TCRLA_Public/140807.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, August 7, 2014, Vol. 15, No. 155


                            Headlines



B R A Z I L

MMX MINERACAO: Mubadala to Get 11% Stake of Firm


C A Y M A N  I S L A N D S

AURIUM CAPITAL: Commences Liquidation Proceedings
BORRIANA ENTERPRISES: Creditors' Proofs of Debt Due Aug. 15
CASTLE HOLDCO 5: Commences Liquidation Proceedings
ENHANCED GUARDIAN II: Creditors' Proofs of Debt Due Aug. 19
ENHANCED GUARDIAN II: Shareholders' Final Meeting Set for Aug. 20

LAXMI NIWAS: Creditors' Proofs of Debt Due Aug. 26
MALTA CORP: Creditors' Proofs of Debt Due Aug. 25
PROVENA HEALTH: Commences Liquidation Proceedings
REVERIO CAPITAL: Commences Liquidation Proceedings
REVERIO SECURITIES: Commences Liquidation Proceedings

RHB-OSK ABSOLUTE: Creditors' Proofs of Debt Due Aug. 18


M E X I C O

GRUPO KUO: S&P Affirms 'BB' Global Scale CCR; Outlook Stable


P A R A G U A Y

PARAGUAY: S&P Assigns 'BB' Rating on 2nd Issuance of US$1BB Bonds


S T.  V I N C E N T  &  G R E N A D I N E S

* ST VINCENT & GRENADINES: IMF OKs US$6.4 Million Disbursement


T R I N I D A D  &  T O B A G O

* TRINIDAD & TOBAGO: Central Bank Boosts Market With US$75 Million


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Wants at Least $10 Billion for Citgo


                            - - - - -


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


MMX MINERACAO: Mubadala to Get 11% Stake of Firm
------------------------------------------------
Juan Pablo Spinetto at Bloomberg News reports that Mubadala
Development Co., the Abu Dhabi government-owned investor, will get
a 10.52 percent stake in Eike Batista's mining company as part of
the restructure of a $2 billion investment with the former
Brazilian billionaire.

Batista will transfer 17.1 million shares of MMX Mineracao &
Metalicos SA, worth BRL24.4 million ($10.8 million), to Mubadala
Development in the third quarter, the Rio de Janeiro-based company
said, according to Bloomberg News.  The deal is subject to
undisclosed conditions, MMX said, without elaborating.

The report notes that the stake will make Mubadala Development the
third-largest shareholder in the iron ore company, based on
holdings data compiled by Bloomberg.  Mubadala Development
invested $2 billion with Batista's EBX Group Co. in 2012, when it
valued the former boat-racing champion's empire of logistics and
commodities companies at more than $35 billion, Bloomberg News
recalls.

Bloomberg News discloses that the deal soured later that year when
missed targets, mounting debt and accumulating losses forced the
former billionaire to cancel projects and sell assets amid a share
price slump.  In February, Bloomberg News recalls, Mubadala
Development and commodities trader Trafigura Beheer BV completed
the purchase of a controlling stake in Batista's Sudeste port in
Rio state for $400 million, gaining a foothold to export iron ore.

"With the impending closing of the transfer of MMX Mineracao &
Metalicos SA shares, the completion of the Porto Sudeste
transaction, and the other interests we received from the earlier
restructuring, we have redeemed a substantial part of our original
investment," Mubadala Development said in a statement obtained by
Bloomberg News.  "We also believe that a number of EBX assets
continue to have significant potential value for Mubadala
Development and other investors," Mubadala Development said,
Bloomberg News relays.

MMX Mineracao e Metalicos S.A., together with its subsidiaries,
engages in the extraction, processing, research, and development
of minerals; and sale of iron ore in Brazil.


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


AURIUM CAPITAL: Commences Liquidation Proceedings
-------------------------------------------------
On July 18, 2014, the shareholder of Aurium Capital 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:

          Concentric Capital Limited
          c/o Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands


BORRIANA ENTERPRISES: Creditors' Proofs of Debt Due Aug. 15
-----------------------------------------------------------
The creditors of Borriana Enterprises Inc. are required to file
their proofs of debt by Aug. 15, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 16, 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


CASTLE HOLDCO 5: Commences Liquidation Proceedings
--------------------------------------------------
On July 18, 2014, the sole member of Castle Holdco 5, Ltd.
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Gareth Williams
          Countrywide Plc, 17 Duke Street
          Chelmsford, CM1 1HP
          England
          Telephone: +44 (0)1245 294005


ENHANCED GUARDIAN II: Creditors' Proofs of Debt Due Aug. 19
-----------------------------------------------------------
The creditors of Enhanced Guardian II Fund, Ltd are required to
file their proofs of debt by Aug. 19, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 16, 2014.

