TCRLA_Public/140612.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Thursday, June 12, 2014, Vol. 15, No. 115


                            Headlines



B R A Z I L

MARFRIG GLOBAL: S&P Rates Unit's $850MM Sr. Unsec. Notes 'B'


C A Y M A N  I S L A N D S

AMBOW EDUCATION: Court Releases Provisional Liquidators
BANYAN CAPITAL: Creditors' Proofs of Debt Due July 2
BANYAN CAPITAL MASTER: Creditors' Proofs of Debt Due July 2
MSREF VII VI: Commences Liquidation Proceedings
MSREF VII LP: Commences Liquidation Proceedings

RINGO 80: Creditors' Proofs of Debt Due June 20
SUREVIEW FUND: Creditors' Proofs of Debt Due June 23
SUREVIEW MASTER: Creditors' Proofs of Debt Due June 23
THIRD IRIS: Creditors' Proofs of Debt Due June 30


D O M I N I C A N   R E P U B L I C

COGENTRIX ENERGY: Owner of Plant Willing to Cut Price by 50%


M E X I C O

GRUMA SAB: Sells Molinera de Mexico for $200MM to Grupo Trimex


X X X X X X X X X

* LATAM: Remittance Flows Down in Mexico and South America


                            - - - - -


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B R A Z I L
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MARFRIG GLOBAL: S&P Rates Unit's $850MM Sr. Unsec. Notes 'B'
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' issue-level
rating to Marfrig Holdings Europe B.V.'s $850 million senior
unsecured notes due 2019.  The rating reflects the credit quality
of Brazil-based protein producer, Marfrig Global Foods S.A.
(Marfrig; B/Positive/--) that, together with its Latin American
subsidiaries, will guarantee irrevocably and unconditionally the
new notes.  S&P analyzes Marfrig including its Latin American,
European-based Moy Park, and Asian and U.S. Keystone subsidiaries
on a consolidated basis.  S&P understands that all cash flow
generation is available to pay the group's debt, although the bulk
of EBITDA, cash, and debt remain at Marfrig's level.

S&P don't expect Marfrig to increase leverage with this
transaction, but to use all the proceeds to exchange its
outstanding 2017 and 2021 bonds for the issued debt, focusing on
reducing the cost of debt to further improve its cash flow
generation and capital structure.

RATINGS LIST  Marfrig Global Foods S.A.

  Corporate credit rating             B/Positive/--


Rating Assigned

Marfrig Holdings (Europe) B.V.
  $850M sr. unsec. notes due 2019     B


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


AMBOW EDUCATION: Court Releases Provisional Liquidators
-------------------------------------------------------
On May 13, 2014, the Grand Court of the Cayman Islands released
Edward Middleton and Wing Sze Tiffany Wong as the provisional
liquidators of Ambow Education Holding Limited.

The company is no longer under provisional liquidation since
May 13, 2014.


BANYAN CAPITAL: Creditors' Proofs of Debt Due July 2
----------------------------------------------------
The creditors of Banyan Capital Fund Limited 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:

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


BANYAN CAPITAL MASTER: Creditors' Proofs of Debt Due July 2
-----------------------------------------------------------
The creditors of Banyan Capital Master Fund Limited 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:

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


MSREF VII VI: Commences Liquidation Proceedings
-----------------------------------------------
On May 21, 2014, the sole shareholder of MSREF VII Japan Asset VI
GP Ltd. resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Stephen Nelson
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460
          Charles Adams Ritchie & Duckworth
          P.O. Box 709, 122 Mary Street
          Grand Cayman KY1-1107
          Cayman Islands


MSREF VII LP: Commences Liquidation Proceedings
-----------------------------------------------
On May 21, 2014, the shareholder of MSREF VII Japan LP Holding
Limited resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Stephen Nelson
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460
          Charles Adams Ritchie & Duckworth
          P.O. Box 709, 122 Mary Street
          Grand Cayman KY1-1107
          Cayman Islands


RINGO 80: Creditors' Proofs of Debt Due June 20
-----------------------------------------------
The creditors of Ringo 80 Ltd are required to file their proofs of
debt by June 20, 2014, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 20, 2014.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


SUREVIEW FUND: Creditors' Proofs of Debt Due June 23
----------------------------------------------------
The creditors of Sureview Fund, 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 May 16, 2014.

