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        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 19, 2014, Vol. 15, No. 55


                            Headlines



A R G E N T I N A

ARGENTINA: Says Paris Club Asked to Start Talks in May
ARGENTINA: Moody's Downgrades Bond Rating to Caa1; Outlook Stable


B R A Z I L

BRAZIL: Debt-Laden Firms Try to Stay Afloat
* Gov't. Assistance to Discos Ups Power Sector's Risk says Fitch


C A Y M A N  I S L A N D S

EMBASSY CROSSING: Creditors' Proofs of Debt Due April 1
EVERGREEN AUSTRALIAN: Creditors' Proofs of Debt Due April 9
EVERGREEN AUSTRALIAN MASTER: Creditors' Proofs of Debt Due April 9
GPI LDC: Creditors' Proofs of Debt Due March 10
GRAHAM PARTNERS: Creditors' Proofs of Debt Due March 31

HITS AFRICA: Placed Under Voluntary Wind-Up
NS INVESTMENTS XVII: Shareholder to Hear Wind-Up Report on April 4
SURZUR OVERSEAS: Creditors' Proofs of Debt Due April 10
TOP HAT: Creditors' Proofs of Debt Due April 9
ZZ4 LTD: Shareholder to Hear Wind-Up Report on March 25


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: IMF Concludes Mission on Article IV Consultation


P U E R T O   R I C O

PUERTO RICO: Restructuring Bill Creates Divide


T R I N I D A D  &  T O B A G O

PETROTRIN: Government Will Focus on Firm, Energy Minister Says


                            - - - - -





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


ARGENTINA: Says Paris Club Asked to Start Talks in May
------------------------------------------------------
Shane Romig at Daily Bankruptcy Review reports that the Paris Club
of creditor nations invited Argentina to start formal talks at the
end of May to settle the multibillion-dollar defaulted debt the
South American country has owed the group for over a decade,
Argentina's economy ministry said.

Argentina laid out the basic terms of its proposal in January, and
the invitation from the Paris Club came after weeks of informal
contacts, the economy ministry said, according to the report.

The Troubled Company Reporter-Latin America reported on Jan. 23,
2014, that the American Task Force Argentina on Jan. 20 disclosed
that according to media reports, Argentine Economy Minister Axel
Kicillof will be in Paris to talk with Paris Club members in an
effort to settle Argentina's the decade-old outstanding debts to
creditor country governments.

ATFA Co-chairs Dr. Robert Shapiro and Ambassador Nancy Soderberg
issued the following statement: "The Argentine government has long
refused to negotiate with public creditor countries such as
Germany, Japan, the United States and the United Kingdom since its
2001 debt default and 2005 restructuring.  Alongside these
countries, private creditors from around the world have been
waiting patiently an opportunity to negotiate with the country.
These private lenders include individual pensioners in many
countries, including Italy, Germany, Belgium, the United States
and Argentina, as well as many institutional investors.  Why does
the Argentine government continue to refuse to negotiate with
these private creditors? Time and again, private creditors have
asked the Argentine government to simply negotiate in good faith
on an equitable settlement.  In order for such a negotiation to
occur, both sides must be willing to cooperate, and the Argentine
government has remained intransigent."

             About the American Task Force Argentina

The American Task Force Argentina (ATFA) is an alliance of
organizations united for a just and fair reconciliation of the
Argentine government's 2001 debt default and subsequent
restructuring.  Its members work with lawmakers, the media, and
other interested parties to encourage the United States government
to vigorously pursue a negotiated settlement with the Argentine
government in the interests of American stakeholders.


ARGENTINA: Moody's Downgrades Bond Rating to Caa1; Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service has downgraded Argentina's government
bond rating to Caa1 from B3, and changed the outlook to stable
from negative. Concurrently, Moody's has downgraded its rating on
Argentina's foreign legislation debt to (P)Caa2 from (P)Caa1.

Ratings Rationale

Rationale For Downgrade

Moody's decision to downgrade Argentina's government bond rating
was driven by the following factors:

1. A significant fall in official reserves, which have dropped to
$27.5 billion from a high of $52.7 billion in 2011, thereby
increasing the risk that Argentina may not meet its foreign-
currency debt service obligations, and

2. An inconsistent policy environment that increases the
likelihood that official reserves will remain under pressure this
year and next.

