TCRLA_Public/140505.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

           Monday, May 5, 2014, Vol. 15, No. 87


                            Headlines



B R A Z I L

BANCO BMG: Ratings Unaffected by Sale of Loans to Banco Itau
GP INVESTMENTS: S&P Affirms 'BB-' Credit Rating; Outlook Stable
TONON BIOENERGIA: S&P Affirms 'B' CCR; Outlook Stable


C A Y M A N  I S L A N D S

ANTIQUES AND WORKS: Shareholders Receive Wind-Up Report
CENTRON HIGH: Creditors' Proofs of Debt Due May 22
CLOVER INVESTMENT: Commences Liquidation Proceedings
FIBRIA OVERSEAS: S&P Assigns 'BB+' Rating to $500MM Sr. Bond
HURST HOLDINGS: Shareholder to Hear Wind-Up Report on May 30

MAVERICK IVC: Shareholders' Final Meeting Set for June 27
NORTH RIDGE: Members Receive Wind-Up Report
P & S LIMITED: Creditors' Proofs of Debt Due May 22
PUMA SPHERA: Shareholders' Final Meeting Set for June 27
TRINIDAD INSURANCE: Shareholder Receives Wind-Up Report

VALENS OFFSHORE: Shareholder to Hear Wind-Up Report on May 30
XLIT LTD: Fitch Affirms Series D Ordinary Shares at 'BB+'


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Sectors Jittery as Trade Pact Opening Looms
XSTRATA PLC: Loma Miranda Mine Means US$2BB for the Country


J A M A I C A

JAMAICA: Records Steep Decline in Traditional Mail


M E X I C O

DESARROLLADORA HOMEX: Reaches Deal to Give Creditors Equity
INDUSTRIAS UNIDAS: Incurs US$35.6MM Consolidated Net Loss in 2013


V I R G I N   I S L A N D S

BRENTVILLE LIMITED: To Make Distribution to Creditors
KEYSTONE PRIVATE: Files Application to Appoint Liquidators


X X X X X X X X X

BOND PRICING: For the Week From April 28 to May 2, 2014


                            - - - - -


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B R A Z I L
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BANCO BMG: Ratings Unaffected by Sale of Loans to Banco Itau
--------------------------------------------------------------
Fitch Ratings considers Banco BMG's (BMG; Long-Term Foreign
Currency Issuer Default Rating 'B') potential sale of payroll-
deductible loans to Banco Itau BMG Consignado (the joint venture,
or JV) and the related increase in its ownership of the JV as
neutral to BMG's ratings.

On April 29, BMG announced an agreement with Itau Unibanco S.A. to
increase BMG's ownership in the JV to 40% from the current 30% and
unify the payroll loan business (consignado) of BMG with that of
the JV, which means that nearly 84% of BMG's credit portfolio will
be transferred during the remainder of 2014 into the JV. The
increase in ownership was an option available to BMG within the
original partnership agreement.

Fitch views this announcement as having a neutral impact on the
ratings in the short term, since after the approval expected in
the third quarter, the sale of the affected loan portfolio is
likely to be completed in the fourth quarter and growth of the
revenues of the remaining businesses will take time to become
relevant.  The lower revenues resulting from a smaller loan
portfolio on BMG's books will be offset in part by the larger
equity in earnings from its increased shareholding in the JV.

Fitch also believes that this plan bodes well for BMG as its
profitability is expected to benefit from the expected lower
funding and, especially, lower operating costs.  Based on recent
conversations with BMG's management, Fitch believes that BMG will
not suffer any significant impact in terms of the restructuring
costs.  The successful business unification is also expected to
improve BMG's liquidity and capital ratios.

The transfer of the main payroll lending business will also give
BMG's management time to focus on, and grow, its remaining
businesses such as the consignado-backed credit card business and
its commercial and used vehicle segments, which represented about
5%, 6.6%, and 4.6%, respectively, of the total credit portfolio as
of Dec. 31, 2013.  In addition to these existing business
segments, BMG will focus on developing other products for cross-
selling to its large customer base of nearly 6 million, developed
mostly through its main payroll-lending product.

