TCRLA_Public/140611.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Wednesday, June 11, 2014, Vol. 15, No. 114


                            Headlines



A R G E N T I N A

ARGENTINA: Must Change Economic Model, Scioli Advisers Say
EDENOR SA: Securities to Trade on "Reduced Trading Panel"
FIDEICOMISO FINANCIERO: Moody's Rates ARS17.5MM Certs. 'B1.ar'


B E R M U D A

BANK OF NT BUTTERFIELD: Fitch Affirms BB+ Subordinated Debt Rating


B R A Z I L

AGROPECUARIA NOSSA: Moody's Rates US$135MM Secured Notes 'B2'
VIRGOLINO DE OLIVEIRA: Fitch Rates USD135MM Sr. Notes 'B-/RR4'
VIRGOLINO DE OLIVEIRA: S&P Assigns 'B' Rating to $135MM Sr. Notes


C A Y M A N  I S L A N D S

ARTEMIS HOLDINGS: Creditors' Proofs of Debt Due June 23
BYRON FINANCIAL: Placed Under Voluntary Wind-Up
CONTINENTAL VALUE: Commences Liquidation Proceedings
KE SPRING: Creditors' Proofs of Debt Due July 2
LYNDHURST HOLDINGS: Creditors' Proofs of Debt Due June 23

MMIP INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 1
ORION CONSTELLATION: Creditors' Proofs of Debt Due June 23
RIO REAL: Creditors' Proofs of Debt Due June 23
WHITE SNOW: Creditors' Proofs of Debt Due July 15
ZINSURERE INC: Placed Under Voluntary Wind-Up


C H I L E

CHILE: To Get $66.4MM-IDB Loan for Solar Energy Plant


D O M I N I C A N   R E P U B L I C

XSTRATA PLC: Rising Nickel Prices Makes it Ripe to Mine Miranda


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A R G E N T I N A
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ARGENTINA: Must Change Economic Model, Scioli Advisers Say
----------------------------------------------------------
Charlie Devereux at Bloomberg News reports that after 11 years of
relying on consumption to drive its economy, Argentina must focus
on attracting investment, said two economic advisers to the man
bidding to be the ruling party candidate in next year's
presidential election.

The government needs to restore relations with foreign investors
and slow wage growth to aid investment, said Miguel Bein, director
of Buenos Aires research firm Estudio Bein & Asociados, at an
event in support of an economic development fund set up by Buenos
Aires province Governor Daniel Scioli, according to Bloomberg
News.  Mr. Bein was joined by Banco Hipotecario Vice President
Mario Blejer, a former central bank president, in the first time
Scioli's advisers have spoken publicly about economic policy,
Bloomberg News notes.

Bloomberg News discloses that Argentina's economy grew by an
average of 5.9 percent a year from 2005 to 2012 as the governments
of former President Nestor Kirchner and his wife Cristina
Fernandez de Kirchner used a boom in commodity prices to fund
increased public spending and rising wages.  The spending spree
has helped push currency reserves to near an eight-year low, while
the economy contracted 0.9 percent in March from the year earlier,
Bloomberg News relates.

"In Argentina, the incentives have always been to put the foot
down on the accelerator to seek popularity," Bloomberg News quoted
Mr. Bein, a former deputy economy minister, as saying.  "We
mustn't do that anymore. The driver of the economy can no longer
be consumption. The driver of the economy must be investment," Mr.
Bein said, Bloomberg News relates.

Foreign direct investment has fallen to historic lows in
Argentina, said Mr. Blejer, Bloomberg News notes.

                         Restoring Ties

Bloomberg News relates that Argentina is already trying to recover
investor confidence after negotiating to pay back outstanding debt
with creditors including the Paris Club and arbitration cases from
the World Bank.  The country is also seeking to repair relations
with the International Monetary Fund by revamping economic data
the Washington-based lender said was inaccurate, Bloomberg News
notes.

The country must continue to do so by balancing its fiscal and
financial accounts and reducing its reliance on grain harvests,
Mr. Blejer said in a 15-minute speech, Bloomberg News discloses.

"Argentina's development doesn't depend on meteorological
forecasts, it depends on the political will of its leaders,"
Bloomberg News quoted Mr. Blejer as saying.  "They need to put
forward consistent, believable objectives.  With that kind of
political will, sustained development in Argentina is inevitable,"
Mr. Blejer said Bloomberg News relates.

Mr. Scioli, a member of President Fernandez's Victory Front, was
second with 17.3 percent voter support against 20.6 percent for
lawmaker Sergio Massa in a survey by Management & Fit that pitted
potential presidential candidates against each other.  The poll of
1,600 people taken April 28 to May 8 had a margin of error of 2.45
percentage points.



