TCRLA_Public/140509.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, May 9, 2014, Vol. 15, No. 91


                            Headlines



A R G E N T I N A

ULTRAPETROL BAHAMAS: To Release 1Q 2014 Results on May 14


B E R M U D A

FLOATEL INTERNATIONAL: S&P Assigns Prelim. 'B' CCR; Outlook Stable


B R A Z I L

MMX MINERACAO: Eike Batista Returns to Brazil's Ibovespa Index
OGX PETROLEO: Prosecutors Probing Exchange Over Handling of Firm
TONON BIOENERGIA: Fitch Assigns B/RR4 Rating to USD230MM Sr. Bonds
USINAS SIDERURGICAS: S&P Revises Outlook & Affirms 'BB+' CCR


C A Y M A N  I S L A N D S

CENTRON GLOBAL: Shareholders' Final Meeting Set for June 6
CENTRON HIGH: Shareholders' Final Meeting Set for June 6
CFS LIQUIDATORS: Members' Final Meeting Set for May 20
CHALLENGER INVESTMENT: Member to Hear Wind-Up Report on May 30
EUCALYPTUS MACRO: Shareholders' Final Meeting Set for June 6

FREEPORT OFFSHORE: Shareholders' Final Meeting Set for May 12
FREEPORT ONSHORE I: Shareholders' Final Meeting Set for May 12
FREEPORT ONSHORE II: Shareholders' Final Meeting Set for May 12
TSF KASUMIGASEKI: Shareholder to Hear Wind-Up Report on May 30
TSF0301: Shareholder to Hear Wind-Up Report on May 30


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Trade Pact 'Cuts' Deficit From US$2.7BB to US$1.5BB


J A M A I C A

UC RUSAL: Granted Additional Two-Year Bauxite Levy Concession


M E X I C O

* Moody's Says Mexican Non-Financial Firms Have Stable Liquidity


P U E R T O   R I C O

ALCO CORP: Seeks Dismissal of Chapter 11 Case


                            - - - - -



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


ULTRAPETROL BAHAMAS: To Release 1Q 2014 Results on May 14
---------------------------------------------------------
Ultrapetrol (Bahamas) Limited will release its first quarter 2014
financial results on Wednesday, May 14, 2014, after the market
closes.  Ultrapetrol also will host a related conference call on
Thursday, May 15, 2014, at 10:00 a.m. Eastern Time, accessible via
telephone and Internet with an accompanying slide presentation.

On the call, Mr. Felipe Menendez Ross, President and Chief
Executive Officer, and Ms. Cecilia Yad, Chief Financial Officer,
will discuss Ultrapetrol's results and the outlook for its three
core businesses.  There also will be a question and answer
session. The call is expected to last approximately one hour and
an audio webcast and slide presentation will be available on the
Investor Relations section of Ultrapetrol's Web site at
www.ultrapetrol.net.

Investors and analysts may participate in the live conference call
by dialing 1-800-369-3164 (toll-free U.S.) or +1-517-308-9490
(outside of the U.S.); passcode: ULTR. Please register at least 10
minutes before the conference call begins.  A replay of the call
will be available for one week via telephone starting
approximately one hour after the call ends.  The replay can be
accessed at 1-800-285-0609 (toll-free U.S.) or +1-203-369-3393
(outside of the U.S.); passcode: 9376. The webcast will be
archived on Ultrapetrol's Web site for 30 days after the call.

Ultrapetrol (Bahamas) Limited, headquartered in Nassau, Bahamas,
is a diverse international marine transportation company. The
company operates in three segments: River, Offshore Supply, and
Ocean. Last twelve months ended June 30, 2013, revenues totaled
$369 million.

                           *     *     *

As reported in the Troubled Company Reporter on Sept. 26, 2013,
Moody's Investors Service said that Ultrapetrol (Bahamas)
Limited's $25 million add-on to its existing $200 million 8.875%
First Preferred Ship Mortgage Notes due 2021 will not impact the
company's B3 Corporate Family Rating and senior secured notes
rating, SGL-2 speculative grade liquidity rating, or stable
ratings outlook.


