TCRLA_Public/140515.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

           Thursday, May 15, 2014, Vol. 15, No. 95


                            Headlines



A R G E N T I N A

ARGENTINA: JPMorgan Paying $2BB More for Bonds From Repsol
FIDEICOMISO FINANCIERO: Moody's Rates ARS22.2MM Certs. 'Ba1.ar'


B R A Z I L

BANCO BMG: S&P Puts 'B/B' Rating on CreditWatch Developing
COMPANHIA ENERGETICA: S&P Raises CCR to 'BBB-' from 'BB+'
HYPERMARCAS: S&P Raises CCR to 'BB'; Outlook Stable
OGX PETROLEO: Batista Appeals Court Order Freezing $55MM Cash


C A Y M A N  I S L A N D S

AL JEMAIL: Shareholder to Receive Wind-Up Report on June 13
ASIA EQUITY: Members' Final Meeting Set for June 19
BLUEBAY MULTI-SELECT: Commences Liquidation Proceedings
COMNET COMPANY: Creditors' Proofs of Debt Due May 27
CONOCOPHILLIPS KAZAKHSTAN: Shareholders' Meeting Set for June 3

DRAX INTERMEDIATE: Commences Liquidation Proceedings
DRAX LIMITED: Commences Liquidation Proceedings
KHALID MOHAMMED: Members' Final Meeting Set for May 30
NE ASIA MASTER: Shareholders' Final Meeting Set for June 20
NE ASIA OFFSHORE: Shareholders' Final Meeting Set for June 20

SANTA RAFAELA: Shareholder to Receive Wind-Up Report on June 18
SANTA ROSANNA: Shareholder to Receive Wind-Up Report on June 18
STW INTERNATIONAL: Shareholders' Final Meeting Set for May 27
WATER BEARER: Creditors' Proofs of Debt Due May 26


C O L O M B I A

PACIFIC RUBIALES: S&P Affirms 'BB+' CCR; Outlook Stable


D O M I N I C A N   R E P U B L I C

BANCO BHD: IFC to Help Bank Develop Innovative Products
XSTRATA PLC: Official's Statement Buoys Mine Plan
* DOMINICAN REPUBLIC: Majority Thinks Economy on Right Path


M E X I C O

GRUPO SENDA: Fitch Affirms 'B' IDR; Outlook Stable


                            - - - - -


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


ARGENTINA: JPMorgan Paying $2BB More for Bonds From Repsol
----------------------------------------------------------
Brendan Walsh at Bloomberg News reports that JPMorgan Chase & Co.
(JPM) agreed to buy Argentine government bonds from oil producer
Repsol SA (REP) for $2 billion, bringing its purchases of the
country's securities to about $5 billion in the past week.

JPMorgan agreed to purchase Argentina's bonds due in 2015, 2017
and 2033, Madrid-based Repsol said in a filing, according to
Bloomberg News.  The oil company agreed to sell Argentine bonds
due in 2024 to New York-based JPMorgan for $2.8 billion.

The biggest U.S. bank is facilitating Repsol's efforts to reduce
ties with the Argentine government, which nationalized its 51
percent stake in local oil producer YPF SA in April 2012, the
report notes.  Under an agreement reached with the government
earlier this year, Repsol received a face value of $5.32 billion
of bonds as compensation for the seizure, the report relates.

JPMorgan has now bought almost all of that.  The bank, which has
already sold some of the Argentine bonds received from the first
purchase, is wagering that the remaining holdings will gain in
value, a person with direct knowledge of the bank's strategy said,
the report notes.

Argentina's bonds, rated seven levels below investment grade, have
soared 46 percent in the past year, the most among emerging-market
government debt, as the country took steps to repair ties with
international investors, including Repsol and the International
Monetary Fund, the report discloses.

                             Riskiest Debt

Bloomberg News notes that the country's debt is still considered
risky, with the cost of protection in the credit-default swaps
market at 1,571 basis points according to CMA, the highest in the
world.  The country hasn't sold bonds directly to international
markets since a $95 billion default in 2001, and it's locked in a
dispute with some creditors in a case now before the U.S. Supreme
Court, Bloomberg News relates.

