TCRLA_Public/140410.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

           Thursday, April 10, 2014, Vol. 15, No. 71


                            Headlines



B R A Z I L

GOL LINHAS: Records Operating Margin of 3.0% in 2013
NAVIOS SOUTH AMERICAN: S&P Affirms B+ CCR & Rates $375MM Notes B+


C A Y M A N  I S L A N D S

ASIAN REAL: Shareholders' Final Meeting Set for April 16
CHATEAU ASSET: Court Appoints Sybersma & Derksen as Liquidators
CONOCOPHILLIPS MENA: Shareholders' Final Meeting Set for April 23
HIGHLAND CREDIT: Shareholders' Final Meeting Set for April 15
HIGHLAND CREDIT MASTER: Shareholders' Meeting Set for April 15

PASSIONFRUIT TRADING II: Member to Hear Wind-Up Report on May 6
SCOTFO 4: Shareholders' Final Meeting Set for April 15
UTOPIA PARK: Shareholder to Hear Wind-Up Report on April 15


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Lawmakers Ramrod US$2.3BB in Bond, Debt
EMPRESA GENERADORA: Fitch Affirms 'B' IDR; Outlook Stable


J A M A I C A

BANK OF JAMAICA: Seeks to Increase Foreign Currency Reserves


M E X I C O

DESARROLLADORA HOMEX: In Talks with Zell Over US$137MM Loan


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B R A Z I L
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GOL LINHAS: Records Operating Margin of 3.0% in 2013
----------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. disclosed its results for the
fourth quarter and full year of 2013.

The fourth-quarter operating profit (EBIT) came to R$162.9
million, with an operating margin of 6%, representing the
Company's highest level of operational profitability in the last
10 quarters.  In the full year of 2013, EBIT totaled R$266.0
million with an operating margin of 3%, a 14.2 p.p. improvement
over 2012.

Net revenue totaled R$2,728.2 million in 4Q13, 29%, or R$609
million, up on 4Q12, fueled by the 19% upturn in yields and the
5.1 percentage points increase in the total load factor, which
came to 74.8%.  Annual net revenue reached the highest historical
level for the Company, R$8,956.2 million, R$853 million, or 11%,
up on 2012.

GOL reduced its annual operating costs by R$319 million,
underlining its commitment to adjusting its cost structure to a
challenging macroeconomic scenario.  Despite the 11% depreciation
of the Real against the average Dollar, record jet fuel prices,
and the 7.4% decline in domestic supply, CASK increased by just
0.9% in the quarter and 0.7% in the year.

GOL recorded a net loss of R$19.3 million in 4Q13, an improvement
of R$428 million compared to 4Q12, leading to an annual net loss
of R$724.6 million.  Part of this result was due to the foreign
exchange variation, which generated an expense of R$490 million in
2013.

GOL's cash position closed the year at a historical record R$3
billion, corresponding to 34% of annual net revenue.

GOL Linhas Aereas Inteligentes S.A. is a low-cost and low-fare
airline in Latin America, offers around 970 daily flights to 65
destinations in 10 countries in South America, Caribbean and the
United States under the GOL and VARIG brands, using a young,
modern fleet of Boeing.

                      *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 21, 2014, Fitch Ratings has affirmed the ratings of Gol
Linhas Aereas Inteligentes S.A.'s Foreign and local currency long-
term Issuer Default Ratings (IDRs) at 'B-'.


NAVIOS SOUTH AMERICAN: S&P Affirms B+ CCR & Rates $375MM Notes B+
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on Navios
South American Logistics Inc. (Navios Logistics), including its
'B+' corporate credit rating.  At the same time, S&P assigned its
'B+' issue-level rating to the company's proposed $375 million,
eight-year senior unsecured notes.  The outlook remains stable.

Navios Logistics' proposed $375 million senior unsecured notes has
a bullet maturity in 2022.  The company will use up to $290
million to repay in advance through a tender offer its existing
2019 notes and the remainder to reinforce its cash position and
for general corporate purposes.

S&P's assessment of Navios' "weak" business risk profile is mainly
based on the company's still small scale and exposure to
competition in the river business, specially through spot and one-
year contracts.  The offsetting factors, in S&P's view, are the
company's favorable contracted position in its river, cabotage,
and port logistics businesses, with clauses that guarantee minimum
volumes and cost pass throughs.  Due to these factors, S&P expects
Navios Logistics to generate a relatively stable cash flow and
EBITDA margins, offsetting some of the inherent risks in operating
in the Parana River system (Hidrovia).  The contract with Vale
S.A. (A-/Negative/--) is long term and has several protective
clauses, which will guarantee a stable and significant stream of
cash to the company in the next few years.

