TCRLA_Public/140530.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 30, 2014, Vol. 15, No. 106


                            Headlines



A R G E N T I N A

ARGENTINA: To Repay Paris Club Debt 13 Years After Record Default
ARGENTINA: $15 Billion Reserves Collapse Over, Fabrega Says


B R A Z I L

BANCO DO BRASIL: S&P Assigns 'B+' Rating to Capital Securities
JBS S.A.: S&P Affirms 'BB' CCR; Outlook Stable
JBS USA: S&P Assigns 'BB' Rating to $750MM Sr. Unsecured Notes
LUPATECH SA: Terms of Restructuring Plan in Brazil
MARFRIG ALIMENTOS: Incurs BRL96.4 Million Loss in 1st Quarter

OGX PETROLEO: Confident of Bankruptcy Exit Despite Obstacles


C A Y M A N  I S L A N D S

BLUE HOLDINGS: Members' Final Meeting Set for June 20
BTG PACTUAL: Creditors' Proofs of Debt Due June 13
CFS CORPORATION: Members' Final Meeting Set for June 17
EUROPEAN INVESTMENT: Commences Liquidation Proceedings
FRM CONDUIT: Shareholder to Receive Wind-Up Report on June 13

ROSSANO LTD: Members' Final Meeting Set for June 17
SLJ MACRO: Members' Final Meeting Set for June 17
SOFAER CAPITAL ASIA: Creditors' Proofs of Debt Due June 10
SOFAER CAPITAL PACIFIC: Creditors' Proofs of Debt Due June 10
TITAN OCEAN: Hearing on Bid to Appoint Liquidator on June 24

WATER BEARER: Members' Final Meeting Set for June 2


C H I L E

METROGAS S.A.: S&P Raises CCR to 'CCC+' Following Tariff Hike


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Land Court Woes Hobble Investments


E C U A D O R

ECUADOR: IMF Gives Statement on Resumption of Consultations


J A M A I C A

JAMAICA: Local Equities Market Declines


P E R U

GRUPO ACP: S&P Lowers ICR to BB- & Removes Rating from Watch Neg.


P U E R T O   R I C O

PUERTO RICO CABLE: Loan Upsizing No Impact on Moody's B2 CFR


                            - - - - -


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


ARGENTINA: To Repay Paris Club Debt 13 Years After Record Default
-----------------------------------------------------------------
Charlie Devereux and Pablo Gonzalez at Bloomberg News reports that
Argentina, which has been locked out of international markets
since its record $95 billion default in 2001, agreed to repay its
debt to the Paris Club of creditors.

Argentina agreed on an arrangement to clear the arrears, which
amounted to $9.7 billion at the end of April, over a five-year
period, according to an e-mailed statement from the club, an
informal grouping of creditor nations, according to Bloomberg
News.

"This is encouraging news," Richard Segal, a strategist at
Jefferies International Ltd. in London, said by e-mail, Bloomberg
News relates.  "An agreement has proved elusive for several
years," Bloomberg News quoted Mr. Segal as saying.

Bloomberg News discloses that President Cristina Fernandez de
Kirchner is trying to resolve disputes with creditors as Argentina
seeks a return to capital markets to bolster foreign reserves and
avoid a balance of payments crisis.

President Fernandez last year created a debt restructuring unit
headed by former Economy Minister Hernan Lorenzino.  The country
is still battling holders of defaulted bonds in U.S. courts, while
trying to satisfy International Monetary Fund demands to improve
the accuracy of official economic data, Bloomberg News notes.

The first payment of a minimum $1.15 billion will be settled by
May 2015 and another will be due a year later, the Paris Club
said, Bloomberg News relays.  The Buenos Aires-based Argentine
economy ministry said in a statement that it will make an initial
capital payment of $650 million in July and $500 million in May
2015, Bloomberg News notes.

                         'Important Step'

The Paris-based group of creditors which includes Japan, the U.S.,
Germany and France, invited Argentina to negotiate after it
received a revised repayment proposal, club spokeswoman Clotilde
L'Angevin said March 14, Bloomberg News recalls.

Argentine Economy Minister Axel Kicillof traveled to France on
Jan. 22 to present an initial proposal.  Argentina's foreign
reserves have tumbled 27 percent in the past year to about $28
billion, notes Bloomberg News.

The payments are a "necessary and important step for the
normalization of financial relationships," the group said in the
statement, Bloomberg News notes.  The accord may also allow export
credit agencies of Paris Club members to resume their export-
credit activities, it said, Bloomberg News relates.

"By reaching this agreement, export credit agencies are now open
for business in Argentina, which could be good news for European
exporters," Bloomberg News quoted Mr. Segal as saying.