The transaction disclosed is expected to be completed by May 16,
according to the filing.

The sale included all of Repsol's Argentine securities due in 2017
and 2033 and all but $117 million of those due in 2015, according
to the filing, Bloomberg News says.

Repsol previously had said it had $500 million of the 2017
securities, $1.25 billion of the 2033 bonds and $317 million of
the 2015 debt, Bloomberg New adds.


FIDEICOMISO FINANCIERO: Moody's Rates ARS22.2MM Certs. 'Ba1.ar'
---------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo rates the
new structure of Fideicomiso Financiero ICBC Prendarios I, a
transaction that will be issued by TMF Trust (Argentina) S.A. -
acting solely in its capacity as Issuer and Trustee.

The securities for this transaction have not yet been placed in
the market. Moreover, the transaction is pending approval from the
"Comision Nacional de Valores." If any assumption or factor
Moody's considers when assigning the ratings change before
closing, the ratings may also change.

The liability structure of the transaction has changed before
issuance. The interest rate caps and floors of the debt securities
were increased compared to the structure originally rated, and the
closing date of the transaction has been postponed. Moody's has
affirmed the ratings of the Class A Floating Rate Securities,
Class B Floating Rate Securities and of the Certificates,
previously assigned on April 9, 2014:

ARS 157,176,089 in Class A Floating Rate Debt Securities of
"Fideicomiso Financiero ICBC Prendarios I", rated Aa2.ar (sf)
(Argentine National Scale) and B1 (sf) (Global Scale, Local
Currency)

ARS 22,165,859 in Class B Floating Rate Debt Securities of
"Fideicomiso Financiero ICBC Prendarios I", rated Aa3.ar (sf)
(Argentine National Scale) and B2 (sf) (Global Scale, Local
Currency)

ARS 22,165,859 in Certificates of "Fideicomiso Financiero ICBC
Prendarios I", rated Ba1.ar (sf) (Argentine National Scale) and
Caa1 (sf) (Global Scale, Local Currency)

Ratings Rationale

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of 8,956
eligible auto loans denominated in Argentine pesos, with a fixed
interest rate, originated by the Industrial and Commercial Bank of
China (Argentina) S.A. "ICBC (Argentina)", in an aggregate amount
of ARS 201,507,807.

These auto loans are granted to ICBC (Argentina) clients. The
monthly loan installment is deducted directly from the borrower's
bank account.

Overall credit enhancement is comprised of 22% of subordination
for the Class A Floating Rate Debt Securities and 11% for the
Class B Floating Rate Debt Securities. In addition the transaction
has various reserve funds and excess spread.

The VDF TVA will bear a BADLAR floating interest rate plus a
spread. The VDF TVA's interest rate will never be higher than 32%
or lower than 24%. The VDF TVB will also bear a BADLAR floating
interest rate plus a spread. The VDF TVB's interest rate will
never be higher than 34% or lower than 25%

Factors that would lead to an upgrade or downgrade of the rating:

Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.

Loss and Cash Flow Analysis:

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of ICBC
(Argentina)'s portfolio. In addition, Moody's considered factors
common to auto loans securitizations such as delinquencies, LTVs,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.
These factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the pool with a mean of 4%
and a coefficient of variation of 50%. Also, Moody's assumed a
lognormal distribution for prepayments with a mean of 15% and a
coefficient of variation of 70%. These assumptions are derived
from the historical performance to date of ICBC (Argentina)'s
pools. Servicer default was modeled by simulating the default of
the ICBC (Argentina) as the servicer consistent with its current
rating of B1/Aa2.ar. In the scenarios where the servicer defaults,
Moody's assumed that the defaults on the pool would increase by 20
percentage points.

The model results showed 0.00% expected loss for the Class A
Floating Rate Debt Securities, 4.54% for the Class B Floating Rate
Debt Securities and 9.62% for the Certificates.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If ICBC (Argentina) is removed as servicer,
TMF Trust Company (Argentina) S.A. will be appointed as the back-
up servicer.

