TCRLA_Public/140827.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 27, 2014, Vol. 15, No. 169


                            Headlines



A R G E N T I N A

ARGENTINA: Hedge Funds Sue to Get Bond Payment in London


B A H A M A S

INTERCORP PERU: S&P Revises Outlook to Pos. & Affirms 'BB' Rating


B E R M U D A

ASEO INTERNATIONAL: Placed Under Voluntary Wind-Up
ASEO INTERNATIONAL: Member to Receive Wind-Up Report on Sept. 8
PALMARES HOLDINGS: Placed Under Voluntary Wind-Up
PALMARES HOLDINGS: Member to Receive Wind-Up Report on Sept. 8


B O L I V I A

EMPRESA SIDERURGICA: Jindal Steel Wins $22.5 Million Verdict


C A Y M A N  I S L A N D S

COLLABRIUM EMERGING: Creditors' Proofs of Debt Due Sept. 16
COLLABRIUM EMERGING MASTER: Creditors' Proofs of Debt Due Sept. 16
COLLABRIUM MANAGEMENT: Creditors' Proofs of Debt Due Sept. 16
DUAL-LITE CAYMAN: Creditors' Proofs of Debt Due Sept. 24
HIGHGATE ABSOLUTE: Placed Under Voluntary Wind-Up

JAPAN BLUE: Commences Liquidation Proceedings
MH CAPITAL: Commences Liquidation Proceedings
OLD PARK: Creditors' Proofs of Debt Due Sept. 22
WILLIAM BLAIR: Commences Liquidation Proceedings
WIMBLEDON FINANCING: Court Enters Wind-Up Order


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Wages Must Match Cost of Living, Union Says


G U A T E M A L A

EMPRESA ELECTRICA: Moody's Raises Corporate Family Rating to Ba1


J A M A I C A

* JAMAICA: IMF Issues Statement at Conclusion of Mission


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Increases Fare to Trinidad and Tobago
FIRST CITIZENS: Issues Successful Bond


                            - - - - -


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


ARGENTINA: Hedge Funds Sue to Get Bond Payment in London
--------------------------------------------------------
Alexandra Stevenson, writing for The New York Times' DealBook,
reported that a group of hedge funds, including George Soros's
Quantum Partners and J. Kyle Bass's Hayman Capital, is seeking a
EUR226 million interest payment on Argentine bonds from Bank of
New York Mellon that was blocked by a United States judge last
month.  According to the report, in a lawsuit filed in London
against Bank of New York, the trustee handling Argentina's bond
payments, the hedge funds contend that the bank's London unit must
release money that was deposited by Argentina for its euro-
denominated bondholders.  The money was part of a $539 million
interest payment that Judge Thomas P. Griesa of the Federal
District Court in Manhattan prevented the trustee from paying last
month, the report related.

                         *     *     *

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, reported the TCR-LA on Aug. 1, 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'.

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.


=============
B A H A M A S
=============


INTERCORP PERU: S&P Revises Outlook to Pos. & Affirms 'BB' Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Intercorp Peru Ltd. to positive from stable.  In addition, S&P
affirmed its 'BB' ratings on it.  The rating action follows S&P's
ordinary annual review.

The outlook revision primarily reflects Intercorp's improved
financial risk profile and the consolidation and business
prospects of its retail arm, InRetail Peru Corp. (InRetail; not
rated), which in S&P's opinion, will be the main growth driver for
the company in the next few years, based on the recent IPO and the
business opportunities in the Peruvian market.

S&P is revising its financial risk profile to "intermediate" from
"significant," to reflect its expectation of the company's
maintenance of low leverage relative to its asset base, strong
total coverage ratios, and favorable debt payment schedule.
Intercorp's exposure to foreign exchange risk, given that its debt
is dollar denominated while it mainly generates cash in Peruvian
soles, and its aggressive investment strategy partly offset the
strengths.

Intercorp Peru Ltd. was incorporated 1997 and is headquartered in
Nassau, the Commonwealth of the Bahamas.


