TCRLA_Public/140820.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, August 20, 2014, Vol. 15, No. 164


                            Headlines



A R G E N T I N A

ARGENTINA: Appeals to White House in Sovereign Debt Crisis
PETROBRAS ARGENTINA: Said to Take Argentine Field Bids Next Month
RR DONNELLEY ARGENTINA: Files for Bankruptcy Liquidation
TOYOTA COMPANIA: Moody's Rates Global Local Currency Sr. Debt 'B1'


B R A Z I L

BANCO PAN S.A.: Moody's Affirms Ba2 LT Local Currency Dep. Rating
BANCO PAN: S&P Assigns 'BB' Rating on Sr. Unsecured Notes Due 2015
NII HOLDINGS: Skips $118.8-Mil. Senior Note Interest Payment
* BRAZIL: Swap Rates Decline After Economy Contracted in June


C A Y M A N  I S L A N D S

ARCHER OVERFLOW: Shareholders' Final Meeting Set for Sept. 3
ARCHER OVERFLOW TRADING: Shareholders' Meeting Set for Sept. 3
ARCHSTONE ERISA: Shareholders' Final Meeting Set for Sept. 25
BASSETT HOLDINGS: Placed Under Voluntary Wind-Up
CROYDE HOLDINGS: Placed Under Voluntary Wind-Up

HENGAR INVESTMENT: Placed Under Voluntary Wind-Up
HERRING LIMITED: Placed Under Voluntary Wind-Up
SATSUMA LIMITED: Placed Under Voluntary Wind-Up
SEMPRA ENERGY: Shareholder to Hear Wind-Up Report on Sept. 2
SIRE DISCOVERY: Creditors' Proofs of Debt Due Sept. 1


D O M I N I C A N   R E P U B L I C

* DOMINICAN REP.: ASODEC Warns of Pitiful Scenario in Tax Dispute


M E X I C O

VITRO SAB: May Sell Container Business Generating 48% of Sales


P U E R T O    R I C O

PUERTO RICO ELECTRIC: Creditors Agree to Amend Bond Documents


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: No Annual Meeting Scheduled For This Year Yet


                            - - - - -


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


ARGENTINA: Appeals to White House in Sovereign Debt Crisis
----------------------------------------------------------
Law360 reported that Argentina's government reportedly appealed to
the White House to rein in what it sees as overreach from the
federal judge handling its dispute with hedge funds holding around
$1.5 billion in government bonds, while denying speculation that
it is seeking a rescue from the Argentine banking sector.
According to the report, the appeal follows U.S. District Judge
Thomas P. Griesa's threat to hold Argentina in contempt of court
if it continues making "false and misleading" public
pronouncements about its sovereign debt crisis.

                        *     *     *

The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a $539 million
interest payment.  Earlier that day, talks with a court-
appointed mediator ended without resolving a standoff between the
country and a group of hedge funds seeking full payment on bonds
that the country had defaulted on in 2001.  A U.S. judge had ruled
that the interest payment couldn't be made unless the hedge funds
led by Elliott Management Corp., got the $1.5 billion they
claimed.  The country hasn't been able to access international
credit markets since its $95 billion default 13 years ago.

As a result, Standard & Poor's Ratings Services lowered its
unsolicited long-and short-term foreign currency sovereign credit
ratings on the Republic of Argentina to selective default ('SD')
from 'CCC-/C', reported the TCR-LA on Aug. 1.

The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.

Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.

On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.

The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD).  The short-term foreign
currency rating has been downgraded to Default (D), from R-5.  The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively.  The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.


PETROBRAS ARGENTINA: Said to Take Argentine Field Bids Next Month
-----------------------------------------------------------------
Rodrigo Orihuela at Bloomberg News reports that Petroleo
Brasileiro SA will start receiving bids for Argentine oilfields
next month, according to a person with direct knowledge of the
sale.

Petrobras Argentina SA, a unit of Petroleo Brasileiro, will take
offers for fields in southern Argentina from Sept. 12, said the
person, who asked not to be named because the process isn't
public, according to Bloomberg News.  Prospective bidders will be
able to access data on the assets this month, the source said,
Bloomberg News relays.

The Argentina unit approved the sale of four fields last month
with billionaire Eduardo Eurnekian's Cia. General de Combustibles
SA granted right of first refusal on two of them, a person
familiar with the decision said at the time, Bloomberg News notes.
Petrobras Argentina, which canceled an attempt to market Argentine
assets last year, sold a stake in the Puesto Hernandez production
area in Neuquen province to state-owned YPF SA in January,
Bloomberg News relays.  A month later, YPF agreed to buy assets
from Apache Corp.