Bloomberg News notes that Argentina settled $677 million of
arbitration claims last year and held talks with the IMF on
overhauling its statistics.  The government is appealing U.S court
orders to pay holders of defaulted bonds, including hedge fund
manager Paul Singer, about $1.5 billion, Bloomberg News relates.
It unveiled a new inflation index on Feb. 13 that showed prices
rising about three times as much as previously reported after the
IMF censured the nation, Bloomberg News discloses.

                         'Inherited Debt'

President Fernandez, Bloomberg News relates, agreed to pay Repsol
SA for a 2012 expropriation of its 51 percent stake in energy
producer YPF SA.  The Spanish oil company received $5 billion of
bonds as compensation.

Argentina is willing to resolve "inherited debt" from previous
governments and was about to pay the Paris Club in 2008 before the
collapse of Lehman Brothers Holdings Inc., Mr. Kicillof said Jan.
21, Bloomberg News notes.

Bloomberg News recalls that the origin of the Paris Club dates
back to 1956 when Argentina first met its public creditors in
Paris.  Since then, the grouping has reached 429 agreements with
90 different debtor countries.

Since 1956, the total debt of club agreements has amounted to $573
billion, Bloomberg News adds.


ARGENTINA: $15 Billion Reserves Collapse Over, Fabrega Says
-----------------------------------------------------------
Charlie Devereux and Daniel Cancel at Bloomberg News report that
Argentine foreign currency reserves will end the year little
changed at about $28 billion as a record harvest and a devaluation
of the peso halts an outflow of funds, Central Bank President Juan
Carlos Fabrega said.

The reserves will stabilize after dropping almost $15 billion in
the past 17 months to $28.5 billion, aided by about $30 billion of
grain exports this year, Mr. Fabrega said, according to Bloomberg
News.  Argentina devalued the peso by 21 percent on Jan. 23 to
boost exports, Mr. Fabrega added.

The reserves cushion will help the economy meet payments on its
foreign debt as the Economy Minister Axel Kicillof negotiated
settlement for an estimated $10 billion in defaulted loans with
the Paris Club, an informal grouping of creditors, Bloomberg News
notes.  Argentina agreed on an arrangement to clear overdue debt
payments over a five-year period, the club said in an e-mailed
statement obtained by Bloomberg News.

Argentina's policy is "surely on the right path," Mr. Fabrega
said, Bloomberg News notes.  "The immediate effect" of January's
devaluation "was we were able through various measures to
stabilize reserves," Mr. Fabrega added.

The government in the past six months has settled with Spanish oil
company Repsol SA for the expropriation of its share in crude
producer YPF SA and introduced a new consumer price index after
pressure from the International Monetary Fund, Bloomberg News
relates.

                        Slowing Inflation

After monthly consumer prices rose 3.7 percent in January, the
government has been able to slow inflation, Mr. Fabrega said,
Bloomberg News notes.  Consumer prices rose 1.8 percent in April,
the national statistics institute reported.

The central bank will "accompany" the inflationary slowdown by
adjusting interest rates accordingly, Mr. Fabrega said, Bloomberg
News relates.

Foreign currency holdings will get a boost as farmers export the
remaining two-thirds of a record harvest of 108 million tons of
soy, corn, wheat, sunflowers and sorghum, Mr. Fabrega said,
Bloomberg News relates.

Appointed by President Cristina Fernandez de Kirchner to head the
country's central bank in November, Mr. Fabrega said an escalation
of reserve losses in January after they fell 29 percent in 2013
prompted him to devalue, Bloomberg News notes.

Mr. Fabrega declined to say where he expected the peso to finish
the year, saying "the truth is things aren't falling apart,"
Bloomberg News relays.


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


BANCO DO BRASIL: S&P Assigns 'B+' Rating to Capital Securities
--------------------------------------------------------------
Standard & Poor's Ratings Services said it has assigned its 'B+'
rating to Banco do Brasil S.A.'s (BdB; BBB-/Stable/A-3) perpetual,
unsecured, junior subordinated, non-cumulative hybrid equity
instruments, callable capital securities.

The rating on the hybrid equity instruments is limited to 'B+'
because they have a write down trigger if principal capital is
below 5.125% of regulatory risk-weighted assets.  The bank's
principal capital has fallen following Brazilian central bank's
mandate for stricter capital requirements as part of Basel III
implementation, which began in October 2013.  As of March 2014,
BdB's principal capital ratio fell to 7.8% from 8.2% at year-end
2013.  Consequently, the buffer to the write down trigger of the
equity instruments has fallen below 301 bps.  The trigger is
5.125%.  Considering S&P's forecast for the bank's growth and
profitability, and more strict capital requirements, it don't
expect BdB's principal capital to recover in the next 18 to 24
months.  The rating on these securities also reflects
subordination risk, partial or untimely payment risk, and
principal write-down risk.

