TCRLA_Public/140618.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 18, 2014, Vol. 15, No. 119


                            Headlines



A R G E N T I N A

ARGENTINA: High Court Sides With Holdout Creditors in Debt Case
ARGENTINA: Rejected by U.S. High Court on Defaulted Bonds
METROGAS S.A.: Moody's Places Caa3.ar CFR on Review for Upgrade


B O L I V I A

BANCO ECONOMICO: Moody's Rates Subordinated Debt Issuance 'B2'


C A Y M A N  I S L A N D S

ARAMID ENTERTAINMENT: JVLs Seek U.S. Bankruptcy
ARAMID ENTERTAINMENT: Proposes Reed Smith as Counsel
ARAMID ENTERTAINMENT: Taps Kinetic Partners as Crisis Managers
BANYAN CAPITAL: Shareholders' Final Meeting Set for July 17
BARBARESCO LENDER: Shareholders' Final Meeting Set for June 24

BARBARESCO LENDER-T: Shareholders' Final Meeting Set for June 24
BYRON FINANCIAL: Shareholders' Final Meeting Set for June 30
JAIC-CDIB: Shareholders' Final Meeting Set for June 24
KAUAI HOLDING: Shareholders' Final Meeting Set for June 24
KE SPRING: Shareholder to Hear Wind-Up Report on July 4

RINGO 80: Shareholders' Final Meeting Set for June 20
SUTHERLAND HOLDINGS: Shareholders' Final Meeting Set for June 24
WHITE SNOW: Sole Member to Hear Wind-Up Report on July 15


C H I L E

CORPBANCA: Moody's Continues Review on Ratings for Upgrade


D O M I N I C A N   R E P U B L I C

BANCO BHD: Fitch Affirms LT Issuer Default Rating at 'B'
XSTRATA PLC: Falcondo Needs Three Thrusts to Resume Operations


M E X I C O

PROYECTOS ADAMANTINE: Service Transfer No Rating Impact on 3 RMBS


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Finances Improve Despite Fuel Subsidy Removal
FIRST CITIZENS: Group Execs Resign Before Shareholders' Meeting


V E N E Z U E L A

CORPORACION ELECTRICA: S&P Affirms 'B-' CCR; Outlook Negative


                            - - - - -


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


ARGENTINA: High Court Sides With Holdout Creditors in Debt Case
---------------------------------------------------------------
Ken Parks, Nicole Hong and Brent Kendall, writing for The Wall
Street Journal, reported that the U.S. Supreme Court handed
Argentina a major setback in its long-running battle with a small
group of determined creditors, heightening the risk the country
will default for the second time in 13 years.

According to the report, the justices on June 16 rejected
Argentina's appeal of a lower-court ruling that said the country
can't make bond payments until it compensates hedge funds that
refused to accept restructured debt in the years following
Argentina's 2001 default.  Because of that earlier ruling,
Argentina must decide by the end of the month whether to reach a
deal with the holdouts or default on its next debt payment, the
Journal said.

The Journal said the Supreme Court's action is a pivotal -- and
potentially final -- twist in a bitter battle pitting Argentina's
government against a few deep-pocketed hedge funds that have been
steadfast in their insistence on full payment.

"We have long anticipated that the Supreme Court would not grant
certiorari, but were less certain about the timing.  This decision
makes it more critical than ever that the parties come promptly to
a negotiated settlement that will enable Argentina to avoid
default, lower its borrowing costs and return to the capital
markets," Bruce Wolfson, Esq. -- bruce.wolfson@bingham.com -- of
counsel at Bingham McCutchen LLP, said in a statement.


ARGENTINA: Rejected by U.S. High Court on Defaulted Bonds
---------------------------------------------------------
Katia Porzecanski, Camila Russo and Greg Stohr at Bloomberg News
report that Argentine Economy Minister Axel Kicillof, who
negotiated $15 billion of payments to resolve debt disputes in the
past four months, has two weeks to pull off his toughest deal yet.

The country's bonds plunged after the U.S. Supreme Court decided
against hearing Argentina's appeal of an order requiring it to pay
holders of defaulted notes from 2001 in full when making payments
on its restructured debt, according to Bloomberg News.  The next
payment comes due June 30, giving Minister Kicillof limited time
to reach a settlement with holdouts and avoid a new default, notes
the report.

According to Bloomberg News, the government said paying back
holdout creditors in full would amount to $15 billion, money that
would deplete foreign reserves already hovering near an eight-year
low.  Locked out of international credit markets for more than a
decade, Argentina may have few options other than meeting a
request for negotiations from Elliott Management Corp., the New
York-based hedge fund run by Paul Singer that refused to accept
two prior debt restructurings that gave investors about 30 cents
on the dollar, Bloomberg News notes.

Bloomberg News relates that the dispute revolves around
Argentina's 2001 default on a record $95 billion in debt.  The
country offered to substitute lower-value bonds in 2005 and made a
similar proposal in 2010.  Owners tendered about 92 percent of the
outstanding debt.

                           Paris Club

Minister Kicillof brokered a $9.7 billion settlement last month to
resolve a dispute with the Paris Club group of creditors dating
from the 2001 default, Bloomberg News discloses.  That came months
after reaching a $5 billion accord to compensate Repsol SA for
Argentina's seizure of oil producer YPF SA, notes the report. The
announcements helped push bond yields to a two-year low before the
Supreme Court ruling, the report adds.

Bloomberg News relates that Argentina calls investors who have
refused previous debt exchanges "vultures" because they bought
many of the bonds post-default at a discount, angling to
eventually collect a windfall.  Argentina said it couldn't afford
to pay both sets of bondholders because claims similar to
Elliott's could mount to $15 billion from the $1.3 billion
involved in the current ruling, reports Bloomberg News.

                       'Imminent Risk'

"America's highest court has spoken," NML Capital, a unit of
Elliott Management, said in a statement obtained by Bloomberg
News.  "It is time for Argentina to honor its commitments to its
creditors, which would benefit both Argentina's economy and its
international standing," the statement added.

Lawyers for the defaulted bondholders filed papers in the Court of
Appeals saying that the previous orders "are now in full force and
effect" as a result of the Supreme Court's refusal to hear the
case, Bloomberg News relates.

The country had said in a May 27 filing that complying would
create "a serious and imminent risk of default," Bloomberg News
notes.

