TCRLA_Public/140514.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

           Wednesday, May 14, 2014, Vol. 15, No. 94


                            Headlines



A R G E N T I N A

BANCO HIPOTECARIO: S&P Affirms 'CCC+' ICR; Outlook Negative


B R A Z I L

ENEVA SA: Eike Batista Likely to Have Firm Stake Diluted
ENEVA SA: To Receive US$672 Million Capital Injection


C A Y M A N  I S L A N D S

47 DEGREES: Placed Under Voluntary Wind-Up
ACQ EQUITY MASTER: Creditors' Proofs of Debt Due May 26
ACQ EQUITY OFFSHORE: Creditors' Proofs of Debt Due May 26
AMATHEA V LTD: Creditors' Proofs of Debt Due May 26
KINGS CROSS: Commences Liquidation Proceedings

MIDDLESEX HOLDINGS: Commences Liquidation Proceedings
MSR ASIA: Creditors' Proofs of Debt Due May 26
POINT LOBOS: Creditors' Proofs of Debt Due June 4
UBS CAPITAL: Commences Liquidation Proceedings
VALLAR SERVICES: Creditors' Proofs of Debt Due May 26


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: DGII Says Revenue in First 4 Mos. Jumps 16.6%


G U A T E M A L A

INGENIO MAGDALENA: S&P Revises Outlook to Neg., Withdraws BB- CCR


M E X I C O

ALESTRA: S&P Affirms 'BB' CCR; Outlook Stable


S U R I N A M E

SURINAME: Fitch Affirms Issuer Default Ratings at 'BB-'


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Central Bank Injects US$50MM More in System


                            - - - - -


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A R G E N T I N A
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BANCO HIPOTECARIO: S&P Affirms 'CCC+' ICR; Outlook Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+' issuer
credit rating on Banco Hipotecario S.A.  The outlook remains
negative.  The bank's stand-alone credit profile (SACP) is 'b+'.

S&P's rating on Banco Hipotecario reflects the sovereign ratings,
which limit the rating on the bank.  S&P rarely rates financial
institutions above the long-term rating on their country of
domicile, because it considers it unlikely that these institutions
would remain unaffected by developments in their domestic economy.
Also, Banco Hipotecario, like all the other financial institutions
operating in Argentina, could face indirect effects of a sovereign
downgrade.  This is because S&P believes a sovereign downgrade is
normally associated with, or could lead to, a weaker operating
environment for financial institutions, which would very likely
affect their creditworthiness.  Still, S&P considers that Banco
Hipotecario has an "adequate" business position, capital and
earnings, and risk position, "below-average" funding, and
"adequate" liquidity (as S&P's criteria define the terms).



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B R A Z I L
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ENEVA SA: Eike Batista Likely to Have Firm Stake Diluted
--------------------------------------------------------
Luciana Magalhaes at The Wall Street Journal reports that
Brazilian businessman Eike Batista will likely have his stake in
Brazilian utility company Eneva SA to as low as 10%, from current
23.9%, another sign of his deteriorating finances.

Mr. Batista's shrinking stake comes as the company plans to
increase its capital, which is expected to lead to a dilution of
Mr. Batista's holdings, according to a person familiar with the
situation, notes the report.

Mr. Batista, however, will continue to share control of Eneva with
Germany's E.ON SE, the same person said, the report relates.

The WSJ notes that once Brazil's richest man, Mr. Batista was
forced to dismantle his empire, selling assets or stakes in his
companies with interests in energy, mining and logistics.  His
troubles were triggered by a deep financial and credibility crisis
after his oil firm, his group's backbone company, failed to meet
production targets, WSJ relates.

Mr. Batista, who lost most of his fortune in the past year and a
half, is also now under investigation for alleged financial
crimes, WSJ discloses.  The businessman man, however, denies any
wrongdoing.

                         About Eneva SA

Eneva SA, formerly known as MPX Energia SA is a private
thermoelectric generator in Brazil.  The company, which long was
considered the strongest among the firms founded by the embattled
Brazilian entrepreneur, has also run into financial difficulties.

The company posted a net loss of BRL 280 million in the fourth
quarter, up from a loss of BRL 138.8 million the same period a
year ago.


ENEVA SA: To Receive US$672 Million Capital Injection
-----------------------------------------------------
Rogerio Jelmayer at The Wall Street Journal reports that Brazilian
power utility company Eneva SA, co-controlled by Germany's E.ON SE
and businessman Eike Batista, reached an agreement with creditors
to restructure its debts and it will receive a capital injection
worth BRL1.5 billion (US$672 million), via a capital increase.

The company, which had a total of BRL2 billion in debt maturating
until the end of this year, reached an agreement with bank's
creditors BTG Pactual, Citibank, HSBC, and Banco Itau Unibanco, to
postpone debt payments to June 2017, according to WSJ.  It didn't
unveil the debt with each bank.