The proposed equity instruments include a clause that allows the
Central Bank to determine the write down on the securities
according to the criteria established by the Resolution 4,279.
Therefore, S&P considers these instruments to have "intermediate"
equity content as it believes they are able to absorb losses while
the bank is a going concern.

The proposed securities will be perpetual and junior subordinated.
The securities will also contain mechanisms for potential
noncumulative coupon deductions that the bank can exercise.  The
capital securities will be callable on the 10th anniversary from
issuance and on every coupon payment thereafter.

S&P's ratings on BdB reflect the bank's "very strong" business
position, "moderate" capital and earnings, "adequate" risk
position, "above average" funding and "adequate" liquidity
compared with other banks in the Brazilian financial system.  S&P
views BdB as a government-related entity (GRE), as the Federative
Republic of Brazil (foreign currency: BBB-/Stable/A-3; local
currency: BBB+/Stable/A-2) is its majority owner, and S&P believes
there is a "very high" likelihood that the government would
provide timely and sufficient extraordinary support to BdB if
needed.


JBS S.A.: S&P Affirms 'BB' CCR; Outlook Stable
----------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' global scale
corporate credit and debt ratings and 'brAA-' national scale
corporate credit rating on JBS S.A. (JBS).  The outlook on the
corporate credit ratings is stable.

The rating action on JBS reflects S&P's view that the acquisition
of Hillshire by Pilgrim's Pride Corp. (PPC; JBS' subsidiary) could
somewhat improve JBS' size and diversity, without harming
significantly its consolidated credit metrics.  S&P don't believe
the acquisition would strengthen JBS' business risk profile to
"strong" from "satisfactory."  However, the deal will add higher-
margin business to the company's portfolio, due to its branded
nature compared to some of JBS' more commodity-oriented
businesses.  S&P expects PPC to finance the $6.4 billion
acquisition mainly through debt, which would reflect higher debt
levels in JBS' consolidated figures.  Prior to this acquisition
announcement, S&P was expecting significant improvements in the
company's leverage ratios thanks to higher EBITDA and cash flow
generation from the full integration and streamlining of Seara's
operations.  S&P now believes that additional debt and EBITDA
related to the Hillshire acquisition would align the credit
metrics with JBS' "aggressive" financial risk profile.

JBS announced last week that it has filed documentation for a
potential share offering of JBS Foods, its Brazilian poultry and
pork business.  Although S&P don't assume in its current forecast
any cash inflow from this share offering because it don't know the
amount the company could raise as it depends on market conditions,
S&P believes this could help JBS to reduce debt faster than its
current expectation.  JBS has historically assumed an aggressive
acquisitive strategy, which has increased its global footprint and
business diversification, but also its gross debt.  S&P views as
positive the company's good access to credit markets to continue
refinancing maturities and maintaining an "adequate" liquidity,
while it pursues growth.  In addition, S&P views favorably the
company's ability to deleverage rapidly and its recent positive
free operating cash flow (FOCF) generation, which S&P expects to
the company to maintain in the next few years.


JBS USA: S&P Assigns 'BB' Rating to $750MM Sr. Unsecured Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' rating to JBS
USA LLC's (JBS USA) and its subsidiary JBS USA Finance Inc.'s
proposed $750 million senior unsecured notes due 2024.  The rating
reflects the credit quality of JBS USA LLC (BB/Stable/--) and its
parent company, Brazil-based JBS S.A. (JBS; BB/Stable/--).  The
notes are guaranteed on an unsecured senior basis by all of JBS
USA's current and future U.S. restricted subsidiaries (except JBS
USA Finance and JBS US Holding LLC) and its parents--JBS, JBS USA
Holdings Inc., and JBS Hungary Holdings Kft.

JBS USA will use the proceeds of the issuance to repay JBS' debt,
mainly its existing notes due 2016, improving its capital
structure by extending debt maturities and reducing the cost of
debt.

RATINGS LIST

JBS USA LLC
JBS S.A.
  Corporate credit rating                 BB/Stable/--

Rating Assigned

JBS USA LLC
JBS USA Finance Inc.
  $750M sr. unsec. notes due 2024         BB


LUPATECH SA: Terms of Restructuring Plan in Brazil
--------------------------------------------------
Lupatech S.A. is seeking U.S. recognition of its restructuring
proceedings in Brazil to implement a joint prepackaged
reorganization plan negotiated with creditors.

Lupatech owes US$302.5 million on unsecured bonds and US$179.1
million on unsecured debentures that are 92.5 percent-held by
BNDES Participacoes S.A. -- BNDESPAR -- a wholly owned subsidiary
of the Brazilian Development Bank.