NML had argued that an equal-treatment, or "pari passu," clause in
the bond agreement bars Argentina from treating the restructured
securities more favorably than the defaulted bonds, says the
report.

                            Next Step

Bloomberg News relates that a federal trial judge agreed with that
argument, as did the New York-based 2nd U.S. Circuit Court of
Appeals in two rulings.

Argentina has given mixed signals about its likely next step. In
an appeals court hearing last year, the government's attorneys
said the Latin American country wouldn't "voluntarily" obey the
court orders, Bloomberg News notes.

In its most recent Supreme Court brief, the country promised to
comply with the orders, while saying the likely result would be a
new default, Bloomberg News adds.  According to a memo leaked to
an Argentine website last month, the country's attorneys
recommended a default and immediate restructuring in the event the
Supreme Court rejected the appeal, the report relays.

Last week, notes the report, Minister Kicillof raised the prospect
of negotiating with the holdouts, a step the country has
previously rejected.

                          Public Opinion

"Minister Kicillof is a very bright individual, but he doesn't
have much experience on these matters and that is an issue here,"
Diego Ferro, co-chief investment officer at Greylock Capital
Management LLC, told Bloomberg News in a telephone interview from
New York.  "The holdouts are wholly rational market participants
and at this point in time they want to move on," Mr. Ferro said,
Bloomberg News notes.

In a September poll of 1,000 Argentines conducted by Buenos Aires-
based research company Poliarquia Consultores for Graham Fisher &
Co., 74 percent of those surveyed believe the government should
negotiate with holdouts from the restructuring, Bloomberg News
relates.

Between paying the debt in full and not paying it at all, 68
percent of those surveyed said the government should pay holdouts
in full, notes the report.

Over the past year, says Bloomberg News, Argentina has also
settled claims with five companies in the World Bank arbitration
arm and improved economic data reporting at the request of the
International Monetary fund.

"The administration has a much stronger willingness to pay debt,"
Kathryn Rooney Vera, a macroeconomic strategist at Bulltick
Capital Markets, told Bloomberg News in a telephone interview from
Miami.  "The sense that we get is they're definitely open to
negotiation and the winds have changed," Mr. Vera added, Bloomberg
News adds.


METROGAS S.A.: Moody's Places Caa3.ar CFR on Review for Upgrade
---------------------------------------------------------------
Moody's Latin America placed under review for upgrade the Caa3 and
Caa3.ar ratings on Metrogas' USD denominated bonds and corporate
family rating.

Ratings Rationale

The rating action followed the recently announced tariff increase
for gas distribution companies that will result in substantially
improved cash generation for Metrogas in relation to its debt
burden.

On April 7, Argentina's gas regulator (Enargas) announced that it
had raised the tariff that Argentine gas distribution utilities
can charge their customers, effective April 1. The higher tariff
comprises a higher gas price and a higher distribution margin that
the utilities can charge above a higher gas price based upon
consumption to their residential customers. Enargas phased the
tariff increases in three steps over a five-month period from
April to August 2014. Tariffs will not rise for users that reduce
their gas consumption by more than 20% over their consumption
level of the prior year. Before this increase and in spite of the
material impact of inflationary cost pressures, the distribution
margin for most of the gas distribution companies has been the
same for more than 12 years.

The review will focus on the impact of the tariff increase on
Metrogas' liquidity, in particular in light of the
completion/finalization of the debt restructuring that will
materialize after June 30th, once Metrogas makes the interest
payment due on that date and no triggering event occurs.

Metrogas outstanding debt is the result of the 2013's
restructuring by which Metrogas offered bondholders New Notes to
replace its defaulted debt. On January 2013 Metrogas issued Class
A Notes amounting to approximately USD 180 million and Class B
notes for approximately USD 135 million. Class A represented the
new, restructured debt amount and Class B accounted for the
discount on principal offered to bondholders, amount that will
extinguish if no event of default occurs until June 30 2014.

Metrogas is an Argentinean gas distribution utility, with
operations in the capital city and the southern area of Buenos
Aires Province, which is one of the biggest concession areas in
terms of number of clients and annual revenues for the last twelve
months ending March 2014 of ARS 1.2 billion.

Metrogas is controlled by GASA (70%), a holding company that is
fully owned by YPF (Caa1, Stable)'s subsidiary YPF Inversora
Energetica S.A. From the remaining 30%, 20% floats in the Buenos
Aires stock exchange and 10% belongs to Metrogras' employees
("PPP").


=============
B O L I V I A
=============


BANCO ECONOMICO: Moody's Rates Subordinated Debt Issuance 'B2'
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned Banco Economico (Economico)'s Bs. 62 million subordinated
debt second issuance, under the multicurrency program of USD 20
million, a global local currency debt rating of B2 and a national
scale local currency debt rating of Aa3.bo.

The outlook on all ratings is stable.

The following ratings were assigned to Banco Economico S.A.:

Second Bs. 62 million subordinated debt issuance

Global Local Currency Subordinated Debt Rating: B2

Bolivia National Scale Local Currency Subordinated Debt Rating:
Aa3.bo

Ratings Rationale

Moody's explained that the B2 local currency subordinated debt
rating derives from Economico's b1 baseline credit assessment that
maps from its bank financial strength rating of E+ and takes into
account the seniority of the notes.

Moody's ratings reflect the bank's established position as a
lender to small and medium size companies (SME) and its growing
diversification into microfinance over past two years, which
benefits the granularity of its loan book and access to stable
funding. The ratings also incorporate the generally riskier nature
of SME and microfinance customers, which are highly sensitive to
economic cycles, as well as Economico's geographical concentration
in Santa Cruz de la Sierra, despite efforts to expand to other
provinces of the country. The complex regulatory environment for
Bolivian banks and its effect on profitability were also taken
into account.

Since entering the segment in 2011, Economico has seen its
microfinance loans grow to represent 22.7% of the total portfolio,
with a sizable 43.7% lent to SMEs, a mix that supports its long-
term strategy and business prospects. This change has led to
higher interest margins, but operating costs to serve the labor-
intensive microfinance segment have also grown. While the bank's
expansion has required Economico to grow its workforce and
branches, additional lending growth will allow for better use of
the current capacity, with further efficiency improvements.
However, Moody's notes that regulatory changes yet to be defined
under the new financial law passed late in 2013, will likely
impose lending rates caps and minimum deposit rates, which will
pinch the bank's margins and profitability in the coming years.