The Petrobras Argentina assets that are going on sale in southern
Argentina are worth about $300 million, Buenos Aires-based
newspaper La Nacion reported on July 25, citing a person familiar
with the transaction, who wasn't identified, Bloomberg News says.

Petrobras Argentina hired Bank of Nova Scotia to sell assets
including a refinery, petrochemical plants and oil and gas fields,
a person with knowledge of the decision told Bloomberg in March.

Petrobras Argentina is an oil producer and natural gas producer in
Rio Negro.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 13, 2014, Standard & Poor's Ratings Services affirmed its
'CCC+' foreign currency ratings on Petrobras Argentina S.A.
(PESA).  The outlook remains negative.


RR DONNELLEY ARGENTINA: Files for Bankruptcy Liquidation
--------------------------------------------------------
R. R. Donnelley & Sons Company announced the filing for bankruptcy
Aug. 11, by R.R. Donnelley Argentina S. A. ("RRDA"), a subsidiary
of RR Donnelley & Sons Company, with the Argentine Court.

Thomas J. Quinlan, President and Chief Executive Officer of RR
Donnelley & Sons Company, states that it was after much
discussion, thought, and the consideration of many alternatives to
preserve operations, that RRDA made the difficult choice to file
for bankruptcy liquidation in Argentina after 22 years in
operation.

* The printing industry in Argentina has been struggling to be
  profitable for some time and the outlook for improvement of
  industry sales is not positive.

* The business of RRDA is not solvent.

* RRDA has experienced a decrease in sales and does not foresee
  any improvement in the foreseeable future.

* At every point in this decision, RRDA followed all Argentinian
  laws and regulations as they apply to these business decisions.

During the analysis of alternatives, many discussions and
considerations took place including, among other things, the
following:

* RRDA obtained a Programa de Reproduccion ("Repro") in September
  2013. However, the local union elected not to sign it thereby
  preventing RRDA's proposed corrective actions and therefore
  worsening even more the economic and financial situation.

* For three months RRDA had multiple meetings directly with the
  national and local unions in advance of filing bankruptcy
  seeking a Crisis Prevention Plan (requesting a reduction of
  headcount in order to draw closer to profitability), but no
  solutions were acceptable to the unions.

* RRDA met with and filed a petition with the National Ministry of
  Labor proposing a reduction in headcount at the facility.  This
  was also brought to the Provincial Ministry of Labor.  Prior to
  filing for bankruptcy, both Ministries of Labor informed RRDA
  that they did not support the proposal.

Because RRDA was left with no other solutions for the many crises
facing it, including rising labor costs, inflation, materials
price increases, devaluation, inability to pay debts as they
become due, and other issues, the independent decision was made to
file for bankruptcy.

"In arriving at the decision, neither RRDA nor RR Donnelley & Sons
Co. discussed its intentions with any other company, stakeholder
or bondholder. We have absolutely no relation to the current
situation with Argentina's bondholders," said the Company
statement.

"The bankruptcy petition filed on August 11 was approved by the
court shortly thereafter and a trustee was appointed. This was
quickly done, as it is usual in these cases, so as to protect and
preserve premises, workers, facilities and creditors. We believe
this issue will be best resolved by the court and the trustee," it
added.

At base, the business of RRDA is not solvent and that reality was
the sole driver of the business decision.

R. R. Donnelley & Sons Company -- http://www.rrdonnelley.com/--
provides integrated communication solutions to private and public
sectors worldwide.


TOYOTA COMPANIA: Moody's Rates Global Local Currency Sr. Debt 'B1'
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.
assigned a B1 global local currency senior debt rating to Toyota
Compania Financiera de Argentina S.A.'s 13th expected bond
issuance for an amount up to ARS150 million, with a maturity of 24
months. Moody's also assigned a Aaa.ar local currency debt rating
on the Argentine National Scale to the expected issuance.

The outlook on all ratings is negative.

The following ratings were assigned to Toyota Compania Financiera
de Argentina:

ARS150 million senior unsecured debt issuance:

B1 Global Local Currency Debt Rating

Aaa.ar Argentina National Scale Local Currency Debt Rating

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from Toyota Compania Financiera de Argentina S.A.s'
B1 global local currency deposit rating. Moody's also noted that
seniority was taken into consideration in the assignment of the
debt ratings.

TCFA's deposit rating derives from the entity's caa1 baseline
credit assessment and the high probability of parental support to
be provided by its ultimate parent, Toyota Motor Corporation
(Japan), which is currently rated Aa3 by Moody's. The company is
95% owned by Toyota Financial Services Americas and 5% by Toyota
Motor Credit Corporation, both based in California. The standalone
rating of caa1 reflects its key role as the financial agent for
Toyota Corporation in Argentina, as well as its strong commercial
and strategic importance to the corporation. The ratings also
consider the entity's profitability and its good asset quality
metrics given its targeted client base. However, the rating
captures the company's wholesale funding structure, its small
franchise in the Argentine market and its monoline business
orientation.