The Plan filed in the Federative Republic of Brazil does not
directly affect any of the Debtors' stakeholders except the
bondholders.  The Plan has been accepted by holders of $237.9
million of the total principal amount of unsecured bonds,
representing 86.52% in principal amount of the unsecured bonds.

The Plan proposes to give bondholders new notes for 15 percent of
the existing debt.  For the other 85 percent, the noteholders
receive shares in Lupatech's capital stock, or American Depositary
Shares ("ADS").

The ADSs and shares will be issued at an exchange price equal to
R$0.25 per share, and in an aggregate amount equal to 85% of the
outstanding aggregate principal and accrued and unpaid interest
under the unsecured bonds.  Lupatech S.A.'s existing shareholders
hold a right of first refusal over the issuance of the shares, and
may elect to exercise such right to acquire such shares at face
value for cash at the stated exchange price of R$0.25 per Share.

Because of significant creditor support, which satisfies relevant
approval thresholds under the Brazilian Business Recovery Law, and
because to date the Debtors have received no objections to the
Plan in the Brazilian Proceeding, the Debtors anticipate that the
Brazilian Court will homologate the Plan.

The consensual resolution of a significant amount of the Lupatech
Group's debt other than the Unsecured Bonds is a condition
precedent to the effectiveness of the Plan.  Most significantly,
BNDESPAR and, potentially, other holders of the Debentures must
agree to exchange their Debentures into new real denominated
debentures representing 15% of the aggregate outstanding amount of
the Debentures and, if they so elect, Shares in an aggregate
amount equal to 85% of the outstanding aggregate principal amount
and accrued and unpaid interest under the Debentures at the
exchange price of R$0.25 per Share.  BNDESPAR may not hold more
than 33% of Lupatech S.A.'s issued share capital, and the Proposed
Plan provides that it therefore may be issued additional new real
denominated debentures representing its right to additional equity
if the conversion described above would otherwise lead to its
holding more than 33% of Lupatech S.A.'s Shares.

In addition, (a) no less than R$52 million of the Lupatech Group's
secured debt must be restructured by a six-year extension of
maturity, (b) no less than R$15 million of the Lupatech Group's
unsecured debt owed to parties affiliated with the current
shareholders of Lupatech S.A. must be restructured on terms
identical to the restructuring of the Debentures, and (c) no less
than R$192 million of the Lupatech Group's unsecured or partially
secured debt must be exchanged for either (i) debt bearing an
interest rate of 3.00% per annum, with payments commencing four
years from the effective date of the Plan and principal amortized
over a period of eight years commencing with the first payment of
such debt, or (ii) Shares at the exchange price of R$0.25 per
Share.

                       Road to Bankruptcy

According to CEO Ricardo Doebeli, the Lupatech Group's current
financial distress is the result of several factors, including an
aggressive process of more than 20 acquisitions mostly executed
prior to the 2008 global financial crisis, a lack of integration
between units with significant synergy potential, the global
economic crisis that commenced in 2008, intense international
competition, excessive leverage in light of economic conditions,
and changes in the investment plans of Petroleo Brasileiro S.A.,
or Petrobras, Brazil's state-owned oil company and the Lupatech
Group's single largest customer.

Lupatech's operations focused predominantly on manufacturing
operations until 2006.  Following its public offering in 2006,
which increased its financial resources, the Lupatech Group began
to expand its activities through the acquisition of several
companies whose operations were geared toward oil services
operations.  Proceeds from the issuance of the Unsecured Bonds and
the Debentures were also used, in large part, to fund such
acquisitions, which substantially increased the Lupatech Group's
total indebtedness.

The global financial crisis that began in 2008 led to lower than
expected utilization of all of the Lupatech Group's plants,
equipment, and services.  This low utilization rate combined with
increased leverage from debt issuances contributed to a rapid
deterioration of the Lupatech Group's financial position.

Since at least early 2012, the Lupatech Group has been
experiencing serious liquidity shortfalls and, as a result, it has
been unable to make investments necessary to grow its operations
and reduce its backlog.  At the same time, marked appreciation of
the U.S. dollar versus the Brazilian real has significantly
increased costs associated with interest expense on the Unsecured
Bonds in terms of Lupatech's consolidated Brazilian real results.

Lupatech S.A. has been unable to fund any payments on the
Debentures since 2012.  On April 10, 2013, the Lupatech Group
announced publicly that it would be unable to pay interest due on
the Unsecured Bonds.