Fitch recently upgraded BMG's viability rating to 'b' and the
National long-term rating to 'BBB+(bra)' and also revised the
Outlook to Positive from Stable for the Long-Term Foreign Currency
IDR and National Long-Term rating.  The upgrade reflects Fitch's
expectation that recent improvements in the bank's Fitch Core
Capital Ratio (FCC) and profitability were sustainable. The rating
sensitivity stated that an increase in the FCC to over 7% (from 5%
as of December 2014) could lead to a review of the ratings, which
would also take into account other factors.  With the expected
deleveraging, BMG's management expects that its capital ratios
will continue to strengthen and should result in a stronger FCC
ratio.  Fitch will be monitoring the results of this strategy on
BMG's profitability and capitalization as the bank operates on a
smaller scale.


GP INVESTMENTS: S&P Affirms 'BB-' Credit Rating; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
counterparty credit rating on GP Investments Ltd. (GP).  The
outlook remains stable.

The rating on GP continues to reflect its insufficient level of
recurring cash revenues (mainly management fees) to cover
operating and financial expenses.  The rating also considers the
high geographic concentration of GP's investment portfolio and the
inherent volatility of the private equity business.  The partly
offsetting factors are GP's leading position in the Brazilian
private equity industry, the extensive experience and strong
reputation of its team of professionals, good track record of most
of its investments, sound liquidity, and good capitalization.


TONON BIOENERGIA: S&P Affirms 'B' CCR; Outlook Stable
-----------------------------------------------------
Standard and Poor's Ratings Services affirmed its 'B' global scale
corporate credit and issue-level ratings on Tonon Bioenergia S.A.
(Tonon).  The outlook on the corporate credit rating is stable.

"The rating action reflects our expectation that Tonon will
continue to expand its operations, which, together with its
plants' higher utilization capacity and continued synergies
between one of its existing plants and recently acquired Usina
Para¡so, will result in economies of scale and stronger operating
cash flow generation," said Standard & Poor's credit analyst
Flavia Bedran.  Despite the recent dry weather in Brazil which
represents potential lags in productivity of most sugarcane
producers in the central south region, S&P expects Tonon to
operate at almost full crushing capacity of 8.2 million tons of
cane in the 2014/2015 harvest thanks to continued investments and
higher third party sugarcane acquisitions.  S&P believes improved
operating efficiency will somewhat mitigate the company's still
negative free operating cash flow generation because of the
significant capex and working capital requirements to fund the
expansion plan.


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


ANTIQUES AND WORKS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Antiques and Works of Art Limited received on
April 22, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands


CENTRON HIGH: Creditors' Proofs of Debt Due May 22
--------------------------------------------------
The creditors of Centron High Yield Fund 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 April 9, 2014.

The company's liquidator is:

          Sami Dahmani
          Telephone: (41) 919 1 18540
          Facsimile: (41) 919 1 18542
          UBS Fund Services (Cayman) Ltd
          UBS House, 227 Elgin Avenue
          Grand Cayman
          Cayman Islands


CLOVER INVESTMENT: Commences Liquidation Proceedings
----------------------------------------------------
On April 8, 2013, the shareholders of Clover Investment Manager
Advisors 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:

          Fund Solution Services Limited
          c/o Andrew Childe
          Harbour Centre, 2nd Floor
          42 North Church Street, George Town
          Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 947 5855
          e-mail: andrew.childe@fundsolutionservices.com
          10 Market Street #769, Camana Bay


FIBRIA OVERSEAS: S&P Assigns 'BB+' Rating to $500MM Sr. Bond
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' issue-level
rating to Fibria Overseas Finance Ltd.'s proposed senior unsecured
bond for up to $500 million due 2024.  The parent company, Fibria
Celulose S.A. (Fibria: BB+/Positive/--) is the guarantor.  The
bond will rank equal to Fibria's other unsecured debt.

On May 1, 2014, Fibria announced a cash tender offer for all of
its $750 million 2021 senior unsecured notes, which S&P rates at
'BB+'.  The notes' outstanding principal amount was $549 million.
S&P expects the company will fund the tender offer with the
proceeds from the proposed bond.

S&P's ratings on Fibria reflect its assessments of a
"satisfactory" business risk and "significant" financial risk
profile, leading to a 'bb+' anchor, with neutral impact from
modifiers.  The supporting factors are Fibria's "strong"
competitive position, because it's the world's largest producer of
hardwood pulp, and its industry-leading cash position.  The
offsetting factors are its narrow product portfolio, with
concentration in a few production sites in Brazil, and the
cyclical nature of its business.

