TCRLA_Public/140821.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, August 21, 2014, Vol. 15, No. 165


                            Headlines



A R G E N T I N A

ARGENTINA: Swaps Panel Delays Payout Auction on Argentine Bonds
BANCO HIPOTECARIO: S&P Affirms 'CCC-' Rating; Outlook Negative


B R A Z I L

MMX MINERACAO: To Pursue Asset Sale to Avoid Bankruptcy Filing
NII HOLDINGS: S&P Lowers CCR to 'D' on Missed Interest Payment


C A Y M A N  I S L A N D S

AUGUST CAYMAN: Sensata Tech Deal No Impact on Moody's 'B2' CFR
ISLAND GLOBAL DXB I: Shareholders' Final Meeting Set for Sept. 3
ISLAND GLOBAL DXB II: Shareholders' Final Meeting Set for Sept. 3
LITE-ON MOBILE: Member Receives Wind-Up Report
LOVE FOR EVER: Members' Final Meeting Set for Sept. 9

O'CONNOR GLOBAL: Shareholders' Final Meeting Set for Sept. 15
RIDGECREST PARTNERS: Shareholders' Final Meeting Set for Sept. 2
SECOND COMPANY: Members' Final Meeting Set for Sept. 11
SIS HOLDING: Members' Final Meeting Set for Sept. 11
UNIT TRUST: Shareholder to Hear Wind-Up Report on Sept. 2

VIP LLC: Members' Final Meeting Set for Sept. 5


C H I L E

INVERSIONES ALSACIA: Misses Bond Payment, May File Bankruptcy


J A M A I C A

PALMYRA RESORT: Philangco Corp's Offer to Buy Resort "Fizzles"


M E X I C O

COACALCO: Moody's Puts B2 Global Scale Debt Rating to MXN250 Loan
GRUPO MEXICO: Faces Charges Over Acid Spill, Could Pay MXN43 Mil.


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Fails to Prevent More Personal Injury Claims


                            - - - - -


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


ARGENTINA: Swaps Panel Delays Payout Auction on Argentine Bonds
---------------------------------------------------------------
Peter Eavis, writing for The New York Times' DealBook, reported
that some investors were expecting to collect their winnings soon
on a bet they made against Argentina's bonds using financial
instruments called credit default swaps but the International
Swaps and Derivatives Associated decided to delay the auction to
Sept. 2 after receiving a challenge to the swaps' payout process.

According to the report, the ISDA, the industry body that helps
oversee the credit default swaps market, ruled that the swaps had
been activated and has stated that an auction would take place
today, Aug. 21, to set the exact amount at which the swaps would
pay out, but has announced that it now expected to hold the
auction on Sept. 2.


BANCO HIPOTECARIO: S&P Affirms 'CCC-' Rating; Outlook Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC-' foreign
currency ratings on Banco Hipotecario S.A., Banco Patagonia S.A.,
and Banco de Galicia y Buenos Aires S.A.  At the same time, S&P
affirmed the 'CCC+' local currency ratings on these banks and
removed the ratings from CreditWatch with negative implications,
where S&P placed them on June 18, 2014.  The outlook on the
ratings is negative.

"The rating actions follow our assessment of the impact of more
adverse economic and operating conditions on the banks'
creditworthiness," said Standard & Poor's credit analyst Cynthia
Cohen Freue.  "Our foreign currency ratings on the banks are
limited by the 'CCC-' T&C assessment on Argentina.  This
assessment reflects our view of the likelihood of a sovereign
restricting access to foreign exchange that a nonsovereign needs
to satisfy debt service obligations.  Our local currency ratings
on the Argentinean banks are limited by the 'CCC+' local currency
rating on Argentina," continued the analyst.

S&P believes Argentina is experiencing credit stress and, although
the direct impact on banks of a default should be limited, S&P
believes it worsens already weak macroeconomic conditions and
somewhat increases credit risks in the economy.  S&P's economic
risk assessment considers weaker economic performance expected for
2014-2015, uncertainties about economic policies, and high
political risk.  It also reflects S&P's view that increasing
inflation, weaker finances given government spending rigidities,
and eroded current account balance and liquidity will continue to
limit Argentina's policy flexibility.  S&P expects an already weak
macroeconomic scenario worsened by the recent default will result
in deteriorating credit quality in the banking system and
increasing nonperforming loans (NPLs) and credit losses.


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


MMX MINERACAO: To Pursue Asset Sale to Avoid Bankruptcy Filing
--------------------------------------------------------------
Juan Pablo Spinetto at Bloomberg News reports that MMX Mineracao &
Metalicos SA, Eike Batista's mining company, is seeking to sell
assets to avoid following the former billionaire's oil and
shipping units into bankruptcy protection, a person familiar with
the strategy said.

