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

           Friday, March 28, 2014, Vol. 15, No. 62


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: British Aviation Executive to Take Up CEO Position


A R G E N T I N A

ARGENTINA: Elliott Takes Debt Battle to Space
ARGENTINA: Cuts Utility Subsidies as Fiscal Deficit Swells
COLUMBUS INT'L: Moody's Upgrades CFR to 'B2'; Outlook Stable


B R A Z I L

BRAZIL: To Sell First Euro Bonds Since 2005 With 7-Year Offering


C A Y M A N  I S L A N D S

ALAMO LTD: Shareholder to Receive Wind-Up Report on April 15
CAPITAL S A/B FUND: Shareholders Receive Wind-Up Report
DUXTON WINE: Shareholder to Hear Wind-Up Report on April 24
EMBASSY CROSSING: Shareholders' Final Meeting Set for April 21
GPI LDC: Shareholders' Final Meeting Set for April 25

GRAHAM PARTNERS: Shareholder to Receive Wind-Up Report on April 10
HAMILTON CAPITAL: Shareholder to Hear Wind-Up Report on April 17
LINQI ASSET: Shareholder to Receive Wind-Up Report on April 14
LINQI SELECT: Shareholder to Receive Wind-Up Report on April 14
SAPPORO CENTRAL: Shareholder to Receive Wind-Up Report on April 15


                            - - - - -


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


LIAT: British Aviation Executive to Take Up CEO Position
--------------------------------------------------------
Caribbean360.com reports that the board of directors of the
Antigua-based regional airline, Leeward Islands Air Transport,
known as LIAT, has selected a British aviation executive, David
Evans, to become its next chief executive, informed sources have
told the Caribbean Media Corporation.

Several sources independently confirmed that Mr. Evans was
approved following "internal checks" but the leaders of the four
shareholder governments of LIAT are expected to ratify their
choice, according to Caribbean360.com.

The report notes that Mr. Evans, from Knutsford in northwest
English county of Cheshire, has worked with British Airways and
two fledgling carriers in the Middle East, Nile Air Airlines in
Egypt and Kuwait's Wataniya Airways.

Mr. Evans's selection comes six months after Captain Ian Brunton
resigned at the height of a series of setbacks as the island-
hopping carrier sought to bring a replacement fleet of French-made
ATR-71 aircraft for their aging Canadian-made DeHavilland Dash-8
and Bombardier Q-400 aircraft, the report notes.

LIAT Board Chairman Jean Holder has so far declined to confirm or
deny Mr. Evans's appointment, add the report.

As reported in the Troubled Company Reporter-Latin America on
Jan. 3, 2012, Antigua Caribarena related that former Antigua
Aviation Minister Robin Yearwood wants to see a merger between
Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago-
owned Caribbean Airlines Limited, as he believes this is the only
way the Antigua-based regional carrier can survive.  Mr.
Yearwood's call came against the background of media reports out
of Port of Spain that suggested CAL's management may be eyeing
expansion into the OECS territories, according to Antigua
Caribarena.

                            About LIAT

Headquartered in V. C. Bird International Airport in Saint George
Parish, Antigua, Leeward Islands Air Transport, known as LIAT,
operates high-frequency interisland scheduled services serving 22
destinations in the Caribbean.  The airline's main base is VC
Bird International Airport, Antigua and Barbuda, with bases at
Grantley Adams International Airport, Barbados and Piarco
International Airport, Trinidad and Tobago.


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


ARGENTINA: Elliott Takes Debt Battle to Space
---------------------------------------------
Shane Romig at Daily Bankruptcy Review reports that a hedge fund
suing Argentina over the country's 2001 bond default has launched
a new salvo in its legal battle with the country -- filing suit in
California to block Argentina from launching a pair of satellites
into space.

NML Capital Ltd, a unit of Elliott Management Corp., has sued
Argentina and satellite-launch company Space Exploration
Technologies Corp ., claiming it is entitled to seize two launch
contracts purchased by Argentina to satisfy court awards,
according to Daily Bankruptcy Review.


