TCRLA_Public/140425.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

           Friday, April 25, 2014, Vol. 15, No. 81


                            Headlines



B R A Z I L

SIFCO SA: Brazilian Auto-Parts Maker Files Chapter 15 in New York
SIFCO SA: Fitch Lowers Issuer Default Rating to 'D'


C A Y M A N  I S L A N D S

AD LIB: Shareholder to Receive Wind-Up Report on May 16
FSI SKYLINE: Shareholder to Receive Wind-Up Report on April 30
HF MOERDIJK FUNDING: Shareholders' Final Meeting Set for May 26
HF MOERDIJK OWNER: Shareholders' Final Meeting Set for May 26
HF MOERDIJK PROJECT: Shareholders' Final Meeting Set for May 26

MARATHON INTERNATIONAL: Members' Final Meeting Set for May 8
MAVERICK IVC: Creditors' Proofs of Debt Due June 21
PUMA SPHERA: Creditors' Proofs of Debt Due May 22
RSH 1928: Members' Final Meeting Set for May 5
SALSA LTD: Shareholder to Receive Wind-Up Report on May 16


C U B A

CUBA: Moody's Downgrades Rating to Caa2; Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Said to Plan 30-Year Bond Sale
DOMINICAN REPUBLIC: Banks' Assets Soar RD$26BB to RD$969BB in 1Q
DOMINICAN REP: World's 6th Worse in Lost Energy, World Bank Says


E C U A D O R

ECUADOR: To Get US$150MM IDB Loan to Bolster Electricity Grid


X X X X X X X X X

* IMF Warns South America on Risks After Commodity Boom


                            - - - - -


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


SIFCO SA: Brazilian Auto-Parts Maker Files Chapter 15 in New York
-----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Sifco SA, a maker of front axles and I-beams for
trucks and buses, commenced a bankruptcy restructuring in Brazil
on April 22 and on April 23 filed a Chapter 15 petition in U.S.
Bankruptcy Court in New York.

According to the report, the Jundiai, Sao Paulo-based company
distributes products in the U.S. through Westport Axle Corp.,
which was a subsidiary until it was sold in late 2013. The
petition shows assets of less than $500 million and debt exceeding
$500 million, the report related.

Liabilities include $75 million on senior secured notes with Bank
of New York Mellon Corp. as agent, the report further related.
The bonds are secured in part by an $8.5 million cash deposit
intended for use if an interest payment is missed, the report
said.

The case is In re Sifco SA, 14-bk-11179, U.S. Bankruptcy Court,
Southern District of New York (Manhattan).


SIFCO SA: Fitch Lowers Issuer Default Rating to 'D'
---------------------------------------------------
Fitch Ratings has downgraded Sifco S.A.'s (Sifco) foreign currency
and local currency Issuer Default Ratings (IDR) to 'D' from 'B-'
and the National long-term rating to 'D(bra)' from 'BB(bra)'.
Fitch has also downgraded the rating for the USD75 million senior
unsecured notes due 2016 to 'C/RR4' from 'B-/RR4'.

KEY RATING DRIVERS

These rating actions follow Sifco's announcement that it has filed
for bankruptcy protection in Brazil.  This announcement will
result in payment default on some or all of Sifco's debt and
result in a debt renegotiation.

Sifco had BRL105 million of cash and cash equivalents as of Sept.
30, 2013, compared with BRL750 million of total debt, including
refinanced taxes.  Of this total, approximately BRL297 million was
short-term debt.  The company's short-term assets included BRL100
million of inventories and BRL135 million of account receivables.
The company's long-term assets included BRL609 million of net PPE,
which primarily consists of its auto parts manufacturing
facilities in Brazil and assembly lines in the U.S.


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


AD LIB: Shareholder to Receive Wind-Up Report on May 16
-------------------------------------------------------
The shareholder of AD Lib Ltd. will receive on May 16, 2014, at
9:45 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


FSI SKYLINE: Shareholder to Receive Wind-Up Report on April 30
--------------------------------------------------------------
The shareholder of FSI Skyline Fund OC, Ltd. will receive on
April 30, 2014, at 1:30 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Cline Glidden
          Telephone: (345) 815-1785


HF MOERDIJK FUNDING: Shareholders' Final Meeting Set for May 26
---------------------------------------------------------------
The shareholders of HF Moerdijk Funding Company, Ltd will hold
their final meeting on May 26, 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:

          Westport Services Ltd.
          c/o Avril Brophy
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