The Brazilian iron-ore miner is trying to find buyers for its
remaining assets, or to lease them out, to bolster cash positions
after prices of the steelmaking ingredient slumped, the person
said, asking not to be named because the process is private and
may not lead to deals being signed, according to Bloomberg News.

While Rio de Janeiro-based MMX has no immediate plans to seek
court protection from creditors, it remains an option, the person
said, the report notes.

MMX Mineracao shares fell Aug. 20, to the lowest since being
listed in 2006 after Veja magazine columnist Lauro Jardim wrote
that the company will seek bankruptcy protection by the end of
August.

"There is no deliberation underway" on a bankruptcy protection
filing, the company said in a regulatory filing obtained by
Bloomberg News.

MMX Mineracao had record losses last year after putting on hold
the expansion of its Serra Azul project and writing down the value
of its assets, Bloomberg News discloses.  In February, the company
sold a controlling stake in a key iron-ore port project in Rio and
last month agreed to lease its Corumba mine to Vetria Mineracao
SA, the Bloomberg News adds.

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



NII HOLDINGS: S&P Lowers CCR to 'D' on Missed Interest Payment
--------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered the corporate
credit rating on Reston, Va.-based NII Holdings Inc. to 'D' from
'CC'.

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

The downgrade follows NII's failure to pay interest due Aug. 15,
2014, on debt issued by subsidiaries NII Capital Corp. and NII
International Telecoms S.C.A.  S&P do not expect the company to
make the payment within the 30-day grace period as it believes
that the company is likely to either restructure its debt or file
for bankruptcy.

The missed interest payment on the debt follows the company's
deteriorating operating performance, weak liquidity, and breach of
its financial maintenance covenants for the bank loans in Brazil
and vendor facilities in Brazil and in Mexico, although it did
receive a temporary waiver to the vendor facilities' covenants for
the June 30, 2014 measurement date.


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


AUGUST CAYMAN: Sensata Tech Deal No Impact on Moody's 'B2' CFR
---------------------------------------------------------------
Moody's Investors Service said the announced acquisition of
Schrader International (August Cayman Intermediate Holdco, Inc.)
by Sensata Technologies Holdings N.V. (Sensata) has no immediate
impact on the Schrader's ratings, including the company's B2
Corporate Family Rating and stable outlook.

Schrader International ("Schrader" or the "Company") is a
manufacturer of Tire Pressure Monitoring Systems ("TPMS"), Fluid
Control Components and Tire Hardware & Accessories for the
automotive and industrial original equipment market and
aftermarket. The company generated 2013 revenue of approximately
$455 million and is owned by affiliates of Madison Dearborn
Partners.


ISLAND GLOBAL DXB I: Shareholders' Final Meeting Set for Sept. 3
----------------------------------------------------------------
The shareholders of Island Global Yachting DXB I 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:

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


ISLAND GLOBAL DXB II: Shareholders' Final Meeting Set for Sept. 3
-----------------------------------------------------------------
The shareholders of Island Global Yachting DXB II Ltd. will hold
their final meeting on Sept. 3, 2014, at 10:05 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

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: Member Receives Wind-Up Report
----------------------------------------------
The member of Lite-On Mobile Ltd received on Aug. 20, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Chu Kun-Cheng
          c/o Michelle R. Bodden-Moxam
          Telephone: 945-6145
          Facsimile: 945-6146
          Portcullis TrustNet (Cayman) Ltd
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052, Grand Cayman, KY1-1203
          Cayman Islands


LOVE FOR EVER: Members' Final Meeting Set for Sept. 9
-----------------------------------------------------
The members of Love For Ever, Ltd will hold their final meeting on
Sept. 9, 2014, at 9:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Out Of the Blue Ltd
          Floor 4, Willow House, Cricket Square
          P.O. Box 268, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +1 (345) 949-2648
          Facsimile: +1 (345) 949-8613


O'CONNOR GLOBAL: Shareholders' Final Meeting Set for Sept. 15
-------------------------------------------------------------
The shareholders of O'Connor Global Quantitative Equity Limited
will hold their final meeting on Sept. 15, 2014, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          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


RIDGECREST PARTNERS: Shareholders' Final Meeting Set for Sept. 2
----------------------------------------------------------------
The shareholders of Ridgecrest Partners, Ltd. will hold their
final meeting on Sept. 2, 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:

          Sanford B. Prater
          c/o Barnaby Gowrie
          Telephone: +1 (345) 914 6365