RATING LIST

Fibria Celulose S.A.
  Corporate credit rating                        BB+/Positive/--

Rating Assigned

Fibria Overseas Finance Ltd.
  Sr. unsec. bond of up to $500M due 2024        BB+


HURST HOLDINGS: Shareholder to Hear Wind-Up Report on May 30
------------------------------------------------------------
The shareholder of Hurst Holdings will hear on May 30, 2014, at
11:45 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


MAVERICK IVC: Shareholders' Final Meeting Set for June 27
---------------------------------------------------------
The shareholders of Maverick IVC Execs Holdco will hold their
final meeting on June 27, 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 Gillian Allan
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


NORTH RIDGE: Members Receive Wind-Up Report
-------------------------------------------
The members of North Ridge Investments Limited received on
April 23, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands


P & S LIMITED: Creditors' Proofs of Debt Due May 22
---------------------------------------------------
The creditors of P & S 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 wind-up proceedings on April 1, 2014.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949-0355
          Facsimile: (345)949-0360
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


PUMA SPHERA: Shareholders' Final Meeting Set for June 27
---------------------------------------------------------
The shareholders of Puma Sphera Management (Cayman) Limited will
hold their final meeting on June 6, 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


TRINIDAD INSURANCE: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Trinidad Insurance Group Ltd received on
April 21, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ken Kimatu
          Marsh Management Services Cayman Ltd.
          P.O. Box 1051 G.T.
          Governors Square, 23 Lime Tree Bay Avenue
          George Town
          Grand Cayman
          Cayman Islands


VALENS OFFSHORE: Shareholder to Hear Wind-Up Report on May 30
-------------------------------------------------------------
The shareholder of Valens Offshore SPV III (Cayman) Ltd will hear
on May 30, 2014, at 8:30 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


XLIT LTD: Fitch Affirms Series D Ordinary Shares at 'BB+'
---------------------------------------------------------
Fitch Ratings has affirmed the ratings of XLIT Ltd. (a Cayman
Islands subsidiary of XL Group plc) and its property/casualty
(re)insurance subsidiaries (collectively XL), including the Issuer
Default Rating (IDR) at 'BBB+', and the Insurer Financial Strength
(IFS) rating of its core operating companies at 'A'.  The Rating
Outlook remains Positive.

Fitch's rating action follows the company's announcement that it
has entered into a transaction to sell XL Life Reinsurance (SAC)
Ltd. (XLLR) to GreyCastle Holdings Ltd.  (GreyCastle) and
retrocede (via 100% quota share reinsurance) the majority of its
run-off life reinsurance business to XLLR.  XL's life reinsurance
operations are in runoff with no new business since March 2009.
Fitch views the transaction as overall neutral to the rating as
the immediate accounting write-off charge is manageable and is
offset by reduced volatility, with the investment market risk
passed on to the buyer through a funds withheld liability.  As
such, this should help XL to increase focus on its core
property/casualty business.

The transaction includes all of XL's U.K. and Irish fixed annuity
and U.K. term business, representing $4.4 billion, or over 90% of
XL's $4.8 billion total GAAP life reinsurance future policy
benefit reserves.  XL's remaining life reserves will primarily
include its U.S. term business, disability, and accident and
health policies, which are excluded from this transaction.

Fitch notes that following the XLLR sale and retrocession
transaction, XL will take on counterparty credit risk of XLLR, the
retrocessionaire, a new, unrated Bermuda regulated entity being
sold to GreyCastle.  Fitch also notes that this credit exposure
will be significantly mitigated by the collateral provided under
the funds withheld agreement, which will be in excess of the
underlying US GAAP liabilities and the level of capitalization of
XLLR, which is in excess of regulatory requirements.  GreyCastle
is a newly formed Bermuda holding company whose shareholders are
large families and university endowments.

The retrocession will result in an expected book value loss to XL
of approximately $585 million, which represents about 5% of XL's
total shareholders' equity of $11.6 billion at March 31, 2014. The
expected net income statement loss of $580 million compares to
XL's annual net income of $1.1 billion in 2013.

Fitch's rationale for the affirmation of XL's ratings reflects the
company's solid capitalization, reasonable financial leverage, and
large diversified market position in both insurance and
reinsurance lines, as well as anticipated challenges in the
overall competitive property/casualty market rate environment.
The Positive Outlook reflects XL's favorable recent net earnings
from improving calendar year and run-rate accident year
underwriting results, particularly in the company's insurance
segment, as well as improving operating earnings-based interest
and preferred dividend coverage.