HF MOERDIJK OWNER: Shareholders' Final Meeting Set for May 26
-------------------------------------------------------------
The shareholders of HF Moerdijk Owner Company, Ltd. will hold
their final meeting on May 26, 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 Avril Brophy
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


HF MOERDIJK PROJECT: Shareholders' Final Meeting Set for May 26
---------------------------------------------------------------
The shareholders of HF Moerdijk Project Company, Ltd. will hold
their final meeting on May 26, 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:

          Westport Services Ltd.
          c/o Avril Brophy
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


MARATHON INTERNATIONAL: Members' Final Meeting Set for May 8
------------------------------------------------------------
The members of Marathon International Oil Morado Limited will hold
their final meeting on May 8, 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:

          Y.R. Kunetka
          5555 San Felipe St.
          Houston, Texas 77056 U.S.A.


MAVERICK IVC: Creditors' Proofs of Debt Due June 21
---------------------------------------------------
The creditors of Maverick IVC Execs Holdco are required to file
their proofs of debt by June 21, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 28, 2014.

The company's liquidator is:

          Westport Services Ltd
          Name: Gillian Allan
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


PUMA SPHERA: Creditors' Proofs of Debt Due May 22
-------------------------------------------------
The creditors of Puma Sphera Management (Cayman) Limited are
required to file their proofs of debt by May 22, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 27, 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


RSH 1928: Members' Final Meeting Set for May 5
----------------------------------------------
The members of RSH 1928 Ltd. will hold their final meeting on
May 5, 2014, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


SALSA LTD: Shareholder to Receive Wind-Up Report on May 16
----------------------------------------------------------
The shareholder of Salsa Ltd. will receive on May 16, 2014, at
9:30 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


=======
C U B A
=======


CUBA: Moody's Downgrades Rating to Caa2; Outlook Stable
-------------------------------------------------------
Moody's Investors Service has downgraded Cuba's rating to Caa2
from Caa1. At Caa2, the outlook is stable.

Ratings Rationale

Moody's decision to downgrade Cuba's rating is driven by an
assessment of the country's vulnerability to external and domestic
shocks, relative to rating peers.

In terms of external shocks, Cuba relies heavily upon Venezuela
(Caa1, negative outlook) for oil, which is imported with favorable
financing terms through Petrocaribe. Given Venezuela's
increasingly unsustainable macroeconomic imbalances and elevated
risk of an economic and financial collapse, the future of this
arrangement is uncertain, rendering Cuba vulnerable to a sharp
adjustment in the cost of energy imports, which amounted to an
estimated $6.5 billion (47% of total imports) in 2012.

In terms of domestic shocks, the main risk is an abrupt and
disorderly political transition. While President Castro recently
indicated that his current term will be his last and, at the same
time, appointed a First Vice President of the Council of State of
Cuba, there is considerable uncertainty around the future state of
Cuba's political economy.

Moody's has noted that in recent days, the possibility has emerged
that Cuba could revive Paris Club debt negotiations.

Rationale For Stable Outlook

The stable outlook on the Caa2 rating reflects Moody's view that
the future trajectory is equally likely to be affected by the
country's credit weaknesses as by its credit strengths. Weaknesses
include limited access to external financing, high dependence on
imported goods, political transition risk, and lack of data
transparency, while strengths include a dynamic and growing
tourism sector, nickel-related mining activities, and the
potential for future economic diversification.

What Could Move The Rating Up/Down

There could be upward pressure on Cuba's rating if certainty
emerges over the medium term political and economic prospects of
the country, including expectations around economic reforms and
enhanced data transparency.

There could be downward pressure on Cuba's rating if Venezuela's
ability and/or willingness to provide economic support to Cuba is
materially diminished, thereby increasing the country's oil import
costs and leading to a material deterioration in the balance of
payments position.

Country Ceilings

Moody's have adjusted the long-term local currency bond ceiling to
Caa2 from Ba3, and assigned a local currency deposit ceiling of
Caa2. The long-term foreign currency bond ceiling changed to Caa2
from Caa1. The long-term foreign currency deposit ceiling changed
to Caa3 from Caa2. All short-term ceilings remain at Not Prime.
Country ceilings reflect a range of un-diversifiable risks to
which issuers in any jurisdiction are exposed, including economic,
legal and political risks. These ceilings act as a cap on ratings
that can be assigned to the foreign and local-currency obligations
of entities domiciled in the country.