=============
B E R M U D A
=============


FLOATEL INTERNATIONAL: S&P Assigns Prelim. 'B' CCR; Outlook Stable
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
preliminary 'B' long-term corporate credit rating to Bermuda-based
accommodation rig owner Floatel International Ltd.  The outlook is
stable.

At the same time, S&P assigned a preliminary 'B' issue rating to
Floatel's proposed $650 million term loan B.  The preliminary
recovery rating is '3', indicating S&P's expectation of meaningful
(50%-70%) recovery in the event of a payment default.

The final ratings will depend on S&P's receipt and satisfactory
review of all final transaction documentation.  Accordingly, the
preliminary ratings should not be construed as evidence of final
ratings.  If Standard & Poor's does not receive final
documentation within a reasonable time frame, or if final
documentation departs from materials reviewed, S&P reserves the
right to withdraw or revise its ratings.

The preliminary ratings on Floatel reflect S&P's assessment of the
group's "weak" business risk profile and "highly leveraged"
financial risk profile, under its criteria.

"Our assessment of Floatel's business risk profile as "weak"
reflects Floatel's participation in the highly competitive and
cyclical offshore oilfield services industry, limited
diversification due to the low--albeit expanding--number of rigs
in operation (three with an additional two rigs on order), and
relatively aggressive and largely debt-funded growth strategy.
Geographic and customer diversification is limited due to the low
number of vessels, but customers are largely blue-chip exploration
and production companies," S&P said.

Relative strengths include Floatel's young, competitive, high
quality fleet--all rigs were delivered from 2010 onward--and
strong contract backlog of about $1.2 billion (including $428
million of options).  This leads to good earnings and cash flow
visibility and reflects high demand for capacity.  Low operating
costs and an experienced management team also support Floatel's
adjusted EBITDA margins of about 50% in each of the last three
years.  In S&P's view, operational risk is somewhat lower than
that of other offshore operators, as once the accommodation rig is
hooked up to the operating facility, there appears to be limited
risk of downtime.  Conversely, Floatel's accommodation vessels do
not add as much value as other offshore operators (for example,
contract drillers).

S&P's assessment of Floatel's financial risk profile as "highly
leveraged" reflects its view of the group's highly debt-leveraged
capital structure, and aggressive financial policies as a result
of part-private-equity ownership.  It also reflects S&P's
forecasts that material investment in new rigs will result in
negative free operating cash flows (FOCF) and an increase in debt
over the medium term.  Maintenance capital expenditure (capex) is
low, so Floatel could generate substantial cash flow once the new
rigs are operational, although the company will likely continue to
expand over the long term.

S&P assess the company's management and governance as "fair,"
reflecting its experienced management team.

S&P's base-case scenario incorporates the following assumptions:

   -- All rigs are currently under long-term contracts; hence
      S&P's forecast predominantly reflects the agreed day rates
      and mobilization fees.

   -- S&P assumes 97.5% utilization in contracted periods, but
      less in uncontracted periods to reflect uncertainty.

   -- S&P expects the new "Endurance" and "Triumph" rigs to be
      fully operational in 2015 and 2016, respectively.

   -- Private equity joint owner Oaktree has confirmed no
      intention to pay dividends, but any change in this policy
      would represent a downside to forecasts.

   -- Maintenance capex requirements are less than $4 million-$6
      million per vessel per year.  S&P expects capex on the two
      rigs on order to be about $62 million in 2014 and $589
      million in 2015.

   -- Management completed a rights issue in 2012 to raise $42
      million (to finance the initial payment on Endurance) and
      forecast a further $80 million issue in 2015.  S&P do not
      include the latter in its forecasts as it is currently
      uncertain, but S&P could take a positive view of the rights
      issue if Floatel uses the proceeds to pay off debt.