Rating Sensitivities

The key rating triggers that could result in an upgrade include
consistent favorable underwriting profitability with combined
ratios of 98% or better, overall flat to favorable loss reserve
development, financial leverage ratio maintained below 20%, run-
rate operating earnings-based interest and preferred dividend
coverage of 7x, and continued strong capitalization of the
insurance subsidiaries.

The key rating triggers that could result in a downgrade include
significant charges for reserves or investments that affect equity
and the capitalization of the insurance subsidiaries, financial
leverage ratio maintained above 25% or debt plus preferred equity
to total capital above 30%, and future earnings that are
significantly below industry levels.

Fitch affirms the following ratings with a Positive Outlook:

XLIT Ltd.

-- IDR at 'BBB+';
-- $600 million 5.25% senior notes due 2014 at 'BBB';
-- $300 million 2.30% senior notes due 2018 'BBB';
-- $400 million 5.75% senior notes due 2021 at 'BBB';
-- $350 million 6.375% senior notes due 2024 at 'BBB';
-- $325 million 6.25% senior notes due 2027 at 'BBB';
-- $300 million 5.25% senior notes due 2043 'BBB';
-- $345 million series D preference ordinary shares at 'BB+';
-- $999.5 million series E preference ordinary shares at 'BB+'.

Fitch has also affirmed at 'A' the IFS ratings of the following XL
(re)insurance subsidiaries with a Positive Outlook:

-- XL Insurance (Bermuda) Ltd;
-- XL Re Ltd;
-- XL Insurance Switzerland Ltd;
-- XL Re Latin America Ltd;
-- XL Insurance Company plc;
-- XL Insurance America, Inc.;
-- XL Reinsurance America Inc.;
-- XL Re Europe SE;
-- XL Insurance Company of New York, Inc.;
-- XL Specialty Insurance Company;
-- Indian Harbor Insurance Company;
-- Greenwich Insurance Company;
-- XL Select Insurance Company.


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D O M I N I C A N   R E P U B L I C
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DOMINICAN REP: Sectors Jittery as Trade Pact Opening Looms
----------------------------------------------------------
Dominican Today reports that the US$1.7 billion trade deficit
spurred by the Cafta-Dr agreement concerns some retail and
productive sectors that it will soar starting 2015, when 97% of
the products within the pact with the U.S. and Central America
will enter duty free.

Dominican Today relates that Dominican Graphic Industries
Association (ADIGA) President Luis Miura said the reduced duties
will create an economic imbalance that he affirms could spark a
financial recession and a loss of currency.  Mr. Miura, the report
notes, said the country still isn't ready to repeal the tariff on
products covered by the 2015, according to Dominican Today.

The report discloses that Hardware Stores Association President
Domingo Fermin said the lack of information about the types of
duty-free products concerns productive sectors.   Mr. Fermin, the
report relates, said hardware dealers are confused because many
believe that if they buy in mid-to yearend, a glut of cheap goods
at their expense of those in stock may occur starting next
January, which in his view would create a problem in inventory.

Producers, dealers and professionals in various areas of the
economy expressed their concerns during the 2nd "Tariff
elimination DR-Cafta 2015" workshop hosted by the Industry and
Commerce Ministry's Trade Agreements Dept. (Dicoex), the report
notes.

They noted the difficulties faced by local industry regarding
competitiveness, trade facilitation, and equal opportunities to
access international markets, the report discloses.

The Cafta-Dr free trade agreement was signed in 2004 and put into
effect from 2007, the report adds.


XSTRATA PLC: Loma Miranda Mine Means US$2BB for the Country
-----------------------------------------------------------
Dominican Today reports that Chief Executive Officer of Xstrata
Nickel's local operation said responsible and sustainable mining
at Loma Miranda (central) would provide the country around US$2.0
billion in taxes and dividends during the next 20 years.

David Soares, speaking at the luncheon of the Roundtable of
Commonwealth Countries in the Dominican Republic, cited what he
affirms are the numerous benefits for Dominican Republic from
exploiting Loma Miranda and to the project's adjacent communities,
according to Dominican Today.

Mr. Soares, the report notes, said exploiting Loma Miranda won't
damage the environment because as a responsible miner, Falcondo
would fully preserve the environment.

The ambassadors of Canada, Great Britain and Switzerland, George
Boisse, Steven Fisher and Linette Marie Leon Pernet attended the
event at the Hilton Hotel, where Roundtable president Fernando
Gonzalez Nicolas, other diplomats and Commonwealth officials were
also present, the report relates.

