TCRLA_Public/140626.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 26, 2014, Vol. 15, No. 125


                            Headlines



B R A Z I L

* BRAZIL: Extends Program to Support Real as Inflation Accelerates


C A Y M A N  I S L A N D S

AYOM INVESTMENTS: Creditors' Proofs of Debt Due July 8
CHESTER GLOBAL: Shareholders' Final Meeting Set for July 9
CHRISPHAELLE LIMITED: Commences Liquidation Proceedings
IRONGATE GLOBAL: Shareholders' Final Meeting Set for July 9
LABRADOR LIMITED: Creditors' Proofs of Debt Due June 30

LION/HOTEL: Shareholders' Final Meeting Set for July 9
NAC CREDIT: Creditors' Proofs of Debt Due July 17
NAC CREDIT MASTER: Creditors' Proofs of Debt Due July 17
OVS CAPITAL: Commences Liquidation Proceedings
TDL FUNDING: Creditors' Proofs of Debt Due July 18


E C U A D O R

* ECUADOR: To Get $5MM-IDB Loan for Home Improvement Financing


P U E R T O   R I C O

LAUSELL INC: Released From Dischargeable Debts & Liabilities


T R I N I D A D  &  T O B A G O

CL FIN'L: Trinidad Government Welcomes CLICO Appeal Court Ruling


                            - - - - -


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B R A Z I L
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* BRAZIL: Extends Program to Support Real as Inflation Accelerates
------------------------------------------------------------------
Matthew Malinowski and David Biller at Bloomberg News report that
Brazil will extend for at least six months its daily currency
interventions as policy makers support the real to fight above-
target inflation.

The central bank will continue to offer $200 million each business
day in currency swaps through at least Dec. 31, it said in a
statement, according to Bloomberg News.  Policy makers said they
are prepared to provide additional dollars if needed.  The central
bank's current program was scheduled to expire June 30.

Bloomberg News relates that a weaker real would further stoke
inflation, which analysts forecast will hover just below the 6.5
percent ceiling of the target range.  The real, which fell 13.2
percent last year, has rebounded in the wake of the government's
program and has become the best performer this year among the 16
most traded currencies tracked by Bloomberg.

"They're trying to close one hole there and contain pressure on
inflation on one side," Pedro Tuesta, an economist at 4Cast Ltd.,
told Bloomberg by phone from Washington.  "They want to keep
inflation within the range," Mr. Tuesta added.

The currency swaps are designed to provide hedging and inject
liquidity in the foreign exchange market, the central bank said in
the statement obtained by Bloomberg.  The new phase of the
program, which started in August, will last three months longer
than traders expected, Mr. Tuesta said, reports Bloomberg News.

The market will have a "very modest" reaction to the central bank
announcement, which was made after business hours, Andre Perfeito,
chief economist at Gradual Investimentos, said by phone, the
report relays.

                         Monetary Stimulus

Bloomberg News notes that the real fell 0.3 percent to 2.2250 per
U.S. dollar on June 24, paring its year-to-date gain to 6.2
percent.

The currency measures were implemented last year after the U.S.
Federal Reserve indicated it was preparing to taper its monetary
stimulus, prompting the real to hit nearly a five-year low in
August, Bloomberg relates.  A weaker real increases the price of
imports.

President Dilma Rousseff's government has struggled to tame
inflation without damping growth as she runs for re-election in
October, notes the report.  Policy makers last month halted key
rate increases as they study the delayed impact of a yearlong
tightening cycle on consumer prices and the economy, Bloomberg
relates.

Annual inflation in mid-June accelerated to 6.41 percent from 6.31
percent a month earlier, marking the fastest pace in a year,
reports Bloomberg News. Economists surveyed weekly by the central
bank forecast inflation will quicken to 6.46 percent by year end.
Policy makers target 4.5 percent inflation, plus or minus 2
percentage points, adds the report.

"The auctions can't make the real stronger, so they can't control
inflation with that," Bloomberg quoted Mr. Perfeito as saying.

The difference between Brazil's interest rate and borrowing costs
elsewhere worldwide will do more to boost the real, Mr. Perfeito
said, Bloomberg relays.  Brazil's Selic is more than twice as high
as any other benchmark rate among major rate-setting nations in
Latin America, according to data compiled by Bloomberg.

Central bankers on May 28 kept the Selic unchanged at 11 percent
after increasing it 375 basis points over the nine previous
meetings, notes the Bloomberg report.

Latin America's largest economy expanded 0.2 percent in the first
quarter, down from a revised 0.4 percent in the last three months
of 2013, Bloomberg News adds.


