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

           Thursday, March 20, 2014, Vol. 15, No. 56


                            Headlines



A R G E N T I N A

ARGENTINA: High Yields Lure Back Once-Wary Investors
EDENOR SA: General Shareholders' Meeting Set for April 29


B A H A M A S

MONTAQUE CAPITAL: Director Asked to Return $3.5MM to Liquidators


B R A Z I L

MAGNESITA REFRATARIOS: S&P Affirms 'BB' Rating; Outlook Stable
* BRAZIL: Restructuring Advisers Flock to Country


C A Y M A N  I S L A N D S

ALAMO LTD: Creditors' Proofs of Debt Due April 9
BLUECREST VENTURE: Creditors' Proofs of Debt Due April 9
CALVO MULTI-CURRENCY: Creditors' Proofs of Debt Due April 1
DUXTON WINE: Creditors' Proofs of Debt Due April 9
HAMILTON CAPITAL: Creditors' Proofs of Debt Due April 14

HIGHSIDE OFFSHORE: Creditors' Proofs of Debt Due April 9
KHALID MOHAMMED: Commences Liquidation Proceedings
PCAM UI_HF_P001: Commences Liquidation Proceedings
SAPPORO CENTRAL: Creditors' Proofs of Debt Due April 9
THOR II: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Deputies Dismiss IMF's Call for Higher Light Bill


T R I N I D A D  &  T O B A G O

PETROTRIN: No Plan to Privatize Firm, Minister Says


                            - - - - -


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A R G E N T I N A
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ARGENTINA: High Yields Lure Back Once-Wary Investors
----------------------------------------------------
Nicole Hong at Daily Bankruptcy Review reports that bargain-
seeking investors are piling into high-yielding Argentine bonds
despite the country's history of economic mismanagement and
financial turmoil.

But they are prepared to retreat quickly, displaying a lack of
confidence in Argentina's long-term prospects, according to Daily
Bankruptcy Review.

Since the beginning of February, the report notes, U.S. dollar-
denominated bonds issued by Argentina's government and companies
have returned 12.7% to investors, the best performance among 76
developing countries' dollar bonds tracked by Barclays PLC.


EDENOR SA: General Shareholders' Meeting Set for April 29
---------------------------------------------------------
The directors of Edenor S.A. held a meeting on March 7, 2014.  The
meeting was chaired by the Chairman, Ricardo Torres, who after
verifying quorum, declared the meeting duly held and submitted to
the consideration of the attending Directors.

At the meeting, the Chairman explained the need to call a general
ordinary shareholders' meeting to consider results for the fiscal
year ended Dec. 31, 2013.  The meeting is scheduled to be held on
April 29, 2014, at Avenida del Libertador 6363, ground floor, City
of Buenos Aires.

An abstract of the Board Meeting is available for free at:

                        http://is.gd/AJ6IKY

                          About Edenor SA

Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos).  Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.

Edenor S.A. disclosed a loss of ARS1.01 billion on ARS3.72 billion
of revenue from sales for the year ended Dec. 31, 2012, as
compared with a net loss of ARS291.38 million on ARS2.80 billion
of revenue from sales for the year ended Dec. 31, 2011.

The Company's balance sheet at Sept. 30, 2013, showed ARS 7.72
billion in total assets, ARS 6.50 billion in total liabilities and
ARS 1.21 billion in total equity.



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B A H A M A S
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MONTAQUE CAPITAL: Director Asked to Return $3.5MM to Liquidators
----------------------------------------------------------------
Neil Hartnell at Tribune Business reports that Montaque Capital
Partners' principal will be told to return $3.5 million to its
liquidators by "formally dissolving" 10 entities he controls.

The latest report on Montaque Capital Partners' court-supervised
winding-up, which has been obtained by Tribune Business, disclosed
that the liquidators are waiting for Owen Bethel to submit an
affidavit detailing how much he and his companies owe.

While Ed Rahming -- edmund.rahming@KRyS-Global.com -- and Kenneth
Krys -- kenneth.krys@KRyS-Global.com -- the KRyS Global
accountants, do not name the companies involved, their report
suggests they include Bahamas Film Invest International and Modes
Iles, the entities that acted as vehicles for Mr. Bethel's movie
and fashion show ambitions, respectively, Tribune Business says.

According to the report, related party transactions appear to have
featured prominently in Montaque's collapse into insolvency, with
the liquidators currently estimating that some $4.888 million is
owed to the broker from such dealings.

"The liquidators have been in discussions with Owen Bethel, 95 per
cent shareholder and director of the company," Messrs. Rahming and
Krys said in their third report to the Supreme Court, Tribune
Business relates.

"The liquidators have identified a total of approximately
$3.5 million due from Bethel and 10 entities controlled by him.