Moody's said that Economico's asset quality remains good and in
line with that of its peers. Following a cumulative annual loan
growth rate of 17.3% over the past three years, which is lower
than the system, non-performing loans as a percentage of gross
loans increased slightly in 2013. Delinquency remains manageable
in light of the secured nature of the loan book (with real
guarantees on 75% of loans), the adequate reserves at 194% of
total non-performing loans, and a Tier 1 capitalization ratio at
8.3%, all of which limit potential losses in adverse
circumstances. Nevertheless, Moody's notes that the bank's
business expansion may require higher capital levels, above those
that would result from internal earnings generation.

Moody's noted the bank's favorable deposit mix, with core deposits
comprising nearly 90% of the bank's total liabilities as of March
2014, mainly in the form of time deposits, as well as its access
to multilateral funding and to the domestic capital markets, where
Economico has issued subordinated debt.

Banco Economico S.A. is located in Santa Cruz de la Sierra,
Bolivia, and has US$873 million in assets, US$732 million in
deposits and US$56.1 million in equity as of March 2014.


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


ARAMID ENTERTAINMENT: JVLs Seek U.S. Bankruptcy
-----------------------------------------------
Aramid Entertainment Fund Limited, which made loans to, and
investments in, participants in the global media and entertainment
industry, was sent to Chapter 11 bankruptcy by its liquidators
appointed in the Cayman Islands.

Jess Shakespeare and Geoffrey Varga were appointed joint voluntary
liquidators of Aramid funds on May 7, 2014, following the
decisions of the board of directors to wind down those funds.

According to Mr. Varga, over the last several years, AEF has been
embroiled in substantial and time-consuming litigation relating to
some of its investments.  The prosecution and defense of these
actions has consumed a substantial portion of AEF's liquidity and
exposes it to potential liability in several ways.

Mr. Varga believes that the protections afforded by the U.S.
Bankruptcy Code will afford the JVLs an opportunity to evaluate
the merits of each case and formulate a plan with regard to each
of these litigations.

Non-debtor Aramid Capital Partners LLP, a UK partnership, was the
technical service provider of the Debtor.  Molner, the founder of
Sreen Capital International ("SCI"), was the lead individual
involved in ACP's relationship with AEF.  ACP's engagement by AEF
was mutually terminated prior to the Petition Date.

Prior to the Petition Date, Asset Resolution Partners, Ltd.
("ARP"), a Cayman Islands exempted company, was retained by AEF to
help monetize assets and pursue or defend certain legal
proceedings.  ARP reports to the JVLs in all material respects.

                          Bergstein Dispute

One of the primary reasons for the Debtors' current liquidity
concerns is the inability to collect on loans made by AEF to
certain entities controlled by David Bergstein and Ronald Tutor,
and the numerous ancillary litigations arising from or relating to
these loans.  This litigation -- as well as other litigation
involving AEF -- gives rise not only to potential direct liability
to AEF, but to contractual indemnity rights of David Molner and
others, which rights may be enforceable in certain circumstances
such that they could require AEF to indemnify David Molner and
others.

In addition, investors in AEF have repeatedly raised concerns with
ACP, the directors of AEF and the Cayman Islands Monetary
Authority with respect to the prior actions of ACP, including in
connection with its managements of certain of the affairs of AEF
including, without limitation, the multitude of litigation that
ACP has either recommended be brought on behalf of the Debtors or
which has resulted in AEF being named as a defendant which has
resulted in substantial litigation expense.  Further, AEF has been
asked to provide extensive discovery pursuant to Bankruptcy Rule
2004 in connection with the bankruptcy case of Susan H. Tregub,
P.C., former counsel to Bergstein, and also may face litigation in
connection with that bankruptcy case.

Prior to December 2009, AEF had an extensive lending relationship
with certain Bergstein companies.  Beginning in February 2007, AEF
had engaged in approximately 36 transactions in which entities
owned or controlled by Bergstein had borrowed a total of $62.7
million from AEF.  By January 2010, AEF had recovered
approximately $20 million, leaving more than $42 million
outstanding, and that debt was not being serviced by the Bergstein
Companies.

On March 16, 2010, AEF and Cayman Film Holdings Ltd., a wholly-
owned subsidiary of AEF, filed a suit in the United States
District Court in Los Angeles against Bergstein and Tutor,
individually, seeking to collect approximately $12 million owed on
guaranties of loans made to finance motion pictures known as "Love
Ranch" and "Bad Meat".  Aramid Entertainment v Bergstein. Case No.
2:10-cv-01881-JFW-PLA.

One day after commencing litigation against Bergstein and Tutor to
enforce guaranties, on March 17, 2010, involuntary bankruptcy
petitions (initially filed by a group of 13 creditors that
subsequently increased to 27 creditors) were filed in the U.S.
Bankruptcy Court in Los Angeles with respect to certain of the
Bergstein Companies.  These bankruptcy cases have been
extraordinarily contentious and litigious.

On Dec. 30, 2011, AEF, acting jointly with several other
creditors, filed liquidation plans for each of the debtors in
those cases together with the requisite disclosure statements for
each of the Plans.  The Bankruptcy Court has never approved the
disclosure statement.  Instead, at the recommendation of ACP, the
technical service provider, AEF has litigated, or as applicable,
funded additional proceedings, both in the Bankruptcy Court and
other courts, in an effort to collect the monies owed by the
Bergstein Companies.

                    About Aramid Entertainment

Aramid Entertainment Fund Limited has been engaged in the business
of providing short and medium term liquidity to producers and
distributors of film, television and other media and entertainment
content by way of loans and equity investments.

On May 7, 2014, Geoffrey Varga and Jess Shakespeare of Kinetic
Partners (Cayman) Limited were appointed under Cayman law as the
joint voluntary liquidators of AEF and two affiliates.

On June 13, 2014, the JVLs authorized AEF and two affiliates to
file for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead
Case No. 14-11802) in Manhattan on June 13, 2014.

The Debtors have tapped Reed Smith, LLP, in New York, as counsel;
and Kinetic Partners (Cayman) Limited as crisis managers.