Stress Scenarios:

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates increased 4% from the
base case scenario for the pool (i.e., mean of 8% and a
coefficient of variation of 50%), the ratings of the Class B
Floating Rate debt securities and the Certificates would likely be
downgraded to B3 (sf) and Caa3 (sf) respectively. The ratings of
the Class A Floating Rate Debt Securities would likely be
unchanged.

The principal methodology used in this rating was "Moody's
Approach to Rating Auto Loan-Backed ABS " published in May 2013.

Potential Mapping Recalibration From Global Scale To National
Scale Ratings

With the recent downgrade of the government of Argentina on the
global rating scale and other issuers whose risk profiles are
affected by related credit considerations, the distribution of
ratings among issuers in Argentina has become compressed within
the bottom half of the national rating scale. As a result, the
current mapping of global scale ratings to national scale ratings
may no longer be adequately serving one of its intended purposes,
which is to provide substantially greater potential credit
differentiation among issuers in Argentina than is possible on the
global rating scale. Moody's is therefore assessing the
opportunity to revise its mapping from global scale ratings to
national scale ratings for Argentina. If the mapping is revised,
the new scale would likely imply that higher rated Argentine
issuers would be remapped to higher ratings on the national scale.


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


BANCO BMG: S&P Puts 'B/B' Rating on CreditWatch Developing
----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B/B' global scale
and 'brBBB-' national scale ratings on Banco BMG S.A. (BMG) on
CreditWatch developing.

"The rating action follows BMG's and Itau Unibanco S.A.'s April
29, 2014, announcement that they will redirect 100% of BMG's
payroll discounted loans portfolio to the Banco Itau BMG
Consignado S.A., concentrating all originations from this market
into it," said Standard & Poor's credit analyst Edgard Dias.

If regulators approve the transaction, BMG will sell its entire
payroll discount loan portfolio to the JV without recourse,
concentrating the portfolio's origination accounting and
commercial structure into the JV.  Itau's control in the JV will
drop to 60% from 70%, as BMG increases its share to 40% following
its pending capital injection into the JV. BMG will maintain a
substantial foothold in the payroll discounted loan business,
although all income from this portfolio will be through equity
results at the JV.  Since Itau enjoys one of the cheapest funding
structures in the Brazilian market, the loans transferred to the
JV have better profitability than those at BMG given the funding
cost differences between the two banks.  At the same time, Itau
will discontinue a monthly Brazilian real (R$) 300 million funding
facility it provided to BMG.

By transferring control of payroll discounted loans originations
to the JV, BMG will focus on SMEs, credit cards, and auto lending
growth, markets in which the bank has significant experience.
However, the shift will require significant guarantees control and
skilled underwriting standards, as these segments pose risks due
to their weaker overall asset quality and higher margins.

S&P will resolve the CreditWatch listing when and if the Brazilian
regulators approve or reject the transaction.  S&P revised the
anchor for banks operating in Brazil to 'bbb-' from 'bbb'.
Therefore, if the regulator approves the changes in the JV, S&P
could raise, affirm, or lower the ratings on BMG, following its
analysis of the effects of the anchor revision on the ratings on
the bank.  If the bank materially changes its capitalization,
business position, and funding and liquidity, this could offset
the impact of the anchor revision.  S&P could downgrade the bank
if regulators reject the transaction because its recent anchor
revision could negatively affect the ratings on the bank.


COMPANHIA ENERGETICA: S&P Raises CCR to 'BBB-' from 'BB+'
---------------------------------------------------------
Standard & Poor's Ratings Services raised its global scale
corporate credit rating on CESP - Companhia Energetica de Sao
Paulo (CESP) to 'BBB-' from 'BB+'.  S&P also raised its Brazil
national scale rating to 'brAAA' from 'brAA+'.  The outlook is
stable.  At the same time, S&P raised CESP's stand-alone credit
profile (SACP) to 'bbb-' from 'bb+'.