"We understand that Mr Bethel will lay out these amounts owed in
an affidavit to be submitted. We await a copy of the submitted
affidavit. Bethel will be asked to formally dissolve these
entities and provide proof of such."

Mr. Bethel was a well-known figure in the financial services
industry, his business being one of the few that was Bahamian
owned. He has resolutely declined to comment on the liquidation of
his company, despite being given several opportunities by Tribune
Business to do so.



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B R A Z I L
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MAGNESITA REFRATARIOS: S&P Affirms 'BB' Rating; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' global scale
and 'brAA' national scale ratings on Magnesita Refratarios S.A.
(Magnesita).  The outlook is stable.

"Our ratings on Magnesita are based on our our assessment of its
"fair" business risk profile an "significant" financial risk
profile, leading to an anchor of 'bb'. The impact of the modifiers
on the rating is neutral," S&P said.

S&P views the company's business risk profile as "fair" mainly due
to its "fair" competitive position, which is mainly driven by its
adequate operational efficiency.  "Magnesita's operating
efficiency remained stable in 2013, with EBITDA margins at about
16%, despite a challenging year for the steel industry, which
contributes 70%-75% of the company's revenues," said Standard &
Poor's credit analyst Alejandro Gomez.  Additionally, S&P views
positively Magnesita's ability to offset a declining demand in the
market by increasing market share in its core markets and
successfully maintaining its historical pricing power through the
cycle.  Other positive rating factors include, the company's
increasing geographical footprint and, to a lesser extent, its
more diversified product offering by increasing it shares of
revenues from non-steel sectors and by investing in Talc. S&P
expects a slight recovery in the steel industry in 2014, boosting
Magnesita's sales volumes by 2% to 3%, with EBITDA reaching about
R$400 million.

The stable outlook is based on S&P's expectation that its leverage
metrics will remain at less than 4.0x for the next two years, and
that Magnesita will maintain its "strong" liquidity.  S&P believes
the completion of the Brumado project and the company's resilient
pricing power will partially offset its expectations for a slow
recovery in the steel industry.


* BRAZIL: Restructuring Advisers Flock to Country
-------------------------------------------------
Emily Glazer and Luciana Magalhaes, writing for The Wall Street
Journal, reported that restructuring lawyers and turnaround
professionals are boosting teams and seeking partners in Brazil as
the number of troubled companies in the country grows.

The Journal recalled that in late January, Brazil President Dilma
Rousseff made her inaugural appearance at the World Economic Forum
in Davos, Switzerland, amid a campaign to reverse the country's
economic slowdown.  "Brazil needs and wants a partnership with
private investment," she said.

According to the report, some investment banks, such as Lazard
Ltd. and Rothschild, already have offices in Sao Paulo.
Meanwhile, bankers from Houlihan Lokey and Jefferies Group Inc.
have traveled to Brazil in recent months in hopes of developing
deals and finding partners, people familiar with the matter said.

Investment firm Blackstone Group, which has a large corporate
restructuring arm, has a joint-venture relationship with boutique
investment bank Patria Investments, the report related.  It also
has a 40% stake in the bank. Blackstone snagged a key role
advising OGX on its debt restructuring, along with Lazard.

Consulting firm AlixPartners has a group of its restructuring
executives working on matters related to EBX, the holding company
for Mr. Batista's firm, the report further related.  Alvarez &
Marsal, another turnaround firm, said its clients in the region
jumped about 35% in 2013 compared to 2012, and expects an increase
in clients facing distress in 2014 as well.



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


ALAMO LTD: Creditors' Proofs of Debt Due April 9
------------------------------------------------
The creditors of Alamo, 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 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


BLUECREST VENTURE: Creditors' Proofs of Debt Due April 9
--------------------------------------------------------
The creditors of Bluecrest Venture Finance Master Fund Limited 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. 24, 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


CALVO MULTI-CURRENCY: Creditors' Proofs of Debt Due April 1
-----------------------------------------------------------
The creditors of Calvo Multi-Currency Bond Fund, Ltd. are required
to file their proofs of debt by April 1, 2014, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 17, 2014.

The company's liquidator is:

          Alexander C. Calvo
          Telephone: +1 305 978 8755
          Facsimile: +1 888 577 4462
          55 Ocean Lane Drive,
          Key Biscayne, Florida 33149
          United States of America


DUXTON WINE: Creditors' Proofs of Debt Due April 9
--------------------------------------------------
The creditors of Duxton Wine Fund SPC 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. 18, 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


HAMILTON CAPITAL: Creditors' Proofs of Debt Due April 14
--------------------------------------------------------
The creditors of Hamilton Capital Group Limited are required to
file their proofs of debt by April 14, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 17, 2014.