Despite some increase in debt after the proposed notes issue, S&P
expects the company to maintain financial metrics in line with the
"aggressive" category, while improving them for the next three
years as Navios Logistics captures the full effects of its
expansion plan.


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C A Y M A N  I S L A N D S
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ASIAN REAL: Shareholders' Final Meeting Set for April 16
--------------------------------------------------------
The shareholders of Asian Real Estate Fund JP will hold their
final meeting on April 16, 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:

          Masahiro Tsuchiya
          9-15, Yotsuya 2-chome
          Shinjuku-ku, Tokyo
          Japan


CHATEAU ASSET: Court Appoints Sybersma & Derksen as Liquidators
---------------------------------------------------------------
On March 7, 2014, the Grand Court of the Cayman Islands appointed
Stuart Sybersma and Timothy Derksen as liquidators of Chateau
Asset Management SPC.

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

The company's liquidator is:

          Stuart Sybersma
          c/o Olivier Peter
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 3376
          Facsimile: +1 (345) 949 8238
          e-mail: olpeter@deloitte.com


CONOCOPHILLIPS MENA: Shareholders' Final Meeting Set for April 23
-----------------------------------------------------------------
The shareholders of Conocophillips Mena Ltd. will hold their final
meeting on April 23, 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:

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


HIGHLAND CREDIT: Shareholders' Final Meeting Set for April 15
-------------------------------------------------------------
The shareholders of Highland Credit Opportunities CDO Asset
Holdings, Ltd. will hold their final meeting on April 15, 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:

          Intertrust SPV (Cayman) Limited
          Barnaby Gowrie
          Telephone: +1 (345) 914 6365


HIGHLAND CREDIT MASTER: Shareholders' Meeting Set for April 15
--------------------------------------------------------------
The shareholders of Highland Credit Opportunities Master Assets
Holdings, Ltd. will hold their final meeting on April 15, 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:

          Intertrust SPV (Cayman) Limited
          Barnaby Gowrie
          Telephone: +1 (345) 914 6365


PASSIONFRUIT TRADING II: Member to Hear Wind-Up Report on May 6
---------------------------------------------------------------
The sole member of Passionfruit Trading II (Cayman) Limited will
receive on May 6, 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:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town, Tortola
          British Virgin Islands


SCOTFO 4: Shareholders' Final Meeting Set for April 15
------------------------------------------------------
The shareholders of Scotfo 4 will hold their final meeting on
April 15, 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:

          Markus Summer
          c/o Barnaby Gowrie
          Telephone: +1 (345) 914 6365


UTOPIA PARK: Shareholder to Hear Wind-Up Report on April 15
-----------------------------------------------------------
The shareholder of Utopia Park Ltd. 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:

          Jehangir Pocha
          Dubai International Financial Centre
          Gate Village 4, Level 5
          P.O. Box 506807
          Dubai, United Arab Emirates
          Telephone: +9714 358 6700
          Facsimile: +9714 358 6900


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


DOMINICAN REPUBLIC: Lawmakers Ramrod US$2.3BB in Bond, Debt
-----------------------------------------------------------
Dominican Today reports that Chamber of Deputies passed a bill to
allow the government contract a RD$33.6 billion (US$785.7 million)
debt and another to issue a US$1.5 billion bond.

Both initiatives had been approved by the Senate on March 12.

The US$1.5 billion bond was approved with 101 votes to 25 in the
first roll call and 100 to 36 in the second, according to
Dominican Today.

However, the report notes that several opposition party deputies
voiced harsh criticism, questioning the approval of the bills
without even sending the proposed legislation to the Chamber
Finance Committee for study and with no knowledge of their
interest rates.


EMPRESA GENERADORA: Fitch Affirms 'B' IDR; Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Empresa Generadora de Electricidad
Haina S.A.'s (Haina) foreign- and local-currency Issuer Default
Ratings (IDRs) at 'B'.  The Rating Outlook is Stable.  Fitch has
simultaneously withdrawn the ratings due to lack of market
interest.