GDP per capita (US$): 6,498 (2012 Actual) (also known as Per
Capita Income)

Real GDP growth (% change): 3% (2012 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 2.1% (2012 Actual)

Gen. Gov. Financial Balance/GDP: -3.6% (2012 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: -1% (2012 Estimate) (also known as
External Balance)

External debt/GDP: 21.5% (2012 Estimate)

Level of economic development: Very Low level of economic
resilience

Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983.

On 14 April 2014, a rating committee was called to discuss the
rating of the Government of Cuba. The main points raised during
the discussion were: The issuer has become increasingly
susceptible to event risks. An analysis of this issuer, relative
to its peers, indicates that a repositioning of its rating would
be appropriate. Other views raised included: The issuer's economic
fundamentals, including its economic strength, have not materially
changed. The issuer's institutional strength/ framework, have not
materially changed. The issuer's fiscal or financial strength,
including its debt profile, has not materially changed.

Methodology

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2013.

The weighting of all rating factors is described in the
methodology used in this rating action, if applicable.


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


DOMINICAN REPUBLIC: Said to Plan 30-Year Bond Sale
--------------------------------------------------
Katia Porzecanski, reporting for Bloomberg News, reports that
the Dominican Republic sold a record amount of bonds today in its
first offering of 30-year dollar debt since 1994.

The Caribbean nation issued $1.25 billion of the securities due
2044 at a yield of 7.45 percent while pulling a sale of five-year
peso-denominated notes that officials were considering, data
compiled by Bloomberg show. Goldman Sachs Group Inc. and JPMorgan
Chase & Co. arranged the transaction, notes the report.

Bloomberg News notes that after raising $1.5 billion in overseas
bond markets last year, the Dominican Republic is taking advantage
of its lowest borrowing costs since June. Proceeds of the new debt
sale will be used to fund infrastructure projects and support
other sectors of the economy, according to a person familiar with
the offering who asked not to be identified because he's not
authorized to speak about it, the report relates.

The yield on the Dominican Republic's bonds due April 2024 was
unchanged today at 5.9 percent, according to Bloomberg News. It
reached a 10-month low of 5.815 percent on April 8.

The country is rated B1 by Moody's Investors Service, or four
levels below investment grade, and an equivalent B+ by Standard &
Poor's, relates Bloomberg News. The Dominican Republic hasn't sold
30-year bonds since the aftermath of its restructuring
orchestrated by then-U.S. Treasury Secretary Nicholas Brady in the
early 1990s, according to data compiled by Bloomberg.

The Caribbean nation's economy will expand 4.5 percent this year
after growing 4.1 percent in 2013, Bloomberg recalls Economy
Minister Temistocles Montas saying in February. Growth will be
driven by investment in a $1.95 billion project to build two coal-
fired electricity plants, along with increased economic activity
in tax-free zones and tourism, he said, adds the report.


DOMINICAN REPUBLIC: Banks' Assets Soar RD$26BB to RD$969BB in 1Q
----------------------------------------------------------------
Dominican Today reports that the assets of Dominican Republic's
commercial and multiple service banks soared by RD$26 billion in
the first quarter, or 3% higher than in December last year.

The Dominican Banks Association (ABA) said the relative increase
in assets tripled the inflation rate for the January to March
period, according to Dominican.  It said the banks' total assets
reached RD$969 billion at the end of the first quarter, the report
relates.

It said an 8% increase, or RD$45 billion in loans, is what most
pushed the higher assets, and now total RD$602 billion, the report
notes.


DOMINICAN REP: World's 6th Worse in Lost Energy, World Bank Says
----------------------------------------------------------------
Dominican Today reports that Dominican Republic is the world's
sixth worse country in energy distribution and power lines losses,
according to the World Bank study on World Development Indicators
2014, which evaluated 223 high, low and middle income countries.

In the report, the country figures with losses as high as 30%,
second only to Botswana (56%), Congo (46%), Haiti (55%), Iraq
(35%) and Nepal (34%), according to Dominican Today.

Data from Dominican Republic's State-owned Electric Utility
(CDEEE) however losses close to 40%, the report notes.

The report notes that the World Bank classifies Dominican Republic
as a "medium-high income country," a group with distribution
losses of 9%.

For low-income countries, the average is 15%, for medium is 10%
income and for high income is 6%, the report relates.

The percentages show that the country has to trim its losses from
around 38% to 9%, which will lead to saving of US$715.0 million,
the report adds.