AEF estimated at least $100 million to $500 million in assets and
less than $50 million in debt.  The Debtors have filed a motion
asking the Bankruptcy Court to extend the time for the Debtors to
file their schedules of assets and liabilities and statements of
financial affairs.


ARAMID ENTERTAINMENT: Proposes Reed Smith as Counsel
----------------------------------------------------
Aramid Entertainment Fund Limited and its affiliated debtors ask
the bankruptcy court for approval to hire Reed Smith LLP as
bankruptcy counsel, nunc pro tunc to the Petition Date.

Reed Smith is an international law firm with approximately 1,900
attorneys in 25 offices in major cities throughout the United
States, Europe, the Middle East and Asia, including an office in
New York City.

By virtue of its prepetition retention, Reed Smith is well-
acquainted with the Debtors' business history, capital structure
and operations.  From September 2010 through May 2014, Reed Smith
was engaged, for the benefit of AEF to provide certain limited
specified services to a committee of independent, non-management-
affiliated directors of AEF.  From the period commencing on May 7,
2014 through the Petition Date, Reed Smith provided advice and
services in connection with the joint voluntary liquidators'
management and efforts with respect to AEF and an affiliate.

The Debtors seek to employ Reed Smith on an hourly basis to act as
general bankruptcy and restructuring counsel in the Chapter 11
cases and, subject to the use of special counsel where necessary
or appropriate, in any and all matters that arise with respect
thereto or to the Debtors.

Reed Smith will bill at its agreed-upon hourly rates, plus out-of-
pocket expenses, advances, and expenses, all subject to the
approval of the Court.  The hourly rates that Reed Smith will
charge for the time worked by the paralegals and attorneys that
will be primarily responsible for Reed Smith's representation of
the Debtors in these cases, effective on and after Jan. 1, 2014,
will be as follows:

                                        Hourly Rate
                                        -----------
         Partners:
         James L. Sanders                   $890
         Paul M. Singer                     $805
         James C. McCarroll                 $770
         Michael J. Venditto                $765
         Jordan W. Siev                     $750
         Richard A. Robinson                $715
         Francisca Mok                      $680
         James Hnilo                        $650


         Casey D. Laffey                    $605

         Associates:
         Sarah K. Kam                       $605
         Chrystal A. Puleo                  $595

         Paralegals:
         Christopher M. LauKamg             $225

The Debtors' counsel can be reached at:

         REED SMITH LLP
         James C. McCarroll, Esq.
         Michael J. Venditto, Esq.
         Jordan W. Siev, Esq.
         Richard A. Robinson, Esq.
         599 Lexington Avenue
         New York, NY 10022-7650
         Telephone: (212) 521-5400
         Facsimile: (212) 521-5450
         E-mail: jmccarroll@reedsmith.com
                 mvenditto@reedsmith.com
                 jsiev@reedsmith.com
                 rrobinson@reedsmith.com

                    About Aramid Entertainment

Aramid Entertainment Fund Limited has been engaged in the business
of providing short and medium term liquidity to producers and
distributors of film, television and other media and entertainment
content by way of loans and equity investments.

On May 7, 2014, Geoffrey Varga and Jess Shakespeare of Kinetic
Partners (Cayman) Limited were appointed under Cayman law as the
joint voluntary liquidators of AEF and two affiliates.

On June 13, 2014, the JVLs authorized AEF and two affiliates to
file for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead
Case No. 14-11802) in Manhattan on June 13, 2014.

AEF estimated at least $100 million to $500 million in assets and
less than $50 million in debt.  The Debtors have filed a motion
asking the Bankruptcy Court to extend the time for the Debtors to
file their schedules of assets and liabilities and statements of
financial affairs.


ARAMID ENTERTAINMENT: Taps Kinetic Partners as Crisis Managers
--------------------------------------------------------------
Aramid Entertainment Fund Limited and its affiliated debtors ask
the bankruptcy court for approval to hire Kinetic Partners
(Cayman) Limited as crisis managers, nunc pro tunc to the Petition
Date.

Kinetic Partners LLP, of which Kinetic is the firm's wholly owned
Cayman operating entity is a leading provider of tailored
consulting, advisory and assurance services to clients within the
financial services industry.  Kinetic Partners currently has over
160 professionals across its eight global offices.

The joint voluntary liquidators of the Debtors are partners at
Kinetic Partners.  Geoffrey Varga is the global head of Kinetic
Partners' Corporate Recovery and Restructuring group.  Jess
Shakespeare is a partner in Kinetic Partners' Corporate Recovery
group.

As provided for in an Engagement Letter, Messrs. Varga and s
Shakespeare will continue to provide services as joint voluntary
liquidators of AEF and ALTL, and with the help of certain
professionals at Kinetic Partners, will perform a broad range of
services, including but not limited to:

   -- locating and taking possession of all remaining assets of
the Debtors, and performing accounting of the assets and
liabilities of the Debtors if required;

   -- diligently and efficiently pursuing recovery and realization
of the assets of the Debtors;

   -- carrying out operations of the Debtors insofar as it may be
necessary for the beneficial liquidation thereof, and subject to
available cash in the Debtors, paying the outstanding debts,
obligations and liabilities of the Debtors;

   -- distributing any proceeds received and remaining assets of
the Debtors to each of the Debtors' respective creditors and
investors (in the priorities as prescribed under the applicable
laws);

   -- providing advice when required and to manage the various
litigation relating to the Debtors' investments.

The hourly rates that will be charged for the time for Geoffrey
Varga and Jess Shakespeare in connection with this engagement are
$750 and $650, respectively.

The Debtor will reimburse Kinetic, upon receipt of periodic
billings, for all reasonable and necessary out-of-pocket expenses
incurred in connection with the Chapter 11 cases including travel,
accommodation and incidentals.

Because Kinetic is not being employed as a professional under
Section 327 of the Bankruptcy Code, it will not submit quarterly
fee applications pursuant to 11 U.S.C. Sections 330 and 331.
Kinetic will, however, file with the Court, and provide notice to
the United States Trustee and all official committees, reports of
compensation earned and expenses incurred on at least a quarterly
basis.

The Debtors do not believe that Kinetic is a "professional" whose
retention is subject to approval under Section 327.  Nonetheless,
to the best of Debtors' knowledge, and except as otherwise
disclosed, Kinetic (a) is a "disinterested person" within the
meaning of Section 101(14), (b) does not hold or represent an
interest adverse to the Debtors' estates, and (c) has no
connection to the Debtors, their creditors, or their related
parties.