Meanwhile, the report notes that the company will receive a
capital injection worth BRL1.5 billion from its shareholders, via
a private placement of shares, with the most part of proceeds
coming from E.ON.

The company didn't unveil the exact stake to be acquired by its
shareholders, nor if Mr. Batista will participate on the
operation.  Depending on the participation of shareholders in the
capital increase, it could result in the exit of Mr. Batista from
the control of the company as his stake could be diluted, the
report relates.

Currently E.ON has a 37.90% stake in Eneva, Mr. Batista has a
23.9% stake, and Brazil's National Development Bank has a 10.34%
stake, the report discloses.  The company's has a free float of
nearly 28%.

                         About Eneva SA

Eneva SA, formerly known as MPX Energia SA is a private
thermoelectric generator in Brazil.  The company, which long was
considered the strongest among the firms founded by the embattled
Brazilian entrepreneur, has also run into financial difficulties.

The company posted a net loss of BRL 280 million in the fourth
quarter, up from a loss of BRL 138.8 million the same period a
year ago.


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


47 DEGREES: Placed Under Voluntary Wind-Up
------------------------------------------
On April 23, 2014, the sole shareholder of 47 Degrees North
Innovation Fund Ltd. resolved to voluntarily wind up the company's
operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Avalon Ltd.
          Reference: GL
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351
          Landmark Square, 1st Floor
          64 Earth Close
          West Bay Beach
          P.O. Box 715, George Town
          Grand Cayman KY1-1107
          Cayman Islands


ACQ EQUITY MASTER: Creditors' Proofs of Debt Due May 26
-------------------------------------------------------
The creditors of ACQ Equity Income Master Fund, Ltd. are required
to file their proofs of debt by May 26, 2014, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on April 3, 2014.

The company's liquidator is:

          Ogier
          c/o Desiree Jacob
          Telephone: (345) 815-1779
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


ACQ EQUITY OFFSHORE: Creditors' Proofs of Debt Due May 26
---------------------------------------------------------
The creditors of ACQ Equity Income Offshore Fund, Ltd. are
required to file their proofs of debt by May 26, 2014, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 3, 2014.

The company's liquidator is:

          Ogier
          c/o Desiree Jacob
          Telephone: (345) 815-1779
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


AMATHEA V LTD: Creditors' Proofs of Debt Due May 26
---------------------------------------------------
The creditors of Amathea V Ltd. are required to file their proofs
of debt by May 26, 2014, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 23, 2014.

The company's liquidator is:

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


KINGS CROSS: Commences Liquidation Proceedings
----------------------------------------------
On April 23, 2014, the shareholder of Kings Cross Holding 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:

          Anthony Beovich
          The Blackstone Group
          345 Park Avenue, 31st Floor
          New York, New York 10154
          United States of America
          Telephone: +1 (212) 583 5877


MIDDLESEX HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------------
On April 23, 2014, the shareholder of Middlesex Holdings JV Ltd.
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:

          Anthony Beovich
          c/o The Blackstone Group
          345 Park Avenue, 31st Floor
          New York, New York 10154
          United States of America
          Tel: + 1 (212) 583 5877
          e-mail: Beovich@Blackstone.com


MSR ASIA: Creditors' Proofs of Debt Due May 26
----------------------------------------------
The creditors of MSR Asia Acquisitions XVII, Inc. are required to
file their proofs of debt by May 26, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 22, 2014.

The company's liquidator is:

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


POINT LOBOS: Creditors' Proofs of Debt Due June 4
-------------------------------------------------
The creditors of Point Lobos Partners Offshore, Ltd are required
to file their proofs of debt by June 4, 2014, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on April 22, 2014.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms House, 2nd Floor
          P.O. Box 1344
          Cayman Islands


UBS CAPITAL: Commences Liquidation Proceedings
----------------------------------------------
On April 25, 2014, the sole member of UBS Capital Latin America
LDC 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:

          John T. Connors
          UBS AG Investment Bank
          677 Washington Boulevard
          8th Floor, Stamford, CT 06901
          United States of America
          Telephone: +1 (203) 719 4737
          e-mail: john-t.connors@ubs.com


VALLAR SERVICES: Creditors' Proofs of Debt Due May 26
-----------------------------------------------------
The creditors of Vallar Services Limited are required to file
their proofs of debt by May 26, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 28, 2014.