ARGENTINA: Cuts Utility Subsidies as Fiscal Deficit Swells
----------------------------------------------------------
Daniel Cancel and Pablo Gonzalez at Bloomberg News report that
Argentina reduced government subsidies on natural gas and water by
an average 20 percent in a bid to narrow the largest fiscal
deficit in more than a decade.  The cuts won't apply to industrial
users.

The government could save as much as ARS13 billion (US$1.6
billion) and will use proceeds to cover utility company costs and
finance social spending, Economy Minister Axel Kicillof and
Planning Minister Julio De Vido said at a press conference in
Buenos Aires, according to Bloomberg News.

Bloomberg News notes that President Cristina Fernandez de Kirchner
has boosted social spending since taking office in 2007 and left
utility rates largely unchanged amid average annual inflation of
about 25 percent, straining the finances of power distribution
companies and leading to periodic blackouts.  The government wants
to cut subsidies from about 5 percent of gross domestic product to
2 percent of GDP and make higher income earners pay more for their
utilities, Cabinet Chief Jorge Capitanich said March 12, Bloomberg
News discloses.

Argentina has subsidized utilities for 11 years.

"In 2003 the need for subsidies was clear," Mr. Kicillof said in
reference to the period after the nation's $95 billion default and
economic crisis, Bloomberg News notes.  "Argentina isn't ending
subsidies, just redistributing them," Mr. Kicillof added.

Bloomberg News relays that the government spent ARS134 billion on
subsidies in 2013, a 34 percent increase from a year earlier, La
Nacion reported.  Of that total, ARS81 billion pesos was for
energy, the Buenos Aires-based newspaper said, Bloomberg News
relates.

                           Energy Deficit

The cuts will be made in three stages in April, June and August.
Some residential gas bills could rise as much as 80 percent, Mr.
Kicillof said, Bloomberg News relays.  The amount of reduction
will depend on whether consumers reduce usage and in which
neighborhoods they live, adds the report.

The government didn't unveil subsidy cuts for power companies,
notes Bloomberg.

Argentina posted a record energy deficit last year of US$6.1
billion as domestic oil and gas output declines and imports of
liquefied natural gas surge, Bloomberg News notes.

Argentina posted its largest primary budget deficit in 21 years
last year and the widest current account deficit since 2000 as
debt payments and energy imports drained reserves by about US$12
billion to a seven-year low, Bloomberg News adds.


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


COLUMBUS INT'L: Moody's Upgrades CFR to 'B2'; Outlook Stable
------------------------------------------------------------
Moody's Investors Service upgraded Columbus International Inc.'s
("Columbus") corporate family rating to B2 from B3. At the same
time, Moody's upgraded the ratings on Columbus USD 640 million
senior secured notes due November 2014 and assigned a B2 rating to
its new USD1,250 million senior unsecured notes due in 2021. This
action concludes the review for upgrade process started on March
19, 2014. The outlook on the ratings is stable. Upon the full
redemption, the ratings on the existing notes will be withdrawn.

Corporate Family Rating: upgraded to B2 from B3 under review for
upgrade

USD640 million guaranteed senior secured global notes due
November 2014: upgraded to B2 from B3 under review for upgrade

USD1,250 million guaranteed senior unsecured global notes due
March 2021: B2 assigned

Outlook: Stable from review for upgrade

Ratings Rationale

The upgrade was prompted by the placement of Columbus' proposed
USD 1,250 million notes due in 2021, that will result in the
elimination of the major liquidity concern caused by the company's
aggressive management of its near-term debt maturities. Absent
refinancing risk, Moody's considers that Columbus credit profile
is in line with a B2 rating category.

Supporting the B2 corporate family rating is Columbus high
financial leverage and negative cash flow generation. The
company's recent history of being active with acquisitions also
limits the rating as it poses event and execution risk. As a small
telecom operator in Central America and the Caribbean, the company
also faces high business risk that is also entailed in the rating.
These risks are mitigated by significant availability of capacity
in Columbus' state-of-the-art sub-sea network, which offers room
to grow revenues with limited competitive risk. Also supportive of
Moody's view is the upside growth potential for its cable TV and
telecom business in broadband and the company's solid market
shares in its coverage areas.