In early 2013, the Lupatech Group began to engage in negotiations
with its significant creditor constituencies, including a subset
of the Bondholders led by BroadSpan Capital and BNDESPAR.  During
this period, the Lupatech Group engaged Bank of America Merrill
Lynch Banco Multiplo S.A. as a financial advisor to assist in
negotiations with its significant creditor groups.  Those
negotiations eventually led to the agreements that form the basis
for the commencement of the Brazilian proceeding and the Chapter
15 cases.

                        About Lupatech SA

Lupatech Group is a Brazilian provider of highly technical
components and related specialized services principally within the
oil, gas, and foundry industries in Latin America and throughout
the world.  Lupatech's operations began in 1980 in Brazil and
currently consist of 32 separate business units organized into two
main business segments, divided into three countries in Latin
America -- Brazil, Colombia and Argentina.

Lupatech S.A. and its affiliates filed Chapter 15 bankruptcy
petitions (Bankr. S.D.N.Y. Lead Case No. 14-11559) in Manhattan,
New York on May 23, 2014, so the U.S. court can enforce a debt-
reduction plan nearing approval in Brazil.

Based in Nova Odessa in the State of Sao Paulo, Lupatech owes
US$302.5 million on unsecured bonds and US$179.1 million on
unsecured debentures that are 92.5 percent-held by Brazilian
Development Bank.

Lupatech's total indebtedness at the end of the fourth quarter of
2013 was US$851.1 million.  As of Dec. 31, 2013, the Lupatech
Group reported current assets of US$161.2 million and current
liabilities of US$754.4 million.  For 2013, Lupatech reported
total revenue of US$241.3 million.

Lupatech and its affiliates are seeking joint administration of
their Chapter 15 cases.  The Debtors have filed a motion seeking
to enjoin all parties from commencing or taking any action in the
United States to obtain possession of, exercise control over, or
assert claims against the Debtors or their property.

Ricardo Doebeli is the CEO and Lupatech serves as the foreign
representative in the U.S.  Lupatech's counsel in the Chapter 15
case is Douglas P. Bartner, Esq., at Shearman & Sterling LLP, in
New York.  The Garden City Group, Inc., is the agent under the
proposed plan.


MARFRIG ALIMENTOS: Incurs BRL96.4 Million Loss in 1st Quarter
-------------------------------------------------------------
Rogerio Jelmayer at The Wall Street Journal reports that Marfrig
Alimentos S.A. reported a first-quarter loss due to an increase in
its debt-servicing costs.

The company posted a net loss of BRL96.4 million ($43.2 million)
in the first quarter, compared with a net loss of BRL59.6 million
in the first-quarter of 2013, according to The Wall Street
Journal.

The report relates that Marfrig's debt-servicing costs totaled
BRL387.8 million in the first quarter, up from BRL296.1 million in
the year-ago period.  Its total debt ended the first quarter at
BRL9.25 billion, up from BRL8.9 billion in the fourth quarter, but
down from BRL13 billion in the year-ago period, The Wall Street
Journal notes.

The company's net revenues increased 9.4% to BRL4.78 billion in
the first quarter, The Wall Street Journal relates.

                     About Marfrig Alimentos

Marfrig Alimentos SA (formerly Marfrig Frigorificos e Com de
Alimentos SA) is a Brazil-based company engaged in the processing
and distribution of meat and poultry products.  Its products
include cooked beef, bacon, sausages, beef cubes, minced
knuckles, steaks and other food items including pre-cooked and
frozen potato, frozen vegetables, canned meat, fish and ready
meals.  The Company operates in 13 countries, and exports its
products to more than 100 destinations worldwide.

                          *     *     *

As reported in the Troubled Company Reporter - Latin America on
May 13, 2013, Standard & Poor's Ratings Services lowered its
global scale corporate credit rating to 'B' from 'B+' and its
national scale rating to 'brBBB-' from 'brBBB+' on Marfrig
Alimentos S.A.  The outlook is negative.


OGX PETROLEO: Confident of Bankruptcy Exit Despite Obstacles
------------------------------------------------------------
Luciana Magalhaes at The Wall Street Journal reports that Oleo e
Gas Participacoes Chief Executive Officer Paulo Narcelio said he
is confident the oil and gas company will manage to exit
bankruptcy protection despite efforts by some of its creditors to
derail the company's restructuring plan.

Bondholders will gather in Rio de Janeiro to vote June 3, 2014, on
a restructuring plan for the company, formerly known as OGX
Petroleo e Gas Participacoes S.A.

Earlier, one of the company's creditors was able to get an
injunction from a judge in Rio aimed at stopping that vote,
according to The Wall Street Journal.

The order allows only the trustee -- Deutsche Bank AG -- to vote
rather than all the company's bondholders, which hold some $3.6
billion in debt, the report relates.