The company's liquidator is:

          Ogier
          c/o Piers Dryden
          Telephone: 815-1842
          Facsimile: (345) 949-9877
          Artemis Trustees Limited
          P.O. Box 100, Trafalgar Court
          2nd Floor East Wing
          Admiral Park, St. Peter Port
          Guernsey GY1 3EL
          Channel Islands


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


DOMINICAN REPUBLIC: DGII Says Revenue in First 4 Mos. Jumps 16.6%
-----------------------------------------------------------------
Dominican Today reports that the Internal Taxes Agency (DGII)
disclosed a 16.6% increase in revenue in the first quarter
compared to the same 2013 period, and excluding extraordinary
income; exceeds the 9.2% growth projected for 2014.

It reports RD$118.4 billion in revenue from January to April, or
RD$20.9 billion and a growth of 21.4% compared with the same
previous year period, according to Dominican Today.

It said the Customs Agency contributed 16% of the revenue and the
National Treasury 3%, Dominican Today relates.

Meanwhile, the report notes that DGII reported additional revenue
of RD$10.2 billion during the January-April period, from the sales
of the telecoms Orange and Tricom.


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G U A T E M A L A
=================


INGENIO MAGDALENA: S&P Revises Outlook to Neg., Withdraws BB- CCR
------------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Ingenio
Magdalena S.A. (IMSA) to negative from stable.  At the same time,
S&P affirmed its 'BB-' corporate credit rating and subsequently
withdrew it at the company's request.  At the time of the
withdrawal, S&P didn't have updated operating and financial
information.

The outlook revision reflected S&P's expectation that IMSA's
operating performance won't be in line with its expectations given
industry conditions and lower sugar prices.  The outlook revision
also reflected the capital structure's likely deterioration, given
that the company didn't issue the bonds and still hasn't defined
the new structure.



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


ALESTRA: S&P Affirms 'BB' CCR; Outlook Stable
----------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on Alestra S. de R.L. de C.V. (Alestra).  The
outlook is stable.

S&P's affirmation reflects Alestra's "weak" competitive position
given the company's limited geographic diversification and its
small scale in an industry subject to increasing pricing pressures
and declining revenues from traditional long-distance services.
"Nevertheless, the company has moved out of the competitive
residential market following its niche strategy to offer value-
added and IT services to multinational companies and large and
midsize enterprises through its flexible and advanced network with
several access technologies," said Standard & Poor's credit
analyst Marcela Duenas.  S&P views Alestra's profitability as
"satisfactory," due to its stable margins, its significant
technological investment requirements, and the fact that Alestra
operates solely in Mexico, which may host a less stable business
environment going forward.



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S U R I N A M E
===============


SURINAME: Fitch Affirms Issuer Default Ratings at 'BB-'
-------------------------------------------------------
Fitch Ratings has affirmed Suriname's long-term foreign and local
currency Issuer Default Ratings (IDRs) at 'BB-'.  Fitch has also
affirmed the issue ratings on Suriname's senior unsecured foreign
and local currency bonds are at 'BB-'.  The Rating Outlooks on the
long-term IDRs are Stable. In addition, Fitch has affirmed
Suriname's Country Ceiling at 'BB-' and short-term foreign
currency IDR at 'B'.

Key Rating Drivers
Suriname's rating affirmation and Stable Outlook reflect the
following rating drivers:

Suriname has experienced fiscal and external deterioration in
2013. However, its strong starting point with adequate external
buffers and a moderate debt burden provide flexibility to cope
with the downturn in commodity prices.  Moreover, Fitch expects
that the Surinamese authorities will contain the fiscal deficit
and preserve macroeconomic stability through the general elections
in May 2015.  A new large-scale mining investment project is
likely to boost gold production, support economic growth and
reduce fiscal and external imbalances over the medium term.

The government deficit doubled to 5.8% of GDP in 2013 due to lower
commodity-derived taxes and generous wage adjustments to public
employees.  Recent spending rationalization and revenue measures
are helping to contain the fiscal expansion. Preliminary results
point to a halving of the fiscal deficit to 1.4% of GDP in 1Q14
from the unprecedented 3% in 1Q13.  The limited availability of
local and external sources to continue financing large fiscal
imbalances could rein in the room for fiscal slippage during the
electoral season.  Notwithstanding these factors, Fitch expects
fiscal deficits to remain at 4.4% of GDP in 2014-2015, which is
higher than the average 2.3% in 2009-2012.

Suriname's build-up of external buffers in recent years provided
the authorities with flexibility to manage depreciation and
inflation pressures in 2013.  The central bank's currency
interventions and tighter reserve requirements narrowed the
parallel exchange market premium to 2% from 6% in 3Q13 and
stabilized foreign reserves at nearly USD800 million (14% of GDP)
in 1Q'14.  Annual inflation could average 3.4% in 2014-2015,
helped by lower imported prices, utility subsidies and improving
weather conditions.