Based on these assumptions, S&P arrives at the following credit
measures at year-end 2014:

   -- Adjusted debt to EBITDA of above 6x;
   -- Funds from operations (FFO) to debt of about 10%; and
   -- Negative FOCF as a result of the major capex program.

The stable outlook reflects S&P's view that Floatel's credit
metrics will remain commensurate with a "highly leveraged"
financial risk profile.  S&P's base-case scenario assumes that the
company's EBITDA margins will remain broadly stable over the next
12 months, supported by Floatel's strong contract backlog.  S&P
anticipates that liquidity will remain adequate over the next 12
months following the refinancing.

S&P could lower the rating if any unexpected operational issues
occur on one of Floatel's three operational rigs, which lead to a
materially worse performance than in S&P's base-case forecasts.
S&P might also consider a downgrade if any liquidity issues arise,
for example if the company orders further rigs without adequate
financing in place, or if our assessment of the company's
liquidity weakens.

S&P sees an upgrade as relatively remote for the time being, given
Floatel's debt-funded, aggressive growth strategy.  Sustained
deleveraging and stronger credit metrics than S&P currently
anticipates could prompt it to raise the ratings if Floatel
significantly reduces its debt and generates positive free
operating cash flow.  In S&P's view, an improvement in Floatel's
financial risk profile would be the most likely cause of an
upgrade.


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


MMX MINERACAO: Eike Batista Returns to Brazil's Ibovespa Index
--------------------------------------------------------------
Dow Jones Bankruptcy News reports that despite the collapse of his
fortune and some of his companies, Brazilian businessman Eike
Batista has returned to Brazil's main stock-market index, thanks
to the modest resurgence of his mining company.

Mr. Batista's MMX Mineracao e Metalicos SA joined the Ibovespa
index on May 5, and will remain there at least until Aug. 29, when
the exchange operator next updates the index, according to Dow
Jones Bankruptcy News.

The report relates that MMX shares will account for 0.02% of the
index.

MMX Mineracao e Metalicos S.A., together with its subsidiaries,
engages in the extraction, processing, research, and development
of minerals; and sale of iron ore in Brazil.


OGX PETROLEO: Prosecutors Probing Exchange Over Handling of Firm
----------------------------------------------------------------
Rogerio Jelmayer at The Wall Street Journal reports that Brazil's
public prosecutors confirmed that they're investigating
BM&FBovespa, the country's stock exchange operator, over whether
the exchange committed any infractions during the collapse of
businessman Eike Batista's OGX Petroleo e Gas Participacoes
S.A., now known as Oleo e Gas.

"We have strong evidence showing that BM&FBovespa at least
committed" crimes of omission, regional prosecutor Osorio Barbosa
told The Wall Street Journal, confirming reports in Brazilian news
media.  "The exchange operator has the task of protecting
investors and demanding all information from listed companies,"
the WSJ quoted Mr. Barbosa as saying.

The WSJ notes that the prosecutor claims the local exchange may
have failed both to demand clarification from OGX Petroleo e Gas
Participacoes SA about a series of potential oil discoveries, and
to stop a leak by executives of information that was clearly
intended to boost the company's share price, the WSJ relates.

The exchange's Chief Executive Officer, Edemir Pinto, is the
target of the investigation because he is the head of the company,
according to Mr. Barbosa, the WSJ discloses.

Mr. Barbosa said he has already delivered evidence regarding the
allegations to federal prosecutor Karen Kahn, who will be
responsible for the next steps in the process and can either ask
for further investigation or decide if a lawsuit is merited or
not, the WSJ relays.

Prosecutors didn't say when Ms. Khan's review of the case will be
finished or when a final decision by her will be made, the WSJ
notes.

The WSJ says that BM&FBovespa said in a note that the exchange
operator followed the rules and that it will cooperate with any
investigation, though it hasn't received any information from
prosecutors yet.