"The upgrade reflects our expectation that CESP will continue
amortizing its existing debt given its strong free operating cash
flow generation in the next few years," said Standard & Poor's
credit analyst Vinicius Fereira.

The ratings on CESP reflect its 'bbb-' SACP, and S&P's assessment
of a "low" likelihood of the state of Sao Paulo (global scale:
BBB-/Stable/--; Brazil national scale: brAAA/Stable/--) to provide
timely and sufficient support to CESP, if needed.  The company is
a government-related entity (GRE) and S&P based its view of the
"low" likelihood of government support on:

   -- CESP's "limited" link to the state of Sao Paulo, as the
      state attempted to divest itself from the company in 2008.
      The uncertainties regarding CESP's concessions at the time
      undermined the state's efforts; and

   -- The company's "limited importance" role for the state, given
      the nature of the power generation in Brazil (where private
      and public entities produce energy) and a reduction in
      CESP's  overall production capacity following the expiration
      of two of CESP's concessions in 2015.

Companies in the Brazilian electric power generation segment that
participate in auctions organized by the regulator, ANEEL, face a
price ceiling when selling to the captive market.  In the free
market, prices are determined by what clients and companies are
willing to pay.  If a power company does not have contracts, it
can sell its assured energy in the spot market; hydrology is the
main driver of prices in this market.  Unlike the distribution and
transmission segments, generators do not benefit from tariff
regulation that are typically designed at a minimum to ensure cost
recovery and some level of profit.  This results in a "moderately
high" industry risk assessment.


HYPERMARCAS: S&P Raises CCR to 'BB'; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services raised its global scale
corporate credit and debt ratings on Hypermarcas S.A. to 'BB' from
'BB-' and its national scale corporate credit and debt ratings to
'brAA-' from 'brA'.  The outlook on both scales is stable.

The upgrade reflects Hypermarcas' improving operating efficiency
and profitability through the consolidation of its industrial
plants and restructured operations following a period of several
large acquisitions.  The company has also reduced its foreign
currency exposure through the repurchase of part of its bonds by
the end of 2013.  These improvements have translated into higher
cash flow generation and, as a result, lower leverage metrics.


OGX PETROLEO: Batista Appeals Court Order Freezing $55MM Cash
-------------------------------------------------------------
Luciana Magalhaes at Daily Bankruptcy Review reports that
Brazilian businessman Eike Batista on May 12 filed to appeal a
court order freezing about $55 million of his cash, according to a
federal judge in Rio de Janeiro.

To unfreeze his account, the businessman will need to prove the
money in it came from a legitimate source, said federal judge
Flavio Roberto de Souza, in an interview with Daily Bankruptcy
Review.

Luciana Magalhaes, writing for The Wall Street Journal, reported
on May 9 that Brazilian public prosecutors are examining whether,
between May and June last year, Mr. Batista sold shares in his oil
company, Oleo e Gas Participacoes SA before damaging information
became public, according to the document.

According to the report, the prosecutors believe that Mr. Batista
knew that there were doubts about the economic viability of three
oil fields: Tubarao Tigre, Tubarao Gato and Tubarao Areia.  Before
that information became public, he sold 126 million OGX shares
earning BRL197 million, the report added, citing court documents.
Had Mr. Batista waited until after the news became public, Mr.
Batista would have earned a maximum of BRL73.5 million, according
to the court document, WSJ discloses.

The former billionaire denied any wrongdoing and said he intends
to appeal the decision, reports WSJ.  Mr. Batista said all his
sales of shares were properly registered.

As reported in the Troubled Company Reporter-Latin America on
May 13, 2014, the Daily Bankruptcy News said that Mr. Batista
confirmed that a Brazilian court has frozen part of his assets,
following a request by prosecutors in Rio de Janeiro state.

The report said that prosecutors in Rio de Janeiro state have
asked a Brazilian court to freeze the assets of businessman Eike
Batista as a precautionary measure, a spokesman for the public
prosecutors said.