Suriname's current account swung to a deficit of 3.8% of GDP in
2013 from a surplus of 3.3% in 2012.  Current account deficits
could widen in 2014-2015, reflecting the limited gold price upside
and import-intensive investment cycle, but are expected to be
fully financed by foreign investment in mining and oil.  Fuel
import substitutions could start having a net positive impact on
the trade balance in 2015.  External borrowing by the government
and the state-owned Staatsolie will provide additional support to
the balance of payments and the stabilization of international
reserves.

The banking system maintains adequate capitalization, asset
quality, liquidity and profitability.  However, high financial
dollarization, the rapid growth of local currency consumer and
mortgage lending and a recent pickup in non-performing loans are
sources of financial vulnerability.  The commercial banks' strong
net foreign asset position of 14% of GDP allays risk of currency
mismatches and deposit runs.

Government indebtedness doubled to 29% of GDP in 2013 from 16% in
2009, fuelled by five years of fiscal deficits.  Fitch's
sustainability analysis suggests that the debt burden will
continue to climb although will likely stay below the 'BB' median
of 36% of GDP even if the government funds its equity
participation in two new mining joint ventures through
international commercial loans in 2014-2015.  Low servicing costs
and long repayment periods, mostly on concessional lending,
mitigate refinancing risks.

Fitch expects Suriname's real GDP growth to decelerate to 3.9% of
GDP in 2014-2015, in line with the 'BB' median.  Economic activity
is vulnerable to mining supply shocks and a sustained decline in
commodity prices.  A new mining project requiring USD1 billion
(18% of GDP) in investment is expected to start in 3Q14.  The
project could double industrial gold production in three years and
have positive spinoff effects on exports, employment, construction
and trade.

Suriname's ratings are constrained by the vulnerability of growth,
fiscal revenue and exports to commodity downturns, relatively weak
monetary and fiscal policy frameworks, a poor business environment
and deficient, albeit improving, official data quality.  Weak
regulatory quality, institutional capacity constraints and
corruption weigh on government effectiveness.

Rating Sensitivities
The main risk factors that, individually or collectively, could
trigger a rating action are:

Negative:
-- Continued fiscal slippage or a sustained loss of international
reserves that compromise the central bank's capacity to maintain
currency and price stability;
-- Electoral or institutional uncertainty that leads to loss of
confidence in policy making;
-- Mining production shocks or a severe fall in commodity prices
that lead to a material deterioration of the sovereign's fiscal
and external solvency metrics.

Positive:
-- Progress towards the implementation of investment projects that
spur faster economic growth in the context of macroeconomic
stability;
-- Improvement in fiscal and external accounts in relation to
rating peers;
-- Reforms to strengthen budget management controls, monetary and
fiscal policy predictability and institutional capacity at public
sector entities.

Key Assumptions
The ratings and Outlooks are sensitive to a number of assumptions.

-- The growth, fiscal and external forecasts assume that
Suriname's will sustain annual gold production above one million
ounces and international prices do not fall below an average of
USD1200 per ounce in 2014-2015. The projections also assume an
average oil production of 16500bpd and international prices of
USD100-105 in 2014-2015.

-- Fitch's government debt forecast incorporate USD200 million
(3.6% of GDP) in commercial loans to finance its equity stake in a
new gold mining venture with Newmont. The projections factor in an
expected investment stream of USD1 billion (18% of GDP) over the
next three years.


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


TRINIDAD & TOBAGO: Central Bank Injects US$50MM More in System
--------------------------------------------------------------
Trinidad Express reports that the Trinidad and Tobago Central Bank
has injected another US$50 million into the local foreign exchange
market.

The latest boost into what has -- at least anecdotally -- been a
very tight market since December, brings the Central Bank's total
supply of foreign exchange this year from January to May 9 thus
far to US$410 million, according to Trinidad Express.

In a release, the report notes, the Bank said it released this
latest sale to authorised dealers "in anticipation of a seasonal
decline of foreign exchange inflows and to alleviate immediate
trade-related demand pressures in the economy".

The Central Bank has provided just under one-fifth of the total
foreign exchange market needs, the report discloses.  The
remaining 80 per cent came primarily from energy sector companies
selling funds to the banking system, the bank said, the report
relays.

The domestic foreign exchange market remained relatively liquid in
the first four months of 2014, the Bank said, the report notes.

Authorized dealers purchased US$1.884 billion mainly from the
energy sector and sold US$2.077 billion to the general public, the
report discloses.  The resulting market shortfall of US$193
million was completely met by the Central Bank's sales of foreign
exchange to the financial system, the Bank said, the report
relates.

The Central Bank will continue to assess market conditions and
take further action, as it sees necessary, the release stated, the
report adds.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
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or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

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                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2014.  All rights reserved.  ISSN 1529-2746.

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