Proceeds of the USD1,250 million notes will be used to refinance
existing USD850 million in notes maturing in 2014 and 2017, to
fund a US145 million acquisition of a Colombian communications
provider and to pay USD 100 million in dividends. The balance will
be used to pay premiums and fees related with the transaction, and
around USD70 million will be kept in cash balances for liquidity
purposes. Moody's notes that the proposed transaction considers
additional USD400 million debt, which coupled with extraordinary
fees and dividends, will result in a weakened credit profile by
the end of 2014. However, the B2 rating entails Moody's
expectations that the company will be in a position to quickly de-
lever as it stands to benefit from revenues and EBITDA generated
from network upgrades and acquisitions made in recent years. For
2014, Moody's expects gross debt to EBITDA as adjusted to be at
around 4.6x and even lower in following years.

Columbus liquidity is now adequate with enough internal sources to
fund cash needs while maintaining a modest liquidity buffer. For
the year ended in 2013, Columbus had cash in hand of around USD 50
million. Pro forma for the USD 70 million proceeds from the notes
that the company will keep in cash, balance is around USD 120
million. Moody's estimates that this cash position is enough to
cover the company's cash needs including interests, cash taxes and
capex. Since the company recently made some acquisitions and
launched new services, we anticipate that capex will remain high
in the next couple of years, resulting in negative free cash flow
and modest liquidity cushion. Going forward, capex should
gradually reduce resulting in flat to positive free cash flow.
Moreover, we note that liquidity will be further enhanced by the
USD 100 million senior secured revolver due in 2018, in which the
company is currently working at. Since Columbus capital structure
is comprised solely by debt denominated in US dollar, it is
exposed to foreign exchange risk. However, Moody's considers this
risk to be partially mitigated by the fact that around 80% of
Columbus consolidated revenue is either billed in US dollars or in
currencies with fixed exchange rates to the US dollar, creating a
natural hedge for most of this exposure.

In accordance with the terms of the indenture for the 2014 senior
secured notes, the notes will be redeemed 30 days after the
placement of the new notes. Therefore, we expect that the 2014
notes will cease to exist. Once the redemption is done, Moody's
will withdraw the rating of the notes.

The B2 rating assigned to the 2021 notes is in line with the CFR
assuming that if the current capital structure is maintained,
potential subordination of the notes will not be material. The
notes are senior unsecured claims to Columbus guaranteed by
subsidiaries representing around 72% of consolidated assets and
revenues. Moreover, the indenture allows the company to incur in
certain liens. However, under the company's current capital
structure, the only secured debt will be the USD 100 million under
the revolver facility that accounts for less than 8%, reducing the
structural subordination risk for the rated notes. Should this
dynamics change, resulting in a material increase in the
structural subordination of the notes, a notching down on the
notes could be considered.

The ratings' stable outlook is based on Moody's expectations that
Columbus will successfully execute its business plan, that
includes consolidation of recently acquired telecom companies and
launched services. Specifically, the outlook entails our
expectations that profitability will remain strong allowing the
company to delever to around 4.6x Debt to EBITDA as adjusted by
Moody's. High profitability coupled with lower capex needs
resulting from consolidation of new businesses should also result
in improved cash generation.

The ratings are unlikely to be upgraded in the near term because
of the company's rapid growth phase that has resulted in negative
free cash flow and evolving business and corporate profile.
However, over the longer term, an upgrade could result from
evidence that the company has reached a stabilization phase.
Particularly with track record of operating under current
configuration, generating positive free cash flow and with
leverage below 3.5x.

Negative pressure on Columbus' ratings can arise in case of an
extended period of negative free cash flow and weaker interest
coverage, measured by EBITDA minus capex to interest expense.
Also, an underperformance of the company's business or a major
acquisition that drive adjusted debt/EBITDA to well above 4 times
with limited prospects for a rapid reduction would put negative
pressure on Columbus' ratings.

The principal methodology used in this rating was Global
Communications Infrastructure Rating Methodology published in June
2011.

Columbus International Inc. is a privately held telecommunications
and cable TV company based in Barbados. Columbus provides digital
cable television, broadband Internet, digital landline telephony
and corporate data services in Trinidad, Jamaica, Grenada, Curacao
and Barbados. During 2013, Columbus' revenues and adjusted EBITDA
margin amounted to USD 504 million and 45%, respectively.