=============
B E R M U D A
=============


ASEO INTERNATIONAL: Placed Under Voluntary Wind-Up
--------------------------------------------------
On July 28, 2014, the member of ASEO International Ltd. resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Aug. 13, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Robin J. Mayor
          Conyers Dill & Pearman Limited
          Clarendon House, 2 Church Street
          Hamilton, HM11
          Bermuda


ASEO INTERNATIONAL: Member to Receive Wind-Up Report on Sept. 8
---------------------------------------------------------------
The member of ASEO International Ltd. will receive on Sept. 8,
2014, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Robin J. Mayor
          Conyers Dill & Pearman Limited
          Clarendon House, 2 Church Street
          Hamilton, HM11
          Bermuda


PALMARES HOLDINGS: Placed Under Voluntary Wind-Up
-------------------------------------------------
On July 28, 2014, the member of Palmares Holdings Limited resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Aug. 13, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Robin J. Mayor
          Conyers Dill & Pearman Limited
          Clarendon House, 2 Church Street
          Hamilton, HM11
          Bermuda


PALMARES HOLDINGS: Member to Receive Wind-Up Report on Sept. 8
--------------------------------------------------------------
The member of Palmares Holdings Limited will receive on Sept. 8,
2014, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Robin J. Mayor
          Conyers Dill & Pearman Limited
          Clarendon House, 2 Church Street
          Hamilton, HM11
          Bermuda


=============
B O L I V I A
=============


EMPRESA SIDERURGICA: Jindal Steel Wins $22.5 Million Verdict
------------------------------------------------------------
Sonja Elmquist at Bloomberg News reports that Indian steelmaker
Jindal Steel & Power Ltd. (JSP)'s Bolivian subsidiary won a $22.5
million arbitration judgment against state-owned mining company
Empresa Siderurgica del Mutun, a lawyer representing Jindal said.

The International Chamber of Commerce in Paris ruled on Aug. 6
that ESM took money that Jindal Steel Bolivia had placed as
guarantees for the El Mutun iron-ore mining project, according to
a Jindal Steel statement e-mailed by Jonathan C. Hamilton, a
partner and head of Latin American arbitration with law firm White
& Case LLP, Bloomberg News notes.

"Actions by Bolivia and its entities undermined the El Mutun
project and forced the termination of the project contract," the
statement obtained by Bloomberg News said.

Jindal Steel, which signed a contract in 2007 to develop 20
billion tons of iron-ore reserves at El Mutun, had planned to
build a 1.7 million ton per year steel plant in addition to a
sponge-iron factory, a pellet unit and a power project, the
company said in 2012, Bloomberg News recalls.

Jindal Steel withdrew from the project because of a lack of funds
and not because of government pressure, Mining Minister Mario
Virreira said at the time, Bloomberg News says.  The government
seized the company's guarantee for failing to meet its contract,
Minister Virreira said, Bloomberg News relays.

"The result vindicates Jindal's efforts to develop the El Mutun
project, and confirms an unfortunate pattern of dubious treatment
of investors in Bolivia," Mr. Hamilton said in a separate e-mailed
statement obtained by Bloomberg News.

Empresa Siderurgica del Mutun explores and mines iron ore and
manufactures steel. The company is based in Bolivia.


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


COLLABRIUM EMERGING: Creditors' Proofs of Debt Due Sept. 16
-----------------------------------------------------------
The creditors of Collabrium Emerging Markets Fund Limited are
required to file their proofs of debt by Sept. 16, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 4, 2014.

The company's liquidator is:

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


COLLABRIUM EMERGING MASTER: Creditors' Proofs of Debt Due Sept. 16
------------------------------------------------------------------
The creditors of Collabrium Emerging Markets Master Fund Limited
are required to file their proofs of debt by Sept. 16, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 4, 2014.

The company's liquidator is:

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


COLLABRIUM MANAGEMENT: Creditors' Proofs of Debt Due Sept. 16
-------------------------------------------------------------
The creditors of Collabrium Management Limited are required to
file their proofs of debt by Sept. 16, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 4, 2014.

The company's liquidator is:

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


DUAL-LITE CAYMAN: Creditors' Proofs of Debt Due Sept. 24
--------------------------------------------------------
The creditors of Dual-Lite Cayman Limited are required to file
their proofs of debt by Sept. 24, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 30, 2014.

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


HIGHGATE ABSOLUTE: Placed Under Voluntary Wind-Up
-------------------------------------------------
On July 23, 2014, the sole shareholder of Highgate Absolute Return
Fund 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:

          Avalon Ltd.
          Reference: GL
          Telephone: +1 (345) 769 4422
          Facsimile: +1 (345) 769 9351
          Landmark Square, 1st Floor
          64 Earth Close, P.O. Box 715
          Grand Cayman KY1-1107
          Cayman Islands


JAPAN BLUE: Commences Liquidation Proceedings
---------------------------------------------
On July 31, 2014, the shareholders of Japan Blue Ocean Capital
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:

          Shigenobu Yamagata
          6-1-10-805 Maebaranishi, Funabashi
          Chiba 274-0825
          Japan


MH CAPITAL: Commences Liquidation Proceedings
---------------------------------------------
On Aug. 6, 2014, the sole member of MH Capital Development 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:

          Naohiro Kamei
          Mizuho Capital Partners Co., Ltd.
          2-3-2, Marunouchi, Chiyodaku
          Tokyo, 100-0005
          Japan


OLD PARK: Creditors' Proofs of Debt Due Sept. 22
------------------------------------------------
The creditors of Old Park Limited are required to file their
proofs of debt by Sept. 22, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 6, 2014.

