TCRLA_Public/140423.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

           Wednesday, April 23, 2014, Vol. 15, No. 79


                            Headlines



A R G E N T I N A

ARGENTINA: To Cut Taxes on Biodiesel Amid EU Anti-Dumping Dispute


B R A Z I L

OGX PETROLEO: Police Probes Owner for Financial Crimes


C A Y M A N  I S L A N D S

ALM LOAN: Shareholder to Hear Wind-Up Report on May 16
DMG INC: Shareholders' Final Meeting Set for May 6
HSINCHU INTERNATIONAL: Member to Hear Wind-Up Report on May 16
HUAAN GENESIS: Shareholder to Hear Wind-Up Report on April 29
HUTCHIN HILL MASTER: Shareholders' Final Meeting Set for April 30

HUTCHIN HILL OFFSHORE: Shareholders' Meeting Set for April 30
HUTCHIN HILL VEHICLE: Shareholders' Final Meeting Set for April 30
INTREPID CAPITAL: Shareholder to Hear Wind-Up Report on April 28
NOBEL BRAZIL: Shareholder to Receive Wind-Up Report on May 6
PANORAMA MEDIA: Shareholders' Final Meeting Set for May 6


P A N A M A

PANAMA: IDB OKs $20MM Loan for Rural Electrification Program


T R I N I D A D  &  T O B A G O

* TRINIDAD & TOBAGO: Workers Upset Over Wage Negotiations Delay


                            - - - - -


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


ARGENTINA: To Cut Taxes on Biodiesel Amid EU Anti-Dumping Dispute
-----------------------------------------------------------------
Daniel Cancel at Bloomberg News reports that Argentina will
temporarily scale back taxes on biodiesel for domestic use to help
the industry as the South American nation battles the European
Union over anti-dumping measures.

The government will send a bill to Congress ordering the exemption
of a 22 percent tax on biodiesel used in thermoelectric plants and
a 19 percent tax on biodiesel for gasoline blends until the
dispute with the EU is resolved, President Cristina Fernandez de
Kirchner said, according to Bloomberg News.

The report notes that the EU slapped Argentina with duties on
biodiesel imports last year, saying producers have access to raw
material at prices that are kept artificially low.  Argentina has
requested the formation of a panel at the World Trade Organization
in order to resolve the dispute and said the nation is being
punished for being competitive in a free market, President
Fernandez said, the report notes.

The report relays that Argentina's biodiesel industry has about 33
processing plants and employs 1,600 people, President Fernandez
said.  President Fernandez inaugurated a biodiesel plant in Santa
Fe province run by Renova SA.

Renova is a joint venture between Glencore Xstrata Plc and local
producers Vicentin and Molinos Rio de la Plata SA, according to a
2011 Economy Ministry report on the industry, Bloomberg News
discloses.  Louis Dreyfus Commodities BV, Bunge Ltd and Cargill
Inc also operate biodiesel plants in Argentina, according to the
Ministry report, Bloomberg News relates.

Argentina is the world's largest exporter of soybean oil and
derivatives and the third-biggest exporter of soybeans and corn.


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


OGX PETROLEO: Police Probes Owner for Financial Crimes
------------------------------------------------------
Reuters reports that Brazil's federal police have opened an
investigation into former billionaire Eike Batista for financial
crimes, including insider trading, manipulation of markets and
money laundering, Brazilian media reported.

If the police probe leads to criminal charges against Mr. Batista,
it would be yet another major blow for a businessman once hailed
as Brazil's model entrepreneur and symbol of its economic success,
according to Reuters.

Mr. Batista's EBX oil, mining and logistics empire, which two
years ago was valued at US$60 billion, collapsed last year in a
mountain of debt and massive filings for bankruptcy protection,
Reuters notes.

Brazil's securities commission, CVM, announced that Mr. Batista
was under investigation for insider trading as chairman of his
now-bankrupt oil-producing company Oleo and Gas Participacoes SA,
formerly known as OGX, and its sister company, shipbuilder OSX
Brasil SA, Reuters discloses.

Mr. Batista, Reuters relays, is now being investigated by the
police at the request of federal prosecutors in Rio de Janeiro for
financial crimes involving the allegedly illegal sales of shares
before his conglomerate fell apart, O Globo newspaper said.