Daily Bankruptcy Review said that Brazilian entrepreneur Eike
Batista said he isn't concerned about a reported criminal
investigation into the collapse of his once-highflying oil
company.

Reuters said that Brazil's federal police have opened an
investigation into former billionaire Eike Batista for financial
crimes, including insider trading, manipulation of markets and
money laundering, Brazilian media reported.

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

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

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

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

                     About OGX Petroleo

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.


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


AL JEMAIL: Shareholder to Receive Wind-Up Report on June 13
-----------------------------------------------------------
The shareholder of Al Jemail Leasing Limited will receive on
June 13, 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


ASIA EQUITY: Members' Final Meeting Set for June 19
---------------------------------------------------
The members of Asia Equity Partners Limited will hold their final
meeting on June 19, 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


BLUEBAY MULTI-SELECT: Commences Liquidation Proceedings
-------------------------------------------------------
On April 25, 2014, the shareholders of The Bluebay Multi-Select
Fund 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:

          Russell Smith
          c/o Derek Larner
          Telephone: (345) 815 4555
          e-mail: dlarner@bdo.ky
          BDO CRI (Cayman) Ltd.
          Governors Square, Floor 2 - Building 3
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman KY1 1205
          Cayman Islands


COMNET COMPANY: Creditors' Proofs of Debt Due May 27
----------------------------------------------------
The creditors of Comnet Company Limited are required to file their
proofs of debt by May 27, 2014, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 25, 2014.

The company's liquidator is:

          Miu, Te-Tse
          5th Floor No.15, Lane360, Sec.1, Neihu Rd.
          Taipei
          Taiwan, R.O.C.
          Telephone: 02-26571088
          Facsimile: 02-26598577


CONOCOPHILLIPS KAZAKHSTAN: Shareholders' Meeting Set for June 3
---------------------------------------------------------------
The shareholders of Conocophillips Kazakhstan Ventures Ltd. will
hold their final meeting on June 3, 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:

          Trident Liquidators (Cayman) Limited
          c/o Mrs. Eva Moore
          Trident Trust Company (Cayman) Limited
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Cayman Islands


DRAX INTERMEDIATE: Commences Liquidation Proceedings
----------------------------------------------------
On April 29, 2014, the shareholder of Drax Intermediate Holdings
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:

          Michael Iain Scott
          c/o Drax Power Station
          Selby, North Yorkshire
          YO8 8PH England
          Telephone: +1 (345) 914 6365


DRAX LIMITED: Commences Liquidation Proceedings
-----------------------------------------------
On April 29, 2014, the shareholder of Drax 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:

          Michael Iain Scott
          c/o Drax Power Station
          Selby, North Yorkshire
          YO8 8PH England
          Telephone: +1 (345) 914 6365



KHALID MOHAMMED: Members' Final Meeting Set for May 30
------------------------------------------------------
The members of Khalid Mohammed Salim Al Enazi Company LLC will
hold their final meeting on May 30, 2014, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Tarek M. Galal Amer
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


NE ASIA MASTER: Shareholders' Final Meeting Set for June 20
-----------------------------------------------------------
The shareholders of NE Asia Value Master Fund, Ltd will hold their
final meeting on June 20, 2014, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


NE ASIA OFFSHORE: Shareholders' Final Meeting Set for June 20
-------------------------------------------------------------
The shareholders of NE Asia Value Offshore Partners, Ltd will hold
their final meeting on June 20, 2014, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


SANTA RAFAELA: Shareholder to Receive Wind-Up Report on June 18
---------------------------------------------------------------
The shareholder of Santa Rafaela Shipping Company Limited will
receive on June 18, 2014, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


SANTA ROSANNA: Shareholder to Receive Wind-Up Report on June 18
---------------------------------------------------------------
The shareholder of Santa Rosanna Shipping Company Limited will
receive on June 18, 2014, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


STW INTERNATIONAL: Shareholders' Final Meeting Set for May 27
-------------------------------------------------------------
The shareholders of STW International Ltd. will hold their final
meeting on May 27, 2014, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Richard Fear
          c/o Daniel Woolston
          Telephone: (345) 814 7782
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


WATER BEARER: Creditors' Proofs of Debt Due May 26
--------------------------------------------------
The creditors of Water Bearer Holdings 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 liquidation proceedings on April 25, 2014.

