of
Baa3/Prime-3; foreign currency senior debt rating of Baa2; and
foreign currency subordinated debt rating of Ba1.  The outlook on
the ratings was changed to negative.


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


DOMINICAN REPUBLIC: Energy Woes 'Spearhead' New IMF Evaluation
--------------------------------------------------------------
Dominican Today reports that an International Monetary Fund (IMF)
mission headed by Prezmek Gajdecka is in the country to assess the
economy as part of the agreement on the second phase of Dominican
Republic's post-monitoring program.

Mr. Gajdecka and his team will meet first with Central banker
Hector Valdez Albizu March 3, continuing on March 4 with the heads
of Economy and Finance ministries, the Customs Agency as well as
the Banks Superintendence, to deal with the budget, according to
Dominican Today.

The report notes that the delegation will meet with State-owned
Electric Utility (CDEEE) Chief Executive Officer Ruben Jimenez
today, March 5, to address the energy sector's status and
prospects, including power generation and financing until 2017.

The report notes that the energy problem "spearheads" all IMF
evaluations, on the subsidy's heavy burden, its negative impact on
business competitiveness and service to users.


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


* JAMAICA: On Track for Reduced Debt to GDP Ratio says Minister
---------------------------------------------------------------
RJR News reports that Finance Minister Dr. Peter Phillips said
Jamaica is on track to achieving a reduced debt to GDP ratio by
the end of the current fiscal year.

When the fiscal year ends in another three weeks the ratio should
be about 139 percent, down from the 147 percent last year,
according to RJR News.

The report notes that the Finance Minister who gave an update on
the Economic Reform Program at a meeting in St. James said that
the Government will continue to implement measures to reduce the
ratio in order to achieve a balanced budget during the next
financial year.

The debt to GDP ratio compares what the country owes to what it
produces annually, RJR News relates.

                    Inflation to Be Contained

In the meantime, RJR News relays, Dr. Phillips said despite the
movement in the exchange rate, inflation will be contained within
single digit by the end of the fiscal year.

Dr. Phillips, the report notes, added that there is also expected
improvement in the Net International Reserves (NIR), which should
be at US1.3 billion by the end of the fiscal year.

This is up from a little over 790 million US dollars in March
2013.


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


PUERTO RICO: S&P Assigns 'BB+' Rating to $3.5BB GO Bonds
--------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'BB+' rating
to the Commonwealth of Puerto Rico's $3.5 billion series 2014
general obligation (GO) refunding bonds and placed the rating on
CreditWatch with negative implications, as S&P did the
approximately $15.9 billion of outstanding Puerto Rico GO and
guaranteed debt on Feb. 4, 2014.

The rating reflects what S&P views as substantial liquidity needs
over the next year, some of which the Commonwealth anticipates
meeting with this bond issue.  These potential needs include about
$1.39 billion in GO variable rate debt, Highways and
Transportation Authority BANs, and Puerto Rico Sales Tax Corp.
(COFINA) BANs that either have maturities, rating related
accelerations, remarketings, or associated letter of credit
expirations in the next year; potential GO interest rate swap
termination costs net of collateral already posted; and
$245 million to $75 million of remaining fiscal 2014 deficit
financing depending on mid-year budget cutting.  S&P believes
there remains the possibility that fiscal 2015 could produce
another operating deficit that could require financing, although
zhe current administration has indicated an intention to present
the legislature in April with a balanced budget proposal for
fiscal 2015.

"Our CreditWatch reflects potential difficulties we believe the
Commonwealth may have in accessing the market with a GO bond of
the current proposed size, at the current rating level," said
credit analyst David Hitchcock.

S&P's full analysis is being published simultaneously on
RatingsDirect.


                            ***********


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 * * *