The negative outlook on the company's ratings is in line with the
negative outlook Caa1 rating for Argentina's government bond
rating and incorporates the deteriorating operating environment in
the country, including economic deceleration and high inflation,
that is negatively affecting the business and earnings prospects
of financial companies and banks in Argentina.

Toyota Compania Financiera de Argentina S.A. is headquartered in
Buenos Aires, Argentina, with assets of ARS1.5 billion and equity
of ARS166 million as of June 2014.

The principal methodology used in this rating was Global Banks
published in July 2014.


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


BANCO PAN S.A.: Moody's Affirms Ba2 LT Local Currency Dep. Rating
-----------------------------------------------------------------
Moody's Investors Service has affirmed Banco Pan S.A.'s (PAN)
standalone bank financial strength rating (BFSR) of E+, which maps
to a baseline credit assessment (BCA) of b1; long- and short-term
global local- and foreign-currency deposit ratings of Ba2 and Not
Prime, respectively; long-term foreign-currency senior unsecured
rating of Ba2; long-term foreign-currency subordinated debt rating
of Ba3; and long- and short-term Brazilian national scale deposit
ratings of A1.br and BR-1, respectively. The outlook on all
ratings is stable.

The following ratings were affirmed with a stable outlook:

Bank financial strength rating of E+

Long-term global local-currency deposit rating of Ba2

Short-term global local-currency deposit rating of Not Prime

Long-term foreign-currency deposit rating of Ba2

Short-term foreign-currency deposit rating of Not Prime

Long-term foreign-currency senior unsecured debt rating of Ba2

Senior Unsecured MTN Program (foreign currency) rating of (P)Ba2

Short-term senior unsecured MTN Program (foreign currency) rating
of (P)NP

Long-term foreign-currency subordinated debt rating of Ba3

Long-term Brazilian national scale deposit rating of A1.br

Short-term Brazilian national scale deposit rating of BR-1

Ratings Rationale

In affirming PAN's ratings, Moody's highlighted the recently
proposed capital injection amounting to BRL 1.3 billion, which
will restore the bank's capitalization to an adequate level, with
a common equity tier 1 ratio higher than 10%. Moody's also
accounted for the recovering profitability, which reflects ongoing
credit expansion and reduction of credit costs, coupled with
increased net interest income accrual arising from higher loan
retention in the bank's balance sheet. The build up of the on-
balance loan book will result in a growing revenue base, and in
turn, will help cover the bank's operating costs.

At the same time, Moody's recognizes that PAN will face challenges
in achieving a full turnaround in its profitability, with the main
uncertainty being weak economic growth and high inflation and
interest rates in Brazil. These conditions could affect
delinquency and loan origination, which in turn could limit the
bank's ability to generate earnings that are sufficient to sustain
strong and stable capital ratios over time.

In the last 12 months, PAN has recorded meaningful improvement in
its asset quality, as evidenced by the notable decline in higher
risk loans (those rated E to H, according to local regulations) to
6.7% of total loans in second-quarter 2014, down from 11.3% in
second-quarter 2013. As a result, asset quality will continue to
improve as low-quality old vintages mature, although at a lower
speed than recorded in the last years.

Moody's recognizes that long term funding granted by shareholders
strongly supports the bank's asset and liability management,
allowing the bank to fund its loan book at competitive costs.
Therefore, PAN's capacity to obtain funding does not represent a
meaningful constraint to the growth of its operations.

The Ba2 global local-currency deposit rating derives from PAN's
BCA of b1, and incorporates two notches of uplift to reflect the
capacity and willingness of major shareholders, Banco BTG Pactual
S.A. (Baa3 stable, D+/baa3 stable) and Caixa Economica Federal
(Baa2 stable, D/ba2 stable), to provide support. Moody's opinion
of shareholders' commitment to the franchise is supported by the
many capital injections, for a total of BRL 4.4 billion over the
last four years, and the sizeable funding commitments, in place
till 2022.

The last rating action on PAN occurred on 19 January 2012 when
Moody's affirmed all ratings, including the standalone BFSR of E+;
long- and short-term global local- and foreign-currency deposit
ratings of Ba2 and Not Prime, respectively; long-term foreign-
currency senior unsecured rating of Ba2; long-term foreign-
currency subordinated debt rating of Ba3; and long- and short-term
Brazilian national scale deposit ratings of A1.br and BR-1,
respectively. The outlook on all ratings remained stable.

