TCRLA_Public/140417.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 17, 2014, Vol. 15, No. 76


                            Headlines



B R A Z I L

OGX PETROLEO: Lands US$73 Million Loan


C A Y M A N  I S L A N D S

BLUEBONNET IAM: Creditors' Proofs of Debt Due April 28
HENDON INVESTMENTS: Commences Liquidation Proceedings
HUNTLY INVESTMENTS: Commences Liquidation Proceedings
JAIC-CDIB: Creditors' Proofs of Debt Due April 23
MB ASIA: Creditors' Proofs of Debt Due May 9

NIBIRUTECH LIMITED: Creditors' Proofs of Debt Due May 8
SFC PARTICIPATION: Creditors' Proofs of Debt Due May 8
ST. JAMES'S: Creditors' Proofs of Debt Due April 30
UPLAND INVESTMENTS: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Fiscal Deficit Greater Than Current Budget


J A M A I C A

JAMAICA: Dollar Undergoing Yearly Check-Up For Bloatedness


                            - - - - -


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B R A Z I L
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OGX PETROLEO: Lands US$73 Million Loan
--------------------------------------
Joseph R. Fonseca at marinelink.com reports that bankrupt OGX
Petroleo e Gas Participacoes S.A., now known as Oleo e Gas, has
obtained a US$73.2 million loan to finance exports and related
costs, the company said in a securities filing.

The company, the flagship of Brazilian tycoon Eike Batista's EBX
energy, mining, shipbuilding and port-operation group before its
collapse, said the export prepayment agreement will have a
discount rate of 18 percent, notes the report.

The filing did not say whether other OGX creditors had approved
the loan agreement. The company said the loan will be contracted
by its subsidiary OGX Petroleo e Gas S.A.

OGX, which is still controlled by Batista, made Latin America's
largest-ever bankruptcy protection filing on Oct. 30, as Mr.
Batista's group came apart due to missed production targets and
project and regulatory delays that put off revenue needed to pay
for mounting debt and capital investments, the report relays.

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participacoes
S.A., now known as Oleo e Gas, is an independent exploration and
production company with operations in Latin America.

OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001.  The
bankruptcy filing puts $3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than $30 billion of his personal fortune.

The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as $500
million in new funds. OGX said Oct. 29 that the talks concluded
without an agreement. The company's cash fell to about $82 million
at the end of September, not enough to sustain operations further
than December.



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


BLUEBONNET IAM: Creditors' Proofs of Debt Due April 28
------------------------------------------------------
The creditors of Bluebonnet IAM Limited are required to file their
proofs of debt by April 28, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 25, 2014.

The company's liquidator is:

          Mufeed Rajab
          c/o Patricia Tricarico
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


HENDON INVESTMENTS: Commences Liquidation Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on March 17, 2014, the
shareholder of Hendon Investments 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:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


HUNTLY INVESTMENTS: Commences Liquidation Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on March 21, 2014, the
shareholder of Huntly Investments 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:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


JAIC-CDIB: Creditors' Proofs of Debt Due April 23
-------------------------------------------------
The creditors of JAIC-CDIB & Partners Investment, Inc. are
required to file their proofs of debt by April 23, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 24, 2014.

The company's liquidator is:

          Yueh-Lin Lee
          c/o CDIB & Partners Investment Holding Corporation
          6th Floor, 125 Nanking East Road
          Section 5, Taipei 105
          Taiwan


MB ASIA: Creditors' Proofs of Debt Due May 9
--------------------------------------------
The creditors of MB Asia Foods Co., Ltd. are required to file
their proofs of debt by May 9, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 24, 2014.

The company's liquidator is:

          David Griffin
          c/o Kerryann Simpson
          Telephone: +1 (345) 743 6830
          c/o FTI Consulting (Cayman) Ltd.
          2D Landmark Square, 64 Earth Close
          P.O. Box 30613 Grand Cayman KY1-1203
          Cayman Islands


NIBIRUTECH LIMITED: Creditors' Proofs of Debt Due May 8
-------------------------------------------------------
The creditors of Nibirutech Limited are required to file their
proofs of debt by May 8, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 25, 2014.

The company's liquidator is:

          Maricorp Services Ltd.
          c/o Roger L. Nelson
          Telephone: 345-949-9710
          P.O. Box 2075
          Grand Cayman KY1-1105
          Cayman Islands


SFC PARTICIPATION: Creditors' Proofs of Debt Due May 8
------------------------------------------------------
The creditors of SFC Participation Company are required to file
their proofs of debt by May 8, 2014, to be included in the
company's dividend distribution.