The report notes that Oleo e Gas is trying to reverse the
injunction obtained by the creditor, said Darwin Correa, a lawyer
at Paulo Cezar Pinheiro Carneiro law firm, which represents the
oil company.  People close to the former OGX say it wouldn't be
surprised if other injunctions were produced before June 3, the
report discloses.

Smaller bondholders have said they weren't treated fairly during
the company's restructuring-plan talks and weren't given the same
chance to invest in the company's funding plans as its large
bondholders, the report relates.

Speaking at company headquarters, Mr. Narcelio said investors who
initially didn't want to risk investing in OGX are now being
opportunistic, discloses WSJ.

Oleo e Gas doesn't expect the recovery plan to be rejected, says
the report.  If it were, it would lead to the company's
liquidation.  However, the injunction could delay a decision on
the restructuring plan, the report adds.

"The firm's liquidation would be the worst scenario for all," the
report quoted Mr. Narcelio as saying.

OGX was founded in 2007 and sold to investors as a promising
global oil firm.  After failing to meet production targets, it
filed for bankruptcy protection in October in the largest
corporate collapse in Latin America, the WSJ recalls.

At the end of last year, the WSJ relates, some of its main
creditors, including Newport Beach, Calif.-based Pacific
Investment Management Co., agreed to invest $215 million in the
company to try to make it viable.

If the restructuring plan is approved, those creditors will
control Oleo e Gas, the report discloses.  In that event, Mr.
Batista's stake would be cut to about 5%.  Some creditors have
claimed that large investors were offered better terms to invest
than some smaller ones, the report adds.

The WSJ notes that Mr. Batista said if the restructuring is
approved, the firm's main challenge will be to finance its
investment plan for 2015.

The company will need some $500 million to continue developing its
oil fields, including the Tubarao Martelo offshore field and
Hammerhead Shark, off Rio de Janeiro, the report relates.  Mr.
Narcelio said one funding option might be the partial assignment
of the company's oil blocks, were the restructuring plan approved.

Even after a collapse, Oleo e Gas may try to go back to the
capital markets to fund itself, the report qouted Mr. Narcelio as
saying.

At one time, the report relays, the company planned for production
of 1.4 million barrels of oil a day by 2019. Mr. Narcelio's
current estimate is for production of 60,000 barrels a day by
2020, the report notes.

                        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
==========================


BLUE HOLDINGS: Members' Final Meeting Set for June 20
-----------------------------------------------------
The members of Blue Holdings Limited 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:

          Brott Limited
          c/o Michelle R. Bodden-Moxam
          Telephone: (345) 946-6145
          Facsimile: (345) 946-6146
          Bridge Street Services Limited
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 30691 Grand Cayman KY1-1203
          Cayman Islands


BTG PACTUAL: Creditors' Proofs of Debt Due June 13
--------------------------------------------------
The creditors of BTG Pactual Special Purpose Fund III, Ltd. are
required to file their proofs of debt by June 13, 2014, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 8, 2014.

The company's liquidator is:

          Ogier
          c/o Ben Gillooly
          Telephone: (345) 815-1764
          Facsimile: (345) 949-9877
          c/o Ogier 89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


CFS CORPORATION: Members' Final Meeting Set for June 17
-------------------------------------------------------
The members of CFS Corporation Ltd. will hold their final meeting
on June 17, 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


EUROPEAN INVESTMENT: Commences Liquidation Proceedings
------------------------------------------------------
On April 16, 2014, the sole shareholder of European Investment
Partners 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:

          IMS Liquidations Ltd
          c/o Anna Yonge or Gary Butler
          Telephone: (345) 949-4244
          Facsimile: (345) 949-8635
          P.O. Box 61 Harbour Centre, George Town
          Grand Cayman KY1-1102
          Cayman Islands


FRM CONDUIT: Shareholder to Receive Wind-Up Report on June 13
-------------------------------------------------------------
The shareholder of FRM Conduit Fund SPC will receive on June 13,
2014, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815-1762
          Facsimile: (345) 949-9877


ROSSANO LTD: Members' Final Meeting Set for June 17
---------------------------------------------------
The members of Rossano Ltd. will hold their final meeting on
June 17, 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


SLJ MACRO: Members' Final Meeting Set for June 17
-------------------------------------------------
The members of SLJ Macro (GP) Limited will hold their final
meeting on June 17, 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


SOFAER CAPITAL ASIA: Creditors' Proofs of Debt Due June 10
----------------------------------------------------------
The creditors of Sofaer Capital Asia Private Equity Fund are
required to file their proofs of debt by June 10, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 9, 2014.