SECOND COMPANY: Members' Final Meeting Set for Sept. 11
-------------------------------------------------------
The members of The Second Company will hold their final meeting on
Sept. 11, 2014, at 9:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Campbells Directors Limited
          Floor 4, Willow House, Cricket Square
          P.O. Box 268 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +1 (345) 949-2648
          Facsimile: +1 (345) 949-8613


SIS HOLDING: Members' Final Meeting Set for Sept. 11
----------------------------------------------------
The members of Sis Holding Limited will hold their final meeting
on Sept. 11, 2014, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


UNIT TRUST: Shareholder to Hear Wind-Up Report on Sept. 2
---------------------------------------------------------
The sole shareholder of Unit Trust Corporation (Cayman) SPC
Limited 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:

          Nigel Edwards
          c/o United Trust Corporation
          UTC Financial Centre
          82 Independence Square
          Port of Spain
          Trinidad
          Telephone: +1 (868) 624 8648
          Facsimile: +1 (868) 624 5207


VIP LLC: Members' Final Meeting Set for Sept. 5
-----------------------------------------------
The members of VIP LLC will hold their final meeting on Sept. 5,
2014, at 11:00 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Takaya Kanamori
          c/o Maples and Calder
          The Center, 53rd Floor
          99 Queen's Road Central
          Hong Kong


=========
C H I L E
=========


INVERSIONES ALSACIA: Misses Bond Payment, May File Bankruptcy
-------------------------------------------------------------
Eduardo Thomson and Sebastian Boyd at Bloomberg News report that
Inversiones Alsacia SA missed a bond payment and said it would
file a Chapter 11 debt-restructuring plan.

The company said in an e-mailed statement that it couldn't make a
$39.6 million payment on notes due in 2018 because it needs the
money to pay suppliers and employees, according to Bloomberg News.

Bloomberg News notes that Inversiones Alsacia also said it reached
a preliminary agreement with bondholders on a new payment schedule
to align with cashflow expectations.

Inversiones Alsaci said its ability to pay dwindled after the
Chilean government imposed a new contract in 2012 forcing
operators to improve quality, while ridership fell and more
passengers cheated on fares, Bloomberg News discloses.

A group of investors holding more than 60 percent of the bonds
agreed not to declare a default for as long as four days while
terms of a deal are finalized, the company said in a separate
statement obtained by Bloomberg News.

Bloomberg News relays that the company said the bonds have a
revised payment schedule and will allow the company greater
financial flexibility.

                            Positive News

"We see this as positive news for bondholders," Mariela Anguiano,
an analyst at BCP Securities LLC in Greenwich, Connecticut, told
Bloomberg News by phone.  "There's an extension of maturity and a
rescheduling of the principal payment with no haircut or loss of
coupon," Ms. Anguiano said, Bloomberg News relays.

According to the report, Ms. Anguiano recommends buying the
defaulted bonds, which she said would be fairly valued at about 80
cents on the dollar.

Inversiones Alsacia will issue $347.3 million of new bonds due in
December 2018, according to a company statement, Bloomberg News
discloses. The new deal includes a provision for the company to
retain $15 million of cash and to pay "management incentive fees,"
the statement added.

The families of Carlos Rios Velilla and Francisco Rios Velilla,
the brothers who control the company, are banned from any business
that competes with Inversiones Alsacia or interferes with its
business relationships, the company said, Bloomberg News points
out.

Inversiones Alsacia's concession to operate buses runs out in
2018, and the bonds can be extended should the concession be
renewed, the company said, reports Bloomberg News.

Although Chief Executive Officer Jose Ferrer had said in March
that more government subsidies would be needed to meet the bond
payment, the company reported in June that talks for an increase
had been delayed, Bloomberg News reports.

The Santiago bus system was plagued by vandalism, poor streets and
"disproportionate and questionable" revenue discounts imposed by
the government, Inversiones Alsacia said, Bloomberg News says.
"These are the causes of the deterioration of financial health,"
Bloomberg News quoted Inversiones Alsacia as sauing.

                    About Inversiones Alsacia

Inversiones Alsacia SA, together with its affiliate, Express de
Santiago Uno S.A., are collectively the largest operator in the
Transantiago Transportation System, transporting approximately
800,000 passengers every day, throughout 35 communities in
Santiago, which accounts for more than 30% of the passengers in
Transantiago.  Alsacia and Express belong to an international
holding company with interests in public passenger transportation,
environmental solutions, outsourcing services and real estate
development in Chile, Colombia, Panama, Peru and the United States
of America.


                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 5, 2014, Moody's Investors Service confirmed Inversiones
Alsacia SA's (Alsacia) Caa2 rating and revised its outlook to
stable.