The principal methodology used in this rating was Global Banks
published in July 2014.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".mx" for Mexico. For further information
on Moody's approach to national scale credit ratings, please refer
to Moody's Credit rating Methodology published in June 2014
entitled "Mapping Moody's National Scale Ratings to Global Scale
Ratings".

Banco Pan S.A. is headquartered in Sao Paulo, Brazil. It reported
total assets of BRL22.7 billion ($10.3 billion) and equity of
BRL2.2 billion ($979.0 million) as of 30 June 2014.


BANCO PAN: S&P Assigns 'BB' Rating on Sr. Unsecured Notes Due 2015
------------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB'
rating to Brazil-based Banco Pan S.A.'s (Pan; BB/Watch Dev/B)
senior unsecured notes due 2015, and 'B' rating to Pan's junior
subordinated notes due 2020.  At the same time, S&P placed the
ratings on the notes on CreditWatch with developing implications.

The rating on the senior notes is the same as S&P's long-term
foreign currency issuer credit rating (ICR) on Pan, reflecting
S&P's view that these notes rank pari passu with other senior
unsecured debt, and are the bank's direct, unsecured,
unsubordinated, and unconditional obligations.

The rating on the junior subordinated debt instruments is three
notches below the ICR on Pan, reflecting its subordination and
deferral clauses.  S&P notches down from the ICR because it
expects Pan to receive support from its parent, Banco BTG Pactual
S.A. (BTG; BB+/Watch Dev/B), if needed.

The ratings on Pan reflect its 'bb-' SACP and its "strategically
important" status to BTG, according to S&P's criteria for rating
group entities.  S&P's view of its strategic importance is based
on the bank's close integration with, and management from its
parent and our view that BTG has a long-term commitment with the
bank.

Pan is a joint venture between BTG and Caixa Economica Federal
(Caixa; local currency: BBB+/Stable/A-2; foreign currency: BBB-
/Stable/A-3).  BTG holds 51% of Pan's voting shares and Caixa
holds the remainder.  Both share control of the bank. Pan's SACP
reflects its "moderate" business position, "moderate" capital and
earnings, "moderate" risk position, "average" funding, and
"adequate" liquidity.

Creditwatch

The Credit Watch listing on Pan's notes reflects the CreditWatch
placement on BTG.  Given that Pan is a "strategically important"
subsidiary to BTG, its ratings should remain one notch below those
on its parent and move in tandem with them.

RATINGS LIST

Corporate credit rating
Banco Pan S.A.                            BB/Watch Dev/B

Ratings Assigned
Senior unsecured notes due 2015          BB/Watch Dev
Junior subordinated notes due 2020       B/Watch Dev


NII HOLDINGS: Skips $118.8-Mil. Senior Note Interest Payment
------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that NII Holdings Inc., the owner of Latin American
telecommunications systems, didn't make a $118.8 million payment
due Aug. 15 on senior notes.  According to Bloomberg, NII said in
a regulatory filing that it's in "preliminary discussions" with
holders of the notes about a restructuring entailing the exchange
of the notes for equity or new debt and the agreement would
require implementation through a Chapter 11 filing.

In other news, Stephanie Gleason, writing for Daily Bankruptcy
Review, reported that NII Holdings has an agreement to sell its
Chilean subsidiary, but negotiations continue with bondholders as
the Latin American wireless provider attempts to restructure its
debt load.  According to DBR, Grupo Veintitres, an Argentine media
company; Optimum Advisors, a U.S. private-equity firm; and ISM
Capital, a London-based investment firm that focuses on emerging
markets, have formed a joint venture to acquire the stock of
Nextel Chile S.A., NII said in documents filed with the U.S.
Securities and Exchange Commission.

The $800 million in 10 percent senior unsecured notes due 2016
last traded on Aug. 15 for 19.125 cents on the dollar, to yield
135.973 percent, Bloomberg related, citing Trace, the bond-price
reporting system of the Financial Industry Regulatory Authority.
The stock closed on Aug. 15 at 13.77 cents, down 8.6 percent in
New York trading, a record closing low, Bloomberg said.

                    About NII Holdings

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.

                             *   *   *

The Troubled Company Reporter-Latin America, on Aug. 15, 2014,
reported that 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.

The Aug. 15, 2014 version of the TCR-LA also reported that
Standard & Poor's Ratings Services lowered the corporate credit
rating on Reston, Va.-based wireless carrier NII Holdings Inc. to
'CC' from 'CCC'.  The outlook is negative.


* BRAZIL: Swap Rates Decline After Economy Contracted in June
-------------------------------------------------------------
Filipe Pacheco at Bloomberg News reports that Brazil's swap rates
fell after data showed the economy shrank in June by the most in
13 months, adding to speculation policy makers will limit further
increases in borrowing costs.

