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

            Friday, August 15, 2014, Vol. 15, No. 161


                            Headlines



A R G E N T I N A

ARGENTINA: Fund Holdouts Fail to Reach Private Deal Over Debt
ARGENTINA: IFAC Comments on Debt Default
WIND POWER: Seeks Brazil Bankruptcy Lift With Deal
YPF SA: Shale Quest Seen Withstanding Argentina's Debt Debacle


B R A Z I L

NII HOLDINGS: Moody's Lowers Corporate Family Rating to 'Caa2'
NII HOLDINGS: S&P Cuts Corp. Credit Rating to 'CC'; Outlook Neg.


B E R M U D A

KOSMOS ENERGY: Fitch Assigns USD300MM Notes Final 'B' Rating


C A Y M A N  I S L A N D S

ASIA DRUG: Creditors' Proofs of Debt Due Sept. 2
BOLERO INVESTMENTS: Creditors' Proofs of Debt Due Sept. 9
ERNB LTD: Commences Liquidation Proceedings
ISLAND GLOBAL DXB I: Commences Liquidation Proceedings
ISLAND GLOBAL DXB II: Commences Liquidation Proceedings

LITE-ON MOBILE: Creditors' Proofs of Debt Due Aug. 20
O'CONNOR GLOBAL: Creditors' Proofs of Debt Due Sept. 12
PYRUS INVESTMENTS: Creditors' Proofs of Debt Due Sept. 11
RIDGECREST PARTNERS: Commences Liquidation Proceedings
SIS HOLDING: Creditors' Proofs of Debt Due Sept. 11


D O M I N I C A N   R E P U B L I C

AEROPUERTOS DOMINICANOS: Moody's Lowers Senior Notes Rating to B1
* DOMINICAN REPUBLIC: Rains Ease Capital's Water Crunch


J A M A I C A

UC RUSAL: To Sell Non-Core Assets


P U E R T O   R I C O

PUERTO RICO: Hedge Funds Say Recovery Act Is Unconstitutional


T R I N I D A D   A N D   T O B A G O

CARIBBEAN AIRLINES: To Sign Ticket Payment Deal With Venezuela


                            - - - - -


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A R G E N T I N A
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ARGENTINA: Fund Holdouts Fail to Reach Private Deal Over Debt
-------------------------------------------------------------
Alexandra Stevenson, writing for The New York Times' DealBook,
reported that Aurelius Capital Management, one of the hedge funds
that has battled with Argentina over billions of dollars in bond
payments, said that efforts to reach a deal with private parties
in the wake of the country's default had collapsed.

In Aurelius's Aug. 13 statement, it said:

"In addition to our exhaustive efforts to settle with Argentina,
we have engaged with many private parties about a so-called
'private solution' that would avert or end the present Event of
Default on tens of billions of dollars of Argentine sovereign
debt.  That engagement has convinced us that there is no realistic
prospect of a private solution."

"No proposal we received was remotely acceptable.  The entities
making such proposals were not prepared to fund more than a small
part, if any, of the payments they wanted us to accept.  One
proposal was withdrawn before we could even respond.  And no
proposal made by us received a productive response.

"Stripped of this mirage, the sober truth remains: Argentina's
leaders have made a calculated, cynical decision to violate and
repudiate court orders and to place the Republic in wholesale
default. Argentine officials hide behind the RUFO provision but
make no effort to seek waivers from it (despite being offered them
by many of the exchange bondholders).

"The Argentine people have already paid a dear price for their
leaders' hubris.  With Argentina yet again defaulting on its
bonds, we fear the worst is yet to come."

Aurelius is part of a group of New York hedge funds, led by Paul
E. Singer's Elliott Management, that are demanding to be paid in
full on $1.3 billion in Argentine bonds. A spokesman for Elliott
called the Aurelius statement "completely accurate" and confirmed
that the talks had failed, notes the report.


ARGENTINA: IFAC Comments on Debt Default
----------------------------------------
According to the International Federation of Accountants,
Argentina's most recent default adds to the long list of
government defaults, bailouts, and restructurings over the years.
It also serves to highlight that sovereign debt problems evident
during the recent global financial crisis continue to exist.

Like many countries, Argentina does not prepare accrual-based
financial statements, which are essential for effective financial
management.  Accrual-based financial statements show a
government's total assets, liabilities, and cash flows, and
provide other important disclosures about future commitments and
contingencies -- all essential information for making proper
decisions and ensuring that there is sound financial management
for today, tomorrow, and for a long-term sustainable future.  Many
countries around the world -- including many in Europe, that
received multi-billion dollar bailouts over the last few years --
are also in need of better government financial reporting.