The company's liquidators are:

          E. Andrew Hersant
          Christopher Humphries
          Stuarts Walker Hersant
          36A Dr. Roy's Drive, George Town
          P.O. Box 2510, Grand Cayman KY1-1104
          Cayman Islands


ENHANCED GUARDIAN II: Shareholders' Final Meeting Set for Aug. 20
-----------------------------------------------------------------
The shareholders of Enhanced Guardian II Fund, Ltd will hold their
final meeting on Aug. 20, 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 liquidators are:

          E. Andrew Hersant
          Christopher Humphries
          Stuarts Walker Hersant
          36A Dr. Roy's Drive, George Town
          P.O. Box 2510, Grand Cayman KY1-1104
          Cayman Islands


LAXMI NIWAS: Creditors' Proofs of Debt Due Aug. 26
--------------------------------------------------
The creditors of Laxmi Niwas Ltd are required to file their proofs
of debt by Aug. 26, 2014, to be included in the company's dividend
distribution.

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

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


MALTA CORP: Creditors' Proofs of Debt Due Aug. 25
-------------------------------------------------
The creditors of Malta Corp. are required to file their proofs of
debt by Aug. 25, 2014, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on July 17, 2014.

The company's liquidator is:

          Ezequiel A. Camerini
          c/o Fox Horan & Camerini LLP
          825 Third Avenue, 12th Floor
          New York, NY 10022


PROVENA HEALTH: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on July 1, 2014, the shareholder
of Provena Health Assurance SPC resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

          Marsh Management Services Cayman Ltd.
          Governors Square, 23 Lime Tree Bay Avenue
          Building 4, Floor 2
          P.O. Box 1051, KY1-1102, Grand Cayman
          Cayman Islands


REVERIO CAPITAL: Commences Liquidation Proceedings
--------------------------------------------------
On July 18, 2014, the shareholder of Reverio Capital 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:

          Concentric Capital Limited
          c/o Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands


REVERIO SECURITIES: Commences Liquidation Proceedings
-----------------------------------------------------
On July 18, 2014, the shareholder of Reverio Securities 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:

          Concentric Capital Limited
          c/o Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands


RHB-OSK ABSOLUTE: Creditors' Proofs of Debt Due Aug. 18
-------------------------------------------------------
The creditors of RHB-OSK Absolute Asia Fund are required to file
their proofs of debt by Aug. 18, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 11, 2014.

The company's liquidator is:

          Ong Yin Suen
          21 Persiaran Basong
          Damansara Heights
          50490 Kuala Lumpur
          Malaysia
          Telephone: +65 6323 2508
          Facsimile: +65 6323 2314


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


GRUPO KUO: S&P Affirms 'BB' Global Scale CCR; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' global scale
and 'mxA' national scale corporate credit ratings on Mexico-based
conglomerate Grupo KUO, S.A.B. de C.V. (KUO).  The outlook is
stable.  At the same time S&P affirmed its recovery rating of '3'
on KUO's debt.  The rating affirmation follows S&P's ordinary
annual review.

"The rating action includes our expectation that the company
should be able to maintain strong market shares in the markets in
which participates mainly due to its leadership and operating
capabilities in all of its business segments," said Standard &
Poor's credit analyst Francisco Gutierrez. KUO will likely
maintain its current business position in the coming years mainly
thanks to its strategic focus on investing in profitable and
value-added businesses, continued expected diversification of its
portfolio through joint ventures (JVs), which  match its core
businesses (consumer goods, chemicals and auto parts), and the
resilient nature of its food business.  However, S&P expects some
geographic concentration (as about 82% of its sales are generated
in the North America Free Trade Agreement region), and the
cyclicality in the auto parts and chemicals businesses will
continue to offset these factors.


===============
P A R A G U A Y
===============


PARAGUAY: S&P Assigns 'BB' Rating on 2nd Issuance of US$1BB Bonds
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue rating
on the Republic of Paraguay's second issuance of US$1 billion
bonds due in 2044.  It will use the proceeds to fund
infrastructure and energy projects as well as to assist other
sectors of the economy, such as agriculture and public housing.