The company's liquidator is:

          Ogier
          c/o Jonathan Turnham
          Telephone: (345) 815 1839
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


SUREVIEW MASTER: Creditors' Proofs of Debt Due June 23
------------------------------------------------------
The creditors of Sureview Master Fund, 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 May 16, 2014.

The company's liquidator is:

          Ogier
          c/o Jonathan Turnham
          Telephone: (345) 815 1839
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


THIRD IRIS: Creditors' Proofs of Debt Due June 30
-------------------------------------------------
The creditors of Third Iris Corp are required to file their proofs
of debt by June 30, 2014, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on May 6, 2014.

The company's liquidator is:

          Eleanor Fisher
          Zolfo Cooper, 38 Market Street, 2nd Floor
          Canella Court, Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          c/o Emma Storry
          Telephone: +1 (345) 814 4016


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


COGENTRIX ENERGY: Owner of Plant Willing to Cut Price by 50%
------------------------------------------------------------
Dominican Today reports that the power company of San Pedro de
Macoris (CESPM), owner of the notorious plants Cogentrix Energy,
revealed its willingness to cut the price per kilowatt-hour as
much as 50%.

CESPM Chief Executive Officer Roberto Herrera said the reduction
will be applied if an agreement is reached to convert the plants
to combined cycle and the duration of the contract is extended to
20 years, or 12 more than the current contract, according to
Dominican Today.

Dominican Today notes that the company negotiates with the
Government to amend the contract and convert its power plant to
use natural gas as base fuel, much cheaper than the current fuel
oil.

Mr. Herrera, Dominican Today relates, said a contract extension is
needed because United States natural gas suppliers require long-
term fuel purchase commitments.

Last week, the State-owned Electric Utility (CDEEE) Chief
Executive Officer Ruben Jimenez announced its willingness to
extend the contract, but by only eight more years, Dominican Today
notes.

                            Investment

Mr. Herrera said to convert the plant to natural gas would cost
US$65.0 million, which CESPM would invest entirely, Dominican
Today discloses.

Dominican Today relays that Mr. Herrera explained that this entire
process would allow it to supply energy at 9 cents US$ the
kilowatt/hour, nearly half the current 18 cents.

                             Notorious

The contract with the Congentrix plants forces taxpayers to pay it
US$4.0 million per month even when it's shut down, Dominican Today
adds.

                    About Cogentrix Energy

Cogentrix Energy, Inc., headquartered in Charlotte, NC, acquires,
develops, owns and operates electric generation and other power
assets in the United States and internationally.

CDC's investment in the San Pedro de Macoris Power Project takes
its portfolio in the Dominican Republic to over US$100 million and
builds on its strong portfolio in the region, which includes power
investments in Costa Rica, Guatemala and Nicaragua.  The Americas
are one of CDC's leading areas of investment, with 29% of its
current portfolio invested in the region.


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


GRUMA SAB: Sells Molinera de Mexico for $200MM to Grupo Trimex
--------------------------------------------------------------
Adam Williams at Bloomberg News reports that Gruma SAB de CV
agreed to sell its Mexican wheat flour operations to Grupo Trimex
SA for US$200 million, the company said in statement to the
Mexican Stock Exchange.

Grupo Trimex, the Mexico City-based flour milling company, will
acquire Gruma SAB subsidiary Molinera de Mexico SA as well as
assets related to the production of wheat flour from Grupo
Industrial Maseca, another Gruma subsidiary, according to
Bloomberg News.  The acquisition is expected to be completed in
October once approved by the federal commission of economic
competition, according to the Gruma statement obtained by
Bloomberg News.