The company's liquidator is:

          Nathan Smith
          69 Dr. Roy's Drive
          P.O. Box 1043, George Town
          Grand Cayman KY1 - 1102
          Cayman Islands


ST. JAMES'S: Creditors' Proofs of Debt Due April 30
---------------------------------------------------
The creditors of St. James's Master Fund Limited are required to
file their proofs of debt by April 30, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 20, 2014.

The company's liquidator is:

          Ogier
          c/o Piers Dryden
          Telephone: (345) 815-1842
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


UPLAND INVESTMENTS: Commences Liquidation Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on March 20, 2014, the
shareholder of Upland Investments 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:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626



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


DOMINICAN REPUBLIC: Fiscal Deficit Greater Than Current Budget
--------------------------------------------------------------
Dominican Today reports that the fiscal deficit during 2013 was
RD$70.0 billion, equal to 2.77% of GDP, meaning that it was 11.3%
greater than the current line of RD$62.9 billion, the Government
Accounts Agency (Digecog) revealed.

Digecog's report disclosed that "state of Collections and
Investment of the Income," which covers 2013, the financial
results for last year reveal a deficit of RD$70.0 billion, which
represents 111.3% with respect to the estimate in force for 2013,
and which at the same time represents 2.77% of GDP, according to
Dominican Today.

The report notes that Finance Minister Simon Lizardo told the
press in February that in 2013 the fiscal deficit was some RD$70.0
billion, equal to 2.77% of GDP.  Minister Lizardo, the report
relates, then said the deficit was below the goal that was
forecast.  But the RD$70.0 billion amount to which the minister
referred corresponds to the original budget, before it was
modified, the report relays.

In its report the Accounting Agency stresses that the result was
modified by RD$7.2 billion to remain at RD$62.9 billion, Dominican
Today says.  On November 27, 2013, the Congress approved Law 158-
13 which modified that year's budget.


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J A M A I C A
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JAMAICA: Dollar Undergoing Yearly Check-Up For Bloatedness
----------------------------------------------------------
Jamaica Gleaner reports that the International Monetary Fund (IMF)
is doing another assessment of the Jamaican dollar (JMD) to
determine whether it is still overvalued and the degree to which
it should be adjusted to boost competitiveness.

The fund previously estimated that the JMD was overvalued by 9-
22%, but has not specifically indicated the level at which it
expects the exchange rate to level off over time.

To pinpoint a specific rate is to suggest there is a magic number
and that "when you reach that number everything is fine"; but that
is not the case, said IMF Mission Chief for Jamaica, Dr. Jan Kees
Martijn, according to Jamaica Gleaner.

"The answer is, everything is fine when you have a balance of
payments that is sustainable, when you have a reserve level that
is high enough and doesn't go down, (and) it is not under threat,"
said Dr. Martijn in an interview, Jamaica Gleaner notes.  "We
would really judge it by the economic outcomes rather than by any
prior numerical target," he added, the report relates.

The implied exchange rate against the US dollar at the end of
fiscal year 2013-14-based on projected NIR in the summary accounts
of the Bank of Jamaica (BOJ) and included in IMF country report on
Jamaica dated March 2014-was $110, the report says.

At the end of fiscal year, on March 31, the Jamaican dollar traded
at $109.57 to the US dollar, and has continued to slide-averaging
$109.80 on April 14, the report notes.

IMF Resident Representative in Jamaica, Dr. Bert van Selm, who was
jointly interviewed with Dr. Martijn, observed that the outcome
corresponded to the lower end of the 9-22% overvaluation range
indicated in the May 2013 country report, the report notes.

The Jamaican dollar fell by approximately 11 per cent in the last
fiscal year.  According to the BOJ's summary accounts, the implied
exchange rate at the end of fiscal year 2014-15 is $120 based on a
projected J$175 billion or US$1.45 billion of net reserves, the
report notes.  It implies a further depreciation of about 9% this
fiscal year, the report relays.

Chief Executive Officer of the Private Sector Organization of
Jamaica, Dennis Chung, said there are countervailing forces that
can cause it not to get to the level forecast, the report relays.

Projects for energy solutions are happening, business confidence
is returning, and the fiscal accounts "are moving in the right
direction," said Mr. Chung, emphasizing that a reduction in oil
and food imports will take pressure off the exchange rate and
hence "there's no reason for the dollar to go to US$120," the
report discloses.

In the May 2013 report, the IMF said Jamaica's external
competitiveness had continued to deteriorate partly because of
long periods of an appreciating real exchange rate, the report
recalls.

The negative correlation between the real exchange rate and export
market share shows the importance of the exchange rate in
restoring competitiveness and promoting growth over the medium to
long term, said the IMF report, the report relays.

Dr. Martijn said the IMF would be doing an assessment of the
exchange rate for each year of the four-year extended fund
facility agreement with Jamaica, the report adds.


                            ***********


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
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Tuesday's edition of the TCR-LA features a list of companies with
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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.

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