=============
E C U A D O R
=============


ECUADOR: To Get US$150MM IDB Loan to Bolster Electricity Grid
-------------------------------------------------------------
Ecuador will build and expand six new electrical transmission
systems, adding 586 kilometers of transmission lines and enlarging
12 substations with a US$150 million loan from the Inter-American
Development Bank (IDB).

The construction projects will include the areas of Tabacundo and
Riobamba toward the south of Yanacocha, the southwest area of
Duran, the interconnection point of the Santo Domingo-Esmeraldas
line and that of Pedernales-La Concordia.

The program will allow for greater generation of hydroelectric
power, reduce requirements for thermal generation, respond to
growth in demand from electricity distributors and strengthen both
Ecuador's interconnection with Colombia and the development of
environmental specifications of the Extra High Voltage System
between Ecuador and Peru.

Growth in demand for electricity in Ecuador has exceeded that of
supply.  In 2012, demand for energy was 6.1 percent higher than in
2011.  In order to meet these challenges, the government of
Ecuador has various hydroelectric construction projects under way,
of which 2,362 MW will come on line over the short term.
Transmission of electricity generated with the new facilities will
be ensured with investments from Electricity Transmission System.

The IDB loan is for a 25-year term, with a 13 years grace period
and an interest rate based on LIBOR.  Local contribution will be
US$19.5 million.


=================
X X X X X X X X X
=================


* IMF Warns South America on Risks After Commodity Boom
-------------------------------------------------------
John Quigley, writing for Bloomberg News, reports that the
International Monetary Fund said today South American countries
should consider creating fiscal stabilization funds to buffer
their economies against a decline in commodity prices expected to
damp growth in the coming years.

Setting up stabilization funds and accelerating infrastructure
investment would allow the economies to increase productivity to
sustain growth as a decade-long commodity boom peters out, the
Washington-based fund said in a report posted on its website,
notes Bloomberg News.

The report notes that economic growth is decelerating as prices
for the region's copper and iron ore fall on slower demand from
China, the world's largest consumer of industrial metals.  The
fund on April 8 cut its 2014 growth forecast for South America to
2.3 percent from an October estimate of 3.1 percent and an average
5.1 percent in the last decade, Bloomberg News adds.

Commodity prices "are projected to moderate further over the
medium term as supply is increasing while demand growth from large
emerging markets is expected to slow," the report said, relays
Bloomberg News. "To avoid the boom-bust dynamics often associated
with commodity cycles, countries should work to weaken the link
between commodity prices and economic activity."

Bloomberg News recalls that global commodity prices almost tripled
between 2003 and 2013, fueling private investment and government
spending in South America, which is home to the largest exporter
of copper and soybean. Though average commodity prices during the
next six years may remain 10 percent higher than during the 2003
to 2011 boom years, the lack of price growth may weigh on economic
activity, the fund said, Bloomberg News relates.

                         Reduce Debt

According to Bloomberg News, though commodity prices are
declining, they remain "very attractive" and are an opportunity
for governments to boost savings and reduce debt, said the fund's
Western Hemisphere director, Alejandro Werner, in an interview in
Lima today.

"Many economies, such as Peru and Colombia, are going to continue
growing at high rates," he said, notes the report.  "Clearly
there's still room to boost savings."

Some governments have room to raise taxes to offset weaker
commodity revenue while others can reduce energy subsidies for the
wealthy and increase spending on the poor, Bloomberg News quoted
Mr. Werner as saying.

Chile plans to raise tax revenue by 3 percent of gross domestic
product to help balance its budget and increase education and
health spending, Bloomberg News relays. Argentina plans to lower
gas utility subsidies, which the IMF said is "a step in the right
direction," adds the report.

Cutting debt and maintaining sustainable fiscal policies will
allow countries access to cheaper financing in international
markets at a time when interest rates are set to rise, Mr. Werner
said, note Bloomberg News.

"The benefits of following these types of policies, through the
reduction of financing costs, are going to be increasingly
important and countries are going to implement them. It's not
going to be easy. It's going to be important that there's the will
to do so," Bloomberg News further quoted Mr. Werner as saying.

Brazil, Chile and Colombia have increased their capacity to adopt
counter-cyclical fiscal policies in recent years, the fund said,
adding that the creation of fiscal buffers needs to be transparent
and sustainable, relays Bloomberg News.

"Countries need to rebuild their buffers, not least to be prepared
for any future negative economic shock," Bloomberg News, citing
the IMF report, said.


                            ***********


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.


                   * * * End of Transmission * * *