First Driver -- Fall In Official Reserves

A combination of persistent capital flight and declining trade
surpluses have put pressure on official international reserves
which fell to $27.5 billion from a high of $52.7 billion in 2011.
While reserves have stabilized in the last month, there are
continued high risks of further drops, a key credit risk since
Argentina lacks international market access and utilizes central
bank reserves to meet its foreign currency debt obligations.

Argentina is one of the few Latin American countries with a
capital account deficit due to persistent capital outflows and a
lack of access to international debt markets. The trade surplus,
which helped prop up dollar inflows for years, fell 27% in 2013
compared to 2012 levels. Lack of confidence in government economic
policies, including one of the region's highest inflation rates,
will make it difficult to prevent continued capital flight.

Argentina's government relies on the use of official reserves to
meet its foreign currency obligations. Moody's estimates that the
government faces dollar debt payments of over $20 billion between
2014 and 2015. However, Argentina does not have external funding
options that would reduce its reliance on official reserves to pay
debt.

Second Driver -- An Inconsistent Policy Environment Will Make It
Difficult To Reverse Reserve Losses

The fall in reserves and the lack of market access both reflect
unsustainable economic policy decisions that have led to very high
inflation, currency depreciation, capital flight and economic
stagnation. Inflation, which was averaging 25% annually in recent
years, will likely spike higher in 2014, partly due to January's
17% currency devaluation, which was itself the result of the need
to stem dollar outflows. Moody's expects the Argentinean
government to face further pressure on official reserves and the
currency.

Despite talk of lowering some energy subsidies, the government has
not reduced ongoing fiscal imbalances. Moody's therefore expects
that the monetization of the fiscal deficit will continue feeding
inflation. The central bank's policy of higher interest rates and
faster currency depreciation will have a negative impact on
economic growth. Political challenges will also reduce the
government's room to maneuver as unions resist official efforts to
keep wage increases below expected inflation. The Paris Club
recently invited Argentina to hold negotiations to settle
outstanding debt but this is unlikely to materially improve
reserve levels. A final agreement with the Paris Club could lead
to new bilateral lending but it will take months for any agreement
to be finalized and we expect any new bilateral funding to remain
limited in the next two years.

Rationale For Stable Outlook

The stable outlook on the Caa1 rating reflects Moody's view that
no further rating changes are likely in the near future. The
stable outlook is premised on a balance between no further
significant drops in official reserves and continued government
difficulties in addressing macroeconomic imbalances.

What Could Move The Ratings Up/Down

Moody's would consider moving the government bond rating outlook
to positive upon evidence that Argentina's funding options have
improved and that economic policies have become more consistent
and predictable.

Argentina's foreign legislation bonds could potentially be
upgraded back to the level of the issuer rating if the final court
ruling does not affect Argentina's payments on its restructured
debt.

A downgrade of the issuer rating could result if policy decisions
end up having a negative impact on the main economic and debt
metrics. Additionally, a persistent decline in international
reserves and a rise in the country's debt ratios could also result
in a lower rating. A further downgrade of Argentina's foreign
legislation debt could result if Argentina's reaction to a final
court ruling involves missed payments to restructured debt
bondholders.

Country Ceilings

As a result of this rating action, Moody's has adjusted the long-
term local currency bond and deposit ceilings to B1 from Ba3. The
long-term foreign-currency deposit ceiling was changed to Caa2
from Caa1. The long-term foreign-currency bond ceiling changed to
Caa1 from B3. All foreign currency short-term ceilings remain at
Not Prime. Country ceilings reflect a range of undiversifiable
risks to which issuers in any jurisdiction are exposed, including
economic, legal and political risks. These ceilings act as a cap
on ratings that can be assigned to the foreign- and local-currency
obligations of entities domiciled in the country.