The firm can be reached at:

         Geoffrey Varga
         Jess Shakespeare
         KINETIC PARTNERS (CAYMAN) LIMITED
         1st Floor, The Harbour Centre
         42 North Church Street
         PO Box 10387, Grand Cayman
         Cayman Islands
         Tel: +1 646 867 7833 New York
              +1 345 623 9900 Cayman
         Fax: +1 345 943 9900
         E-mail: geoff.varga@kinetic-partners.com
                 jess.shakespeare@kinetic-partners.com

                    About Aramid Entertainment

Aramid Entertainment Fund Limited has been engaged in the business
of providing short and medium term liquidity to producers and
distributors of film, television and other media and entertainment
content by way of loans and equity investments.

On May 7, 2014, Geoffrey Varga and Jess Shakespeare of Kinetic
Partners (Cayman) Limited were appointed under Cayman law as the
joint voluntary liquidators of AEF and two affiliates.

On June 13, 2014, the JVLs authorized AEF and two affiliates to
file for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead
Case No. 14-11802) in Manhattan on June 13, 2014.

AEF estimated at least $100 million to $500 million in assets and
less than $50 million in debt.  The Debtors have filed a motion
asking the Bankruptcy Court to extend the time for the Debtors to
file their schedules of assets and liabilities and statements of
financial affairs.


BANYAN CAPITAL: Shareholders' Final Meeting Set for July 17
-----------------------------------------------------------
The shareholders of Banyan Capital Master Fund Limited will hold
their final meeting on July 17, 2014, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          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


BARBARESCO LENDER: Shareholders' Final Meeting Set for June 24
--------------------------------------------------------------
The shareholders of Barbaresco Lender Finance-TE will hold their
final meeting on June 24, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Stephen Nelson
          Telephone: 949-4544
          Facsimile: 949-7073
          Charles Adams Ritchie & Duckworth
          Zephyr House, 2nd Floor, 122 Mary Street
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands


BARBARESCO LENDER-T: Shareholders' Final Meeting Set for June 24
----------------------------------------------------------------
The shareholders of Barbaresco Lender-T will hold their final
meeting on June 24, 2014, at 10:0 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stephen Nelson
          Telephone: 949-4544
          Facsimile: 949-7073
          Charles Adams Ritchie & Duckworth
          Zephyr House, 2nd Floor, 122 Mary Street
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands


BYRON FINANCIAL: Shareholders' Final Meeting Set for June 30
------------------------------------------------------------
The shareholders of Byron Financial Co. Ltd will hold their final
meeting on June 30, 2014, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Avalon Management Limited
          Herrengasse 21
          LI-9490 Vaduz


JAIC-CDIB: Shareholders' Final Meeting Set for June 24
------------------------------------------------------
The shareholders of JAIC-CDIB & Partners Investment, Inc. will
hold their final meeting on June 24, 2014, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Yueh-Lin Lee
         CDIB & Partners Investment Holding Corporation
         125 Nanking East Road, 6th Floor
         Section 5, Taipei 105
         Taiwan


KAUAI HOLDING: Shareholders' Final Meeting Set for June 24
----------------------------------------------------------
The shareholders of Kauai Holding Limited will hold their final
meeting on June 24, 2014, at 10:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Kitagawa
          Hisayoshi Kitagawa
          c/o Mariko Kogo
          Telephone: +8 (135) 775 9200
          Facsimile: +8 (135) 775 9201
          Zephyr House, 122 Mary Street
          709 Grand Cayman KY1-1107
          Cayman Island


KE SPRING: Shareholder to Hear Wind-Up Report on July 4
-------------------------------------------------------
The shareholder of Ke Spring will hear on July 4, 2014, at
8:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler
          Telephone: (345) 943-3100


RINGO 80: Shareholders' Final Meeting Set for June 20
-----------------------------------------------------
The shareholders of Ringo 80 Ltd will hold their final meeting on
June 20, 2014, at 12:00 noon, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidators are:

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


SUTHERLAND HOLDINGS: Shareholders' Final Meeting Set for June 24
----------------------------------------------------------------
The shareholders of Sutherland Holdings Limited will hold their
final meeting on June 24, 2014, at 3:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Juliette Ange De Guelle
          Katrina Helen Tannahill
          Barclays Wealth Directors (Jersey) Limited
          39-41 Broad Street
          St Helier, Jersey, JE4 5PS


WHITE SNOW: Sole Member to Hear Wind-Up Report on July 15
---------------------------------------------------------
The sole member of White Snow Holdings Limited will hear on
July 15, 2014, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          P.O. Box 71 Road Town, Tortola
          British Virgin Islands


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


CORPBANCA: Moody's Continues Review on Ratings for Upgrade
----------------------------------------------------------
Moody's Investors Service has said that the ratings of CorpBanca
(deposits and senior debt Baa3, review up, BFSR D+ review up/BCA
ba1) and its holding company, CorpGroup Banking S.A., (issuer and
senior debt B1, review up) remain on Watchlist. The review status
was initiated on 31 January 2014.

Moody's said it expects to complete the review upon the closing of
the transaction announced on 29 January 2014, whereby CorpBanca's
controlling shareholder, CorpGroup, agreed to merge the bank with
Itau Unibanco S.A.'s (deposits Baa1/Baa2 stable, BFSR C-
stable/BCA baa1) Chilean subsidiary, Banco Itau Chile (deposits A3
stable, BFSR C-stable/BCA baa2) in a stock-for-stock transaction
to create Banco Itau CorpBanca.

Moody's understands that the merger transaction remains on course
and that the counterparties intend to complete the deal by the
fourth quarter of 2014, once the necessary approvals are obtained,
and in accordance with the previously announced time frames.

Ratings Rationale

The review status reflects the fact that the merger and the
transfer of control must be approved by Chile's banking
regulators, the Superintendency of Banks and the Central Bank of
Chile, as well as by the Colombian, Panamanian, and US banking
regulators. The Central Bank of Brazil must approve Ita£
Unibanco's increased investment in Chile via a capital infusion of
US$ 652 million in Banco Ita£ Chile prior to the merger. The
ratings of CorpGroup Banking remain on review for upgrade as they
are anchored on CorpBanca's standalone rating.

