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

            Wednesday, July 30, 2014, Vol. 15, No. 149


                            Headlines



A R G E N T I N A

ARGENTINA: Bond Judge Says Nation May Pay Repsol Bonds


B A R B A D O S

SAGICOR LIFE: Union Wants to Discuss Merger Concerns


B R A Z I L

LUPATECH SA: Foreign Debt-Reduction Plan Enforced by U.S. Court


C A Y M A N  I S L A N D S

ANGOLD MARITIME: Shareholders' Final Meeting Set for Aug. 4
CICC AGI: Shareholders' Final Meeting Set for Aug. 15
CICC AGI SR: Shareholders' Final Meeting Set for Aug. 15
CQS EUROPEAN: Members' Final Meeting Set for Aug. 18
CQS EUROPEAN MASTER: Members' Final Meeting Set for Aug. 18

GOLDEN BIRTH: Shareholders' Final Meeting Set for Aug. 18
JADE LIMITED: Shareholders' Final Meeting Set for Aug. 13
MILLENNIUM LBIT: Members' Final Meeting Set for Aug. 5
TROIKA RUSSIA: Shareholders' Final Meeting Set for Aug. 15
YI CHINESE: Shareholders' Final Meeting Set for Aug. 5


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Bahamas Sign Cooperation Agreement


J A M A I C A

NATIONAL COMMERCIAL BANK: Denies Sending Clients' Info to TAJ
* JAMAICA: World Bank OKs US$50MM "Competitiveness" Loan


                            - - - - -


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


ARGENTINA: Bond Judge Says Nation May Pay Repsol Bonds
------------------------------------------------------
Bob Van Voris at Bloomberg News reports that Argentina will be
permitted to make a one-time-only payment this week on some
dollar-denominated bonds issued under that nation's law, the U.S.
judge overseeing a legal battle over defaulted bonds ruled.

Bloomberg News notes that U.S. District Judge Thomas Griesa in
Manhattan federal court said he'll allow the payment to go forward
because bonds issued in a settlement involving the Spanish oil
company Repsol SA (REP) -- where payments aren't subject to court
orders -- can't be immediately distinguished from a group of
dollar bonds issued in the country's 2005 and 2010 debt
restructurings.  Payments on the latter securities can't be made
unless holdout creditors are paid at the same time.

In May, Bloomberg News recalls, Argentina agreed to compensate
Madrid-based Repsol for seizing its Argentine unit in 2012.  The
Repsol settlement bonds, which aren't part of the current debt
crisis, bear the same international securities identification
number as the exchanged bonds, according to Citigroup Inc.

As a result, the bank, whose Argentina branch acts as the
bondholder custodian, is uncertain for the moment on which bonds
it can release payments, Bloomberg News discloses.

"The court cannot enjoin payment on the dollar-denominated
exchange bonds without also upsetting the Repsol settlement,"
Judge Griesa said in a written order, reports Bloomberg News.

                       Possible Default

Bloomberg News notes that Argentina faces a possible bond default
[today] as a result of rulings by Judge Griesa that the South
American nation can't pay its restructured debt unless it also
pays more than $1.5 billion to a group of hedge funds led by
billionaire Paul Singer's NML Capital, which hold its defaulted
bonds.  Argentinian officials have so far refused to engage in
face-to-face negotiations with the hedge funds, which they refer
to as "vultures," Bloomberg News says.  Representatives of the
country have met separately with a mediator appointed by Judge
Griesa.

A default could worsen a recession in Argentina and extend the
nation's exclusion from international credit markets, Bloomberg
News discloses.

Because of the short time remaining before July 30, when Argentina
must pay what it owes, reach an agreement with its creditors or
default, Judge Griesa gave permission for the country to make the
one-time payment, reports Bloomberg News.

"To avoid future confusion, the parties are directed to devise a
way to distinguish between the Repsol bonds and the exchange bonds
before the next interest payment is due," Bloomberg News quoted
Judge Griesa as saying.

The case is NML Capital Ltd. v. Republic of Argentina, 08-cv-
06978, U.S. District Court, Southern District of New York
(Manhattan).


===============
B A R B A D O S
===============


SAGICOR LIFE: Union Wants to Discuss Merger Concerns
----------------------------------------------------
RJR News reports that the union representing workers at Sagicor
Life Jamaica is seeking a meeting with the management to discuss
the implications of the merger of the entity's banking operations.