According to Standard & Poor's (S&P), Argentina has about $200
billion in foreign-currency debt, including $30 billion of
restructured bonds.  That's important to know.  But what are the
Argentinian government's total liabilities? That is, its
liabilities other than debt, including social security and pension
obligations, which are long-term commitments that burden future
generations.

"Countries continue to default on their debt, yet aren't pushed by
governments, credit rating agencies, or financial commentators to
significantly improve public sector financial reporting," said
Fayezul Choudhury, Chief Executive Officer of IFAC.  "These same
countries require private sector companies in their jurisdictions
to publish audited, accrual-based, financial statements when
raising funds in capital markets.  What justifies the double
standard whereby a government compels private companies to be
transparent and accountable, when it avoids using accrual
accounting itself -- despite having bonds traded on the capital
markets?"

Last year, the G-20 Finance Ministers and Central Banks Governors
declared a "goal of strengthening the public sector balance sheet"
and of "looking at transparency and comparability of public sector
reporting, and monitoring the impact of financial sector
vulnerabilities on public debt."  IFAC strongly recommends that
the G-20 makes enhanced public sector financial management a key
priority this year and in the future.

"It is critical that the G-20 focuses on initiatives to improve
governments' financial management and reporting practices.  This
means making accrual-based financial reporting in accordance with
high-quality, globally accepted standards, such as the
International Public Sector Accounting Standards(TM) (IPSASs(TM)),
a key objective," said Mr. Choudhury.  "In fact, IFAC urges the G-
20 to promote greater adoption of IPSASs, by adding these
standards to the Financial Stability Board's list of standards
that are designated as deserving of priority implementation."

In a related matter, the U.S. Securities and Exchange Commission
(SEC) this week charged Kansas with failing to disclose a
multibillion-dollar pension liability to bond investors.
Mr. Choudhury commented, "We applaud the SEC for compelling states
and localities to properly disclose liabilities and risks and
provide a complete picture of financial condition to investors and
other stakeholders.  This is imperative so that the $3.7 trillion
municipal bond market can operate efficiently and effectively."

                           About IFAC

IFAC is the global organization for the accountancy profession.
It is comprised of 179 members and associates in 130 countries and
jurisdictions, representing approximately 2.5 million accountants
in public practice, education, government service, industry, and
commerce


WIND POWER: Seeks Brazil Bankruptcy Lift With Deal
--------------------------------------------------
Pablo Gonzalez at Bloomberg News reports that a Brazilian unit of
Argentina's Pescarmona group asked a court to quash a bankruptcy
declaration after reaching an agreement with its creditors.

Wind Power Energia SA, a sister company of Industrias Metalurgicas
Pescarmona SA (Impsa), agreed to terms with creditor Libra
Terminal Valongo SA, meaning WPE isn't in arrears, Impsa said in
an e-mailed statement obtained by Bloomberg News.  Bonds snapped a
five-day losing streak, according to Bloomberg News.

"A swift resolution is expected," Impsa said, Bloomberg News
notes.  "We will continue to inform on the case," Impsa added.

WPE was declared in bankruptcy by Judge Rafael Jose de Menezes in
a court in the northeastern Brazilian state of Pernambuco on July
30 in response to claims of BRL10.6 million ($4.6 million),
according to the ruling on the court's website, Bloomberg News
discloses.  The group's dollar-denominated bonds plunged by a
record after the decision, notes the report.

The $390 million of 10.375 percent notes due 2020 fell to 30 cents
on the dollar on Aug. 8 from 47 cents on July 30, Bloomberg News
discloses.  The bid price rose to 31 cents at 9:54 a.m. in New
York time Aug. 8.  The debt is guaranteed by WPE and Impsa, both
of which are owned by Pescarmona through Venti SA.

The decision on whether to repeal the ruling will be made by Judge
Helia Silva, who will also consider other claims against WPE, Mr.
Menezes told Bloomberg by phone from Recife, Pernambuco.

A decision wouldn't be made before Aug. 11, Mr. Menezes said,
Bloomberg News relays.  The July 30 ruling gave WPE 15 days to
appeal.

Impsa, which owned WPE prior to a group restructuring last year,
was late paying peso bonds last month and was downgraded by Fitch
to CCC from B+.

The 2020 bonds were issued by WPE International Cooperatief UA, a
company based in Holland.  The group's debt has cross-default
clauses and cross guarantees from Venti.

Wind Power Energia SA manufactures and markets wind turbines. The
company is based in Brazil.