The funds obtained in the sale will be used principally to pay
debts for Gruma and subsidiary Grupo Industrial Maseca, according
to the statement, Bloomberg News notes.  Trimex currently operates
four plants in Mexico.

                        About Gruma, S.A.B.

Headquartered in Monterrey, Mexico, Gruma, S.A.B. de C.V. --
http://www.gruma.com-- is a corn flour and tortilla producer and
distributor.  The company conducts its U.S. and European
operations principally through its subsidiary, Gruma Corporation,
which manufactures and distributes corn flour, packaged tortillas,
corn chips and related products.  As of Dec. 31, 2007, Gruma held
approximately 8.62 % of the capital stock of Grupo Financiero
Banorte, S.A.B. de C.V.

As reported in the Troubled Company Reporter-Latin America on
March 6, 2014, Standard & Poor's Ratings Services raised its
global scale corporate credit and debt ratings on Gruma, S.A.B. de
C.V. (Gruma) to 'BB+' from 'BB'.  The recovery rating on the bonds
remains unchanged at '3'.  The outlook is stable.


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X X X X X X X X X
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* LATAM: Remittance Flows Down in Mexico and South America
----------------------------------------------------------
In 2013, remittances to Central America and the Caribbean
increased over the previous year while remittance flows to South
America and Mexico declined, resulting in flat growth for the
region as a whole, according to a new report from the Multilateral
Investment Fund (MIF), a member of the Inter-American Development
Bank (IDB) Group.

The report, "Remittances to Latin America and the Caribbean in
2013: Still Below Pre-Crisis Levels," indicates that last year the
region received a total of $61.3 billion sent by migrants to their
countries of origin.

"Remittance flows to Latin America and the Caribbean remain an
important source of income for millions of poor and vulnerable
families," said MIF General Manager Nancy Lee.  "Remittance
recipients need more access to financial tools that will help them
use remittances to save and make investments for their future in
areas like education, housing, and starting and growing
businesses."

The report notes that, as this sector has evolved, there is an
increasingly wide variety of services available to remittance
senders, allowing them to make transfers using bank accounts and
debit and credit cards.  However, in many countries in the region,
cash withdrawals are still the prevailing option for receiving
remittances, showing that financial institutions have business
opportunities to offer payment and savings products tailored to
customers' needs and preferences.

Mexico remains the largest recipient of remittances in the region,
with $21.6 billion, followed by Guatemala, with $5.1 billion.
Colombia remained in third place with $4.1 billion, El Salvador
was fourth with just under $4.0 billion, and the Dominican
Republic fifth with $3.3 billion.

The United States is the source of about three-quarters of
remittances to the region, followed by Spain.  Accordingly, the
recoveries of labor demand in the United States and in average
wages of workers from Latin America and the Caribbean affected the
growth of remittances to Central America and the Caribbean.
However, reduced migration from Mexico to the United States was
reflected in the drop in remittances to that country. Meanwhile,
the Andean countries are still affected by unemployment in Spain,
especially in the construction and services sectors, which are
important sources of employment for migrants from the region.

In the years before the financial crisis of 2008-2009, remittances
to the region as a whole experienced average annual growth of 17
percent.  After a record high in 2008 of $64.9 billion, there was
a sharp drop in 2009 of over 10 percent, followed by an increase
in 2011 of 6 percent, and subsequent stagnation that continued up
to 2013.

The MIF estimates that remittances to the region could increase by
5 to 7 percent in 2014.  This estimate is based on migration and
labor trends in 2013 and on expectations for stronger performance
in the U.S. and European economies in 2014, already reflected in
improved employment figures in the first months of this year.

                            About the MIF

The Multilateral Investment Fund (MIF), a member of the Inter-
American Development Bank (IDB) Group, is funded by 39 donors and
supports private sector-led development benefitting low-income
populations and the poor -- their businesses, their farms, and
their households.  A core MIF mission is to act as a development
laboratory in order to build and support successful micro and SME
business models.


                            ***********


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

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


                            ***********


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

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

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

This material is copyrighted and any commercial use, resale or
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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