Swap rates on contracts maturing in January 2017, a gauge of
expectations for interest rates, dropped fourteen basis points, or
0.14 percentage point, to 11.46 percent on Aug. 16 at 3:48 p.m. in
Sao Paulo, and were down 20 basis points last week, according to
Bloomberg News.  The real advanced 0.2 percent to 2.2739 per
dollar.

Brazil's seasonally-adjusted economic activity index fell 1.48
percent in June from the previous month, the central bank said in
a report, the biggest drop since May 2013, Bloomberg News relays.
President Dilma Rousseff is struggling to revive Brazil's
faltering economy, which is forecast by analysts to grow at the
slowest pace since 2009, two months ahead of elections, Bloomberg
News discloses.

"The drop in activity reinforces the perception of a slowdown in
the economy during the second quarter," Octavio de Barros, the
chief economist at Banco Bradesco SA in Sao Paulo, wrote in an e-
mailed research note to clients, Bloomberg News notes.  "Trading
in the swap rates futures market should reflect that today,"
Bloomberg News quoted Mr. Barro as saying on Aug. 16.

Brazil's real reversed earlier gains after a spokesman for
Ukraine's military said in Kiev that the country's troops
destroyed part of an armed convoy from Russia, Bloomberg News
notes.  The currency is up 0.9 percent last week.

                       Economic Contraction

Latin America's biggest economy shrank 1.2 percent in the second
quarter, according to calculations made by Bloomberg based on the
central bank data.  Aug. 16's data doesn't necessarily mean the
economy contracted second quarter, central bank economic policy
Director Carlos Hamilton told reporters, Bloomberg News relays.

The national statistics institute is scheduled to publish official
data on quarterly gross domestic product later this month,
Bloomberg News discloses.

Brazil's retail sales in June fell the most in more than two
years, surprising analysts who forecast an increase, notes
Bloomberg News.  Industrial output contracted for the fourth
consecutive month as production of capital goods shrank, Bloomberg
News relays.

To support the currency and limit import prices, the central bank
sold swaps worth $198.9 million under an intervention program due
to expire in December, and rolled over $493.4 million worth in
contracts, reports Bloomberg News.


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


ARCHER OVERFLOW: Shareholders' Final Meeting Set for Sept. 3
------------------------------------------------------------
The shareholders of Archer Overflow SPV, Ltd will hold their final
meeting on Sept. 3, 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:

          Neil Wiesenberg
          Archer Capital Management
          570 Lexington Avenue
          40th Floor, New York
          NY 10022
          United States of America
          Telephone: +1 (212) 319 2775


ARCHER OVERFLOW TRADING: Shareholders' Meeting Set for Sept. 3
--------------------------------------------------------------
The shareholders of Archer Overflow Trading SPV, Ltd. will hold
their final meeting on Sept. 3, 2014, at 10:15 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Neil Wiesenberg
          Archer Capital Management
          570 Lexington Avenue
          40th Floor, New York
          NY 10022
          United States of America
          Telephone: +1 (212) 319 2775


ARCHSTONE ERISA: Shareholders' Final Meeting Set for Sept. 25
-------------------------------------------------------------
The shareholders of Archstone Erisa Fund, Ltd. will hold their
final meeting on Sept. 25, 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:

          DMS Corporate Services Ltd
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


BASSETT HOLDINGS: Placed Under Voluntary Wind-Up
------------------------------------------------
On July 25, 2014, the shareholders of Bassett Holdings Ltd.
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd
          c/o Eva Moore
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          One Capital Place, 4th Floor
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Cayman Islands


CROYDE HOLDINGS: Placed Under Voluntary Wind-Up
-----------------------------------------------
On July 25, 2014, the shareholders of Croyde Holdings Ltd.
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd
          c/o Eva Moore
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          One Capital Place, 4th Floor
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Cayman Islands


HENGAR INVESTMENT: Placed Under Voluntary Wind-Up
-------------------------------------------------
On July 25, 2014, the shareholders of Hengar Investment Corp.
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd
          c/o Eva Moore
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          One Capital Place, 4th Floor
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Cayman Islands


HERRING LIMITED: Placed Under Voluntary Wind-Up
-----------------------------------------------
On July 25, 2014, the shareholders of Herring Limited resolved to
voluntarily wind up the company's operations.

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

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd
          c/o Eva Moore
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          One Capital Place, 4th Floor
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Cayman Islands


SATSUMA LIMITED: Placed Under Voluntary Wind-Up
-----------------------------------------------
On July 25, 2014, the shareholders of Satsuma Limited resolved to
voluntarily wind up the company's operations.