YPF SA: Shale Quest Seen Withstanding Argentina's Debt Debacle
--------------------------------------------------------------
Pablo Gonzalez at Bloomberg News reports that Argentina's efforts
to become self-sufficient in oil and natural gas by tapping vast
shale reserves will stand up to a second default in 13 years,
according to Seaport Group and the state energy company YPF SA.

YPF will generate enough cash to finance operations for the next
12 months and has access to new funding sources, the Buenos Aires-
based company said in an e-mailed response to questions, according
to Bloomberg News.  Since Argentina missed a July 30 payment on
$13 billion of debt, the yield on YPF's $1 billion of bonds due
2024 rose 0.15 percentage point to 8.2 percent, Bloomberg News
says.  Similar sovereign yields rose 0.83 percentage point to 9.97
percent, Bloomberg News discloses.

The company, control of which was seized from Spain's Repsol SA in
2012, will be resilient in gaining access to financing operations
to develop shale deposits in southern Argentina and boost
production, according to broker-dealer Seaport Group, Bloomberg
News notes.  YPF is the country's largest company.

"Argentina's shale oil and gas reserves, overseen by YPF, make the
company a key institution and it will have continuous access to
financial markets," Michael Roche, an emerging-market strategist
at Seaport, told Bloomberg News in a telephone interview from New
York.  "The company may structure securities where its earnings
are escrowed outside of Argentina for use in repaying debt and
receive attractive terms," Mr. Roche said, Bloomberg News adds.

In its first international bond sale in 15 years, YPF sold $150
million of floating-rate notes due 2018 in September 2013,
Bloomberg News says.  The notes, which yield at 7.13 percent, are
backed by grain sales deposited in a foreign escrow account,
Bloomberg News discloses.

                          Cash Position

"YPF doesn't see problems in the short-term," the company said
when asked about access to financing after default, reports
Bloomberg News.

Oil production in the Neuquen basin shale formation known as Vaca
Muerta more than tripled in the first quarter from a year earlier,
according to data compiled by Bloomberg Intelligence, boosted
primarily by a joint venture with Chevron Corp.  (CVX) Vaca
Muerta, dead cow in Spanish, is the world's second-largest shale
gas deposit and fourth-largest shale oil field.

Argentine central bank reserves have tumbled 21 percent from a
year ago mainly because of a widening energy deficit, Bloomberg
News notes.  Energy imports surged to a point that YPF Chief
Executive Officer Miguel Galuccio called the deficit a serious
problem in August 2013, and said only developing non-conventional
energy resources would reverse the trend, Bloomberg News
discloses.  YPF has said it needs to fund a $35 billion investment
plan over the next five years, Bloomberg News relays.

Tenaris SA Chief Executive Officer Paolo Rocca said he views the
energy deficit as an opportunity, Bloomberg News notes.

"There are very strong fundamentals in investing in oil resources
or gas resources, especially in Vaca Muerta as the country is
importing expensive gas, so development of Vaca Muerta will
happen," Mr. Rocca said, Bloomberg News adds.

YPF SA is an energy company, operating a fully integrated oil and
gas chain with leading market positions across the domestic
upstream and downstream segments.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 11, 2014, Fitch Affirmed YPF S.A.'s Caa1 Global Local
Currency Issuer Rating and Baa1.ar National Local Currency Issuer
Rating.  The outlook was changed to Negative from Stable.


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B R A Z I L
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NII HOLDINGS: Moody's Lowers Corporate Family Rating to 'Caa2'
--------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) of NII Holdings Inc. ("NII" or "the company") to Caa2
from Caa1. The downgrade reflects Moody's expectation that
bankruptcy filing is more likely as a result of the company's
inability to find a strategic solution to extend its liquidity.
The company is currently not in compliance with certain financial
covenants in its existing debt obligations which could trigger an
event of default for up to $4.4 billion of debt issued by
intermediate holding companies NII Capital Corp. ("NII Capital")
and NII International Telecom S.C.A ("NIII Telecom"). At the same
time, Moody's has lowered the probability of default rating (PDR)
to Caa2-PD from Caa1-PD while affirming the SGL-4 speculative
grade liquidity. As part of the rating action, Moody's has also
downgraded the unsecured notes at NII Capital to Caa3 from Caa2
and the unsecured notes at NII Telecom to Caa1 from B3. Outlook
remains negative.

Downgrades:

Issuer: NII Capital Corp

   Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3
   from Caa2

Issuer: NII Holdings Inc.

   Probability of Default Rating, Downgraded to Caa2-PD from
   Caa1-PD

   Corporate Family Rating, Downgraded to Caa2 from Caa1

Issuer: NII International Telecom S.C.A.

   Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1
   from B3

Outlook Actions:

Issuer: NII Capital Corp

   Outlook, Remains Negative

Issuer: NII Holdings Inc.

   Outlook, Remains Negative

Issuer: NII International Telecom S.C.A.

   Outlook, Remains Negative

Affirmations:

Issuer: NII Holdings Inc.

   Speculative Grade Liquidity Rating, Affirmed SGL-4

Ratings Rationale

NII's Caa2 corporate family rating reflects its weak operating
performance and the high likelihood of a bankruptcy filing due to
the company's inability to find a strategic solution to extend its
liquidity. In addition, the company has been investing heavily
into implementing its 3G network infrastructure to remedy its weak
competitive position versus its larger peers. And, Moody's
believes that while the company was working on upgrading its
network to 3G capabilities its competitors were already moving to
install 4G. In Mexico, customer service deteriorated sharply,
leading to an increase in subscriber disconnects. The company
faces substantial challenges in repairing its brand reputation,
executing its network upgrade, solving its liquidity shortfall and
negotiating amendments to its local credit facilities in Brazil
and Mexico.

Given Moody's concerns about the company's high likelihood of a
bankruptcy filing, a rating upgrade is not contemplated at this
time. Moody's could lower NII's ratings further if the company
cannot improve its weak liquidity position or if it does not
change the trajectory of its operating performance.

The principal methodology used in this rating was Global
Telecommunications Industry published in Decemeber 2010. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

With headquarters in Reston, Virginia, NII Holdings, Inc. ("NII"
or "the company") is an international wireless operator with about
9.4 million largely post-pay subscribers in Latin America. NII had
approximately $4.14 billion in consolidated operating revenue for
the LTM period ended 2Q'14 generated from a subscriber base across
Mexico, Brazil, Argentina, and Chile.


NII HOLDINGS: S&P Cuts Corp. Credit Rating to 'CC'; Outlook Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered the corporate
credit rating on Reston, Va.-based wireless carrier NII Holdings
Inc. to 'CC' from 'CCC'.  The outlook is negative.

At the same time, S&P lowered the ratings on subsidiary NII
International Telecoms S.C.A's senior unsecured notes to 'C' from
'CCC-'and on NII Capital Corp.'s senior unsecured debt to 'C' from
'CC'.  The recovery rating on NII International Telecoms' notes
remains '5', indicating S&P's expectation that lenders would
receive a modest (10% to 30%) recovery in the event of a payment
default.  The recovery rating on NII Capital Corp.'s notes remains
'6', indicating S&P's expectation that lenders would receive a
negligible (0% to 10%) recovery in the event of a payment default.

"The downgrade reflects the company's recent announcement that its
current liquidity position is not sufficient to support the
business and that it will likely file for Chapter 11 bankruptcy
protection, at which time we will lower all ratings to 'D'," said
Standard & Poor's credit analyst Catherine Cosentino.

NII's liquidity has been pressured due to ongoing subscriber
losses and lower average revenue per user (ARPU).  The company has
been plagued by delays in upgrading its network and intense
competitive pressures from other wireless carriers, which has hurt
its liquidity.  NII was not in compliance with its financial
covenants under its bank and vendor facilities in Brazil and
vendor facility in Mexico, although it did receive a waiver to the
vendor facilities financial covenants for the June 30, 2014
measurement date.

NII has an interest payment due Aug. 15, 2014, on about $2.4
billion of existing notes, which S&P do not expect it to meet.



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B E R M U D A
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KOSMOS ENERGY: Fitch Assigns USD300MM Notes Final 'B' Rating
------------------------------------------------------------
Fitch Ratings has assigned Kosmos Energy Ltd.'s (KOS; B/Stable)
USD300 million 7.875% senior secured notes due 2021 a final
'B'/'RR4' rating.

The notes are issued at the holding company level and subordinated
to the USD1.5 billion reserve based facility (RBF) raised by
Kosmos Energy Finance International (USD800 million outstanding as
at 30 June 2014).  "We do not notch down the rating of the notes
from the company's Issuer Default Rating (IDR) given its fairly
strong recovery prospects.  However, we may reconsider this
approach and notch down the notes' rating if the balance under the
prior-ranking RBF exceeds USD1 billion," Fitch said.

KOS is a small but growing oil and gas exploration and production
company focused on the offshore Atlantic margin with 2013 net
production of 23 thousand barrels per day (mbpd) from the offshore
Jubilee field in Ghana (B/Negative).  The company has a 24.1%
working interest in the Jubilee field, which produces around
100mbpd. In 2013 KOS generated USD645 million in EBITDAX (EBITDA
before exploration expenses).