The company's liquidator is:

          Maricorp Services Ltd.
          c/o J. Andrew Murray
          Telephone: 345-949-9710
          P.O. Box 2075 Grand Cayman KY1-1105
          Cayman Islands


HIGHSIDE OFFSHORE: Creditors' Proofs of Debt Due April 9
--------------------------------------------------------
The creditors of Highside Offshore 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 Feb. 20, 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


KHALID MOHAMMED: Commences Liquidation Proceedings
--------------------------------------------------
On Feb. 16, 2014, the members of Khalid Mohammed Salim Al Enazi
Company LLC 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:

          Tarek M. Galal Amer
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


PCAM UI_HF_P001: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on Feb. 20, 2014, the members of
PCAM UI_HF_P001 Fund Limited resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


SAPPORO CENTRAL: Creditors' Proofs of Debt Due April 9
------------------------------------------------------
The creditors of Sapporo Central Holdings Inc. 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. 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


THOR II: Commences Liquidation Proceedings
------------------------------------------
At an extraordinary meeting held on Feb. 27, 2014, the members of
Thor II Asset Purchase 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:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


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


DOMINICAN REP: Deputies Dismiss IMF's Call for Higher Light Bill
----------------------------------------------------------------
Dominican Today reports that deputies from the various political
parties rejected the International Monetary Fund's (IMF)
suggestion that the government raise the light bill as the only
solution to that problem.

Ruling PLD party deputy Ramon Cabrera said a higher light bill at
present would cause a considerable fall in the population's
purchasing power, whereas his opposition PRD party colleague, Hugo
Nunez, called it "inconceivable" to levy more taxes on the
population through energy sector, according to Dominican Today.

Dominican Today notes that pro-government PRSC party deputy Maximo
Castro said the Government should take the measures needed to deal
with the energy crisis but without affecting the poorest sectors.

The report says that the IMF Mission concluded its consultation to
Dominican Republic, warning the electricity sector continues to
drag a large deficit.



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


PETROTRIN: No Plan to Privatize Firm, Minister Says
---------------------------------------------------
Miranda La Rose at Trinidad and Tobago Newsday reports that the
government has no plan, or intention, to privatize the State-owned
Petrotrin Company contrary to allegations made by the Oilfield
Workers' Trade Union (OWTU).

However, it is focused on returning the company to profitability,
said Energy Minister, Kevin Ramnarine, according to Trinidad and
Tobago Newsday.

The report notes that describing the allegations as baseless and
mischievous with the intent to undermine Government and
destabilize the country, Mr. Ramnarine in a statement at the
sitting of the Senate in Port-of-Spain, said Petrotrin was heavily
indebted.  As a result, he said, government's current strategy for
2014-to-2018, is aimed at returning the company to profitability
by 2015, through increased oil production, the report relates.

Debts include bonds to the tune of US$1.6 billion, which Mr.
Ramnarine said "have their genesis in the decisions of the
previous PNM board," the report notes.

Noting that returning Petrotrin to profitability would depend on
exploration and production, Mr. Ramnarine said that a ten percent
increase in production, could almost double profit, the report
relays.

These increases are expected, Mr. Ramnarine said "from the SWS
Development Project, the Jubilee Field, opportunities from the
Land and Trinmar 3D seismic, EOR projects and Field Rejuvenation
Project," notes the report.

The PNM's gas to liquids project, he said, cost the company TT$2.7
billion and the Gas Optimization Program (GOP) which started out
at TT$2.2 billion snowballed to TT$9.6 billion, says Trinidad and
Tobago Newsday.  The cost escalation in the GOP was based, Mr.
Ramnarine said "on the ill-fated cost reimbursable procurement
strategy at the heart of which was questionable contracts awarded
to Bechtel and its local partner ABT, a company based in Pointe-a-
Pierre" and conflicts of interest between the two partners, the
report notes.

As a result of the GOP, Mr. Ramnarine said, Petrotrin's debt
increase from TT$3.3 billion in 2002 when the PNM took office to
TT$12.4 billion in 2010, note the report.

Two bonds, one for US$750 million, and another for US$850 million,
he said were largely responsible for the massive increase in the
debt, according to says Trinidad and Tobago Newsday.

The US$850 million debt, he said is a "bullet payment" due on
August 14, 2019. The bonds and the commensurate debt servicing
obligations, Mr. Ramnarine said, "have impaired the company's cash
flow, and have impacted its ability to pursue value generating
opportunities in the upstream (industry)," the report relays.

At the same time, he said that the PNM board spent $170 million on
a new headquarters, which was halted by the present board, as it
was deemed unfeasible, added the report.

                       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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