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

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd
          c/o Eva Moore
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          One Capital Place, 4th Floor
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Cayman Islands


SEMPRA ENERGY: Shareholder to Hear Wind-Up Report on Sept. 2
------------------------------------------------------------
The shareholder of Sempra Energy International (Cayman) CEP will
hear on Sept. 2, 2014, at 10:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Randall L. Clark
          c/o Campbells Corporate Services Limited
          P.O. Box 268, Willow House, Cricket Square
          Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


SIRE DISCOVERY: Creditors' Proofs of Debt Due Sept. 1
-----------------------------------------------------
The creditors of Sire Discovery Group Offshore, Ltd are required
to file their proofs of debt by Sept. 1, 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 Justin Savage
          Telephone: (345) 815 1816
          Facsimile: (345) 949-9877
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


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D O M I N I C A N   R E P U B L I C
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* DOMINICAN REP.: ASODEC Warns of Pitiful Scenario in Tax Dispute
-----------------------------------------------------------------
Dominican Today reports that Dominican Courier Companies
Association (ASODEC) spokeswoman Laura Castellanos warned of a
"fairly pitiful scenario" if the Customs Agency fails to heed
Superior Administrative Court order to suspend the tax on Web
purchases under US$200, slated to take effect staring Aug. 15.

Ms. Castellanos said despite Customs' "traditionally dark record
of contempt of court," the couriers expect it will do so this
time, in respect to society and the media, according to Dominican
Today.  "We don't expect them (Customs) to go there and it would
be a fairly pitiful scenario that despite a very clear Court
ruling, Customs would choose to ignore it," the report quoted Ms.
Castellanos as saying.

When Diario Libre asked if she thought Custom would comply with
the Court ruling, Ms. Castellanos warned that "if Customs states
it will implement the measure regardless, the couriers will
obviously reject it because we're sustained by a ruling by the
Administrative Court."


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


VITRO SAB: May Sell Container Business Generating 48% of Sales
--------------------------------------------------------------
Brendan Case at Bloomberg News reports that Vitro, S.A.B. de C.V.
said Chairman Adrian Sada Gonzalez and his son, Chief Executive
Officer Adrian Sada Cueva, bought a 9.9 percent stake as the
company weighs the sale of its biggest unit by revenue.

The Sadas each acquired almost 24.1 million shares.  The purchases
bolster the family's stake in Vitro 17 months after the company
settled a legal duel with U.S. creditors, including billionaire
hedge fund manager Paul Singer, over claims from its 2009 default,
according to Bloomberg News.

Bloomberg News notes that Vitro disclosed the possible sale of the
food-and-drink business, saying a potential buyer is conducting
due diligence and negotiating a price, while declining to name the
suitor.  A divestiture of most of the container manufacturing
would mark Vitro's first major sale of a business in at least
three years, according to data compiled by Bloomberg.

"We're willing to explore any operation that may represent
benefits for our shareholders and other interested parties," Sada
Cueva said in the statement obtained by Bloomberg News.

Vitro SAB didn't identify the sellers in the transaction involving
its top executives.  Fintech Advisory Inc., a hedge fund founded
by David Martinez, got a 20 percent stake last year after acting
as Vitro's financial partner in the accord with creditors,
Bloomberg News notes.

                         Container Sale

Sada Gonzalez held a 6.6 percent stake in Vitro as of April 2013,
according to data compiled by Bloomberg.

Bloomberg News relays that the company said it remains optimistic
about the food-and-drink segment's outlook.  The container
business that Vitro might sell generated 49 percent of its $355
million in 2013 earnings before interest, taxes, depreciation and
amortization, it said, Bloomberg says.

The sale would include operations in the U.S. and Bolivia as well
as Mexico, while excluding businesses such as cosmetics-container
manufacturing and Vitro's car-windshield and construction-glass
units, Bloomberg discloses.

Bloomberg News relays that the company also said it signed a
seven-year, $950 million contract to supply 7.3 billion beer
bottles to Constellation Brands Inc., which owns a brewery making
Corona beer in Piedras Negras, Mexico.

The glassmaker will invest $100 million to build a new furnace at
a plant in Monterrey, Mexico, during the next 18 months to fill
the contract, while using other Mexican factories to supply
Constellation in the meantime, Bloomberg News notes.

In addition, Vitro will invest $90 million to build a Brazil plant
that will make containers for cosmetics and perfumes, it said,
Bloomberg News discloses.

                        About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in
debt from bondholders.  The tender offer would be consummated
with a bankruptcy filing in Mexico and Chapter 15 filing in the
United States.  Vitro said noteholders would recover as much as
73% by exchanging existing debt for cash, new debt or convertible
bonds.