EDENOR SA: Securities to Trade on "Reduced Trading Panel"
---------------------------------------------------------
The Buenos Aires Stock Exchange resolved that EDENOR's securities
must be traded on a "Reduced Trading Panel" pursuant to the
provisions of Section 38, paragraph b) and Section 39, paragraph
c) of the BASE Listing Rules.  The decision was based on the fact
that the accounting information reported by EDENOR for the quarter
ended March 31, 2014, recorded negative retained earnings for
thousands AR$851,954 absorbing the Capital Surplus and 64.55
percent of adjusted capital stock.

                           About Edenor SA

Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos).  Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.

Edenor SA reported profit of ARS 772.7 million on ARS 3.44 billion
of revenue from sales for the year ended Dec. 31, 2013, as
compared with a loss of ARS 1.01 billion on ARS 2.97 billion of
revenue from sales in 2012.  Edenor reported a net loss of
ARS 291.38 million in 2011.

As of March 31, 2014, the Company had ARS 7.56 billion in total
assets, ARS 7.12 billion in total liabilities and ARS 437.73
million in total equity.


FIDEICOMISO FINANCIERO: Moody's Rates ARS17.5MM Certs. 'B1.ar'
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo rates
Fideicomiso Financiero Supervielle Creditos 80, a transaction that
will be issued by TMF Trust Company (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. The transaction is pending approval from the Comision
Nacional de Valores. If any assumption or factor Moody's
considered when assigning the ratings change before closing, the
ratings may also change.

- ARS 232,500,000 in Floating Rate Debt Securities of "Fideicomiso
Financiero Supervielle Creditos 80", rated Aaa.ar (sf) (Argentine
National Scale) and B1 (sf) (Global Scale, Local Currency)

- ARS 17,500,000 in Certificates of "Fideicomiso Financiero
Supervielle Creditos 80", rated B1.ar (sf) (Argentine National
Scale) and Caa2 (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
approximately 26,978 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS 250,016,425.88.

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administracion Nacional de la
Seguridad Social). The pool is also constituted by loans granted
to government employees of the Province of San Luis. Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.

Overall credit enhancement is comprised of 7% of subordination for
the Class A Floating Rate Debt Securities. In addition the
transaction has various reserve funds and excess spread.

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, and a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively.

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
Supervielle's portfolio. In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
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. Finally,
Moody's also evaluated the back-up servicing arrangements in the
transaction.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the main pool with a mean
of 2.5% and a coefficient of variation of 50%. Also, Moody's
assumed a lognormal distribution for prepayments with a mean of
25% and a coefficient of variation of 70%. These assumptions are
derived from the historical performance to date of the
Supervielle's pools. Servicer default was modeled by simulating
the default of the Banco Supervielle as the servicer consistent
with its current rating of Caa1/Baa1.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 2.31% expected loss for the Floating Rate
Debt Securities and 19.43% for the Certificates.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Banco Supervielle 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 were increased 6% from
the base case scenario for the pool (i.e., mean of 8.5% and a
coefficient of variation of 50%), the ratings of the Floating Rate
debt securities and of the Certificates would likely be downgraded
to B2 (sf) and C (sf) respectively.


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BANK OF NT BUTTERFIELD: Fitch Affirms BB+ Subordinated Debt Rating
------------------------------------------------------------------
Fitch Ratings has affirmed Bank of N.T. Butterfield & Son
Limited's (BNTB) long-term Issuer Default Rating (IDR) at 'A-' and
Viability Rating (VR) at 'bbb-'. The Rating Outlook is Negative.
The Outlook reflects Fitch's evolving views of sovereign support.
Fitch envisions the resolution of the Rating Outlook could extend
beyond the typical 18 to 24-month Outlook horizon given the
evolving nature of sovereign support dynamics.

BNTB's ratings are unaffected by the recent downgrade of Bermuda's
foreign currency long-term IDR to 'A+' from 'AA-' (for additional
details, see 'Fitch Downgrades Bermuda's IDR to 'A+'; Outlook
Stable' dated May 30, 2014). Fitch noted in the RAC dated June 11,
2013, 'Fitch Affirms Bank of N.T. Butterfield & Sons Ltd IDR at
'A-'; Upgrades Viability Rating to 'bbb-', that a one-notch
downgrade would not translate into a downgrade of the IDR, which
is currently at the support floor rating of 'A-'.