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


PALMYRA RESORT: Philangco Corp's Offer to Buy Resort "Fizzles"
--------------------------------------------------------------
Avia Collinder at The Gleaner reports that the offer by Philangco
Corporation for the purchase of Palmyra resort and condominium
complex has fizzled, with receiver Ken Tomlinson who was hired to
dispose of the property saying that he is now entertaining new
interests from both within Jamaica and abroad.

Sunday Business reported that former hotel manager and tourism
industry veteran Lionel Reid is acting as coordinator for a group
of investors, comprising Jamaican and overseas interests,
according to The Gleaner.

Earlier this year, the Philangco Corporation submitted an offer
for the Palmyra condominium complex, the report notes.

Principals in Philangco Corporation are Tanya Morgan-Porter of
Fairfield, Montego Bay, and developer and Chief Executive Officer
Phillip Scott of New York.

The report, citing Sunday Business, said the offer made for the
property was US$60 million, with another US$60 million to be used
for a first phase of development of the property.

Financing for the project was being sought from banks based in
Jamaica and the United States, according to the report.

However, Sunday Business reported that principals in Philangco
Corporation have withdrawn their offer, note The Gleaner.

Former banker Dunbar McFarlane, and former chief financial officer
for Philangco Corporation, confirmed that he withdrew from the
project four months ago in April, The Gleaner reports.

                        Fallen Into Arrears

The report says the owners of the project are alleged to have
fallen into arrears on US$110 million of principal loans, US$22
million of which was financed by RBC Royal Bank Jamaica, while the
other US$88 million is held by National Commercial Bank Jamaica
and its investment arm, NCB Capital Markets, as well as
bondholders.

The original owner, Robert Trotta, is fighting the takeover in
court, the report discloses.

Previous efforts to sell Palmyra at auction in 2012 were
unsuccessful, with reports then saying the property was pulled
from the block, having got no viable offer, the report recalls.
Later, a Mexican company was also said to be interested, but that
lead also appeared to have fizzled, the report adds.

                       About Palmyra Resort

The Palmyra, which is located at Rose Hall in Montego Bay, is a
288-room hotel/condominium complex encompassing three towers, two
of which were completed.  It has 103 owners of individual condos,
with 97 units remaining for sale on the completed blocks, the
Sabal Tower and Silver Tower.  The shell of a high-rise hotel
designed for 88 studio suites, called Sentry Tower, and 11 three-
bedroom villas are at varying stages of completion.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 29, 2011, Jamaica Observer said that local banks placed the
Palmyra Resort and Spa into receivership on July 22, 2011.
Jamaica Gleaner, citing information filed with the Companies
Office of Jamaica, reported that businessman Robert Trotta has at
least a US$22 million loan with RBC Royal Bank Jamaica (fka RBTT),
and a US$88 million loan with National Commercial Bank secured by
debenture dated 2007 amounting to US$110 million.  The size of the
outstanding debts was not ascertained.  Mr. Trotta headed the
U.S.-based Resort Properties Group, which is one of the developers
of the resort.  The second developer is Michelle Rollins' Rose
Hall Developments.

                Plan to Sell Through Auction Fails

Jamaica Gleaner, citing sources, said plans to sell the Palmyra
Resort & Spa at auction have failed despite two extensions on the
original sealed-bid deadline.  The Financial Gleaner has learned
that Palmyra receiver Ken Tomlinson has switched to Plan B and is
now hoping to sell the 16-acre beachfront property via private
treaty.


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


COACALCO: Moody's Puts B2 Global Scale Debt Rating to MXN250 Loan
-----------------------------------------------------------------
Moody's de Mexico assigned debt ratings of B2 (Global Scale, local
currency) and Ba1.mx(Mexico National Scale) to the MXN 250 million
enhanced loan of the municipality of Coacalco from Interacciones.
The loan was acquired in May 2010, has a maturity of 15 years and
is paid through a master trust (Multiva, trust number F/181-0).
The loan pays an interest rate composed of the 28-day Mexican
Interbank Interest Rate (TIIE in Spanish) plus a spread.

Ratings Rationale

The B2/Ba1.mx debt ratings assigned to the enhanced loan reflect
the underlying creditworthiness of the municipality of Coacalco
(Caa1/Caa1.mx, stable outlook), supported by the following legal
and credit enhancements embedded in the loan:

1. Validity of the legal authorization of the transaction, which
authorizes the trust to be used as a mechanism for debt service
payment.

2. Strong trust structure based on an irrevocable instruction to
the State of Mexico regarding the transfer of 30.0% of the
municipality's participations to the trustee.