The company's liquidator is:

          Keiran Hutchison
          c/o Barry MacManus
          Telephone: (345) 814 8997
          Facsimile: (345) 814 8529
          c/o Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman, KY1-1106
          Cayman Islands


WILLIAM BLAIR: Commences Liquidation Proceedings
------------------------------------------------
On July 30, 2014, the sole shareholder of William Blair CLS 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:

          Richard W. Smirl
          c/o William Blair & Company LLC
          222 West Adams Street
          Chicago
          Illinois 60606
          United States of America
          Telephone: +1 (312) 236 1600


WIMBLEDON FINANCING: Court Enters Wind-Up Order
-----------------------------------------------
On July 17, 2014, the Grand Court of Cayman Islands entered an
order to wind up the operations of Wimbledon Financing Master Fund
Limited.

The company's liquidators are:

          Christopher D. Johnson
          Russell S. Homer
          Chris Johnson & Associates Ltd.
          P.O. Box 2499 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +1 (345) 946 0820


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


* DOMINICAN REPUBLIC: Wages Must Match Cost of Living, Union Says
-----------------------------------------------------------------
Dominican Today reports that the labor unions delivered a letter
to the president of the National Council for Private Business
(Conep) appealing to business owners to reach an agreement between
the parties for establishing a realistic salary that is in
accordance with the cost of living.

The letter from the CTU, UGTD and the CUT labor union
confederations states that the low salaries do not match the level
of growth of the past two years, but that the solution does not
lie with the National Salaries Committee as this entity can only
consider the accumulated inflation rate, according to Dominican
Today.

The report notes that Frank Moreno of the CTU said that the salary
system cannot be managed with 14 minimum salaries including the
public sector wage, the highest of which is just RD$11,292.00 per
month, which does not cover the lowest quintile of the basic food
basket established by the Central Bank.

The letter goes on to say: "We suggest to president Danilo Medina
that the space for a solution to the salary system is open in the
proposed reform to the Labor Code, through a three-way dialogue
based on consensus, but with social justice, by guaranteeing a
solution to the problems that are affecting the workforce in our
country".


=================
G U A T E M A L A
=================


EMPRESA ELECTRICA: Moody's Raises Corporate Family Rating to Ba1
----------------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating
(CFR) and senior unsecured rating of Empresa Electrica de
Guatemala S.A. (EEGSA) to Ba1 from Ba2. The rating outlook is
stable.

Ratings Rationale

The upgrade of EEGSA's ratings to Ba1, the same as the Guatemalan
sovereign rating, largely reflects Moody's expectation that
EEGSA's credit metrics will remain robust for the Ba-rating
category; Specifically, that its 3-year average CFO pre W/C to
debt, interest coverage, and retained cash flow (RCF) to debt will
exceed 20%, 4.0x, and 10%, respectively.

These credit metrics are strong for the Ba-rating category
according to the guidelines provided under the updated regulated
electric and gas utility methodology published in December 2013
which help to mitigate Moody's concerns regarding the transparency
and predictability of the Guatemalan regulatory environment. That
said, Moody's acknowledges the reasonable outcome in terms of
credit supportiveness of the July 2013 VAD-tariff review which
remains effective until the end of July 2018 which enhances
EEGSA's cash flow visibility. Today's rating action further
considers EEGSA's good liquidity profile and its advanced plans to
refinance with a local bank-loan the 8.5% senior unsecured 144-A
notes that are scheduled to mature in December 2014 (US$68 million
currently outstanding).

The stable outlook factors in Moody's expectation that EEGSA will
continue to record solid credit metrics underpinned by predictable
cash flows following the reasonable outcome of the 2013 VAD-tariff
review. It also factors EEGSA's good liquidity profile which is
enhanced by its current US$ 50 million five year committed credit
facility and its plan to refinance the 8.5% senior unsecured 144-A
notes that are scheduled to mature in December 2014 (US$68 million
currently outstanding).

Given its domestic only operations the rating is constrained by
the current Guatemalan Ba1 sovereign rating.