Fitch maintains Haina's National Long Term Rating at 'A-(dom)' and
the ratings of its local issuances of USD100 million senior
unsecure notes due 2020 and USD50 million senior unsecure notes
due 2016 at 'A-(dom)'.

KEY RATING DRIVERS

The affirmation reflects the high dependency of the electricity
sector on transfers from the Dominican Republic central government
to service its financial obligations, a condition that links the
credit quality of the distribution (EDEs) and generation companies
in the country to that of the sovereign.  Low collections from
end-users and high electricity losses have undermined distribution
companies' cash generation capacity, exacerbating generation
companies' dependence on public funds to cover the gap produced by
insufficient payments received from distribution companies.

Fitch expects the continuation of recent policy changes to allow
EDEs to reach breakeven cash flow generation in the medium term.
However, the last stand-by arrangement (SBA) with the
International Monetary Fund (IMF) expired on Feb. 28, 2012, and
the absence of a new agreement could potentially derail the modest
progress achieved by the sector so far.  Haina's ratings also
consider its well-diversified generation portfolio, strong balance
sheet and well-structured purchase power agreements (PPAs), which
contribute to strong cash flow generation and bolster liquidity.


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J A M A I C A
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BANK OF JAMAICA: Seeks to Increase Foreign Currency Reserves
------------------------------------------------------------
RJR News reports that having surpassed its target Net
International Reserves (NIR) at the end of March, the Bank of
Jamaica is continuing its quest to build the stock of foreign
reserves and has issued two new instruments to borrow U.S. dollars
in the market.

The first issue seeks to raise US$50 million, which will be repaid
in the next six months at 3% interest rate, according to RJR News.

The report relates that the second issue is for any amount
investors are willing to lend the Central Bank.  That is to be
held for a year and will pay a variable interest rate above the
applicable six month treasury bill yield, the report notes.

Bank of Jamaica, the central bank of Jamaica, issues and redeems
notes and coins.

                        *      *      *

As reported in the Troubled Company Reporter-Latin America on
Jan. 10, 2014, RJR News said that the Bank of Jamaica ended 2013
with nearly J$16 billion in losses.  Its final balance sheet for
the year dated December 24 shows year to date losses of J$15-
point-9-2 billion, according to RJR News.


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M E X I C O
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DESARROLLADORA HOMEX: In Talks with Zell Over US$137MM Loan
-----------------------------------------------------------
Brendan Case at Bloomberg News reports that Billionaire Sam Zell
is in talks with Desarrolladora Homex SAB, the Mexican homebuilder
that defaulted on its debt last year, for a loan of as much as
MXN1.8 billion (US$137 million).

Desarrolladora Homex would use the money from Zell Credit
Opportunities Fund to build as many as 8,000 homes, the
homebuilder said in a statement to the Mexican stock exchange,
according to Bloomberg News.  The financing would also include 300
million pesos for general corporate purposes, the company said,
the report relates.

Bloomberg News notes that Homex SAB posted a second-quarter 2013
loss that was more than its combined profit in the prior six
years.  The shares were suspended from trading after it failed to
file a quarterly financial report before the stock exchange's
deadline in February, Bloomberg News relates.

The Culiacan, Mexico-based company and two other homebuilders
defaulted on bonds last year as their cash dwindled following a
government shift in the allocation of housing subsidies, Bloomberg
News relays.

                     About Desarrolladora Homex

Desarrolladora Homex S.A.B. de C.V. (NYSE: HXM, BMV: HOMEX) --
http://www.homex.com.mx/-- is a vertically integrated home
development company focused on affordable entry-level and middle-
income housing in Mexico.  It is one of the most geographically
diverse homebuilders in the country.  Homex is the largest
homebuilder in Mexico, based on revenues, number of homes sold and
net income.

                           *      *     *

As reported in the Troubled Company Reporter-Latin America on
April 18, 2013, Fitch Ratings downgraded Desarrolladora Homex,
S.A.B. de C.V.'s ratings as:

-- Foreign currency Issuer Default Rating (IDR) to 'B' from 'BB-';
-- Local currency IDR to 'B' from 'BB-';
-- USD250 million in senior notes due 2015 to 'B/RR4' from 'BB-';
-- USD250 million in senior notes due 2019 to 'B/RR4' from 'BB-';
-- USD400 million in senior notes due 2020 to 'B/RR4' from 'BB-'.

The ratings remain on Rating Watch Negative.


                            ***********


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                            ***********


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
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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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