Moody's continues to expect that the proposed merger of CorpBanca
and Banco Itau Chile and its association with Itau Unibanco will
strengthen the bank's market presence across multiple customer
segments in Chile's highly competitive banking market as well as
to facilitate scale efficiencies, thereby increasing its earnings
potential. Itau's experience in integrating acquisitions, its
successful presence and brand identity in Chile, as well as its
partnership and co-management with existing shareholders will
allow the bank to mine local management's expertise and
relationships.

Based in Santiago, CorpBanca was the fifth largest bank in Chile
with US$ 34.9 billion (CLP 19.2 trillion) of consolidated assets
and $3.2 billion in shareholders' equity as of March 31, 2014.
CorpGroup Banking reported total consolidated assets of $33.3
billion and total net equity of $3.0 billion as of 31 December
2013.

Principal Methodology

The principal methodology used in this rating/analysis was Global
Banks published in May 2013.



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


BANCO BHD: Fitch Affirms LT Issuer Default Rating at 'B'
-------------------------------------------------------
On May 14, 2014, Fitch Ratings completed a peer review for three
private sector banks and their related entities as well as one
state-owned bank in the Dominican Republic. At that time, Fitch
affirmed the banks' ratings as detailed at the end of this
release.

The four banks included in this peer review are Banco Popular
Dominicano (BPD); Banco BHD S.A.(BHD); Banco de Reservas de la
Republica Dominicana, Banco de Servicios Multiples (BANRESERVAS);
and Banco Multiple Leon S.A.(BML). The banks are among the largest
in their market and each had assets between USD7.2 billion and
USD1.2 billion, with operations primarily in the Dominican
Republic. With the exception of BML, the banks' Issuer Default
Ratings (IDRs) are driven by their Viability Ratings (VRs), which
are based on the banks' stand-alone intrinsic financial strengths.
BML's IDRs factor in potential extraordinary institutional support
from its parent, Centro Financiero BHD Leon.

Based on 2013 financial statements, asset quality indicators
remained stable or improved at all the banks covered in this
review, driven by moderate loan growth and a strengthening local
economy. However, asset quality indicators at Dominican banks were
weaker than international peers (emerging market
commercial/universal banks with a 'b' category VR). Given better
economic conditions in the Dominican Republic, Fitch believes
asset quality indicator trends will be sustained in 2014.

While BML's profitability declined, it remained flat at the other
private sector banks in 2013. Asset growth and better efficiency
increased BANRESERVAS' profitability during this same period.
Fitch expects a stronger domestic economy to strengthen the banks'
financial performance over the next year due to accelerating
growth and improvements in loan quality.

With the exception of BANRESERVAS, bank capitalization compared
favorably with international peers. Even with accelerating asset
growth Fitch expects bank capitalization to remain stable or
improve in 2014 as internal capital generation increases.

As is common to other emerging market banks, all of the Dominican
banks included in this review have a large negative mismatch
between short-term assets and liabilities. This contractual
maturity gap is somewhat mitigated by high deposit reserve
requirements, deposit stability, and the availability of credit
lines from other financial institutions.

Fitch published the main findings of this peer review completed in
May in a report 'Peer Review: Dominican Banks', which is available
at www.fitchratings.com. Fitch concludes that the large Dominican
banks are well positioned to take advantage of the local economy's
accelerating growth.

For further details on the particular key rating factors and
rating sensitivities of each of these entities, as well as for
regulatory information, please view individual rating action
commentaries, published today and available in Fitch's websites at
www.fitchratings.com and www.fitchca.com.

Following completion of a peer review on May 14, 2014 Fitch
affirmed the following international and national ratings:

BPD
--Long-term National rating at 'AA-(dom)'; Outlook Stable;
--Short-term National rating at 'F1+(dom)'.
--Long-term National subordinated debt at 'A+(dom)'

BHD
--Foreign and local currency long-term IDR at 'B'; Outlook Stable;
--Foreign and local currency short term IDR at 'B';
--Viability Rating at 'b';
--Support at '5';
--Support Floor at 'NF';
--Long-term National rating at 'AA-(dom)'; Outlook Stable;
--Short-term National rating at 'F1+(dom)'.

BML
--Foreign and local currency long-term IDR at 'B'; Outlook Stable;
--Foreign and local currency short term IDR at 'B';
--Viability Rating at 'b-';
--Support at '4';
--Long-term National rating at 'AA-(dom)'; Outlook Stable;
--Short-term National rating at 'F1+(dom)'.
--Long-term National subordinated debt at 'A+(dom)'

BANRESERVAS
--Foreign and local currency IDRs at 'B'; Outlook Stable;
--Short-term foreign and local currency IDRs at 'B';
--Viability Rating at 'b';
--Support Rating at '4';
--Support Floor at 'B';
--Long-term subordinated notes at 'B-'
--National long-term rating at 'AA-(dom)'; Outlook Stable;
--National short-term rating at 'F1+(dom)'

In addition, Fitch also affirmed the banks' related entities'
ratings following the peer review:

Popular Bank Ltd. Inc y Subsidiaria (Popular Bank)
--Long-term national rating at 'AA-(dom)'; Outlook Stable;
--Short-term national rating at 'F1+(dom)';
--Long-term national rating at 'BB+(pan)'; Outlook Stable;
--Short-term national rating at 'B(pan)'.

BHD International Bank (Panama):
--Long-term National rating at 'AA-(dom)'; Outlook Stable;
--Short-term National rating at 'F1+(dom)'.

BHD Valores Puesto de Bolsa SA:
--Long-term National rating at 'AA-(dom)'; Outlook Stable;
--Short-term National rating at 'F1+(dom)';
--Short-term National senior unsecured debt rating at 'F1+(dom)'.
Valores Leon S.A:
--Long-term National rating at 'AA-(dom)'; Outlook Stable;
--Short-term National rating at 'F1+(dom)';
--Long-term National senior unsecured debt rating at 'AA-(dom)'.


XSTRATA PLC: Falcondo Needs Three Thrusts to Resume Operations
--------------------------------------------------------------
Dominican Today reports that the mining company Falconbridge
Dominicana (Falcondo) announced that to restart its operations it
needs to have energy at low cost, improvements in the
international market of nickel and access to natural resources
granted by the Concession Quisqueya Uno, which it signed with the
Dominican Government in 1956.