S&P's ratings on Paraguay reflect its limited monetary
flexibility, low per capita income and shortfalls in physical
infrastructure, and its still-evolving political and public
institutions.  They also reflect a relatively strong external
position, low debt burden, and moderate fiscal flexibility.
Paraguay's evolving political institutions limit how quickly it
can achieve its social and economic objectives.  As a result, S&P
expects sustained, but only gradual, progress in the various
investment projects that the government has announced.

An extraordinary recovery in agricultural output contributed to
very strong GDP growth in 2013 (13.6%).  S&P expects GDP growth to
moderate at 4.5%-4.8% over the next three years, reflecting more
balanced growth.  Likewise, S&P expects solid export growth and
increasing foreign direct investments to continue to support
Paraguay's strong external indicators.  A track record of low
fiscal deficits over a long period has contributed to low
government debt.  S&P projects net general government debt to be
6.3% of GDP in 2014.

Paraguay's monetary policy flexibility is still restricted by the
relatively high level of dollarization (close to 44% of deposits
and 45.7% of loans were denominated in dollars as of May 2014).
However, Paraguay has made material progress in recent years in
strengthening monetary policy by introducing an inflation-
targeting regime and by the central government issuing (in 2012) a
perpetual bond to the central bank for $915 million to compensate
for its losses.

RATINGS LIST

Republic of Paraguay
Sovereign Credit Rating             BB/Stable/B

New Rating

Republic of Paraguay
US$1 bil. bonds due 2044            BB



===========================================
S T.  V I N C E N T  &  G R E N A D I N E S
===========================================


* ST VINCENT & GRENADINES: IMF OKs US$6.4 Million Disbursement
--------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF) on
August 1, 2014 approved a disbursement of an amount equivalent to
SDR 4.15 million (about US$6.4 million) for St. Vincent and the
Grenadines to be drawn equally from the Rapid Credit Facility
(RCF) and the Rapid Financing Instrument (RFI) at SDR 2.075
million or about US$3.2 million each.  This disbursement will help
the country meet an urgent balance-of-payments need due to severe
flooding and landslides in December 2013 that caused massive
damage to infrastructure, housing and agriculture.

Following the Executive Board's discussion of St. Vincent and the
Grenadines, Min Zhu, Deputy Managing Director and Acting Chair,
issued the following statement:

"St. Vincent and the Grenadines suffered massive damages to
infrastructure, housing, and agriculture as a result of severe
floods in December 2013.  Emergency relief and high rehabilitation
costs have weakened the fiscal position and created an urgent
balance of payments need at a time when the economy is striving to
recover from previous natural disasters and the global economic
downturn.

"Rehabilitation and reconstruction spending is expected to widen
the fiscal deficit this year.  Mindful of the high and growing
public debt, the authorities have reiterated their intention to
rely mainly on grants and concessional resources to finance the
recovery.  At the same time, they will step up their efforts to
mobilize budgetary resources by increasing revenue collection,
containing the wage bill, and reducing transfers to state-owned
enterprises.

"Looking ahead, the authorities remain committed to securing a
sustainable fiscal position.  To this end, they intend to generate
a primary surplus of at least 2 percent of GDP in the medium term
to ensure that the debt-to-GDP ratio is put on a declining path.

"The authorities are also stepping up structural reforms to
enhance resilience to natural disasters and climate change, and to
ensure strong and lasting growth.  They are developing programs to
improve emergency responses and to strengthening physical
infrastructure.  Efforts are also ongoing to enhance the business
environment, improve access to the country by air, and streamline
customs clearance.  The authorities also intend to carry out civil
service and pension reforms, which will boost competitiveness and
employment."

                           Background

The RCF was created under the newly established Poverty Reduction
and Growth Trust (PRGT) and provides rapid financial assistance
for low-income countries with an urgent balance-of-payments need.

The RFI provides the same type of financial support for all member
countries.  Neither requires any explicit program-based
conditionality or review.  However, economic policies are expected
to address the underlying balance-of-payments difficulties to
support broader policy objectives, including growth and in the
case of the RCF, poverty reduction.

Financing under the RCF carries zero interest (at least until end-
2014), has a grace period of 5.5 years, and a final maturity of 10
years.  Financing under the RFI is at the adjusted rate of charge,
currently [1.08] percent, has a grace period of 3.25 years, and a
final maturity of 5 years.


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


* TRINIDAD & TOBAGO: Central Bank Boosts Market With US$75 Million
------------------------------------------------------------------
Trinidad Express reports that Trinidad and Tobago Central Bank has
injected another US$75 million into the financial market, amid
mounting complaints by businessmen of a shortage of the currency.