Mr. Barbosa said that he received a complaint about the exchange's
behavior from a group of minority shareholders of OGP, the WSJ
discloses.

The WSJ relates that Aurelio Valporto, a counselor at the
Brazilian association of minority shareholders, which made the
complaint to prosecutors, said the group hopes the investigation
will lead to an improvement of the Brazilian stock market's
enforcement activities.

The WSJ recalls that Brazil's federal police in April opened a
criminal investigation of Mr. Batista and the collapse of his
once-high flying oil company.

In that investigation, police are looking for evidence of
financial crimes and focusing on alleged insider trading, market
manipulation and money laundering, according to local news media,
WSJ relates.

WSJ notes that once Brazil's richest person, Mr. Batista saw his
wealth decline from more than $30 billion in 2012 to less than $1
billion now after OGP failed to meet production targets.  The
failure led to the bankruptcy of his empire of startup companies,
which had interests in energy, mining and logistics, the WSJ
notes.

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.


TONON BIOENERGIA: Fitch Assigns B/RR4 Rating to USD230MM Sr. Bonds
------------------------------------------------------------------
Fitch Ratings has assigned a 'B/RR4' rating to Tonon Bioenergia
S.A. (Tonon)'s USD230 million proposed senior secured bonds due
2019.  Net proceeds from this issuance will be used to fully
prepay existing senior secured debt.  Fitch currently has 'B'
foreign and local currency Issuer Default Ratings (IDRs) for
Tonon.  A complete list of ratings follows at the end of this
press release.

Key Rating Drivers

Tonon's ratings reflect the limited scale of its businesses and
the company's exposure to the cyclical sugar and ethanol industry,
which is characterized by strong price volatility and risks
inherent to the agribusiness sector.  Tonon's ethanol business is
also exposed to industry dynamics with prices linked to Brazil's
regulated gasoline prices.  The government energy policies can
potentially impact the profitability of the ethanol business.  The
ratings also incorporate Tonon's sizeable investment plans for the
upcoming years, which should pressure the company's free cash flow
(FCF).

Average Business Position

Tonon is a medium-sized sugar and ethanol company in a fragmented
commodity sector in which scale is relevant and volatility is
high.  The company has 8.2 million tons of crushing capacity per
year, distributed in three industrial units located in the states
of Sao Paulo and Mato Grosso do Sul.  Capital expenditures should
increase crushing capacity to 9.4 million tons, while maintaining
flexibility to produce up to approximately 60% of sugar or
ethanol.  Tonon's sugar production is mostly exported while around
80% of its ethanol production is sold to domestic market.

Sizeable capex program pressuring Free Cash Flow

Fitch expects Tonon's FCF to be negative in the next two years.
Up to the 2015/2016 harvest period, total investment should reach
approximately BRL710 million, primarily in the expansion of the
Vista Alegre Unit in the state of Mato Grosso do Sul.  Investments
in the expansion of Vista Alegre's cane fields should be relevant
as virtually all of Vista Alegre's sugar cane is self-supplied.
This plant should have its capacity raised to 3.7 million tons
from 2.5 million tons by the beginning of the 2015/2016 season and
Tonon's total capacity will grow to 9.4 million tons from the
current 8.2 million tons.  In the last 12 months (LTM) ended in
Dec. 31, 2013, Tonon's free cash flow (FCF) was negative BRL18
million, including Paraiso Bioenergia.  The pro forma capex figure
was BRL239 million in the same period.  During the same period,
Tonon's revenues were BRL799 million, while its EBITDA was BRL353
million.

Leverage Increasing

Fitch expects the company will be able to manage its net leverage
at an adequate level of below 3.0x in the medium term.  On a pro
forma basis, considering 12 months of Paraiso Bioenergia's
operations, Tonon's net adjusted leverage has increased to 3.7x
for the LTM ended Dec. 31, 2013, compared to 3.0x in March 2013.
Fitch's projections consider mid-cycle prices of sugar and
ethanol, assuming USD20 cents per pound for the next harvest
periods.  The company's results will ultimately depend on the
company's ability to complete the necessary investments and
increase its capacity utilization within the expected schedule, in
order to avoid pressure on its capital structure.