The police probe will focus on the sale of shares last year in oil
producer OGX before the company informed the market that much of
its reserves were not commercially viable, Folha de S. Paulo
newspaper said, Reuters relates.

The Federal Police would not comment, notes the report.

A spokeswoman for Mr. Batista said his EBX group had not been
officially notified by federal prosecutors or police and would
provide the authorities with explanations in due course, Reuters
notes.

Mr. Batista, Brazil's richest man for most of the past decade,
could face up to 23 years in prison if convicted.

Securities watchdog CVM wants to determine whether Mr. Batista
withheld information that was unfavorable to some of his
businesses while encouraging investors to buy more stock in his
companies at a time when he sold shares of OGX and OSX, Reuters
says.

Among other probes, the regulator will look into whether Batista
used his Twitter account to manipulate OGX share prices while
hiding the company's problems, Reuters adds.

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
==========================


ALM LOAN: Shareholder to Hear Wind-Up Report on May 16
------------------------------------------------------
The shareholder of Alm Loan Funding 2010-2 (P), Ltd will hear on
May 16, 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


DMG INC: Shareholders' Final Meeting Set for May 6
--------------------------------------------------
The shareholders of DMG Inc. will hold their final meeting on
May 6, 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:

          Wenge Xiao
          Fortune Heights, Unit 5209, No.7
          Dongsanhuan Middie Road
          Chaoyang District
          Beijing
          PRC
          Telephone: 8610 8565 3333
          Facsimile: 8610 8565 3555


HSINCHU INTERNATIONAL: Member to Hear Wind-Up Report on May 16
--------------------------------------------------------------
The member of Hsinchu International Mortgage Loan 1 Limited will
hear on May 16, 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


HUAAN GENESIS: Shareholder to Hear Wind-Up Report on April 29
-------------------------------------------------------------
The shareholder of Huaan Genesis China SPC will hear on April 29,
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:

          Tang Yi
          ICBC Tower, Suite 3808-9,
          3 Garden Road, Central
          Hong Kong


HUTCHIN HILL MASTER: Shareholders' Final Meeting Set for April 30
-----------------------------------------------------------------
The shareholders of Hutchin Hill Liquid Credit Master Fund Ltd
will hold their final meeting on April 30, 2014, at 10:20 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Hutchin Hill Capital Credit Manager, LP
          c/o Joseph Lanzillotti
          Hutchin Hill Capital
          142 West 57th Street, 15th Floor
          New York
          NY 10019
          United States of America
          Telephone: +1 (646) 616-2083
          e-mail: joseph.lanzillotti@hutchinhill.com


HUTCHIN HILL OFFSHORE: Shareholders' Meeting Set for April 30
-------------------------------------------------------------
The shareholders of Hutchin Hill Liquid Credit Offshore Fund Ltd
will hold their final meeting on April 30, 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:

          Hutchin Hill Capital Credit Manager, LP
          c/o Joseph Lanzillotti
          Hutchin Hill Capital
          142 West 57th Street, 15th Floor
          New York
          NY 10019
          United States of America
          Telephone: +1 (646) 616-2083


HUTCHIN HILL VEHICLE: Shareholders' Final Meeting Set for April 30
------------------------------------------------------------------
The shareholders of Hutchin Hill Liquid Credit Trading Vehicle Ltd
will hold their final meeting on April 30, 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:

          Hutchin Hill Capital Credit Manager, LP
          c/o Joseph Lanzillotti
          Hutchin Hill Capital
          142 West 57th Street, 15th Floor
          New York
          NY 10019
          United States of America
          Telephone: +1 (646) 616-2083


INTREPID CAPITAL: Shareholder to Hear Wind-Up Report on April 28
----------------------------------------------------------------
The shareholder of Intrepid Capital Fund (Offshore) Ltd will hear
on April 28, 2014, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd
          c/o George Bashforth
          Telephone: +1 (345) 949 4900
          c/o Appleby Trust (Cayman) Ltd., 75 Fort Street
          PO Box 1350, George Town, Grand Cayman KY1-1108
          Cayman Islands


NOBEL BRAZIL: Shareholder to Receive Wind-Up Report on May 6
------------------------------------------------------------
The shareholder of Nobel Brazil Fund SPC will receive on May 6,
2014, at 10:30 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