RATING DRIVERS - VRs and SUBORDINATED DEBT

BNTB's VR reflects its strong market position, liquid balance
sheet, and good capital levels, offset by modest earnings
measures, significant product concentration in residential
lending, geographic concentration in Bermuda and large exposures
in its commercial loan portfolio. Although BNTB's credit
performance has improved, nonperforming loans remain higher than
similarly rated peers and when compared to Fitch rated U.S.
community banks.

Historically, BNTB has operated with above-average liquidity in
the balance sheet evidenced by its low loan-to-deposit ratio
averaging 53.7% over the last five years. Further, the company has
strong capital ratios which support its risk profile. BNTB's Fitch
Core Capital/RWA ratio averaged 11.4% for the last five years.

Although BNTB continues to face asset quality pressures,
specifically in its residential loan portfolio, Fitch expects net
losses to remain manageable. Despite BNTB's non-performing assets
(NPAs; inclusive of accruing troubled debt restructurings and
foreclosed real estate) remaining high at 3.5% as of Dec. 31,
2013, average net chargeoffs (NCOs) remain extremely low at 44
basis points (bps).

More recently, BNTB's earnings improved with return on assets
(ROA) and net interest margins (NIM) reflecting a positive trend.
Most of the improvement was supported by increased net interest
income due to investment revenue yields rising and a rise in fee
revenues, while expenses have been relatively flat. Nonetheless,
Fitch notes that earnings measure remain in line with similarly VR
'bbb-' rated peers. Also, when compared to U.S. Community banks,
performance is below peer averages.

RATING SENSITIVITIES - VRs and SUBORDINATED DEBT

BNTB's VR could see positive momentum should the company
demonstrate sustainable core profitability improvement while
materially reducing its non-performing loans. Although capital
measures are very high and may come down, Fitch would expect BNTB
to continue to operate with above-average capital position.

Conversely, a downgrade of the VR could occur in the event of
significant deterioration of financial performance, a rise in NCOs
due to asset quality pressures, and an increase to the risk level
of the balance sheet mix.

KEY RATING DRIVERS - IDR, SUPPORT RATING (SR) AND SUPPORT RATING
FLOOR (SRF)

The affirmations of BNTB's IDR, SR and SRF reflect its systemic
importance to the local economy, as well as demonstrated support
from the Bermudian government in the past, namely the 2009
guarantee on the principal and interest payments of BNTB's
preferred stock. The preferred stock rating would be unaffected by
any changes to BNTB's SR or SRF as it is based off of sovereign
support.

However, the revision of the Rating Outlook to Negative reflects
Fitch's evolving view of support from Bermuda. Fitch considers
Bermuda to be a Path 2 country, defined as one in which there is a
weakening of sovereign support of the banking sector.

The Bermuda Monetary Authority's (BMA) proposal regarding a
statutory framework for a special resolution regime for banks
licensed in Bermuda embeds many of the provisions of the UK
Banking Act of 2009, according to the BMA. It proposes to provide
the authorities with the necessary stabilization powers to
transfer part or all of a failing bank's business to a private-
sector purchaser, assume control of part or all of a failing
bank's business through a bridge bank, and acquire temporary
public ownership of a bank where required. The proposed framework
suggests a weakening of support for the financial sector over
time, in Fitch's view.

RATING SENSITIVITIES - IDR, SUPPORT RATING AND SUPPORT RATING
FLOOR

BTNB's IDR is sensitive to changes in the SRF as the IDR is at its
SRF. Fitch adopts a 'higher of' approach in assigning Long-Term
IDRs to financial institutions, taking the higher of the SRF and
the standalone financial strength (as reflected in the VR of 'bbb-
' for BTNB). In this case, BTNB's IDR relies on the SRF of 'A-'.
If the SRF is downgraded, BTNB's IDR would be vulnerable to a
downgrade to as low as its VR of 'bbb-'.

As a Path 2 country, SRF revisions for systemically important
banks are likely initially to be up to one rating category (e.g. a
SRF in the 'A' range could fall into the 'BBB' range), while SRF
revisions for mid-sized or small banks could be greater,
potentially as far as 'No Floor'. Fitch considers BNTB to be a
systemically important institution to Bermuda, as it represents
approximately 40% of banking assets.
Fitch will also assess the government's ability to support BNTB
and potentially revise the SRF if the sovereign's rating were
downgraded by more than one notch. The ability has clearly come
into question given the weakening fiscal position of the
sovereign.

KEY RATING DRIVERS - PREFERRED STOCK

Preferred stock issued by BNTB is equalized with Bermuda's foreign
currency long-term IDR, reflecting the guarantee from the Bermuda
government. The Ministry of Finance agreed to guarantee the
principal and dividends on BNTB's preferred stock when it was
issued in 2009.