As reported in the Troubled Company Reporter-Latin America on
Jan. 22, 2014, Dominican Today said that Chief Executive Officer
of Xstrata PLC's Falcondo reiterated that the company's presence
in the country depends on a long term mining, with cheap
electricity available, to produce and compete in world markets.
David Soares said they pin their hopes of extracting nickel at the
controversial site of Loma Miranda, between La Vega and Bonao
(central), for which they expect to get the mining permit,
according to Dominican Today.  But environmental and civil society
groups could keep them from carrying out the project, after the
Chamber of Deputies agreed with the protesters and passed a bill
which declares Loma Miranda a protected area, arguing that much of
the Cibao region's (north) water depends on it, the report
related.

Xstrata PLC is the operator of Falconbridge Dominicana, C. por A.
("Falcondo") with an 85.26% ownership.  Falcondo is a ferronickel
surface mining operation located in the Dominican Republic with
operations dating since 1971.

Headquartered in Zug, Switzerland, Xstrata PLC is a major producer
of coal, copper, nickel, primary vanadium and zinc and the largest
producer of ferrochrome.


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J A M A I C A
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JAMAICA: Records Steep Decline in Traditional Mail
--------------------------------------------------
RJR News reports that the increasing use of the Internet to
communicate is being blamed for a double-digit decline in business
at Jamaica's Post & Telecommunications Department.

Data from the Economic and Social Survey Jamaica, 2013 show that
the Department handled 54.8 million pieces of mail in 2013, a 8.4%
reduction in the volume of mail it handled last year, when
compared to 2012, according to RJR News.  On the other hand, there
was a 19% increase in the parcel category, the report relates.

The Postal Corporation said the decrease in mail delivery was
indicative of the continued shift from traditional mail to
electronic communication, due to developments in the ICT sector,
RJR News discloses.

In spite of the declines in some areas, the Postal Department's
revenue grew by 19.7% to J$1.58 billion dollars, the report adds.


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M E X I C O
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DESARROLLADORA HOMEX: Reaches Deal to Give Creditors Equity
-----------------------------------------------------------
Jonathan at Bloomberg News reports that Desarrolladora Homex SAB
said it will turn most of the company's ownership over to
unsecured creditors as part of a restructuring plan to accompany
its bankruptcy filing.

Under terms posted on its website, Homex would give unsecured
creditors, including bondholders, 80 percent to 92.5 percent of
the equity, according to Bloomberg News.  Current shareholders and
management would be left with the remaining stock, Bloomberg News
relates.  Existing secured bridge loans would be serviced with
cash from home sales, and "critical suppliers" will be repaid over
time, the company said, Bloomberg News notes.

The Culiacan, Mexico-based homebuilder is joining Corp. Geo SAB in
filing for bankruptcy this year after Mexico changed its
government housing policy to encourage urban instead of rural
construction, Bloomberg News discloses.  The shift caused the
builders to bleed cash and saddled them with land that they
couldn't sell, Bloomberg News relates.

Homex also said a slowdown in collections and a contraction in
bank lending were among the "challenging conditions" in the
industry last year, notes Bloomberg News.

Bloomberg News recalls that Homex, which submitted a proposal for
bankruptcy protection to a Mexican court in Sinaloa state on April
30, said it needs MXN2.4 billion ($184.4 million) to fund working
capital and liquidity needs for 18 months and address bankruptcy-
related expenses.  It said it has already received a term sheet
for as much as MXN1.8 billion in bridge loan financing for 10
projects and MXN300 million pesos of "interim liquidity" for
"corporate expenses" during bankruptcy, known as concurso
mercantil in Mexico, Bloomberg News relates.

                          Profit Outlook

Bloomberg News notes that the company is also seeking a back-
stopped rights offering of new shares, with the participation of
existing or new investors, according to a business plan released
on its website along with the restructuring plan.

The business plan projects Homex will restore housing production
to 2012's level within six years, returning volumes to those
generated before the company's cash balance plummeted and it
defaulted on debt, Bloomberg News relates.

Homex forecasts gross profit margin in the homebuilding business
will be in the 25 percent to 30 percent range, Bloomberg News
relays.  In its infrastructure business, it said it would sustain
15 percent gross profit margins, as measured by revenue after cost
of goods sold, divided by sales, Bloomberg News says.