Downgrades:

Issuer: Argentina

Country Ceiling Bank Deposit Rating, Downgraded to Caa2 from Caa1

Country Ceiling Rating, Downgraded to Caa1 from B3

Issuer: Argentina, Government of

Issuer Rating, Downgraded to Caa1 from B3

Senior Unsecured Shelf, Downgraded to (P)Caa2 from (P)Caa1

Senior Unsecured Shelf, Downgraded to (P)Caa1 from (P)B3

Outlook Actions:

Issuer: Argentina

  Outlook, Changed To No Outlook From Negative

Issuer: Argentina, Government of

  Outlook, Changed To Stable From Negative

Affirmations:

Issuer: Argentina

  Country Ceiling Bank Deposit Rating, Affirmed NP

  Country Ceiling Rating, Affirmed NP

Issuer: Argentina, Government of

  Senior Unsecured Medium-Term Note Program, Affirmed (P)Ca

  Senior Unsecured Medium-Term Note Program, Affirmed (P)NP

  Senior Unsecured Regular Bond/Debenture , Affirmed Ca

  Senior Unsecured Shelf, Affirmed (P)Ca

Other short Term ratings, Affirmed NP

GDP per capita (PPP basis, US$): 17,917 (2012 Actual) (also known
as Per Capita Income)&Real GDP growth (% change): 3% (2013 Actual)
(also known as GDP Growth)&Inflation Rate (CPI, % change Dec/Dec):
11.5% (2013 Actual) &Gen. Gov. Financial Balance/GDP: -2.4% (2013
Actual) (also known as Fiscal Balance)&Current Account
Balance/GDP: -0.7% (2013 Actual) (also known as External
Balance)&External debt/GDP: 28.5 (2013 Actual) &Level of economic
development: Low level of economic resilience &Default history: At
least one default event (on bonds and/or loans) has been recorded
since 1983. &

On March 7, 2014, a rating committee was called to discuss the
rating of the Argentina, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have materially decreased. The
systemic risk in which the issuer operates has materially
increased. The issuer has become increasingly susceptible to event
risks. An analysis of this issuer, relative to its peers,
indicates that a repositioning of its rating would be appropriate.
Other views raised included: The issuer's institutional strength/
framework, have not materially changed. The issuer's governance
and/or management, have not materially changed. The issuer's
fiscal or financial strength, including its debt profile, has not
materially changed.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September, 2013.

The weighting of all rating factors is described in the
methodology used in this rating action, if applicable.


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


BRAZIL: Debt-Laden Firms Try to Stay Afloat
-------------------------------------------
Emily Glazer and Luciana Magalhaes, writing for The Wall Street
Journal, report that Brazil weathered its largest-ever bankruptcy
filing late last year, but there may be more to come for the
embattled South American nation.

As its economy weakens and investor confidence flags, a number of
firms that loaded up on debt during the nation's boom years are
poised to follow companies controlled by Brazilian tycoon Eike
Batista into bankruptcy protection, according to investors who
specialize in distressed debt, bankers and restructuring
professionals, notes the report.

To be sure, WSJ said, nothing on the scale of Mr. Batista's
corporate collapse is expected.

The report notes that Brazil's economy grew just 2.3% in 2013,
compared with 7.5% in 2010. The country also has struggled with
persistently high inflation, which has forced its central bank to
raise interest rates, WSJ added.

The report relays that Ethanol and mining companies are among
those struggling to stay afloat as the Brazilian economy tries to
climb out of its slump.

"With commodity prices coming down in certain sectors and the
economy slowing, there's an uptick in [restructuring] activity and
we expect that to continue through the rest of this year and
next," WSJ quoted Richard Cooper, a partner at Cleary Gottlieb
Steen & Hamilton LLP who focuses on domestic and international
restructurings, particularly in Latin America, as saying.

According to WSJ, local companies in distress have been more open
to seeking court protection since Brazil in 2005 changed its
judicial recovery law to allow companies to restructure rather
than liquidate. Since then, the number of companies seeking
judicial recovery, Brazil's version of Chapter 11 bankruptcy
protection, has climbed almost every year. In 2013, 874 companies
sought court protection in Brazil, up from 252 in 2006, the law's
first full year, according to numbers compiled by credit data
provider Serasa Experian. Meanwhile, liquidation requests have
fallen by half, to fewer than 2,000 last year from more than 4,000
in 2006 as more companies opt to restructure under the judicial
recovery law, says the report.

Brazil's sugar ethanol producers, in particular, have been under
stress in recent months as the government keeps a lid on gasoline
prices, pushing ethanol prices down, the report relays. Turnaround
consulting firm Alvarez & Marsal said the agricultural sector,
represented mainly by ethanol firms, accounts for roughly 20% of
its restructuring clients in Brazil.