           Ogier
           c/o Jacqueline Haynes
           Telephone: (345) 815-1759
           Facsimile: (345) 949-9877


PANORAMA MEDIA: Shareholders' Final Meeting Set for May 6
---------------------------------------------------------
The shareholders of Panorama Media Investments Limited will hold
their final meeting on May 6, 2014, at 3:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Jie Zhang
          Room 1202, No. 5 Building, No. 54
          Dongsanhuan South Road
          Chaoyang District
          Beijing PRC
          Telephone: 8610 8565 3333
          Facsimile: 8610 8565 3555


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P A N A M A
===========


PANAMA: IDB OKs $20MM Loan for Rural Electrification Program
------------------------------------------------------------
The Inter-American Development (IDB) disclosed approval of a US$20
million loan to Panama to finance a rural electrification program
that will promote public and private investment to provide service
for more than 10,000 rural households, located mostly in very poor
remote areas.

The program will also provide access to electricity for 107
schools and 21 health centers, thereby increasing Panama's
electricity coverage rate will rise to approximately 81 percent of
Panama's rural households by 2018.

The general objective of the program is to help improve the
quality of life of Panama's rural population by increasing access
to sustainable electricity services in the poorest communities.

This program will seek to promote public-private efforts by
financing incentives to invest in grid-extension projects and off-
grid systems in order to provide reliable electricity service to
rural communities as well as to improve the Panamanian
Government's institutional capacity for the formulation,
execution, oversight and evaluation of rural electrification
projects.

The project includes a system of subsidies for new investments
that will motivate private enterprises to invest in rural
electrification, through either grid extension or renewable energy
projects in isolated areas.  Among the eligible renewable energy
alternatives are small hydroelectric projects, wind power plants,
and solar photovoltaic systems.

The IDB has been supporting the Government of Panama's efforts to
increase national electricity coverage levels through the Rural
Electrification Program (REP) since 2006.  During the REP's Phase
One from October 2006 until December 2013, IDB loans totaling
approximately US$20.8 million funded electricity extension
programs in numerous rural communities and off-grid power systems
in the indigenous comarcas of Guna Yala and Embera Wounnan.  The
REP's Phase One extended electricity coverage to more than 12,000
households and numerous schools and hospitals in Panama's poorest
rural communities.

The US$10 million IDB loan is for a 25-year term, with a 54 month
grace period and an interest rate based on LIBOR and US$10 million
from the China Co-financing Fund for Latin America and the
Caribbean.  Local counterpart contribution totals US$2.25 million.

This project is framed within the global goals of the Sustainable
Energy initiative for all (SE4ALL).  It is promoted by a United
Nations initiative that the IDB committed to supporting, an
initiative that seeks universal access to electricity by 2030.


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


* TRINIDAD & TOBAGO: Workers Upset Over Wage Negotiations Delay
---------------------------------------------------------------
Sasha Harrinanan at Trinidad & Tobago Newsday reports that daily-
paid staff at the Port of Port-of-Spain returned to work more than
24 hours after they "refused to accept work" in protest over a six
percent wage increase offer, and what they claimed were unsafe
working conditions.  Speaking with the news agency, a senior
member of the Seamen and Waterfront Workers Trade Union (SWWTU),
who did not want his identify revealed, said "You really can't
have industrial action taking place when you are negotiating in
good faith.  The workers are still dealing with health and safety
issues, but all of them are now back on the job."

"We work with defective equipment, and we endanger ourselves on a
daily basis, just so we could get the work done," a port worker
told Newsday.   Workers said basic safety equipment such as
harnesses were in short supply at the port and certain areas of
the facility, such as the shipping shore gantry is in a
dilapidated condition, the report notes.

In a statement, Port Operations Consultant, Narine Singh, said
"Management is deploying the necessary resources to reduce the
inconvenience caused by the disruptions," the report relates.

With regards to those customers who may have been affected by the
Port's inability to deliver their cargo, the necessary storage
charge adjustments, will be made," Consultant Singh said, the
report adds.

Meanwhile, SWWTU President General, Michael Annisette, said
although a meeting between the union and the Port Authority (PATT)
ended, port management did not budge from its six percent offer,
the report discloses.

The union has asked for a 35 percent wage increase.


                            ***********


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.
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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
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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
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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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