Moderate liquidity

Tonon reported manageable debt repayment profile and moderate
liquidity as of Dec. 31 2013.  Tonon has maintained part of the
USD300 million seven-year unsecured notes in cash.  The proposed
USD230 million issuance should improve the company's debt maturity
schedule.  As of Dec. 31 2013, the company's cash reserves
amounted to BRL184 million represented 80% of its short-term debt
of BRL233 million (as per Fitch's internal methodologies).
Tonon's long-term debt accounted for 83% of the on-balance gross
debt outstanding as of Dec. 31 2013, of which 58% will fall due in
January 2020 (the BRL300 million unsecured notes).  On a pro forma
basis, after this new transaction, cash should cover 217% of
short-term debt.

Rating Sensitivities

A negative rating action could be triggered if the company's
liquidity deteriorates and/or if leverage increases on a
consistent basis.  A downgrade will also occur if the expected
improvement of Cash Flow from Operations (CFO) does not
materialize.

A positive rating action will occur if leverage goes down on a
consistent basis and if the company manages to maintain or improve
liquidity.

Fitch currently rates Tonon as follows:

--Foreign and local currency IDR 'B';
--USD300 million senior unsecured notes due 2020 'B/RR4';
--USD230 million proposed senior secured notes due 2019 'B/RR4'.

The Rating Outlook is Stable.


USINAS SIDERURGICAS: S&P Revises Outlook & Affirms 'BB+' CCR
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Usinas
Siderurgicas de Minas Gerais S.A. (Usiminas) to stable from
negative.  At the same time, S&P affirmed its 'BB+' global scale
and 'brAA+' national scale corporate credit ratings on the
company.

The outlook revision reflects S&P's opinion that the company's
improving operating performance and the strengthening of credit
metrics will continue in 2014 and 2015.  S&P expects the main
driving forces behind Usiminas' improved performance to continue,
as the company's cost structure should continue benefitting from
lower raw materials costs (i.e. coal and iron ore), a cheaper
Brazilian real, and efficiency gains from the company's cost-
cutting initiatives.  In addition, steel imports to Brazil have
also been curbed due to higher import tariffs and currency
devaluation, which enabled Brazilian steelmakers to increase
prices and regain market share.  As a result, S&P expects stronger
credit metrics in the future, which is reflected in its upward
revision of Usiminas' financial risk profile to "intermediate"
from "significant."

Usiminas' "fair" business risk profile reflects the company's
leading position in the Brazilian steel production with the auto
industry players as its main clients, its partially integrated
operations with the expected production of about 9 million tons of
iron ore in 2014 at attractive margins, and its good logistics
that allow it to reach end-users at low costs.  The somewhat
offsetting factors are the company's lack of asset
diversification, as two of its plants in Brazil generate most of
its steel production, and its focus on the Brazilian steel market,
where it sells about 90% of its products.

Usiminas' "intermediate" financial risk profile reflects the
company's moderated use of debt and ample financial flexibility,
coupled with S&P's expectation of stronger operating cash flows.
Somewhat pressuring the financial risk profile is the high
maintenance capex in the company's steel business, as well as
S&P's expectation that the company will continue investing in
expanding its mining output.