"The government is gaining votes at the expense of mainly the
ethanol sector," WSJ quoted Joel Thomaz Bastos, an attorney with
Dias, Arystobulo, Flores, Sanches e Thomaz Bastos in Sao Paulo, as
saying.  Brazilian government officials didn't respond to requests
for comment.

Mr. Bastos represents midsize sugar and ethanol producer Aralco SA
Acucar & Alcool, which filed for bankruptcy protection in Brazil
at the end of February with 1.8 billion reais ($776 million) in
debt, note the Journal.

WSJ says Aralco sold $250 million in debt last spring, locking in
good rates just before investors rushed to sell off Brazilian
government bonds amid fears that the country's credit rating could
be downgraded. Less than a year later, some of the company's bonds
are trading at around eight cents on the dollar.

Another company facing difficulties is Virgolino de Oliveira SA,
which purchases, cultivates and crushes sugar cane for the
production of sugar and ethanol, notes the report. Though the
company, known as GVO, recently paid interest on one of its bonds,
it wouldn't be able to issue new international bonds if it wanted
to, because investor appetite has waned, Carlos Otto Laure, the
company's chief financial officer said, WSJ relates.

GVO owes about $600 million to creditors in Brazil, the U.S.,
Europe and Asia, and debt financing from a private investor would
be an option, Mr. Laure said, WSJ relays. Some of its bonds are
trading at around 55 cents on the dollar, and restructuring
advisers say they are following the company closely. Mr. Laure,
however, said GVO isn't planning to file for bankruptcy
protection.

Some Brazilian mining companies have also been hit hard in the
past few years as commodity and labor costs rise and credit
tightens, Mr. Cooper said, according to the report.

Distressed gold mining firms Jaguar Mining Inc. and Mirabela
Nickel Ltd. are working with creditors to restructure their debts.
While Mirabela is restructuring its debt in Australia, the company
said in a regulatory filing that a court-supervised process in
Brazil also will be necessary, said the Journal.

According to the report, troubled Brazilian companies must still
contend with uncertainty surrounding the country's restructuring
law. Even after two key pieces of Mr. Batista's giant empire, OGX
Petroleo e Gas Participacoes SA (now known as Oleo e Gas
Participacoes SA) and shipbuilder OSX Brasil SA, filed for
bankruptcy protection in the fall of 2013, some companies still
fear the stigma of the process, restructuring advisers said.

"In the U.S., the whole bankruptcy protection process is more
mature and companies are more comfortable seeking protection
earlier on," WSJ quoted Marcos Spieler, managing director at the
Brazilian unit of investment bank Rothschild Inc., as saying.

And though the judicial recovery law that allows companies to
restructure has been in place for nine years, the Batista filings
have been its first major test. OGX, for example, is still working
to implement the restructuring deal it reached with creditors in
December, a person familiar with the matter said, note the report.


* Gov't. Assistance to Discos Ups Power Sector's Risk says Fitch
----------------------------------------------------------------
The new measures announced by the Brazilian government to assist
electric distributors (Discos) is a sign of intensifying
regulatory risk in Brazil's power sector and is one more
unorthodox measure adopted to help the sector cope with a
difficult situation, according to Fitch Ratings.

While it is positive for the sector companies' cash needs, this
new measure is another sign of increasing government
interventionism in the sector that will lead to increased
liabilities for the government and tariff pressure for Discos in
the coming years.

The announced cash inject of as much as BRL21 billion to ailing
discos expected for 2014 is aimed at preventing discos from
liquidity pressures and recovering incremental costs from their
annual tariff pass-through mechanisms.  Since the end of 2012, the
Brazilian government has been trying to lower electricity costs
after announcing a target tariff decrease for end user of 20% or
more.  This was followed by a very low hydrology early in 2013,
and then at the beginning of 2014, which given the country's high
reliance in hydroelectric capacity, has the opposite effect from
that intended by the government.

The Brazilian government expects to fund the assistance package
with loans totaling BRL8 billion via the Camara de Comercializacao
de Energia Eletrica (CCEE), an additional BRL4 billion cash
injection from the Conta de Desenvolvimento Energetico (CDE),
which is funded by the National Treasury, and was already funded
with BRL 9 billion for 2014, and with an energy auction on April
to allow the Disco's to have its exposure to the spot market
reduced.  This year's expected cash injection of BRL21 billion is
significantly higher than the BRL9 billion that had already been
budgeted.