KOS's rating and Outlook are supported by its developed producing
asset base at Jubilee, fairly low production costs of around USD10
per barrel, competitive full-cycle development costs compared with
similarly sized peers and conservative leverage. The rating is
constrained, however, by the company's small upstream-focused
operating scale and low diversification.

Key Rating Drivers

Business Scale Determines Ratings
KOS's scale of operations and limited geographical diversification
are dominant drivers of its 'B' ratings. Its business profile is
constrained by its limited market share relative to other upstream
exploration and production peers. KOS intends to boost production
by developing two sites in close proximity to the Jubilee field,
TEN (Tweneboa, Enyenra, Ntomme) and MTA (Mahogany, Teak, Akasa),
but this is unlikely to dramatically change the company's industry
position in the medium term.

"We now assume KOS's net production will not significantly exceed
40mbpd over the next three to five years. KOS's Fitch-rated peers
include China- and Kazakhstan-focused MIE Holdings (B/Stable, 2013
production: 15 thousand barrels of oil equivalent per day
(mboepd)), Nigeria- and Kurdistan-focused Afren plc (B+/Rating
Watch Negative; 47mboepd), and US-based Energy XXI Gulf Coast
(Delaware) (EXXI Gulf Coast; B/Stable; pro-forma for acquired
assets: 65mboepd)," Fitch said.

Concentrated Production

KOS's production remains highly concentrated in offshore Ghana.
Jubilee now accounts for 100% of KOS's total production and booked
reserve base. At end-2013 KOS had proved oil and gas reserves of
47 million barrels (mmboe), which translates into reserve life of
six years; lower than that of MIE Holdings (15 years) and Afren
(nine years).  "However, we estimate it should increase to around
nine years and will be on a par with that of Afren once KOS has
booked the TEN development reserves. We believe that Ghana is
likely to dominate KOS's output in the medium term despite other
exploration projects currently underway off the coast of west
Africa. The concentration in Ghana and the company's current
reliance on the Jubilee field expose KOS to elevated geological
risks, as well as legal, political and tax risks, in our view,"
Fitch said.

Elevated Country Risks

KOS is exposed to elevated country risks, as its operations are
concentrated in Ghana. Ghana has a strong business environment
relative to that of other African countries, ranking 67 out of 189
in the World Bank's Doing Business Survey. It is also safer
compared with some other parts of Africa such as the Niger Delta,
where local groups often attack companies in the area leading to
interrupted production, and oil theft. However, the country's
public finances are weak.

"We expect that the tax regime for oil companies in Ghana will not
change over the medium term, and KOS's tax burden will not
materially increase. However, this possibility cannot be ruled out
due to Ghana's high budget deficit. We also assume that KOS's
operations would not necessarily be affected by capital controls
or other possible restrictive measures, since the company's
proceeds do not flow through Ghana, and its cash assets are kept
primarily outside Ghana. We therefore do not cap KOS's rating at
the sovereign rating or the Country Ceiling. However, we may
review this approach if the government attempts to revise the tax
regime in Ghana," Fitch said.

Substantive Exploration Portfolio

KOS has a wide exploration portfolio, including several licence
blocks in offshore west Africa, Suriname and Ireland. This should
help KOS's replenishment of its reserves, given its fairly low
proved reserve life compared with other emerging market peers.
However, the company's exploration budget (around USD500m in 2014-
2016) may put a strain on its free cash flow (FCF), while the
upside from these investments is not guaranteed. A failure to
translate exploration spending into increased proved reserves
could negatively affect the ratings.

Conservative Mid-Cycle Leverage

"We expect KOS's leverage will increase over the next two years as
its operating cash flows decrease because of rising cash taxes and
capital intensity. Based on our conservative assumptions, we
expect the company's funds from operations (FFO) adjusted net
leverage to fluctuate around 2x-2.5x, compared with 1.1x in 2013.
This is comparable with mid-cycle leverage of its peers such as
Afren (2.0x), EXXI Gulf Coast (2.1x), MIE Holdings (2.5x) and
Newfield Exploration Company (BB+/Stable; 2.0x). We also believe
KOS will be FCF negative until at least 2016-2017. We do not
expect KOS to pay any dividends in the medium term, as per its
dividend policy," Fitch said.

Liquidity And Debt Structure
Strong Liquidity
At 30 June 2014 KOS's liquidity position was strong. The company
had no short-term debt, and available cash of USD622m. Additional
liquidity support is also available in the company's USD1.5bn RBF
(USD700m undrawn) and its undrawn USD300m revolving credit
facility.