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

CENTRON GLOBAL: Shareholders' Final Meeting Set for June 6
----------------------------------------------------------
The shareholders of Centron Global Opportunity Fund will hold
their final meeting on June 6, 2014, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


CENTRON HIGH: Shareholders' Final Meeting Set for June 6
--------------------------------------------------------
The shareholders of Centron High Yield Fund will hold their final
meeting on June 6, 2014, at 4:00 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

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


CFS LIQUIDATORS: Members' Final Meeting Set for May 20
------------------------------------------------------
The members of CFS Liquidators Ltd will hold their final meeting
on May 20, 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


CHALLENGER INVESTMENT: Member to Hear Wind-Up Report on May 30
--------------------------------------------------------------
The member of Challenger Investment Holdings Limited will hear on
May 30, 2014, at 8:45 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


EUCALYPTUS MACRO: Shareholders' Final Meeting Set for June 6
------------------------------------------------------------
The shareholders of Eucalyptus Macro Fund Ltd. will hold their
final meeting on June 6, 2014, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


FREEPORT OFFSHORE: Shareholders' Final Meeting Set for May 12
-------------------------------------------------------------
The shareholders of Freeport Offshore SPV I, Ltd will hold their
final meeting on May 12, 2014, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ian Stokoe
          c/o Andrew Nembhard
          Telephone: (345) 914 8779
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


FREEPORT ONSHORE I: Shareholders' Final Meeting Set for May 12
--------------------------------------------------------------
The shareholders of Freeport Onshore SPV I, Ltd will hold their
final meeting on May 12, 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:

          Ian Stokoe
          c/o Andrew Nembhard
          Telephone: (345) 914 8779
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


FREEPORT ONSHORE II: Shareholders' Final Meeting Set for May 12
---------------------------------------------------------------
The shareholders of Freeport Onshore SPV II, Ltd will hold their
final meeting on May 12, 2014, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ian Stokoe
          c/o Andrew Nembhard
          Telephone: (345) 914 8779
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


TSF KASUMIGASEKI: Shareholder to Hear Wind-Up Report on May 30
--------------------------------------------------------------
The shareholder of TSF Kasumigaseki will hear on May 30, 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


TSF0301: Shareholder to Hear Wind-Up Report on May 30
-----------------------------------------------------
The shareholder of TSF0301 will hear on May 30, 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



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


DOMINICAN REP: Trade Pact 'Cuts' Deficit From US$2.7BB to US$1.5BB
------------------------------------------------------------------
Dominican Today reports that National Export Free Zone Council
(CNZFE) deputy director Daniel Liranzo said the Central America,
U.S., Dominican Republic Free Trade Agreement (CAFTA-DR) benefits
the country, contributing to reduce the trade deficit from US$2.7
billion to 1.5 billion in less than three years.

Mr. Liranzo said Incentive Law 8-90 should be amended to allow a
jump of Dominican exports of as much as 25%, over last year's
US$5.02 billion, according to Dominican Today.  Mr. Liranzo said
many companies await an amendment to make investments, the report
relates.

The senators held a second session of the public hearings where
citizens and private entities voice their plans to take advantage
of the agreement, as well to enact public policies on proposals to
update legislation, Dominican Today notes.


=============
J A M A I C A
=============


UC RUSAL: Granted Additional Two-Year Bauxite Levy Concession
-------------------------------------------------------------
RJR News reports that the government of Jamaica has granted UC
Rusal an additional two-year bauxite levy concession in relation
to its Windalco alumina refinery at Ewarton in St. Catherine.

One important condition of this extension is that a coal fired
plant be established to supply energy to the mining operation.
Plans for the coal plant had been previously announced but to date
the work has not commenced, according to RJR News.

The company had earlier been granted a one-year levy concession
with several conditions attached, including expansion of
production at Windalco, and reopening of two other plants --
Kirkvine and Alpart -- by 2015, the report relates.

The report notes that Mining Minister Phillip Paulwell, opening
the Sectoral Debate in Parliament, admitted that some of these
conditions had not yet been met.  Nevertheless, he confirmed that
the two-year concession extension had been granted in respect of
the Ewarton plant, the report discloses.

The Minister told Parliament that representatives of UC Rusal will
arrive in Jamaica later this month to conclude discussions "on the
future of their operations" at Alpart (in St. Elizabeth) and
Kirkvine (in Manchester), RJR News says.

The Minister also announced that the Government is in negotiations
for the sale of its seven per cent stake in Windalco, the report
adds.