David Soares, president and general manager of Falcondo, said that
as the result of high production costs and low prices for nickel,
the company had to halt operations and enter into a phase of care
and maintenance in October last year, according to Dominican
Today.  The report relates that they are now observing how nickel
prices improve, since that sends a good signal to the processing
of the ore in the Dominican Republic.

Mr. Soares, the report notes, said Falcondo has achieved important
advances in the study of alternatives for the production of 200MWh
of low-cost power, ranging from the construction of a new power
plant to the conversion of the existing plant.

"We will continue with efforts to gain access to minerals on which
we have the right through our mining concession. Similarly, we are
looking for alternatives that are beneficial in the energy field,
which will result in favorable opportunities for all, the company,
the communities, the Government and the country," the report
quoted Mr. Soares as saying.

Mr. Soares noted that Falcondo is a company that has always been
responsible for the environment, a management which is certified
with ISO 14001 environmental management and ISO 9001 quality
management system since 2009; certifications that the company will
continue to promote with its operations, the report notes.

Mr. Soares, the report relates, explained that Falcondo will
guarantee responsible mining in future mining extractions, without
damaging the environment and natural resources, where communities,
civil society and the authorities may be an observer of the
processes.

"Falcondo is willing that the Dominican Government, civil society
and the communities of La Vega and Bonao  participate actively in
the monitoring of the mining process and reforestation in Loma
Miranda and complete the environmental impact studies, as
recommended by the Ministry of the Environment," the report quotes
Mr. Soares as saying.

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



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


PROYECTOS ADAMANTINE: Service Transfer No Rating Impact on 3 RMBS
-----------------------------------------------------------------
Moody's de Mexico says that, as of this date, it is not
downgrading or withdrawing its ratings on the mortgage-backed
securities listed below solely as a result of the execution of
Proyectos Adamantine, S.A. de C.V.'s proposal to transfer the
primary servicing of the mortgage loans that backed the
transactions from Patrimonio, S.A. de C.V. to Adamantine
Servicios, S.A. de C.V.

The controlling beneficiary must approve the proposal by Proyectos
Adamantine, as master servicer, to appoint Adamantine Servicios as
substitute primary servicer before execution of a new servicing
agreement.

The affected certificates and their ratings are as follows:

MXMACFW 07-3U Class A, ratings of B2 (sf) (Global Scale, Local
Currency) and Ba1.mx (sf) (Mexican National Scale). The
certificates' underlying ratings (reflecting the certificates'
intrinsic credit quality absent the financial guarantee that MBIA
Insurance Corporation provides) are Ca (sf) and Ca.mx (sf).

MXMACFW 07-4U Class B, ratings of C (sf) (Global Scale, Local
Currency) and C.mx (sf) (Mexican National Scale)

MXMACFW 07-5U Class A, ratings of B2 (sf) (Global Scale, Local
Currency) and Ba1.mx (sf) (Mexican National Scale). The
certificates' underlying ratings (reflecting the certificates'
intrinsic credit quality absent the financial guarantee that MBIA
Mexico provides) are C (sf) and C.mx (sf).

MXMACFW 07-6U Class B, ratings of C (sf) (Global Scale, Local
Currency), C.mx (sf) (Mexican National Scale)

BRHCCB 07-2U Class A-2, ratings of to B2 (sf) (Global Scale,
Local Currency) and Ba1.mx (sf) (Mexican National Scale). The
certificates' underlying ratings (reflecting the certificates'
intrinsic credit quality absent the financial guarantee that MBIA
Mexico provides) are Ca (sf) and Ca.mx (sf).

In response to Proyectos Adamantine's request, Moody's analyzed
the credit impact of the proposed amendment. Moody's opinion, as
of this date, reflects only the credit impact of the proposed
amendment; its opinion is not determination as to whether any such
amendments could have an adverse effect unrelated to credit risk
on any security holder. Further, this opinion does not preclude a
future downgrade or withdrawal of the current ratings for any
reason.

Moody's believes that the substitute servicer's ability to prevent
further deterioration in the certificates' pools will be of great
importance. To assess the magnitude of the risks, Moody's
considered the following key factors and evaluated how they apply
to the specific circumstances of each transaction:

1) The quality of the pools has already deteriorated and
Adamantine Servicios has little leeway to avoid the kind of short-
term spike in early delinquencies that could follow a servicing
transfer and translate into long-term serious delinquencies.

2) Because the proportion of Patrimonio-serviced loans in the
different securitized pools, Adamantine Servicios will have to
escalate its operational capacity quickly to support the servicing
of the transferred pools.

3) A potential conflict of interest could arise on those
transactions for which Proyectos Adamantine acts as primary and
master servicer.

These risks are mitigated by the following:

1) Adamantine Servicios' quality and stability as servicer,
compared to Patrimonio's

2) the impact of a servicing fee scheme that is predicated on the
loans' delinquency status and provides the servicer with an
incentive to recover non-performing loans by either making them
re-performing or expediting foreclosure

3) the incentives that align the interests of Adamantine Servicios
with those of its investors: Proyectos Adamantine is the residual
holder in the MXMACFW 07-3U and MXMACFW 07-5U transactions.

The certificates' ratings already take into account the potential
impact of these risks.

Moody's also considered Proyectos Adamantine's role as master
servicer. Proyectos Adamantine is likely to greatly facilitate the
servicing transfer process given its familiarity with both
Patrimonio's day-to-day operations and the portfolios' historical
loan-by-loan servicing data. With the objective of achieving an
orderly transfer, Proyectos Adamantiney Adamantine Servicios have
devised a preliminary strategy for collaboration between the
parties involved, the transfer of the critical portfolio servicing
data and physical loan files, and the borrower notification
process.

The MXMACFW 07-5U and BRHCCB 07-2U certificates benefit from a
financial guaranty insurance policy issued by MBIA Mexico S.A. de
C.V., while the MXMACFW 07-3U certificates benefit from a
financial guaranty insurance policy issued by MBIA Insurance
Corporation. In both cases, the financial guarantee policies cover
timely interest payments, providing yet more protection to the
certificates.