USD300 million Notes Rated 'B'
The notes are subordinated to KOS's USD1.5bn RBF. However, we do
not notch down the rating of the notes from the company's IDR
given its fairly strong recovery prospects.

"At June 30, 2014 the amount outstanding under the RBF was
USD800m, and we do not expect it to exceed USD1bn. Moreover,
during financial distress KOS would not be able to draw down
additional funds under the facility as the available borrowing
base is reconsidered at least twice a year, and may be reassessed
at the request of the lender. However, we may notch down the
notes' rating if the balance under the prior-ranking RBF exceeds
USD1bn," Fitch said.

Rating Sensitiviness
Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

-- Improvement to the upstream business profile (e.g. net
   production of at least 40mbpd per day)
-- Enhanced asset quality (e.g. proved reserve life above nine
   years).
-- Extremely conservative financial profile given the company's
   small scale (e.g. FFO adjusted net leverage consistently below
   2x).
-- Positive FCF on a sustained basis.
-- Organic reserve replacement ratio sustainably above 100%.

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

-- Significant project delays and cost overruns at the TEN and MTA
   blocks.
-- Exploration and development expenditure failing to produce a
   rising reserve base.
-- Deterioration in liquidity (e.g. cash and credit.

The company was founded in 2003 and is based in Hamilton, Bermuda.


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C A Y M A N  I S L A N D S
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ASIA DRUG: Creditors' Proofs of Debt Due Sept. 2
------------------------------------------------
The creditors of Asia Drug Investment Ltd. are required to file
their proofs of debt by Sept. 2, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 18, 2014.

The company's liquidator is:

          Ogier
          c/o Kate Hodson / Esther Chan
          Telephone: +852 3656 6049 / +852 3656 6022
          Facsimile: +852 3656 6001
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


BOLERO INVESTMENTS: Creditors' Proofs of Debt Due Sept. 9
---------------------------------------------------------
The creditors of Bolero Investments Limited are required to file
their proofs of debt by Sept. 9, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 29, 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
          Cayman Islands KY1-1102


ERNB LTD: Commences Liquidation Proceedings
-------------------------------------------
On July 21, 2014, the shareholder of ERNB 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:

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


ISLAND GLOBAL DXB I: Commences Liquidation Proceedings
------------------------------------------------------
On July 28, 2014, the shareholder of Island Global Yachting DXB I
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:

          Dr. Thomas Bolliger
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


ISLAND GLOBAL DXB II: Commences Liquidation Proceedings
-------------------------------------------------------
On July 28, 2014, the shareholder of Island Global Yachting DXB II
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:

          Dr. Thomas Bolliger
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


LITE-ON MOBILE: Creditors' Proofs of Debt Due Aug. 20
-----------------------------------------------------
The creditors of Lite-On Mobile Ltd are required to file their
proofs of debt by Aug. 20, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 18, 2014.

The company's liquidator is:

          Chu Kun-Cheng
          Portcullis Trustnet (Cayman) Ltd
          c/o Michelle R. Bodden-Moxam
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman KY1-1208
          Cayman Islands
          Telephone: (345) 946-6145
          Facsimile: (345) 946-6146


O'CONNOR GLOBAL: Creditors' Proofs of Debt Due Sept. 12
-------------------------------------------------------
The creditors of O'Connor Global Quantitative Equity Limited are
required to file their proofs of debt by Sept. 12, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 18, 2014.

The company's liquidator is:

          Christopher Kennedy
          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


PYRUS INVESTMENTS: Creditors' Proofs of Debt Due Sept. 11
---------------------------------------------------------
The creditors of Pyrus Investments Limited are required to file
their proofs of debt by Sept. 11, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 24, 2014.

The company's liquidator is:

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


RIDGECREST PARTNERS: Commences Liquidation Proceedings
------------------------------------------------------
On July 28, 2014, the shareholder of Ridgecrest Partners, 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:

          Sanford B. Prater
          767 Third Avenue, Fl. 20, New York,
          NY 10017 USA
          Telephone: +1 (345) 914 6365


SIS HOLDING: Creditors' Proofs of Debt Due Sept. 11
---------------------------------------------------
The creditors of Sis Holding Limited are required to file their
proofs of debt by Sept. 11, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 21, 2014.

The company's liquidator is:

          Portcullis Trustnet (Cayman) Ltd
          c/o Michelle R. Bodden-Moxam
          Telephone: (345) 946-6145
          Facsimile: (345) 946-6146
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman KY1-1208
          Cayman Islands


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


AEROPUERTOS DOMINICANOS: Moody's Lowers Senior Notes Rating to B1
-----------------------------------------------------------------
Moody's Investors Service has downgraded the rating of the senior
notes issued by Aeropuertos Dominicanos Siglo XXI, S.A.
("Aerodom") to B1 from Ba3. The rating action reflects the impact
of the outcome of dispute between Fumisa and Mexico City's
International Airport and the low passenger growth on the
Dominican airports . The outlook on the ratings was changed to
stable from negative.