RATING SENSITIVITIES - PREFERRED STOCK

BNTB's preferred stock rating is highly sensitive to any changes
in the ability of the Bermuda government to fulfill its
obligation. A downgrade in the sovereign rating of Bermuda would
trigger a commensurate downgrade of the preferred stock.

RATING DRIVERS & SENSITIVITIES - SUBORDINATED DEBT RATING

Subordinated debt issued by BNTB is notched down from the VR, and
the rating of specific issues is typically sensitive to any change
in the bank's VR.

Fitch has taken the following rating actions:

Bank of N.T. Butterfield & Son

--Long-term IDR affirmed at 'A-'; Outlook Negative;
--Short-term IDR affirmed at 'F1';
--Viability Rating affirmed at 'bbb-' ;
--Preferred stock affirmed at 'A+';
--Subordinated debt affirmed at 'BB+';
--Support rating affirmed at '1';
--Support Floor affirmed at 'A-'.


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AGROPECUARIA NOSSA: Moody's Rates US$135MM Secured Notes 'B2'
-------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Agropecuaria
Nossa Senhora do Carmo S.A. ("GVO")'s proposed issuance to USD 135
million secured notes due 2020. The notes will be issued by its
Luxembourg-based offshore subsidiary, Virgolino de Oliveira
Finance S.A., with an unconditional guarantee from Agropecuaria
Nossa Senhora do Carmo S.A., and its subsidiaries Virgolino de
Oliveira S.A. A‡ucar e Alcool, (" Virgolino de Oliveira"),
Acucareira Virgolino de Oliveira S.A. ("Acucareira Virgolino"),
and Agropecuaria Terras Novas S.A. ("Agropecuaria Terras Novas"),
and secured by the mortgage of the Moncoes mill. The ratings
remain under review for downgrade.

The transaction is part of GVO's liability management strategy and
net proceeds will be used to pay existing secured debt within the
company. The rating of the notes assumes that the final
transaction documents will not be materially different from draft
legal documentation reviewed by Moody's to date and assume that
these agreements are legally valid, binding and enforceable.

Ratings unchanged:

Issuer: Agropecuaria Nossa Senhora do Carmo

- Corporate Family Rating: B3 (global scale)

Issuer: Virgolino de Oliveira Finance Limited

- USD 300 million senior unsecured notes due 2018: B3 (global
scale)

- USD 300 million senior unsecured notes due 2022: B3 (global
scale)

Ratings assigned:

Issuer: Virgolino de Oliveira Finance S.A.

- USD 135 million senior secured notes due 2020: B2 (global scale)

The ratings are under review for downgrade.

Ratings Rationale

The proposed issuance is part of GVO's liability management
initiatives and proceeds will be used to pay down existing secured
debt. The notes will improve GVO's liquidity profile and lengthen
its amortization schedule. Pro forma for the transaction, the
company's cash balance of about BRL 457 million would be
sufficient to cover short term debt by 1.2x (all figures are
adjusted and based on January 2014 financials and short-term debt
does not consider Copersucar's advancements). However, not all
proceeds will be directed to short term debt reduction, and cash
coverage of short term debt at the conclusion of the transaction
may still be weak. In May 2014, GVO also announced the refinancing
of two credit lines with Banco Votorantim, jointly amounting to
BRL 79 million (approximately USD 33 million). Originally, the
credit lines would come due in June 2015 and June 2016 and were
extended to November 2017. Additionally, earlier this month, the
company concluded the extension of a credit line of BRL 121.5
million maturing in December 2015 to April 2017.

The notes were rated one notch above GVO's CFR due to its higher
recovery prospects compared to unsecured debt instruments. The
proposed security package includes a second-priority security
interest in the Moncoes Mill (which will become a first-priority
security interest upon the liquidation of existing debt secured by
the Moncoes Mill mortgage), and a first-priority security interest
in funds on deposit from time to time in a Brazil and US
collection account. Pro forma to the transaction, approximately
26% of the company's reported debt will be secured, in line with
current levels.

GVO's B3 ratings remain under review for downgrade due to the
company's weak liquidity profile and Moody's concerns regarding
the refinancing of its short term debt. The review process has
been focusing on GVO's ability to extend debt profile, while
maintaining a minimum liquidity cushion to support operations in
the next harvest year. Although the company has been able to roll
over its short term debt over the last several quarters, the
current capital structure implies no liquidity cushion and leaves
the company too exposed to changes in the macro environment and to
the risks present in the inherent volatility of the sugar-ethanol
sector, such as commodity prices and weather conditions.
Accordingly, the successful placement of the proposed notes is a
key consideration for the maintenance of current ratings. Moody's
will also assess the impact of the proposed issuance in GVO's
annual interest expense and free cash flow generation, and analyze
the resulting capital structure to conclude the review process.