A "certain number" of Homex shares will be allocated to a trust as
part of an incentive plan for executives that stay with the
management team, Bloomberg News adds.

                     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.


INDUSTRIAS UNIDAS: Incurs US$35.6MM Consolidated Net Loss in 2013
-----------------------------------------------------------------
Industrias Unidas, S.A. de C.V. disclosed its audited results for
the twelve months ended December 31, 2013.

Consolidated net loss for the twelve months ended December 31,
2013 was Ps.465.7 million (U.S.$35.6 million), compared to a net
loss of Ps.190.6 million in the same period of 2012, due to an
increase in the Comprehensive Financial Result and lower operating
income driven by lower sales.

Gross profit in the twelve months ended December 31, 2013
decreased 3.2% to Ps.1,465.0 million from Ps.1,512.7 million in
the same period of 2012, mainly due to a decreased in revenues.
As a percentage of sales, gross profit was 13.0% in the twelve
months ended December 31, 2013, versus 12.3% in the same period of
2012.

Net revenues for the twelve months ended December 31, 2013
decreased 8.2% to Ps.11,246.0 million from Ps.12,254.1 million in
the same period of 2012.  This was mainly due to a decrease of 7.6
% in the copper value (measured by the Comex monthly average) and
an appreciation of 2.9% of US dollar versus Mexican peso (average
prices YTD December 31, 2012 and 2013).


A full text copy of the company's financial results is available
free at http://is.gd/gSlhJp

                    About Industrias Unidas

Industrias Unidas, S.A. de C.V. is a Mexican diversified
industrial group, manufacturing a wide range of copper-based and
electrical products for the housing and electrical power sectors
mainly in Mexico and the U.S.  As of September 2009, last twelve
month revenues were about US$1.3 billion.

                           *     *     *

The company continues to carry Moody's "Caa3" long-term rating.



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V I R G I N   I S L A N D S
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BRENTVILLE LIMITED: To Make Distribution to Creditors
-----------------------------------------------------
Brentville Limited will make a distribution to its creditors.

Only creditors who were able to file their proofs of debt by
April 8, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Stuart EC Mackellar
          Zolfo Cooper (BVI) Limited
          c/o Gillian Howe
          Telephone: +1 (284) 393 9614
          Facsimile: +1 (284) 393 9601
          e-mail: Gillian.howe@zolfocopper.vg


KEYSTONE PRIVATE: Files Application to Appoint Liquidators
----------------------------------------------------------
An application was filed to appoint Russel Crumpler --
russellcrumpler@kpmg.vg -- and Kristen Beighton -- of KPMG as
joint liquidators of Keystone Private Equity Investments Limited.

The hearing of the application will be held at the Eastern
Caribbean Supreme Court in the High Court of Justice Virgin
Islands Commercial Division.


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


BOND PRICING: For the Week From April 28 to May 2, 2014
-------------------------------------------------------

Issuer                       Coupon   Maturity   Currency   Price
------                       ------   --------   --------   -----