The company's liquidator is:

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


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C O L O M B I A
===============


PACIFIC RUBIALES: S&P Affirms 'BB+' CCR; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' corporate
credit and issue-level ratings on Pacific Rubiales Energy Corp.
(PRE).  The outlook remains stable.  The rating affirmations
follow our regular annual review.

The 'BB+' rating on PRE is derived from S&P's anchor of 'bb+',
based on its "fair" business risk and "intermediate" financial
risk profile assessments for the company, and no rating impact
derived from the rating modifiers.

The company's "fair" business risk profile is primarily based on
its concentration in Colombia, as it generates 100% of its EBITDA
in the country; smaller scale compared with its investment-grade
peers; and 50% of its revenue coming from the Rubiales and Piriri
blocks, whose concessions expire in 2016.  However, as a result of
the Petrominerales acquisition, PRE's reserves increased by 20% in
2013.  Therefore, its dependence on the two fields decreased to
11% of total proved reserves as of December 2013 from 19% in 2012.
S&P believes that the combined production from the new heavy-oil
fields, CPE-6 and Rio Ariari, and its active exploration program
will help the company to replace its production from the Rubiales
field in the next two to three years.


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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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BANCO BHD: IFC to Help Bank Develop Innovative Products
-------------------------------------------------------
IFC, a member of the World Bank Group, will help Banco BHD develop
new products to improve access to banking services for Dominican
micro-entrepreneurs, who are crucial to the Dominican Republic's
economy but lack the financial services needed to increase
productivity and grow their businesses.

MSMEs in the Dominican Republic have limited access to credit.
Domestic credit to the private sector is only 24 percent of GDP,
compared to 45 percent in Latin America.  Only 17 percent of the
country's workforce, including the informal sector, has access to
banking services.

IFC will help Banco BHD develop a market study to identify key
gaps in the market and target clients who can benefit from
financial services.  The project will design a series of products
based on this study to expand its reach to the unbanked
population.

"In the context of this partnership with IFC, Banco BHD work to
design new products and services for micro and small enterprises,"
said Steven Puig, Executive Vice President and General Manager of
Banco BHD.  "We hope to provide these clients with the tools and
products necessary to overcome the barriers of financial exclusion
and to support them in growing their business ventures and improve
their families' quality of life."

Since its first investment with Banco BHD in 2003, IFC has
provided financing of over US$60 million.  In 2008, IFC became an
equity shareholder in the bank's parent company Centro Financiero
BHD.  IFC has also provided advisory services to support BHD's
sustainable energy financing and housing finance.

"Financial inclusion plays a vital role in economic development.
IFC has made it a priority as part of its commitment to reducing
poverty and improving peoples' lives," said Ary Naim, IFC Country
Head for the Dominican Republic.  "Through this project with our
partner BHD, IFC will continue fostering competition and
innovation in the financial sector in the Dominican Republic."

Since the Dominican Republic became a member of IFC in 1961, IFC
has invested US$971.5 million in the country's private sector,
including US$293 million in mobilization.  IFC also implements
advisory programs to improve the business climate, build skills of
local entrepreneurs, and promote access to finance and markets for
small businesses.  IFC's accesses to finance programs in the
Dominican Republic have been valued at US$1 million over the last
four years.

                          About IFC

IFC --http://www.ifc.org/-- a member of the World Bank Group, is
the largest global development institution focused exclusively on
the private sector. Working with private enterprises in more than
100 countries, we use our capital, expertise, and influence to
help eliminate extreme poverty and promote shared prosperity.