UC Rusal controls 65 per cent of Jamaica's alumina production
capacity and operates three of the island's four alumina
refineries.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 31, 2014, RJR News said that UC Rusal reported a massive
increase in net losses in the year to December 31.  This was due
mainly to a large impairment cost and one-off restructuring
charges combined with lower production and a fall in aluminum
prices, according to RJR News.

The report noted that the company reported a net loss of US$3.2
billion.  It suffered a US$528 million loss in 2012.


===========
M E X I C O
===========


* Moody's Says Mexican Non-Financial Firms Have Stable Liquidity
----------------------------------------------------------------
Moody's-rated Mexican non-financial companies continue to have
stable liquidity, the rating agency says in a new report, "Most
Mexican Companies Will Maintain Solid Liquidity Through 2015."
They should be able to cover short-term debt maturities, current
maturities of long-term debt, operating expenses and regular
capital expenditures until the end of next year with cash on hand,
free cash flow or committed bank lines.

The new report looks at the liquidity risk of the 24 non-
financial, non-utility Mexican companies rated B3 or above as of
year-end 2013.

"Of the companies Moody's reviewed, 88% had medium or low
liquidity risk at the end of 2013, slightly down from 89% in 2012
but up from 81% in 2011," says Vice President -- Senior Credit
Officer, Nymia Almeida. "Historically, liquidity risk in Mexico
has been stable, though two companies -- Maxcom
Telecomunicaciones, S.A.B de C.V. and Axtel, S.A.B. de C.V.
defaulted -- defaulted last year."

But Mexican companies must improve their liquidity management,
Almeida says. Though better than in 2008-09, when several
defaulted due to lax financial policies, liquidity management in
Mexico continues to lag global best practices. Loose financial
policies, credit market disruptions, the fragile global economy
and foreign-exchange volatility are all risks for Mexican
companies through at least 2015.

A lack of committed credit facilities continues to hamper Mexican
companies' liquidity practices, though the number with committed
lines has grown to 16 from 10 in early 2013 and just three in late
2008.

"Three of the 24 companies Moody's reviewed have high liquidity
risk, with limited cash for addressing upcoming debt maturities,
sizable negative free cash flow or a lack committed credit lines,"
Almeida says. "Among them is PEMEX, the national oil company,
whose high debt levels and amortizations entail significant
refinancing risk, though it is still able to tap both the domestic
and international credit markets."

And eight of the 16 high-yield Mexican companies Moody's reviewed
have a high risk of breaching a loan covenant, running the risk of
reporting higher debt leverage or lower interest coverage than
incurrence tests allow, or failing a maintenance test.

Mexican non-financial companies rated B3 or above have low risk
from foreign-currency debt exposure, the new report says. Only two
of the 24 reviewed -- Grupo Elektra and Sigma Alimentos, S.A. de
C.V. -- have high foreign-currency exposure net of currency hedges
not fully covered by foreign-currency EBITDA or mitigated by other
factors. Both, however, have conditions in place that offset much
of this risk.



=====================
P U E R T O   R I C O
=====================


ALCO CORP: Seeks Dismissal of Chapter 11 Case
---------------------------------------------
Alco Corporation asks the Bankruptcy Court to dismiss its Chapter
11 case for the benefit of all creditors and parties-in-interest
so as to allow it to resolve all pending matters outside of
bankruptcy and continue with the implementation of its confirmed
plan of reorganization.

The Debtor believes the dismissal will allow it to resolve more
efficiently all matters with Betteroads Asphalt ("BRA"), secured
creditor PR Asset Portfolio 2013-1 International, LLC, and the
bonding companies -- Travelers Casualty and Surety Company,
Reliance Insurance Company and MAPFRE PRAICO Insurance Company.

BRA and the Debtor were involved in state court litigation over
the collection of monies against the Debtor and its principals.
BRA also appealed the Bankruptcy Court's confirmation order on the
Debtor's Plan.  The parties were eventually able to arrive at a
settlement in 2013.  However, the Bonding Companies opposed the
settlement.