Over the last few quarters, GVO was able to partially offset the
impact of the drop in international sugar prices in its top line
by increasing the volume of sugarcane crushed and improving
capacity utilization. As a result adjusted EBITDA margin increased
to 51.6% 9M14 from 46.6% 9M13. The depreciation of the Brazilian
Real during the last harvest also contributed to mitigate the
negative revenue impact and to improve profitability, but cash
flow pressures arising from high capital expenditures and more
expensive dollar-denominated debt constrained the company's free
cash flow generation.

The principal methodology used in this rating was Global Protein
and Agriculture Industry published in May 2013.

Headquartered in Sao Paulo, Brazil, Agropecuaria Nossa Senhora do
Carmo S/A ("GVO") is a privately-held sugar and ethanol producer.
The company founded in the 1920s by Comendador Virgolino de
Oliveira is still controlled by the family, while higher
management positions are filled by family and professionals. With
annual sugarcane crushing capacity close to 12.0 million tons,
Virgolino posted revenues of BRL 1.3 billion (approximately USD
582 million converted by the average exchange rate) for the last
twelve months period (LTM) ending in January, 2014.


VIRGOLINO DE OLIVEIRA: Fitch Rates USD135MM Sr. Notes 'B-/RR4'
--------------------------------------------------------------
Fitch Ratings has assigned a 'B-/RR4' rating to Virgolino de
Oliveira Finance S/A (Virgolino Finance)'s USD 135 million
proposed senior secured notes due 2020.  The proposed issuance
will be unconditionally guaranteed by Virgolino de Oliveira S.A.
Acucar e Alcool S.A. (GVO), Agropecuaria Nossa Senhora do Carmo
S.A, Acucareira Virgolino de Oliveira S.A and Agropecuaria Terras
Novas S.A and will be secured by second lien on the Moncoes Mill.
Fitch has placed the proposed issuance on Rating Watch Negative,
following the last rating action taken on GVO's ratings on May 28,
2014. Net proceeds from this issuance will mostly be used to
prepay existing senior secured debt. Fitch currently rates GVO
with the Foreign and Local Currency Issuer Default Rating (IDRs)
'B-' on Rating Watch Negative. A complete list of the ratings
follows at the end of this release.

Key Rating Drivers

GVO and Virgolino Finance's ratings reflect the group's leveraged
capital structure and tight liquidity position. The ratings
further incorporate the issues associated with the cyclicality of
the sugar and ethanol commodities' price cycle, as well as the
volatility of cash flow generation. It also reflects the exposure
of GVO's sugarcane production business to weather conditions,
foreign currency risk relative to a large portion of its debt; and
the ethanol industry dynamics, which are strongly linked to
Brazil's regulated gasoline prices and related government energy
policies.

The ratings benefit from GVO's adequate business model and the
geographical location of its production units. The ratings also
incorporate positively GVO's strategic shareholding position in
Copersucar and its long-term commercial partnership with this
cooperative. The Rating Watch Negative reflects Fitch's concerns
about GVO's high debt refinancing risks.

High Refinancing Risk:

GVO's liquidity is under pressure, to which the recent financial
problems of another company in the sugar and ethanol business
(Aralco) plays a role. The company has just concluded negotiations
with two domestic banks to rollover its short-term debt, with the
amount involved of BRL200 million deemed insufficient compared to
the company's overall refinancing needs. The benefit from this
expected new issuance should not be enough to trigger a positive
rating action. The agency considers that at the average price
levels for sugar and ethanol of the last 12 months, GVO's current
operating cash generation should be insufficient to cover interest
expenses and the maintenance capital expenditures, leading to the
necessity of increasing debt levels in the near future.

As of Jan. 31, 2014, GVO's cash and marketable securities of
BRL129 million remained tight and was covering only 0.15 time (x)
its short-term debt of BRL834 million. The unencumbered own land
of 4,000 hectares may give some financial flexibility to GVO as
the company can use it as collateral for debt issuances.