In 2014, the Brazilian power sector will be in a difficult
position as the levels of the country's main hydro reservoirs are
similar to levels observed during the energy rationing of 2001.
This is compounded by the fact that the end of the rainy season is
approaching in April.  As of March 16, 2014, the reservoirs in the
Southeast and Midwest of the country, which represent 70% of the
country's water supply, were at water levels of 35.86%.  This is
significantly lower than the 43.18% recorded in December 2013 and
very close to the 34.53% level recorded in March 2001.

As of January 2014, Light, CPFL, Eletropaulo, Cemig and Copel were
the distribution companies facing the most negative financial
exposure to rising spot prices.  As of that date, the companies
had energy payables of BRL127 million, BRL106 million, BRL83
million, BRL75 million and BRL74 million, respectively. In
February 2014, Fitch projects that these payables will have at
least doubled for each company, as the monthly average spot price
(PLD) of BRL822.83/MWh is more than double the BRL383.67/MWh rate
in January.

Fitch currently rates the following discos or related holding
companies:

Eletropaulo

--Long-Term Foreign Currency IDR (Issuer Default Rating) 'BB+';
  Outlook Negative
--Long-Term Local Currency IDR 'BB+'; Outlook Negative
--Long-Term National Rating 'AA(bra)'; Outlook Negative

Cemig

--Long-Term National Rating 'AA(bra)'; Outlook Negative

Cemig D

--Long-Term National Rating 'AA(bra)'; Outlook Negative
  CPFL Energia
--Long-Term National Rating 'AA+(bra)'; Outlook Stable
  CPFL Paulista
--Long-Term National Rating 'AA+(bra)'; Outlook Stable
  CPFL Piratininga
--Long-Term National Rating 'AA+(bra)'; Outlook Stable
  RGE
--Long-Term National Rating 'AA+(bra)'; Outlook Stable
  Copel
--Long-Term National Rating 'AA+(bra)'; Outlook Stable
  Light
--Long-Term National Rating 'AA-(bra)'; Outlook Negative
  Light Sesa:
--Long-Term National Rating 'AA-(bra)'; Outlook Negative

Energisa
--Long-Term Foreign Currency IDR 'BB'; Outlook Negative
--Long-Term Local Currency IDR 'BB'; Outlook Negative
--Long-Term National Rating 'A+(bra)'; Outlook Negative

Energisa Paraiba - Distribuidora de Energia S/A (Energisa Paraiba)
--Long-Term Foreign Currency IDR 'BB+'; Outlook Negative
--Long-Term Local Currency IDR 'BB+'; Outlook Negative
--Long-Term National Rating 'AA-(bra)'; Outlook Negative

Energisa Sergipe - Distribuidora de Energia S/A (Energisa Sergipe)
--Long-Term Foreign Currency IDR 'BB+'; Outlook Negative
--Long-Term Local Currency IDR 'BB+'; Outlook Negative
--Long-Term National Rating 'AA-(bra)'; Outlook Negative;

Energisa Minas Gerais - Distribuidora de Energia S/A (Energisa
Minas Gerais)
--Long-Term Foreign Currency IDR 'BB+'; Outlook Negative
--Long-Term Local Currency IDR 'BB+'; Outlook Negative
--Long-Term National Rating 'AA-(bra)'; Outlook Negative

Cemar
--Long-Term National Rating 'AA-(bra)'; Outlook Stable

Celpa
--Long-Term Foreign Currency IDR 'B-'; Outlook Stable
--Long-Term Local Currency IDR 'B-'; Outlook Stable
--Long-Term National Rating 'BB+(bra)'; Outlook Stable



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


EMBASSY CROSSING: Creditors' Proofs of Debt Due April 1
-------------------------------------------------------
The creditors of Embassy Crossing Limited are required to file
their proofs of debt by April 1, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 20, 2014.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


EVERGREEN AUSTRALIAN: Creditors' Proofs of Debt Due April 9
-----------------------------------------------------------
The creditors of Evergreen Australian Equities Return Offshore
Fund are required to file their proofs of debt by April 9, 2014,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 14, 2014.

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


EVERGREEN AUSTRALIAN MASTER: Creditors' Proofs of Debt Due April 9
------------------------------------------------------------------
The creditors of Evergreen Australian Equities Return Master Fund
are required to file their proofs of debt by April 9, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 14, 2014.