                        About Banco BHD

Banco BHD is a private bank in the Dominican Republic with total
assets of US$3.1 billion, as of September 2013, a market share of
16 percent.  Banco BHD was established in 1972 and currently has
88 branches across the country.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 23, 2013, Fitch Ratings has affirmed Banco BHD's Viability
Rating at 'b' and its Issuer Default Rating (IDR) at 'B' with a
Stable Outlook, following the announcement of an agreement to
merge with Banco Multiple Leon SA (BML). Fitch has also placed
BML's IDRs, support and national ratings on Positive Watch. A
complete list of rating actions follows at the end of this press
release.


XSTRATA PLC: Official's Statement Buoys Mine Plan
-------------------------------------------------
Dominican Today reports that the assertion by the Minister of
Energy and Mines that high altitude agriculture and firewood and
charcoal trafficking, the use of pesticides and other chemicals in
farms, and the extraction of construction aggregates from rivers
threaten Dominican Republic's environment more than mining could
boost several mining projects, especially Xstrata Nickel
Falcondo's at Loma Miranda.

Pelegrin Castillo also called for a defined government policy on
mining and to encourage multi-sector consultations to achieve
consensus, according to Dominican Today.

Nonetheless when reporters asked about the viability of mining at
Loma Miranda, Mr. Castillo declined comment.

The report notes that the official met with members of the Chamber
of Deputies commissions on Maritime Affairs and Energy, on his
agency's plans to develop energy and mines and reforms to comply
with international requirements.

Mr. Castillo, the report discloses, said his department needs the
support of Congress and the political leadership to achieve its
goals.

Mr. Castillo stressed, however, that mining must comply with the
Constitutional provision on exploiting the natural resources under
criteria of a sustainable environment, 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.


* DOMINICAN REPUBLIC: Majority Thinks Economy on Right Path
-----------------------------------------------------------
Dominican Today reports that for 58% of Dominicans the economy is
on the right path, whereas 41 percent consider it going in the
wrong direction, according to poll by Penn, Shoen & Berland
disclosed.

Pollster Bernardo Vega, who provided the figures on Despertador,
Channel 9, said their survey conducted 12 months ago found the
same figures: 41% of those surveyed said the economy was headed in
the wrong direction, compared with 58% who felt otherwise, but
with a narrower margin of error, according to Dominican Today.

"The people are more optimist now than 12 months ago," the report
quoted Mr. Vega, who represents Penn, Shoen & Berland, as saying.

Mr. Vega, the report notes, said crime leads citizens' concerns
with 37%, but didn't provide further details.


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


GRUPO SENDA: Fitch Affirms 'B' IDR; Outlook Stable
--------------------------------------------------
Fitch Ratings has affirmed Grupo Senda Autotransporte, S.A. de
C.V.'s (Grupo Senda) local and foreign currency Issuer Default
Ratings (IDRs) at 'B'.

The Rating Outlook is Stable.

The ratings reflect Fitch's view that the company's recent
refinancing improves the company's debt structure by reducing
financial costs and foreign currency exposure to USD-denominated
debt; in addition its amortizing nature creates more benign
conditions for the company to implement its deleveraging strategy.
In Fitch's opinion, this new debt structure will likely allow the
company to improve its cash flow generating ability in the medium
term and in turn strengthen its credit metrics and credit quality.
The ratings also incorporate that the challenging environment in
which Grupo Senda has operated for the past 18 months, together
with the application of a 16% value added tax (VAT) to passenger
ticket prices effective as of Jan. 1, 2014, will pressure free
cash flow (FCF) generation in 2014, and possibly in 2015.

Grupo Senda's 'B' ratings reflect the company's leading market
position in the highly competitive and fragmented intercity bus
passenger transportation sector in Mexico, current high leverage,
limited FCF generation, and weak liquidity, which will lead the
company to partially rely upon banks for refinancing activities
during the next few years.  The ratings also incorporate industry-
related risks such as seasonal fluctuations in passengers,
cyclicality risk affecting the personnel segment, and volatile
fuel costs.  Positively, the company benefits from the importance
of bus transportation within Mexico, which results from income
constraints that limit the ability of many people to use more
expensive alternative means of transportation, such as automobiles
or airlines.