            Concurso Mercantil & Chapter 15 Proceedings

Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for
Civil and Labor Matters for the State of Nuevo Leon, commencing
its voluntary concurso mercantil proceedings -- the Mexican
equivalent of a prepackaged Chapter 11 reorganization.  Vitro SAB
also commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  But an appellate court in Mexico
reinstated the reorganization in April 2011.  Following the
reinstatement, Vitro SAB on April 14, 2011, re-filed a petition
for recognition of its Mexican reorganization in U.S. Bankruptcy
Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-11754).

The Vitro parent received sufficient acceptances of its
reorganization by using the US$1.9 billion in debt owing to
subsidiaries to vote down opposition by bondholders.  The holders
of US$1.2 billion in defaulted bonds opposed the Mexican
reorganization plan because shareholders could retain ownership
while bondholders aren't being paid in full.

Vitro announced in March 2012 that it has implemented the
reorganization plan approved by a judge in Monterrey, Mexico.

In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.

                      Chapter 11 Proceedings

A group of noteholders opposed the exchange -- namely Knighthead
Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc.,
Davidson Kempner Distressed Opportunities Fund LP, and Brookville
Horizons Fund, L.P.  Together, they held US$75 million, or
approximately 6% of the outstanding bond debt.  The Noteholder
group commenced involuntary bankruptcy cases under Chapter 11 of
the U.S. Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D.
Tex. Case No. 10-47470) and 15 other affiliates on Nov. 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise
in the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has
expressed concerns over the exchange offer.  The group says the
exchange offer exposes Noteholders who consent to potential
adverse consequences that have not been disclosed by Vitro.  The
group is represented by John Cunningham, Esq., and Richard
Kebrdle, Esq. at White & Case LLP.

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were
subject to the involuntary petitions into voluntary Chapter 11.
The Texas Court on April 21 denied involuntary petitions against
the eight U.S. subsidiaries that didn't consent to being in
Chapter 11.

Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al.  Alvarez & Marsal North America LLC, is the
Debtors' operations and financial advisor.

The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah
Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
Dallas, Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq.,
and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP,
in New York, as counsel.  Blackstone Advisory Partners L.P.
serves as financial advisor to the Committee.

The U.S. Vitro companies sold their assets to American Glass
Enterprises LLC, an affiliate of Sun Capital Partners Inc., for
US$55 million.

U.S. subsidiaries of Vitro SAB are having their cases converted
to liquidations in Chapter 7, court records in January 2012 show.
In December, the U.S. Trustee in Dallas filed a motion to convert
the subsidiaries' cases to liquidations in Chapter 7.  The
Justice Department's bankruptcy watchdog said US$5.1 million in
bills were run up in bankruptcy and hadn't been paid.

On June 13, 2012, U.S. Bankruptcy Judge Harlin "Cooter" Hale in
Dallas entered a ruling that precluded Vitro from enforcing
its Mexican reorganization plan in the U.S.  Vitro's appeal is
pending.

In November 2012, the U.S. Court of Appeals Judge Carolyn King
ruled that Vitro SAB won't be permitted to enforce its bankruptcy
reorganization plan in the U.S.  She said that Vitro "has not
shown that there exist truly unusual circumstances necessitating
the release" preventing bondholders from suing subsidiaries.

In early March 2013, Vitro announce a settlement that will end all
litigation between Vitro and certain creditors in Mexico and the
United States over the past two years.


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


PUERTO RICO ELECTRIC: Creditors Agree to Amend Bond Documents
-------------------------------------------------------------
The Puerto Rico Electric Power Authority ("PREPA") on Aug. 14
disclosed that discussions with its creditors have resulted in
agreements that provide PREPA with a consensual path forward to
improve its operations and financial situation.

Insurers and bondholders controlling more than 60 percent of
PREPA's outstanding bonds have entered into contractual
arrangements and agreed to amend the existing bond documents to
provide PREPA with liquidity and time to work with its creditors
to develop a plan to achieve a restructuring of its business.

The insurers and bondholders who signed the agreements, including
those that have commenced litigation against the Debt Enforcement
and Recovery Act, have agreed that they will not exercise remedies
against PREPA during the term of these agreements.  During this
period, PREPA will continue to make required debt service payments
in full.

The banks that provide revolving lines of credit used to pay for
purchased power, fuel and other expenses have agreed to extend
until March 31, 2015 their previously announced agreements to not
exercise remedies as a result of certain credit downgrades and
other events.  These agreements allow PREPA to continue to delay
certain payments that were due to these lenders in July and
August, respectively, until March 31, 2015.  During this period,
the banks will receive interest payments on these amounts.