The company's liquidator is:

          Appleby (Cayman) Ltd.
          c/o Sophie Benbow
          Telephone: (345) 949 4900
          P.O. Box 190 Clifton House, 75 Fort Street
          Grand Cayman KY1-1104
          Cayman Islands


SOFAER CAPITAL PACIFIC: Creditors' Proofs of Debt Due June 10
-------------------------------------------------------------
The creditors of Sofaer Capital Pacific Private Equity Fund are
required to file their proofs of debt by June 10, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 9, 2014.

The company's liquidator is:

          Appleby (Cayman) Ltd.
          c/o Sophie Benbow
          Telephone: (345) 949 4900
          P.O. Box 190 Clifton House, 75 Fort Street
          Grand Cayman KY1-1104
          Cayman Islands


TITAN OCEAN: Hearing on Bid to Appoint Liquidator on June 24
------------------------------------------------------------
The High Court of Justice of Virgin Islands will hear an
application to appoint a liquidator for Titan Ocean Bulk Logistics
Limited on June 24, 2014, at 9:00 a.m.

Any creditor or contributory who is opposed or supports the
application may appear at the hearing.

The company's solicitor is:

          Lennox Paton
          Flemming House, 4th Floor
          P.O. Box 4012, Road Town
          Tortola
          British Virgin Islands


WATER BEARER: Members' Final Meeting Set for June 2
---------------------------------------------------
The members of Water Bearer Holdings Ltd. will hold their final
meeting on June 2, 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



=========
C H I L E
=========



METROGAS S.A.: S&P Raises CCR to 'CCC+' Following Tariff Hike
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit and
issue-level ratings on Metrogas S.A. (Metrogas) to 'CCC+' from
'CCC'.  The outlook remains negative.

"The rating action is based on our expectations for significant
improvement in Metrogas' cash flow generation in 2014 and 2015
following a tariff increase granted by the national gas regulatory
body," said Standard & Poor's credit analyst Andrea Zombory.  On
April 7, 2014, ENARGAS issued resolution 2851/2014 establishing a
new tariff scheme for the natural gas paid by all customers, which
boosts tariffs related to gas transportation and gas distribution
by about 20% and 100%, respectively.  Also, gas prices for
residential customers, which represented about 40% of Metrogas'
2013 sales, will increase on average, five times the current
price.  The adjustment will be implemented in three phases: The
first began on April 1, 2014, the second will start on June 1,
2014, and the final increase will take place on Aug. 1, 2014.

Consequently and considering the increases in cost given the pass
through characteristics of the cost of gas and gas transportation
margin in Metrogas' revenues, S&P expects the company to generate
an annual EBITDA of Argentine peso (ARP) 250 million to ARP300
million in 2014 and 2015. We believe that the company's EBITDA,
cash balance (of about ARP110 million as of Dec. 31, 2013), and
the ARP90 million loan granted by its main shareholder and
supplier, YPF S.A., should be sufficient to cover interest
payments of about ARP100 million (approximately $13 million), and
capital expenditures (capex) for ARP200 million to ARP250 million
in 2014.  However, absent any additional tariff adjustment, S&P
believes Metrogas will face challenges to cover its December 2015
interest payment for $8.5 million.


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


DOMINICAN REPUBLIC: Land Court Woes Hobble Investments
------------------------------------------------------
Dominican Today reports that American Chamber of Commerce
(AmchamDR) Executive Vice President William Malamud said cases
surface every year where legal documents that challenge the
legitimacy of titles of properties and investments after purchase.
"That's a problem, unfortunately still common here, in some places
more than others."

Vice President Malamud referred to the Institutionalism and
Justice Foundation's (Finjus) complaint before the Supreme Court,
"of serious internal distortions in the Land Court," and could
lead to the collapse of Dominican Republic's real estate
jurisdiction system "within two years," according to Dominican
Today.

Vice President Malamud said the AmchmDR's Legal Committee has been
working with the Land Court for several years, to do whatever it
takes to improve the procedures.  "The country must continue
strengthening its institutions that are directly involved with a
market economy," the report quoted Vice President Malamud as
saying.


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

ECUADOR: IMF Gives Statement on Resumption of Consultations
-----------------------------------------------------------
Deputy Managing Director Min Zhu of the International Monetary
Fund (IMF) made the following statement on Ecuador:

"Over the past several months, the Ecuadorian authorities and IMF
staff held constructive discussions exploring ways to resume
Article IV consultations, the last of which was concluded in early
2008.

"The Ecuadorian authorities have agreed that the 2014 Article IV
consultation discussions will take place in Washington, D.C. at
the IMF headquarters over the next few weeks, as a one-time
exercise.  As with all Article IV consultations, staff will engage
in an open, frank, and unrestricted dialogue about the country's
economy with the authorities as well as many representatives from
the private sector and civil society.  The authorities have also
agreed that future Article IV consultations will follow standard
practice.