Increased Leverage:

GVO presents a weak financial profile underpinned by its
aggressive capital structure in a volatile sector. In the last 12
months (LTM) ended Jan. 31, 2014, the company's consolidated net
adjusted debt/EBITDAR ratio, considering Copersucar dividends, was
6.1x, compared with 5.1x on April 2013 and 4.8x on April 2012.
Excluding advances from Copersucar backed by sugar and ethanol
inventories (BRL534 million), GVO's net adjusted debt/EBITDAR
would be 5.0x for the same period. This high leverage results from
the combination of pressured free cash flow (FCF) due to larger
capital expenditures during the last harvests, which included crop
expansion to increase the contribution of owned sugar cane supply.

Cash Flow Generation to Improve:

GVO's main challenge is to effectively reduce leverage through
improved operational cash flow in the next two years. Positively,
GVO has concluded its expansion program and as a result Fitch
expects GVO to be able to enhance its FCF generation. During the
LTM ended on January 2014, the company's cash flow from operations
(CFFO) of BRL436 million was able to meet capital expenditures of
BRL365 million, resulting in a positive FCF of BRL71 million. Net
revenues have been increasing in recent years and the company's
EBITDAR margin has ranged between 38% and 41%. During the LTM
ended Jan. 31, 2014, net revenues were BRL1.2 billion and EBITDAR
was around BRL500 million, with the EBITDAR margin of 40%. Fitch
expects GVO's CFFO to increase in the coming years supported by
significant scale gains and reduced idle capacity.

Relationship with Copersucar Viewed as a Positive:
GVO has an adequate business profile, based on its favorable
location, diversified production base and operational flexibility.
The company runs a total crushing capacity of 12 million tons. GVO
enjoys competitive advantages linked to its participation in
Copersucar, which allows it to maintain EBITDAR margin in line
with the industry average. The company benefits from Copersucar's
robust scale, which mitigates demand risks, lower logistics costs
and provides better stability in the company's collection flow.
Copersucar accounts for approximately 22% of crushed sugar cane in
the Central South region of Brazil and for 11% and 12% of the
global trade of sugar and ethanol, respectively, making it an
important price making agent. Copersucar is formed by 47 mills
that belong to 24 independent economic groups. Its members crushed
118 million tons of sugar cane in the 2012/2013 season.

GVO's businesses are exposed to the volatility of the sugar and
ethanol prices. The company transfers 100% of its production to
Copersucar through a long-term exclusivity contract. Prices for
its products are linked to the average sugar and ethanol market
prices plus a small premium. Copersucar remunerates GVO based on
the realized production on a monthly basis during the year,
independently of the moment the sale to the final customer occurs.
This translates to a higher flexibility in GVO's working capital
management compared to other companies that face seasonality in
their activities.

Fitch contemplates in the analysis that GVO has some flexibility
related to its debt with Copersucar, as the main shareholder of
this cooperative. Those loans, included in the debt amount as per
Fitch's criteria, typically involve lower refinancing risks than a
regular bank or capital market debt. GVO can tap its credit line
with Copersucar of over BRL500 million as long as it is able to
crush sugar cane and deliver sugar and ethanol to the cooperative.
This facility is an important liquidity source for GVO, especially
in periods of more restrictive access to credit. As of Jan. 31,
2014, GVO's debt with Copersucar was BRL534 million or 17% of
total adjusted debt of BRL3.1 billion. The short-term debt with
this cooperative of BRL467 million represented 56% of total short-
term debt.

High Exposure to FX Fluctuations:
GVO's debt profile has a relevant exposure to foreign exchange
movements with 58% of debt denominated in USD at the end of
January 2014. The principal amount of its foreign currency debt is
not protected through derivatives, with this risk partially
mitigated by the fact that the price for GVO's products is linked
to the dollar. The company hedges its coupons payments. As of
January 31, 2014, consolidated adjusted debt including obligations
related to leased land was BRL3.1 billion. GVO's debt is comprised
of two international notes issuances (47%); loans granted by
Copersucar (17%); trade related transaction (15%), land lease
agreements according to Fitch's methodology (12%); financings from
the Brazilian Economic Social and Development Bank (BNDES, 4%);
others (5%).

Rating Sensitivities

The failure or delay to roll over its short-term debt in the near
term should place GVO on a difficult financial situation and
negatively pressure the ratings. The Rating Watch Negative may be
removed should significant liquidity improvements occur.

Fitch currently rates GVO and Virgolino Finance as follows:

Virgolino de Oliveira S.A. Acucar e Alcool
--Foreign and local currency IDRs 'B-';
--Long term National Scale Rating 'BB+(bra)';
--BRL100 million Senior Unsecured debentures due 2014 'BB+ (bra)'.