A rating downgrade could be triggered by signals of a substantial
deterioration in the Guatemalan regulatory framework that
negatively affects EEGSA's ability to recover costs on a timely
basis. A change in the outlook and/or a rating downgrade is likely
if EEGSA does not manage its internal liquidity in a prudent
fashion and/or chooses to increase its financial leverage to fund
significant dividend distributions that results in a deterioration
in EEGSA's credit metrics. Specifically, a rating downgrade could
be triggered if EEGSA's RCF to debt and interest coverage falls
below 7% and 3.0x, respectively, for an extended period.

The principal methodology used in this rating was Regulated
Electric and Gas Utilities published in December 2013.

Headquartered in Guatemala City, EEGSA is the largest electric
utility in the country in terms of GWh distributed. EEGSA owns
100% of the distribution assets within its service area and
operates under an Authorization Agreement expiring in 2048, to
provide electric distribution services to the Departments of
Guatemala, Escuintla and Sacatepequez. EEGSA is indirectly 80.9%
owned by EPM (Baa3, stable) since October 22, 2010. The balance is
held by the Guatemalan government (14.2%), by individual
shareholders (3%), and by EEGSA employees (2%). At the end of June
2014, EEGSA recorded total assets of Q4,482 million (around US$575
million) and cash flow from operations of Q787 million (around
US$101million) for last twelve months ended in June.


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


* JAMAICA: IMF Issues Statement at Conclusion of Mission
--------------------------------------------------------
An International Monetary Fund (IMF) mission visited Jamaica
during August 13-22, 2014 to conduct discussions on the fifth
review of Jamaica's IMF-supported program under the Extended Fund
Facility (EFF).  The mission met with the Minister of Finance and
Planning, Dr. the Hon. Peter Phillips, Bank of Jamaica Governor
Brian Wynter, Financial Secretary Devon Rowe, senior government
officials, as well as representatives of the private sector and
civil society.

At the conclusion of the mission, Mr. Jan Kees Martijn, the Fund's
mission chief for Jamaica, issued the following statement in
Kingston:

"The program is on track. Overall policy implementation under the
program remains strong.  All quantitative performance targets,
indicative targets, and structural benchmarks for end-June were
met.  The Fund mission reached preliminary understandings with the
authorities on economic policies, detailed in an updated Letter of
Intent, that will support growth and employment in the months and
years ahead.

"The economic outlook continues to improve. Activity is
tentatively estimated to have expanded by about 1.2 percent year-
on-year during April-June 2014.  However, the recent drought will
temporarily eat into near-term growth and raise food price
inflation (and projections have been updated accordingly).

"Under the government's policy program, the current account has
steadily strengthened, and net international reserves have
increased to US$2.2 billion by end-July (with gross reserves at
US$2.8 billion).  Jamaica has also re-accessed international
capital markets with a US$800 million external bond issued in
early July.  The fiscal position remains on track to achieve an
impressive 7.5 percent of GDP primary surplus by the end of the
fiscal year.

"For 2014 and beyond, the critical challenge remains to support
economic growth and job creation while sustaining a strong fiscal
position. Key elements of the authorities' program include:

* actions to promote growth and employment by improving
  competitiveness and the business climate.  Legislation
  supporting flexible work arrangements and a law to modernize the
  insolvency framework have been tabled in Parliament and are
  expected to be adopted shortly.  Work on the new North-South
  highway is moving ahead, following the opening of the Mount
  Rosser bypass in August;

* strengthening social protection and enhancing efforts to provide
  support for those aiming to move from welfare to work;

* improving the efficiency of the tax system, including by
  offering amendments to the General Consumption Tax (GCT) Act to
  broaden the tax base and eliminate the zero rating of government
  purchases under the GCT;

* creating a dedicated office to modernize the tax and customs
  administration and implementing pilot programs to automate the
  tax and customs administration systems;

* increasing the efficiency of the public sector while improving
the quality of the delivery of public services; and

* strengthening the legal and regulatory framework for the non-
  bank financial sector, and implementing the Banking Services
  Act, adopted in June.

"These preliminary understandings are subject to approval by the
IMF's Management and Executive Board. Consideration of the fifth
review of Jamaica's IMF-supported program under the EFF could take
place by the IMF's Executive Board in September.  Upon approval,
SDR 45.95 million (about US$71 million) would be made available to
Jamaica.

"The mission would like to thank the authorities and technical
staff for their excellent cooperation and kind hospitality."


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


CARIBBEAN AIRLINES: Increases Fare to Trinidad and Tobago
---------------------------------------------------------
Vernon Khelawan at Trinidad and Tobago Newsday reports that
Caribbean Airlines Limited has introduced a new tax on domestic
airbridge tickets sold by travel agencies.