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


BRAZIL: To Sell First Euro Bonds Since 2005 With 7-Year Offering
----------------------------------------------------------------
Lyubov Pronina at Bloomberg News reports that Brazil is planning
to sell seven-year euro-denominated bonds, the first sale in the
currency in almost a decade, after Standard & Poor's cut the
country's rating to the lowest investment-grade this week.

The benchmark-sized securities may price at 165 basis points to
170 basis points above similar-maturity midswaps, a person
familiar with the plan said, asking not to be identified because
details are private, according to Bloomberg News.  The government
is seeking to raise as much as 1 billion euros ($1.4 billion), two
people familiar with the plan said on March 13, Bloomberg News
notes.

S&P downgraded Brazil by one step to BBB- on March 24, citing the
nation's sluggish economic growth and President Dilma Rousseff's
expansionary fiscal policies, which have increased the
government's debt load.

"The timing is not the best for them following the downgrade and
the crisis in Ukraine," Jean-Philippe Donge, a money manager who
helps oversee EUR8 billion in assets at Banque de Luxembourg
Investments, including about $400 million in emerging-market debt,
said by e-mail, Bloomberg News discloses.  "But there is still
demand in the low-yield environment and because Brazil remains a
strong economy, particularly in Latin America," Bloomberg News
notes.

Rates on government debt sold last year and maturing in 2025 were
little changed at 4.54 percent, 53 basis points below this year's
high on Jan. 9, Bloomberg News adds.


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


ALAMO LTD: Shareholder to Receive Wind-Up Report on April 15
------------------------------------------------------------
The sole shareholder of Alamo, Ltd will receive on April 15, 2014,
at 8:45 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


CAPITAL S A/B FUND: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Capital S A/B Fund received on March 24, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Fides Limited
          c/o Clive Gibbons
          Michelle McLaughlin
          P.O. Box 10338 Grand Cayman KY1-1003
          Cayman Islands
          Telephone: 345-949-7232


DUXTON WINE: Shareholder to Hear Wind-Up Report on April 24
-----------------------------------------------------------
The sole shareholder of Duxton Wine Fund SPC will receive on
April 24, 2014, at 4:00 p.m., 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


EMBASSY CROSSING: Shareholders' Final Meeting Set for April 21
--------------------------------------------------------------
The shareholders of Embassy Crossing Limited will hold their final
meeting on April 21, 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:

          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


GPI LDC: Shareholders' Final Meeting Set for April 25
-----------------------------------------------------
The shareholders of GPI LDC will hold their final meeting on
April 25, 2014, at 8:30 a.m., to receive 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


GRAHAM PARTNERS: Shareholder to Receive Wind-Up Report on April 10
------------------------------------------------------------------
The sole shareholder of Graham Partners Offshore Fund, Ltd. will
receive on April 10, 2014, at 11:30 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Kellian Hutchinson
          Telephone: (345) 815-1418
          Facsimile: (345) 949-9877


HAMILTON CAPITAL: Shareholder to Hear Wind-Up Report on April 17
----------------------------------------------------------------
The sole shareholder of Hamilton Capital Group Limited will
receive on April 17, 2014, at 11:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


LINQI ASSET: Shareholder to Receive Wind-Up Report on April 14
--------------------------------------------------------------
The sole shareholder of Linqi Asset Management (Cayman) will
receive on April 14, 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
          Name: Shirley Choi / Phoebe Chan
          Telephone: (852) 3656 6066 / (852) 3656 6063
          Facsimile: (345) 949-9877


LINQI SELECT: Shareholder to Receive Wind-Up Report on April 14
---------------------------------------------------------------
The sole shareholder of Linqi Select Fund will receive on
April 14, 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
          Name: Shirley Choi / Phoebe Chan
          Telephone: (852) 3656 6066 / (852) 3656 6063
          Facsimile: (345) 949-9877


SAPPORO CENTRAL: Shareholder to Receive Wind-Up Report on April 15
------------------------------------------------------------------
The sole shareholder of Sapporo Central Holdings Inc. will receive
on April 15, 2014, at 9:00 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


                            ***********


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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