"The authorities have committed to provide the Fund with the
necessary information for the Fund's Executive Board to conclude
the 2014 Article IV consultation.

"This important step will allow Fund staff to re-engage with the
Ecuadorian authorities in the analysis of the developments of the
Ecuadorian economy and its prospects over the medium term."


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


JAMAICA: Local Equities Market Declines
---------------------------------------
RJR News reports that the Bank of Jamaica (BoJ) is reporting that
the local equities market declined in the March 2014 quarter,
reflecting weak investor sentiment.

This occurred despite positive macro-economic developments,
including two consecutive quarters of GDP growth as well as the
achievement of IMF targets and structural benchmarks up to the
December quarter, according to RJR News.

The Jamaica Stock Exchange Main Index fell 6.7% for the January to
March quarter, following a decline of 4.6% for the previous three
months, the report notes.

The BoJ's Quarterly Monetary Policy Report for January to March
says the decline occurred in the context of continued depreciation
of the local currency and higher rates on fixed income
investments, RJR News relates.


=======
P E R U
=======


GRUPO ACP: S&P Lowers ICR to BB- & Removes Rating from Watch Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its issuer credit and
issue-level ratings on Grupo ACP Inversiones Y Desarrollo (Grupo
ACP) to 'BB-' from 'BB+', and removed them from CreditWatch
negative where S&P placed them on Nov. 25, 2013.  The outlook is
stable.  S&P subsequently withdrew its ratings at the issuer's
request.

The rating action follows the completion of the sale of Mibanco
Banco de la Microempresa S.A., Grupo ACP's main operating
subsidiary, to the Peruvian holding company Credicorp Ltd.
(Credicorp; not rated) through its subsidiary Financiera Edyficar
(Edyficar; not rated) for $179.5 million following the Peruvian
regulatory approval. Grupo ACP used the proceeds to pay off all of
its rated debt and most of its liabilities.  On Feb. 12, 2014, S&P
kept the ratings on CreditWatch negative following the
announcement of the sale pending our assessment of its impact on
the group.

"We downgraded Grupo ACP following the sale of Mibanco, as the
group was heavily reliant on dividends from Mibanco, and its sale
will weaken its business and financial risk profiles.  Now,
insurance is its most significant business unit by total assets
and expected net profits," said Standard & Poor's credit analyst
Alfredo Calvo.

After lowering the ratings on Grupo ACP, S&P removed them from
CreditWatch negative, and assigned a stable outlook.  S&P
subsequently withdrew its ratings at the issuer's request.


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


PUERTO RICO CABLE: Loan Upsizing No Impact on Moody's B2 CFR
------------------------------------------------------------
Moody's Investors Service said that the announced plan of Puerto
Rico Cable Acquisition Company, Inc (Choice Cable) to add an
incremental $8 million to its originally proposed issuance of
$33.5 million second lien term loan does not impact its B2
corporate family rating, the B1 rating on its first lien credit
facility, the Caa1 rating assigned to the proposed second lien
term loan, or the negative outlook. The company plans to use total
proceeds of the second lien term loan to fund a $41.5 million
distribution to its equity sponsors.

Moody's adjusted point estimates as shown:

First Lien Revolver, LGD adjusted to LGD3, 41% from LGD3, 43%

First Lien Term Loan, LGD adjusted to LGD3, 41% from LGD3, 43%

Second Lien Term Loan, LGD adjusted to LGD6, 92% from LGD6, 93%

Ratings Rationale

On May 20, 2014, Moody's affirmed the B2 CFR and changed the
outlook from stable to negative based on the proposed issuance of
second lien term loan to fund the dividend.

The $8 million upsize increases pro forma leverage by
approximately 0.2 times to 5.9 times debt-to-EBITDA from 5.7 times
as previously expected and 4.8 times as of February 28, 2014. It
also adds slightly under $1 million of annual interest expense.
However, Moody's still expects Choice Cable to continue to
generate positive free cash flow-to-debt in the mid to high single
digits and to improve leverage to the low 5 times range over the
next few years absent changes to the capital structure or another
re-leveraging event.

The principal methodology used in these ratings was the Global Pay
Television - Cable and Direct-to-Home Satellite Operators
published in April 2013. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

Puerto Rico Cable Acquisition Company, Inc. (Choice Cable),
operating under the brand name Choice Cable, provides video, high
speed data, and voice services to approximately 115,000
residential and commercial customers in the southern and western
regions of Puerto Rico. Its annual revenue is approximately $85
million, and the company is owned by Spectrum Equity and Patriot
Media. Executives from Patriot Media, who run RCN Telecom
Services, LLC (B2 stable) and Grande Communications Networks LLC
(B2 stable), manage Choice Cable.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

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

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


                   * * * End of Transmission * * *