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


GPI LDC: Creditors' Proofs of Debt Due March 10
-----------------------------------------------
The creditors of GPI LDC are required to file their proofs of debt
by March 10, 2014, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Feb. 20, 2014.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler
          Telephone: (345) 943-3100


GRAHAM PARTNERS: Creditors' Proofs of Debt Due March 31
-------------------------------------------------------
The creditors of Graham Partners Offshore Fund, Ltd are required
to file their proofs of debt by March 31, 2014, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 14, 2014.

The company's liquidator is:

          Ogier
          c/o Kellian Hutchinson
          Telephone: (345) 815-1418
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


HITS AFRICA: Placed Under Voluntary Wind-Up
-------------------------------------------
On Jan. 29, 2014, the Grand Court of Cayman Islands entered an
order to voluntarily wind up the operations of  Hits Africa Ltd.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Geoff Baker
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1 -1106
          Cayman Islands
          Telephone +1 (345) 916 2048


NS INVESTMENTS XVII: Shareholder to Hear Wind-Up Report on April 4
------------------------------------------------------------------
The shareholder of NS Investments XVII, Inc. will receive on
April 4, 2014, at 9:15 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler
          Telephone: (345) 943-3100


SURZUR OVERSEAS: Creditors' Proofs of Debt Due April 10
-------------------------------------------------------
The creditors of Surzur Overseas Limited are required to file
their proofs of debt by April 10, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 11, 2014.

The company's liquidator is:

          Emmanuel Mussche
          c/o SOCIETE GENERALE
          OPER/FIN/SMO/IAB
          17 cours Valmy
          92800 Puteaux


TOP HAT: Creditors' Proofs of Debt Due April 9
----------------------------------------------
The creditors of Top Hat Yachts Ltd. are required to file their
proofs of debt by April 9, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Dec. 19, 2013.

The company's liquidator is:

          Anthony McVeigh
          c/o 49 Bridge House
          18 St. Georges Wharf
          London SW8 2LP
          U.K.
          Telephone: +44 203 737 7507


ZZ4 LTD: Shareholder to Hear Wind-Up Report on March 25
-------------------------------------------------------
The shareholder of ZZ4 Ltd will receive on March 25, 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:

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


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


DOMINICAN REP: IMF Concludes Mission on Article IV Consultation
---------------------------------------------------------------
An International Monetary Fund (IMF) staff team led by Przemek
Gajdeczka visited Santo Domingo during March 4-14, 2014 to conduct
discussions for the Article IV consultation and second Post-
Program Monitoring with the Dominican Republic.  The mission met
with senior central bank and government officials, representatives
of the private sector, and union leaders.  At the conclusion of
the visit, Mr. Gajdeczka issued the following statement.

"The mission reviewed recent economic developments and discussed
the near-term outlook for the Dominican Republic.  It noted that
economic developments in 2013 had been better than expected in the
previous staff visit.  However, it also noted that challenges
remain, particularly in the area of public finances, electricity
sector and the external position.

"In 2013 real GDP grew by more than 4 percent and the unemployment
rate remained at 7 percent.  The headline annual inflation rate
was 3.9 percent, the same as in the previous year and below the
central bank's target range.  The external current account deficit
declined by more than 21/2 percentage points of GDP (to 4.2
percent of GDP), reflecting strong exports buoyed by coming on
stream of gold production and lower imports.  Net capital flows
were large, mainly as a result of government external borrowing,
and foreign direct investment inflows remained strong. Gross
international reserves fluctuated between US$3.4 and US$4.7
billion and at end 2013 were equivalent to 3.3 months of imports.
As of March 14, 2014 gross international reserves stood at US$3.9
billion.

"The mission welcomed the steps taken toward fiscal consolidation
in 2013.  The deficit of the central government was brought below
3 percent of GDP (from 6.6 percent of GDP the year before) as a
result of tax measures, the new payment stream agreed with the
gold company and lower public investment.  However, the
electricity sector continued to record large deficits and as
government's transfers were reduced the quasi-fiscal losses of the
central bank increased.  As a result, the consolidated public
sector recorded a deficit of about 5 percent of GDP, which raised
public indebtedness to about 48 percent of GDP.