According to a news release from the Bank, the injection was made
Aug. 3 and was timed to support the foreign exchange market,
Trinidad Express notes.

The report discloses that the Bank said the injection is expected
to preempt any significant tightening in light of the anticipated
lower volumes of US currency conversions by energy sector
companies this month.

It added that for the year so far a total of US$940 million has
been sold to authorized dealers, the report relays.

The report says that the Bank assured it will continue to provide
further support to the domestic foreign exchange market over the
next few weeks.

The Trinidad and Tobago Manufacturers Association (TTMA) which has
been voicing concern about members' inability to access sufficient
foreign exchange, declined to comment.

The Trinidad Express understands, though, that the Association is
expected to meet with the Central Bank Governor on the matter.

Meanwhile, the report discloses that the president of the Downtown
Owners and Merchants Association, Gregory Aboud, said he was not
aware of the latest injection.

Mr. Aboud said as far as he was aware, the foreign exchange supply
continues to be tight and this persisted all of last week, reports
Trinidad Express.

"While we appreciate the intervention again of the Central Bank,
we feel obligated to point out that the management of the rate of
exchange may be directly related to repeated bouts of scarcity,"
the report quoted Mr. Aboud as saying.

"The Central Bank should really be doing more either to keep the
system properly injected with US dollars or to admit finally
whether or not our fixed rate has become unmanageable," Mr. Aboud
added, the report relays.

The DOMA president said the constant peaks and troughs are adding
uncertainty to the country's economic climate, the report adds.


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


PETROLEOS DE VENEZUELA: Wants at Least $10 Billion for Citgo
------------------------------------------------------------
Pietro D. Pitts and Anatoly Kurmanaev at Bloomberg News report
that Venezuela won't accept less than $10 billion for its oil
refining and marketing assets in the U.S., the head of state-owned
Petroleos de Venezuela SA said.

"Their value is much, much more," Rafael Ramirez, president of the
oil producer known as PDVSA, told reporters.  PDVSA is receiving
offers for Houston-based subsidiary Citgo Petroleum Corp. and will
sell the company if an acceptable proposal is made, Mr. Ramirez
said, without elaborating further, according to Bloomberg News.

"We are not a refining company, we're an oil producing company,"
Mr. Ramirez said, Bloomberg News relays.

Citgo said PDVSA has put it up for sale in a July 29 bond
prospectus, reports Bloomberg News.  The company owns three
refineries capable of handling about 749,000 barrels a day in
Louisiana, Texas and Illinois.  The company sells gasoline through
about 6,000 stations and donates heating oil to 200,000 low-income
families during winters.

Venezuela President Nicolas Maduro is seeking to sell foreign
refineries to boost oil exports to China, raise cash and reduce
the risk of having assets seized if it loses international
lawsuits brought by former oil partners, GlobalSource Partners'
Ruth de Krivoy and Tamara Herrera said July 31 in an e-mailed
report to clients obtained by Bloomberg News.

                        Biggest Exporter

"Our situation is not like many analysts have said, claiming that
we need fiscal revenues," Bloomberg News quoted Mr. Ramirez as
saying.  "We are doing well with our fiscal revenues from the oil
sector."

Venezuela is Latin America's biggest oil exporter, sending abroad
1.8 million barrels a day in 2013, according to the BP Statistical
Review of World Energy, Bloomberg News notes.

Venezuela's President Nicolas Maduro has spent revenue from
exports on social programs created by predecessor Hugo Chavez and
debt repayments, pushing the country's public sector deficit to
12.3 percent of gross domestic product last year, according
Barclays Plc, Bloomberg News says.

Citgo had sales of $42.3 billion last year and earnings before
interest, taxes, depreciation and amortization of $1.8 billion,
according to the bond prospectus, Bloomberg News adds.

                             About PDVSA

Petroleos de Venezuela S.A. -- http://www.PDVSA.com/-- engages in
the exploration, production, refining, transport, and commerce of
hydrocarbons.  The company was founded in 1975 and is based in
Caracas, Venezuela.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 21, 2014, Standard & Poor's Ratings Services assigned its 'B-'
debt rating to Petroleos de Venezuela S.A.'s (PDVSA; B-/Negative/-
-) proposed $5 billion senior unsecured notes due 2024. PDVSA
Petroleo S.A., PDVSA's exploration-and-production subsidiary (not
rated), unconditionally and irrevocably guarantees the notes.


                            ***********


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.


                   * * * End of Transmission * * *