Moody's opinion was based in part on information that Proyectos
Adamantine provided, as well as the agency's expectations
regarding the impact of a servicing transfer on pool performance,
mortgage collections, and the trust's ability to make timely
interest payments on the affected securities.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating Methodology
published in October 2012 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings".


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


CARIBBEAN AIRLINES: Finances Improve Despite Fuel Subsidy Removal
-----------------------------------------------------------------
RJR News reports that Caribbean Airlines Limited has recorded an
improvement in financial performance and has been managing on its
own despite the removal of its fuel subsidy nearly a year ago.

Trinidad's Finance Minister, Senator Larry Howai, said while the
airline got assistance from the Government in repaying some of its
short-term debts, it has been managing its cash flow and other
costs, according to RJR News.  The report relates that while he
had no specific figures to disclose, his information is that
Caribbean Airline's financial position is more improved from nine
months ago.

Mr. Howai, the report notes, said this is expected to continue
with the appointment of new Chief Executive Officer Michael
DiLollo as well as a new Chief Financial Officer that has
strengthened the management team.  Senator Howai disclosed that
the network optimization evaluation is still being worked on, but
he expected it to be completed in a month, the report discloses.
The audited financial reports of the airline for the years 2011
and 2012 are expected to be ready within the next three months,
the report relates.

In the meantime, the report discloses, Senator Howai said the
assurance he gave a few months ago that the London route would not
be dropped still stands.  However, in an interview with Trinidad's
Newsday newspaper he said it did not mean that the route would not
be affected by the network study, the report relays.  Senator
Howai added that the route is doing well.

Senator Howai said there are no plans for privatization at this
time.  Although Bahamian Prime Minister Perry Christie said last
January that officials of BahamasAir were in talks with CAL
officials regarding some kind of relationship, the Trinidadian
Minister said he did not know about such discussions, the report
notes.

Senator Howai said now that a new executive had been selected, he
had resumed his search for persons to replace some of the current
members of CAL's Board, the report notes.

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on May
20, 2013, Caribbean360.com said Trinidad and Tobago Finance
Minister Larry Howai said Caribbean Airlines Limited recorded
losses estimated at US$70 million in 2012.  In 2011, CAL had
recorded losses of US43.7 million.


FIRST CITIZENS: Group Execs Resign Before Shareholders' Meeting
---------------------------------------------------------------
Trinidad and Tobago Newsday reports that one day before
shareholders of the First Citizens Group meet to elect new persons
to the Group's board of directors, came notice from the Group that
two more of its directors had resigned.

The Group holds a special meeting of its shareholders on June 17
at Queen's Hall in St Ann's for purpose of electing new directors
to its board, according to Trinidad and Tobago Newsday.

The report notes that a notice issued by the TT Stock Exchange
indicated that John Tang Nian and Anthony Mohammed had resigned
from the board of First Citizens with effect from June 12 and June
13, respectively.

At the meeting, shareholders will be voting to approve six
nominees approved by Cabinet to be directors on the First Citizens
Group board of directors, the report relates.

On May 27, Minister Larry Howai said Cabinet has approved former
AG Anthony Smart, Witco managing director Jean Pierre Du Coudray,
Joel Pemberton, Michelle Durham-Kissoon, Courtenay Williams and
Hazar Hosein to be members of the First Citizens board, the report
recalls.

Mr. Smart, the report notes, is tipped to be First Citizens' new
Chairman.  At First Citizens' first annual general meeting as a
public company (NAPA) in Port-of-Spain on May 12, Corporation
Sole, represented by permanent secretary in the Ministry of
Finance, Vishnu Dhanpaul, voted against the re-election of and
refused to support directors Nyree Alfonso, Rishi Baddaloo, Shobee
Jacelon and Marlene Juman, the report recalls.

Mr. Alfonso was First Citizens Chairman at the time.  Mr. Juman is
the Permanent Secretary in the Ministry of the Attorney General.

Established in 1993, the First Citizens Group comprises: First
Citizens Bank Limited, First Citizens Asset Management Limited
First Citizens Trustee Services Limited, First Citizens (St.
Lucia) Limited, First Citizens Financial Services (St. Lucia)
Limited, First Citizens Securities Trading Limited, First Citizens
Investment Services Limited, First Citizens Investment Services
(Barbados) Limited.

The First Citizens Asset Management team manages a range of mutual
funds and several major pension fund plans.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on May
27, 2014, Moody's Investors Service has downgraded First Citizens
Bank Limited (FCBL) standalone bank financial strength rating
(BFSR) to D+ from C-, lowering the baseline credit assessment
(BCA) to baa3 from baa1.


=================
V E N E Z U E L A
=================


CORPORACION ELECTRICA: S&P Affirms 'B-' CCR; Outlook Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term
corporate credit and senior unsecured debt ratings on Corporacion
Electrica Nacional, S.A. (Corpoelec).  The outlook remains
negative.

The rating action on Corpoelec reflects S&P's view that there is
an almost certain likelihood that its owner, the Bolivarian
Republic of Venezuela (B-/Negative/B), would provide timely and
sufficient extraordinary support to the company in the event of
financial distress.  S&P's 'b-' stand-alone credit profile (SACP)
remains unchanged.

In accordance with S&P's criteria for GREs, its view of an
extremely high likelihood of extraordinary support is based on its
assessment of Corpoelec's critical role as the only provider of
electricity services in Venezuela.  In S&P's opinion, this
provides a strong economic incentive for the sovereign to support
the company during periods of financial distress.  S&P's
assessment also incorporates its integral link with the government
given the government's full ownership of Corpoelec and its special
public status that S&P views as an extension of the government.

"For the first time in 10 years, Corpoelec was allowed to increase
its tariffs an average 18% in the first quarter of 2014.  We
consider this a positive step towards restoring its financial
health. However, tariffs continue to be significantly low and do
not cover the true cost of electricity production and
distribution," said Standard & Poor's credit analyst Maria del Sol
Gonzalez.

Standard & Poor's doesn't have access to the company's audited
financial statements for 2012 and 2013.  S&P normally requires
regular financial statements in order to rate a company.  However,
in the case of Corpoelec, S&P bases its financial analysis
exclusively on the company's continued operating losses.  As a
result, it relies on ongoing government fund transfers to meet its
financial obligations.  In 2013, the company received about
Venezuelan bolivar (VEB) 4.9 billion from the government.


                            ***********


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.

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