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


AYOM INVESTMENTS: Creditors' Proofs of Debt Due July 8
------------------------------------------------------
The creditors of Ayom Investments Ltd are required to file their
proofs of debt by July 8, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 3, 2014.

The company's liquidator is:

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


CHESTER GLOBAL: Shareholders' Final Meeting Set for July 9
----------------------------------------------------------
The shareholders of Chester Global Strategy SPV Ltd will hold
their final meeting on July 9, 2014, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on June 5, 2014.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


CHRISPHAELLE LIMITED: Commences Liquidation Proceedings
-------------------------------------------------------
On May 21, 2014, the sole shareholder of Chrisphaelle 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:

          Eagle Holdings Ltd.
          Eagle Holdings Ltd.
          25 Main Street
          P.O. Box 487, George Town Grand Cayman KY1-1106
          Cayman Islands


IRONGATE GLOBAL: Shareholders' Final Meeting Set for July 9
-----------------------------------------------------------
The shareholders of Irongate Global Strategy SPV Ltd will hold
their final meeting on July 9, 2014, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on June 5, 2014.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


LABRADOR LIMITED: Creditors' Proofs of Debt Due June 30
-------------------------------------------------------
The creditors of Labrador Limited are required to file their
proofs of debt by June 30, 2014, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 4, 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


LION/HOTEL: Shareholders' Final Meeting Set for July 9
------------------------------------------------------
The shareholders of Lion/Hotel Cayman 1 Limited will hold their
final meeting on July 9, 2014, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on June 4, 2014.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


NAC CREDIT: Creditors' Proofs of Debt Due July 17
-------------------------------------------------
The creditors of NAC Credit Value Fund are required to file their
proofs of debt by July 17, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 5, 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


NAC CREDIT MASTER: Creditors' Proofs of Debt Due July 17
--------------------------------------------------------
The creditors of NAC Credit Value Master Fund are required to file
their proofs of debt by July 17, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 4, 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


OVS CAPITAL: Commences Liquidation Proceedings
----------------------------------------------
On June 2, 2014, the shareholders of OVS Capital (GP) Limited
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

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


TDL FUNDING: Creditors' Proofs of Debt Due July 18
--------------------------------------------------
The creditors of TDL Funding Company are required to file their
proofs of debt by July 18, 2014, to be included in the company's
dividend distribution.

The company's liquidator is:

          Benjamin Booker
          69 Dr. Roy's Drive
          P.O. Box 1043, George Town
          Grand Cayman KY1-1102
          Cayman Islands


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


* ECUADOR: To Get $5MM-IDB Loan for Home Improvement Financing
--------------------------------------------------------------
The Opportunities for the Majority (OMJ) sector at the Inter-
American Development Bank (IDB) approved a $5 million loan to
Habitat for Humanity El Salvador (HPHES) to support increased
access to home improvement financing for the Base of the Pyramid
(BOP) in El Salvador.

The operation will contribute to reducing the qualitative deficits
in housing that disproportionately affect that population segment.
HPHES is a legally established private, nonprofit organization
that has operated in El Salvador since 1992 providing housing
solutions for low income families to access safe, healthy, and
dignified dwellings.  HPHES is an affiliate of Habitat for
Humanity International, Inc.

The housing deficit reaches 58 percent in El Salvador, with even
higher rates in rural areas and among families in the bottom
income quintile.  HPHES has provided financing, bundled with
construction technical assistance and financial education, to
15,000 low-income households in the country over the past 20
years, primarily for the replacement of dirt floors, upgrading of
improvised and potentially hazardous walls and roofs, as well as
connections for basic services including electricity, water, and
sanitation services.

"This program is consistent with OMJ's mandate as it will provide
additional access to home improvement financing for BOP families
that could not otherwise access such credit, under terms that are
commensurate with their repayment capacity, and accompanied by the
technical assistance required to help beneficiaries maximize the
sustainability of their home improvement investments," said Luiz
Ros, OMJ Manager.

                About Opportunities for the Majority

Opportunities for the Majority promotes and finances market-based,
sustainable business models that bring together companies, local
governments, and communities in developing and supplying quality
products and services to people at the base of the socio-economic
pyramid in Latin America and the Caribbean.


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


LAUSELL INC: Released From Dischargeable Debts & Liabilities
------------------------------------------------------------
The Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico, in a final decree dated April 28, 2014,
ordered the release of Lausell, Inc., from all its dischargeable
debts and liabilities except as provided in its Chapter 11 plan
and the order confirming the Plan.