The Debtor eventually reached a settlement with the Bonding
Companies in January 2014.

Consequently however, the settlement with the Bonding Companies
was also opposed by PR Asset.  No settlement has been reached with
PR Asset as of presstime.

As stated in open court at an April 2 hearing, all the parties
except for PR Asset favor the dismissal of the Debtor's case.

The Debtor maintains that if the case is dismissed, PR Asset will
suffer no harm.  PR Asset holds a lien over the Debtor's primary
assets and is said to have obtained a judgment against the Debtor
prior to the bankruptcy filing.  Thus, if dismissal is granted, PR
Asset has the alternative to execute its judgment and obtain an
adequate remedy in law in order to collect the remainder of the
claim which was unpaid.

On the other hand, the Debtor contends, conversion of the case
will burden the estate further since Chapter 7 administrative
expenses will accrue and the litigation in both adversary
proceedings and any other contested matter in the lead case will
continue.

                        PR Asset Replies

PR Asset is convinced that the Debtor's only intention through the
voluntary dismissal is to continue with its liquidation without
supervision of the Court and in detriment of creditors.

PR Asset thus asks the Court to deny the Motion for Voluntary
Dismissal and instead, order the conversion of the case to Chapter
7.  It also asks the Court to bar the Debtor from refiling a
bankruptcy petition for 18 months.

PR Asset relates that it has a lien over all of the Debtor's asset
by virtue Banco de Popular de Puerto Rico's transfer of its claim
against the Debtor to PR Asset.

PR Asset complains that by entering into a stipulation with the
Bonding Companies, the Debtor unlawfully attempted to infringe on
PR Asset's existing liens and security interests.  PR Asset cites
that the Debtor purported to grant the Bonding Companies with
adequate protection in the form of a valid, first rank lien, in
the Debtor's cash collateral.

Moreover, PR Asset contends, the Debtor accepts that it mismanaged
the estate when it admits that it has ceased operations in the
Canovanas Asphalt Plan.

PR Asset is convinced that the appointment of a Chapter 7 trustee
will allow payment to be obtained in an efficient and organized
manner.

                          May 7 Hearing

Judge Mildred Caban Flores was to convene a hearing on May 7,
2014, to consider the Debtor's request.

Alco Corp. is presented by:

          C. Conde & Associates
          Luisa S. Valle Castro, Esq.
          254 San Jose Street, 5th Floor
          Old San Juan, Puerto Rico 00901
          Tel No: (787) 729-2900
          Fax No: (787) 729-2203
          ls.valle@condelaw.com

PR Asset is represented by:

          O'Neill & Borges LLC
          Ubaldo M. Fernandez, Esq.
          American International Plaza
          250 Munoz Rivera Ave., Suite 800
          San Juan, Puerto Rico 00918-1813
          Tel No: (787) 764-8181
          Fax No: (787) 753-8944
          Email: Ubaldo.Fernandez@oneillborges.com

                       About Alco Corp.

Alco Corporation in Dorado, Puerto Rico, filed for Chapter 11
bankruptcy (Bankr. D. P.R. Case No. 12-00139) on Jan. 12, 2012.
Carmen D. Conde Torres, Esq., and C. Conde & Associates represent
the Debtor in its restructuring effort.  Alco tapped Jimenez
Vasquez & Associates, PSC, as accountants.  The Debtor scheduled
$11.2 million in assets and $7.76 million in debts.  The petition
was signed by Alfonso Rodriguez, president.

Bankruptcy Judge Mildred Caban Flores in Puerto Rico issued an
opinion and order on March 11, 2013, confirming the Amended
Chapter 11 Plan of Reorganization filed by Alco Corporation.  The
Plan considers the full payment of all administrative, secured
creditors and priority claims and a 50% dividend to the general
unsecured creditors on monthly installments within 5 years from
the effective date.


                            ***********


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.


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