Ratings Rationale

Aerodom operates six of the nine airports in the Dominican
Republic, including one of the largest (Las Americas International
Airport in Santo Domingo), through a long-term concession granted
by the federal government. Aerodom is one of two wholly-owned
operating subsidiaries of Latin American Airports Holdings Ltd.
("LAAH"). The other operating subsidiary, Fumisa, had a master
lease agreement with the AICM to sublease over 38,000 square
meters of commercial space in Terminal 1 of the Mexico City
airport, until December 31st 2013. The notes are guaranteed by
LAAH, which is 86%-owned by Advent International, a global private
equity firm with significant presence in Latin America, as well as
LAAH's subsidiary holding companies.

Fumisa and the AICM were involved in ongoing legal proceedings
relating to the terms of the Master Lease, specifically with the
calculation of Fumisa's internal rate of return (IRR). On April
Fumisa settled with AICM to finalize the lease agreement dispute.
As part of the settlement reached by mutual agreement, both
parties desisted definitively from all legal claims derived from
their contractual relationship. AICM now administers the
commercial areas and parking lot that were previously subject to
the Master Lease.

As a result LAAH, guarantor of the notes, lost a significant
portion of its business, and the transaction also lost the
diversification benefit from the company's operations in Mexico's
(A3 stable) operation, increasing its exposure to its business in
the Dominican Republic (B1 stable).

The airports operated by Aerodom have recently recorded very low
passenger growth. From 2009 to 2013, the passengers' compound
annual growth rate of the six airports was -0.5%. As of June 2014,
passenger growth was 1.1%, signaling an improvement, but still
below the original expectations, limiting revenue growth
potential.

The rating outlook is stable, reflecting our expectation that on a
forward going basis cash flows will remain roughly stable. The
rating and outlook acknowledge the importance of the assets to the
local economy, and the relatively solid financial metrics.

The ratings could face upward pressure due to continued growth in
passenger levels that increases revenue above projections, and the
development of a satisfactory plan to address the refunding risk
associated with the 2019 bullet payment maturity. Moody's notes
that the term of the concession extends comfortably beyond the
maturity of the debt.

A sustained downward trend in the Dominican Republic's tourism
industry, or any other event that causes passenger volumes to
decline, would have a negative impact on the rating. Additionally,
debt service coverage fall below 1.5 times on a sustained basis,
according to Moody's calculated annuity DSCR, additional debt
issuance, or a significant change in the condition of any of the
main airports due to a natural disaster could be viewed as credit
negatives.


* DOMINICAN REPUBLIC: Rains Ease Capital's Water Crunch
-------------------------------------------------------
Dominican Today reports that Santo Domingo Aqueduct Utility
(CAASD) Director Alejandro Montas affirmed that piped water
production rose to 340 million gallons per day, and continued
rains would normalize the situation in much of Greater Santo
Domingo.

The official's announcement came during the presentation of the
project "Cansino Adentro Pilot Unit," to extend the aqueduct to
the eastern suburbs, to be built at a cost of US$45 million with
funds from Spain's International Cooperation Agency for water and
sanitation, according to Dominican Today.

"This is a work of great importance for the CAASD because it will
solve the problem of water and sanitation of Cansino and other
Santo Domingo Este sectors, as no community can develop if its
fundamental services aren't resolved," the report quoted Mr.
Montas as saying.


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


UC RUSAL: To Sell Non-Core Assets
---------------------------------
RJR News reports that UC Rusal is considering selling about US$1
billion worth of non-core assets.  This could include its foil
business in Russia.

Rusal has been struggling to manage $10.3 billion dollars of debt,
due to a slump in aluminum prices amid a supply glut, according to
RJR News.

The report notes that the Russian firm recently finalized a
refinancing deal with creditors, buying time to turn itself
around.

UC Rusal told Reuters it is considering several options but no
decision has yet been made, reports RJR News.

                             Jamaica

UC Rusal owns three alumina plants in Jamaica -- the Windalco
mines at Ewarton in St. Catherine and Kirkvine in Manchester, and
Alpart at Nain in St. Elizabeth.

Kirkvine and Alpart were closed at the height of the world
economic crisis several years ago, however, and despite several
projected re-openings, they remain closed, with no firm date set
for their reopening, the report recalls.