"For 2014, the mission projects real GDP growth of about 4.5
percent and inflation at the mid-point of the central bank's
target range (4 to 5 percent).  The government's program provides
measures to lower the consolidated public sector deficit to 4.2
percent of GDP and the central bank envisages keeping a neutral
monetary stance.

"The mission welcomed the authorities' commitment to macroeconomic
stability and recommended setting more ambitious targets for
fiscal consolidation.  It advised the authorities to develop a
medium-term fiscal strategy to lower government borrowing
requirements more rapidly and rebuild fiscal buffers that would
also facilitate the accumulation of international reserves.  It
noted that such strategy should be underpinned by a broadening of
the tax base and lower tax exemptions, as well as continued
expenditure restraint.  The mission supported the development of a
comprehensive electricity strategy including the introduction of
an automatic tariff adjustment mechanism and welcomed the planned
new investments in the energy sector provided they are consistent
with the medium-term fiscal strategy.

"The mission welcomed the monetary authorities' commitment to its
inflation target and to increase international reserves.
Maintaining gross reserves at a level that exceeds three months of
imports would help increase the economy's resilience to external
shocks.  Should market conditions change or external pressures
emerge, increased exchange rate flexibility and monetary
tightening would be appropriate tools to address them.

"Financial system indicators are broadly satisfactory. The average
capital adequacy ratio of the banking system as of December 2013
was 14.6 percent and the non-performing loan ratio declined to 1.9
percent.  The mission welcomed the progress made in implementing
risk-based supervision and advised to contain the financial
system's lending to the public sector.

"The mission wishes to express its gratitude to the government,
the central bank and other stakeholders for their cooperation and
frank discussions.  A mission for the next Post-Program Monitoring
discussions is expected to take place in the third quarter of
2014."


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


PUERTO RICO: Restructuring Bill Creates Divide
----------------------------------------------
Lisa Allen, writing for The Deal, reported that the president and
vice president of Puerto Rico's Senate Treasury and Public Finance
Committee have filed a bill to create a process for restructuring
the commonwealth's public corporations, but the island's Treasury
Department and federal banking arm have distanced themselves from
the effort.

According to the report, trading in the bonds of Puerto Rico
Electric Power Authority, or PREPA, a public power corporation
with $8.8 billion in outstanding debt, suggests that the lack of
consensus about the legislation within the commonwealth's
government is causing some investor jitters.

"There were a lot of PREPA bonds that were out for the bid" on
March 14, according to Jon Schotz, a managing partner at Kayne
Saybrook Municipal Opportunity Funds, the report cited.  "The bill
created uncertainty for PREPA holders."

Meanwhile, in a report, municipal credit research firm Municipal
Market Advisors mentioned that the authority's bonds traded for 70
cents or so on the dollar on March 14 and noted, "PREPA is the
most obvious target within the bill's rhetoric," the report
related.


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


PETROTRIN: Government Will Focus on Firm, Energy Minister Says
--------------------------------------------------------------
Trinidad Express reports that Energy Minister Kevin Ramnarine has
said that in 2014, the emphasis in oil production will be on
Petroleum Company of Trinidad and Tobago (Petrotrin) with a focus
on Trinmar.

Minister Ramnarine added that in 2014 the emphasis on natural gas
production will be on:

1) the coming on to production of the BP Savonette 7 well;
2) the commencement of the Juniper development by BP;
3) development drilling on Amherstia by BP;
4) the BG/Chevron Starfish development.

The Central Bank in its latest economic bulletin noted that the
energy sector grew by 2.4 per cent in the fourth quarter of 2013,
according to Trinidad Express.

The report notes that this growth, the bank said, was driven by
higher natural gas output and high oil production.

The report says that the growth in the fourth quarter comes on the
heels of the end of the largest maintenance program in the history
of the country that was conducted by BP, BG, Point Lisas companies
and Atlantic and co-ordinated by the NGC and the Ministry of
Energy.

Minister Ramnarine said he agrees with the report, the report
adds.

                       About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2013, Trinidad Express reports that production levels at
Petroleum Company of Trinidad and Tobago (Petrotrin)'s Trinmar
operations in Point Fortin have been affected by industrial action
involving employees of the company's marine transport contractors.
Petrotrin stated that it was informed of a what it described as a
stand-off between its marine contractors and their employees, who
cited issues, including their current rates of remuneration,
according to Trinidad Express.


                            ***********


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.


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