Virgolino de Oliveira Finance S/A

--USD300 million Senior Unsecured Notes due 2022 'B-/RR4';
--Foreign and local currency IDRs 'B-


VIRGOLINO DE OLIVEIRA: S&P Assigns 'B' Rating to $135MM Sr. Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' issue-level
rating to Virgolino de Oliveira Finance S.A.'s proposed $135
million senior secured notes due 2020.  The rating on the issue
reflects the credit quality of Brazil-based sugarcane producer
Virgolino de Oliveira S.A. - Acucar e Alcool (Virgolino;
B/Negative/--) and its subsidiaries, which S&P analyzes as a
single group, that will unconditionally guarantee the notes.
Virgolino Finance is Virgolino's debt vehicle.  The proposed notes
will rank senior in right of payment to all of the issuer's
existing and future subordinated obligations.

The proposed issuance is part of Virgolino's liability management
to extend debt maturities, lower its funding costs, and help
improve its cash flow generation.  S&P believes that this
transaction, coupled with the recently announced loan from Banco
Pine and the two new loans from Banco Votorantim, will lower the
company's refinancing and liquidity risks.  S&P don't expect
Virgolino to increase its gross debt following the notes issuance,
as it believes the company will use the proceeds to improve its
capital structure by paying down short-term and more expensive
debt.  S&P expects Virgolino will most of the proceeds to pay down
existing secured debt, so there is no notching for the existing
unsecured bonds as, after the issuance, about 11% of company's
debt will be guaranteed by real assets.

RATINGS LIST

Virgolino de Oliveira S.A. - Acucar e Alcool
  Corporate credit rating              B/Negative/--

Rating Assigned

Virgolino de Oliveira Finance S.A.
  $135M Sr. Sec. Notes due 2020        B



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


ARTEMIS HOLDINGS: Creditors' Proofs of Debt Due June 23
-------------------------------------------------------
The creditors of Artemis Holdings Ltd are required to file their
proofs of debt by June 23, 2014, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 17, 2014.

The company's liquidator is:

          Ogier
          c/o Piers Dryden
          Telephone: (345) 815 1842
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


BYRON FINANCIAL: Placed Under Voluntary Wind-Up
-----------------------------------------------
On March 7, 2014, the shareholders of Byron Financial Co. Ltd
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

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


CONTINENTAL VALUE: Commences Liquidation Proceedings
----------------------------------------------------
On May 22, 2014, the sole shareholder of Continental Value Fund
resolved to voluntarily liquidate the company's dividend
distribution.

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

The company's liquidator is:

          Charalambos Michaelides
          Telephone: +357 22 555800
          Facsimile: +357 22 555801
          e-mail: pambos.michaelides@abacus.com.cy
          5 Themistokli Dervi Street
          Elenion Building
          P.C. 1066 Nicosia
          Cyprus


KE SPRING: Creditors' Proofs of Debt Due July 2
-----------------------------------------------
The creditors of Ke Spring are required to file their proofs of
debt by July 2, 2014, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on May 22, 2014.

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


LYNDHURST HOLDINGS: Creditors' Proofs of Debt Due June 23
---------------------------------------------------------
The creditors of Lyndhurst Holdings Ltd. are required to file
their proofs of debt by June 23, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 17, 2014.

The company's liquidator is:

          Ogier
          c/o Piers Dryden
          Telephone: (345) 815 1842
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


MMIP INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 1
--------------------------------------------------------
The creditors of MMIP International Fund Limited are required to
file their proofs of debt by Aug. 1, 2014, to be included in the
company's first and final dividend distribution.

The company's liquidators are:

          Kenneth M. Krys
          Stephen Doran
          c/o KRyS Global
          Governors Square, 23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman, KY1-1205
          Cayman Islands
          Telephone: +345 947 4700
          Facsimile: +345 946 6728


ORION CONSTELLATION: Creditors' Proofs of Debt Due June 23
----------------------------------------------------------
The creditors of Orion Constellation Partners Offshore Ltd are
required to file their proofs of debt by June 23, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 15, 2014.

The company's liquidator is:

          Gene Dacosta
          Telephone: (345) 814 7765
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


RIO REAL: Creditors' Proofs of Debt Due June 23
-----------------------------------------------
The creditors of Rio Real Participacoes Ltd are required to file
their proofs of debt by June 23, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 17, 2014.

The company's liquidator is:

          Ogier
          c/o Piers Dryden
          Telephone: (345) 815 1842
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


WHITE SNOW: Creditors' Proofs of Debt Due July 15
-------------------------------------------------
The creditors of White Snow Holdings Limited are required to file
their proofs of debt by July 15, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 19, 2014.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town, Tortola
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point, 9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 279-5832


ZINSURERE INC: Placed Under Voluntary Wind-Up
---------------------------------------------
On May 16, 2014, the shareholders of Zinsurere Inc. resolved to
voluntarily wind up the company's operations.