UC Rusal controls 65 per cent of Jamaica's alumina production
capacity and operates three of the island's four alumina
refineries.

                             *     *     *

As reported in the Troubled Company Reporter-Europe on July 14,
2014, Itar-Tass related that UC RUSAL said in a statement the
London High Court is convening a meeting of creditors of Russia's
aluminum giant to vote on a scheme of arrangement of
restructuring the company's US$5.15 billion debt.

RUSAL has earlier applied to the London and Jersey courts for
debt restructuring after failing to win unanimous support from
its creditors.  By now, RUSAL's request for debt restructuring
has received support from 94% of the company's creditors and the
aluminum giant is currently negotiating the deal with the
remaining 6%.  RUSAL still needs to agree on a US$3.6 billion
restructuring deal with banks.

As reported in the Troubled Company Reporter-Latin America on
March 31, 2014, RJR News said that UC Rusal reported a massive
increase in net losses in the year to December 31.  This was due
mainly to a large impairment cost and one-off restructuring
charges combined with lower production and a fall in aluminum
prices, according to RJR News.

The report said the company reported a net loss of US$3.2
billion.  It suffered a US$528 million loss in 2012.


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


PUERTO RICO: Hedge Funds Say Recovery Act Is Unconstitutional
-------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that bond funds affiliated with Franklin Resources Inc.
and Oppenheimer Rochester Funds filed papers in San Juan asking
U.S. District Judge Francisco A. Besosa to rule that Puerto Rico's
new law permitting government-owned entities to restructure debt
outside of bankruptcy court is unconstitutional.

According to the report, the bond funds urged Judge Besosa to rule
immediately on the constitutionality of the Puerto Rico Public
Corporation Debt Enforcement and Recovery Act, rather than wait to
see how or whether the statute is applied.  The bond fund says the
act takes property without compensation in violation of the
Takings Clause, substantially impairs contractual rights under
bond documents in violation of the Contracts Clause, and violates
the right to litigate federal claims in federal court.

Bloomber News says, the funds, which collectively hold about $1.6
billion in principal amount of bonds issued by the Puerto Rico
Electric Power Authority, or Prepa, asked Judge Besosa to deny
Puerto Rico's motion to dismiss their complaint and instead to
grant their request to void the island government's new law
without holding a trial.

The report says the Recovery Act, expressly modeled after the
federal Bankruptcy Code, differs in ways materially adverse to
secured bondholders, the funds said.

The mere introduction of the act caused rating companies to
downgrade Prepa bonds, and market prices fell sharply following
its introduction and passage, the funds said, notes the report.
Severe declines in the bond prices have already hurt the funds,
they said.

In their second amended complaint, filed Aug. 11, the funds
said there are less drastic means to achieve Puerto Rico's
goals, notes Bloomberg News.

Prepa could raise rates to cover the cost of providing
electricity, collect more than $640.8 million owed by the
commonwealth, reduce the amount diverted to subsidies and other
municipalities, cut costs and correct inefficiencies in its
management, according to the funds, notes the report.

In each case, Puerto Rico could implement the "less
drastic solution" without impairing the contractual rights of
holders of Prepa bonds, the funds said, reports Bloomberg News.

The lawsuit is Franklin California Tax-Fee Trust v. Commonwealth
of Puerto Rico, 14-cv-01518, U.S. District Court, District of
Puerto Rico (San Juan).


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


CARIBBEAN AIRLINES: To Sign Ticket Payment Deal With Venezuela
--------------------------------------------------------------
RJR News reports that Caribbean Airlines Limited is one of
several air carriers waiting to sign agreements with Venezuelan
authorities for the payment of  US$3.8 billion owed from ticket
sales in the financially-troubled South American country.

Some of the other airlines are Air Canada, American Airlines, Copa
Airlines, Delta Airlines, Federal Express, Iberia, Lufthansa and
United Airlines, according to RJRJ News.

While the situation has caused several carriers to reduce or
suspend flights to Venezuela, a CAL official told the Trinidadian
Guardian newspaper that the airline continues to operate on the
route, the report notes.  CAL currently operates flights to
Caracas five times weekly.

In recent months, the report discloses, an ongoing currency feud
between the government in Caracas and international airlines has
made it nearly impossible to fly to or from Venezuela.

The situation is the result of the country's system of multiple
exchange rates and currency controls, the report notes.  This has
forced airlines to sell tickets in Bolivars with the promise that
they will be able to send their revenues back home in US dollars,
using the official exchange rate, reports RJR.

In recent months, the Venezuelan Government has not allowed the
airlines to repatriate the money owed to them in foreign currency,
the report adds.

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.


                            ***********


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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