The contractual agreements with PREPA's insurers, bondholders and
banks will go into effect immediately and an amendment to the
existing bond documents, which will provide PREPA the ability to
use approximately $280 million held in its construction fund for
payment of current expenses and capital improvements, will become
effective later this month.  The additional liquidity will assist
PREPA in its ongoing operations, while also keeping funds
available for capital improvements that will help to facilitate
cleaner and more efficient fuel delivery, enabling Puerto Rico to
achieve the targets established in the Energy Reform Act.

As part of the new agreements, GDB has agreed that it will not
exercise set off rights with respect to PREPA deposits and will
not require PREPA to make principal or interest payments due under
GDB loans.

"Today's announcement is an important milestone in the
transformation of PREPA and gives us a clear line of sight to the
future," said Harry Rodriguez, President of PREPA's Board of
Directors on Aug. 14.  "PREPA is working hard to deliver with
infrastructure improvements, better cost controls and improved
service.  "Today's agreements give us additional tools toward the
creation of a more modern and self-sustaining PREPA for the
future."

Juan F. Alicea Flores, executive director for PREPA, also stated
on Aug. 14, "Today's agreements give PREPA the additional time and
financial resources we need to reach a comprehensive solution that
ensures our ability to provide a safe, reliable and efficient
power supply to all Puerto Ricans for many years to come.  It is
the result of a lot of hard work by many people, and I want to
thank all of our stakeholders for their contributions to this very
positive outcome."

David H. Chafey, president of the Board of Directors of GDB,
commented, "The Government Development Bank of Puerto Rico is
pleased with  PREPA's ongoing efforts to become a self-sustaining
business.  The agreements announced "[Aug. 14] are important steps
in the process of creating a stronger PREPA for the people of
Puerto Rico."

As part of its agreements with the creditors group, PREPA has
committed to complete a five-year business plan by December 15,
2014 and to appoint a chief restructuring officer (CRO) by
September 8, 2014.  The CRO will work closely with Mr. Alicea and
the rest of PREPA's Board and management team to accelerate
PREPA's transformation, ensuring the utility is able to
efficiently implement the changes necessary to achieve its
financial and operating targets.  Initial areas of focus are
expected to include optimizing the generation, transmission and
distribution of the Island's power supply, refining collection and
expense management processes, and enhancing the overall quality of
data collection and reporting.  Under the terms of the agreements
announced, PREPA must deliver a full debt restructuring plan by
March 2, 2015.

"The additional insights and experiences the CRO will bring to
PREPA will be important assets as we work to build a stronger
utility for the future," Mr. Alicea added.

PREPA will file a notice on the Electronic Municipal Market Access
(EMMA) system outlining the key terms of its agreements with the
creditor groups.  PREPA agreed to make these disclosures under
confidentiality agreements it signed with certain of its creditors
in conjunction with the ongoing discussions.  The notice will be
filed and includes additional information about the agreements and
PREPA.


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


TRINIDAD CEMENT: No Annual Meeting Scheduled For This Year Yet
--------------------------------------------------------------
Trinidad and Tobago Newsday reports that Trinidad Cement Limited
(TCL) indicated that as a result of ongoing legal matters, it was
unable to hold any annual meeting last year and it has not
scheduled any for this year either.

In a notice sent to the Trinidad and Tobago Stock Exchange (TTSE),
TCL noted that on June 24 it received a requisition from a group
of shareholders holding a total of 54.7 percent of the company's
shares to call a compulsory meeting of shareholders under Section
133 of the Companies Act, according to Trinidad and Tobago
Newsday.

The report notes that the purposes of that meeting were the
removal of six directors from the company's board and the election
of seven other individuals to the board.  TCL said its attorneys
contacted these shareholders to indicate that their requisition
could not be entertained, the report notes.

The report relays that TCL said its lawyers explained "any
attempts taken to implement the meeting would expose the relevant
parties to contempt of court."

Recalling that a notice for the meeting that was issued by one of
the shareholders was published in two daily newspapers (neither of
them Newsday), the report discloses.  On August 7, TCL took legal
action against that shareholder.

On August 8, TCL said it filed an application for an interlocutory
injunction to restrain that individual and any other person from
proceeding with any meeting which the group of shareholders wanted
to hold between July 31 and August 19, the report recalls.

The application for the injunction was due to be heard Aug. 15 in
the High Court.

                      About Trinidad Cement

Trinidad Cement Limited is a cement company and is the parent
company of Caribbean Cement Company Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 8, 2014, Fitch Ratings assigned the following initial ratings
to Trinidad Cement Limited Group (TCL Group):

--Foreign currency Issuer Default Rating (IDR) 'B-';
--Local currency IDR 'B-';
--Expected senior secured note issuance of up to USD325 million
'B-/RR4'.


                            ***********


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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