As reported by the Troubled Company Reporter on April 9, 2014, the
Debtor asked the Court to issue a final decree that its Chapter 11
plan has been substantially consummated.  The Court on Oct. 31
entered an order confirming the Plan dated June 3.

The Plan has been substantially consummated and the estate is
hereby closed.  The transfer or other disposition of all or
substantially all of the property dealt with by the Plan pursuant
to the provisions of the Plan has occurred.  The Debtor or the
successor to the Debtor has assumed the operation of the business
and management of all or substantially all of the property dealt
with by the Plan.  The deposit required by the plan has been
distributed.  The payments under the plan have commenced.  All
contested matters and adversary proceedings have been resolved,
and the estate of the debtor has been fully administered.

                       About Lausell Inc.

Lausell, Inc., filed a bare-bones Chapter 11 petition (Bankr.
D.P.R. Case No. 12-02918) on April 17, 2012, in Old San Juan,
Puerto Rico.  Lausell, also known as Aluminio Del Caribe, is a
manufacturer of windows and doors.

Bankruptcy Judge Mildred Caban Flores oversees the case.  Charles
Alfred Cuprill, Esq., at Charles A. Curpill, P.S.C. Law Offices,
in San Juan, Puerto Rico, serves as counsel to the Debtor.

The Bayamon, Puerto Rico-based company disclosed $34,059,950 in
assets and liabilities of $24,489,414 in its amended schedules.



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


CL FIN'L: Trinidad Government Welcomes CLICO Appeal Court Ruling
----------------------------------------------------------------
Caribbean360.com reports that the Trinidad and Tobago government
has welcomed an Appeal Court ruling that the Attorney General
Anand Ramlogan said saves the country from paying out more than
TT$1 billion (TT$1 = US$0.16 cents) to policyholders of the cash-
strapped Colonial Life Insurance Company (CLICO).

The Appeal Court overturned the ruling of a High Court that ruled
members of the United Policyholders Group (UPG) were entitled to
paid the full sums of their polices, according to
Caribbean360.com.

The UPG, represented by former attorney general, Ramesh Lawrence
Maharaj, have already signaled their intention to file an appeal
before the London-based Privy Council, relates Caribbean360.com.

The report notes that Mr. Ramlogan has described the Court of
Appeal ruling as a "landmark decision" telling reporters had the
High Court ruling been upheld, the State would have to find over a
billion dollars to pay the policyholders.

"In this judgment the court has effectively upheld as lawful and
rational the balancing of public funds engaged by the Government,"
the report quoted Mr. Ramlogan as saying.

The coalition People's Partnership government had agreed to a
bailout plan under which policyholders would be paid in full up to
TT$75,000 and thereafter 20 year bonds which would be issued,
interest free, for the balances outstanding, the report relates.

Mr. Ramlogan, the report discloses, said the UPG had challenged
the legality of this settlement scheme and argued that statements
made by the former Patrick Manning government, that policyholders'
monies will be guaranteed in full, gave rise to a legitimate
expectation that the People's Partnership Government would honour
full payments.

Mr. Ramlogan said the Court of Appeal held that the statements
made by the former government were not sufficiently clear to give
rise to any legitimate expectation and if there was any breach of
such expectation, there were sufficient overriding public interest
to justify this, the report relates.

Mr. Ramlogan said the Court of Appeal also held that the decision
involved matters of macro-economic and macro-political nature in
relation to which the courts would be reluctant to interfere with
Government's decision, the report adds.

                      About CLICO International

Colonial Life Insurance Company Ltd. (CLICO) is a member of the CL
Financial Group.

                          About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company by Cyril Duprey,
Colonial Life Insurance Company was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 6, 2013, Caribbean360.com said that over TT$8 billion worth
of Colonial Life Insurance Company Limited's (CLICO) profitable
business will be transferred to Atruis, a new company that will be
owned by the state.  CLICO is a subsidiary of CL Financial
Limited.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat, according to Caribbean360.com.

Caribbean360.com noted that CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

Caribbean360.com related that at its annual general meeting in
Sept. 2013, CL Financial shareholders voted to extend the
agreement with Government until August 25, 2014, while Cabinet
decides on a new framework accord to recover the debt owed to
Government through divestment of CL subsidiaries, including
Methanol Holdings, Republic Bank, Angostura Holdings, CL World
Brands and Home Construction Ltd.

Proceeds from the divestment of these assets will go toward
Government's recovery of the billions it pumped into CLICO,
Caribbean360.com said.


                            ***********


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
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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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