3. Solid debt service coverage ratios: under a Moody's base case
scenario estimated cash flows generate 2.4x debt service coverage
at the lowest point during the life of the loan. Under a stress
case scenario, estimated cash flows provide 1.8x debt service
coverage, at the lowest point during the life of the loan.

4. Solid level of reserves that represent a minimum of 2.0x debt
service coverage throughout the life of the loan and provide
enough cushion against payment delays.

What Could Move The Ratings Up/Down

Given the links between the loan and the credit quality of the
obligor, an upgrade of the municipality of Coacalco's issuer
ratings rating would likely result in an upgrade of the ratings of
the loan. The ratings could also face upward pressure if observed
and projected debt service coverage ratios increase above current
thresholds.

Conversely, a downgrade of the municipality of Coacalco's issuer
ratings could also exert downward pressure on the ratings of the
loan. In addition, the ratings could face downward pressure if
debt service coverage levels fall materially below Moody's
expectations.

The methodologies used in this rating were Rating Methodology for
Enhanced Municipal and State Loans in Mexico published on June
2014 and Regional and Local Governments published on January 2013.

The period of time covered in the financial information used to
determine municipality of Coacalco's rating is between 1/1/2009
and 12/31/2013.

Moody's National Scale 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 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 ratings, please refer to Moody's Rating Methodology
published in June 2014 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings".


GRUPO MEXICO: Faces Charges Over Acid Spill, Could Pay MXN43 Mil.
-----------------------------------------------------------------
Anthony Harrup at The Wall Street Journal reports that Mexican
environmental authorities are pressing charges against mining
company Grupo Mexico S.A.B. de C.V. over an acid spill in
northwestern Sonora state that contaminated two rivers and left
thousands of people without drinking water.

The federal environmental protection agency Profepa said on Aug.
18 it has filed charges with the Federal Attorney General's Office
against Grupo Mexico mining units Buenavista del Cobre and Minera
Mexico for alleged violations of environmental laws, including
possible negligence in the handling of dangerous substances,
according to The Wall Street Journal.

On Aug. 6, around 40,000 cubic meters of copper sulfate acid
solution spilled into the Bacanuchi and Sonora rivers from Grupo
Mexico's Buenavista mine.

The report discloses that the spill led authorities to shut down
wells in the affected areas, leading to water shortages for an
estimated 22,000 inhabitants and prompting the distribution of
water in trucks and plastic bottles.  As schools across the
country returned this week from the summer vacations, Sonora
authorities kept 89 schools in nine municipalities closed until
inspections can be completed and the quality of water guaranteed,
the report relays.

The report discloses that Profepa said the company could face
fines up to MXN43 million ($3.3 million), including MXN3 million
for violating waste-management regulations, in addition to any
environmental cleanup costs and damages.

Formerly known as Cananea, the Buenavista mine, which lies around
40 kilometers (25 miles) south of the border with Arizona,
represents one of the largest copper reserves in Mexico.

The report notes that Grupo Mexico said that unseasonal rains in
the region caused the acid solution to spill from a dam that is
under construction for a new leaching plant at the mining complex.
The company denied that it delayed alerting authorities to the
spill when it occurred, and has said it would cover all the damage
from the incident, reports The Wall Street Journal.

Grupo Mexico is among the world's largest copper producers, with
mining operations in Mexico, Peru and the U.S. The company aims to
produce 850,000 metric tons of copper this year, raising that to
1.3 million tons by 2017.


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


CARIBBEAN AIRLINES: Fails to Prevent More Personal Injury Claims
----------------------------------------------------------------
RJR News reports that Caribbean Airlines Limited said it has not
been hurt by increased competition on US routes.

CAL officials say the airline has been doing well on the Port-of-
Spain/New York route despite the presence of JetBlue since late
February, according to RJR News.  The report notes that the US
carrier has been offering cheaper flights on the route.

In response to questions from the Trinidad Guardian newspaper, CAL
said it recorded strong passenger loads on the New York route
during the summer, which traditionally is one of the peak periods,
the report discloses.  On the Port-of-Spain/Fort Lauderdale route,
the airline said it remained superior to its competitors.

And an attempt by Caribbean Airlines to prevent three more persons
from suing for personal injuries arising from the crash landing of
Flight BW 523 in Guyana three years ago was denied by a district
court judge in Brooklyn, New York, the report says.

In a multi-district litigation, numerous plaintiffs brought suit
against CAL for personal injuries, the report discloses.

Caribbean Airlines brought a motion to dismiss several of the
cases, asserting that the Warsaw Convention governed the claims
and the treaty's provisions deprived the court of subject matter
jurisdiction, adds the report.

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


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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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