Sagicor recently completed the acquisition of RBC Royal Bank,
which it merged with Sagicor Bank, according to RJR News.

Senator Kavan Gayle, President General of the Bustamante
Industrial Trade Union (BITU) told RJR News that employees of
Sagicor Life -- part of the Sagicor Group -- have concerns about
the impact of the merger.

"We are going to be requesting to have discussions with the
management of Sagicor Life Insurance to discuss any impact on the
way going forward," RJR News quoted Mr. Gayle as saying.

The Sagicor Life Jamaica is owned by Sagicor Financial Corporation
of Barbados.

Headquartered in St. Michael, Barbados, Sagicor Life Inc. --
http://www.sagicorlife.com/-- is a financial services company,
through its subsidiaries, offers life and health insurance,
annuities, pensions, property and casualty insurance, and banking
services.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 27, 2013, Standard & Poor's Ratings Services said that the
'BB+' financial strength and counterparty credit ratings on
Sagicor Life Inc. (Sagicor) and its 'BB-' issue-level ratings on
Sagicor Finance Ltd. remain on CreditWatch with negative
implications where S&P placed them on Feb. 13, 2012.


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


LUPATECH SA: Foreign Debt-Reduction Plan Enforced by U.S. Court
---------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that U.S. Bankruptcy Judge Stuart M. Bernstein in New York
on July 14 agreed to enforce Lupatech SA's Brazilian restructuring
plan in the U.S. and halted actions in the U.S. that might impede
the plan's implementation.

According to the report, the Brazilian plan, accepted by 86.5
percent of bondholders, gives them new notes for 15 percent of the
existing debt.  For the other 85 percent, they receive stock,
which existing shareholders can buy from Noteholders, the report
related.  The plan requires the Brazilian Development Bank and
other debenture holders to consensually swap debt on the same
15/85 basis, the report related.

                        About Lupatech SA

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

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

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

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

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


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


ANGOLD MARITIME: Shareholders' Final Meeting Set for Aug. 4
-----------------------------------------------------------
The shareholders of Angold Maritime Limited will hold their final
meeting on Aug. 4, 2014, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd
          c/o Name: George Bashforth
          Telephone: +1 (345) 949 4900
          75 Fort Street, George Town
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


CICC AGI: Shareholders' Final Meeting Set for Aug. 15
-----------------------------------------------------
The shareholders of CICC AGI Sloane Robinson Greater China Fund
Inc will hold their final meeting on Aug. 15, 2014, at 9:00 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


CICC AGI SR: Shareholders' Final Meeting Set for Aug. 15
--------------------------------------------------------
The shareholders of CICC AGI SR General Partner Limited will hold
their final meeting on Aug. 15, 2014, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


CQS EUROPEAN: Members' Final Meeting Set for Aug. 18
----------------------------------------------------
The members of CQS European Distressed Feeder Fund Limited will
hold their final meeting on Aug. 18, 2014, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CQS EUROPEAN MASTER: Members' Final Meeting Set for Aug. 18
-----------------------------------------------------------
The members of CQS European Distressed Master Fund Limited will
hold their final meeting on Aug. 18, 2014, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


GOLDEN BIRTH: Shareholders' Final Meeting Set for Aug. 18
---------------------------------------------------------
The shareholders of Golden Birth International Corporation will
hold their final meeting on Aug. 18, 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 liquidator is:

          Nguyen Chau
          Telephone: (852) 2529 9888
          Facsimile: (852) 2529 0888
          3/4 Nguyen Va Thu Street
          Da Kao Ward District 1
          Ho Chi Minh City
          Vietnam


JADE LIMITED: Shareholders' Final Meeting Set for Aug. 13
---------------------------------------------------------
The shareholders of Jade Limited will hold their final meeting on
Aug. 13, 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 liquidator is:

          Christopher Tushingham
          Wardour Management Services Limited
          Telephone: (345) 945-3301
          Facsimile: (345) 945-3302
          P O Box 10147 Grand Cayman KY1-1002
          Cayman Islands


MILLENNIUM LBIT: Members' Final Meeting Set for Aug. 5
------------------------------------------------------
The members of Millennium LBIT Investment Ltd will hold their
final meeting on Aug. 5, 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 liquidator is:

          Krys Global VL Services Limited
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 947 4700
          Facsimile: +1 (345) 946 6728