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

The company's liquidator is:

          Strategic Risk Solutions (Cayman) Limited
          North Building, 2nd Floor, Caribbean Plaza
          878 West Bay Road
          P.O. Box 1159 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: +1 (345) 623 6611
          Facsimile: +1 (345) 946 6612


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


CHILE: To Get $66.4MM-IDB Loan for Solar Energy Plant
-----------------------------------------------------
The Inter-American Development Bank (IDB) has approved a $50.4
million loan from its ordinary capital pool and another of $16
million from its Clean Technology Fund (CTF) to finance the
construction, operation and maintenance, along with the
corresponding civil engineering works, of a photovoltaic solar
energy plant in the Chilean region of Antofagasta.

The plant will be part of the Crucero Photovoltaic Solar Energy
Project, located 15.4 kilometers northwest of the city of Mar¡a
Elena.  It will boast a peak generating capacity of 72.8 megawatts
and provide electricity that will help reduce dependence on fossil
fuels in the Greater Northern Chile Interconnected System, where
demand essentially comes from mining companies and other
industrial users.

"By financing the Crucero project, the IDB continues to support
development of the solar energy sector in Chile.  The IDB's
leadership in the sector and its ability to mobilize resources
from the CTF have helped attract a local commercial bank for the
financing of a merchant solar energy project in Chile for the
first time," said Jean-Marc Aboussouan, director of the
infrastructure division of the IDB's Structured and Corporate
Finance Department.  This is the unit responsible for financing
large-scale private sector projects.

The main benefits expected from the project are to take advantage
of a local resource that contributes to diversifying the energy
supply in Chile, which in 2012 which depended on imported fuels
for 70 percent of its energy capacity.  The project will also
feature the use of a renewable energy resource to replace fossible
fuels in the generation of energy that will avoid the emission of
148,878 tons of CO2 per year and will meet the needs of the mining
industry and others in the region.

       About the Structured and Corporate Finance Department

The Structured and Corporate Finance Department (SCF) spearheads
all IDB operations without sovereign guarantees for large-scale
projects, companies and financial institutions in Latin American
and the Caribbean.  The department serves as a catalyst, helping
to mobilize third-party resources through partnerships with
commercial banks, institutional investors, co-guarantors and other
co-financing entities for projects with high impact on
development.

                  About the Clean Technology Fund

The Clean Technology Fund is one of the IDB's Climate Investment
Funds, and provides middle-income countries with concessional
resources aimed at overcoming cost and risk barriers to broaden
the display, use and transfer of low-carbon technologies in
renewable energy, energy efficiency and sustainable transport.
Based on its Chile Investment Plan, the fund is supporting large-
scale development of solar and geothermal energy, as well as
energy efficiency and generation of renewable energy for countries
to be self-sufficient.



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


XSTRATA PLC: Rising Nickel Prices Makes it Ripe to Mine Miranda
----------------------------------------------------------------
Dominican Today reports that rising nickel prices and projections
that the global market's supply won't meet the demand during the
next few years provides the country its best opportunity to make a
decision about mining at Loma Miranda (central), affirmed David
Soares, chief executive officer of Glencore's local operation,
Falcondo.

"We are in a good moment for the country to seriously contemplate
exploiting Loma Miranda," the executive said, and noted that
Morgan Stanley predicts a deficit of nickel during the next five
years, according to Dominican Today.

The report notes that Mr. Soares said it would be "irrational" not
to mine nickel at Loma Miranda and take advantage of the volatile
raw material's cycle of boom.

                             High Tech

"The project we have in Loma Miranda includes technology very
different from the traditional," Mr. Soares said, and was upbeat
that the population won't object to it once it's explained to the
citizens, the report relates.

Interviewed by newspaper Hoy accompanied Falcondo Foundation
Director Arelis Rodriguez and counsel legal Rafael Caceres, Mr.
Soares said the project would start with 50% of production (15,000
tonnes) the first year and reach 100% the second, the report
relates.

The report discloses that Mr. Soares noted that production was
around 29,000 tons in 2007, but Falcondo's best year was 2007,
when the price of nickel reached US$22 per pound, although the
average was US$15.

Mr. Soares, the report relays, said Indonesia banned nickel
exports to China in January, which he affirms will raise its price
worldwide.

Mr. Soares added that Falcondo lost US$70 million when it shut
down operations, but affirmed it was a "correct" decision, the
report notes.

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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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