Key Rating Drivers

Improved Debt Structure

A significant reduction in financing costs, the amortizing nature
of the new loan and the elimination of exchange rate exposure to
USD-denominated debt, all bode well for the company's deleveraging
strategy.  In Fitch's view, Grupo Senda's pervious debt structure
made deleveraging heavily dependent on faster revenue and EBITDA
expansion and burdened the company's available cash flow for debt
repayment.  However, the application of a 16% VAT to passenger
ticket prices effective as of Jan. 1, 2014, coupled with still
high fuel inflation in Mexico projected for 2014, will likely
continue to pressure Grupo Senda's results in 2014.  The company
is implementing different initiatives to counteract the negative
effect that the application of the VAT has on its operating
results.  If these were to materialize as planned, EBITDA could
strengthen in 2014 above Fitch's base case scenario.  Fitch notes
that working capital related to the VAT is expected to improve, as
the company will be able to compensate for VAT included in ticket
sales with VAT paid to suppliers of goods and services.

High Leverage

Grupo Senda's gross leverage, measured by total debt/EBITDA ratio,
deteriorated during the LTM ended March 31, 2014.  The company
reported gross leverage of 3.7x as of March 31, 2014, which
represents an increase from 3.0x and 3.4x during the prior
comparable periods of 2013 and 2012.  The ratings factor in the
expectation that the company will maintain stable total debt
levels in 2014 and that these levels will begin to decline as
scheduled amortizations begin in the first quarter of 2015.  In
Fitch's view, deleveraging coupled with liquidity and a manageable
short-term maturity profile would improve Grupo Senda's credit
quality and likely result in a rating upgrade.  As of March 31,
2014, the company reported net debt/EBITDA of 3.6x and total debt
of MXN3,507 million.

Low Liquidity Remains a Rating Constraint:

Grupo Senda's cash position remains low and the company continues
to remain dependent on banks and on its short-term notes program
to refinance short-term debt obligations.  The company maintains
good relationships with banks and access to short-term commercial
paper.  This is evidenced by the company's major refinancing of
its senior secured notes via a syndicated bank loan.  On April 23,
2014, the company rolled-over MXN110 million under its local note
short-term program.  As of March 31, 2014, the company's cash
position was MXN81 million.

Limited FCF Generation:

The company's FCF generation remains low relative to its upcoming
debt obligations.  During the LTM ended March 31, 2014, Grupo
Senda's FCF was negative MXN277 million primarily driven by MXN563
million in capex investments the company made in the fourth
quarter of 2013.  These expenditures were mainly allocated to the
purchase of 80 passenger units, 126 personnel transportation
units, and to remodeling of terminals.  In 2014, FCF could be
neutral to moderately positive depending on discretionary capex
and the company's ability to implement its cost reduction, revenue
generation and efficiency increasing initiatives.

Fitch estimates cash flow from operations (CFFO) after interest
paid and before capex to be in the range of MXN400 million-MXN450
million in the mid-term, but recognizes that it could strengthen
above MXN500 million under a more benign fuel price environment
and after the full absorption of VAT.  Furthermore, lower leverage
resulting from debt amortizations even if net debt repayment is
lower than scheduled under the syndicated loan would result in
higher cash flow generation and improve the company's credit
quality.  Improvement in the company's FCF generation would
support positive rating actions.

RATINGS SENSITIVITIES

Fitch would view as positive to credit quality some combination of
the following factors: improvement in FCF generation, a medium-
term expectation of net leverage at or below 2.5x while
maintaining adequate liquidity, and a manageable debt maturity
profile.

A negative rating action could be triggered by a deterioration of
the company's credit metrics due to sizeable negative FCF or
higher total debt levels.  Expectations by Fitch of total debt to
EBITDA being consistently at or beyond 4.5x would likely result in
a downgrade.  Increasing competition followed by the return to
discounted-price practices, as a key component of the company's
business strategy to gain market share, would also likely result
in negative rating actions.



                            ***********


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
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
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