Aguas Andinas SA               4.15    12/1/2026   CLP    70.91
Almendral
Telecomunicaciones SA          3.5     12/15/2014  CLP    22.55
Argentina Bocon                2       1/3/2016    ARS    68.5
Argentina Boden Bonds          2       9/30/2014   ARS    31.5
Argentina Government
Int'l Bond                     7.82   12/31/2033   EUR    75.5
Argentina Government
Int'l Bond                     7.82   12/31/2033   EUR    74
Argentina Government
Int'l Bond                     8.28   12/31/2033   USD    50
Argentina Government
Int'l Bond                     8.28   12/31/2033   USD    55
Argentina Government
Int'l Bond                     4.33   12/31/2033   JPY    36.5
Argentina Government
Int'l Bond                    0.45    12/31/2038   JPY    15
Argentina Government
Int'l Bond                    4.33    12/31/2033   JPY    36.5
Automotores
Gildemeister SA               8.25     5/24/2021   USD    69
Automotores
Gildemeister SA               6.75     1/15/2023   USD    65
Automotores
Gildemeister SA               8.25     5/24/2021   USD    68.4
Automotores
Gildemeister SA               6.75     1/15/2023   USD    64.02
Banco BPI SA/
Cayman Islands                4.15    11/14/2035   EUR    62.5
Banco Supervielle SA          7        8/20/2020   USD    74.12
Banif Finance Ltd             1.68                 EUR    35
Bank Austria
Creditanstalt
Finance Cayman Ltd            2.16                 EUR     74.8
BCP Finance Co Ltd            5.54                 EUR     62.82
BCP Finance Co Ltd            4.24                 EUR     60.37
Republic of Venezuela         7        3/31/2038   USD     65.59
Caixa Geral De
Depositos Finance             1.12                 EUR     42.5
CAM Global Finance            6.08     12/22/2030  EUR     64.87
China Forestry
Holdings Co Ltd              10.3      11/17/2015  USD     37
China Forestry
Holdings Co Ltd              10.3      11/17/2015  USD     37
China Precious Metal
Resources Holdings Co Ltd     7.25      2/4/2018   HKD     65.97
Cia Cervecerias Unidas SA     4        12/1/2024   CLP     57.05
Transener SA                  9.75     8/15/2021   USD     68
Transener SA                  8.88    12/15/2016   USD     67.6
Transener SA                  9.75     8/15/2021   USD     67.5
Cia Energetica de Sao Paulo   9.75     1/15/2015   BRL
Cia Sud Americana de
Vapores SA                    6.4     10/1/2022    CLP     61.42
City of Buenos
Aires Argentina               1.95     1/28/2020   USD     70.125
City of Buenos Aires
Argentina                     1.95    12/20/2019   USD     70.875
Daphne International
Holdings Ltd                  3.13     6/11/2014   CNY      5.25
Decimo Primer
Fideicomiso                   4.54    10/25/2041   USD     57.25
Decimo Primer Fideicomiso     6       10/25/2041   USD     69
Empresa Distribuidora
Y Comercializadora Norte      9.75    10/25/2022   USD     66.99
Empresa Distribuidora Y
Comercializadora Norte        9.75    10/25/2022   USD     66.125
ERB Hellas Cayman
Islands Ltd                   9         3/8/2019   EUR     68.375
Glorious Property
Holdings Ltd                 13.3       3/4/2018   USD     71.24
Hidili Industry
International
Development Ltd               8.63     11/4/2015   USD     53.25
Hidili Industry
International
Development Ltd               8.63     11/4/2015   USD     52.75
Inversiones Alsacia SA        8        8/18/2018   USD     65.25
Inversiones Alsacia SA        8        8/18/2018   USD
Inversora de Electrica
de Buenos Aires SA            6.5      9/26/2017   USD     43.25
MetroGas SA                   8.88    12/31/2018   USD     71.875
Mongolian Mining Corp         8.88     3/29/2017   USD     66
Mongolian Mining Corp         8.88     3/29/2017   USD     64.75
Petroleos de Venezuela SA     6       11/15/2026   USD     60.75
Petroleos de Venezuela SA     5.38     4/12/2027   USD     58
Petroleos de Venezuela SA     5.5      4/12/2037   USD     55
Petroleos de Venezuela SA     6       11/15/2026   USD     59.41
Provincia del Chaco           4        11/4/2023   USD     75
Provincia del Chaco           4        12/4/2026   USD     51.125
Renhe Commercial
Holdings Co Ltd              13        3/10/2016   USD     68.5
Renhe Commercial
Holdings Co Ltd              13        3/10/2016   USD     69.5
Ruta del Bosque Sociedad
Concesionaria SA              6.3      3/15/2021   CLP     73.66
Sifco SA                     11.5      6/06/2016   USD     29
SMU SA                        7.7       2/8/2020   USD     71.5
SMU SA                        7.75      2/8/2020   USD     69.21
Talca Chillan Sociedad
Concesionaria SA              2.75    12/15/2019   CLP     56.46
Uruguay Notas
del Tesoro                    2.5      9/27/2022   UYU     72.08
Venezuela Government
International Bond            6        12/9/2020   USD     72.75
Venezuela Government
International Bond            7.65      4/21/2025  USD     73
Venezuela Government
International Bond            7         3/31/2038  USD     65.75
Virgolino de Oliveira
Finance Ltd                   10.5      1/28/2018  USD     67.52
Virgolino de Oliveira
Finance Ltd                   11.8       2/9/2022  USD     67.2
Virgolino de Oliveira
Finance Ltd                   10.5       1/28/2018 USD     67.62
Virgolino de Oliveira
Finance Ltd                   11.8        2/9/2022 USD     66.75


                            ***********


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.

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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
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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.

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                   * * * End of Transmission * * *