This tax became effective on August 1.  While the airline has made
no public announcement of their new financial imposition of
travellers, its sales department issued an advisory to the travel
agencies on July 28 stating, "Dear Travel Partners: This is to
advise effective August 01, 2014, tickets booked and issued via
the GDS (Sabre and Amadeus) for travel between Trinidad and Tobago
will incur a charge of (US)$3 per sector," according to Trinidad
and Tobago Newsday.

This means that passengers booking seats through a travel agent is
subject to an additional (US)$3 or (TT)$20 on each sector.
However, should the customer choose to make their bookings through
the Caribbean Airlines website, the new tax would not be
applicable.

Asked about the new tax, which means an automatic increase in the
airbridge fare, Minister of Finance and the Economy and line
minister for CAL, Larry Howai told the news agency in an e-mail:
"We have introduced no new taxes. No one can institute a tax
except the Government and any tax to be implemented must be
approved by the Parliament.  Parliament has not approved any new
taxes in four years."

The report discloses that travel agencies see this as a slap in
the face, since they do not receive any commissions on the $300
fare.  The only commercial benefit they get is the service charge
of (TT)$25 put on each ticket sold, the report says.

Meanwhile, Newsday has learnt that the Travel Agents Association
has petitioned CAL officials to have the tax removed, but no
decision as to this has as yet been made, the report discloses.

One travel agency manager, speaking to Newsday said his
organization was applying the new tax to airbridge tickets issued,
but his customers were complaining about this additional charge,
the report relays.

The manager indicated what makes it more difficult for potential
passengers and booking agents is that the standby list at both
Piarco and Arthur NR Robinson International Airports gets longer
by the day, notes the report.  This, the manager said, gives rise
to lot of disgruntled passengers on both sides.

The manager added that with the new Chief Executive Officer
Michael Di Lollo's decision that the carrier's jets would not be
used on the airbridge, the standby position becomes untenable on
many days, 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.


FIRST CITIZENS: Issues Successful Bond
--------------------------------------
Trinidad and Tobago Newsday reports that the First Citizens Bank
Limited has successfully issued a TT$500 million bond and
generated an increase in its profits for nine months to June 2014.
In a statement, First Citizens indicated the bonds are divided
into two categories, according to Trinidad and Tobago Newsday.

The first is a seven year TT$400 million issue at 3.1 percent and
a ten year TT$100 million bond at 3.25 percent interest rate, the
report notes.  "The issue represents the lowest interest rate
achieved on any bond issue completed by First Citizens," the
report quoted Chief Executive Officer Larry Nath as saying.

First Citizens Investment Services arranged the bonds on behalf of
the bank, the report says.  Funds from the bond issue will go
towards partially retiring TT$1 billion in bonds previously issued
by First Citizens, the report discloses.

The report relays that Mr. Nath said, "The attractive fixed seven
and ten-year interest rates would allow the bank to offer
competitive fixed rate loan products for First Citizens
customers."  "First Citizens continues to be appreciative of the
faith of the investing public in the products brought to market by
the bank, "Mr. Nath added.

The report says that Mr. Nath expressed the view that this
confidence is as result "of the skill and commitment of the bank's
staff, management and the board of directors to continue to
driving the Group towards enhanced profitability and long term
growth within our risk and management framework."

For the first nine months of the bank's financial year, ending at
June 2014, First Citizens has recorded an after tax profit of
TT$477.6 million, the report notes.  This represents a TT$13.5
million increase over the corresponding period last year, the
report relays.

Group Chairman Anthony Smart observed, "The Group's nine month
performance was particularly noteworthy in light of current market
conditions which continue to be marked by high liquidity, reduced
credit demand and low interest rates," the report discloses.

Mr. Smart said the bank's directors and management remain
confident of "sustained growth and profitability for fiscal 2014."
Mr. Smart indicated that he based his confident prediction on the
Group's "continuing focus on risk management and operational
efficiency in addition to the early signs of economic recovery,"
the report adds.

                       About First Citizens Bank

First Citizens Bank Limited is headquartered in Port of Spain,
Trinidad and Tobago, and is 82.64% owned by the Republic. The bank
reported total consolidated assets of TT$ 35.8 billion (US$ 5.6
billion) and shareholders' equity of TT$6 billion (US$ 945
million) as of March 31, 2014.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 27, 2014, Moody's Investors Service has downgraded First
Citizens Bank Limited (FCBL) standalone bank financial strength
rating (BFSR) to D+ from C-, lowering the baseline credit
assessment (BCA) to baa3 from baa1.  The outlook has been revised
to stable from negative.


                            ***********


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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