TROIKA RUSSIA: Shareholders' Final Meeting Set for Aug. 15
----------------------------------------------------------
The shareholders of Troika Russia Fund Inc. will hold their final
meeting on Aug. 15, 2014, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Alric Lindsay
          Artillery Court
          Shedden Road, George Town
          P.O. Box 11371 Grand Cayman KY1-1008
          Cayman Islands


YI CHINESE: Shareholders' Final Meeting Set for Aug. 5
------------------------------------------------------
The shareholders of Yi Chinese Art Investment Fund will hold their
final meeting on Aug. 5, 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 liquidator is:

          Kan Tak Kwong
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


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


* DOMINICAN REPUBLIC: Bahamas Sign Cooperation Agreement
--------------------------------------------------------
Dominican Today reports that the Commonwealth of the Bahamas and
the Dominican Republic, signed The Bahamas-Dominican Republic
Basic Agreement on Technical Cooperation, a step forward in
strengthening their bilateral relations.

Dominican Today, citing thebahamasweekly.com, discloses that the
agreement will enhance trade and commercial cooperation, academic
exchanges and other similar projects of mutual interest in
addition to the objectives that contribute to the economic and
social benefit of both nations.

The website reported that the agreement will also address the
issue of illegal fishing and poaching in Bahamian waters, notes
the report.


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


NATIONAL COMMERCIAL BANK: Denies Sending Clients' Info to TAJ
-------------------------------------------------------------
Jamaica Observer reports that National Commercial Bank
Jamaica Limited said it has not been providing Tax Administration
Jamaica (TAJ) with customer information, and pointed out that
financial institutions here are not yet required to do so under
the Foreign Accounts Tax Compliance Act (FATCA).

"We wish to advise that we have neither sent, nor are we in the
process of sending any information to Tax Administration Jamaica,"
NCB said in response to a story in Business Observer stating that
the bank had put its customers on FATCA notice, according to
Jamaica Observer.

The story had reported a credible source at NCB as confirming that
the bank has commenced the transference of customer information to
TAJ, the report notes.

The report discloses that NCB said that information was
"inaccurate and potentially harmful".

FATCA was enacted in 2010 by the United States Congress to target
non-compliance by American taxpayers using foreign accounts.

As explained by the US Department of the Treasury, "FATCA requires
foreign financial institutions (FFIs) to report to the Internal
Revenue Service information about financial accounts held by US
taxpayers, or by foreign entities in which US taxpayers hold a
substantial ownership interest," reports Jamaica Observer.

NCB also took issue with the Business Observer's report that the
term 'Specified US persons', under FATCA, was vague, the report
relays.

The report discloses that the bank said: "We note also in your
general report (not attributed to us) that there was uncertainty
around the meaning of US Specified Persons and we do not share the
view that the term is uncertain.  FATCA is new and being
implemented within our jurisdiction with due care and precision so
as to, as far as possible, minimise any misunderstanding."

The bank added: it "continues to protect the integrity of client
relationships and will advise its customers appropriately on all
matters concerning FATCA and its implications," the report relays.

The high compliance costs to financial institutions, as well as
the issues of information safety and reciprocity have been among
the concerns raised locally and abroad in relation to the
implications of FATCA on the financial sector, the report adds.

              About National Commercial Bank

Headquartered in Kingston, Jamaica, National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- together with its
subsidiaries, provides various banking and financial products and
services primarily in Jamaica.

                      *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 23, 2014, Fitch Ratings affirmed the long-term foreign
currency and local currency IDRs for National Commercial Bank
Jamaica Ltd. (NCBJ) at 'B-'.  Fitch has also revised NCBJ's Rating
Outlook to Stable from Negative.  Additionally, Fitch has affirmed
NCBJ's Viability Rating (VR) at 'b-' and revised its Support
Rating Floor (SRF) to 'B-' from 'CCC.'


* JAMAICA: World Bank OKs US$50MM "Competitiveness" Loan
--------------------------------------------------------
RJR News reports that the World Bank has approved a loan of US$50
million for Jamaica's Foundations for Competitiveness and Growth
Project.

This will assist existing and new businesses to benefit from
streamlined regulations and processes, public-private
partnerships, as well as training and access to financing,
according to RJR News.

The report notes that Finance Minister Dr. Peter Phillips says the
project complements Jamaica's fiscal and monetary measures by
supporting efforts within the public sector to enhance
competitiveness among Jamaican enterprises.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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